UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6440
Fidelity Aberdeen Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
CityplaceBoston, StateMassachusetts PostalCode02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: | March 31 |
| |
Date of reporting period: | March 31, 2016 |
Item 1.
Reports to Stockholders
Fidelity Advisor Freedom® Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 - Class A, Class T, Class B and Class C
Fidelity Advisor Freedom® Funds -2055, 2060 - Class A, Class T and Class C
Annual Report March 31, 2016 |
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Advisor Freedom® Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (6.31)% | 1.69% | 2.96% |
| Class T (incl. 3.50% sales charge) | (4.40)% | 1.90% | 2.94% |
| Class B (incl. contingent deferred sales charge) | (6.26)% | 1.75% | 3.02% |
| Class C (incl. contingent deferred sales charge) | (2.31)% | 2.11% | 2.79% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® Income Fund - Class A on March 31, 2006, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $13,383 | Fidelity Advisor Freedom® Income Fund - Class A |
| $16,128 | Barclays® U.S. Aggregate Bond Index |
Fidelity Advisor Freedom® 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (6.91)% | 2.28% | 2.99% |
| Class T (incl. 3.50% sales charge) | (4.90)% | 2.51% | 2.98% |
| Class B (incl. contingent deferred sales charge) | (6.71)% | 2.35% | 3.06% |
| Class C (incl. contingent deferred sales charge) | (2.92)% | 2.70% | 2.82% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2005 Fund - Class A on March 31, 2006, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $13,422 | Fidelity Advisor Freedom® 2005 Fund - Class A |
| $16,128 | Barclays® U.S. Aggregate Bond Index |
Fidelity Advisor Freedom® 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (7.32)% | 2.96% | 3.49% |
| Class T (incl. 3.50% sales charge) | (5.35)% | 3.19% | 3.48% |
| Class B (incl. contingent deferred sales charge) | (7.00)% | 3.07% | 3.56% |
| Class C (incl. contingent deferred sales charge) | (3.32)% | 3.42% | 3.33% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2010 Fund - Class A on March 31, 2006, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $14,092 | Fidelity Advisor Freedom® 2010 Fund - Class A |
| $16,128 | Barclays® U.S. Aggregate Bond Index |
Fidelity Advisor Freedom® 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (7.70)% | 3.13% | 3.46% |
| Class T (incl. 3.50% sales charge) | (5.74)% | 3.36% | 3.45% |
| Class B (incl. contingent deferred sales charge) | (7.44)% | 3.23% | 3.54% |
| Class C (incl. contingent deferred sales charge) | (3.69)% | 3.59% | 3.31% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2015 Fund - Class A on March 31,2006, 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.
| Period Ending Values |
| $14,055 | Fidelity Advisor Freedom® 2015 Fund - Class A |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (7.96)% | 3.28% | 3.26% |
| Class T (incl. 3.50% sales charge) | (6.00)% | 3.51% | 3.25% |
| Class B (incl. contingent deferred sales charge) | (7.68)% | 3.39% | 3.34% |
| Class C (incl. contingent deferred sales charge) | (4.04)% | 3.73% | 3.11% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2020 Fund - Class A on March 31, 2006, 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.
| Period Ending Values |
| $13,784 | Fidelity Advisor Freedom® 2020 Fund - Class A |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (8.31)% | 3.78% | 3.52% |
| Class T (incl. 3.50% sales charge) | (6.34)% | 4.01% | 3.51% |
| Class B (incl. contingent deferred sales charge) | (8.03)% | 3.90% | 3.59% |
| Class C (incl. contingent deferred sales charge) | (4.32)% | 4.24% | 3.36% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2025 Fund - Class A on March 31, 2006, 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.
| Period Ending Values |
| $14,130 | Fidelity Advisor Freedom® 2025 Fund - Class A |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (8.92)% | 3.86% | 3.18% |
| Class T (incl. 3.50% sales charge) | (7.04)% | 4.10% | 3.17% |
| Class B (incl. contingent deferred sales charge) | (8.73)% | 3.97% | 3.25% |
| Class C (incl. contingent deferred sales charge) | (5.02)% | 4.32% | 3.02% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2030 Fund - Class A on March 31, 2006, 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.
| Period Ending Values |
| $13,678 | Fidelity Advisor Freedom® 2030 Fund - Class A |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (9.44)% | 4.04% | 3.29% |
| Class T (incl. 3.50% sales charge) | (7.44)% | 4.28% | 3.27% |
| Class B (incl. contingent deferred sales charge) | (9.21)% | 4.16% | 3.36% |
| Class C (incl. contingent deferred sales charge) | (5.50)% | 4.49% | 3.13% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2035 Fund - Class A on March 31, 2006, 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.
| Period Ending Values |
| $13,820 | Fidelity Advisor Freedom® 2035 Fund - Class A |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (9.35)% | 4.08% | 3.21% |
| Class T (incl. 3.50% sales charge) | (7.43)% | 4.31% | 3.20% |
| Class B (incl. contingent deferred sales charge) | (9.17)% | 4.19% | 3.29% |
| Class C (incl. contingent deferred sales charge) | (5.55)% | 4.53% | 3.04% |
Class B shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 5%, 2% and 0%, respectively.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2040 Fund - Class A on March 31, 2006, 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.
| Period Ending Values |
| $13,722 | Fidelity Advisor Freedom® 2040 Fund - Class A |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Class A (incl. 5.75% sales charge) | (9.38)% | 4.15% | 3.44% |
| Class T (incl. 3.50% sales charge) | (7.45)% | 4.38% | 3.43% |
| Class B (incl. contingent deferred sales charge) | (9.18)% | 4.28% | 3.52% |
| Class C (incl. contingent deferred sales charge) | (5.50)% | 4.61% | 3.30% |
A From June 1, 2006
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.
Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2045 Fund - Class A on June 1, 2006, when the fund started, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $13,945 | Fidelity Advisor Freedom® 2045 Fund - Class A |
| $19,758 | S&P 500® Index |
Fidelity Advisor Freedom® 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Class A (incl. 5.75% sales charge) | (9.37)% | 4.11% | 3.32% |
| Class T (incl. 3.50% sales charge) | (7.44)% | 4.35% | 3.32% |
| Class B (incl. contingent deferred sales charge) | (9.20)% | 4.21% | 3.41% |
| Class C (incl. contingent deferred sales charge) | (5.59)% | 4.54% | 3.19% |
A From June 1, 2006
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.
Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2050 Fund - Class A on June 1, 2006, when the fund started, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $13,794 | Fidelity Advisor Freedom® 2050 Fund - Class A |
| $19,758 | S&P 500® Index |
Fidelity Advisor Freedom® 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class A (incl. 5.75% sales charge) | (9.41)% | 4.52% |
| Class T (incl. 3.50% sales charge) | (7.47)% | 4.76% |
| Class C (incl. contingent deferred sales charge) | (5.45)% | 5.02% |
A From June 1, 2011
Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2055 Fund - Class A on June 1, 2011, when the fund started, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $12,383 | Fidelity Advisor Freedom® 2055 Fund - Class A |
| $17,384 | S&P 500® Index |
Fidelity Advisor Freedom® 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class A (incl. 5.75% sales charge) | (9.42)% | (2.85)% |
| Class T (incl. 3.50% sales charge) | (7.45)% | (1.67)% |
| Class C (incl. contingent deferred sales charge) | (5.54)% | (0.03)% |
A From August 5, 2014
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® 2060 Fund - Class A on August 5, 2014, 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.
| Period Ending Values |
| $9,532 | Fidelity Advisor Freedom® 2060 Fund - Class A |
| $11,115 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Around the globe, equities declined for the 12 months ending March 31, 2016. The Dow Jones U.S. Total Stock Market Index℠, a broad measure of U.S.equity performance, returned -0.43%. With no particular regional bias, the non-U.S. major-markets MSCI World ex USA Index fell further, returning -8.44%. And despite a robust, late-period rally, the MSCI Emerging Markets Index delivered a return of -11.70%.
Stocks took a late-summer dive on fear of an economic slowdown in China, recovering in October after the U.S. Federal Reserve delayed raising target interest rates until mid-December. A rate cut in China and stimulus in Europe also helped. Nevertheless, persistent commodity weakness and U.S.-dollar strength pushed many markets to their worst January in years. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies; the Fed added fuel by softening its schedule for future rate hikes.
Large-cap stocks handily outpaced small-caps in the U.S.; overseas, rankings reversed. Globally, growth bested value-oriented stocks. Volatility helped traditionally defensive sectors outperform cyclicals, while falling bond yields only strengthened demand within these same dividend-rich corners of the market – telecommunication services, utilities and consumer staples, in particular. Conversely, commodity-related sectors such as energy and materials declined substantially, despite an impressive turnaround near period end.
Fixed-income investors shunned riskier debt for much of the year. The Barclays
® U.S. Aggregate Bond Index rose 1.96%, led by Treasury and agency mortgage-backed securities; investment-grade corporate credit lagged. Emerging-markets debt and real estate income-oriented securities each had solid runs, ranking among the top performing asset classes for the year. Meanwhile, high-yield bonds, as measured by The BofA Merrill Lynch US High Yield Constrained Index℠, returned -3.96%. A spirited, late-period comeback could not overcome earlier spread-widening.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2016, the share classes of each Advisor Freedom Fund posted a negative return. Results moved along a spectrum, with nearer-term, more conservative Funds posting modest negatives and longer-dated, more aggressive Funds posting somewhat larger negatives. On a relative basis, each Fund lagged its respective Composite benchmark.
(For specific Fund results, please refer to the performance section of this report.) Overall, allocation decisions detracted from Composite-relative results, largely due to underweighting investment-grade debt. Allocations to portfolio diversifiers, such as the commodity and high-yield debt segments, also detracted; however, we believe such exposures remain important. Commodities may help protect against inflation, and Fund exposure to high-yield debt is an expression of value we see relative to investment-grade bonds. Selection effects also detracted, as the market proved challenging for a subset of underlying equity managers, particularly among U.S. growth-focused investments. In the non-U.S. equity asset class, both selection and allocation decisions contributed to relative results overall. At period end, our active positions align with a view that the U.S. economy is experiencing signs of late cycle. We believe the environment remains favorable to risk assets and supports the Funds’ modest overweightings in equities and corporate credit, underweightings in core fixed income. We recently increased Fund exposure to emerging-markets equities, Treasury Inflation-Protected Securities and commodities, while reducing exposure to nominal bonds.
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.
Fidelity Advisor Freedom® Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 1.7 | 1.9 |
| Fidelity Advisor Series Equity-Income Fund | 3.1 | 3.3 |
| Fidelity Advisor Series Growth & Income Fund | 2.2 | 2.3 |
| Fidelity Advisor Series Growth Opportunities Fund | 1.1 | 1.2 |
| Fidelity Advisor Series Opportunistic Insights Fund | 1.6 | 1.7 |
| Fidelity Advisor Series Small Cap Fund | 0.9 | 0.9 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 2.1 | 2.2 |
| Fidelity Series 100 Index Fund | 0.9 | 1.0 |
| Fidelity Series 1000 Value Index Fund | 0.3 | 0.4 |
| Fidelity Series All-Sector Equity Fund | 2.1 | 2.2 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.2 | 0.3 |
| Fidelity Series Small Cap Opportunities Fund | 1.0 | 1.1 |
| | 18.5 | 19.3 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 4.5 | 3.3 |
| Fidelity Series International Growth Fund | 2.1 | 1.8 |
| Fidelity Series International Small Cap Fund | 0.5 | 0.4 |
| Fidelity Series International Value Fund | 2.0 | 1.9 |
| | 9.1 | 7.4 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.1 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.8 | 3.5 |
| Fidelity Series Investment Grade Bond Fund | 38.7 | 41.0 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 46.9 | 49.0 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 9.0 | 7.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 16.5 | 17.0 |
| | 25.5 | 24.3 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 18.5% |
| | International Equity Funds | 9.1% |
| | Bond Funds | 46.9% |
| | Short-Term Funds | 25.5% |
| Six months ago |
| | Domestic Equity Funds | 19.3% |
| | International Equity Funds | 7.4% |
| | Bond Funds | 49.0% |
| | Short-Term Funds | 24.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® Income Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 18.5% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 389,769 | $4,170,532 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 653,298 | 7,499,856 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 421,972 | 5,181,817 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 263,728 | 2,708,485 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 268,434 | 3,870,818 |
| Fidelity Advisor Series Small Cap Fund (a) | | 205,763 | 2,074,093 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 446,459 | 4,986,947 |
| Fidelity Series 100 Index Fund (a) | | 168,311 | 2,263,782 |
| Fidelity Series 1000 Value Index Fund (a) | | 80,390 | 830,427 |
| Fidelity Series All-Sector Equity Fund (a) | | 395,628 | 4,980,957 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 621,499 | 3,039,129 |
| Fidelity Series Real Estate Equity Fund (a) | | 36,829 | 519,656 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 207,296 | 2,504,141 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $40,596,744) | | | 44,630,640 |
|
| International Equity Funds - 9.1% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 726,461 | 10,817,005 |
| Fidelity Series International Growth Fund (a) | | 368,520 | 4,908,680 |
| Fidelity Series International Small Cap Fund (a) | | 82,137 | 1,235,333 |
| Fidelity Series International Value Fund (a) | | 533,280 | 4,868,843 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $20,525,899) | | | 21,829,861 |
|
| Bond Funds - 46.9% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 159,630 | 1,514,889 |
| Fidelity Series Floating Rate High Income Fund (a) | | 64,184 | 576,369 |
| Fidelity Series High Income Fund (a) | | 836,229 | 7,250,104 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 928,964 | 9,178,161 |
| Fidelity Series Investment Grade Bond Fund (a) | | 8,257,831 | 93,313,492 |
| Fidelity Series Real Estate Income Fund (a) | | 107,248 | 1,166,856 |
| TOTAL BOND FUNDS | | | |
| (Cost $111,438,118) | | | 112,999,871 |
|
| Short-Term Funds - 25.5% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 2,164,128 | 21,641,283 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 39,911,216 | 39,911,216 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $61,515,216) | | | 61,552,499 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $234,075,977) | | | 241,012,871 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (64,164) |
| NET ASSETS - 100% | | | $240,948,707 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $4,424,024 | $1,630,377 | $1,806,443 | $7,133 | $4,170,532 |
| Fidelity Advisor Series Equity-Income Fund | 8,782,837 | 2,708,277 | 3,204,560 | 224,065 | 7,499,856 |
| Fidelity Advisor Series Growth & Income Fund | 6,026,084 | 2,017,373 | 2,322,220 | 113,857 | 5,181,817 |
| Fidelity Advisor Series Growth Opportunities Fund | 4,699,714 | 1,120,092 | 2,755,812 | 17,727 | 2,708,485 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4,065,046 | 1,854,924 | 1,768,758 | -- | 3,870,818 |
| Fidelity Advisor Series Short-Term Credit Fund | 19,582,549 | 8,913,026 | 6,855,373 | 211,844 | 21,641,283 |
| Fidelity Advisor Series Small Cap Fund | 2,474,429 | 780,826 | 864,245 | 5,662 | 2,074,093 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5,911,629 | 2,063,602 | 2,141,925 | 88,333 | 4,986,947 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 45,871,673 | 14,662,672 | 20,623,129 | 94,956 | 39,911,216 |
| Fidelity Series 100 Index Fund | 2,637,039 | 653,559 | 1,071,629 | 56,688 | 2,263,782 |
| Fidelity Series 1000 Value Index Fund | 974,884 | 285,200 | 361,929 | 22,346 | 830,427 |
| Fidelity Series All-Sector Equity Fund | 5,826,625 | 1,992,088 | 2,240,412 | 49,013 | 4,980,957 |
| Fidelity Series Commodity Strategy Fund | 2,192,292 | 1,902,801 | 681,397 | -- | 3,039,129 |
| Fidelity Series Emerging Markets Debt Fund | 1,679,019 | 354,401 | 483,806 | 98,594 | 1,514,889 |
| Fidelity Series Emerging Markets Fund | 7,360,983 | 6,686,343 | 2,429,529 | 113,709 | 10,817,005 |
| Fidelity Series Floating Rate High Income Fund | 1,358,066 | 178,369 | 905,762 | 37,319 | 576,369 |
| Fidelity Series High Income Fund | 9,184,343 | 1,982,325 | 2,927,527 | 486,844 | 7,250,104 |
| Fidelity Series Inflation-Protected Bond Index Fund | 9,534,745 | 2,135,170 | 2,625,028 | 4,762 | 9,178,161 |
| Fidelity Series International Growth Fund | 5,549,631 | 2,372,826 | 2,740,663 | 48,824 | 4,908,680 |
| Fidelity Series International Small Cap Fund | 1,249,186 | 544,760 | 531,149 | 9,336 | 1,235,333 |
| Fidelity Series International Value Fund | 5,361,104 | 2,412,309 | 2,490,462 | 91,944 | 4,868,843 |
| Fidelity Series Investment Grade Bond Fund | 113,168,186 | 19,206,804 | 36,386,425 | 2,976,039 | 93,313,492 |
| Fidelity Series Real Estate Equity Fund | 616,665 | 188,881 | 255,297 | 10,063 | 519,656 |
| Fidelity Series Real Estate Income Fund | 1,318,889 | 247,950 | 352,750 | 59,146 | 1,166,856 |
| Fidelity Series Small Cap Opportunities Fund | 2,997,769 | 967,205 | 1,135,029 | 10,724 | 2,504,141 |
| Total | $272,847,411 | $77,862,160 | $99,961,259 | $4,838,928 | $241,012,871 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $234,075,977) — See accompanying schedule | | $241,012,871 |
| Receivable for investments sold | | 10,107,923 |
| Receivable for fund shares sold | | 242,861 |
| Total assets | | 251,363,655 |
| Liabilities | | |
| Payable for investments purchased | $1,783,343 | |
| Payable for fund shares redeemed | 8,576,988 | |
| Distribution and service plan fees payable | 54,617 | |
| Total liabilities | | 10,414,948 |
| Net Assets | | $240,948,707 |
| Net Assets consist of: | | |
| Paid in capital | | $232,611,228 |
| Undistributed net investment income | | 184,777 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,215,808 |
| Net unrealized appreciation (depreciation) on investments | | 6,936,894 |
| Net Assets | | $240,948,707 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($99,210,627 ÷ 9,327,298 shares) | | $10.64 |
| Maximum offering price per share (100/94.25 of $10.64) | | $11.29 |
| Class T: | | |
| Net Asset Value and redemption price per share ($42,886,720 ÷ 4,036,459 shares) | | $10.62 |
| Maximum offering price per share (100/96.50 of $10.62) | | $11.01 |
| Class B: | | |
| Net Asset Value and offering price per share ($642,622 ÷ 60,486 shares)(a) | | $10.62 |
| Class C: | | |
| Net Asset Value and offering price per share ($14,711,982 ÷ 1,386,737 shares)(a) | | $10.61 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($83,496,756 ÷ 7,827,142 shares) | | $10.67 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,838,928 |
| Expenses | | |
| Distribution and service plan fees | $684,753 | |
| Independent trustees' compensation | 1,097 | |
| Total expenses before reductions | 685,850 | |
| Expense reductions | (1,097) | 684,753 |
| Net investment income (loss) | | 4,154,175 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (169,387) | |
| Capital gain distributions from underlying funds | 3,677,776 | |
| Total net realized gain (loss) | | 3,508,389 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (9,566,078) |
| Net gain (loss) | | (6,057,689) |
| Net increase (decrease) in net assets resulting from operations | | $(1,903,514) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,154,175 | $4,022,115 |
| Net realized gain (loss) | 3,508,389 | 6,595,029 |
| Change in net unrealized appreciation (depreciation) | (9,566,078) | (638,347) |
| Net increase (decrease) in net assets resulting from operations | (1,903,514) | 9,978,797 |
| Distributions to shareholders from net investment income | (4,164,603) | (4,039,882) |
| Distributions to shareholders from net realized gain | (4,540,387) | (8,872,257) |
| Total distributions | (8,704,990) | (12,912,139) |
| Share transactions - net increase (decrease) | (21,181,266) | (14,514,229) |
| Total increase (decrease) in net assets | (31,789,770) | (17,447,571) |
| Net Assets | | |
| Beginning of period | 272,738,477 | 290,186,048 |
| End of period (including undistributed net investment income of $184,777 and undistributed net investment income of $323,481, respectively) | $240,948,707 | $272,738,477 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.07 | $11.20 | $11.21 | $10.98 | $10.85 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .18 | .16 | .12 | .12 | .15 |
| Net realized and unrealized gain (loss) | (.25) | .24 | .28 | .37 | .21 |
| Total from investment operations | (.07) | .40 | .40 | .49 | .36 |
| Distributions from net investment income | (.18) | (.17) | (.12) | (.12) | (.15) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.36)B | (.53) | (.41) | (.26) | (.23) |
| Net asset value, end of period | $10.64 | $11.07 | $11.20 | $11.21 | $10.98 |
| Total ReturnC,D | (.59)% | 3.65% | 3.65% | 4.53% | 3.34% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.63% | 1.48% | 1.10% | 1.08% | 1.37% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $99,211 | $124,755 | $147,818 | $176,876 | $166,658 |
| Portfolio turnover rateE | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.36 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.187 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.06 | $11.19 | $11.20 | $10.96 | $10.84 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .14 | .09 | .09 | .12 |
| Net realized and unrealized gain (loss) | (.25) | .23 | .28 | .38 | .20 |
| Total from investment operations | (.10) | .37 | .37 | .47 | .32 |
| Distributions from net investment income | (.15) | (.14) | (.09) | (.09) | (.12) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.34) | (.50) | (.38) | (.23) | (.20) |
| Net asset value, end of period | $10.62 | $11.06 | $11.19 | $11.20 | $10.96 |
| Total ReturnB,C | (.93)% | 3.39% | 3.40% | 4.35% | 3.01% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.38% | 1.23% | .85% | .83% | 1.12% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $42,887 | $47,804 | $53,019 | $53,734 | $56,246 |
| Portfolio turnover rateD | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.06 | $11.18 | $11.19 | $10.96 | $10.84 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .08 | .04 | .04 | .07 |
| Net realized and unrealized gain (loss) | (.26) | .25 | .28 | .37 | .19 |
| Total from investment operations | (.16) | .33 | .32 | .41 | .26 |
| Distributions from net investment income | (.09) | (.08) | (.04) | (.04) | (.07) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.28) | (.45)B | (.33) | (.18) | (.14)C |
| Net asset value, end of period | $10.62 | $11.06 | $11.18 | $11.19 | $10.96 |
| Total ReturnD,E | (1.46)% | 2.98% | 2.86% | 3.80% | 2.47% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .88% | .73% | .35% | .33% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $643 | $1,147 | $1,681 | $2,294 | $2,889 |
| Portfolio turnover rateF | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.45 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.361 per share.
C Total distributions of $.14 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.079 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.04 | $11.17 | $11.18 | $10.96 | $10.84 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .09 | .08 | .04 | .04 | .07 |
| Net realized and unrealized gain (loss) | (.24) | .24 | .28 | .36 | .20 |
| Total from investment operations | (.15) | .32 | .32 | .40 | .27 |
| Distributions from net investment income | (.10) | (.09) | (.04) | (.04) | (.07) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.28)B | (.45) | (.33) | (.18) | (.15) |
| Net asset value, end of period | $10.61 | $11.04 | $11.17 | $11.18 | $10.96 |
| Total ReturnC,D | (1.35)% | 2.90% | 2.89% | 3.70% | 2.50% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .88% | .73% | .35% | .33% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $14,712 | $15,780 | $15,735 | $16,606 | $17,170 |
| Portfolio turnover rateE | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.28 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.187 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.10 | $11.23 | $11.23 | $11.00 | $10.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .19 | .15 | .15 | .18 |
| Net realized and unrealized gain (loss) | (.24) | .24 | .29 | .37 | .20 |
| Total from investment operations | (.04) | .43 | .44 | .52 | .38 |
| Distributions from net investment income | (.20) | (.19) | (.15) | (.14) | (.17) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.39) | (.56)B | (.44) | (.29)C | (.25) |
| Net asset value, end of period | $10.67 | $11.10 | $11.23 | $11.23 | $11.00 |
| Total ReturnD | (.34)% | 3.89% | 3.98% | 4.75% | 3.58% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductionsG | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.88% | 1.73% | 1.35% | 1.33% | 1.62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $83,497 | $83,253 | $71,933 | $77,976 | $60,248 |
| Portfolio turnover rateE | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.56 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.361 per share.
C Total distributions of $.29 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.141 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 2.6 | 2.8 |
| Fidelity Advisor Series Equity-Income Fund | 4.7 | 5.0 |
| Fidelity Advisor Series Growth & Income Fund | 3.3 | 3.5 |
| Fidelity Advisor Series Growth Opportunities Fund | 1.7 | 1.8 |
| Fidelity Advisor Series Opportunistic Insights Fund | 2.4 | 2.6 |
| Fidelity Advisor Series Small Cap Fund | 1.3 | 1.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.1 | 3.4 |
| Fidelity Series 100 Index Fund | 1.4 | 1.5 |
| Fidelity Series 1000 Value Index Fund | 0.5 | 0.6 |
| Fidelity Series All-Sector Equity Fund | 3.1 | 3.4 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.7 |
| Fidelity Series Real Estate Equity Fund | 0.3 | 0.3 |
| Fidelity Series Small Cap Opportunities Fund | 1.6 | 1.7 |
| | 27.3 | 28.7 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 5.5 | 4.3 |
| Fidelity Series International Growth Fund | 3.4 | 3.3 |
| Fidelity Series International Small Cap Fund | 0.8 | 0.7 |
| Fidelity Series International Value Fund | 3.3 | 3.3 |
| | 13.0 | 11.6 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.2 |
| Fidelity Series High Income Fund | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.3 | 3.1 |
| Fidelity Series Investment Grade Bond Fund | 34.5 | 36.3 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 42.2 | 43.9 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 6.1 | 4.8 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 11.4 | 11.0 |
| | 17.5 | 15.8 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 27.3% |
| | International Equity Funds | 13.0% |
| | Bond Funds | 42.2% |
| | Short-Term Funds | 17.5% |
| Six months ago |
| | Domestic Equity Funds | 28.7% |
| | International Equity Funds | 11.6% |
| | Bond Funds | 43.9% |
| | Short-Term Funds | 15.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2005 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 27.3% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 564,087 | $6,035,727 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 948,846 | 10,892,754 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 612,821 | 7,525,437 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 387,170 | 3,976,232 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 388,451 | 5,601,464 |
| Fidelity Advisor Series Small Cap Fund (a) | | 298,863 | 3,012,540 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 648,425 | 7,242,910 |
| Fidelity Series 100 Index Fund (a) | | 244,445 | 3,287,789 |
| Fidelity Series 1000 Value Index Fund (a) | | 116,766 | 1,206,197 |
| Fidelity Series All-Sector Equity Fund (a) | | 574,625 | 7,234,534 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 588,151 | 2,876,059 |
| Fidelity Series Real Estate Equity Fund (a) | | 53,535 | 755,379 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 301,029 | 3,636,430 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $57,217,646) | | | 63,283,452 |
|
| International Equity Funds - 13.0% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 855,486 | 12,738,180 |
| Fidelity Series International Growth Fund (a) | | 586,479 | 7,811,896 |
| Fidelity Series International Small Cap Fund (a) | | 127,906 | 1,923,710 |
| Fidelity Series International Value Fund (a) | | 849,038 | 7,751,721 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $28,024,095) | | | 30,225,507 |
|
| Bond Funds - 42.2% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 153,908 | 1,460,587 |
| Fidelity Series Floating Rate High Income Fund (a) | | 63,476 | 570,016 |
| Fidelity Series High Income Fund (a) | | 799,736 | 6,933,712 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 780,595 | 7,712,280 |
| Fidelity Series Investment Grade Bond Fund (a) | | 7,066,729 | 79,854,043 |
| Fidelity Series Real Estate Income Fund (a) | | 104,136 | 1,132,996 |
| TOTAL BOND FUNDS | | | |
| (Cost $96,904,695) | | | 97,663,634 |
|
| Short-Term Funds - 17.5% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 1,415,162 | 14,151,615 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 26,306,963 | 26,306,963 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $40,439,197) | | | 40,458,578 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $222,585,633) | | | 231,631,171 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (46,951) |
| NET ASSETS - 100% | | | $231,584,220 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $6,702,712 | $2,029,486 | $2,601,687 | $9,780 | $6,035,727 |
| Fidelity Advisor Series Equity-Income Fund | 13,391,307 | 3,255,346 | 4,636,721 | 324,430 | 10,892,754 |
| Fidelity Advisor Series Growth & Income Fund | 9,176,242 | 2,448,676 | 3,321,063 | 165,189 | 7,525,437 |
| Fidelity Advisor Series Growth Opportunities Fund | 7,756,115 | 1,374,862 | 4,697,087 | 24,303 | 3,976,232 |
| Fidelity Advisor Series Opportunistic Insights Fund | 6,158,830 | 2,334,398 | 2,529,803 | -- | 5,601,464 |
| Fidelity Advisor Series Short-Term Credit Fund | 11,655,433 | 6,515,807 | 4,019,232 | 129,374 | 14,151,615 |
| Fidelity Advisor Series Small Cap Fund | 3,748,964 | 936,582 | 1,236,899 | 7,658 | 3,012,540 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 8,953,190 | 2,453,624 | 2,973,095 | 120,686 | 7,242,910 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 27,252,738 | 12,709,051 | 13,654,826 | 58,010 | 26,306,963 |
| Fidelity Series 100 Index Fund | 4,000,617 | 743,781 | 1,525,506 | 77,554 | 3,287,789 |
| Fidelity Series 1000 Value Index Fund | 1,484,482 | 327,131 | 509,652 | 30,570 | 1,206,197 |
| Fidelity Series All-Sector Equity Fund | 8,866,034 | 2,408,371 | 3,205,846 | 67,169 | 7,234,534 |
| Fidelity Series Commodity Strategy Fund | 2,129,392 | 1,750,093 | 656,354 | -- | 2,876,059 |
| Fidelity Series Emerging Markets Debt Fund | 1,623,096 | 284,147 | 411,396 | 93,235 | 1,460,587 |
| Fidelity Series Emerging Markets Fund | 10,269,922 | 6,402,399 | 2,789,782 | 131,347 | 12,738,180 |
| Fidelity Series Floating Rate High Income Fund | 1,319,446 | 142,793 | 842,336 | 35,099 | 570,016 |
| Fidelity Series High Income Fund | 8,960,554 | 1,512,422 | 2,605,005 | 458,186 | 6,933,712 |
| Fidelity Series Inflation-Protected Bond Index Fund | 8,054,257 | 1,828,160 | 2,271,056 | 3,931 | 7,712,280 |
| Fidelity Series International Growth Fund | 9,292,472 | 2,788,428 | 3,769,872 | 79,939 | 7,811,896 |
| Fidelity Series International Small Cap Fund | 2,138,851 | 603,306 | 761,658 | 15,284 | 1,923,710 |
| Fidelity Series International Value Fund | 9,228,860 | 2,833,049 | 3,604,261 | 150,539 | 7,751,721 |
| Fidelity Series Investment Grade Bond Fund | 96,759,463 | 15,177,066 | 29,769,466 | 2,471,160 | 79,854,043 |
| Fidelity Series Real Estate Equity Fund | 927,084 | 251,284 | 373,501 | 14,217 | 755,379 |
| Fidelity Series Real Estate Income Fund | 1,292,021 | 216,762 | 330,360 | 56,053 | 1,132,996 |
| Fidelity Series Small Cap Opportunities Fund | 4,501,627 | 1,173,603 | 1,572,208 | 15,136 | 3,636,430 |
| Total | $265,643,709 | $72,500,627 | $94,668,672 | $4,538,849 | $231,631,171 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $222,585,633) — See accompanying schedule | | $231,631,171 |
| Receivable for investments sold | | 3,798,628 |
| Receivable for fund shares sold | | 140,314 |
| Total assets | | 235,570,113 |
| Liabilities | | |
| Payable for investments purchased | $3,752,161 | |
| Payable for fund shares redeemed | 188,760 | |
| Distribution and service plan fees payable | 44,972 | |
| Total liabilities | | 3,985,893 |
| Net Assets | | $231,584,220 |
| Net Assets consist of: | | |
| Paid in capital | | $219,351,139 |
| Undistributed net investment income | | 661,799 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,525,744 |
| Net unrealized appreciation (depreciation) on investments | | 9,045,538 |
| Net Assets | | $231,584,220 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($134,262,301 ÷ 11,737,411 shares) | | $11.44 |
| Maximum offering price per share (100/94.25 of $11.44) | | $12.14 |
| Class T: | | |
| Net Asset Value and redemption price per share ($29,346,744 ÷ 2,567,816 shares) | | $11.43 |
| Maximum offering price per share (100/96.50 of $11.43) | | $11.84 |
| Class B: | | |
| Net Asset Value and offering price per share ($335,083 ÷ 29,104 shares)(a) | | $11.51 |
| Class C: | | |
| Net Asset Value and offering price per share ($6,200,338 ÷ 543,206 shares)(a) | | $11.41 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($61,439,754 ÷ 5,336,831 shares) | | $11.51 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,538,849 |
| Expenses | | |
| Distribution and service plan fees | $580,864 | |
| Independent trustees' compensation | 1,041 | |
| Total expenses before reductions | 581,905 | |
| Expense reductions | (1,041) | 580,864 |
| Net investment income (loss) | | 3,957,985 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 1,233,423 | |
| Capital gain distributions from underlying funds | 4,697,834 | |
| Total net realized gain (loss) | | 5,931,257 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (13,077,935) |
| Net gain (loss) | | (7,146,678) |
| Net increase (decrease) in net assets resulting from operations | | $(3,188,693) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,957,985 | $4,363,408 |
| Net realized gain (loss) | 5,931,257 | 9,195,574 |
| Change in net unrealized appreciation (depreciation) | (13,077,935) | (918,474) |
| Net increase (decrease) in net assets resulting from operations | (3,188,693) | 12,640,508 |
| Distributions to shareholders from net investment income | (4,007,125) | (4,425,821) |
| Distributions to shareholders from net realized gain | (6,638,092) | (9,763,778) |
| Total distributions | (10,645,217) | (14,189,599) |
| Share transactions - net increase (decrease) | (20,184,963) | (27,388,953) |
| Total increase (decrease) in net assets | (34,018,873) | (28,938,044) |
| Net Assets | | |
| Beginning of period | 265,603,093 | 294,541,137 |
| End of period (including undistributed net investment income of $661,799 and undistributed net investment income of $710,937, respectively) | $231,584,220 | $265,603,093 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.10 | $12.17 | $11.90 | $11.45 | $11.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .19 | .19 | .13 | .13 | .15 |
| Net realized and unrealized gain (loss) | (.34) | .36 | .57 | .53 | .13 |
| Total from investment operations | (.15) | .55 | .70 | .66 | .28 |
| Distributions from net investment income | (.20) | (.19) | (.12) | (.13) | (.15) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.13) |
| Total distributions | (.51)B | (.62)C | (.43) | (.21)D | (.28) |
| Net asset value, end of period | $11.44 | $12.10 | $12.17 | $11.90 | $11.45 |
| Total ReturnE,F | (1.23)% | 4.60% | 5.98% | 5.79% | 2.53% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.62% | 1.54% | 1.10% | 1.16% | 1.37% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $134,262 | $162,069 | $187,224 | $204,418 | $193,977 |
| Portfolio turnover rateG | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.51 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.317 per share.
C Total distributions of $.62 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.423 per share.
D Total distributions of $.21 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.071 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.09 | $12.16 | $11.90 | $11.45 | $11.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .16 | .10 | .11 | .13 |
| Net realized and unrealized gain (loss) | (.33) | .35 | .57 | .52 | .12 |
| Total from investment operations | (.17) | .51 | .67 | .63 | .25 |
| Distributions from net investment income | (.17) | (.16) | (.10) | (.11) | (.12) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.13) |
| Total distributions | (.49) | (.58) | (.41) | (.18) | (.25) |
| Net asset value, end of period | $11.43 | $12.09 | $12.16 | $11.90 | $11.45 |
| Total ReturnB,C | (1.45)% | 4.33% | 5.68% | 5.56% | 2.25% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.37% | 1.29% | .85% | .91% | 1.12% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $29,347 | $29,246 | $29,912 | $26,201 | $22,316 |
| Portfolio turnover rate D | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.14 | $12.20 | $11.93 | $11.47 | $11.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .10 | .04 | .05 | .07 |
| Net realized and unrealized gain (loss) | (.34) | .35 | .58 | .52 | .12 |
| Total from investment operations | (.24) | .45 | .62 | .57 | .19 |
| Distributions from net investment income | (.08) | (.08) | (.04) | (.04) | (.05) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.12) |
| Total distributions | (.39)B | (.51)C | (.35) | (.11) | (.17) |
| Net asset value, end of period | $11.51 | $12.14 | $12.20 | $11.93 | $11.47 |
| Total ReturnD,E | (1.97)% | 3.75% | 5.22% | 5.00% | 1.73% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .87% | .79% | .35% | .41% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $335 | $623 | $1,059 | $1,162 | $1,571 |
| Portfolio turnover rate F | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.39 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.317 per share.
C Total distributions of $.51 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.423 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.06 | $12.14 | $11.87 | $11.42 | $11.42 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .10 | .04 | .05 | .07 |
| Net realized and unrealized gain (loss) | (.33) | .34 | .58 | .52 | .11 |
| Total from investment operations | (.23) | .44 | .62 | .57 | .18 |
| Distributions from net investment income | (.10) | (.10) | (.04) | (.05) | (.07) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.12) |
| Total distributions | (.42) | (.52) | (.35) | (.12) | (.18)B |
| Net asset value, end of period | $11.41 | $12.06 | $12.14 | $11.87 | $11.42 |
| Total ReturnC,D | (1.98)% | 3.73% | 5.28% | 5.01% | 1.66% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .87% | .79% | .35% | .41% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,200 | $7,410 | $8,910 | $8,118 | $8,053 |
| Portfolio turnover rateE | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.18 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.115 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.18 | $12.25 | $11.97 | $11.51 | $11.52 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .22 | .16 | .16 | .18 |
| Net realized and unrealized gain (loss) | (.34) | .36 | .58 | .53 | .11 |
| Total from investment operations | (.12) | .58 | .74 | .69 | .29 |
| Distributions from net investment income | (.23) | (.23) | (.15) | (.16) | (.18) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.13) |
| Total distributions | (.55) | (.65) | (.46) | (.23) | (.30)B |
| Net asset value, end of period | $11.51 | $12.18 | $12.25 | $11.97 | $11.51 |
| Total ReturnC | (1.04)% | 4.85% | 6.29% | 6.11% | 2.67% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.87% | 1.79% | 1.35% | 1.41% | 1.62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $61,440 | $66,255 | $67,435 | $70,364 | $46,935 |
| Portfolio turnover rateD | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.30 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.128 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 3.2 | 3.4 |
| Fidelity Advisor Series Equity-Income Fund | 5.8 | 6.1 |
| Fidelity Advisor Series Growth & Income Fund | 4.0 | 4.3 |
| Fidelity Advisor Series Growth Opportunities Fund | 2.1 | 2.2 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3.0 | 3.2 |
| Fidelity Advisor Series Small Cap Fund | 1.6 | 1.7 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.9 | 4.1 |
| Fidelity Series 100 Index Fund | 1.8 | 1.9 |
| Fidelity Series 1000 Value Index Fund | 0.7 | 0.7 |
| Fidelity Series All-Sector Equity Fund | 3.9 | 4.1 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.4 | 0.4 |
| Fidelity Series Small Cap Opportunities Fund | 1.9 | 2.0 |
| | 33.5 | 34.9 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 6.3 | 5.1 |
| Fidelity Series International Growth Fund | 4.3 | 4.2 |
| Fidelity Series International Small Cap Fund | 1.1 | 1.0 |
| Fidelity Series International Value Fund | 4.3 | 4.3 |
| | 16.0 | 14.6 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 2.7 | 2.4 |
| Fidelity Series Investment Grade Bond Fund | 31.4 | 33.2 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 38.5 | 40.2 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 4.2 | 3.1 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 7.8 | 7.2 |
| | 12.0 | 10.3 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 33.5% |
| | International Equity Funds | 16.0% |
| | Bond Funds | 38.5% |
| | Short-Term Funds | 12.0% |
| Six months ago |
| | Domestic Equity Funds | 34.9% |
| | International Equity Funds | 14.6% |
| | Bond Funds | 40.2% |
| | Short-Term Funds | 10.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2010 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 33.5% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 1,796,595 | $19,223,571 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 3,022,007 | 34,692,643 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 1,951,813 | 23,968,262 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 1,233,072 | 12,663,650 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 1,237,220 | 17,840,714 |
| Fidelity Advisor Series Small Cap Fund (a) | | 951,887 | 9,595,026 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 2,065,238 | 23,068,709 |
| Fidelity Series 100 Index Fund (a) | | 778,562 | 10,471,663 |
| Fidelity Series 1000 Value Index Fund (a) | | 371,889 | 3,841,614 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,830,185 | 23,042,034 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 1,489,418 | 7,283,256 |
| Fidelity Series Real Estate Equity Fund (a) | | 170,515 | 2,405,962 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 958,753 | 11,581,740 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $178,511,196) | | | 199,678,844 |
|
| International Equity Funds - 16.0% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 2,539,860 | 37,818,521 |
| Fidelity Series International Growth Fund (a) | | 1,929,729 | 25,703,990 |
| Fidelity Series International Small Cap Fund (a) | | 418,334 | 6,291,737 |
| Fidelity Series International Value Fund (a) | | 2,793,864 | 25,507,981 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $89,098,994) | | | 95,322,229 |
|
| Bond Funds - 38.5% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 400,010 | 3,796,091 |
| Fidelity Series Floating Rate High Income Fund (a) | | 165,450 | 1,485,738 |
| Fidelity Series High Income Fund (a) | | 2,060,012 | 17,860,306 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,624,767 | 16,052,693 |
| Fidelity Series Investment Grade Bond Fund (a) | | 16,578,001 | 187,331,407 |
| Fidelity Series Real Estate Income Fund (a) | | 270,550 | 2,943,588 |
| TOTAL BOND FUNDS | | | |
| (Cost $227,833,859) | | | 229,469,823 |
|
| Short-Term Funds - 12.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 2,494,626 | 24,946,264 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 46,496,787 | 46,496,787 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $71,416,451) | | | 71,443,051 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $566,860,500) | | | 595,913,947 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (137,296) |
| NET ASSETS - 100% | | | $595,776,651 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $22,599,954 | $4,613,127 | $7,645,508 | $32,140 | $19,223,571 |
| Fidelity Advisor Series Equity-Income Fund | 45,056,827 | 6,703,898 | 13,237,223 | 1,076,406 | 34,692,643 |
| Fidelity Advisor Series Growth & Income Fund | 30,943,437 | 5,350,447 | 9,644,405 | 548,085 | 23,968,262 |
| Fidelity Advisor Series Growth Opportunities Fund | 26,264,798 | 3,122,769 | 15,179,624 | 79,862 | 12,663,650 |
| Fidelity Advisor Series Opportunistic Insights Fund | 20,765,959 | 5,747,198 | 7,451,426 | -- | 17,840,714 |
| Fidelity Advisor Series Short-Term Credit Fund | 19,781,174 | 10,855,157 | 5,682,762 | 229,260 | 24,946,264 |
| Fidelity Advisor Series Small Cap Fund | 12,640,557 | 2,054,271 | 3,618,307 | 25,566 | 9,595,026 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 30,105,063 | 5,525,256 | 8,538,390 | 397,892 | 23,068,709 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 47,582,889 | 23,779,501 | 24,865,603 | 103,361 | 46,496,787 |
| Fidelity Series 100 Index Fund | 13,490,045 | 1,347,368 | 4,558,155 | 255,884 | 10,471,663 |
| Fidelity Series 1000 Value Index Fund | 5,005,876 | 626,969 | 1,458,763 | 100,608 | 3,841,614 |
| Fidelity Series All-Sector Equity Fund | 29,927,257 | 5,150,655 | 9,209,056 | 221,079 | 23,042,034 |
| Fidelity Series Commodity Strategy Fund | 5,581,230 | 3,957,873 | 1,290,783 | -- | 7,283,256 |
| Fidelity Series Emerging Markets Debt Fund | 4,486,769 | 407,954 | 998,896 | 252,142 | 3,796,091 |
| Fidelity Series Emerging Markets Fund | 34,362,056 | 15,158,117 | 7,753,785 | 418,268 | 37,818,521 |
| Fidelity Series Floating Rate High Income Fund | 3,608,996 | 206,492 | 2,193,563 | 94,764 | 1,485,738 |
| Fidelity Series High Income Fund | 24,702,874 | 2,223,740 | 6,500,352 | 1,237,902 | 17,860,306 |
| Fidelity Series Inflation-Protected Bond Index Fund | 17,541,083 | 2,792,107 | 4,484,868 | 8,416 | 16,052,693 |
| Fidelity Series International Growth Fund | 32,507,389 | 6,042,945 | 10,985,353 | 283,142 | 25,703,990 |
| Fidelity Series International Small Cap Fund | 7,484,713 | 1,305,628 | 2,267,575 | 54,035 | 6,291,737 |
| Fidelity Series International Value Fund | 32,287,313 | 6,167,934 | 10,404,694 | 533,202 | 25,507,981 |
| Fidelity Series Investment Grade Bond Fund | 244,493,979 | 18,687,523 | 69,896,105 | 6,086,009 | 187,331,407 |
| Fidelity Series Real Estate Equity Fund | 3,110,746 | 643,748 | 1,161,823 | 47,329 | 2,405,962 |
| Fidelity Series Real Estate Income Fund | 3,554,080 | 318,292 | 801,068 | 152,209 | 2,943,588 |
| Fidelity Series Small Cap Opportunities Fund | 15,179,590 | 2,579,828 | 4,588,048 | 50,205 | 11,581,740 |
| Total | $733,064,654 | $135,368,797 | $234,416,135 | $12,287,766 | $595,913,947 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $566,860,500) — See accompanying schedule | | $595,913,947 |
| Receivable for investments sold | | 10,446,154 |
| Receivable for fund shares sold | | 290,443 |
| Total assets | | 606,650,544 |
| Liabilities | | |
| Payable for investments purchased | $8,258,196 | |
| Payable for fund shares redeemed | 2,483,211 | |
| Distribution and service plan fees payable | 132,486 | |
| Total liabilities | | 10,873,893 |
| Net Assets | | $595,776,651 |
| Net Assets consist of: | | |
| Paid in capital | | $556,443,869 |
| Undistributed net investment income | | 1,469,006 |
| Accumulated undistributed net realized gain (loss) on investments | | 8,810,329 |
| Net unrealized appreciation (depreciation) on investments | | 29,053,447 |
| Net Assets | | $595,776,651 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($328,231,914 ÷ 27,650,160 shares) | | $11.87 |
| Maximum offering price per share (100/94.25 of $11.87) | | $12.59 |
| Class T: | | |
| Net Asset Value and redemption price per share ($92,542,832 ÷ 7,820,910 shares) | | $11.83 |
| Maximum offering price per share (100/96.50 of $11.83) | | $12.26 |
| Class B: | | |
| Net Asset Value and offering price per share ($1,137,140 ÷ 95,357 shares)(a) | | $11.93 |
| Class C: | | |
| Net Asset Value and offering price per share ($30,150,064 ÷ 2,563,389 shares)(a) | | $11.76 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($143,714,701 ÷ 12,052,785 shares) | | $11.92 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $12,287,766 |
| Expenses | | |
| Distribution and service plan fees | $1,762,922 | |
| Independent trustees' compensation | 2,819 | |
| Total expenses before reductions | 1,765,741 | |
| Expense reductions | (2,819) | 1,762,922 |
| Net investment income (loss) | | 10,524,844 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 5,236,940 | |
| Capital gain distributions from underlying funds | 14,994,098 | |
| Total net realized gain (loss) | | 20,231,038 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (43,340,325) |
| Net gain (loss) | | (23,109,287) |
| Net increase (decrease) in net assets resulting from operations | | $(12,584,443) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,524,844 | $12,144,985 |
| Net realized gain (loss) | 20,231,038 | 34,674,281 |
| Change in net unrealized appreciation (depreciation) | (43,340,325) | (7,768,744) |
| Net increase (decrease) in net assets resulting from operations | (12,584,443) | 39,050,522 |
| Distributions to shareholders from net investment income | (10,584,608) | (12,574,317) |
| Distributions to shareholders from net realized gain | (23,587,615) | (36,739,965) |
| Total distributions | (34,172,223) | (49,314,282) |
| Share transactions - net increase (decrease) | (90,382,450) | (116,471,074) |
| Total increase (decrease) in net assets | (137,139,116) | (126,734,834) |
| Net Assets | | |
| Beginning of period | 732,915,767 | 859,650,601 |
| End of period (including undistributed net investment income of $1,469,006 and undistributed net investment income of $1,528,769, respectively) | $595,776,651 | $732,915,767 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.72 | $12.91 | $12.50 | $11.89 | $11.92 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .20 | .15 | .16 | .17 |
| Net realized and unrealized gain (loss) | (.41) | .44 | .82 | .70 | .12 |
| Total from investment operations | (.21) | .64 | .97 | .86 | .29 |
| Distributions from net investment income | (.21) | (.22) | (.14) | (.16) | (.17) |
| Distributions from net realized gain | (.44) | (.61) | (.42) | (.09) | (.16) |
| Total distributions | (.64)B | (.83) | (.56) | (.25) | (.32)C |
| Net asset value, end of period | $11.87 | $12.72 | $12.91 | $12.50 | $11.89 |
| Total ReturnD,E | (1.67)% | 5.08% | 7.86% | 7.33% | 2.63% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.63% | 1.55% | 1.15% | 1.33% | 1.48% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $328,232 | $431,498 | $502,834 | $540,980 | $552,770 |
| Portfolio turnover rateF | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.64 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.437 per share.
C Total distributions of $.32 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.155 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.68 | $12.87 | $12.46 | $11.86 | $11.88 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .17 | .17 | .11 | .13 | .14 |
| Net realized and unrealized gain (loss) | (.41) | .43 | .83 | .69 | .13 |
| Total from investment operations | (.24) | .60 | .94 | .82 | .27 |
| Distributions from net investment income | (.18) | (.18) | (.11) | (.13) | (.14) |
| Distributions from net realized gain | (.44) | (.61) | (.42) | (.09) | (.16) |
| Total distributions | (.61)B | (.79) | (.53) | (.22) | (.29)C |
| Net asset value, end of period | $11.83 | $12.68 | $12.87 | $12.46 | $11.86 |
| Total ReturnD,E | (1.92)% | 4.81% | 7.62% | 6.98% | 2.43% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.38% | 1.30% | .90% | 1.08% | 1.23% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $92,543 | $106,189 | $124,997 | $127,353 | $132,044 |
| Portfolio turnover rate F | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.61 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.437 per share.
C Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.74 | $12.91 | $12.49 | $11.87 | $11.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .10 | .05 | .07 | .08 |
| Net realized and unrealized gain (loss) | (.40) | .44 | .82 | .70 | .13 |
| Total from investment operations | (.29) | .54 | .87 | .77 | .21 |
| Distributions from net investment income | (.09) | (.10) | (.03) | (.06) | (.07) |
| Distributions from net realized gain | (.43) | (.61) | (.41) | (.09) | (.15) |
| Total distributions | (.52) | (.71) | (.45)B | (.15) | (.21)C |
| Net asset value, end of period | $11.93 | $12.74 | $12.91 | $12.49 | $11.87 |
| Total ReturnD,E | (2.31)% | 4.30% | 7.01% | 6.51% | 1.90% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .88% | .81% | .41% | .58% | .73% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,137 | $2,318 | $3,921 | $6,474 | $9,154 |
| Portfolio turnover rateF | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.45 per share is comprised of distributions from net investment income of $.032 and distributions from net realized gain of $.413 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.148 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.60 | $12.79 | $12.39 | $11.79 | $11.81 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .10 | .05 | .07 | .08 |
| Net realized and unrealized gain (loss) | (.40) | .44 | .81 | .69 | .13 |
| Total from investment operations | (.29) | .54 | .86 | .76 | .21 |
| Distributions from net investment income | (.11) | (.12) | (.05) | (.07) | (.08) |
| Distributions from net realized gain | (.44) | (.61) | (.41) | (.09) | (.15) |
| Total distributions | (.55) | (.73) | (.46) | (.16) | (.23) |
| Net asset value, end of period | $11.76 | $12.60 | $12.79 | $12.39 | $11.79 |
| Total ReturnB,C | (2.39)% | 4.33% | 7.04% | 6.49% | 1.90% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .88% | .80% | .40% | .58% | .73% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $30,150 | $34,839 | $36,622 | $38,562 | $38,423 |
| Portfolio turnover rateD | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.77 | $12.96 | $12.55 | $11.94 | $11.96 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .23 | .18 | .19 | .20 |
| Net realized and unrealized gain (loss) | (.40) | .44 | .82 | .70 | .13 |
| Total from investment operations | (.17) | .67 | 1.00 | .89 | .33 |
| Distributions from net investment income | (.24) | (.25) | (.17) | (.19) | (.20) |
| Distributions from net realized gain | (.44) | (.61) | (.42) | (.09) | (.16) |
| Total distributions | (.68) | (.86) | (.59) | (.28) | (.35)B |
| Net asset value, end of period | $11.92 | $12.77 | $12.96 | $12.55 | $11.94 |
| Total ReturnC | (1.40)% | 5.34% | 8.10% | 7.56% | 2.97% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.88% | 1.80% | 1.40% | 1.58% | 1.73% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $143,715 | $158,071 | $191,276 | $197,152 | $156,459 |
| Portfolio turnover rateD | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.35 per share is comprised of distributions from net investment income of $.199 and distributions from net realized gain of $.155 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 3.8 | 4.0 |
| Fidelity Advisor Series Equity-Income Fund | 6.9 | 7.2 |
| Fidelity Advisor Series Growth & Income Fund | 4.8 | 5.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 2.5 | 2.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3.6 | 3.7 |
| Fidelity Advisor Series Small Cap Fund | 1.9 | 2.0 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.6 | 4.8 |
| Fidelity Series 100 Index Fund | 2.1 | 2.2 |
| Fidelity Series 1000 Value Index Fund | 0.8 | 0.8 |
| Fidelity Series All-Sector Equity Fund | 4.6 | 4.8 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.7 |
| Fidelity Series Real Estate Equity Fund | 0.5 | 0.5 |
| Fidelity Series Small Cap Opportunities Fund | 2.3 | 2.4 |
| | 39.6 | 40.7 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 6.9 | 5.6 |
| Fidelity Series International Growth Fund | 5.2 | 5.1 |
| Fidelity Series International Small Cap Fund | 1.3 | 1.2 |
| Fidelity Series International Value Fund | 5.2 | 5.2 |
| | 18.6 | 17.1 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 1.9 | 1.6 |
| Fidelity Series Investment Grade Bond Fund | 28.5 | 30.3 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 34.8 | 36.6 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 2.4 | 1.7 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 4.6 | 3.9 |
| | 7.0 | 5.6 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.6% |
| | International Equity Funds | 18.6% |
| | Bond Funds | 34.8% |
| | Short-Term Funds | 7.0% |
| Six months ago |
| | Domestic Equity Funds | 40.7% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.6% |
| | Short-Term Funds | 5.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2015 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.6% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 4,867,403 | $52,081,217 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 8,187,249 | 93,989,623 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 5,287,913 | 64,935,573 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 3,340,535 | 34,307,299 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 3,351,971 | 48,335,419 |
| Fidelity Advisor Series Small Cap Fund (a) | | 2,578,891 | 25,995,222 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 5,595,191 | 62,498,286 |
| Fidelity Series 100 Index Fund (a) | | 2,109,337 | 28,370,577 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,007,559 | 10,408,089 |
| Fidelity Series All-Sector Equity Fund (a) | | 4,958,424 | 62,426,562 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 3,371,354 | 16,485,920 |
| Fidelity Series Real Estate Equity Fund (a) | | 461,941 | 6,517,993 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,597,429 | 31,376,947 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $480,387,675) | | | 537,728,727 |
|
| International Equity Funds - 18.6% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 6,331,796 | 94,280,441 |
| Fidelity Series International Growth Fund (a) | | 5,340,393 | 71,134,041 |
| Fidelity Series International Small Cap Fund (a) | | 1,142,431 | 17,182,157 |
| Fidelity Series International Value Fund (a) | | 7,732,620 | 70,598,819 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $232,744,159) | | | 253,195,458 |
|
| Bond Funds - 34.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 908,556 | 8,622,195 |
| Fidelity Series Floating Rate High Income Fund (a) | | 376,927 | 3,384,803 |
| Fidelity Series High Income Fund (a) | | 4,697,378 | 40,726,263 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,614,799 | 25,834,217 |
| Fidelity Series Investment Grade Bond Fund (a) | | 34,227,830 | 386,774,484 |
| Fidelity Series Real Estate Income Fund (a) | | 621,011 | 6,756,603 |
| TOTAL BOND FUNDS | | | |
| (Cost $469,305,278) | | | 472,098,565 |
|
| Short-Term Funds - 7.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 3,322,541 | 33,225,405 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 62,275,115 | 62,275,115 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $95,476,843) | | | 95,500,520 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,277,913,955) | | | 1,358,523,270 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (290,524) |
| NET ASSETS - 100% | | | $1,358,232,746 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $60,355,784 | $12,422,591 | $19,751,230 | $87,148 | $52,081,217 |
| Fidelity Advisor Series Equity-Income Fund | 119,514,300 | 17,453,366 | 32,661,812 | 2,887,602 | 93,989,623 |
| Fidelity Advisor Series Growth & Income Fund | 82,596,407 | 13,667,865 | 24,110,646 | 1,471,976 | 64,935,573 |
| Fidelity Advisor Series Growth Opportunities Fund | 67,908,530 | 8,203,629 | 37,537,716 | 216,552 | 34,307,299 |
| Fidelity Advisor Series Opportunistic Insights Fund | 55,457,684 | 15,132,457 | 18,937,304 | -- | 48,335,419 |
| Fidelity Advisor Series Short-Term Credit Fund | 23,426,656 | 16,671,859 | 6,861,524 | 287,205 | 33,225,405 |
| Fidelity Advisor Series Small Cap Fund | 33,758,528 | 5,198,418 | 8,940,184 | 69,438 | 25,995,222 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 80,446,351 | 14,486,784 | 21,586,577 | 1,074,689 | 62,498,286 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 55,771,057 | 42,585,380 | 36,081,322 | 131,740 | 62,275,115 |
| Fidelity Series 100 Index Fund | 36,009,723 | 3,402,288 | 11,547,130 | 691,300 | 28,370,577 |
| Fidelity Series 1000 Value Index Fund | 13,354,709 | 1,584,429 | 3,631,676 | 271,681 | 10,408,089 |
| Fidelity Series All-Sector Equity Fund | 79,949,155 | 13,500,322 | 23,387,805 | 596,896 | 62,426,562 |
| Fidelity Series Commodity Strategy Fund | 12,779,891 | 8,743,765 | 2,799,066 | -- | 16,485,920 |
| Fidelity Series Emerging Markets Debt Fund | 10,307,125 | 947,617 | 2,399,236 | 578,348 | 8,622,195 |
| Fidelity Series Emerging Markets Fund | 88,555,975 | 34,988,208 | 19,060,164 | 1,060,570 | 94,280,441 |
| Fidelity Series Floating Rate High Income Fund | 8,218,284 | 530,500 | 5,046,422 | 218,511 | 3,384,803 |
| Fidelity Series High Income Fund | 57,095,261 | 4,464,996 | 14,908,362 | 2,846,713 | 40,726,263 |
| Fidelity Series Inflation-Protected Bond Index Fund | 26,742,831 | 5,927,421 | 7,180,785 | 12,133 | 25,834,217 |
| Fidelity Series International Growth Fund | 88,717,088 | 14,821,430 | 27,122,457 | 798,908 | 71,134,041 |
| Fidelity Series International Small Cap Fund | 20,424,637 | 3,284,555 | 5,830,167 | 152,255 | 17,182,157 |
| Fidelity Series International Value Fund | 88,103,016 | 15,216,492 | 25,562,246 | 1,504,471 | 70,598,819 |
| Fidelity Series Investment Grade Bond Fund | 515,166,588 | 38,323,649 | 154,046,969 | 12,784,538 | 386,774,484 |
| Fidelity Series Real Estate Equity Fund | 8,258,993 | 1,994,062 | 3,235,726 | 127,489 | 6,517,993 |
| Fidelity Series Real Estate Income Fund | 8,086,633 | 704,345 | 1,741,674 | 349,233 | 6,756,603 |
| Fidelity Series Small Cap Opportunities Fund | 40,506,944 | 5,985,367 | 10,814,126 | 134,878 | 31,376,947 |
| Total | $1,681,512,150 | $300,241,795 | $524,782,326 | $28,354,274 | $1,358,523,270 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,277,913,955) — See accompanying schedule | | $1,358,523,270 |
| Receivable for investments sold | | 20,971,425 |
| Receivable for fund shares sold | | 666,656 |
| Total assets | | 1,380,161,351 |
| Liabilities | | |
| Payable for investments purchased | $16,534,409 | |
| Payable for fund shares redeemed | 5,107,083 | |
| Distribution and service plan fees payable | 287,113 | |
| Total liabilities | | 21,928,605 |
| Net Assets | | $1,358,232,746 |
| Net Assets consist of: | | |
| Paid in capital | | $1,250,144,017 |
| Undistributed net investment income | | 2,820,018 |
| Accumulated undistributed net realized gain (loss) on investments | | 24,659,396 |
| Net unrealized appreciation (depreciation) on investments | | 80,609,315 |
| Net Assets | | $1,358,232,746 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($739,928,701 ÷ 62,636,591 shares) | | $11.81 |
| Maximum offering price per share (100/94.25 of $11.81) | | $12.53 |
| Class T: | | |
| Net Asset Value and redemption price per share ($190,017,517 ÷ 16,113,073 shares) | | $11.79 |
| Maximum offering price per share (100/96.50 of $11.79) | | $12.22 |
| Class B: | | |
| Net Asset Value and offering price per share ($3,121,158 ÷ 263,502 shares)(a) | | $11.84 |
| Class C: | | |
| Net Asset Value and offering price per share ($63,443,330 ÷ 5,415,003 shares)(a) | | $11.72 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($361,722,040 ÷ 30,385,908 shares) | | $11.90 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $28,354,274 |
| Expenses | | |
| Distribution and service plan fees | $3,812,323 | |
| Independent trustees' compensation | 6,462 | |
| Total expenses before reductions | 3,818,785 | |
| Expense reductions | (6,462) | 3,812,323 |
| Net investment income (loss) | | 24,541,951 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 10,660,776 | |
| Capital gain distributions from underlying funds | 39,607,163 | |
| Total net realized gain (loss) | | 50,267,939 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (109,109,140) |
| Net gain (loss) | | (58,841,201) |
| Net increase (decrease) in net assets resulting from operations | | $(34,299,250) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $24,541,951 | $27,920,297 |
| Net realized gain (loss) | 50,267,939 | 80,421,644 |
| Change in net unrealized appreciation (depreciation) | (109,109,140) | (13,336,268) |
| Net increase (decrease) in net assets resulting from operations | (34,299,250) | 95,005,673 |
| Distributions to shareholders from net investment income | (24,608,645) | (28,451,885) |
| Distributions to shareholders from net realized gain | (53,287,893) | (87,342,389) |
| Total distributions | (77,896,538) | (115,794,274) |
| Share transactions - net increase (decrease) | (210,704,885) | (187,872,029) |
| Total increase (decrease) in net assets | (322,900,673) | (208,660,630) |
| Net Assets | | |
| Beginning of period | 1,681,133,419 | 1,889,794,049 |
| End of period (including undistributed net investment income of $2,820,018 and undistributed net investment income of $3,430,940, respectively) | $1,358,232,746 | $1,681,133,419 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.70 | $12.87 | $12.47 | $11.85 | $11.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .20 | .15 | .16 | .17 |
| Net realized and unrealized gain (loss) | (.45) | .49 | .89 | .71 | .13 |
| Total from investment operations | (.25) | .69 | 1.04 | .87 | .30 |
| Distributions from net investment income | (.21) | (.21) | (.15) | (.16) | (.17) |
| Distributions from net realized gain | (.43) | (.64) | (.50) | (.09) | (.15) |
| Total distributions | (.64) | (.86)B | (.64)C | (.25) | (.32) |
| Net asset value, end of period | $11.81 | $12.70 | $12.87 | $12.47 | $11.85 |
| Total ReturnD,E | (2.07)% | 5.51% | 8.54% | 7.45% | 2.71% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.64% | 1.58% | 1.19% | 1.36% | 1.50% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $739,929 | $967,164 | $1,086,606 | $1,181,020 | $1,101,302 |
| Portfolio turnover rateF | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.86 per share is comprised of distributions from net investment income of $.214 and distributions from net realized gain of $.642 per share.
C Total distributions of $.64 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.498 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.68 | $12.85 | $12.46 | $11.83 | $11.85 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .17 | .17 | .12 | .13 | .14 |
| Net realized and unrealized gain (loss) | (.45) | .48 | .88 | .72 | .13 |
| Total from investment operations | (.28) | .65 | 1.00 | .85 | .27 |
| Distributions from net investment income | (.18) | (.18) | (.11) | (.13) | (.14) |
| Distributions from net realized gain | (.43) | (.64) | (.50) | (.09) | (.15) |
| Total distributions | (.61) | (.82) | (.61) | (.22) | (.29) |
| Net asset value, end of period | $11.79 | $12.68 | $12.85 | $12.46 | $11.83 |
| Total ReturnB,C | (2.32)% | 5.26% | 8.20% | 7.28% | 2.44% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.39% | 1.33% | .94% | 1.11% | 1.25% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $190,018 | $208,468 | $226,663 | $227,022 | $213,366 |
| Portfolio turnover rateD | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.69 | $12.84 | $12.44 | $11.81 | $11.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .11 | .06 | .07 | .09 |
| Net realized and unrealized gain (loss) | (.45) | .48 | .88 | .71 | .13 |
| Total from investment operations | (.34) | .59 | .94 | .78 | .22 |
| Distributions from net investment income | (.08) | (.10) | (.05) | (.06) | (.07) |
| Distributions from net realized gain | (.43) | (.64) | (.49) | (.09) | (.15) |
| Total distributions | (.51) | (.74) | (.54) | (.15) | (.23)B |
| Net asset value, end of period | $11.84 | $12.69 | $12.84 | $12.44 | $11.81 |
| Total ReturnC,D | (2.78)% | 4.73% | 7.68% | 6.65% | 1.95% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .89% | .83% | .44% | .61% | .75% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $3,121 | $7,600 | $12,232 | $17,411 | $23,552 |
| Portfolio turnover rateE | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.23 per share is comprised of distributions from net investment income of $.073 and distributions from net realized gain of $.154 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.60 | $12.77 | $12.39 | $11.77 | $11.79 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .11 | .05 | .07 | .09 |
| Net realized and unrealized gain (loss) | (.45) | .48 | .88 | .71 | .13 |
| Total from investment operations | (.34) | .59 | .93 | .78 | .22 |
| Distributions from net investment income | (.11) | (.12) | (.06) | (.07) | (.09) |
| Distributions from net realized gain | (.43) | (.64) | (.49) | (.09) | (.15) |
| Total distributions | (.54) | (.76) | (.55) | (.16) | (.24) |
| Net asset value, end of period | $11.72 | $12.60 | $12.77 | $12.39 | $11.77 |
| Total ReturnB,C | (2.76)% | 4.75% | 7.65% | 6.70% | 1.98% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .89% | .83% | .44% | .61% | .75% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $63,443 | $72,725 | $75,682 | $72,115 | $70,220 |
| Portfolio turnover rateD | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.79 | $12.96 | $12.56 | $11.93 | $11.94 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .24 | .18 | .19 | .20 |
| Net realized and unrealized gain (loss) | (.45) | .48 | .90 | .72 | .14 |
| Total from investment operations | (.22) | .72 | 1.08 | .91 | .34 |
| Distributions from net investment income | (.24) | (.25) | (.18) | (.19) | (.19) |
| Distributions from net realized gain | (.43) | (.64) | (.50) | (.09) | (.15) |
| Total distributions | (.67) | (.89) | (.68) | (.28) | (.35)B |
| Net asset value, end of period | $11.90 | $12.79 | $12.96 | $12.56 | $11.93 |
| Total ReturnC | (1.80)% | 5.74% | 8.75% | 7.74% | 3.01% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.89% | 1.83% | 1.44% | 1.61% | 1.75% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $361,722 | $425,176 | $488,611 | $467,604 | $348,068 |
| Portfolio turnover rateD | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.35 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.154 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 4.3 | 4.4 |
| Fidelity Advisor Series Equity-Income Fund | 7.7 | 8.0 |
| Fidelity Advisor Series Growth & Income Fund | 5.3 | 5.5 |
| Fidelity Advisor Series Growth Opportunities Fund | 2.8 | 2.9 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4.0 | 4.1 |
| Fidelity Advisor Series Small Cap Fund | 2.1 | 2.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5.1 | 5.3 |
| Fidelity Series 100 Index Fund | 2.3 | 2.4 |
| Fidelity Series 1000 Value Index Fund | 0.9 | 0.9 |
| Fidelity Series All-Sector Equity Fund | 5.1 | 5.3 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.5 | 0.6 |
| Fidelity Series Small Cap Opportunities Fund | 2.6 | 2.6 |
| | 43.9 | 45.0 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 7.4 | 6.0 |
| Fidelity Series International Growth Fund | 5.8 | 5.7 |
| Fidelity Series International Small Cap Fund | 1.4 | 1.3 |
| Fidelity Series International Value Fund | 5.8 | 5.8 |
| | 20.4 | 18.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 1.1 | 0.8 |
| Fidelity Series Investment Grade Bond Fund | 24.9 | 26.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 30.3 | 32.2 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 1.9 | 1.2 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 3.5 | 2.8 |
| | 5.4 | 4.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 43.9% |
| | International Equity Funds | 20.4% |
| | Bond Funds | 30.3% |
| | Short-Term Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 45.0% |
| | International Equity Funds | 18.8% |
| | Bond Funds | 32.2% |
| | Short-Term Funds | 4.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2020 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 43.9% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 10,822,380 | $115,799,462 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 18,203,728 | 208,978,797 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 11,757,101 | 144,377,200 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 7,427,297 | 76,278,340 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 7,452,838 | 107,469,917 |
| Fidelity Advisor Series Small Cap Fund (a) | | 5,734,014 | 57,798,864 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 12,440,443 | 138,959,744 |
| Fidelity Series 100 Index Fund (a) | | 4,689,903 | 63,079,196 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,240,292 | 23,142,211 |
| Fidelity Series All-Sector Equity Fund (a) | | 11,024,664 | 138,800,525 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 6,745,384 | 32,984,928 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,027,118 | 14,492,629 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 5,774,996 | 69,761,956 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,085,177,770) | | | 1,191,923,769 |
|
| International Equity Funds - 20.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 13,448,990 | 200,255,462 |
| Fidelity Series International Growth Fund (a) | | 11,941,450 | 159,060,118 |
| Fidelity Series International Small Cap Fund (a) | | 2,535,863 | 38,139,374 |
| Fidelity Series International Value Fund (a) | | 17,291,626 | 157,872,541 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $519,625,785) | | | 555,327,495 |
|
| Bond Funds - 30.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,820,383 | 17,275,432 |
| Fidelity Series Floating Rate High Income Fund (a) | | 752,620 | 6,758,527 |
| Fidelity Series High Income Fund (a) | | 9,394,770 | 81,452,654 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,973,675 | 29,379,906 |
| Fidelity Series Investment Grade Bond Fund (a) | | 59,841,034 | 676,203,688 |
| Fidelity Series Real Estate Income Fund (a) | | 1,251,470 | 13,615,994 |
| TOTAL BOND FUNDS | | | |
| (Cost $834,531,359) | | | 824,686,201 |
|
| Short-Term Funds - 5.4% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 5,108,532 | 51,085,323 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 95,816,471 | 95,816,471 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $146,863,340) | | | 146,901,794 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,586,198,254) | | | 2,718,839,259 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (562,778) |
| NET ASSETS - 100% | | | $2,718,276,481 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $126,386,871 | $25,284,397 | $33,831,850 | $190,738 | $115,799,462 |
| Fidelity Advisor Series Equity-Income Fund | 249,704,693 | 36,412,503 | 55,043,778 | 6,188,732 | 208,978,797 |
| Fidelity Advisor Series Growth & Income Fund | 173,080,838 | 27,580,842 | 40,911,014 | 3,153,096 | 144,377,200 |
| Fidelity Advisor Series Growth Opportunities Fund | 138,694,180 | 17,232,881 | 70,192,713 | 473,957 | 76,278,340 |
| Fidelity Advisor Series Opportunistic Insights Fund | 116,130,069 | 31,399,958 | 32,754,175 | -- | 107,469,917 |
| Fidelity Advisor Series Short-Term Credit Fund | 29,582,107 | 28,949,463 | 7,439,415 | 397,791 | 51,085,323 |
| Fidelity Advisor Series Small Cap Fund | 70,690,728 | 11,006,793 | 15,260,423 | 151,431 | 57,798,864 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 168,689,690 | 29,677,010 | 35,970,568 | 2,358,580 | 138,959,744 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 67,858,030 | 79,236,488 | 51,278,046 | 186,666 | 95,816,471 |
| Fidelity Series 100 Index Fund | 75,410,032 | 6,772,322 | 20,186,452 | 1,517,585 | 63,079,196 |
| Fidelity Series 1000 Value Index Fund | 27,702,811 | 3,488,258 | 6,114,097 | 596,601 | 23,142,211 |
| Fidelity Series All-Sector Equity Fund | 167,651,764 | 27,624,463 | 39,939,536 | 1,309,910 | 138,800,525 |
| Fidelity Series Commodity Strategy Fund | 24,138,851 | 17,042,374 | 3,901,306 | -- | 32,984,928 |
| Fidelity Series Emerging Markets Debt Fund | 19,527,200 | 1,942,839 | 3,759,749 | 1,121,505 | 17,275,432 |
| Fidelity Series Emerging Markets Fund | 182,198,442 | 68,340,984 | 29,429,814 | 2,230,134 | 200,255,462 |
| Fidelity Series Floating Rate High Income Fund | 15,543,509 | 920,780 | 9,085,880 | 424,562 | 6,758,527 |
| Fidelity Series High Income Fund | 109,195,867 | 8,854,887 | 25,099,936 | 5,552,529 | 81,452,654 |
| Fidelity Series Inflation-Protected Bond Index Fund | 26,713,647 | 9,272,185 | 7,034,931 | 13,763 | 29,379,906 |
| Fidelity Series International Growth Fund | 187,596,587 | 29,218,724 | 46,109,558 | 1,768,924 | 159,060,118 |
| Fidelity Series International Small Cap Fund | 43,194,786 | 6,680,487 | 10,154,835 | 336,814 | 38,139,374 |
| Fidelity Series International Value Fund | 186,353,512 | 29,839,872 | 42,529,905 | 3,331,151 | 157,872,541 |
| Fidelity Series Investment Grade Bond Fund | 858,554,110 | 70,109,052 | 231,302,900 | 21,805,135 | 676,203,688 |
| Fidelity Series Real Estate Equity Fund | 17,274,870 | 3,875,359 | 5,651,077 | 276,921 | 14,492,629 |
| Fidelity Series Real Estate Income Fund | 15,325,390 | 1,362,822 | 2,512,092 | 685,319 | 13,615,994 |
| Fidelity Series Small Cap Opportunities Fund | 84,939,720 | 11,894,733 | 17,906,344 | 291,377 | 69,761,956 |
| Total | $3,182,138,304 | $584,020,476 | $843,400,394 | $54,363,221 | $2,718,839,259 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,586,198,254) — See accompanying schedule | | $2,718,839,259 |
| Receivable for investments sold | | 41,287,402 |
| Receivable for fund shares sold | | 2,436,602 |
| Total assets | | 2,762,563,263 |
| Liabilities | | |
| Payable for investments purchased | $32,828,012 | |
| Payable for fund shares redeemed | 10,903,960 | |
| Distribution and service plan fees payable | 554,810 | |
| Total liabilities | | 44,286,782 |
| Net Assets | | $2,718,276,481 |
| Net Assets consist of: | | |
| Paid in capital | | $2,528,680,377 |
| Undistributed net investment income | | 4,124,116 |
| Accumulated undistributed net realized gain (loss) on investments | | 52,830,983 |
| Net unrealized appreciation (depreciation) on investments | | 132,641,005 |
| Net Assets | | $2,718,276,481 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,442,825,955 ÷ 115,296,850 shares) | | $12.51 |
| Maximum offering price per share (100/94.25 of $12.51) | | $13.27 |
| Class T: | | |
| Net Asset Value and redemption price per share ($394,406,303 ÷ 31,526,969 shares) | | $12.51 |
| Maximum offering price per share (100/96.50 of $12.51) | | $12.96 |
| Class B: | | |
| Net Asset Value and offering price per share ($8,008,287 ÷ 637,765 shares)(a) | | $12.56 |
| Class C: | | |
| Net Asset Value and offering price per share ($105,128,214 ÷ 8,462,331 shares)(a) | | $12.42 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($767,907,722 ÷ 60,913,227 shares) | | $12.61 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $54,363,221 |
| Expenses | | |
| Distribution and service plan fees | $7,253,124 | |
| Independent trustees' compensation | 12,477 | |
| Total expenses before reductions | 7,265,601 | |
| Expense reductions | (12,477) | 7,253,124 |
| Net investment income (loss) | | 47,110,097 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 9,852,996 | |
| Capital gain distributions from underlying funds | 85,023,475 | |
| Total net realized gain (loss) | | 94,876,471 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (213,772,148) |
| Net gain (loss) | | (118,895,677) |
| Net increase (decrease) in net assets resulting from operations | | $(71,785,580) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $47,110,097 | $51,885,755 |
| Net realized gain (loss) | 94,876,471 | 150,944,017 |
| Change in net unrealized appreciation (depreciation) | (213,772,148) | (17,185,181) |
| Net increase (decrease) in net assets resulting from operations | (71,785,580) | 185,644,591 |
| Distributions to shareholders from net investment income | (47,618,996) | (52,702,785) |
| Distributions to shareholders from net realized gain | (93,543,927) | (151,703,673) |
| Total distributions | (141,162,923) | (204,406,458) |
| Share transactions - net increase (decrease) | (250,269,433) | (188,969,138) |
| Total increase (decrease) in net assets | (463,217,936) | (207,731,005) |
| Net Assets | | |
| Beginning of period | 3,181,494,417 | 3,389,225,422 |
| End of period (including undistributed net investment income of $4,124,116 and undistributed net investment income of $5,740,153, respectively) | $2,718,276,481 | $3,181,494,417 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.44 | $13.54 | $13.05 | $12.35 | $12.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .21 | .22 | .16 | .18 | .19 |
| Net realized and unrealized gain (loss) | (.51) | .55 | 1.04 | .78 | .06 |
| Total from investment operations | (.30) | .77 | 1.20 | .96 | .25 |
| Distributions from net investment income | (.21) | (.23) | (.16) | (.18) | (.18) |
| Distributions from net realized gain | (.41) | (.64) | (.55) | (.08) | (.18) |
| Total distributions | (.63)B | (.87) | (.71) | (.26) | (.35)C |
| Net asset value, end of period | $12.51 | $13.44 | $13.54 | $13.05 | $12.35 |
| Total ReturnD,E | (2.35)% | 5.82% | 9.38% | 7.91% | 2.23% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.62% | 1.59% | 1.22% | 1.44% | 1.55% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,442,826 | $1,775,399 | $1,910,164 | $1,944,691 | $1,740,500 |
| Portfolio turnover rateF | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.63 per share is comprised of distributions from net investment income of $.214 and distributions from net realized gain of $.411 per share.
C Total distributions of $.35 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.175 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.44 | $13.54 | $13.05 | $12.34 | $12.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .18 | .18 | .13 | .15 | .16 |
| Net realized and unrealized gain (loss) | (.52) | .55 | 1.03 | .79 | .05 |
| Total from investment operations | (.34) | .73 | 1.16 | .94 | .21 |
| Distributions from net investment income | (.18) | (.19) | (.13) | (.15) | (.15) |
| Distributions from net realized gain | (.41) | (.64) | (.55) | (.08) | (.18) |
| Total distributions | (.59) | (.83) | (.67)B | (.23) | (.32)C |
| Net asset value, end of period | $12.51 | $13.44 | $13.54 | $13.05 | $12.34 |
| Total ReturnD,E | (2.59)% | 5.56% | 9.11% | 7.72% | 1.86% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.37% | 1.34% | .97% | 1.19% | 1.30% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $394,406 | $440,674 | $465,828 | $430,153 | $386,416 |
| Portfolio turnover rateF | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.67 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.549 per share.
C Total distributions of $.32 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.175 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.45 | $13.53 | $13.04 | $12.32 | $12.41 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .11 | .06 | .09 | .10 |
| Net realized and unrealized gain (loss) | (.50) | .56 | 1.03 | .79 | .06 |
| Total from investment operations | (.39) | .67 | 1.09 | .88 | .16 |
| Distributions from net investment income | (.09) | (.11) | (.05) | (.08) | (.08) |
| Distributions from net realized gain | (.41) | (.64) | (.54) | (.08) | (.17) |
| Total distributions | (.50) | (.75) | (.60)B | (.16) | (.25) |
| Net asset value, end of period | $12.56 | $13.45 | $13.53 | $13.04 | $12.32 |
| Total ReturnC,D | (3.01)% | 5.04% | 8.49% | 7.19% | 1.39% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .87% | .84% | .48% | .69% | .80% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $8,008 | $16,005 | $24,060 | $33,074 | $43,138 |
| Portfolio turnover rate E | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.60 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.544 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.35 | $13.45 | $12.97 | $12.27 | $12.37 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .11 | .06 | .09 | .10 |
| Net realized and unrealized gain (loss) | (.51) | .55 | 1.03 | .78 | .06 |
| Total from investment operations | (.40) | .66 | 1.09 | .87 | .16 |
| Distributions from net investment income | (.12) | (.12) | (.07) | (.08) | (.09) |
| Distributions from net realized gain | (.41) | (.64) | (.54) | (.08) | (.17) |
| Total distributions | (.53) | (.76) | (.61) | (.17)B | (.26) |
| Net asset value, end of period | $12.42 | $13.35 | $13.45 | $12.97 | $12.27 |
| Total ReturnC,D | (3.11)% | 5.07% | 8.57% | 7.13% | 1.43% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .87% | .84% | .47% | .69% | .80% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $105,128 | $112,535 | $113,194 | $102,576 | $97,550 |
| Portfolio turnover rateE | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.17 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.083 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.54 | $13.63 | $13.14 | $12.42 | $12.53 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .24 | .25 | .20 | .21 | .22 |
| Net realized and unrealized gain (loss) | (.51) | .56 | 1.03 | .80 | .05 |
| Total from investment operations | (.27) | .81 | 1.23 | 1.01 | .27 |
| Distributions from net investment income | (.25) | (.26) | (.19) | (.21) | (.21) |
| Distributions from net realized gain | (.41) | (.64) | (.55) | (.08) | (.18) |
| Total distributions | (.66) | (.90) | (.74) | (.29) | (.38)B |
| Net asset value, end of period | $12.61 | $13.54 | $13.63 | $13.14 | $12.42 |
| Total ReturnC | (2.07)% | 6.13% | 9.58% | 8.28% | 2.39% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.87% | 1.84% | 1.47% | 1.69% | 1.80% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $767,908 | $836,880 | $875,979 | $777,288 | $555,462 |
| Portfolio turnover rateD | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.38 per share is comprised of distributions from net investment income of $.208 and distributions from net realized gain of $.175 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 4.7 | 5.0 |
| Fidelity Advisor Series Equity-Income Fund | 8.5 | 8.9 |
| Fidelity Advisor Series Growth & Income Fund | 5.9 | 6.2 |
| Fidelity Advisor Series Growth Opportunities Fund | 3.1 | 3.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Small Cap Fund | 2.4 | 2.5 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5.7 | 5.9 |
| Fidelity Series 100 Index Fund | 2.6 | 2.7 |
| Fidelity Series 1000 Value Index Fund | 0.9 | 1.0 |
| Fidelity Series All-Sector Equity Fund | 5.7 | 5.9 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.7 |
| Fidelity Series Real Estate Equity Fund | 0.6 | 0.6 |
| Fidelity Series Small Cap Opportunities Fund | 2.8 | 3.0 |
| | 48.6 | 50.3 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 7.8 | 6.5 |
| Fidelity Series International Growth Fund | 6.6 | 6.5 |
| Fidelity Series International Small Cap Fund | 1.6 | 1.5 |
| Fidelity Series International Value Fund | 6.5 | 6.6 |
| | 22.5 | 21.1 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 19.9 | 19.9 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 24.7 | 24.8 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 1.5 | 1.1 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 2.7 | 2.7 |
| | 4.2 | 3.8 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 48.6% |
| | International Equity Funds | 22.5% |
| | Bond Funds | 24.7% |
| | Short-Term Funds | 4.2% |
| Six months ago |
| | Domestic Equity Funds | 50.3% |
| | International Equity Funds | 21.1% |
| | Bond Funds | 24.8% |
| | Short-Term Funds | 3.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2025 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 48.6% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 12,869,872 | $137,707,630 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 21,647,796 | 248,516,697 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 13,981,402 | 171,691,621 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 8,832,439 | 90,709,153 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 8,862,851 | 127,802,313 |
| Fidelity Advisor Series Small Cap Fund (a) | | 6,818,758 | 68,733,085 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 14,794,060 | 165,249,648 |
| Fidelity Series 100 Index Fund (a) | | 5,577,142 | 75,012,557 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,664,016 | 27,519,283 |
| Fidelity Series All-Sector Equity Fund (a) | | 13,110,333 | 165,059,094 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 7,443,044 | 36,396,483 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,221,356 | 17,233,328 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,867,526 | 82,959,715 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,291,556,362) | | | 1,414,590,607 |
|
| International Equity Funds - 22.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 15,315,477 | 228,047,458 |
| Fidelity Series International Growth Fund (a) | | 14,349,220 | 191,131,613 |
| Fidelity Series International Small Cap Fund (a) | | 3,042,899 | 45,765,205 |
| Fidelity Series International Value Fund (a) | | 20,778,338 | 189,706,229 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $617,734,862) | | | 654,650,505 |
|
| Bond Funds - 24.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,963,700 | 18,635,514 |
| Fidelity Series Floating Rate High Income Fund (a) | | 807,699 | 7,253,136 |
| Fidelity Series High Income Fund (a) | | 10,012,169 | 86,805,502 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,486,173 | 14,683,385 |
| Fidelity Series Investment Grade Bond Fund (a) | | 51,221,364 | 578,801,411 |
| Fidelity Series Real Estate Income Fund (a) | | 1,344,486 | 14,628,008 |
| TOTAL BOND FUNDS | | | |
| (Cost $733,678,179) | | | 720,806,956 |
|
| Short-Term Funds - 4.2% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 4,251,701 | 42,517,011 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 79,546,299 | 79,546,299 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $122,022,238) | | | 122,063,310 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,764,991,641) | | | 2,912,111,378 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (574,518) |
| NET ASSETS - 100% | | | $2,911,536,860 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $144,312,076 | $31,842,698 | $36,063,638 | $224,082 | $137,707,630 |
| Fidelity Advisor Series Equity-Income Fund | 287,919,939 | 48,042,854 | 61,558,174 | 7,198,173 | 248,516,697 |
| Fidelity Advisor Series Growth & Income Fund | 198,720,089 | 34,785,216 | 43,790,562 | 3,662,230 | 171,691,621 |
| Fidelity Advisor Series Growth Opportunities Fund | 156,421,792 | 22,124,891 | 76,500,515 | 556,815 | 90,709,153 |
| Fidelity Advisor Series Opportunistic Insights Fund | 132,598,648 | 38,778,988 | 34,941,940 | -- | 127,802,313 |
| Fidelity Advisor Series Short-Term Credit Fund | 26,537,237 | 23,371,882 | 7,384,241 | 382,605 | 42,517,011 |
| Fidelity Advisor Series Small Cap Fund | 80,717,054 | 14,020,054 | 15,881,799 | 177,697 | 68,733,085 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 193,177,033 | 38,298,308 | 38,716,508 | 2,771,902 | 165,249,648 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 61,834,339 | 68,123,891 | 50,411,932 | 179,100 | 79,546,299 |
| Fidelity Series 100 Index Fund | 86,640,901 | 8,969,511 | 21,836,705 | 1,783,901 | 75,012,557 |
| Fidelity Series 1000 Value Index Fund | 32,149,422 | 4,380,753 | 6,731,087 | 701,565 | 27,519,283 |
| Fidelity Series All-Sector Equity Fund | 192,228,807 | 34,759,930 | 42,530,740 | 1,538,888 | 165,059,094 |
| Fidelity Series Commodity Strategy Fund | 24,344,902 | 20,041,041 | 3,533,324 | -- | 36,396,483 |
| Fidelity Series Emerging Markets Debt Fund | 19,479,638 | 2,563,348 | 2,969,995 | 1,170,933 | 18,635,514 |
| Fidelity Series Emerging Markets Fund | 199,588,748 | 79,077,516 | 26,659,636 | 2,515,871 | 228,047,458 |
| Fidelity Series Floating Rate High Income Fund | 15,675,548 | 1,083,751 | 8,858,694 | 440,665 | 7,253,136 |
| Fidelity Series High Income Fund | 107,265,912 | 13,533,872 | 22,109,759 | 5,740,327 | 86,805,502 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 15,924,657 | 1,595,321 | 3,467 | 14,683,385 |
| Fidelity Series International Growth Fund | 218,286,518 | 35,027,304 | 48,033,274 | 2,118,282 | 191,131,613 |
| Fidelity Series International Small Cap Fund | 50,252,763 | 8,543,845 | 11,040,169 | 405,128 | 45,765,205 |
| Fidelity Series International Value Fund | 216,774,929 | 35,985,115 | 43,955,114 | 3,989,061 | 189,706,229 |
| Fidelity Series Investment Grade Bond Fund | 625,967,564 | 128,996,103 | 160,861,410 | 16,958,970 | 578,801,411 |
| Fidelity Series Real Estate Equity Fund | 19,959,849 | 4,875,225 | 6,523,735 | 322,353 | 17,233,328 |
| Fidelity Series Real Estate Income Fund | 15,385,608 | 1,932,021 | 2,120,482 | 714,924 | 14,628,008 |
| Fidelity Series Small Cap Opportunities Fund | 97,449,201 | 15,852,658 | 19,638,941 | 341,203 | 82,959,715 |
| Total | $3,203,688,517 | $730,935,432 | $794,247,695 | $53,898,142 | $2,912,111,378 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,764,991,641) — See accompanying schedule | | $2,912,111,378 |
| Receivable for investments sold | | 40,011,423 |
| Receivable for fund shares sold | | 1,958,123 |
| Total assets | | 2,954,080,924 |
| Liabilities | | |
| Payable for investments purchased | $30,971,983 | |
| Payable for fund shares redeemed | 11,008,138 | |
| Distribution and service plan fees payable | 563,943 | |
| Total liabilities | | 42,544,064 |
| Net Assets | | $2,911,536,860 |
| Net Assets consist of: | | |
| Paid in capital | | $2,698,085,268 |
| Undistributed net investment income | | 3,486,793 |
| Accumulated undistributed net realized gain (loss) on investments | | 62,845,062 |
| Net unrealized appreciation (depreciation) on investments | | 147,119,737 |
| Net Assets | | $2,911,536,860 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,543,664,653 ÷ 125,611,211 shares) | | $12.29 |
| Maximum offering price per share (100/94.25 of $12.29) | | $13.04 |
| Class T: | | |
| Net Asset Value and redemption price per share ($399,088,214 ÷ 32,415,770 shares) | | $12.31 |
| Maximum offering price per share (100/96.50 of $12.31) | | $12.76 |
| Class B: | | |
| Net Asset Value and offering price per share ($6,071,215 ÷ 494,561 shares)(a) | | $12.28 |
| Class C: | | |
| Net Asset Value and offering price per share ($91,940,828 ÷ 7,575,046 shares)(a) | | $12.14 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($870,771,950 ÷ 70,275,555 shares) | | $12.39 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $53,898,142 |
| Expenses | | |
| Distribution and service plan fees | $7,258,809 | |
| Independent trustees' compensation | 12,905 | |
| Total expenses before reductions | 7,271,714 | |
| Expense reductions | (12,905) | 7,258,809 |
| Net investment income (loss) | | 46,639,333 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 9,337,735 | |
| Capital gain distributions from underlying funds | 97,799,646 | |
| Total net realized gain (loss) | | 107,137,381 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (237,602,638) |
| Net gain (loss) | | (130,465,257) |
| Net increase (decrease) in net assets resulting from operations | | $(83,825,924) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $46,639,333 | $50,135,549 |
| Net realized gain (loss) | 107,137,381 | 163,813,037 |
| Change in net unrealized appreciation (depreciation) | (237,602,638) | (18,060,813) |
| Net increase (decrease) in net assets resulting from operations | (83,825,924) | 195,887,773 |
| Distributions to shareholders from net investment income | (46,581,381) | (51,154,371) |
| Distributions to shareholders from net realized gain | (99,971,356) | (158,637,898) |
| Total distributions | (146,552,737) | (209,792,269) |
| Share transactions - net increase (decrease) | (61,140,430) | (32,226,786) |
| Total increase (decrease) in net assets | (291,519,091) | (46,131,282) |
| Net Assets | | |
| Beginning of period | 3,203,055,951 | 3,249,187,233 |
| End of period (including undistributed net investment income of $3,486,793 and undistributed net investment income of $4,314,157, respectively) | $2,911,536,860 | $3,203,055,951 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.25 | $13.33 | $12.72 | $11.91 | $12.09 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .19 | .21 | .16 | .18 | .18 |
| Net realized and unrealized gain (loss) | (.54) | .60 | 1.26 | .88 | (.01) |
| Total from investment operations | (.35) | .81 | 1.42 | 1.06 | .17 |
| Distributions from net investment income | (.20) | (.22) | (.16) | (.18) | (.17) |
| Distributions from net realized gain | (.42) | (.67) | (.66) | (.07) | (.18) |
| Total distributions | (.61)B | (.89) | (.81)C | (.25) | (.35) |
| Net asset value, end of period | $12.29 | $13.25 | $13.33 | $12.72 | $11.91 |
| Total ReturnD,E | (2.72)% | 6.26% | 11.54% | 9.00% | 1.61% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.53% | 1.55% | 1.25% | 1.54% | 1.56% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,543,665 | $1,853,121 | $1,907,797 | $1,806,028 | $1,539,333 |
| Portfolio turnover rateF | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.61 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.419 per share.
C Total distributions of $.81 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.657 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.27 | $13.35 | $12.74 | $11.93 | $12.11 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .17 | .13 | .15 | .15 |
| Net realized and unrealized gain (loss) | (.54) | .61 | 1.26 | .88 | (.01) |
| Total from investment operations | (.38) | .78 | 1.39 | 1.03 | .14 |
| Distributions from net investment income | (.16) | (.19) | (.13) | (.15) | (.14) |
| Distributions from net realized gain | (.42) | (.67) | (.66) | (.07) | (.18) |
| Total distributions | (.58) | (.86) | (.78)B | (.22) | (.32) |
| Net asset value, end of period | $12.31 | $13.27 | $13.35 | $12.74 | $11.93 |
| Total ReturnC,D | (2.95)% | 6.00% | 11.27% | 8.74% | 1.33% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.28% | 1.30% | 1.00% | 1.29% | 1.31% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $399,088 | $405,224 | $387,919 | $324,352 | $257,594 |
| Portfolio turnover rateE | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.78 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.657 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.20 | $13.27 | $12.66 | $11.84 | $12.01 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .11 | .06 | .09 | .09 |
| Net realized and unrealized gain (loss) | (.53) | .59 | 1.26 | .88 | (.01) |
| Total from investment operations | (.43) | .70 | 1.32 | .97 | .08 |
| Distributions from net investment income | (.08) | (.10) | (.06) | (.08) | (.08) |
| Distributions from net realized gain | (.41) | (.67) | (.65) | (.07) | (.17) |
| Total distributions | (.49) | (.77) | (.71) | (.15) | (.25) |
| Net asset value, end of period | $12.28 | $13.20 | $13.27 | $12.66 | $11.84 |
| Total ReturnB,C | (3.38)% | 5.42% | 10.71% | 8.26% | .82% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .78% | .81% | .50% | .79% | .81% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,071 | $11,217 | $17,698 | $23,061 | $29,202 |
| Portfolio turnover rateD | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.09 | $13.19 | $12.60 | $11.80 | $11.98 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .11 | .06 | .09 | .09 |
| Net realized and unrealized gain (loss) | (.53) | .59 | 1.25 | .87 | (.01) |
| Total from investment operations | (.43) | .70 | 1.31 | .96 | .08 |
| Distributions from net investment income | (.11) | (.12) | (.07) | (.10) | (.09) |
| Distributions from net realized gain | (.41) | (.67) | (.65) | (.07) | (.17) |
| Total distributions | (.52) | (.80)B | (.72) | (.16)C | (.26) |
| Net asset value, end of period | $12.14 | $13.09 | $13.19 | $12.60 | $11.80 |
| Total ReturnD,E | (3.40)% | 5.42% | 10.71% | 8.23% | .86% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .78% | .80% | .50% | .79% | .81% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $91,941 | $94,878 | $89,402 | $74,415 | $66,126 |
| Portfolio turnover rate F | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.80 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.672 per share.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.066 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.35 | $13.43 | $12.81 | $11.99 | $12.17 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .24 | .19 | .22 | .21 |
| Net realized and unrealized gain (loss) | (.54) | .60 | 1.28 | .88 | (.02) |
| Total from investment operations | (.31) | .84 | 1.47 | 1.10 | .19 |
| Distributions from net investment income | (.23) | (.25) | (.19) | (.21) | (.20) |
| Distributions from net realized gain | (.42) | (.67) | (.66) | (.07) | (.18) |
| Total distributions | (.65) | (.92) | (.85) | (.28) | (.37)B |
| Net asset value, end of period | $12.39 | $13.35 | $13.43 | $12.81 | $11.99 |
| Total ReturnC | (2.44)% | 6.48% | 11.81% | 9.29% | 1.84% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.78% | 1.80% | 1.50% | 1.79% | 1.81% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $870,772 | $838,616 | $846,372 | $686,540 | $470,704 |
| Portfolio turnover rateD | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.37 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.179 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 5.7 | 5.9 |
| Fidelity Advisor Series Equity-Income Fund | 10.4 | 10.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.2 | 7.4 |
| Fidelity Advisor Series Growth Opportunities Fund | 3.8 | 3.9 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.3 | 5.5 |
| Fidelity Advisor Series Small Cap Fund | 2.9 | 3.0 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series 100 Index Fund | 3.1 | 3.2 |
| Fidelity Series 1000 Value Index Fund | 1.1 | 1.2 |
| Fidelity Series All-Sector Equity Fund | 6.9 | 7.1 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.7 | 0.7 |
| Fidelity Series Small Cap Opportunities Fund | 3.5 | 3.5 |
| | 58.7 | 60.0 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 8.8 | 7.4 |
| Fidelity Series International Growth Fund | 8.1 | 8.1 |
| Fidelity Series International Small Cap Fund | 1.9 | 1.8 |
| Fidelity Series International Value Fund | 8.0 | 8.0 |
| | 26.8 | 25.3 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 9.6 | 8.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 14.5 | 13.6 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.0 | 0.8 |
| | 0.0 | 1.1 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 58.7% |
| | International Equity Funds | 26.8% |
| | Bond Funds | 14.5% |
| Six months ago |
| | Domestic Equity Funds | 60.0% |
| | International Equity Funds | 25.3% |
| | Bond Funds | 13.6% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2030 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 58.7% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 14,968,937 | $160,167,630 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 25,178,092 | 289,044,495 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 16,261,516 | 199,691,420 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 10,272,554 | 105,499,133 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 10,308,534 | 148,649,058 |
| Fidelity Advisor Series Small Cap Fund (a) | | 7,931,092 | 79,945,409 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 17,206,977 | 192,201,930 |
| Fidelity Series 100 Index Fund (a) | | 6,486,820 | 87,247,727 |
| Fidelity Series 1000 Value Index Fund (a) | | 3,098,631 | 32,008,863 |
| Fidelity Series All-Sector Equity Fund (a) | | 15,248,872 | 191,983,304 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 7,180,982 | 35,115,001 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,420,617 | 20,044,910 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 7,987,314 | 96,486,755 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,510,802,846) | | | 1,638,085,635 |
|
| International Equity Funds - 26.8% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 16,471,371 | 245,258,717 |
| Fidelity Series International Growth Fund (a) | | 16,928,076 | 225,481,971 |
| Fidelity Series International Small Cap Fund (a) | | 3,536,369 | 53,186,989 |
| Fidelity Series International Value Fund (a) | | 24,339,375 | 222,218,496 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $711,117,191) | | | 746,146,173 |
|
| Bond Funds - 14.5% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,895,254 | 17,985,957 |
| Fidelity Series Floating Rate High Income Fund (a) | | 782,383 | 7,025,796 |
| Fidelity Series High Income Fund (a) | | 9,644,129 | 83,614,598 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,461,765 | 14,442,236 |
| Fidelity Series Investment Grade Bond Fund (a) | | 23,607,952 | 266,769,854 |
| Fidelity Series Real Estate Income Fund (a) | | 1,305,287 | 14,201,521 |
| TOTAL BOND FUNDS | | | |
| (Cost $413,198,500) | | | 404,039,962 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 48,810 | 488,102 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 903,894 | 903,894 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,390,336) | | | 1,391,996 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,636,508,873) | | | 2,789,663,766 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (542,225) |
| NET ASSETS - 100% | | | $2,789,121,541 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $170,939,544 | $34,001,308 | $41,856,651 | $261,138 | $160,167,630 |
| Fidelity Advisor Series Equity-Income Fund | 337,084,440 | 52,746,739 | 70,139,983 | 8,410,612 | 289,044,495 |
| Fidelity Advisor Series Growth & Income Fund | 234,898,179 | 34,943,708 | 48,760,882 | 4,285,112 | 199,691,420 |
| Fidelity Advisor Series Growth Opportunities Fund | 180,049,078 | 24,212,850 | 85,393,661 | 648,895 | 105,499,133 |
| Fidelity Advisor Series Opportunistic Insights Fund | 157,066,598 | 41,735,983 | 39,950,862 | -- | 148,649,058 |
| Fidelity Advisor Series Short-Term Credit Fund | 13,309,442 | 785,002 | 13,535,495 | 101,820 | 488,102 |
| Fidelity Advisor Series Small Cap Fund | 95,609,790 | 16,408,446 | 20,158,130 | 207,103 | 79,945,409 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 227,730,290 | 41,914,766 | 45,046,590 | 3,232,517 | 192,201,930 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 27,494,891 | 7,271,675 | 33,862,672 | 37,746 | 903,894 |
| Fidelity Series 100 Index Fund | 102,298,856 | 9,972,745 | 26,338,374 | 2,080,803 | 87,247,727 |
| Fidelity Series 1000 Value Index Fund | 38,001,637 | 4,462,752 | 7,742,065 | 817,607 | 32,008,863 |
| Fidelity Series All-Sector Equity Fund | 227,959,760 | 35,569,431 | 48,655,933 | 1,794,618 | 191,983,304 |
| Fidelity Series Commodity Strategy Fund | 24,913,457 | 19,127,823 | 4,587,553 | -- | 35,115,001 |
| Fidelity Series Emerging Markets Debt Fund | 19,779,598 | 2,380,397 | 3,737,504 | 1,149,431 | 17,985,957 |
| Fidelity Series Emerging Markets Fund | 227,769,807 | 82,488,144 | 37,186,286 | 2,753,499 | 245,258,717 |
| Fidelity Series Floating Rate High Income Fund | 15,494,247 | 1,001,870 | 8,829,044 | 433,539 | 7,025,796 |
| Fidelity Series High Income Fund | 106,346,466 | 12,917,091 | 24,034,514 | 5,602,107 | 83,614,598 |
| Fidelity Series Inflation-Protected Bond Index Fund | 946 | 15,497,456 | 1,402,277 | 3,316 | 14,442,236 |
| Fidelity Series International Growth Fund | 263,779,980 | 35,657,014 | 56,860,546 | 2,535,467 | 225,481,971 |
| Fidelity Series International Small Cap Fund | 60,471,957 | 9,593,995 | 14,418,572 | 482,787 | 53,186,989 |
| Fidelity Series International Value Fund | 259,813,671 | 36,350,446 | 50,854,984 | 4,774,665 | 222,218,496 |
| Fidelity Series Investment Grade Bond Fund | 237,385,975 | 112,189,962 | 77,027,782 | 7,155,744 | 266,769,854 |
| Fidelity Series Real Estate Equity Fund | 23,670,120 | 5,316,816 | 7,550,192 | 377,972 | 20,044,910 |
| Fidelity Series Real Estate Income Fund | 15,363,594 | 1,847,049 | 2,446,265 | 701,006 | 14,201,521 |
| Fidelity Series Small Cap Opportunities Fund | 115,222,466 | 15,850,554 | 21,857,938 | 398,724 | 96,486,755 |
| Total | $3,182,454,789 | $654,244,022 | $792,234,755 | $48,246,228 | $2,789,663,766 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,636,508,873) — See accompanying schedule | | $2,789,663,766 |
| Receivable for investments sold | | 30,666,987 |
| Receivable for fund shares sold | | 2,524,891 |
| Total assets | | 2,822,855,644 |
| Liabilities | | |
| Payable for investments purchased | $22,091,444 | |
| Payable for fund shares redeemed | 11,100,432 | |
| Distribution and service plan fees payable | 542,227 | |
| Total liabilities | | 33,734,103 |
| Net Assets | | $2,789,121,541 |
| Net Assets consist of: | | |
| Paid in capital | | $2,565,310,261 |
| Undistributed net investment income | | 1,073,122 |
| Accumulated undistributed net realized gain (loss) on investments | | 69,583,265 |
| Net unrealized appreciation (depreciation) on investments | | 153,154,893 |
| Net Assets | | $2,789,121,541 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,409,908,683 ÷ 108,557,759 shares) | | $12.99 |
| Maximum offering price per share (100/94.25 of $12.99) | | $13.78 |
| Class T: | | |
| Net Asset Value and redemption price per share ($423,312,476 ÷ 32,717,347 shares) | | $12.94 |
| Maximum offering price per share (100/96.50 of $12.94) | | $13.41 |
| Class B: | | |
| Net Asset Value and offering price per share ($6,801,231 ÷ 524,769 shares)(a) | | $12.96 |
| Class C: | | |
| Net Asset Value and offering price per share ($87,691,156 ÷ 6,835,262 shares)(a) | | $12.83 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($861,407,995 ÷ 65,957,297 shares) | | $13.06 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $48,246,228 |
| Expenses | | |
| Distribution and service plan fees | $7,010,602 | |
| Independent trustees' compensation | 12,593 | |
| Total expenses before reductions | 7,023,195 | |
| Expense reductions | (12,593) | 7,010,602 |
| Net investment income (loss) | | 41,235,626 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 2,870,925 | |
| Capital gain distributions from underlying funds | 111,081,098 | |
| Total net realized gain (loss) | | 113,952,023 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (257,671,232) |
| Net gain (loss) | | (143,719,209) |
| Net increase (decrease) in net assets resulting from operations | | $(102,483,583) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $41,235,626 | $45,603,853 |
| Net realized gain (loss) | 113,952,023 | 182,835,692 |
| Change in net unrealized appreciation (depreciation) | (257,671,232) | (23,701,670) |
| Net increase (decrease) in net assets resulting from operations | (102,483,583) | 204,737,875 |
| Distributions to shareholders from net investment income | (41,389,842) | (46,150,255) |
| Distributions to shareholders from net realized gain | (109,557,266) | (155,012,649) |
| Total distributions | (150,947,108) | (201,162,904) |
| Share transactions - net increase (decrease) | (139,278,763) | (59,413,992) |
| Total increase (decrease) in net assets | (392,709,454) | (55,839,021) |
| Net Assets | | |
| Beginning of period | 3,181,830,995 | 3,237,670,016 |
| End of period (including undistributed net investment income of $1,073,122 and undistributed net investment income of $2,120,267, respectively) | $2,789,121,541 | $3,181,830,995 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.13 | $14.15 | $13.36 | $12.48 | $12.72 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .19 | .20 | .17 | .20 | .19 |
| Net realized and unrealized gain (loss) | (.64) | .70 | 1.47 | .94 | (.06) |
| Total from investment operations | (.45) | .90 | 1.64 | 1.14 | .13 |
| Distributions from net investment income | (.19) | (.21) | (.18) | (.20) | (.18) |
| Distributions from net realized gain | (.50) | (.71) | (.67) | (.06) | (.19) |
| Total distributions | (.69) | (.92) | (.85) | (.26) | (.37) |
| Net asset value, end of period | $12.99 | $14.13 | $14.15 | $13.36 | $12.48 |
| Total ReturnB,C | (3.36)% | 6.54% | 12.60% | 9.25% | 1.25% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.39% | 1.42% | 1.24% | 1.58% | 1.57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,409,909 | $1,704,036 | $1,777,132 | $1,747,549 | $1,506,827 |
| Portfolio turnover rateD | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.09 | $14.10 | $13.32 | $12.44 | $12.68 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .17 | .14 | .17 | .16 |
| Net realized and unrealized gain (loss) | (.64) | .71 | 1.46 | .94 | (.06) |
| Total from investment operations | (.49) | .88 | 1.60 | 1.11 | .10 |
| Distributions from net investment income | (.16) | (.18) | (.15) | (.17) | (.15) |
| Distributions from net realized gain | (.50) | (.71) | (.67) | (.06) | (.19) |
| Total distributions | (.66) | (.89) | (.82) | (.23) | (.34) |
| Net asset value, end of period | $12.94 | $14.09 | $14.10 | $13.32 | $12.44 |
| Total ReturnB,C | (3.67)% | 6.37% | 12.29% | 9.02% | .98% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.14% | 1.17% | .99% | 1.33% | 1.32% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $423,312 | $453,137 | $453,944 | $387,102 | $335,407 |
| Portfolio turnover rateD | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.08 | $14.07 | $13.29 | $12.41 | $12.63 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .09 | .10 | .07 | .10 | .10 |
| Net realized and unrealized gain (loss) | (.65) | .70 | 1.45 | .94 | (.06) |
| Total from investment operations | (.56) | .80 | 1.52 | 1.04 | .04 |
| Distributions from net investment income | (.08) | (.10) | (.07) | (.10) | (.08) |
| Distributions from net realized gain | (.48) | (.69) | (.66) | (.06) | (.18) |
| Total distributions | (.56) | (.79) | (.74)B | (.16) | (.26) |
| Net asset value, end of period | $12.96 | $14.08 | $14.07 | $13.29 | $12.41 |
| Total ReturnC,D | (4.12)% | 5.82% | 11.69% | 8.44% | .52% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .64% | .67% | .49% | .83% | .82% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,801 | $13,944 | $21,330 | $27,191 | $34,324 |
| Portfolio turnover rateE | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.74 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $.663 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.97 | $14.00 | $13.23 | $12.37 | $12.60 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .08 | .09 | .07 | .10 | .10 |
| Net realized and unrealized gain (loss) | (.63) | .70 | 1.45 | .93 | (.05) |
| Total from investment operations | (.55) | .79 | 1.52 | 1.03 | .05 |
| Distributions from net investment income | (.11) | (.12) | (.09) | (.11) | (.09) |
| Distributions from net realized gain | (.48) | (.70) | (.66) | (.06) | (.18) |
| Total distributions | (.59) | (.82) | (.75) | (.17) | (.28)B |
| Net asset value, end of period | $12.83 | $13.97 | $14.00 | $13.23 | $12.37 |
| Total ReturnC,D | (4.10)% | 5.76% | 11.77% | 8.39% | .55% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .64% | .67% | .49% | .83% | .82% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $87,691 | $91,154 | $87,867 | $75,384 | $66,418 |
| Portfolio turnover rateE | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.28 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.182 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.21 | $14.22 | $13.42 | $12.54 | $12.77 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .24 | .20 | .23 | .22 |
| Net realized and unrealized gain (loss) | (.65) | .71 | 1.48 | .94 | (.05) |
| Total from investment operations | (.43) | .95 | 1.68 | 1.17 | .17 |
| Distributions from net investment income | (.23) | (.25) | (.21) | (.23) | (.21) |
| Distributions from net realized gain | (.50) | (.71) | (.67) | (.06) | (.19) |
| Total distributions | (.72)B | (.96) | (.88) | (.29) | (.40) |
| Net asset value, end of period | $13.06 | $14.21 | $14.22 | $13.42 | $12.54 |
| Total ReturnC | (3.16)% | 6.85% | 12.89% | 9.47% | 1.57% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.64% | 1.67% | 1.49% | 1.83% | 1.82% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $861,408 | $919,561 | $897,398 | $716,715 | $505,761 |
| Portfolio turnover rateD | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.72 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.499 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2035 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 12,752,563 | $136,452,426 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 21,449,424 | 246,239,392 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 13,853,494 | 170,120,907 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 8,751,230 | 89,875,129 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 8,782,365 | 126,641,706 |
| Fidelity Advisor Series Small Cap Fund (a) | | 6,756,851 | 68,109,059 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 14,659,253 | 163,743,859 |
| Fidelity Series 100 Index Fund (a) | | 5,524,365 | 74,302,711 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,639,844 | 27,269,591 |
| Fidelity Series All-Sector Equity Fund (a) | | 12,991,155 | 163,558,642 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 5,504,469 | 26,916,854 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,210,165 | 17,075,429 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,806,587 | 82,223,574 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,291,542,641) | | | 1,392,529,279 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 13,455,479 | 200,352,082 |
| Fidelity Series International Growth Fund (a) | | 14,465,979 | 192,686,846 |
| Fidelity Series International Small Cap Fund (a) | | 3,003,966 | 45,179,649 |
| Fidelity Series International Value Fund (a) | | 20,950,814 | 191,280,936 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $603,898,584) | | | 629,499,513 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,451,620 | 13,775,876 |
| Fidelity Series Floating Rate High Income Fund (a) | | 601,748 | 5,403,701 |
| Fidelity Series High Income Fund (a) | | 7,429,197 | 64,411,139 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,084,927 | 10,719,074 |
| Fidelity Series Investment Grade Bond Fund (a) | | 947,288 | 10,704,351 |
| Fidelity Series Real Estate Income Fund (a) | | 1,008,324 | 10,970,564 |
| TOTAL BOND FUNDS | | | |
| (Cost $125,078,567) | | | 115,984,705 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 37,354 | 373,538 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 692,866 | 692,866 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,064,976) | | | 1,066,404 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,021,584,768) | | | 2,139,079,901 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (397,122) |
| NET ASSETS - 100% | | | $2,138,682,779 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $139,071,615 | $31,559,662 | $31,652,277 | $219,384 | $136,452,426 |
| Fidelity Advisor Series Equity-Income Fund | 274,575,945 | 49,048,168 | 51,692,036 | 6,971,830 | 246,239,392 |
| Fidelity Advisor Series Growth & Income Fund | 190,845,540 | 30,637,599 | 33,406,118 | 3,543,002 | 170,120,907 |
| Fidelity Advisor Series Growth Opportunities Fund | 141,746,692 | 21,944,674 | 62,263,110 | 545,141 | 89,875,129 |
| Fidelity Advisor Series Opportunistic Insights Fund | 128,091,910 | 36,843,470 | 29,575,150 | -- | 126,641,706 |
| Fidelity Advisor Series Short-Term Credit Fund | 10,233,738 | 714,324 | 10,520,346 | 74,465 | 373,538 |
| Fidelity Advisor Series Small Cap Fund | 78,904,440 | 14,869,705 | 15,677,357 | 174,132 | 68,109,059 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 184,581,639 | 39,480,718 | 33,142,437 | 2,715,398 | 163,743,859 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 21,928,807 | 4,639,158 | 25,875,099 | 27,836 | 692,866 |
| Fidelity Series 100 Index Fund | 82,346,765 | 10,262,965 | 19,300,225 | 1,748,053 | 74,302,711 |
| Fidelity Series 1000 Value Index Fund | 30,631,793 | 4,846,827 | 5,930,595 | 687,094 | 27,269,591 |
| Fidelity Series All-Sector Equity Fund | 185,329,287 | 32,744,663 | 35,230,710 | 1,507,352 | 163,558,642 |
| Fidelity Series Commodity Strategy Fund | 18,229,184 | 15,248,497 | 3,253,398 | -- | 26,916,854 |
| Fidelity Series Emerging Markets Debt Fund | 14,881,074 | 1,997,567 | 2,771,266 | 873,876 | 13,775,876 |
| Fidelity Series Emerging Markets Fund | 184,292,937 | 65,499,095 | 26,583,563 | 2,253,682 | 200,352,082 |
| Fidelity Series Floating Rate High Income Fund | 11,610,849 | 860,306 | 6,575,293 | 329,857 | 5,403,701 |
| Fidelity Series High Income Fund | 81,052,937 | 9,942,479 | 17,742,398 | 4,278,256 | 64,411,139 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 11,372,648 | 909,809 | 2,422 | 10,719,074 |
| Fidelity Series International Growth Fund | 215,313,978 | 32,908,528 | 40,757,741 | 2,160,555 | 192,686,846 |
| Fidelity Series International Small Cap Fund | 48,363,252 | 9,275,476 | 10,243,757 | 410,946 | 45,179,649 |
| Fidelity Series International Value Fund | 212,338,660 | 35,871,280 | 37,084,913 | 4,068,608 | 191,280,936 |
| Fidelity Series Investment Grade Bond Fund | 13,999,115 | 18,138,752 | 21,116,928 | 396,426 | 10,704,351 |
| Fidelity Series Real Estate Equity Fund | 18,692,496 | 5,570,884 | 6,055,345 | 314,138 | 17,075,429 |
| Fidelity Series Real Estate Income Fund | 11,517,949 | 1,564,280 | 1,685,039 | 535,572 | 10,970,564 |
| Fidelity Series Small Cap Opportunities Fund | 95,577,883 | 14,995,059 | 17,749,010 | 332,318 | 82,223,574 |
| Total | $2,394,158,485 | $500,836,784 | $546,793,920 | $34,170,343 | $2,139,079,901 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,021,584,768) — See accompanying schedule | | $2,139,079,901 |
| Receivable for investments sold | | 14,864,220 |
| Receivable for fund shares sold | | 2,062,945 |
| Total assets | | 2,156,007,066 |
| Liabilities | | |
| Payable for investments purchased | $10,452,992 | |
| Payable for fund shares redeemed | 6,474,172 | |
| Distribution and service plan fees payable | 397,123 | |
| Total liabilities | | 17,324,287 |
| Net Assets | | $2,138,682,779 |
| Net Assets consist of: | | |
| Paid in capital | | $1,958,960,459 |
| Accumulated undistributed net realized gain (loss) on investments | | 62,227,187 |
| Net unrealized appreciation (depreciation) on investments | | 117,495,133 |
| Net Assets | | $2,138,682,779 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,094,458,626 ÷ 88,468,387 shares) | | $12.37 |
| Maximum offering price per share (100/94.25 of $12.37) | | $13.12 |
| Class T: | | |
| Net Asset Value and redemption price per share ($299,951,575 ÷ 24,407,786 shares) | | $12.29 |
| Maximum offering price per share (100/96.50 of $12.29) | | $12.74 |
| Class B: | | |
| Net Asset Value and offering price per share ($4,483,668 ÷ 366,548 shares)(a) | | $12.23 |
| Class C: | | |
| Net Asset Value and offering price per share ($54,812,984 ÷ 4,514,771 shares)(a) | | $12.14 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($684,975,926 ÷ 55,037,997 shares) | | $12.45 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $34,170,343 |
| Expenses | | |
| Distribution and service plan fees | $5,117,611 | |
| Independent trustees' compensation | 9,562 | |
| Total expenses before reductions | 5,127,173 | |
| Expense reductions | (9,562) | 5,117,611 |
| Net investment income (loss) | | 29,052,732 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 2,168,226 | |
| Capital gain distributions from underlying funds | 91,917,948 | |
| Total net realized gain (loss) | | 94,086,174 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (211,289,701) |
| Net gain (loss) | | (117,203,527) |
| Net increase (decrease) in net assets resulting from operations | | $(88,150,795) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $29,052,732 | $32,752,795 |
| Net realized gain (loss) | 94,086,174 | 143,098,013 |
| Change in net unrealized appreciation (depreciation) | (211,289,701) | (19,036,232) |
| Net increase (decrease) in net assets resulting from operations | (88,150,795) | 156,814,576 |
| Distributions to shareholders from net investment income | (29,643,292) | (33,529,759) |
| Distributions to shareholders from net realized gain | (81,803,583) | (124,965,915) |
| Total distributions | (111,446,875) | (158,495,674) |
| Share transactions - net increase (decrease) | (55,427,155) | 9,300,018 |
| Total increase (decrease) in net assets | (255,024,825) | 7,618,920 |
| Net Assets | | |
| Beginning of period | 2,393,707,604 | 2,386,088,684 |
| End of period (including undistributed net investment income of $0 and undistributed net investment income of $766,745, respectively) | $2,138,682,779 | $2,393,707,604 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.51 | $13.54 | $12.74 | $11.80 | $12.11 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .19 | .15 | .18 | .16 |
| Net realized and unrealized gain (loss) | (.66) | .71 | 1.59 | .97 | (.13) |
| Total from investment operations | (.50) | .90 | 1.74 | 1.15 | .03 |
| Distributions from net investment income | (.17) | (.19) | (.15) | (.18) | (.15) |
| Distributions from net realized gain | (.47) | (.73) | (.79) | (.04) | (.19) |
| Total distributions | (.64) | (.93)B | (.94) | (.21)C | (.34) |
| Net asset value, end of period | $12.37 | $13.51 | $13.54 | $12.74 | $11.80 |
| Total ReturnD,E | (3.92)% | 6.81% | 14.15% | 9.89% | .47% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.28% | 1.36% | 1.13% | 1.54% | 1.39% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,094,459 | $1,313,452 | $1,348,500 | $1,258,797 | $1,057,102 |
| Portfolio turnover rateF | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.93 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.733 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.036 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.42 | $13.46 | $12.68 | $11.74 | $12.05 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .13 | .15 | .11 | .15 | .13 |
| Net realized and unrealized gain (loss) | (.65) | .71 | 1.58 | .97 | (.13) |
| Total from investment operations | (.52) | .86 | 1.69 | 1.12 | – |
| Distributions from net investment income | (.14) | (.16) | (.12) | (.15) | (.12) |
| Distributions from net realized gain | (.46) | (.73) | (.79) | (.04) | (.19) |
| Total distributions | (.61)B | (.90)C | (.91) | (.18)D | (.31) |
| Net asset value, end of period | $12.29 | $13.42 | $13.46 | $12.68 | $11.74 |
| Total ReturnE,F | (4.08)% | 6.52% | 13.81% | 9.69% | .19% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.03% | 1.11% | .88% | 1.29% | 1.14% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $299,952 | $303,711 | $276,113 | $216,701 | $166,843 |
| Portfolio turnover rateG | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.61 per share is comprised of distributions from net investment income of $.143 and distributions from net realized gain of $.464 per share.
C Total distributions of $.90 per share is comprised of distributions from net investment income of $.162 and distributions from net realized gain of $.733 per share.
D Total distributions of $.18 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.036 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.34 | $13.37 | $12.59 | $11.67 | $11.96 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | .08 | .05 | .09 | .07 |
| Net realized and unrealized gain (loss) | (.66) | .70 | 1.57 | .95 | (.12) |
| Total from investment operations | (.59) | .78 | 1.62 | 1.04 | (.05) |
| Distributions from net investment income | (.07) | (.10) | (.06) | (.09) | (.07) |
| Distributions from net realized gain | (.45) | (.72) | (.78) | (.04) | (.17) |
| Total distributions | (.52) | (.81)B | (.84) | (.12)C | (.24) |
| Net asset value, end of period | $12.23 | $13.34 | $13.37 | $12.59 | $11.67 |
| Total ReturnD,E | (4.62)% | 6.00% | 13.32% | 9.02% | (.23)% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .53% | .62% | .38% | .79% | .64% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $4,484 | $9,560 | $14,454 | $17,884 | $22,013 |
| Portfolio turnover rateF | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.81 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.718 per share.
C Total distributions of $.12 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.036 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.27 | $13.32 | $12.56 | $11.65 | $11.96 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | .08 | .05 | .09 | .07 |
| Net realized and unrealized gain (loss) | (.65) | .70 | 1.56 | .95 | (.13) |
| Total from investment operations | (.58) | .78 | 1.61 | 1.04 | (.06) |
| Distributions from net investment income | (.10) | (.11) | (.07) | (.10) | (.08) |
| Distributions from net realized gain | (.45) | (.72) | (.78) | (.04) | (.18) |
| Total distributions | (.55) | (.83) | (.85) | (.13)B | (.25)C |
| Net asset value, end of period | $12.14 | $13.27 | $13.32 | $12.56 | $11.65 |
| Total ReturnD,E | (4.58)% | 6.01% | 13.27% | 9.04% | (.29)% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .53% | .61% | .38% | .79% | .64% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $54,813 | $56,318 | $51,931 | $43,447 | $38,614 |
| Portfolio turnover rateF | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.13 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.036 per share.
C Total distributions of $.25 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.176 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.59 | $13.61 | $12.80 | $11.86 | $12.17 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .22 | .18 | .21 | .19 |
| Net realized and unrealized gain (loss) | (.67) | .72 | 1.60 | .97 | (.14) |
| Total from investment operations | (.47) | .94 | 1.78 | 1.18 | .05 |
| Distributions from net investment income | (.20) | (.23) | (.18) | (.20) | (.17) |
| Distributions from net realized gain | (.47) | (.73) | (.79) | (.04) | (.19) |
| Total distributions | (.67) | (.96) | (.97) | (.24) | (.36) |
| Net asset value, end of period | $12.45 | $13.59 | $13.61 | $12.80 | $11.86 |
| Total ReturnB | (3.63)% | 7.11% | 14.44% | 10.10% | .71% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductionsE | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.53% | 1.61% | 1.38% | 1.79% | 1.64% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $684,976 | $710,667 | $695,092 | $547,049 | $360,580 |
| Portfolio turnover rateC | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2040 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 11,741,759 | $125,636,822 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 19,749,285 | 226,721,793 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 12,755,461 | 156,637,067 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 8,057,572 | 82,751,267 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 8,086,268 | 116,603,988 |
| Fidelity Advisor Series Small Cap Fund (a) | | 6,221,290 | 62,710,603 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 13,497,339 | 150,765,280 |
| Fidelity Series 100 Index Fund (a) | | 5,086,434 | 68,412,543 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,430,607 | 25,108,173 |
| Fidelity Series All-Sector Equity Fund (a) | | 11,963,485 | 150,620,273 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 5,068,081 | 24,782,917 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,114,184 | 15,721,138 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,265,019 | 75,681,434 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,189,083,170) | | | 1,282,153,298 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 12,388,845 | 184,469,900 |
| Fidelity Series International Growth Fund (a) | | 13,318,424 | 177,401,409 |
| Fidelity Series International Small Cap Fund (a) | | 2,765,746 | 41,596,824 |
| Fidelity Series International Value Fund (a) | | 19,288,911 | 176,107,756 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $550,119,649) | | | 579,575,889 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,335,609 | 12,674,931 |
| Fidelity Series Floating Rate High Income Fund (a) | | 554,205 | 4,976,765 |
| Fidelity Series High Income Fund (a) | | 6,843,838 | 59,336,074 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 998,931 | 9,869,433 |
| Fidelity Series Investment Grade Bond Fund (a) | | 872,202 | 9,855,886 |
| Fidelity Series Real Estate Income Fund (a) | | 929,007 | 10,107,601 |
| TOTAL BOND FUNDS | | | |
| (Cost $115,717,296) | | | 106,820,690 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 34,394 | 343,943 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 637,976 | 637,976 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $980,603) | | | 981,919 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,855,900,718) | | | 1,969,531,796 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (386,765) |
| NET ASSETS - 100% | | | $1,969,145,031 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $131,565,060 | $27,641,020 | $31,181,378 | $202,892 | $125,636,822 |
| Fidelity Advisor Series Equity-Income Fund | 259,592,965 | 42,155,004 | 51,164,043 | 6,499,356 | 226,721,793 |
| Fidelity Advisor Series Growth & Income Fund | 179,678,929 | 26,705,203 | 33,067,869 | 3,300,262 | 156,637,067 |
| Fidelity Advisor Series Growth Opportunities Fund | 135,077,253 | 19,038,800 | 60,758,290 | 504,164 | 82,751,267 |
| Fidelity Advisor Series Opportunistic Insights Fund | 121,206,364 | 32,548,600 | 29,173,716 | -- | 116,603,988 |
| Fidelity Advisor Series Short-Term Credit Fund | 9,685,199 | 551,811 | 9,842,594 | 69,304 | 343,943 |
| Fidelity Advisor Series Small Cap Fund | 74,645,104 | 12,751,581 | 15,427,484 | 161,092 | 62,710,603 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 174,448,993 | 34,494,968 | 32,964,045 | 2,512,770 | 150,765,280 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 20,743,058 | 3,962,279 | 24,067,360 | 25,902 | 637,976 |
| Fidelity Series 100 Index Fund | 77,652,185 | 8,892,768 | 19,058,267 | 1,617,599 | 68,412,543 |
| Fidelity Series 1000 Value Index Fund | 28,957,796 | 4,120,641 | 5,852,681 | 635,621 | 25,108,173 |
| Fidelity Series All-Sector Equity Fund | 175,326,589 | 27,965,758 | 34,784,901 | 1,394,873 | 150,620,273 |
| Fidelity Series Commodity Strategy Fund | 17,242,225 | 13,723,167 | 3,119,360 | -- | 24,782,917 |
| Fidelity Series Emerging Markets Debt Fund | 14,081,870 | 1,682,396 | 2,781,058 | 810,959 | 12,674,931 |
| Fidelity Series Emerging Markets Fund | 173,453,127 | 59,204,562 | 26,820,316 | 2,085,013 | 184,469,900 |
| Fidelity Series Floating Rate High Income Fund | 10,987,601 | 719,913 | 6,275,744 | 306,921 | 4,976,765 |
| Fidelity Series High Income Fund | 75,792,449 | 9,456,258 | 17,679,052 | 3,974,887 | 59,336,074 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 10,475,315 | 841,817 | 2,229 | 9,869,433 |
| Fidelity Series International Growth Fund | 204,618,540 | 26,958,646 | 40,570,581 | 1,998,774 | 177,401,409 |
| Fidelity Series International Small Cap Fund | 45,805,043 | 8,019,070 | 10,210,819 | 380,188 | 41,596,824 |
| Fidelity Series International Value Fund | 201,669,613 | 29,965,942 | 37,282,035 | 3,763,965 | 176,107,756 |
| Fidelity Series Investment Grade Bond Fund | 13,175,630 | 17,134,973 | 20,160,195 | 367,315 | 9,855,886 |
| Fidelity Series Real Estate Equity Fund | 18,055,060 | 4,606,009 | 5,836,351 | 290,404 | 15,721,138 |
| Fidelity Series Real Estate Income Fund | 10,898,223 | 1,327,476 | 1,718,537 | 497,219 | 10,107,601 |
| Fidelity Series Small Cap Opportunities Fund | 90,445,593 | 12,418,652 | 17,336,068 | 307,686 | 75,681,434 |
| Total | $2,264,804,469 | $436,520,812 | $537,974,561 | $31,709,395 | $1,969,531,796 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,855,900,718) — See accompanying schedule | | $1,969,531,796 |
| Receivable for investments sold | | 12,817,944 |
| Receivable for fund shares sold | | 2,026,559 |
| Total assets | | 1,984,376,299 |
| Liabilities | | |
| Payable for investments purchased | $10,008,695 | |
| Payable for fund shares redeemed | 4,835,844 | |
| Distribution and service plan fees payable | 386,729 | |
| Total liabilities | | 15,231,268 |
| Net Assets | | $1,969,145,031 |
| Net Assets consist of: | | |
| Paid in capital | | $1,797,561,864 |
| Undistributed net investment income | | 130,182 |
| Accumulated undistributed net realized gain (loss) on investments | | 57,821,907 |
| Net unrealized appreciation (depreciation) on investments | | 113,631,078 |
| Net Assets | | $1,969,145,031 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($950,816,266 ÷ 71,783,295 shares) | | $13.25 |
| Maximum offering price per share (100/94.25 of $13.25) | | $14.06 |
| Class T: | | |
| Net Asset Value and redemption price per share ($310,106,958 ÷ 23,480,437 shares) | | $13.21 |
| Maximum offering price per share (100/96.50 of $13.21) | | $13.69 |
| Class B: | | |
| Net Asset Value and offering price per share ($5,586,775 ÷ 425,348 shares)(a) | | $13.13 |
| Class C: | | |
| Net Asset Value and offering price per share ($73,036,085 ÷ 5,609,158 shares)(a) | | $13.02 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($629,598,947 ÷ 47,260,818 shares) | | $13.32 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $31,709,395 |
| Expenses | | |
| Distribution and service plan fees | $5,023,668 | |
| Independent trustees' compensation | 8,911 | |
| Total expenses before reductions | 5,032,579 | |
| Expense reductions | (8,911) | 5,023,668 |
| Net investment income (loss) | | 26,685,727 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 4,934,554 | |
| Capital gain distributions from underlying funds | 85,031,418 | |
| Total net realized gain (loss) | | 89,965,972 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (198,753,543) |
| Net gain (loss) | | (108,787,571) |
| Net increase (decrease) in net assets resulting from operations | | $(82,101,844) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $26,685,727 | $30,521,189 |
| Net realized gain (loss) | 89,965,972 | 135,785,473 |
| Change in net unrealized appreciation (depreciation) | (198,753,543) | (17,567,018) |
| Net increase (decrease) in net assets resulting from operations | (82,101,844) | 148,739,644 |
| Distributions to shareholders from net investment income | (27,258,668) | (31,124,677) |
| Distributions to shareholders from net realized gain | (81,269,199) | (116,446,633) |
| Total distributions | (108,527,867) | (147,571,310) |
| Share transactions - net increase (decrease) | (104,582,015) | (29,267,178) |
| Total increase (decrease) in net assets | (295,211,726) | (28,098,844) |
| Net Assets | | |
| Beginning of period | 2,264,356,757 | 2,292,455,601 |
| End of period (including undistributed net investment income of $130,182 and undistributed net investment income of $703,123, respectively) | $1,969,145,031 | $2,264,356,757 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.49 | $14.51 | $13.61 | $12.60 | $12.95 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .17 | .20 | .15 | .19 | .17 |
| Net realized and unrealized gain (loss) | (.69) | .76 | 1.74 | 1.05 | (.15) |
| Total from investment operations | (.52) | .96 | 1.89 | 1.24 | .02 |
| Distributions from net investment income | (.18) | (.21) | (.16) | (.19) | (.16) |
| Distributions from net realized gain | (.54) | (.77) | (.83) | (.04) | (.21) |
| Total distributions | (.72) | (.98) | (.99) | (.23) | (.37) |
| Net asset value, end of period | $13.25 | $14.49 | $14.51 | $13.61 | $12.60 |
| Total ReturnB,C | (3.82)% | 6.76% | 14.37% | 9.94% | .38% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.27% | 1.35% | 1.10% | 1.53% | 1.38% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $950,816 | $1,154,277 | $1,195,641 | $1,133,722 | $967,348 |
| Portfolio turnover rateD | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.45 | $14.47 | $13.58 | $12.57 | $12.92 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .14 | .16 | .12 | .16 | .14 |
| Net realized and unrealized gain (loss) | (.70) | .76 | 1.73 | 1.04 | (.16) |
| Total from investment operations | (.56) | .92 | 1.85 | 1.20 | (.02) |
| Distributions from net investment income | (.15) | (.17) | (.13) | (.16) | (.13) |
| Distributions from net realized gain | (.53) | (.77) | (.83) | (.04) | (.21) |
| Total distributions | (.68) | (.94) | (.96) | (.19)B | (.33)C |
| Net asset value, end of period | $13.21 | $14.45 | $14.47 | $13.58 | $12.57 |
| Total ReturnD,E | (4.07)% | 6.51% | 14.06% | 9.69% | .12% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.02% | 1.10% | .85% | 1.28% | 1.13% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $310,107 | $333,069 | $341,608 | $288,886 | $262,944 |
| Portfolio turnover rateF | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.19 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.037 per share.
C Total distributions of $.33 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.207 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.35 | $14.36 | $13.48 | $12.48 | $12.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | .09 | .05 | .10 | .08 |
| Net realized and unrealized gain (loss) | (.70) | .75 | 1.71 | 1.03 | (.15) |
| Total from investment operations | (.63) | .84 | 1.76 | 1.13 | (.07) |
| Distributions from net investment income | (.07) | (.10) | (.06) | (.09) | (.07) |
| Distributions from net realized gain | (.52) | (.75) | (.82) | (.04) | (.20) |
| Total distributions | (.59) | (.85) | (.88) | (.13) | (.27) |
| Net asset value, end of period | $13.13 | $14.35 | $14.36 | $13.48 | $12.48 |
| Total ReturnB,C | (4.60)% | 5.97% | 13.49% | 9.14% | (.36)% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .52% | .60% | .35% | .78% | .63% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,587 | $11,602 | $18,270 | $24,481 | $31,574 |
| Portfolio turnover rate D | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.27 | $14.30 | $13.43 | $12.45 | $12.80 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | .09 | .05 | .10 | .08 |
| Net realized and unrealized gain (loss) | (.70) | .75 | 1.71 | 1.02 | (.15) |
| Total from investment operations | (.63) | .84 | 1.76 | 1.12 | (.07) |
| Distributions from net investment income | (.10) | (.12) | (.07) | (.11) | (.08) |
| Distributions from net realized gain | (.52) | (.75) | (.82) | (.04) | (.20) |
| Total distributions | (.62) | (.87) | (.89) | (.14)B | (.28) |
| Net asset value, end of period | $13.02 | $14.27 | $14.30 | $13.43 | $12.45 |
| Total ReturnC,D | (4.63)% | 6.01% | 13.57% | 9.09% | (.35)% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .52% | .60% | .35% | .78% | .63% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $73,036 | $77,130 | $72,247 | $62,893 | $56,910 |
| Portfolio turnover rateE | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.14 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.037 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.57 | $14.59 | $13.67 | $12.65 | $13.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .21 | .23 | .19 | .23 | .20 |
| Net realized and unrealized gain (loss) | (.71) | .76 | 1.75 | 1.05 | (.16) |
| Total from investment operations | (.50) | .99 | 1.94 | 1.28 | .04 |
| Distributions from net investment income | (.22) | (.24) | (.19) | (.22) | (.19) |
| Distributions from net realized gain | (.54) | (.77) | (.83) | (.04) | (.21) |
| Total distributions | (.75)B | (1.01) | (1.02) | (.26) | (.39)C |
| Net asset value, end of period | $13.32 | $14.57 | $14.59 | $13.67 | $12.65 |
| Total ReturnD | (3.62)% | 6.99% | 14.73% | 10.24% | .61% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductionsG | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.52% | 1.60% | 1.35% | 1.78% | 1.63% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $629,599 | $688,278 | $664,689 | $508,363 | $352,751 |
| Portfolio turnover rateE | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.75 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.535 per share.
C Total distributions of $.39 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.207 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2045 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 6,591,505 | $70,529,106 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 11,086,672 | 127,274,993 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 7,160,544 | 87,931,477 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 4,523,299 | 46,454,280 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 4,539,418 | 65,458,404 |
| Fidelity Advisor Series Small Cap Fund (a) | | 3,492,464 | 35,204,033 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 7,577,027 | 84,635,390 |
| Fidelity Series 100 Index Fund (a) | | 2,855,499 | 38,406,456 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,364,478 | 14,095,055 |
| Fidelity Series All-Sector Equity Fund (a) | | 6,715,860 | 84,552,674 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 2,860,938 | 13,989,987 |
| Fidelity Series Real Estate Equity Fund (a) | | 625,503 | 8,825,852 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 3,517,001 | 42,485,373 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $672,150,319) | | | 719,843,080 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 6,959,802 | 103,631,453 |
| Fidelity Series International Growth Fund (a) | | 7,483,135 | 99,675,360 |
| Fidelity Series International Small Cap Fund (a) | | 1,553,489 | 23,364,477 |
| Fidelity Series International Value Fund (a) | | 10,826,827 | 98,848,932 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $316,041,009) | | | 325,520,222 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 749,017 | 7,108,174 |
| Fidelity Series Floating Rate High Income Fund (a) | | 310,764 | 2,790,663 |
| Fidelity Series High Income Fund (a) | | 3,817,353 | 33,096,448 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 560,762 | 5,540,326 |
| Fidelity Series Investment Grade Bond Fund (a) | | 489,617 | 5,532,670 |
| Fidelity Series Real Estate Income Fund (a) | | 519,670 | 5,654,015 |
| TOTAL BOND FUNDS | | | |
| (Cost $64,288,134) | | | 59,722,296 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 19,180 | 191,797 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 359,444 | 359,444 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $550,479) | | | 551,241 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,053,029,941) | | | 1,105,636,839 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (193,244) |
| NET ASSETS - 100% | | | $1,105,443,595 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $69,943,920 | $19,421,812 | $17,625,210 | $110,729 | $70,529,106 |
| Fidelity Advisor Series Equity-Income Fund | 139,722,476 | 29,589,659 | 29,210,510 | 3,536,027 | 127,274,993 |
| Fidelity Advisor Series Growth & Income Fund | 95,978,233 | 19,991,565 | 19,089,857 | 1,793,290 | 87,931,477 |
| Fidelity Advisor Series Growth Opportunies Fund | 67,865,683 | 13,624,539 | 29,159,598 | 275,149 | 46,454,280 |
| Fidelity Advisor Series Opportunistic Insights Fund | 64,496,720 | 21,850,596 | 16,538,608 | -- | 65,458,404 |
| Fidelity Advisor Series Short-Term Credit Fund | 5,136,286 | 493,570 | 5,410,750 | 37,617 | 191,797 |
| Fidelity Advisor Series Small Cap Fund | 39,679,968 | 9,382,812 | 8,864,088 | 87,843 | 35,204,033 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 93,587,750 | 23,313,661 | 18,624,645 | 1,375,973 | 84,635,390 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 11,028,897 | 2,658,694 | 13,328,146 | 14,106 | 359,444 |
| Fidelity Series 100 Index Fund | 41,675,050 | 6,549,185 | 10,372,328 | 885,753 | 38,406,456 |
| Fidelity Series 1000 Value Index Fund | 15,411,426 | 3,083,609 | 3,266,570 | 348,426 | 14,095,055 |
| Fidelity Series All-Sector Equity Fund | 93,180,847 | 20,775,389 | 19,736,388 | 763,808 | 84,552,674 |
| Fidelity Series Commodity Strategy Fund | 9,087,266 | 8,297,825 | 1,726,735 | -- | 13,989,987 |
| Fidelity Series Emerging Markets Debt Fund | 7,481,511 | 1,326,025 | 1,538,860 | 441,870 | 7,108,174 |
| Fidelity Series Emerging Markets Fund | 92,286,951 | 38,537,895 | 15,810,145 | 1,136,948 | 103,631,453 |
| Fidelity Series Floating Rate High Income Fund | 5,836,560 | 590,672 | 3,387,904 | 166,951 | 2,790,663 |
| Fidelity Series High Income Fund | 40,383,368 | 6,795,676 | 9,626,261 | 2,162,671 | 33,096,448 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 5,908,457 | 500,245 | 1,237 | 5,540,326 |
| Fidelity Series International Growth Fund | 108,601,819 | 21,298,795 | 22,858,193 | 1,089,877 | 99,675,360 |
| Fidelity Series International Small Cap Fund | 24,420,397 | 5,800,173 | 5,765,036 | 207,288 | 23,364,477 |
| Fidelity Series International Value Fund | 107,078,702 | 22,896,231 | 21,143,472 | 2,052,384 | 98,848,932 |
| Fidelity Series Investment Grade Bond Fund | 6,998,992 | 9,928,623 | 11,241,192 | 199,736 | 5,532,670 |
| Fidelity Series Real Estate Equity Fund | 9,609,815 | 2,958,723 | 3,202,595 | 158,519 | 8,825,852 |
| Fidelity Series Real Estate Income Fund | 5,763,900 | 1,065,849 | 963,570 | 270,769 | 5,654,015 |
| Fidelity Series Small Cap Opportunities Fund | 48,151,887 | 9,832,261 | 10,201,638 | 167,989 | 42,485,373 |
| Total | $1,203,408,424 | $305,972,296 | $299,192,544 | $17,284,960 | $1,105,636,839 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,053,029,941) — See accompanying schedule | | $1,105,636,839 |
| Receivable for investments sold | | 6,611,975 |
| Receivable for fund shares sold | | 1,553,271 |
| Total assets | | 1,113,802,085 |
| Liabilities | | |
| Payable for investments purchased | $5,991,789 | |
| Payable for fund shares redeemed | 2,173,453 | |
| Distribution and service plan fees payable | 193,248 | |
| Total liabilities | | 8,358,490 |
| Net Assets | | $1,105,443,595 |
| Net Assets consist of: | | |
| Paid in capital | | $1,022,619,734 |
| Accumulated undistributed net realized gain (loss) on investments | | 30,216,963 |
| Net unrealized appreciation (depreciation) on investments | | 52,606,898 |
| Net Assets | | $1,105,443,595 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($531,509,917 ÷ 51,962,892 shares) | | $10.23 |
| Maximum offering price per share (100/94.25 of $10.23) | | $10.85 |
| Class T: | | |
| Net Asset Value and redemption price per share ($158,557,104 ÷ 15,588,457 shares) | | $10.17 |
| Maximum offering price per share (100/96.50 of $10.17) | | $10.54 |
| Class B: | | |
| Net Asset Value and offering price per share ($1,278,544 ÷ 125,608 shares)(a) | | $10.18 |
| Class C: | | |
| Net Asset Value and offering price per share ($23,422,533 ÷ 2,321,182 shares)(a) | | $10.09 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($390,675,497 ÷ 37,995,669 shares) | | $10.28 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $17,284,960 |
| Expenses | | |
| Distribution and service plan fees | $2,452,076 | |
| Independent trustees' compensation | 4,831 | |
| Total expenses before reductions | 2,456,907 | |
| Expense reductions | (4,831) | 2,452,076 |
| Net investment income (loss) | | 14,832,884 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (177,473) | |
| Capital gain distributions from underlying funds | 46,567,514 | |
| Total net realized gain (loss) | | 46,390,041 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (104,373,890) |
| Net gain (loss) | | (57,983,849) |
| Net increase (decrease) in net assets resulting from operations | | $(43,150,965) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,832,884 | $16,261,344 |
| Net realized gain (loss) | 46,390,041 | 67,852,543 |
| Change in net unrealized appreciation (depreciation) | (104,373,890) | (7,351,157) |
| Net increase (decrease) in net assets resulting from operations | (43,150,965) | 76,762,730 |
| Distributions to shareholders from net investment income | (15,159,655) | (16,594,027) |
| Distributions to shareholders from net realized gain | (39,737,449) | (74,448,284) |
| Total distributions | (54,897,104) | (91,042,311) |
| Share transactions - net increase (decrease) | 295,212 | 75,324,410 |
| Total increase (decrease) in net assets | (97,752,857) | 61,044,829 |
| Net Assets | | |
| Beginning of period | 1,203,196,452 | 1,142,151,623 |
| End of period (including undistributed net investment income of $0 and undistributed net investment income of $433,105, respectively) | $1,105,443,595 | $1,203,196,452 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.15 | $11.31 | $10.46 | $9.79 | $10.08 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .13 | .15 | .12 | .16 | .13 |
| Net realized and unrealized gain (loss) | (.54) | .59 | 1.39 | .81 | (.14) |
| Total from investment operations | (.41) | .74 | 1.51 | .97 | (.01) |
| Distributions from net investment income | (.14) | (.16) | (.12) | (.15) | (.12) |
| Distributions from net realized gain | (.37) | (.74) | (.54) | (.15) | (.16) |
| Total distributions | (.51) | (.90) | (.66) | (.30) | (.28) |
| Net asset value, end of period | $10.23 | $11.15 | $11.31 | $10.46 | $9.79 |
| Total ReturnB,C | (3.85)% | 6.80% | 14.74% | 10.21% | .12% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.27% | 1.37% | 1.12% | 1.59% | 1.41% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $531,510 | $623,734 | $612,735 | $527,525 | $403,850 |
| Portfolio turnover rateD | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.09 | $11.26 | $10.42 | $9.75 | $10.04 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .13 | .09 | .13 | .11 |
| Net realized and unrealized gain (loss) | (.54) | .57 | 1.39 | .82 | (.15) |
| Total from investment operations | (.43) | .70 | 1.48 | .95 | (.04) |
| Distributions from net investment income | (.12) | (.13) | (.10) | (.12) | (.10) |
| Distributions from net realized gain | (.37) | (.74) | (.54) | (.15) | (.16) |
| Total distributions | (.49) | (.87) | (.64) | (.28)B | (.25)C |
| Net asset value, end of period | $10.17 | $11.09 | $11.26 | $10.42 | $9.75 |
| Total ReturnD,E | (4.10)% | 6.50% | 14.45% | 10.02% | (.15)% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.02% | 1.12% | .87% | 1.34% | 1.16% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $158,557 | $153,677 | $128,619 | $92,998 | $62,438 |
| Portfolio turnover rateF | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.28 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.153 per share.
C Total distributions of $.25 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.155 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.08 | $11.23 | $10.39 | $9.73 | $10.01 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .07 | .04 | .08 | .06 |
| Net realized and unrealized gain (loss) | (.55) | .58 | 1.38 | .81 | (.14) |
| Total from investment operations | (.49) | .65 | 1.42 | .89 | (.08) |
| Distributions from net investment income | (.06) | (.08) | (.05) | (.08) | (.05) |
| Distributions from net realized gain | (.35) | (.73) | (.53) | (.15) | (.15) |
| Total distributions | (.41) | (.80)B | (.58) | (.23) | (.20) |
| Net asset value, end of period | $10.18 | $11.08 | $11.23 | $10.39 | $9.73 |
| Total ReturnC,D | (4.59)% | 6.04% | 13.93% | 9.40% | (.62)% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .53% | .62% | .37% | .84% | .66% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,279 | $2,625 | $3,565 | $3,651 | $3,786 |
| Portfolio turnover rateE | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.80 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.725 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.01 | $11.19 | $10.36 | $9.71 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .05 | .07 | .04 | .08 | .06 |
| Net realized and unrealized gain (loss) | (.53) | .57 | 1.38 | .81 | (.14) |
| Total from investment operations | (.48) | .64 | 1.42 | .89 | (.08) |
| Distributions from net investment income | (.08) | (.09) | (.06) | (.09) | (.06) |
| Distributions from net realized gain | (.36) | (.73) | (.53) | (.15) | (.15) |
| Total distributions | (.44) | (.82) | (.59) | (.24) | (.21) |
| Net asset value, end of period | $10.09 | $11.01 | $11.19 | $10.36 | $9.71 |
| Total ReturnB,C | (4.59)% | 5.95% | 13.95% | 9.42% | (.62)% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .53% | .62% | .37% | .84% | .66% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $23,423 | $22,493 | $18,457 | $13,415 | $9,926 |
| Portfolio turnover rateD | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.21 | $11.37 | $10.50 | $9.83 | $10.11 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .18 | .15 | .18 | .16 |
| Net realized and unrealized gain (loss) | (.55) | .59 | 1.41 | .81 | (.14) |
| Total from investment operations | (.39) | .77 | 1.56 | .99 | .02 |
| Distributions from net investment income | (.17) | (.19) | (.15) | (.17) | (.14) |
| Distributions from net realized gain | (.37) | (.74) | (.54) | (.15) | (.16) |
| Total distributions | (.54) | (.93) | (.69) | (.32) | (.30) |
| Net asset value, end of period | $10.28 | $11.21 | $11.37 | $10.50 | $9.83 |
| Total ReturnB | (3.66)% | 7.03% | 15.14% | 10.43% | .45% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductionsE | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.52% | 1.62% | 1.37% | 1.84% | 1.66% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $390,675 | $400,667 | $378,776 | $269,633 | $162,772 |
| Portfolio turnover rateC | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2050 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 4,994,860 | $53,444,997 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 8,401,144 | 96,445,139 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 5,426,039 | 66,631,764 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 3,427,623 | 35,201,691 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 3,439,833 | 49,602,389 |
| Fidelity Advisor Series Small Cap Fund (a) | | 2,646,480 | 26,676,520 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 5,741,637 | 64,134,084 |
| Fidelity Series 100 Index Fund (a) | | 2,163,743 | 29,102,345 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,033,968 | 10,680,890 |
| Fidelity Series All-Sector Equity Fund (a) | | 5,088,301 | 64,061,708 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 2,171,024 | 10,616,309 |
| Fidelity Series Real Estate Equity Fund (a) | | 474,653 | 6,697,352 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,665,071 | 32,194,064 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $508,861,391) | | | 545,489,252 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 5,274,822 | 78,542,100 |
| Fidelity Series International Growth Fund (a) | | 5,672,260 | 75,554,508 |
| Fidelity Series International Small Cap Fund (a) | | 1,177,401 | 17,708,115 |
| Fidelity Series International Value Fund (a) | | 8,204,040 | 74,902,889 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $238,842,823) | | | 246,707,612 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 567,185 | 5,382,582 |
| Fidelity Series Floating Rate High Income Fund (a) | | 235,426 | 2,114,129 |
| Fidelity Series High Income Fund (a) | | 2,887,827 | 25,037,460 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 424,926 | 4,198,268 |
| Fidelity Series Investment Grade Bond Fund (a) | | 371,013 | 4,192,443 |
| Fidelity Series Real Estate Income Fund (a) | | 392,961 | 4,275,417 |
| TOTAL BOND FUNDS | | | |
| (Cost $48,857,557) | | | 45,200,299 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 14,542 | 145,425 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 272,285 | 272,285 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $417,124) | | | 417,710 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $796,978,895) | | | 837,814,873 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (147,357) |
| NET ASSETS - 100% | | | $837,667,516 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $50,992,463 | $15,343,637 | $11,947,657 | $83,245 | $53,444,997 |
| Fidelity Advisor Series Equity-Income Fund | 101,422,163 | 24,194,361 | 19,642,193 | 2,613,939 | 96,445,139 |
| Fidelity Advisor Series Growth & Income Fund | 69,858,447 | 16,490,448 | 13,100,901 | 1,325,004 | 66,631,764 |
| Fidelity Advisor Series Growth Opportunities Fund | 48,540,568 | 11,210,073 | 20,097,786 | 206,851 | 35,201,691 |
| Fidelity Advisor Series Opportunistic Insights Fund | 46,707,300 | 17,400,334 | 11,224,694 | -- | 49,602,389 |
| Fidelity Advisor Series Short-Term Credit Fund | 3,722,619 | 414,532 | 3,971,568 | 27,746 | 145,425 |
| Fidelity Advisor Series Small Cap Fund | 28,800,321 | 7,667,798 | 6,063,840 | 65,980 | 26,676,520 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 67,961,494 | 18,986,052 | 12,640,680 | 1,035,015 | 64,134,084 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 8,001,549 | 2,084,780 | 9,814,044 | 10,428 | 272,285 |
| Fidelity Series 100 Index Fund | 30,534,724 | 5,288,213 | 7,126,907 | 666,258 | 29,102,345 |
| Fidelity Series 1000 Value Index Fund | 11,280,092 | 2,480,985 | 2,239,884 | 262,192 | 10,680,890 |
| Fidelity Series All-Sector Equity Fund | 67,632,263 | 16,994,734 | 13,335,661 | 574,536 | 64,061,708 |
| Fidelity Series Commodity Strategy Fund | 6,567,526 | 6,477,040 | 1,192,669 | -- | 10,616,309 |
| Fidelity Series Emerging Markets Debt Fund | 5,427,471 | 1,105,659 | 1,033,572 | 327,522 | 5,382,582 |
| Fidelity Series Emerging Markets Fund | 66,992,725 | 30,226,259 | 10,330,773 | 853,998 | 78,542,100 |
| Fidelity Series Floating Rate High Income Fund | 4,235,176 | 501,473 | 2,437,822 | 123,549 | 2,114,129 |
| Fidelity Series High Income Fund | 29,324,894 | 5,571,467 | 6,567,408 | 1,602,740 | 25,037,460 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 4,426,964 | 328,736 | 930 | 4,198,268 |
| Fidelity Series International Growth Fund | 79,011,570 | 17,463,735 | 15,426,696 | 818,648 | 75,554,508 |
| Fidelity Series International Small Cap Fund | 17,396,443 | 4,932,326 | 3,779,965 | 155,700 | 17,708,115 |
| Fidelity Series International Value Fund | 77,853,453 | 18,726,366 | 14,213,137 | 1,541,610 | 74,902,889 |
| Fidelity Series Investment Grade Bond Fund | 5,077,706 | 7,318,278 | 8,090,505 | 148,717 | 4,192,443 |
| Fidelity Series Real Estate Equity Fund | 6,973,997 | 2,320,673 | 2,183,641 | 117,615 | 6,697,352 |
| Fidelity Series Real Estate Income Fund | 4,166,597 | 901,708 | 638,059 | 200,885 | 4,275,417 |
| Fidelity Series Small Cap Opportunities Fund | 34,844,552 | 7,990,530 | 6,726,554 | 124,870 | 32,194,064 |
| Total | $873,326,113 | $246,518,425 | $204,155,352 | $12,887,978 | $837,814,873 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $796,978,895) — See accompanying schedule | | $837,814,873 |
| Receivable for investments sold | | 4,718,238 |
| Receivable for fund shares sold | | 1,741,610 |
| Total assets | | 844,274,721 |
| Liabilities | | |
| Payable for investments purchased | $4,496,974 | |
| Payable for fund shares redeemed | 1,962,859 | |
| Distribution and service plan fees payable | 147,372 | |
| Total liabilities | | 6,607,205 |
| Net Assets | | $837,667,516 |
| Net Assets consist of: | | |
| Paid in capital | | $774,744,213 |
| Undistributed net investment income | | 92,654 |
| Accumulated undistributed net realized gain (loss) on investments | | 21,994,671 |
| Net unrealized appreciation (depreciation) on investments | | 40,835,978 |
| Net Assets | | $837,667,516 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($363,198,683 ÷ 35,745,562 shares) | | $10.16 |
| Maximum offering price per share (100/94.25 of $10.16) | | $10.78 |
| Class T: | | |
| Net Asset Value and redemption price per share ($127,841,863 ÷ 12,635,266 shares) | | $10.12 |
| Maximum offering price per share (100/96.50 of $10.12) | | $10.49 |
| Class B: | | |
| Net Asset Value and offering price per share ($1,717,398 ÷ 170,022 shares)(a) | | $10.10 |
| Class C: | | |
| Net Asset Value and offering price per share ($24,460,385 ÷ 2,435,171 shares)(a) | | $10.04 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($320,449,187 ÷ 31,363,275 shares) | | $10.22 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $12,887,978 |
| Expenses | | |
| Distribution and service plan fees | $1,860,962 | |
| Independent trustees' compensation | 3,567 | |
| Total expenses before reductions | 1,864,529 | |
| Expense reductions | (3,567) | 1,860,962 |
| Net investment income (loss) | | 11,027,016 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,000,515) | |
| Capital gain distributions from underlying funds | 34,922,906 | |
| Total net realized gain (loss) | | 33,922,391 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (76,873,819) |
| Net gain (loss) | | (42,951,428) |
| Net increase (decrease) in net assets resulting from operations | | $(31,924,412) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $11,027,016 | $11,676,686 |
| Net realized gain (loss) | 33,922,391 | 49,114,948 |
| Change in net unrealized appreciation (depreciation) | (76,873,819) | (5,351,094) |
| Net increase (decrease) in net assets resulting from operations | (31,924,412) | 55,440,540 |
| Distributions to shareholders from net investment income | (11,232,904) | (11,891,967) |
| Distributions to shareholders from net realized gain | (28,452,580) | (55,314,723) |
| Total distributions | (39,685,484) | (67,206,690) |
| Share transactions - net increase (decrease) | 36,112,151 | 59,128,888 |
| Total increase (decrease) in net assets | (35,497,745) | 47,362,738 |
| Net Assets | | |
| Beginning of period | 873,165,261 | 825,802,523 |
| End of period (including undistributed net investment income of $92,654 and undistributed net investment income of $298,542, respectively) | $837,667,516 | $873,165,261 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.06 | $11.24 | $10.39 | $9.61 | $9.93 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .13 | .15 | .12 | .15 | .12 |
| Net realized and unrealized gain (loss) | (.53) | .58 | 1.40 | .82 | (.17) |
| Total from investment operations | (.40) | .73 | 1.52 | .97 | (.05) |
| Distributions from net investment income | (.14) | (.16) | (.12) | (.14) | (.11) |
| Distributions from net realized gain | (.36) | (.76) | (.55) | (.05) | (.16) |
| Total distributions | (.50) | (.91)B | (.67) | (.19) | (.27) |
| Net asset value, end of period | $10.16 | $11.06 | $11.24 | $10.39 | $9.61 |
| Total ReturnC,D | (3.84)% | 6.77% | 14.91% | 10.23% | (.22)% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.28% | 1.37% | 1.10% | 1.56% | 1.32% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $363,199 | $415,103 | $401,589 | $352,814 | $280,478 |
| Portfolio turnover rateE | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.91 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.755 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.02 | $11.20 | $10.36 | $9.58 | $9.90 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .12 | .09 | .13 | .10 |
| Net realized and unrealized gain (loss) | (.54) | .58 | 1.39 | .81 | (.17) |
| Total from investment operations | (.43) | .70 | 1.48 | .94 | (.07) |
| Distributions from net investment income | (.12) | (.13) | (.10) | (.12) | (.09) |
| Distributions from net realized gain | (.36) | (.76) | (.55) | (.05) | (.16) |
| Total distributions | (.47)B | (.88)C | (.64)D | (.16)E | (.25) |
| Net asset value, end of period | $10.12 | $11.02 | $11.20 | $10.36 | $9.58 |
| Total ReturnF,G | (4.08)% | 6.54% | 14.61% | 9.99% | (.48)% |
| Ratios to Average Net AssetsH,I | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.04% | 1.12% | .85% | 1.31% | 1.07% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $127,842 | $126,987 | $115,391 | $89,196 | $64,512 |
| Portfolio turnover rateH | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.47 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.355 per share.
C Total distributions of $.88 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.755 per share.
D Total distributions of $.64 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.546 per share.
E Total distributions of $.16 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $.046 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Amounts do not include the activity of the Underlying Funds.
I 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.98 | $11.15 | $10.31 | $9.54 | $9.86 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .07 | .04 | .08 | .05 |
| Net realized and unrealized gain (loss) | (.55) | .57 | 1.38 | .81 | (.17) |
| Total from investment operations | (.49) | .64 | 1.42 | .89 | (.12) |
| Distributions from net investment income | (.05) | (.07) | (.05) | (.08) | (.05) |
| Distributions from net realized gain | (.34) | (.74) | (.54) | (.05) | (.15) |
| Total distributions | (.39) | (.81) | (.58)B | (.12)C | (.20) |
| Net asset value, end of period | $10.10 | $10.98 | $11.15 | $10.31 | $9.54 |
| Total ReturnD,E | (4.60)% | 5.99% | 14.06% | 9.47% | (1.06)% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .54% | .63% | .35% | .81% | .57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,717 | $3,407 | $5,038 | $5,532 | $5,643 |
| Portfolio turnover rateF | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.58 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.536 per share.
C Total distributions of $.12 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.046 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.95 | $11.14 | $10.31 | $9.54 | $9.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .07 | .04 | .08 | .05 |
| Net realized and unrealized gain (loss) | (.55) | .57 | 1.38 | .82 | (.18) |
| Total from investment operations | (.49) | .64 | 1.42 | .90 | (.13) |
| Distributions from net investment income | (.08) | (.09) | (.06) | (.08) | (.05) |
| Distributions from net realized gain | (.34) | (.74) | (.54) | (.05) | (.15) |
| Total distributions | (.42) | (.83) | (.59)B | (.13) | (.20) |
| Net asset value, end of period | $10.04 | $10.95 | $11.14 | $10.31 | $9.54 |
| Total ReturnC,D | (4.67)% | 6.01% | 14.06% | 9.53% | (1.08)% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .54% | .63% | .35% | .81% | .57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $24,460 | $24,652 | $21,190 | $16,188 | $13,344 |
| Portfolio turnover rateE | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.59 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.536 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.13 | $11.30 | $10.44 | $9.65 | $9.97 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .18 | .15 | .18 | .15 |
| Net realized and unrealized gain (loss) | (.55) | .59 | 1.40 | .82 | (.18) |
| Total from investment operations | (.39) | .77 | 1.55 | 1.00 | (.03) |
| Distributions from net investment income | (.16) | (.18) | (.15) | (.16) | (.13) |
| Distributions from net realized gain | (.36) | (.76) | (.55) | (.05) | (.16) |
| Total distributions | (.52) | (.94) | (.69)B | (.21) | (.29) |
| Net asset value, end of period | $10.22 | $11.13 | $11.30 | $10.44 | $9.65 |
| Total ReturnC | (3.65)% | 7.10% | 15.20% | 10.55% | .02% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.53% | 1.62% | 1.35% | 1.81% | 1.57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $320,449 | $303,017 | $282,594 | $202,208 | $126,497 |
| Portfolio turnover rateD | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.69 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.546 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 2.9 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.3 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2055 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 1,774,138 | $18,983,279 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 2,983,995 | 34,256,258 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 1,927,265 | 23,666,811 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 1,217,457 | 12,503,288 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 1,221,800 | 17,618,355 |
| Fidelity Advisor Series Small Cap Fund (a) | | 940,006 | 9,475,256 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 2,039,368 | 22,779,744 |
| Fidelity Series 100 Index Fund (a) | | 768,820 | 10,340,624 |
| Fidelity Series 1000 Value Index Fund (a) | | 367,257 | 3,793,767 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,807,319 | 22,754,147 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 781,256 | 3,820,342 |
| Fidelity Series Real Estate Equity Fund (a) | | 168,328 | 2,375,107 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 946,605 | 11,434,991 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $196,448,891) | | | 193,801,969 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 1,876,773 | 27,945,150 |
| Fidelity Series International Growth Fund (a) | | 2,018,935 | 26,892,210 |
| Fidelity Series International Small Cap Fund (a) | | 418,759 | 6,298,136 |
| Fidelity Series International Value Fund (a) | | 2,913,987 | 26,604,703 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $91,617,994) | | | 87,740,199 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 200,250 | 1,900,369 |
| Fidelity Series Floating Rate High Income Fund (a) | | 82,471 | 740,593 |
| Fidelity Series High Income Fund (a) | | 1,008,783 | 8,746,147 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 152,975 | 1,511,390 |
| Fidelity Series Investment Grade Bond Fund (a) | | 131,773 | 1,489,038 |
| Fidelity Series Real Estate Income Fund (a) | | 138,108 | 1,502,615 |
| TOTAL BOND FUNDS | | | |
| (Cost $17,220,326) | | | 15,890,152 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 5,173 | 51,731 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 96,639 | 96,639 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $148,154) | | | 148,370 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $305,435,365) | | | 297,580,690 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (47,770) |
| NET ASSETS - 100% | | | $297,532,920 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $14,086,899 | $8,874,261 | $3,693,228 | $27,321 | $18,983,279 |
| Fidelity Advisor Series Equity-Income Fund | 28,153,918 | 15,078,540 | 6,050,120 | 806,248 | 34,256,258 |
| Fidelity Advisor Series Growth & Income Fund | 19,351,812 | 10,239,762 | 3,917,119 | 407,831 | 23,666,811 |
| Fidelity Advisor Series Growth Opportunities Fund | 13,063,931 | 6,895,813 | 5,985,055 | 67,889 | 12,503,288 |
| Fidelity Advisor Series Opportunistic Insights Fund | 12,959,379 | 9,144,798 | 3,397,641 | -- | 17,618,355 |
| Fidelity Advisor Series Short-Term Credit Fund | 941,223 | 335,545 | 1,218,986 | 8,469 | 51,731 |
| Fidelity Advisor Series Small Cap Fund | 7,957,011 | 4,531,654 | 1,842,136 | 21,537 | 9,475,256 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 18,793,883 | 11,119,073 | 3,934,649 | 341,344 | 22,779,744 |
| Fidelity Institutional Money Market Portfolio Intitutional Class 0.39% | 2,216,677 | 1,069,135 | 3,189,173 | 3,246 | 96,639 |
| Fidelity Series 100 Index Fund | 8,404,068 | 3,938,181 | 2,148,722 | 219,711 | 10,340,624 |
| Fidelity Series 1000 Value Index Fund | 3,081,539 | 1,647,477 | 680,641 | 86,799 | 3,793,767 |
| Fidelity Series All-Sector Equity Fund | 18,690,062 | 10,363,140 | 4,019,922 | 189,473 | 22,754,147 |
| Fidelity Series Commodity Strategy Fund | 2,223,414 | 2,722,429 | 747,179 | -- | 3,820,342 |
| Fidelity Series Emerging Markets Debt Fund | 1,495,331 | 767,221 | 332,034 | 102,854 | 1,900,369 |
| Fidelity Series Emerging Markets Fund | 18,225,158 | 15,297,656 | 3,157,184 | 278,600 | 27,945,150 |
| Fidelity Series Floating Rate High Income Fund | 1,195,373 | 356,293 | 752,795 | 38,438 | 740,593 |
| Fidelity Series High Income Fund | 7,824,042 | 3,733,752 | 1,795,825 | 503,292 | 8,746,147 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 1,551,254 | 76,185 | 326 | 1,511,390 |
| Fidelity Series International Growth Fund | 21,782,706 | 11,336,234 | 4,481,275 | 267,208 | 26,892,210 |
| Fidelity Series International Small Cap Fund | 4,935,643 | 2,856,786 | 1,219,438 | 50,812 | 6,298,136 |
| Fidelity Series International Value Fund | 21,471,305 | 11,634,472 | 4,059,378 | 503,188 | 26,604,703 |
| Fidelity Series Investment Grade Bond Fund | 1,504,146 | 2,743,875 | 2,728,725 | 47,227 | 1,489,038 |
| Fidelity Series Real Estate Equity Fund | 1,917,589 | 1,261,481 | 714,207 | 37,839 | 2,375,107 |
| Fidelity Series Real Estate Income Fund | 1,148,985 | 592,883 | 195,360 | 63,701 | 1,502,615 |
| Fidelity Series Small Cap Opportunities Fund | 9,666,462 | 5,039,145 | 2,078,657 | 40,048 | 11,434,991 |
| Total | $241,090,556 | $143,130,860 | $62,415,634 | $4,113,401 | $297,580,690 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $305,435,365) — See accompanying schedule | | $297,580,690 |
| Receivable for investments sold | | 1,484,874 |
| Receivable for fund shares sold | | 833,824 |
| Total assets | | 299,899,388 |
| Liabilities | | |
| Payable for investments purchased | $1,794,820 | |
| Payable for fund shares redeemed | 523,864 | |
| Distribution and service plan fees payable | 47,784 | |
| Total liabilities | | 2,366,468 |
| Net Assets | | $297,532,920 |
| Net Assets consist of: | | |
| Paid in capital | | $298,872,512 |
| Undistributed net investment income | | 36,359 |
| Accumulated undistributed net realized gain (loss) on investments | | 6,478,724 |
| Net unrealized appreciation (depreciation) on investments | | (7,854,675) |
| Net Assets | | $297,532,920 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($130,308,921 ÷ 11,828,482 shares) | | $11.02 |
| Maximum offering price per share (100/94.25 of $11.02) | | $11.69 |
| Class T: | | |
| Net Asset Value and redemption price per share ($41,956,005 ÷ 3,820,368 shares) | | $10.98 |
| Maximum offering price per share (100/96.50 of $10.98) | | $11.38 |
| Class C: | | |
| Net Asset Value and offering price per share ($5,671,150 ÷ 516,692 shares)(a) | | $10.98 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($119,596,844 ÷ 10,817,023 shares) | | $11.06 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,113,401 |
| Expenses | | |
| Distribution and service plan fees | $535,656 | |
| Independent trustees' compensation | 1,099 | |
| Total expenses before reductions | 536,755 | |
| Expense reductions | (1,099) | 535,656 |
| Net investment income (loss) | | 3,577,745 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (2,016,856) | |
| Capital gain distributions from underlying funds | 11,479,186 | |
| Total net realized gain (loss) | | 9,462,330 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (22,208,242) |
| Net gain (loss) | | (12,745,912) |
| Net increase (decrease) in net assets resulting from operations | | $(9,168,167) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,577,745 | $2,786,210 |
| Net realized gain (loss) | 9,462,330 | 8,553,943 |
| Change in net unrealized appreciation (depreciation) | (22,208,242) | 1,775,819 |
| Net increase (decrease) in net assets resulting from operations | (9,168,167) | 13,115,972 |
| Distributions to shareholders from net investment income | (3,628,682) | (2,793,897) |
| Distributions to shareholders from net realized gain | (6,838,260) | (6,764,718) |
| Total distributions | (10,466,942) | (9,558,615) |
| Share transactions - net increase (decrease) | 76,117,748 | 80,161,628 |
| Total increase (decrease) in net assets | 56,482,639 | 83,718,985 |
| Net Assets | | |
| Beginning of period | 241,050,281 | 157,331,296 |
| End of period (including undistributed net investment income of $36,359 and undistributed net investment income of $87,297, respectively) | $297,532,920 | $241,050,281 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2055 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.92 | $11.71 | $10.56 | $9.75 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .15 | .16 | .12 | .18 | .11 |
| Net realized and unrealized gain (loss) | (.59) | .62 | 1.49 | .83 | (.11) |
| Total from investment operations | (.44) | .78 | 1.61 | 1.01 | – |
| Distributions from net investment income | (.14) | (.15) | (.11) | (.13) | (.11) |
| Distributions from net realized gain | (.31) | (.42) | (.36) | (.07) | (.15) |
| Total distributions | (.46)C | (.57) | (.46)D | (.20) | (.25)E |
| Net asset value, end of period | $11.02 | $11.92 | $11.71 | $10.56 | $9.75 |
| Total ReturnF,G,H | (3.89)% | 6.85% | 15.45% | 10.51% | .29% |
| Ratios to Average Net AssetsI,J | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25%K |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25%K |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25%K |
| Net investment income (loss) | 1.31% | 1.39% | 1.11% | 1.82% | 1.44%K |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $130,309 | $115,666 | $81,217 | $32,476 | $2,655 |
| Portfolio turnover rateI | 24% | 29% | 43% | 29% | 18%K |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.46 per share is comprised of distributions from net investment income of $.141 and distributions from net realized gain of $.314 per share.
D Total distributions of $.46 per share is comprised of distributions from net investment income of $.106 and distributions from net realized gain of $.355 per share.
E Total distributions of $.25 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.146 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I Amounts do not include the activity of the Underlying Funds.
J 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 underlying funds in which the Fund invests.
K Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2055 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.88 | $11.68 | $10.55 | $9.75 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .13 | .10 | .16 | .09 |
| Net realized and unrealized gain (loss) | (.59) | .62 | 1.47 | .82 | (.10) |
| Total from investment operations | (.47) | .75 | 1.57 | .98 | (.01) |
| Distributions from net investment income | (.12) | (.13) | (.09) | (.11) | (.09) |
| Distributions from net realized gain | (.31) | (.42) | (.36) | (.07) | (.15) |
| Total distributions | (.43) | (.55) | (.44)C | (.18) | (.24) |
| Net asset value, end of period | $10.98 | $11.88 | $11.68 | $10.55 | $9.75 |
| Total ReturnD,E,F | (4.11)% | 6.55% | 15.07% | 10.24% | .12% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50%I |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50%I |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50%I |
| Net investment income (loss) | 1.06% | 1.14% | .86% | 1.57% | 1.19%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $41,956 | $33,436 | $19,134 | $7,239 | $1,444 |
| Portfolio turnover rateG | 24% | 29% | 43% | 29% | 18%I |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.44 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.355 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2055 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.88 | $11.69 | $10.57 | $9.74 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .06 | .08 | .04 | .10 | .05 |
| Net realized and unrealized gain (loss) | (.58) | .61 | 1.47 | .83 | (.10) |
| Total from investment operations | (.52) | .69 | 1.51 | .93 | (.05) |
| Distributions from net investment income | (.08) | (.09) | (.05) | (.03) | (.06) |
| Distributions from net realized gain | (.30) | (.41) | (.35) | (.07) | (.15) |
| Total distributions | (.38) | (.50) | (.39)C | (.10) | (.21) |
| Net asset value, end of period | $10.98 | $11.88 | $11.69 | $10.57 | $9.74 |
| Total ReturnD,E,F | (4.53)% | 6.01% | 14.46% | 9.69% | (.27)% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%I |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%I |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%I |
| Net investment income (loss) | .56% | .65% | .36% | 1.07% | .69%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,671 | $4,180 | $2,491 | $1,094 | $1,127 |
| Portfolio turnover rateG | 24% | 29% | 43% | 29% | 18%I |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.39 per share is comprised of distributions from net investment income of $.048 and distributions from net realized gain of $.345 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2055 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.96 | $11.74 | $10.59 | $9.76 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .18 | .19 | .15 | .21 | .13 |
| Net realized and unrealized gain (loss) | (.60) | .63 | 1.48 | .83 | (.11) |
| Total from investment operations | (.42) | .82 | 1.63 | 1.04 | .02 |
| Distributions from net investment income | (.17) | (.18) | (.13) | (.14) | (.12) |
| Distributions from net realized gain | (.31) | (.42) | (.36) | (.07) | (.15) |
| Total distributions | (.48) | (.60) | (.48)C | (.21) | (.26)D |
| Net asset value, end of period | $11.06 | $11.96 | $11.74 | $10.59 | $9.76 |
| Total ReturnE,F | (3.64)% | 7.15% | 15.61% | 10.84% | .51% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductionsI | -% | -% | -% | -% | - %J |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | - %J |
| Expenses net of all reductions | -% | -% | -% | -% | - %J |
| Net investment income (loss) | 1.56% | 1.64% | 1.36% | 2.07% | 1.69%J |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $119,597 | $87,769 | $54,490 | $18,438 | $2,503 |
| Portfolio turnover rateG | 24% | 29% | 43% | 29% | 18%J |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.48 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.355 per share.
D Total distributions of $.26 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.146 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I Amount represents less than .005%.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.3 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2060 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 115,592 | $1,236,832 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 194,569 | 2,233,656 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 125,567 | 1,541,962 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 78,643 | 807,659 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 79,605 | 1,147,902 |
| Fidelity Advisor Series Small Cap Fund (a) | | 61,245 | 617,346 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 132,871 | 1,484,173 |
| Fidelity Series 100 Index Fund (a) | | 50,091 | 673,729 |
| Fidelity Series 1000 Value Index Fund (a) | | 24,097 | 248,923 |
| Fidelity Series All-Sector Equity Fund (a) | | 117,753 | 1,482,514 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 50,956 | 249,174 |
| Fidelity Series Real Estate Equity Fund (a) | | 11,091 | 156,492 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 61,819 | 746,776 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $12,836,685) | | | 12,627,138 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 122,310 | 1,821,194 |
| Fidelity Series International Growth Fund (a) | | 131,356 | 1,749,667 |
| Fidelity Series International Small Cap Fund (a) | | 27,167 | 408,592 |
| Fidelity Series International Value Fund (a) | | 190,245 | 1,736,941 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $5,789,198) | | | 5,716,394 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 12,793 | 121,405 |
| Fidelity Series Floating Rate High Income Fund (a) | | 5,375 | 48,271 |
| Fidelity Series High Income Fund (a) | | 66,488 | 576,447 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 9,833 | 97,150 |
| Fidelity Series Investment Grade Bond Fund (a) | | 8,583 | 96,989 |
| Fidelity Series Real Estate Income Fund (a) | | 8,737 | 95,060 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,052,755) | | | 1,035,322 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 337 | 3,366 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 6,199 | 6,199 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $9,544) | | | 9,565 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $19,688,182) | | | 19,388,419 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (4,197) |
| NET ASSETS - 100% | | | $19,384,222 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $353,521 | $1,297,063 | $399,237 | $1,160 | $1,236,832 |
| Fidelity Advisor Series Equity-Income Fund | 707,283 | 2,420,635 | 796,247 | 29,132 | 2,233,656 |
| Fidelity Advisor Series Growth & Income Fund | 487,676 | 1,657,937 | 537,294 | 14,582 | 1,541,962 |
| Fidelity Advisor Series Growth Opportunities Fund | 318,390 | 969,236 | 416,737 | 2,881 | 807,659 |
| Fidelity Advisor Series Opportunistic Insights Fund | 326,097 | 1,218,871 | 348,482 | -- | 1,147,902 |
| Fidelity Advisor Series Short-Term Credit Fund | 23,018 | 45,411 | 64,879 | 306 | 3,366 |
| Fidelity Advisor Series Small Cap Fund | 200,479 | 685,881 | 229,017 | 903 | 617,346 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 472,950 | 1,662,751 | 534,963 | 14,688 | 1,484,173 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 56,252 | 132,963 | 183,016 | 122 | 6,199 |
| Fidelity Series 100 Index Fund | 211,084 | 706,004 | 251,773 | 9,487 | 673,729 |
| Fidelity Series 1000 Value Index Fund | 78,435 | 267,189 | 89,096 | 3,870 | 248,923 |
| Fidelity Series All-Sector Equity Fund | 470,740 | 1,628,937 | 528,319 | 8,154 | 1,482,514 |
| Fidelity Series Commodity Strategy Fund | 47,745 | 273,765 | 60,309 | -- | 249,174 |
| Fidelity Series Emerging Markets Debt Fund | 35,884 | 125,273 | 40,196 | 4,199 | 121,405 |
| Fidelity Series Emerging Markets Fund | 465,641 | 1,938,647 | 537,003 | 11,705 | 1,821,194 |
| Fidelity Series Floating Rate High Income Fund | 29,473 | 55,942 | 35,052 | 1,522 | 48,271 |
| Fidelity Series High Income Fund | 204,550 | 615,952 | 212,705 | 20,520 | 576,447 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 114,857 | 20,019 | 18 | 97,150 |
| Fidelity Series International Growth Fund | 545,165 | 1,858,816 | 588,719 | 11,222 | 1,749,667 |
| Fidelity Series International Small Cap Fund | 124,995 | 433,867 | 141,612 | 2,129 | 408,592 |
| Fidelity Series International Value Fund | 537,491 | 1,891,158 | 588,329 | 21,094 | 1,736,941 |
| Fidelity Series Investment Grade Bond Fund | 33,417 | 199,631 | 136,047 | 1,892 | 96,989 |
| Fidelity Series Real Estate Equity Fund | 48,806 | 170,945 | 66,377 | 1,555 | 156,492 |
| Fidelity Series Real Estate Income Fund | 29,252 | 96,688 | 30,306 | 2,527 | 95,060 |
| Fidelity Series Small Cap Opportunities Fund | 243,810 | 797,112 | 262,103 | 1,466 | 746,776 |
| Total | $6,052,154 | $21,265,531 | $7,097,837 | $165,134 | $19,388,419 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $19,688,182) — See accompanying schedule | | $19,388,419 |
| Receivable for investments sold | | 58,235 |
| Receivable for fund shares sold | | 111,977 |
| Total assets | | 19,558,631 |
| Liabilities | | |
| Payable for investments purchased | $105,850 | |
| Payable for fund shares redeemed | 64,332 | |
| Distribution and service plan fees payable | 4,227 | |
| Total liabilities | | 174,409 |
| Net Assets | | $19,384,222 |
| Net Assets consist of: | | |
| Paid in capital | | $19,764,321 |
| Undistributed net investment income | | 1,000 |
| Accumulated undistributed net realized gain (loss) on investments | | (81,336) |
| Net unrealized appreciation (depreciation) on investments | | (299,763) |
| Net Assets | | $19,384,222 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($9,058,108 ÷ 941,230 shares) | | $9.62 |
| Maximum offering price per share (100/94.25 of $9.62) | | $10.21 |
| Class T: | | |
| Net Asset Value and redemption price per share ($3,189,124 ÷ 331,210 shares) | | $9.63 |
| Maximum offering price per share (100/96.50 of $9.63) | | $9.98 |
| Class C: | | |
| Net Asset Value and offering price per share ($1,292,155 ÷ 133,503 shares)(a) | | $9.68 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($5,844,835 ÷ 605,989 shares) | | $9.65 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $165,134 |
| Expenses | | |
| Distribution and service plan fees | $31,554 | |
| Independent trustees' compensation | 41 | |
| Total expenses before reductions | 31,595 | |
| Expense reductions | (41) | 31,554 |
| Net investment income (loss) | | 133,580 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (500,422) | |
| Capital gain distributions from underlying funds | 508,570 | |
| Total net realized gain (loss) | | 8,148 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (331,013) |
| Net gain (loss) | | (322,865) |
| Net increase (decrease) in net assets resulting from operations | | $(189,285) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | For the period August 5, 2014 (commencement of operations) to March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $133,580 | $42,863 |
| Net realized gain (loss) | 8,148 | 130,461 |
| Change in net unrealized appreciation (depreciation) | (331,013) | 31,250 |
| Net increase (decrease) in net assets resulting from operations | (189,285) | 204,574 |
| Distributions to shareholders from net investment income | (132,580) | (45,136) |
| Distributions to shareholders from net realized gain | (178,082) | (39,590) |
| Total distributions | (310,662) | (84,726) |
| Share transactions - net increase (decrease) | 13,834,207 | 5,930,114 |
| Total increase (decrease) in net assets | 13,334,260 | 6,049,962 |
| Net Assets | | |
| Beginning of period | 6,049,962 | – |
| End of period (including undistributed net investment income of $1,000 and undistributed net investment income of $0, respectively) | $19,384,222 | $6,049,962 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2060 Fund Class A
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.34 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .12 | .15 |
| Net realized and unrealized gain (loss) | (.51) | .37 |
| Total from investment operations | (.39) | .52 |
| Distributions from net investment income | (.11) | (.10) |
| Distributions from net realized gain | (.22) | (.08) |
| Total distributions | (.33) | (.18) |
| Net asset value, end of period | $9.62 | $10.34 |
| Total ReturnC,D,E | (3.89)% | 5.24% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .25% | .25%H |
| Expenses net of fee waivers, if any | .25% | .25%H |
| Expenses net of all reductions | .25% | .25%H |
| Net investment income (loss) | 1.29% | 2.24%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $9,058 | $2,267 |
| Portfolio turnover rateF | 64% | 47%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2060 Fund Class T
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.33 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .10 | .13 |
| Net realized and unrealized gain (loss) | (.51) | .38 |
| Total from investment operations | (.41) | .51 |
| Distributions from net investment income | (.08) | (.09) |
| Distributions from net realized gain | (.21) | (.08) |
| Total distributions | (.29) | (.18)C |
| Net asset value, end of period | $9.63 | $10.33 |
| Total ReturnD,E,F | (4.09)% | 5.07% |
| Ratios to Average Net AssetsG,H | | |
| Expenses before reductions | .50% | .51%I,J |
| Expenses net of fee waivers, if any | .50% | .51%I,J |
| Expenses net of all reductions | .50% | .51%I,J |
| Net investment income (loss) | 1.04% | 1.98%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $3,189 | $2,062 |
| Portfolio turnover rateG | 64% | 47%I |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.18 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.081 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I Annualized
J On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2060 Fund Class C
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.31 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .05 | .10 |
| Net realized and unrealized gain (loss) | (.51) | .38 |
| Total from investment operations | (.46) | .48 |
| Distributions from net investment income | – | (.08) |
| Distributions from net realized gain | (.17) | (.08) |
| Total distributions | (.17) | (.17)C |
| Net asset value, end of period | $9.68 | $10.31 |
| Total ReturnD,E,F | (4.60)% | 4.77% |
| Ratios to Average Net AssetsG,H�� | | |
| Expenses before reductions | .99%I | 1.02%I,J |
| Expenses net of fee waivers, if any | .99%I | 1.02%I,J |
| Expenses net of all reductions | .99%I | 1.02%I,J |
| Net investment income (loss) | .55% | 1.47%J |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $1,292 | $1,322 |
| Portfolio turnover rateG | 64% | 47%J |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.17 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.081 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2060 Fund Class I
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.35 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .15 | .17 |
| Net realized and unrealized gain (loss) | (.50) | .37 |
| Total from investment operations | (.35) | .54 |
| Distributions from net investment income | (.12) | (.10) |
| Distributions from net realized gain | (.23) | (.08) |
| Total distributions | (.35) | (.19)C |
| Net asset value, end of period | $9.65 | $10.35 |
| Total ReturnD,E | (3.54)% | 5.38% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductionsH | -% | - %I |
| Expenses net of fee waivers, if any | -% | - %I |
| Expenses net of all reductions | -% | - %I |
| Net investment income (loss) | 1.54% | 2.49%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $5,845 | $399 |
| Portfolio turnover rateF | 64% | 47%I |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.19 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.081 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
H Amount represents less than .005%.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2016
1. Organization.
Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund and Fidelity Advisor Freedom 2060 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 C, and Class I (formerly Institutional Class) shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.
During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities |
| Advisor Freedom Income | $234,663,251 | $10,303,739 | $(3,954,119) | $6,349,620 |
| Advisor Freedom 2005 | 223,450,878 | 12,473,756 | (4,293,463) | 8,180,293 |
| Advisor Freedom 2010 | 568,486,540 | 38,728,741 | (11,301,334) | 27,427,407 |
| Advisor Freedom 2015 | 1,281,133,173 | 105,592,411 | (28,202,314) | 77,390,097 |
| Advisor Freedom 2020 | 2,594,627,855 | 193,661,389 | (69,449,985) | 124,211,404 |
| Advisor Freedom 2025 | 2,776,118,600 | 216,490,684 | (80,497,906) | 135,992,778 |
| Advisor Freedom 2030 | 2,652,651,655 | 225,468,087 | (88,455,976) | 137,012,111 |
| Advisor Freedom 2035 | 2,032,332,906 | 180,939,034 | (74,192,039) | 106,746,995 |
| Advisor Freedom 2040 | 1,865,091,186 | 168,721,157 | (64,280,547) | 104,440,610 |
| Advisor Freedom 2045 | 1,060,422,430 | 86,397,730 | (41,183,321) | 45,214,409 |
| Advisor Freedom 2050 | 802,969,423 | 65,919,821 | (31,074,371) | 34,845,450 |
| Advisor Freedom 2055 | 308,193,928 | 7,541,877 | (18,155,115) | (10,613,238) |
| Advisor Freedom 2060 | 20,192,132 | 405,062 | (1,208,775) | (803,713) |
The Fidelity Advisor Freedom Income Fund intends to elect to defer to its next fiscal year $121,506 of capital losses recognized during the period November 1, 2015 to March 31, 2016.
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) on securities and other investments |
| Advisor Freedom Income | $184,777 | $1,924,587 | $6,349,620 |
| Advisor Freedom 2005 | 673,411 | 3,379,377 | 8,180,293 |
| Advisor Freedom 2010 | 1,529,529 | 10,375,846 | 27,427,407 |
| Advisor Freedom 2015 | 2,820,018 | 27,878,614 | 77,390,097 |
| Advisor Freedom 2020 | 4,124,116 | 61,260,584 | 124,211,404 |
| Advisor Freedom 2025 | 3,486,792 | 73,972,021 | 135,992,778 |
| Advisor Freedom 2030 | 1,073,123 | 85,726,047 | 137,012,111 |
| Advisor Freedom 2035 | – | 72,975,324 | 106,746,995 |
| Advisor Freedom 2040 | 417,773 | 66,724,782 | 104,440,610 |
| Advisor Freedom 2045 | – | 37,609,452 | 45,214,409 |
| Advisor Freedom 2050 | 364,373 | 27,713,479 | 34,845,450 |
| Advisor Freedom 2055 | 57,950 | 9,215,697 | (10,613,238) |
| Advisor Freedom 2060 | 9,788 | 413,826 | (803,713) |
The tax character of distributions paid was as follows:
| March 31, 2016 | | | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Advisor Freedom Income | $4,884,761 | $3,820,229 | $8,704,990 |
| Advisor Freedom 2005 | 4,673,903 | 5,971,314 | 10,645,217 |
| Advisor Freedom 2010 | 12,243,132 | 21,929,091 | 34,172,223 |
| Advisor Freedom 2015 | 28,616,187 | 49,280,351 | 77,896,538 |
| Advisor Freedom 2020 | 59,210,930 | 81,951,993 | 141,162,923 |
| Advisor Freedom 2025 | 60,037,269 | 86,515,468 | 146,552,737 |
| Advisor Freedom 2030 | 55,156,428 | 95,790,680 | 150,947,108 |
| Advisor Freedom 2035 | 39,494,918 | 71,951,957 | 111,446,875 |
| Advisor Freedom 2040 | 35,855,941 | 72,671,926 | 108,527,867 |
| Advisor Freedom 2045 | 21,099,884 | 33,797,220 | 54,897,104 |
| Advisor Freedom 2050 | 15,026,431 | 24,659,053 | 39,685,484 |
| Advisor Freedom 2055 | 4,848,223 | 5,618,719 | 10,466,942 |
| Advisor Freedom 2060 | 185,174 | 125,488 | 310,662 |
| March 31, 2015 | | | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Advisor Freedom Income | $5,470,111 | $7,442,028 | $12,912,139 |
| Advisor Freedom 2005 | 6,611,171 | 7,578,428 | 14,189,599 |
| Advisor Freedom 2010 | 19,801,971 | 29,512,311 | 49,314,282 |
| Advisor Freedom 2015 | 46,624,076 | 69,170,198 | 115,794,274 |
| Advisor Freedom 2020 | 83,865,023 | 120,541,435 | 204,406,458 |
| Advisor Freedom 2025 | 84,676,094 | 125,116,175 | 209,792,269 |
| Advisor Freedom 2030 | 82,492,360 | 118,670,544 | 201,162,904 |
| Advisor Freedom 2035 | 59,971,742 | 98,523,932 | 158,495,674 |
| Advisor Freedom 2040 | 57,193,107 | 90,378,203 | 147,571,310 |
| Advisor Freedom 2045 | 29,577,173 | 61,465,138 | 91,042,311 |
| Advisor Freedom 2050 | 21,604,802 | 45,601,888 | 67,206,690 |
| Advisor Freedom 2055 | 5,114,063 | 4,444,552 | 9,558,615 |
| Advisor Freedom 2060 | 83,260 | 1,466 | 84,726 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares, are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Advisor Freedom Income | 77,862,160 | 99,961,259 |
| Advisor Freedom 2005 | 72,500,627 | 94,668,672 |
| Advisor Freedom 2010 | 135,368,797 | 234,416,135 |
| Advisor Freedom 2015 | 300,241,795 | 524,782,326 |
| Advisor Freedom 2020 | 584,020,476 | 843,400,394 |
| Advisor Freedom 2025 | 730,935,432 | 794,247,695 |
| Advisor Freedom 2030 | 654,244,022 | 792,234,755 |
| Advisor Freedom 2035 | 500,836,784 | 546,793,920 |
| Advisor Freedom 2040 | 436,520,812 | 537,974,561 |
| Advisor Freedom 2045 | 305,972,296 | 299,192,544 |
| Advisor Freedom 2050 | 246,518,425 | 204,155,352 |
| Advisor Freedom 2055 | 143,130,860 | 62,415,634 |
| Advisor Freedom 2060 | 21,265,531 | 7,097,837 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Effective October 1, 2015, FMR Co., Inc., an affiliate of Strategic Advisers, Inc. (SAI), replaced SAI as investment adviser to the Funds pursuant to a management contract between the Funds and FMR Co., Inc. The new contract does not impact the Funds' investment process, strategies or management fees. The Funds do not pay any fees for investment management related services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding distribution and service fees, compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
| Advisor Freedom Income | | | | |
| Class A | -% | .25% | $277,081 | $10,135 |
| Class T | .25% | .25% | 247,275 | – |
| Class B | .75% | .25% | 8,473 | 6,361 |
| Class C | .75% | .25% | 151,924 | 17,939 |
| | | | $684,753 | $34,435 |
| Advisor Freedom 2005 | | | | |
| Class A | -% | .25% | $359,556 | $18,926 |
| Class T | .25% | .25% | 147,032 | – |
| Class B | .75% | .25% | 4,333 | 3,251 |
| Class C | .75% | .25% | 69,943 | 5,375 |
| | | | $580,864 | $27,552 |
| Advisor Freedom 2010 | | | | |
| Class A | -% | .25% | $931,579 | $37,544 |
| Class T | .25% | .25% | 489,342 | 1,890 |
| Class B | .75% | .25% | 16,524 | 12,398 |
| Class C | .75% | .25% | 325,477 | 18,211 |
| | | | $1,762,922 | $70,043 |
| Advisor Freedom 2015 | | | | |
| Class A | -% | .25% | $2,099,475 | $86,100 |
| Class T | .25% | .25% | 991,940 | – |
| Class B | .75% | .25% | 50,271 | 37,703 |
| Class C | .75% | .25% | 670,637 | 49,723 |
| | | | $3,812,323 | $173,526 |
| Advisor Freedom 2020 | | | | |
| Class A | -% | .25% | $3,985,834 | $152,637 |
| Class T | .25% | .25% | 2,070,340 | – |
| Class B | .75% | .25% | 116,329 | 87,247 |
| Class C | .75% | .25% | 1,080,621 | 108,974 |
| | | | $7,253,124 | $348,858 |
| Advisor Freedom 2025 | | | | |
| Class A | -% | .25% | $4,232,084 | $163,652 |
| Class T | .25% | .25% | 2,009,335 | – |
| Class B | .75% | .25% | 84,495 | 63,371 |
| Class C | .75% | .25% | 932,895 | 98,710 |
| | | | $7,258,809 | $325,733 |
| Advisor Freedom 2030 | | | | |
| Class A | -% | .25% | $3,867,072 | $140,492 |
| Class T | .25% | .25% | 2,162,368 | – |
| Class B | .75% | .25% | 100,733 | 75,550 |
| Class C | .75% | .25% | 880,429 | 92,181 |
| | | | $7,010,602 | $308,223 |
| Advisor Freedom 2035 | | | | |
| Class A | -% | .25% | $2,991,211 | $130,041 |
| Class T | .25% | .25% | 1,508,720 | – |
| Class B | .75% | .25% | 68,303 | 51,227 |
| Class C | .75% | .25% | 549,377 | 63,661 |
| | | | $5,117,611 | $244,929 |
| Advisor Freedom 2040 | | | | |
| Class A | -% | .25% | $2,619,504 | $88,401 |
| Class T | .25% | .25% | 1,577,992 | 1,204 |
| Class B | .75% | .25% | 84,320 | 63,240 |
| Class C | .75% | .25% | 741,852 | 69,442 |
| | | | $5,023,668 | $222,287 |
| Advisor Freedom 2045 | | | | |
| Class A | -% | .25% | $1,437,379 | $59,300 |
| Class T | .25% | .25% | 769,238 | – |
| Class B | .75% | .25% | 18,520 | 13,890 |
| Class C | .75% | .25% | 226,939 | 44,252 |
| | | | $2,452,076 | $117,442 |
| Advisor Freedom 2050 | | | | |
| Class A | -% | .25% | $972,805 | $27,944 |
| Class T | .25% | .25% | 620,322 | – |
| Class B | .75% | .25% | 24,652 | 18,489 |
| Class C | .75% | .25% | 243,183 | 34,372 |
| | | | $1,860,962 | $80,805 |
| Advisor Freedom 2055 | | | | |
| Class A | -% | .25% | $307,864 | $6,948 |
| Class T | .25% | .25% | 178,543 | 586 |
| Class C | .75% | .25% | 49,249 | 16,767 |
| | | | $535,656 | $24,301 |
| Advisor Freedom 2060 | | | | |
| Class A | -% | .25% | $13,085 | $13,085 |
| Class T | .25% | .25% | 9,360 | 9,360 |
| Class C | .75% | .25% | 9,109 | 9,109 |
| | | | $31,554 | $31,554 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained
by FDC |
| Advisor Freedom Income | |
| Class A | $11,638 |
| Class T | 2,040 |
| Class B(a) | 1,416 |
| Class C(a) | 1,331 |
| | $16,425 |
| Advisor Freedom 2005 | |
| Class A | $2,074 |
| Class T | 972 |
| Class B(a) | 51 |
| Class C(a) | 1,056 |
| | $4,153 |
| Advisor Freedom 2010 | |
| Class A | $8,334 |
| Class T | 4,018 |
| Class B(a) | 980 |
| Class C(a) | 2,908 |
| | $16,240 |
| Advisor Freedom 2015 | |
| Class A | $28,454 |
| Class T | 8,739 |
| Class B(a) | 2,647 |
| Class C(a) | 5,495 |
| | $45,335 |
| Advisor Freedom 2020 | |
| Class A | $64,812 |
| Class T | 30,491 |
| Class B(a) | 2,943 |
| Class C(a) | 12,128 |
| | $110,374 |
| Advisor Freedom 2025 | |
| Class A | $75,526 |
| Class T | 43,677 |
| Class B(a) | 2,321 |
| Class C(a) | 8,616 |
| | $130,140 |
| Advisor Freedom 2030 | |
| Class A | $84,851 |
| Class T | 44,482 |
| Class B(a) | 2,606 |
| Class C(a) | 9,329 |
| | $141,268 |
| Advisor Freedom 2035 | |
| Class A | $77,104 |
| Class T | 41,101 |
| Class B(a) | 2,798 |
| Class C(a) | 8,889 |
| | $129,892 |
| Advisor Freedom 2040 | |
| Class A | $81,293 |
| Class T | 36,719 |
| Class B(a) | 1,622 |
| Class C(a) | 9,227 |
| | $128,861 |
| Advisor Freedom 2045 | |
| Class A | $47,679 |
| Class T | 24,878 |
| Class B(a) | 755 |
| Class C(a) | 4,650 |
| | $77,962 |
| Advisor Freedom 2050 | |
| Class A | $46,114 |
| Class T | 14,909 |
| Class B(a) | 628 |
| Class C(a) | 7,692 |
| | $69,343 |
| Advisor Freedom 2055 | |
| Class A | $22,860 |
| Class T | 10,510 |
| Class C(a) | 1,422 |
| | $34,792 |
| Advisor Freedom 2060 | |
| Class A | $1,779 |
| Class T | 775 |
| Class C(a) | 811 |
| | $3,365 |
(a) 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 |
| Advisor Freedom Income | | |
| Class A | .25% | $473 |
| Class T | .50% | 211 |
| Class B | 1.00% | 4 |
| Class C | 1.00% | 65 |
| Class I | -% | 344 |
| Advisor Freedom 2005 | | |
| Class A | .25% | 617 |
| Class T | .50% | 126 |
| Class B | 1.00% | 2 |
| Class C | 1.00% | 30 |
| Class I | -% | 266 |
| Advisor Freedom 2010 | | |
| Class A | .25% | 1,606 |
| Class T | .50% | 422 |
| Class B | 1.00% | 7 |
| Class C | 1.00% | 140 |
| Class I | -% | 644 |
| Advisor Freedom 2015 | | |
| Class A | .25% | 3,620 |
| Class T | .50% | 855 |
| Class B | 1.00% | 22 |
| Class C | 1.00% | 289 |
| Class I | -% | 1,676 |
| Advisor Freedom 2020 | | |
| Class A | .25% | 6,842 |
| Class T | .50% | 1,777 |
| Class B | 1.00% | 50 |
| Class C | 1.00% | 464 |
| Class I | -% | 3,344 |
| Advisor Freedom 2025 | | |
| Class A | .25% | 7,228 |
| Class T | .50% | 1,716 |
| Class B | 1.00% | 36 |
| Class C | 1.00% | 398 |
| Class I | -% | 3,527 |
| Advisor Freedom 2030 | | |
| Class A | .25% | 6,624 |
| Class T | .50% | 1,851 |
| Class B | 1.00% | 43 |
| Class C | 1.00% | 377 |
| Class I | -% | 3,698 |
| Advisor Freedom 2035 | | |
| Class A | .25% | 5,114 |
| Class T | .50% | 1,290 |
| Class B | 1.00% | 29 |
| Class C | 1.00% | 235 |
| Class I | -% | 2,894 |
| Advisor Freedom 2040 | | |
| Class A | .25% | 4,490 |
| Class T | .50% | 1,352 |
| Class B | 1.00% | 36 |
| Class C | 1.00% | 318 |
| Class I | -% | 2,715 |
| Advisor Freedom 2045 | | |
| Class A | .25% | 2,452 |
| Class T | .50% | 656 |
| Class B | 1.00% | 8 |
| Class C | 1.00% | 97 |
| Class I | -% | 1,618 |
| Advisor Freedom 2050 | | |
| Class A | .25% | 1,656 |
| Class T | .50% | 527 |
| Class B | 1.00% | 10 |
| Class C | 1.00% | 103 |
| Class I | -% | 1,271 |
| Advisor Freedom 2055 | | |
| Class A | .25% | 512 |
| Class T | .50% | 149 |
| Class C | 1.00% | 21 |
| Class I | -% | 417 |
| Advisor Freedom 2060 | | |
| Class A | .25% | 20 |
| Class T | .50% | 7 |
| Class C | 1.00% | 4 |
| Class I | -% | 10 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, | 2016 | 2015(a) |
| Advisor Freedom Income | | |
| From net investment income | | |
| Class A | $1,804,087 | $2,006,074 |
| Class T | 701,827 | 610,551 |
| Class B | 6,793 | 10,867 |
| Class C | 134,792 | 120,553 |
| Class I | 1,517,104 | 1,291,837 |
| Total | $4,164,603 | $4,039,882 |
| From net realized gain | | |
| Class A | $1,977,599 | $4,377,554 |
| Class T | 869,741 | 1,580,033 |
| Class B | 15,183 | 48,599 |
| Class C | 267,669 | 507,683 |
| Class I | 1,410,195 | 2,358,388 |
| Total | $4,540,387 | $8,872,257 |
| Advisor Freedom 2005 | | |
| From net investment income | | |
| Class A | $2,323,956 | $2,703,708 |
| Class T | 432,659 | 364,687 |
| Class B | 2,404 | 5,181 |
| Class C | 54,932 | 65,460 |
| Class I | 1,193,174 | 1,286,785 |
| Total | $4,007,125 | $4,425,821 |
| From net realized gain | | |
| Class A | $3,970,930 | $6,021,448 |
| Class T | 790,924 | 979,095 |
| Class B | 12,507 | 29,661 |
| Class C | 184,344 | 288,876 |
| Class I | 1,679,387 | 2,444,698 |
| Total | $6,638,092 | $9,763,778 |
| Advisor Freedom 2010 | | |
| From net investment income | | |
| Class A | $6,003,972 | $7,526,871 |
| Class T | 1,397,138 | 1,541,263 |
| Class B | 10,451 | 22,518 |
| Class C | 282,705 | 328,872 |
| Class I | 2,890,342 | 3,154,793 |
| Total | $10,584,608 | $12,574,317 |
| From net realized gain | | |
| Class A | $13,470,039 | $21,724,587 |
| Class T | 3,526,741 | 5,280,109 |
| Class B | 61,327 | 148,899 |
| Class C | 1,160,445 | 1,691,065 |
| Class I | 5,369,063 | 7,895,305 |
| Total | $23,587,615 | $36,739,965 |
| Advisor Freedom 2015 | | |
| From net investment income | | |
| Class A | $13,583,429 | $16,472,036 |
| Class T | 2,859,915 | 3,019,840 |
| Class B | 26,012 | 67,393 |
| Class C | 611,152 | 657,182 |
| Class I | 7,528,137 | 8,235,434 |
| Total | $24,608,645 | $28,451,885 |
| From net realized gain | | |
| Class A | $29,986,512 | $50,483,414 |
| Class T | 6,985,833 | 10,845,327 |
| Class B | 188,847 | 494,619 |
| Class C | 2,396,646 | 3,671,376 |
| Class I | 13,730,055 | 21,847,653 |
| Total | $53,287,893 | $87,342,389 |
| Advisor Freedom 2020 | | |
| From net investment income | | |
| Class A | $25,698,008 | $29,563,833 |
| Class T | 5,809,331 | 6,239,241 |
| Class B | 69,298 | 142,694 |
| Class C | 982,499 | 1,028,825 |
| Class I | 15,059,860 | 15,728,192 |
| Total | $47,618,996 | $52,702,785 |
| From net realized gain | | |
| Class A | $51,415,664 | $85,524,060 |
| Class T | 13,261,302 | 20,889,781 |
| Class B | 386,650 | 918,360 |
| Class C | 3,437,464 | 5,335,699 |
| Class I | 25,042,847 | 39,035,773 |
| Total | $93,543,927 | $151,703,673 |
| Advisor Freedom 2025 | | |
| From net investment income | | |
| Class A | $25,260,945 | $29,627,711 |
| Class T | 5,193,908 | 5,418,579 |
| Class B | 46,533 | 101,520 |
| Class C | 806,872 | 888,259 |
| Class I | 15,273,123 | 15,118,302 |
| Total | $46,581,381 | $51,154,371 |
| From net realized gain | | |
| Class A | $56,433,404 | $92,842,798 |
| Class T | 13,038,884 | 19,605,381 |
| Class B | 284,440 | 713,467 |
| Class C | 3,044,442 | 4,752,036 |
| Class I | 27,170,186 | 40,724,216 |
| Total | $99,971,356 | $158,637,898 |
| Advisor Freedom 2030 | | |
| From net investment income | | |
| Class A | $21,002,263 | $24,784,369 |
| Class T | 5,079,042 | 5,372,386 |
| Class B | 50,382 | 112,725 |
| Class C | 708,607 | 766,016 |
| Class I | 14,549,548 | 15,114,759 |
| Total | $41,389,842 | $46,150,255 |
| From net realized gain | | |
| Class A | $57,942,069 | $84,610,105 |
| Class T | 15,934,228 | 21,708,833 |
| Class B | 388,181 | 815,088 |
| Class C | 3,165,501 | 4,413,727 |
| Class I | 32,127,287 | 43,464,896 |
| Total | $109,557,266 | $155,012,649 |
| Advisor Freedom 2035 | | |
| From net investment income | | |
| Class A | $15,074,742 | $18,356,639 |
| Class T | 3,409,864 | 3,426,264 |
| Class B | 29,846 | 76,279 |
| Class C | 417,642 | 462,007 |
| Class I | 10,711,198 | 11,208,570 |
| Total | $29,643,292 | $33,529,759 |
| From net realized gain | | |
| Class A | $44,129,826 | $69,919,414 |
| Class T | 10,749,563 | 15,386,135 |
| Class B | 263,010 | 616,495 |
| Class C | 1,945,397 | 2,908,220 |
| Class I | 24,715,787 | 36,135,651 |
| Total | $81,803,583 | $124,965,915 |
| Advisor Freedom 2040 | | |
| From net investment income | | |
| Class A | $13,245,609 | $16,039,742 |
| Class T | 3,474,790 | 3,721,379 |
| Class B | 37,589 | 93,560 |
| Class C | 552,326 | 614,961 |
| Class I | 9,948,354 | 10,655,035 |
| Total | $27,258,668 | $31,124,677 |
| From net realized gain | | |
| Class A | $41,038,189 | $60,990,886 |
| Class T | 12,029,970 | 16,937,286 |
| Class B | 342,889 | 750,193 |
| Class C | 2,798,704 | 3,891,999 |
| Class I | 25,059,447 | 33,876,269 |
| Total | $81,269,199 | $116,446,633 |
| Advisor Freedom 2045 | | |
| From net investment income | | |
| Class A | $7,193,208 | $8,514,719 |
| Class T | 1,742,888 | 1,660,433 |
| Class B | 8,549 | 19,801 |
| Class C | 173,785 | 177,170 |
| Class I | 6,041,225 | 6,221,904 |
| Total | $15,159,655 | $16,594,027 |
| From net realized gain | | |
| Class A | $20,290,272 | $39,621,319 |
| Class T | 5,212,191 | 8,954,687 |
| Class B | 66,944 | 200,706 |
| Class C | 753,888 | 1,321,278 |
| Class I | 13,414,154 | 24,350,294 |
| Total | $39,737,449 | $74,448,284 |
| Advisor Freedom 2050 | | |
| From net investment income | | |
| Class A | $4,848,702 | $5,557,324 |
| Class T | 1,370,739 | 1,344,442 |
| Class B | 10,523 | 24,678 |
| Class C | 179,089 | 190,766 |
| Class I | 4,823,851 | 4,774,757 |
| Total | $11,232,904 | $11,891,967 |
| From net realized gain | | |
| Class A | $13,328,702 | $26,749,886 |
| Class T | 4,134,203 | 7,872,988 |
| Class B | 86,878 | 283,231 |
| Class C | 788,832 | 1,498,275 |
| Class I | 10,113,965 | 18,910,343 |
| Total | $28,452,580 | $55,314,723 |
| Advisor Freedom 2055 | | |
| From net investment income | | |
| Class A | $1,554,706 | $1,321,494 |
| Class T | 404,897 | 294,628 |
| Class C | 39,268 | 27,965 |
| Class I | 1,629,811 | 1,149,810 |
| Total | $3,628,682 | $2,793,897 |
| From net realized gain | | |
| Class A | $3,237,740 | $3,349,879 |
| Class T | 906,964 | 868,138 |
| Class C | 119,080 | 111,785 |
| Class I | 2,574,476 | 2,434,916 |
| Total | $6,838,260 | $6,764,718 |
| Advisor Freedom 2060 | | |
| From net investment income | | |
| Class A | $71,201 | $11,467 |
| Class T | 11,114 | 18,274 |
| Class C | – | 13,832 |
| Class I | 50,265 | 1,563 |
| Total | $132,580 | $45,136 |
| From net realized gain | | |
| Class A | $84,170 | $9,288 |
| Class T | 40,079 | 15,747 |
| Class C | 20,446 | 13,338 |
| Class I | 33,387 | 1,217 |
| Total | $178,082 | $39,590 |
(a) Distributions for Advisor Freedom 2060 Fund are for the period August 5, 2014 (commencement of operations) to March 31, 2015.
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| Years ended March 31, | 2016 | 2015(a) | 2016 | 2015(a) |
| Advisor Freedom Income | | | | |
| Class A | | | | |
| Shares sold | 3,081,818 | 3,619,565 | $32,963,415 | $40,149,983 |
| Reinvestment of distributions | 348,911 | 573,085 | 3,750,259 | 6,318,078 |
| Shares redeemed | (5,370,350) | (6,125,575) | (57,590,121) | (68,054,068) |
| Net increase (decrease) | (1,939,621) | (1,932,925) | $(20,876,447) | $(21,586,007) |
| Class T | | | | |
| Shares sold | 2,332,188 | 3,210,409 | $24,979,079 | $35,732,869 |
| Reinvestment of distributions | 143,605 | 195,001 | 1,538,767 | 2,147,017 |
| Shares redeemed | (2,760,620) | (3,823,004) | (29,380,371) | (42,530,178) |
| Net increase (decrease) | (284,827) | (417,594) | $(2,862,525) | $(4,650,292) |
| Class B | | | | |
| Shares sold | 2,784 | 845 | $29,065 | $9,345 |
| Reinvestment of distributions | 1,917 | 5,113 | 20,660 | 56,268 |
| Shares redeemed | (47,919) | (52,610) | (514,935) | (582,710) |
| Net increase (decrease) | (43,218) | (46,652) | $(465,210) | $(517,097) |
| Class C | | | | |
| Shares sold | 235,292 | 298,092 | $2,521,615 | $3,300,083 |
| Reinvestment of distributions | 32,848 | 48,916 | 352,267 | 537,670 |
| Shares redeemed | (310,283) | (326,468) | (3,312,864) | (3,617,162) |
| Net increase (decrease) | (42,143) | 20,540 | $(438,982) | $220,591 |
| Class I | | | | |
| Shares sold | 4,013,311 | 3,917,263 | $42,997,083 | $43,534,812 |
| Reinvestment of distributions | 270,632 | 329,859 | 2,912,988 | 3,644,531 |
| Shares redeemed | (3,954,589) | (3,156,053) | (42,448,173) | (35,160,767) |
| Net increase (decrease) | 329,354 | 1,091,069 | $3,461,898 | $12,018,576 |
| Advisor Freedom 2005 | | | | |
| Class A | | | | |
| Shares sold | 3,894,452 | 4,029,427 | $45,205,371 | $49,037,462 |
| Reinvestment of distributions | 530,506 | 711,971 | 6,161,983 | 8,520,994 |
| Shares redeemed | (6,082,447) | (6,727,836) | (70,961,720) | (81,765,937) |
| Net increase (decrease) | (1,657,489) | (1,986,438) | $(19,594,366) | $(24,207,481) |
| Class T | | | | |
| Shares sold | 965,717 | 812,920 | $11,248,895 | $9,849,130 |
| Reinvestment of distributions | 103,821 | 110,375 | 1,203,224 | 1,320,665 |
| Shares redeemed | (920,270) | (963,824) | (10,661,092) | (11,702,681) |
| Net increase (decrease) | 149,268 | (40,529) | $1,791,027 | $(532,886) |
| Class B | | | | |
| Shares sold | 14 | 868 | $155 | $10,408 |
| Reinvestment of distributions | 1,261 | 2,891 | 14,861 | 34,770 |
| Shares redeemed | (23,475) | (39,292) | (278,685) | (478,412) |
| Net increase (decrease) | (22,200) | (35,533) | $(263,669) | $(433,234) |
| Class C | | | | |
| Shares sold | 124,305 | 95,287 | $1,420,571 | $1,159,886 |
| Reinvestment of distributions | 19,601 | 27,436 | 227,794 | 328,067 |
| Shares redeemed | (214,984) | (242,635) | (2,456,114) | (2,934,030) |
| Net increase (decrease) | (71,078) | (119,912) | $(807,749) | $(1,446,077) |
| Class I | | | | |
| Shares sold | 2,114,860 | 2,850,847 | $24,778,151 | $34,887,950 |
| Reinvestment of distributions | 245,116 | 309,121 | 2,859,833 | 3,721,031 |
| Shares redeemed | (2,464,416) | (3,224,819) | (28,948,190) | (39,378,256) |
| Net increase (decrease) | (104,440) | (64,851) | $(1,310,206) | $(769,275) |
| Advisor Freedom 2010 | | | | |
| Class A | | | | |
| Shares sold | 5,500,440 | 7,458,412 | $66,809,747 | $95,728,339 |
| Reinvestment of distributions | 1,586,318 | 2,299,500 | 19,271,859 | 28,960,392 |
| Shares redeemed | (13,363,733) | (14,788,608) | (162,597,001) | (190,101,552) |
| Net increase (decrease) | (6,276,975) | (5,030,696) | $(76,515,395) | $(65,412,821) |
| Class T | | | | |
| Shares sold | 1,965,974 | 1,964,902 | $23,778,947 | $25,117,047 |
| Reinvestment of distributions | 404,195 | 539,059 | 4,890,781 | 6,770,716 |
| Shares redeemed | (2,923,738) | (3,843,392) | (35,323,217) | (49,109,062) |
| Net increase (decrease) | (553,569) | (1,339,431) | $(6,653,489) | $(17,221,299) |
| Class B | | | | |
| Shares sold | 1,125 | 1,368 | $13,055 | $17,636 |
| Reinvestment of distributions | 5,508 | 13,014 | 67,622 | 164,488 |
| Shares redeemed | (93,180) | (136,169) | (1,140,420) | (1,745,537) |
| Net increase (decrease) | (86,547) | (121,787) | $(1,059,743) | $(1,563,413) |
| Class C | | | | |
| Shares sold | 276,584 | 350,615 | $3,354,365 | $4,459,425 |
| Reinvestment of distributions | 112,748 | 151,938 | 1,358,925 | 1,899,118 |
| Shares redeemed | (590,705) | (600,179) | (7,096,007) | (7,643,233) |
| Net increase (decrease) | (201,373) | (97,626) | $(2,382,717) | $(1,284,690) |
| Class I | | | | |
| Shares sold | 4,543,451 | 3,829,649 | $55,631,987 | $49,401,753 |
| Reinvestment of distributions | 676,590 | 873,680 | 8,236,622 | 11,047,113 |
| Shares redeemed | (5,541,203) | (7,085,943) | (67,639,715) | (91,437,717) |
| Net increase (decrease) | (321,162) | (2,382,614) | $(3,771,106) | $(30,988,851) |
| Advisor Freedom 2015 | | | | |
| Class A | | | | |
| Shares sold | 14,507,166 | 15,703,625 | $175,664,778 | $200,635,316 |
| Reinvestment of distributions | 3,552,535 | 5,276,601 | 43,128,550 | 66,227,275 |
| Shares redeemed | (31,588,039) | (29,257,493) | (383,404,767) | (374,362,704) |
| Net increase (decrease) | (13,528,338) | (8,277,267) | $(164,611,439) | $(107,500,113) |
| Class T | | | | |
| Shares sold | 4,673,502 | 4,656,344 | $56,637,647 | $59,429,618 |
| Reinvestment of distributions | 798,818 | 1,085,954 | 9,671,398 | 13,619,082 |
| Shares redeemed | (5,802,433) | (6,939,733) | (69,940,072) | (88,491,090) |
| Net increase (decrease) | (330,113) | (1,197,435) | $(3,631,027) | $(15,442,390) |
| Class B | | | | |
| Shares sold | 5,700 | 7,064 | $66,706 | $89,570 |
| Reinvestment of distributions | 16,252 | 41,814 | 199,644 | 525,609 |
| Shares redeemed | (357,170) | (402,437) | (4,345,090) | (5,132,341) |
| Net increase (decrease) | (335,218) | (353,559) | $(4,078,740) | $(4,517,162) |
| Class C | | | | |
| Shares sold | 692,594 | 869,731 | $8,328,355 | $10,972,058 |
| Reinvestment of distributions | 239,055 | 326,736 | 2,883,261 | 4,076,902 |
| Shares redeemed | (1,290,224) | (1,349,480) | (15,480,570) | (17,100,266) |
| Net increase (decrease) | (358,575) | (153,013) | $(4,268,954) | $(2,051,306) |
| Class I | | | | |
| Shares sold | 10,256,294 | 9,458,107 | $125,062,107 | $122,001,029 |
| Reinvestment of distributions | 1,725,705 | 2,368,220 | 21,067,463 | 29,937,068 |
| Shares redeemed | (14,829,259) | (16,294,520) | (180,244,295) | (210,299,155) |
| Net increase (decrease) | (2,847,260) | (4,468,193) | $(34,114,725) | $(58,361,058) |
| Advisor Freedom 2020 | | | | |
| Class A | | | | |
| Shares sold | 27,782,811 | 29,864,265 | $355,684,542 | $403,260,707 |
| Reinvestment of distributions | 5,909,171 | 8,578,581 | 76,203,121 | 113,813,379 |
| Shares redeemed | (50,488,965) | (47,421,612) | (647,091,927) | (641,713,463) |
| Net increase (decrease) | (16,796,983) | (8,978,766) | $(215,204,264) | $(124,639,377) |
| Class T | | | | |
| Shares sold | 9,558,319 | 8,913,845 | $122,507,769 | $120,539,986 |
| Reinvestment of distributions | 1,458,598 | 2,011,893 | 18,796,792 | 26,710,290 |
| Shares redeemed | (12,285,705) | (12,539,322) | (157,173,890) | (169,109,400) |
| Net increase (decrease) | (1,268,788) | (1,613,584) | $(15,869,329) | $(21,859,124) |
| Class B | | | | |
| Shares sold | 7,629 | 14,255 | $100,348 | $191,115 |
| Reinvestment of distributions | 32,862 | 75,323 | 428,604 | 1,002,110 |
| Shares redeemed | (592,571) | (677,580) | (7,633,936) | (9,156,161) |
| Net increase (decrease) | (552,080) | (588,002) | $(7,104,984) | $(7,962,936) |
| Class C | | | | |
| Shares sold | 1,393,631 | 1,424,074 | $17,741,893 | $19,098,957 |
| Reinvestment of distributions | 328,961 | 457,393 | 4,218,594 | 6,035,886 |
| Shares redeemed | (1,692,524) | (1,864,464) | (21,418,854) | (25,007,693) |
| Net increase (decrease) | 30,068 | 17,003 | $541,633 | $127,150 |
| Class I | | | | |
| Shares sold | 22,381,359 | 19,064,129 | $288,319,323 | $259,660,409 |
| Reinvestment of distributions | 3,087,794 | 4,091,068 | 40,003,312 | 54,641,482 |
| Shares redeemed | (26,374,513) | (25,591,315) | (340,955,124) | (348,936,742) |
| Net increase (decrease) | (905,360) | (2,436,118) | $(12,632,489) | $(34,634,851) |
| Advisor Freedom 2025 | | | | |
| Class A | | | | |
| Shares sold | 31,021,987 | 30,824,980 | $389,903,221 | $410,567,593 |
| Reinvestment of distributions | 6,347,654 | 9,283,529 | 80,854,087 | 121,333,464 |
| Shares redeemed | (51,651,466) | (43,364,361) | (649,941,383) | (578,296,228) |
| Net increase (decrease) | (14,281,825) | (3,255,852) | $(179,184,075) | $(46,395,171) |
| Class T | | | | |
| Shares sold | 11,153,254 | 9,163,444 | $140,827,662 | $122,230,291 |
| Reinvestment of distributions | 1,407,914 | 1,881,621 | 17,953,059 | 24,642,081 |
| Shares redeemed | (10,680,658) | (9,564,325) | (134,505,078) | (127,497,057) |
| Net increase (decrease) | 1,880,510 | 1,480,740 | $24,275,643 | $19,375,315 |
| Class B | | | | |
| Shares sold | 15,631 | 7,639 | $206,729 | $101,154 |
| Reinvestment of distributions | 25,036 | 60,528 | 321,184 | 789,486 |
| Shares redeemed | (395,799) | (552,494) | (4,997,632) | (7,322,415) |
| Net increase (decrease) | (355,132) | (484,327) | $(4,469,719) | $(6,431,775) |
| Class C | | | | |
| Shares sold | 1,453,933 | 1,409,479 | $18,039,565 | $18,560,432 |
| Reinvestment of distributions | 292,818 | 416,558 | 3,692,311 | 5,389,721 |
| Shares redeemed | (1,419,290) | (1,358,528) | (17,532,292) | (17,840,628) |
| Net increase (decrease) | 327,461 | 467,509 | $4,199,584 | $6,109,525 |
| Class I | | | | |
| Shares sold | 26,263,342 | 20,210,452 | $332,470,146 | $271,300,137 |
| Reinvestment of distributions | 3,305,581 | 4,229,465 | 42,311,913 | 55,687,560 |
| Shares redeemed | (22,096,996) | (24,668,738) | (280,743,922) | (331,872,377) |
| Net increase (decrease) | 7,471,927 | (228,821) | $94,038,137 | $(4,884,680) |
| Advisor Freedom 2030 | | | | |
| Class A | | | | |
| Shares sold | 28,151,571 | 29,982,308 | $374,538,264 | $425,108,614 |
| Reinvestment of distributions | 5,719,438 | 7,745,575 | 77,893,729 | 107,962,607 |
| Shares redeemed | (45,869,341) | (42,806,590) | (612,549,684) | (608,979,063) |
| Net increase (decrease) | (11,998,332) | (5,078,707) | $(160,117,691) | $(75,907,842) |
| Class T | | | | |
| Shares sold | 9,683,529 | 9,534,874 | $128,635,174 | $135,029,239 |
| Reinvestment of distributions | 1,530,517 | 1,924,391 | 20,754,956 | 26,745,337 |
| Shares redeemed | (10,666,344) | (11,484,782) | (142,006,317) | (162,090,418) |
| Net increase (decrease) | 547,702 | (25,517) | $7,383,813 | $(315,842) |
| Class B | | | | |
| Shares sold | 9,381 | 14,168 | $130,487 | $199,886 |
| Reinvestment of distributions | 30,198 | 63,454 | 414,596 | 882,312 |
| Shares redeemed | (504,982) | (602,929) | (6,786,052) | (8,525,390) |
| Net increase (decrease) | (465,403) | (525,307) | $(6,240,969) | $(7,443,192) |
| Class C | | | | |
| Shares sold | 1,223,130 | 1,181,717 | $16,095,011 | $16,583,425 |
| Reinvestment of distributions | 273,750 | 359,063 | 3,692,439 | 4,954,340 |
| Shares redeemed | (1,184,892) | (1,295,488) | (15,652,704) | (18,186,108) |
| Net increase (decrease) | 311,988 | 245,292 | $4,134,746 | $3,351,657 |
| Class I | | | | |
| Shares sold | 24,677,916 | 20,433,390 | $330,981,929 | $291,589,869 |
| Reinvestment of distributions | 3,416,838 | 4,181,177 | 46,644,604 | 58,538,306 |
| Shares redeemed | (26,842,246) | (23,026,293) | (362,065,195) | (329,226,948) |
| Net increase (decrease) | 1,252,508 | 1,588,274 | $15,561,338 | $20,901,227 |
| Advisor Freedom 2035 | | | | |
| Class A | | | | |
| Shares sold | 24,128,485 | 24,992,674 | $305,985,627 | $339,358,729 |
| Reinvestment of distributions | 4,482,978 | 6,554,589 | 58,494,924 | 87,286,625 |
| Shares redeemed | (37,394,935) | (33,903,950) | (476,554,268) | (460,733,346) |
| Net increase (decrease) | (8,783,472) | (2,356,687) | $(112,073,717) | $(34,087,992) |
| Class T | | | | |
| Shares sold | 8,236,595 | 7,857,411 | $104,578,194 | $106,015,264 |
| Reinvestment of distributions | 1,075,393 | 1,398,752 | 13,933,993 | 18,528,616 |
| Shares redeemed | (7,529,158) | (7,140,022) | (95,022,356) | (96,375,027) |
| Net increase (decrease) | 1,782,830 | 2,116,141 | $23,489,831 | $28,168,853 |
| Class B | | | | |
| Shares sold | 3,708 | 10,477 | $47,620 | $139,695 |
| Reinvestment of distributions | 21,835 | 50,768 | 285,009 | 668,753 |
| Shares redeemed | (375,696) | (425,647) | (4,759,170) | (5,695,614) |
| Net increase (decrease) | (350,153) | (364,402) | $(4,426,541) | $(4,887,166) |
| Class C | | | | |
| Shares sold | 944,855 | 944,423 | $11,857,748 | $12,603,241 |
| Reinvestment of distributions | 178,251 | 248,458 | 2,289,722 | 3,258,885 |
| Shares redeemed | (851,468) | (847,126) | (10,677,671) | (11,264,242) |
| Net increase (decrease) | 271,638 | 345,755 | $3,469,799 | $4,597,884 |
| Class I | | | | |
| Shares sold | 21,967,842 | 17,297,096 | $280,691,155 | $235,983,229 |
| Reinvestment of distributions | 2,699,214 | 3,527,717 | 35,338,451 | 47,224,750 |
| Shares redeemed | (21,940,442) | (19,577,302) | (281,916,133) | (267,699,540) |
| Net increase (decrease) | 2,726,614 | 1,247,511 | $34,113,473 | $15,508,439 |
| Advisor Freedom 2040 | | | | |
| Class A | | | | |
| Shares sold | 19,707,947 | 22,027,517 | $267,984,592 | $320,537,063 |
| Reinvestment of distributions | 3,837,419 | 5,330,622 | 53,655,622 | 76,146,062 |
| Shares redeemed | (31,398,245) | (30,109,992) | (428,794,626) | (439,085,157) |
| Net increase (decrease) | (7,852,879) | (2,751,853) | $(107,154,412) | $(42,402,032) |
| Class T | | | | |
| Shares sold | 6,927,315 | 6,835,952 | $94,215,131 | $99,246,602 |
| Reinvestment of distributions | 1,098,683 | 1,432,514 | 15,321,785 | 20,419,843 |
| Shares redeemed | (7,588,952) | (8,826,745) | (103,634,804) | (127,925,824) |
| Net increase (decrease) | 437,046 | (558,279) | $5,902,112 | $(8,259,379) |
| Class B | | | | |
| Shares sold | 3,796 | 4,956 | $54,403 | $70,676 |
| Reinvestment of distributions | 26,074 | 57,179 | 365,555 | 810,225 |
| Shares redeemed | (412,767) | (525,971) | (5,614,809) | (7,572,893) |
| Net increase (decrease) | (382,897) | (463,836) | $(5,194,851) | $(6,691,992) |
| Class C | | | | |
| Shares sold | 964,487 | 864,597 | $12,948,905 | $12,395,253 |
| Reinvestment of distributions | 237,233 | 311,569 | 3,273,123 | 4,388,231 |
| Shares redeemed | (999,455) | (821,736) | (13,410,631) | (11,744,285) |
| Net increase (decrease) | 202,265 | 354,430 | $2,811,397 | $5,039,199 |
| Class I | | | | |
| Shares sold | 18,978,934 | 16,770,945 | $260,268,870 | $245,351,678 |
| Reinvestment of distributions | 2,493,394 | 3,101,175 | 34,993,505 | 44,515,713 |
| Shares redeemed | (21,436,098) | (18,212,781) | (296,208,636) | (266,820,365) |
| Net increase (decrease) | 36,230 | 1,659,339 | $(946,261) | $23,047,026 |
| Advisor Freedom 2045 | | | | |
| Class A | | | | |
| Shares sold | 19,079,203 | 18,712,185 | $200,212,363 | $209,776,882 |
| Reinvestment of distributions | 2,516,424 | 4,333,542 | 27,141,967 | 47,625,624 |
| Shares redeemed | (25,563,477) | (21,282,383) | (269,733,077) | (238,779,567) |
| Net increase (decrease) | (3,967,850) | 1,763,344 | $(42,378,747) | $18,622,939 |
| Class T | | | | |
| Shares sold | 6,498,285 | 5,949,650 | $67,982,369 | $66,258,387 |
| Reinvestment of distributions | 645,350 | 965,903 | 6,916,374 | 10,566,973 |
| Shares redeemed | (5,407,165) | (4,486,660) | (56,610,131) | (50,101,529) |
| Net increase (decrease) | 1,736,470 | 2,428,893 | $18,288,612 | $26,723,831 |
| Class B | | | | |
| Shares sold | 12,465 | 95 | $126,428 | $1,034 |
| Reinvestment of distributions | 6,873 | 19,875 | 74,538 | 217,266 |
| Shares redeemed | (130,687) | (100,368) | (1,382,819) | (1,115,970) |
| Net increase (decrease) | (111,349) | (80,398) | $(1,181,853) | $(897,670) |
| Class C | | | | |
| Shares sold | 688,081 | 649,460 | $7,146,960 | $7,186,677 |
| Reinvestment of distributions | 86,426 | 137,157 | 922,037 | 1,490,900 |
| Shares redeemed | (495,887) | (394,015) | (5,163,244) | (4,355,267) |
| Net increase (decrease) | 278,620 | 392,602 | $2,905,753 | $4,322,310 |
| Class I | | | | |
| Shares sold | 17,857,873 | 14,432,835 | $188,145,800 | $162,533,382 |
| Reinvestment of distributions | 1,798,921 | 2,768,950 | 19,453,582 | 30,569,205 |
| Shares redeemed | (17,404,606) | (14,785,258) | (184,937,935) | (166,549,587) |
| Net increase (decrease) | 2,252,188 | 2,416,527 | $22,661,447 | $26,553,000 |
| Advisor Freedom 2050 | | | | |
| Class A | | | | |
| Shares sold | 14,778,783 | 14,360,668 | $154,228,676 | $159,733,346 |
| Reinvestment of distributions | 1,671,709 | 2,922,124 | 17,918,683 | 31,851,156 |
| Shares redeemed | (18,220,423) | (15,493,944) | (190,875,160) | (172,543,245) |
| Net increase (decrease) | (1,769,931) | 1,788,848 | $(18,727,801) | $19,041,257 |
| Class T | | | | |
| Shares sold | 5,220,682 | 4,705,234 | $54,316,675 | $52,106,997 |
| Reinvestment of distributions | 512,467 | 843,643 | 5,468,353 | 9,170,398 |
| Shares redeemed | (4,619,199) | (4,329,214) | (48,267,781) | (48,154,235) |
| Net increase (decrease) | 1,113,950 | 1,219,663 | $11,517,247 | $13,123,160 |
| Class B | | | | |
| Shares sold | 2,190 | 1,165 | $21,909 | $12,668 |
| Reinvestment of distributions | 8,955 | 27,836 | 96,400 | 301,488 |
| Shares redeemed | (151,436) | (170,683) | (1,590,133) | (1,884,202) |
| Net increase (decrease) | (140,291) | (141,682) | $(1,471,824) | $(1,570,046) |
| Class C | | | | |
| Shares sold | 592,294 | 590,407 | $6,132,539 | $6,495,242 |
| Reinvestment of distributions | 89,707 | 152,987 | 953,603 | 1,653,786 |
| Shares redeemed | (498,907) | (394,204) | (5,141,979) | (4,335,558) |
| Net increase (decrease) | 183,094 | 349,190 | $1,944,163 | $3,813,470 |
| Class I | | | | |
| Shares sold | 15,739,783 | 12,679,506 | $164,851,297 | $141,962,167 |
| Reinvestment of distributions | 1,391,015 | 2,160,845 | 14,936,380 | 23,682,865 |
| Shares redeemed | (13,002,547) | (12,616,627) | (136,937,311) | (140,923,985) |
| Net increase (decrease) | 4,128,251 | 2,223,724 | $42,850,366 | $24,721,047 |
| Advisor Freedom 2055 | | | | |
| Class A | | | | |
| Shares sold | 7,650,491 | 6,723,201 | $86,320,186 | $79,527,486 |
| Reinvestment of distributions | 403,217 | 394,037 | 4,669,301 | 4,607,113 |
| Shares redeemed | (5,932,608) | (4,347,743) | (67,116,441) | (51,516,521) |
| Net increase (decrease) | 2,121,100 | 2,769,495 | $23,873,046 | $32,618,078 |
| Class T | | | | |
| Shares sold | 2,281,706 | 1,951,946 | $25,567,824 | $23,016,119 |
| Reinvestment of distributions | 113,540 | 99,561 | 1,310,222 | 1,162,259 |
| Shares redeemed | (1,388,534) | (875,910) | (15,737,207) | (10,366,468) |
| Net increase (decrease) | 1,006,712 | 1,175,597 | $11,140,839 | $13,811,910 |
| Class C | | | | |
| Shares sold | 238,636 | 172,714 | $2,683,219 | $2,031,536 |
| Reinvestment of distributions | 13,580 | 11,853 | 157,087 | 138,488 |
| Shares redeemed | (87,211) | (45,944) | (965,863) | (542,625) |
| Net increase (decrease) | 165,005 | 138,623 | $1,874,443 | $1,627,399 |
| Class I | | | | |
| Shares sold | 7,612,107 | 5,543,049 | $85,891,483 | $65,771,171 |
| Reinvestment of distributions | 363,384 | 305,695 | 4,204,287 | 3,584,726 |
| Shares redeemed | (4,499,574) | (3,148,817) | (50,866,350) | (37,251,656) |
| Net increase (decrease) | 3,475,917 | 2,699,927 | $39,229,420 | $32,104,241 |
| Advisor Freedom 2060 | | | | |
| Class A | | | | |
| Shares sold | 1,272,139 | 262,981 | $12,356,911 | $2,694,816 |
| Reinvestment of distributions | 15,557 | 2,037 | 155,371 | 20,755 |
| Shares redeemed | (565,709) | (45,775) | (5,476,304) | (469,354) |
| Net increase (decrease) | 721,987 | 219,243 | $7,035,978 | $2,246,217 |
| Class T | | | | |
| Shares sold | 445,750 | 213,565 | $4,200,477 | $2,151,006 |
| Reinvestment of distributions | 5,022 | 3,339 | 51,193 | 34,197 |
| Shares redeemed | (319,192) | (17,274) | (3,003,661) | (175,609) |
| Net increase (decrease) | 131,580 | 199,630 | $1,248,009 | $2,009,594 |
| Class C | | | | |
| Shares sold | 231,239 | 201,608 | $2,153,598 | $2,029,734 |
| Reinvestment of distributions | 1,964 | 2,669 | 20,446 | 27,171 |
| Shares redeemed | (227,970) | (76,007) | (2,119,305) | (775,966) |
| Net increase (decrease) | 5,233 | 128,270 | $54,739 | $1,280,939 |
| Class I | | | | |
| Shares sold | 789,224 | 44,829 | $7,600,453 | $459,604 |
| Reinvestment of distributions | 8,465 | 273 | 83,652 | 2,780 |
| Shares redeemed | (230,196) | (6,606) | (2,188,624) | (69,020) |
| Net increase (decrease) | 567,493 | 38,496 | $5,495,481 | $393,364 |
(a) Share transactions for Advisor Freedom 2060 Fund are for the period August 5, 2014 (commencement of operations) to March 31, 2015.
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 Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
| Fund | Fidelity Advisor Freedom Income 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 Series Equity-Income Fund | –% | –% | –% | 13% | 15% | 17% | 15% | 14% |
| Fidelity Advisor Series Growth & Income Fund | –% | –% | –% | 13% | 15% | 18% | 15% | 14% |
| Fidelity Advisor Series Opportunistic Insights Fund | –% | –% | –% | 13% | 15% | 18% | 15% | 14% |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | –% | –% | –% | 13% | 15% | 17% | 15% | 14% |
| Fidelity Advisor Series Small Cap Fund | –% | –% | –% | 12% | 15% | 17% | 15% | 14% |
| Fidelity Advisor Series Growth Opportunities Fund | –% | –% | –% | 13% | 15% | 18% | 15% | 14% |
| Fidelity Advisor Series Equity Growth Fund | –% | –% | –% | 13% | 16% | 18% | 15% | 14% |
| Fidelity Advisor Series Short-Term Credit Fund | 11% | 13% | 18% | 27% | 22% | –% | –% | –% |
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 Series Equity-Income Fund | 100% |
| Fidelity Advisor Series Growth & Income Fund | 100% |
| Fidelity Advisor Series Opportunistic Insights Fund | 100% |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 100% |
| Fidelity Advisor Series Small Cap Fund | 100% |
| Fidelity Advisor Series Growth Opportunities Fund | 100% |
| Fidelity Advisor Series Equity Growth Fund | 100% |
| Fidelity Advisor Series Short-Term Credit Fund | 100% |
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund and Fidelity Advisor 2060 Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund and Fidelity Advisor Freedom 2060 Fund (the Funds), each a fund of Fidelity Aberdeen Street Trust, including the schedules of investments, as of March 31, 2016, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2016, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund and Fidelity Advisor Freedom 2060 Fund as of March 31, 2016, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 24, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 240 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the 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 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. Marie L. Knowles 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, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), 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.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer or Geoffrey A. von Kuhn may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Linda J. Wondrack (1964)
Year of Election or Appointment: 2016
Chief Compliance Officer
Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (U.K.) Inc. (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of certain Fidelity® funds (2014-2016) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Derek L. Young (1964)
Year of Election or Appointment: 2009
Vice President of Fidelity's Asset Allocation Funds
Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.
Shareholder Expense Example
As a shareholder of the 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 Fund 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, 2015 to March 31, 2016).
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-A | Beginning
Account Value
October 1, 2015 | Ending
Account Value
March 31, 2016 | Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 |
| Advisor Freedom Income | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,025.30 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,023.10 | $2.53 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,021.10 | $5.05 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,021.30 | $5.05 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,026.40 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2005 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,030.20 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,028.50 | $2.54 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,026.40 | $5.07 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,025.50 | $5.06 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,031.20 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2010 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,032.70 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,031.80 | $2.54 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,029.30 | $5.07 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,029.40 | $5.07 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,033.80 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2015 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,035.00 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,034.10 | $2.54 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,031.60 | $5.08 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,031.90 | $5.08 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,036.90 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2020 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,036.90 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,035.90 | $2.54 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,033.90 | $5.08 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,033.00 | $5.08 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,038.80 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2025 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,038.30 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,037.20 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,034.70 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,034.70 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,040.00 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2030 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,041.70 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,040.00 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,037.10 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,037.20 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,042.80 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2035 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,042.30 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,040.80 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.10 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.20 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,044.20 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2040 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,043.10 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.20 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,037.70 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.70 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.30 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2045 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,042.70 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.20 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.20 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.70 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.60 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2050 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,041.80 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.20 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.30 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,037.60 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.70 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2055 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,042.80 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.30 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.80 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.60 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2060 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,041.40 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.40 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class C | .99%D | | | |
| Actual | | $1,000.00 | $1,038.50 | $5.05 |
| Hypothetical-C | | $1,000.00 | $1,020.05 | $5.00 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.80 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio.
C 5% return per year before expenses
D On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Advisor Freedom Income Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.007 | $0.087 |
| Class T | 05/16/16 | 05/13/16 | $0.005 | $0.087 |
| Class B | 05/16/16 | 05/13/16 | $0.001 | $0.087 |
| Class C | 05/16/16 | 05/13/16 | $0.001 | $0.087 |
| Fidelity Advisor Freedom 2005 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.032 | $0.170 |
| Class T | 05/16/16 | 05/13/16 | $0.026 | $0.170 |
| Class B | 05/16/16 | 05/13/16 | $0.007 | $0.170 |
| Class C | 05/16/16 | 05/13/16 | $0.011 | $0.170 |
| Fidelity Advisor Freedom 2010 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.030 | $0.215 |
| Class T | 05/16/16 | 05/13/16 | $0.023 | $0.215 |
| Class B | 05/16/16 | 05/13/16 | $0.001 | $0.215 |
| Class C | 05/16/16 | 05/13/16 | $0.009 | $0.215 |
| Fidelity Advisor Freedom 2015 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.027 | $0.246 |
| Class T | 05/16/16 | 05/13/16 | $0.020 | $0.246 |
| Class B | 05/16/16 | 05/13/16 | $0.000 | $0.246 |
| Class C | 05/16/16 | 05/13/16 | $0.006 | $0.246 |
| Fidelity Advisor Freedom 2020 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.021 | $0.284 |
| Class T | 05/16/16 | 05/13/16 | $0.013 | $0.284 |
| Class B | 05/16/16 | 05/13/16 | $0.000 | $0.284 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.284 |
| Fidelity Advisor Freedom 2025 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.016 | $0.314 |
| Class T | 05/16/16 | 05/13/16 | $0.009 | $0.314 |
| Class B | 05/16/16 | 05/13/16 | $0.000 | $0.314 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.314 |
| Fidelity Advisor Freedom 2030 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.004 | $0.399 |
| Class T | 05/16/16 | 05/13/16 | $0.000 | $0.399 |
| Class B | 05/16/16 | 05/13/16 | $0.000 | $0.399 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.399 |
| Fidelity Advisor Freedom 2035 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.000 | $0.423 |
| Class T | 05/16/16 | 05/13/16 | $0.000 | $0.423 |
| Class B | 05/16/16 | 05/13/16 | $0.000 | $0.423 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.423 |
| Fidelity Advisor Freedom 2040 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.000 | $0.451 |
| Class T | 05/16/16 | 05/13/16 | $0.000 | $0.449 |
| Class B | 05/16/16 | 05/13/16 | $0.000 | $0.449 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.449 |
| Fidelity Advisor Freedom 2045 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.000 | $0.347 |
| Class T | 05/16/16 | 05/13/16 | $0.000 | $0.347 |
| Class B | 05/16/16 | 05/13/16 | $0.000 | $0.347 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.347 |
| Fidelity Advisor Freedom 2050 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.000 | $0.336 |
| Class T | 05/16/16 | 05/13/16 | $0.000 | $0.331 |
| Class B | 05/16/16 | 05/13/16 | $0.000 | $0.331 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.331 |
| Fidelity Advisor Freedom 2055 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.000 | $0.328 |
| Class T | 05/16/16 | 05/13/16 | $0.000 | $0.328 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.328 |
| Fidelity Advisor Freedom 2060 Fund | | | | |
| Class A | 05/16/16 | 05/13/16 | $0.000 | $0.193 |
| Class T | 05/16/16 | 05/13/16 | $0.000 | $0.187 |
| Class C | 05/16/16 | 05/13/16 | $0.000 | $0.187 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2016, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Advisor Freedom Income Fund | $3,145,782 |
| Fidelity Advisor Freedom 2005 Fund | $5,758,757 |
| Fidelity Advisor Freedom 2010 Fund | $19,598,574 |
| Fidelity Advisor Freedom 2015 Fund | $47,634,337 |
| Fidelity Advisor Freedom 2020 Fund | $91,111,930 |
| Fidelity Advisor Freedom 2025 Fund | $103,804,816 |
| Fidelity Advisor Freedom 2030 Fund | $115,693,037 |
| Fidelity Advisor Freedom 2035 Fund | $93,847,010 |
| Fidelity Advisor Freedom 2040 Fund | $88,941,564 |
| Fidelity Advisor Freedom 2045 Fund | $46,826,303 |
| Fidelity Advisor Freedom 2050 Fund | $34,500,912 |
| Fidelity Advisor Freedom 2055 Fund | $10,441,995 |
| Fidelity Advisor Freedom 2060 Fund | $439,098 |
|
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
| Fidelity Advisor Freedom Income Fund | |
| Class A | 3.47% |
| Class T | 3.47% |
| Class B | 3.47% |
| Class C | 3.47% |
| Fidelity Advisor Freedom 2005 Fund | |
| Class A | 2.80% |
| Class T | 2.80% |
| Class B | 2.80% |
| Class C | 2.80% |
| Fidelity Advisor Freedom 2010 Fund | |
| Class A | 2.20% |
| Class T | 2.20% |
| Class B | 2.20% |
| Class C | 2.20% |
| Fidelity Advisor Freedom 2015 Fund | |
| Class A | 1.82% |
| Class T | 1.82% |
| Class B | 1.82% |
| Class C | 1.82% |
| Fidelity Advisor Freedom 2020 Fund | |
| Class A | 1.53% |
| Class T | 1.53% |
| Class B | 1.53% |
| Class C | 1.53% |
| Fidelity Advisor Freedom 2025 Fund | |
| Class A | 1.09% |
| Class T | 1.09% |
| Class B | 1.09% |
| Class C | 1.09% |
| Fidelity Advisor Freedom 2030 Fund | |
| Class A | 0.45% |
| Class T | 0.45% |
| Class B | 0.45% |
| Class C | 0.45% |
| Fidelity Advisor Freedom 2035 Fund | |
| Class A | 0.05% |
| Class T | 0.05% |
| Class B | 0.05% |
| Class C | 0.05% |
| Fidelity Advisor Freedom 2040 Fund | |
| Class A | 0.05% |
| Class T | 0.05% |
| Class B | 0.05% |
| Class C | 0.05% |
| Fidelity Advisor Freedom 2045 Fund | |
| Class A | 0.05% |
| Class T | 0.05% |
| Class B | 0.05% |
| Class C | 0.05% |
| Fidelity Advisor Freedom 2050 Fund | |
| Class A | 0.05% |
| Class T | 0.05% |
| Class B | 0.05% |
| Class C | 0.05% |
| Fidelity Advisor Freedom 2055 Fund | |
| Class A | 0.05% |
| Class T | 0.05% |
| Class C | 0.05% |
| Fidelity Advisor Freedom 2060 Fund | |
| Class A | 0.05% |
| Class T | 0.05% |
| Class C | 0.05% |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| | Class A | Class T | Class B | Class C |
| Fidelity Advisor Freedom Income Fund | | | | |
| April 2015 | 0% | 0% | 0% | 0% |
| May 2015 (Ex Date 05/01/15) | 8% | 9% | 18% | 15% |
| May 2015 (Ex Date 05/08/15) | 16% | 16% | 16% | 16% |
| June 2015 | 16% | 20% | 54% | 54% |
| July 2015 | 16% | 20% | 41% | 41% |
| August 2015 | 16% | 19% | 30% | 30% |
| September 2015 | 16% | 20% | 48% | 48% |
| October 2015 | 16% | 19% | 43% | 43% |
| November 2015 | 16% | 20% | 34% | 34% |
| December 2015 | 16% | 17% | 20% | 19% |
| February 2016 | 0% | 0% | 0% | 0% |
| March 2016 | 0% | 0% | 0% | 0% |
| Fidelity Advisor Freedom 2005 Fund | | | | |
| May 2015 | 5% | 6% | 18% | 14% |
| December 2015 | 24% | 27% | 46% | 39% |
| Fidelity Advisor Freedom 2010 Fund | | | | |
| May 2015 | 10% | 13% | 0% | 44% |
| December 2015 | 28% | 31% | 49% | 43% |
| Fidelity Advisor Freedom 2015 Fund | | | | |
| May 2015 | 2% | 2% | 0% | 12% |
| December 2015 | 32% | 36% | 61% | 48% |
| Fidelity Advisor Freedom 2020 Fund | | | | |
| May 2015 | 6% | 8% | 35% | 19% |
| December 2015 | 34% | 38% | 59% | 50% |
| Fidelity Advisor Freedom 2025 Fund | | | | |
| May 2015 | 2% | 3% | 20% | 8% |
| December 2015 | 40% | 44% | 71% | 58% |
| Fidelity Advisor Freedom 2030 Fund | | | | |
| May 2015 | 14% | 22% | 0% | 0% |
| December 2015 | 48% | 54% | 87% | 71% |
| Fidelity Advisor Freedom 2035 Fund | | | | |
| May 2015 | 22% | 35% | 0% | 0% |
| December 2015 | 58% | 65% | 100% | 88% |
| Fidelity Advisor Freedom 2040 Fund | | | | |
| May 2015 | 21% | 36% | 0% | 0% |
| December 2015 | 57% | 64% | 100% | 87% |
| Fidelity Advisor Freedom 2045 Fund | | | | |
| May 2015 | 24% | 36% | 0% | 100% |
| December 2015 | 53% | 59% | 97% | 79% |
| Fidelity Advisor Freedom 2050 Fund | | | | |
| May 2015 | 27% | 39% | 0% | 100% |
| December 2015 | 56% | 63% | 100% | 86% |
| Fidelity Advisor Freedom 2055 Fund | | | | |
| May 2015 | 15% | 24% | N/A | 0% |
| December 2015 | 55% | 61% | N/A | 81% |
| Fidelity Advisor Freedom 2060 Fund | | | | |
| May 2015 | 5% | 9% | N/A | 0% |
| December 2015 | 55% | 71% | N/A | 0% |
|
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| | Class A | Class T | Class B | Class C |
| Fidelity Advisor Freedom Income Fund | | | | |
| April 2015 | 0% | 0% | 0% | 0% |
| May 2015 (Ex Date 05/01/15) | 12% | 14% | 28% | 23% |
| May 2015 (Ex Date 05/08/15) | 25% | 25% | 25% | 25% |
| June 2015 | 25% | 31% | 82% | 82% |
| July 2015 | 25% | 31% | 62% | 62% |
| August 2015 | 25% | 28% | 46% | 46% |
| September 2015 | 24% | 31% | 71% | 71% |
| October 2015 | 24% | 29% | 65% | 65% |
| November 2015 | 24% | 30% | 52% | 52% |
| December 2015 | 24% | 26% | 30% | 29% |
| February 2016 | 0% | 0% | 0% | 0% |
| March 2016 | 0% | 0% | 0% | 0% |
| Fidelity Advisor Freedom 2005 Fund | | | | |
| May 2015 | 9% | 11% | 31% | 24% |
| December 2015 | 35% | 39% | 67% | 57% |
| Fidelity Advisor Freedom 2010 Fund | | | | |
| May 2015 | 12% | 15% | 0% | 51% |
| December 2015 | 43% | 48% | 75% | 66% |
| Fidelity Advisor Freedom 2015 Fund | | | | |
| May 2015 | 12% | 17% | 0% | 82% |
| December 2015 | 49% | 55% | 92% | 73% |
| Fidelity Advisor Freedom 2020 Fund | | | | |
| May 2015 | 15% | 20% | 92% | 51% |
| December 2015 | 52% | 58% | 91% | 76% |
| Fidelity Advisor Freedom 2025 Fund | | | | |
| May 2015 | 10% | 13% | 81% | 33% |
| December 2015 | 61% | 68% | 100% | 90% |
| Fidelity Advisor Freedom 2030 Fund | | | | |
| May 2015 | 22% | 33% | 0% | 0% |
| December 2015 | 74% | 83% | 100% | 100% |
| Fidelity Advisor Freedom 2035 Fund | | | | |
| May 2015 | 35% | 55% | 0% | 0% |
| December 2015 | 90% | 100% | 100% | 100% |
| Fidelity Advisor Freedom 2040 Fund | | | | |
| May 2015 | 24% | 41% | 0% | 0% |
| December 2015 | 88% | 100% | 100% | 100% |
| Fidelity Advisor Freedom 2045 Fund | | | | |
| May 2015 | 39% | 59% | 0% | 100% |
| December 2015 | 88% | 98% | 100% | 100% |
| Fidelity Advisor Freedom 2050 Fund | | | | |
| May 2015 | 41% | 59% | 0% | 100% |
| December 2015 | 86% | 97% | 100% | 100% |
| Fidelity Advisor Freedom 2055 Fund | | | | |
| May 2015 | 19% | 30% | N/A | 0% |
| December 2015 | 85% | 95% | N/A | 100% |
| Fidelity Advisor Freedom 2060 Fund | | | | |
| May 2015 | 8% | 13% | N/A | 0% |
| December 2015 | 87% | 100% | N/A | 0% |
|
The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.
AFF-ANN-0516
1.792114.113
Fidelity Advisor Freedom® Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Class I (formerly Institutional Class)
Annual Report March 31, 2016 |
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Advisor Freedom® Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (0.34)% | 3.16% | 3.83% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® Income Fund - Class I on March 31, 2006.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $14,568 | Fidelity Advisor Freedom® Income Fund - Class I |
| $16,128 | Barclays® U.S. Aggregate Bond Index |
Fidelity Advisor Freedom® 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (1.04)% | 3.74% | 3.85% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2005 Fund - Class I on March 31, 2006.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $14,586 | Fidelity Advisor Freedom® 2005 Fund - Class I |
| $16,128 | Barclays® U.S. Aggregate Bond Index |
Fidelity Advisor Freedom® 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (1.40)% | 4.45% | 4.36% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2010 Fund - Class I on March 31, 2006.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $15,327 | Fidelity Advisor Freedom® 2010 Fund - Class I |
| $16,128 | Barclays® U.S. Aggregate Bond Index |
Fidelity Advisor Freedom® 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (1.80)% | 4.62% | 4.33% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2015 Fund - Class I on March 31, 2006.
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.
| Period Ending Values |
| $15,281 | Fidelity Advisor Freedom® 2015 Fund - Class I |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (2.07)% | 4.77% | 4.14% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2020 Fund - Class I on March 31, 2006.
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.
| Period Ending Values |
| $15,000 | Fidelity Advisor Freedom® 2020 Fund - Class I |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (2.44)% | 5.27% | 4.39% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2025 Fund - Class I on March 31, 2006.
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.
| Period Ending Values |
| $15,367 | Fidelity Advisor Freedom® 2025 Fund - Class I |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (3.16)% | 5.37% | 4.05% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2030 Fund - Class I on March 31, 2006.
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.
| Period Ending Values |
| $14,869 | Fidelity Advisor Freedom® 2030 Fund - Class I |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (3.63)% | 5.54% | 4.16% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2035 Fund - Class I on March 31, 2006.
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.
| Period Ending Values |
| $15,027 | Fidelity Advisor Freedom® 2035 Fund - Class I |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Class I | (3.62)% | 5.58% | 4.08% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2040 Fund - Class I on March 31, 2006.
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.
| Period Ending Values |
| $14,913 | Fidelity Advisor Freedom® 2040 Fund - Class I |
| $19,687 | S&P 500® Index |
Fidelity Advisor Freedom® 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Class I | (3.66)% | 5.66% | 4.31% |
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 - Class I 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.
| Period Ending Values |
| $15,149 | Fidelity Advisor Freedom® 2045 Fund - Class I |
| $19,758 | S&P 500® Index |
Fidelity Advisor Freedom® 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Class I | (3.65)% | 5.62% | 4.21% |
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 - Class I 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.
| Period Ending Values |
| $15,010 | Fidelity Advisor Freedom® 2050 Fund - Class I |
| $19,758 | S&P 500® Index |
Fidelity Advisor Freedom® 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class I | (3.64)% | 6.07% |
A From June 1, 2011
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2055 Fund - Class I on June 1, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $13,298 | Fidelity Advisor Freedom® 2055 Fund - Class I |
| $17,384 | S&P 500® Index |
Fidelity Advisor Freedom® 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class I | (3.54)% | 0.99% |
A From August 5, 2014
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom® 2060 Fund - Class I on August 5, 2014, 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.
| Period Ending Values |
| $10,165 | Fidelity Advisor Freedom® 2060 Fund - Class I |
| $11,115 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Around the globe, equities declined for the 12 months ending March 31, 2016. The Dow Jones U.S. Total Stock Market Index℠, a broad measure of U.S. equity performance, returned -0.43%. With no particular regional bias, the non-U.S. major-markets MSCI World ex USA Index fell further, returning -8.44%. And despite a robust, late-period rally, the MSCI Emerging Markets Index delivered a return of -11.70%.
Stocks took a late-summer dive on fear of an economic slowdown in China, recovering in October after the U.S. Federal Reserve delayed raising target interest rates until mid-December. A rate cut in China and stimulus in Europe also helped. Nevertheless, persistent commodity weakness and U.S.-dollar strength pushed many markets to their worst January in years. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies; the Fed added fuel by softening its schedule for future rate hikes.
Large-cap stocks handily outpaced small-caps in the U.S.; overseas, rankings reversed. Globally, growth bested value-oriented stocks. Volatility helped traditionally defensive sectors outperform cyclicals, while falling bond yields only strengthened demand within these same dividend-rich corners of the market – telecommunication services, utilities and consumer staples, in particular. Conversely, commodity-related sectors such as energy and materials declined substantially, despite an impressive turnaround near period end.
Fixed-income investors shunned riskier debt for much of the year. The Barclays
® U.S. Aggregate Bond Index rose 1.96%, led by Treasury and agency mortgage-backed securities; investment-grade corporate credit lagged. Emerging-markets debt and real estate income-oriented securities each had solid runs, ranking among the top-performing asset classes for the year. Meanwhile, high-yield bonds, as measured by The BofA Merrill Lynch US High Yield Constrained Index℠, returned -3.96%. A spirited, late-period comeback could not overcome earlier spread-widening.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2016, the share classes of each Advisor Freedom Fund posted a negative return. Results moved along a spectrum, with nearer-term, more conservative Funds posting modest negatives and longer-dated, more aggressive Funds posting somewhat larger negatives. On a relative basis, each Fund lagged its respective Composite benchmark.
(For specific Fund results, please refer to the performance section of this report.) Overall, allocation decisions detracted from Composite-relative results, largely due to underweighting investment-grade debt. Allocations to portfolio diversifiers, such as the commodity and high-yield debt segments, also detracted; however, we believe such exposures remain important. Commodities may help protect against inflation, and Fund exposure to high-yield debt is an expression of value we see relative to investment-grade bonds. Selection effects also detracted, as the market proved challenging for a subset of underlying equity managers, particularly among U.S. growth-focused investments. In the non-U.S. equity asset class, both selection and allocation decisions contributed to relative results overall. At period end, our active positions align with a view that the U.S. economy is experiencing signs of late cycle. We believe the environment remains favorable to risk assets and supports the Funds’ modest overweightings in equities and corporate credit, underweightings in core fixed income. We recently increased Fund exposure to emerging-markets equities, Treasury Inflation-Protected Securities and commodities, while reducing exposure to nominal bonds.
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.
Fidelity Advisor Freedom® Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 1.7 | 1.9 |
| Fidelity Advisor Series Equity-Income Fund | 3.1 | 3.3 |
| Fidelity Advisor Series Growth & Income Fund | 2.2 | 2.3 |
| Fidelity Advisor Series Growth Opportunities Fund | 1.1 | 1.2 |
| Fidelity Advisor Series Opportunistic Insights Fund | 1.6 | 1.7 |
| Fidelity Advisor Series Small Cap Fund | 0.9 | 0.9 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 2.1 | 2.2 |
| Fidelity Series 100 Index Fund | 0.9 | 1.0 |
| Fidelity Series 1000 Value Index Fund | 0.3 | 0.4 |
| Fidelity Series All-Sector Equity Fund | 2.1 | 2.2 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.2 | 0.3 |
| Fidelity Series Small Cap Opportunities Fund | 1.0 | 1.1 |
| | 18.5 | 19.3 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 4.5 | 3.3 |
| Fidelity Series International Growth Fund | 2.1 | 1.8 |
| Fidelity Series International Small Cap Fund | 0.5 | 0.4 |
| Fidelity Series International Value Fund | 2.0 | 1.9 |
| | 9.1 | 7.4 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.1 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.8 | 3.5 |
| Fidelity Series Investment Grade Bond Fund | 38.7 | 41.0 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 46.9 | 49.0 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 9.0 | 7.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 16.5 | 17.0 |
| | 25.5 | 24.3 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 18.5% |
| | International Equity Funds | 9.1% |
| | Bond Funds | 46.9% |
| | Short-Term Funds | 25.5% |
| Six months ago |
| | Domestic Equity Funds | 19.3% |
| | International Equity Funds | 7.4% |
| | Bond Funds | 49.0% |
| | Short-Term Funds | 24.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® Income Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 18.5% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 389,769 | $4,170,532 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 653,298 | 7,499,856 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 421,972 | 5,181,817 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 263,728 | 2,708,485 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 268,434 | 3,870,818 |
| Fidelity Advisor Series Small Cap Fund (a) | | 205,763 | 2,074,093 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 446,459 | 4,986,947 |
| Fidelity Series 100 Index Fund (a) | | 168,311 | 2,263,782 |
| Fidelity Series 1000 Value Index Fund (a) | | 80,390 | 830,427 |
| Fidelity Series All-Sector Equity Fund (a) | | 395,628 | 4,980,957 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 621,499 | 3,039,129 |
| Fidelity Series Real Estate Equity Fund (a) | | 36,829 | 519,656 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 207,296 | 2,504,141 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $40,596,744) | | | 44,630,640 |
|
| International Equity Funds - 9.1% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 726,461 | 10,817,005 |
| Fidelity Series International Growth Fund (a) | | 368,520 | 4,908,680 |
| Fidelity Series International Small Cap Fund (a) | | 82,137 | 1,235,333 |
| Fidelity Series International Value Fund (a) | | 533,280 | 4,868,843 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $20,525,899) | | | 21,829,861 |
|
| Bond Funds - 46.9% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 159,630 | 1,514,889 |
| Fidelity Series Floating Rate High Income Fund (a) | | 64,184 | 576,369 |
| Fidelity Series High Income Fund (a) | | 836,229 | 7,250,104 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 928,964 | 9,178,161 |
| Fidelity Series Investment Grade Bond Fund (a) | | 8,257,831 | 93,313,492 |
| Fidelity Series Real Estate Income Fund (a) | | 107,248 | 1,166,856 |
| TOTAL BOND FUNDS | | | |
| (Cost $111,438,118) | | | 112,999,871 |
|
| Short-Term Funds - 25.5% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 2,164,128 | 21,641,283 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 39,911,216 | 39,911,216 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $61,515,216) | | | 61,552,499 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $234,075,977) | | | 241,012,871 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (64,164) |
| NET ASSETS - 100% | | | $240,948,707 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $4,424,024 | $1,630,377 | $1,806,443 | $7,133 | $4,170,532 |
| Fidelity Advisor Series Equity-Income Fund | 8,782,837 | 2,708,277 | 3,204,560 | 224,065 | 7,499,856 |
| Fidelity Advisor Series Growth & Income Fund | 6,026,084 | 2,017,373 | 2,322,220 | 113,857 | 5,181,817 |
| Fidelity Advisor Series Growth Opportunities Fund | 4,699,714 | 1,120,092 | 2,755,812 | 17,727 | 2,708,485 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4,065,046 | 1,854,924 | 1,768,758 | -- | 3,870,818 |
| Fidelity Advisor Series Short-Term Credit Fund | 19,582,549 | 8,913,026 | 6,855,373 | 211,844 | 21,641,283 |
| Fidelity Advisor Series Small Cap Fund | 2,474,429 | 780,826 | 864,245 | 5,662 | 2,074,093 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5,911,629 | 2,063,602 | 2,141,925 | 88,333 | 4,986,947 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 45,871,673 | 14,662,672 | 20,623,129 | 94,956 | 39,911,216 |
| Fidelity Series 100 Index Fund | 2,637,039 | 653,559 | 1,071,629 | 56,688 | 2,263,782 |
| Fidelity Series 1000 Value Index Fund | 974,884 | 285,200 | 361,929 | 22,346 | 830,427 |
| Fidelity Series All-Sector Equity Fund | 5,826,625 | 1,992,088 | 2,240,412 | 49,013 | 4,980,957 |
| Fidelity Series Commodity Strategy Fund | 2,192,292 | 1,902,801 | 681,397 | -- | 3,039,129 |
| Fidelity Series Emerging Markets Debt Fund | 1,679,019 | 354,401 | 483,806 | 98,594 | 1,514,889 |
| Fidelity Series Emerging Markets Fund | 7,360,983 | 6,686,343 | 2,429,529 | 113,709 | 10,817,005 |
| Fidelity Series Floating Rate High Income Fund | 1,358,066 | 178,369 | 905,762 | 37,319 | 576,369 |
| Fidelity Series High Income Fund | 9,184,343 | 1,982,325 | 2,927,527 | 486,844 | 7,250,104 |
| Fidelity Series Inflation-Protected Bond Index Fund | 9,534,745 | 2,135,170 | 2,625,028 | 4,762 | 9,178,161 |
| Fidelity Series International Growth Fund | 5,549,631 | 2,372,826 | 2,740,663 | 48,824 | 4,908,680 |
| Fidelity Series International Small Cap Fund | 1,249,186 | 544,760 | 531,149 | 9,336 | 1,235,333 |
| Fidelity Series International Value Fund | 5,361,104 | 2,412,309 | 2,490,462 | 91,944 | 4,868,843 |
| Fidelity Series Investment Grade Bond Fund | 113,168,186 | 19,206,804 | 36,386,425 | 2,976,039 | 93,313,492 |
| Fidelity Series Real Estate Equity Fund | 616,665 | 188,881 | 255,297 | 10,063 | 519,656 |
| Fidelity Series Real Estate Income Fund | 1,318,889 | 247,950 | 352,750 | 59,146 | 1,166,856 |
| Fidelity Series Small Cap Opportunities Fund | 2,997,769 | 967,205 | 1,135,029 | 10,724 | 2,504,141 |
| Total | $272,847,411 | $77,862,160 | $99,961,259 | $4,838,928 | $241,012,871 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $234,075,977) — See accompanying schedule | | $241,012,871 |
| Receivable for investments sold | | 10,107,923 |
| Receivable for fund shares sold | | 242,861 |
| Total assets | | 251,363,655 |
| Liabilities | | |
| Payable for investments purchased | $1,783,343 | |
| Payable for fund shares redeemed | 8,576,988 | |
| Distribution and service plan fees payable | 54,617 | |
| Total liabilities | | 10,414,948 |
| Net Assets | | $240,948,707 |
| Net Assets consist of: | | |
| Paid in capital | | $232,611,228 |
| Undistributed net investment income | | 184,777 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,215,808 |
| Net unrealized appreciation (depreciation) on investments | | 6,936,894 |
| Net Assets | | $240,948,707 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($99,210,627 ÷ 9,327,298 shares) | | $10.64 |
| Maximum offering price per share (100/94.25 of $10.64) | | $11.29 |
| Class T: | | |
| Net Asset Value and redemption price per share ($42,886,720 ÷ 4,036,459 shares) | | $10.62 |
| Maximum offering price per share (100/96.50 of $10.62) | | $11.01 |
| Class B: | | |
| Net Asset Value and offering price per share ($642,622 ÷ 60,486 shares)(a) | | $10.62 |
| Class C: | | |
| Net Asset Value and offering price per share ($14,711,982 ÷ 1,386,737 shares)(a) | | $10.61 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($83,496,756 ÷ 7,827,142 shares) | | $10.67 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,838,928 |
| Expenses | | |
| Distribution and service plan fees | $684,753 | |
| Independent trustees' compensation | 1,097 | |
| Total expenses before reductions | 685,850 | |
| Expense reductions | (1,097) | 684,753 |
| Net investment income (loss) | | 4,154,175 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (169,387) | |
| Capital gain distributions from underlying funds | 3,677,776 | |
| Total net realized gain (loss) | | 3,508,389 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (9,566,078) |
| Net gain (loss) | | (6,057,689) |
| Net increase (decrease) in net assets resulting from operations | | $(1,903,514) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,154,175 | $4,022,115 |
| Net realized gain (loss) | 3,508,389 | 6,595,029 |
| Change in net unrealized appreciation (depreciation) | (9,566,078) | (638,347) |
| Net increase (decrease) in net assets resulting from operations | (1,903,514) | 9,978,797 |
| Distributions to shareholders from net investment income | (4,164,603) | (4,039,882) |
| Distributions to shareholders from net realized gain | (4,540,387) | (8,872,257) |
| Total distributions | (8,704,990) | (12,912,139) |
| Share transactions - net increase (decrease) | (21,181,266) | (14,514,229) |
| Total increase (decrease) in net assets | (31,789,770) | (17,447,571) |
| Net Assets | | |
| Beginning of period | 272,738,477 | 290,186,048 |
| End of period (including undistributed net investment income of $184,777 and undistributed net investment income of $323,481, respectively) | $240,948,707 | $272,738,477 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.07 | $11.20 | $11.21 | $10.98 | $10.85 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .18 | .16 | .12 | .12 | .15 |
| Net realized and unrealized gain (loss) | (.25) | .24 | .28 | .37 | .21 |
| Total from investment operations | (.07) | .40 | .40 | .49 | .36 |
| Distributions from net investment income | (.18) | (.17) | (.12) | (.12) | (.15) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.36)B | (.53) | (.41) | (.26) | (.23) |
| Net asset value, end of period | $10.64 | $11.07 | $11.20 | $11.21 | $10.98 |
| Total ReturnC,D | (.59)% | 3.65% | 3.65% | 4.53% | 3.34% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.63% | 1.48% | 1.10% | 1.08% | 1.37% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $99,211 | $124,755 | $147,818 | $176,876 | $166,658 |
| Portfolio turnover rateE | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.36 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.187 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.06 | $11.19 | $11.20 | $10.96 | $10.84 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .14 | .09 | .09 | .12 |
| Net realized and unrealized gain (loss) | (.25) | .23 | .28 | .38 | .20 |
| Total from investment operations | (.10) | .37 | .37 | .47 | .32 |
| Distributions from net investment income | (.15) | (.14) | (.09) | (.09) | (.12) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.34) | (.50) | (.38) | (.23) | (.20) |
| Net asset value, end of period | $10.62 | $11.06 | $11.19 | $11.20 | $10.96 |
| Total ReturnB,C | (.93)% | 3.39% | 3.40% | 4.35% | 3.01% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.38% | 1.23% | .85% | .83% | 1.12% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $42,887 | $47,804 | $53,019 | $53,734 | $56,246 |
| Portfolio turnover rateD | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.06 | $11.18 | $11.19 | $10.96 | $10.84 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .08 | .04 | .04 | .07 |
| Net realized and unrealized gain (loss) | (.26) | .25 | .28 | .37 | .19 |
| Total from investment operations | (.16) | .33 | .32 | .41 | .26 |
| Distributions from net investment income | (.09) | (.08) | (.04) | (.04) | (.07) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.28) | (.45)B | (.33) | (.18) | (.14)C |
| Net asset value, end of period | $10.62 | $11.06 | $11.18 | $11.19 | $10.96 |
| Total ReturnD,E | (1.46)% | 2.98% | 2.86% | 3.80% | 2.47% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .88% | .73% | .35% | .33% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $643 | $1,147 | $1,681 | $2,294 | $2,889 |
| Portfolio turnover rateF | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.45 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.361 per share.
C Total distributions of $.14 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.079 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.04 | $11.17 | $11.18 | $10.96 | $10.84 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .09 | .08 | .04 | .04 | .07 |
| Net realized and unrealized gain (loss) | (.24) | .24 | .28 | .36 | .20 |
| Total from investment operations | (.15) | .32 | .32 | .40 | .27 |
| Distributions from net investment income | (.10) | (.09) | (.04) | (.04) | (.07) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.28)B | (.45) | (.33) | (.18) | (.15) |
| Net asset value, end of period | $10.61 | $11.04 | $11.17 | $11.18 | $10.96 |
| Total ReturnC,D | (1.35)% | 2.90% | 2.89% | 3.70% | 2.50% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .88% | .73% | .35% | .33% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $14,712 | $15,780 | $15,735 | $16,606 | $17,170 |
| Portfolio turnover rateE | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.28 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.187 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom Income Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.10 | $11.23 | $11.23 | $11.00 | $10.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .19 | .15 | .15 | .18 |
| Net realized and unrealized gain (loss) | (.24) | .24 | .29 | .37 | .20 |
| Total from investment operations | (.04) | .43 | .44 | .52 | .38 |
| Distributions from net investment income | (.20) | (.19) | (.15) | (.14) | (.17) |
| Distributions from net realized gain | (.19) | (.36) | (.29) | (.14) | (.08) |
| Total distributions | (.39) | (.56)B | (.44) | (.29)C | (.25) |
| Net asset value, end of period | $10.67 | $11.10 | $11.23 | $11.23 | $11.00 |
| Total ReturnD | (.34)% | 3.89% | 3.98% | 4.75% | 3.58% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductionsG | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.88% | 1.73% | 1.35% | 1.33% | 1.62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $83,497 | $83,253 | $71,933 | $77,976 | $60,248 |
| Portfolio turnover rateE | 30% | 38% | 36% | 17% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.56 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.361 per share.
C Total distributions of $.29 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.141 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 2.6 | 2.8 |
| Fidelity Advisor Series Equity-Income Fund | 4.7 | 5.0 |
| Fidelity Advisor Series Growth & Income Fund | 3.3 | 3.5 |
| Fidelity Advisor Series Growth Opportunities Fund | 1.7 | 1.8 |
| Fidelity Advisor Series Opportunistic Insights Fund | 2.4 | 2.6 |
| Fidelity Advisor Series Small Cap Fund | 1.3 | 1.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.1 | 3.4 |
| Fidelity Series 100 Index Fund | 1.4 | 1.5 |
| Fidelity Series 1000 Value Index Fund | 0.5 | 0.6 |
| Fidelity Series All-Sector Equity Fund | 3.1 | 3.4 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.7 |
| Fidelity Series Real Estate Equity Fund | 0.3 | 0.3 |
| Fidelity Series Small Cap Opportunities Fund | 1.6 | 1.7 |
| | 27.3 | 28.7 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 5.5 | 4.3 |
| Fidelity Series International Growth Fund | 3.4 | 3.3 |
| Fidelity Series International Small Cap Fund | 0.8 | 0.7 |
| Fidelity Series International Value Fund | 3.3 | 3.3 |
| | 13.0 | 11.6 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.2 |
| Fidelity Series High Income Fund | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.3 | 3.1 |
| Fidelity Series Investment Grade Bond Fund | 34.5 | 36.3 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 42.2 | 43.9 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 6.1 | 4.8 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 11.4 | 11.0 |
| | 17.5 | 15.8 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 27.3% |
| | International Equity Funds | 13.0% |
| | Bond Funds | 42.2% |
| | Short-Term Funds | 17.5% |
| Six months ago |
| | Domestic Equity Funds | 28.7% |
| | International Equity Funds | 11.6% |
| | Bond Funds | 43.9% |
| | Short-Term Funds | 15.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2005 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 27.3% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 564,087 | $6,035,727 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 948,846 | 10,892,754 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 612,821 | 7,525,437 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 387,170 | 3,976,232 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 388,451 | 5,601,464 |
| Fidelity Advisor Series Small Cap Fund (a) | | 298,863 | 3,012,540 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 648,425 | 7,242,910 |
| Fidelity Series 100 Index Fund (a) | | 244,445 | 3,287,789 |
| Fidelity Series 1000 Value Index Fund (a) | | 116,766 | 1,206,197 |
| Fidelity Series All-Sector Equity Fund (a) | | 574,625 | 7,234,534 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 588,151 | 2,876,059 |
| Fidelity Series Real Estate Equity Fund (a) | | 53,535 | 755,379 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 301,029 | 3,636,430 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $57,217,646) | | | 63,283,452 |
|
| International Equity Funds - 13.0% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 855,486 | 12,738,180 |
| Fidelity Series International Growth Fund (a) | | 586,479 | 7,811,896 |
| Fidelity Series International Small Cap Fund (a) | | 127,906 | 1,923,710 |
| Fidelity Series International Value Fund (a) | | 849,038 | 7,751,721 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $28,024,095) | | | 30,225,507 |
|
| Bond Funds - 42.2% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 153,908 | 1,460,587 |
| Fidelity Series Floating Rate High Income Fund (a) | | 63,476 | 570,016 |
| Fidelity Series High Income Fund (a) | | 799,736 | 6,933,712 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 780,595 | 7,712,280 |
| Fidelity Series Investment Grade Bond Fund (a) | | 7,066,729 | 79,854,043 |
| Fidelity Series Real Estate Income Fund (a) | | 104,136 | 1,132,996 |
| TOTAL BOND FUNDS | | | |
| (Cost $96,904,695) | | | 97,663,634 |
|
| Short-Term Funds - 17.5% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 1,415,162 | 14,151,615 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 26,306,963 | 26,306,963 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $40,439,197) | | | 40,458,578 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $222,585,633) | | | 231,631,171 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (46,951) |
| NET ASSETS - 100% | | | $231,584,220 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $6,702,712 | $2,029,486 | $2,601,687 | $9,780 | $6,035,727 |
| Fidelity Advisor Series Equity-Income Fund | 13,391,307 | 3,255,346 | 4,636,721 | 324,430 | 10,892,754 |
| Fidelity Advisor Series Growth & Income Fund | 9,176,242 | 2,448,676 | 3,321,063 | 165,189 | 7,525,437 |
| Fidelity Advisor Series Growth Opportunities Fund | 7,756,115 | 1,374,862 | 4,697,087 | 24,303 | 3,976,232 |
| Fidelity Advisor Series Opportunistic Insights Fund | 6,158,830 | 2,334,398 | 2,529,803 | -- | 5,601,464 |
| Fidelity Advisor Series Short-Term Credit Fund | 11,655,433 | 6,515,807 | 4,019,232 | 129,374 | 14,151,615 |
| Fidelity Advisor Series Small Cap Fund | 3,748,964 | 936,582 | 1,236,899 | 7,658 | 3,012,540 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 8,953,190 | 2,453,624 | 2,973,095 | 120,686 | 7,242,910 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 27,252,738 | 12,709,051 | 13,654,826 | 58,010 | 26,306,963 |
| Fidelity Series 100 Index Fund | 4,000,617 | 743,781 | 1,525,506 | 77,554 | 3,287,789 |
| Fidelity Series 1000 Value Index Fund | 1,484,482 | 327,131 | 509,652 | 30,570 | 1,206,197 |
| Fidelity Series All-Sector Equity Fund | 8,866,034 | 2,408,371 | 3,205,846 | 67,169 | 7,234,534 |
| Fidelity Series Commodity Strategy Fund | 2,129,392 | 1,750,093 | 656,354 | -- | 2,876,059 |
| Fidelity Series Emerging Markets Debt Fund | 1,623,096 | 284,147 | 411,396 | 93,235 | 1,460,587 |
| Fidelity Series Emerging Markets Fund | 10,269,922 | 6,402,399 | 2,789,782 | 131,347 | 12,738,180 |
| Fidelity Series Floating Rate High Income Fund | 1,319,446 | 142,793 | 842,336 | 35,099 | 570,016 |
| Fidelity Series High Income Fund | 8,960,554 | 1,512,422 | 2,605,005 | 458,186 | 6,933,712 |
| Fidelity Series Inflation-Protected Bond Index Fund | 8,054,257 | 1,828,160 | 2,271,056 | 3,931 | 7,712,280 |
| Fidelity Series International Growth Fund | 9,292,472 | 2,788,428 | 3,769,872 | 79,939 | 7,811,896 |
| Fidelity Series International Small Cap Fund | 2,138,851 | 603,306 | 761,658 | 15,284 | 1,923,710 |
| Fidelity Series International Value Fund | 9,228,860 | 2,833,049 | 3,604,261 | 150,539 | 7,751,721 |
| Fidelity Series Investment Grade Bond Fund | 96,759,463 | 15,177,066 | 29,769,466 | 2,471,160 | 79,854,043 |
| Fidelity Series Real Estate Equity Fund | 927,084 | 251,284 | 373,501 | 14,217 | 755,379 |
| Fidelity Series Real Estate Income Fund | 1,292,021 | 216,762 | 330,360 | 56,053 | 1,132,996 |
| Fidelity Series Small Cap Opportunities Fund | 4,501,627 | 1,173,603 | 1,572,208 | 15,136 | 3,636,430 |
| Total | $265,643,709 | $72,500,627 | $94,668,672 | $4,538,849 | $231,631,171 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $222,585,633) — See accompanying schedule | | $231,631,171 |
| Receivable for investments sold | | 3,798,628 |
| Receivable for fund shares sold | | 140,314 |
| Total assets | | 235,570,113 |
| Liabilities | | |
| Payable for investments purchased | $3,752,161 | |
| Payable for fund shares redeemed | 188,760 | |
| Distribution and service plan fees payable | 44,972 | |
| Total liabilities | | 3,985,893 |
| Net Assets | | $231,584,220 |
| Net Assets consist of: | | |
| Paid in capital | | $219,351,139 |
| Undistributed net investment income | | 661,799 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,525,744 |
| Net unrealized appreciation (depreciation) on investments | | 9,045,538 |
| Net Assets | | $231,584,220 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($134,262,301 ÷ 11,737,411 shares) | | $11.44 |
| Maximum offering price per share (100/94.25 of $11.44) | | $12.14 |
| Class T: | | |
| Net Asset Value and redemption price per share ($29,346,744 ÷ 2,567,816 shares) | | $11.43 |
| Maximum offering price per share (100/96.50 of $11.43) | | $11.84 |
| Class B: | | |
| Net Asset Value and offering price per share ($335,083 ÷ 29,104 shares)(a) | | $11.51 |
| Class C: | | |
| Net Asset Value and offering price per share ($6,200,338 ÷ 543,206 shares)(a) | | $11.41 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($61,439,754 ÷ 5,336,831 shares) | | $11.51 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,538,849 |
| Expenses | | |
| Distribution and service plan fees | $580,864 | |
| Independent trustees' compensation | 1,041 | |
| Total expenses before reductions | 581,905 | |
| Expense reductions | (1,041) | 580,864 |
| Net investment income (loss) | | 3,957,985 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 1,233,423 | �� |
| Capital gain distributions from underlying funds | 4,697,834 | |
| Total net realized gain (loss) | | 5,931,257 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (13,077,935) |
| Net gain (loss) | | (7,146,678) |
| Net increase (decrease) in net assets resulting from operations | | $(3,188,693) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,957,985 | $4,363,408 |
| Net realized gain (loss) | 5,931,257 | 9,195,574 |
| Change in net unrealized appreciation (depreciation) | (13,077,935) | (918,474) |
| Net increase (decrease) in net assets resulting from operations | (3,188,693) | 12,640,508 |
| Distributions to shareholders from net investment income | (4,007,125) | (4,425,821) |
| Distributions to shareholders from net realized gain | (6,638,092) | (9,763,778) |
| Total distributions | (10,645,217) | (14,189,599) |
| Share transactions - net increase (decrease) | (20,184,963) | (27,388,953) |
| Total increase (decrease) in net assets | (34,018,873) | (28,938,044) |
| Net Assets | | |
| Beginning of period | 265,603,093 | 294,541,137 |
| End of period (including undistributed net investment income of $661,799 and undistributed net investment income of $710,937, respectively) | $231,584,220 | $265,603,093 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.10 | $12.17 | $11.90 | $11.45 | $11.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .19 | .19 | .13 | .13 | .15 |
| Net realized and unrealized gain (loss) | (.34) | .36 | .57 | .53 | .13 |
| Total from investment operations | (.15) | .55 | .70 | .66 | .28 |
| Distributions from net investment income | (.20) | (.19) | (.12) | (.13) | (.15) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.13) |
| Total distributions | (.51)B | (.62)C | (.43) | (.21)D | (.28) |
| Net asset value, end of period | $11.44 | $12.10 | $12.17 | $11.90 | $11.45 |
| Total ReturnE,F | (1.23)% | 4.60% | 5.98% | 5.79% | 2.53% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.62% | 1.54% | 1.10% | 1.16% | 1.37% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $134,262 | $162,069 | $187,224 | $204,418 | $193,977 |
| Portfolio turnover rateG | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.51 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.317 per share.
C Total distributions of $.62 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.423 per share.
D Total distributions of $.21 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.071 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.09 | $12.16 | $11.90 | $11.45 | $11.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .16 | .10 | .11 | .13 |
| Net realized and unrealized gain (loss) | (.33) | .35 | .57 | .52 | .12 |
| Total from investment operations | (.17) | .51 | .67 | .63 | .25 |
| Distributions from net investment income | (.17) | (.16) | (.10) | (.11) | (.12) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.13) |
| Total distributions | (.49) | (.58) | (.41) | (.18) | (.25) |
| Net asset value, end of period | $11.43 | $12.09 | $12.16 | $11.90 | $11.45 |
| Total ReturnB,C | (1.45)% | 4.33% | 5.68% | 5.56% | 2.25% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.37% | 1.29% | .85% | .91% | 1.12% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $29,347 | $29,246 | $29,912 | $26,201 | $22,316 |
| Portfolio turnover rate D | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.14 | $12.20 | $11.93 | $11.47 | $11.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .10 | .04 | .05 | .07 |
| Net realized and unrealized gain (loss) | (.34) | .35 | .58 | .52 | .12 |
| Total from investment operations | (.24) | .45 | .62 | .57 | .19 |
| Distributions from net investment income | (.08) | (.08) | (.04) | (.04) | (.05) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.12) |
| Total distributions | (.39)B | (.51)C | (.35) | (.11) | (.17) |
| Net asset value, end of period | $11.51 | $12.14 | $12.20 | $11.93 | $11.47 |
| Total ReturnD,E | (1.97)% | 3.75% | 5.22% | 5.00% | 1.73% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .87% | .79% | .35% | .41% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $335 | $623 | $1,059 | $1,162 | $1,571 |
| Portfolio turnover rate F | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.39 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.317 per share.
C Total distributions of $.51 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.423 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.06 | $12.14 | $11.87 | $11.42 | $11.42 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .10 | .04 | .05 | .07 |
| Net realized and unrealized gain (loss) | (.33) | .34 | .58 | .52 | .11 |
| Total from investment operations | (.23) | .44 | .62 | .57 | .18 |
| Distributions from net investment income | (.10) | (.10) | (.04) | (.05) | (.07) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.12) |
| Total distributions | (.42) | (.52) | (.35) | (.12) | (.18)B |
| Net asset value, end of period | $11.41 | $12.06 | $12.14 | $11.87 | $11.42 |
| Total ReturnC,D | (1.98)% | 3.73% | 5.28% | 5.01% | 1.66% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .87% | .79% | .35% | .41% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,200 | $7,410 | $8,910 | $8,118 | $8,053 |
| Portfolio turnover rateE | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.18 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.115 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2005 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.18 | $12.25 | $11.97 | $11.51 | $11.52 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .22 | .16 | .16 | .18 |
| Net realized and unrealized gain (loss) | (.34) | .36 | .58 | .53 | .11 |
| Total from investment operations | (.12) | .58 | .74 | .69 | .29 |
| Distributions from net investment income | (.23) | (.23) | (.15) | (.16) | (.18) |
| Distributions from net realized gain | (.32) | (.42) | (.31) | (.07) | (.13) |
| Total distributions | (.55) | (.65) | (.46) | (.23) | (.30)B |
| Net asset value, end of period | $11.51 | $12.18 | $12.25 | $11.97 | $11.51 |
| Total ReturnC | (1.04)% | 4.85% | 6.29% | 6.11% | 2.67% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.87% | 1.79% | 1.35% | 1.41% | 1.62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $61,440 | $66,255 | $67,435 | $70,364 | $46,935 |
| Portfolio turnover rateD | 30% | 29% | 49% | 23% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.30 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.128 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 3.2 | 3.4 |
| Fidelity Advisor Series Equity-Income Fund | 5.8 | 6.1 |
| Fidelity Advisor Series Growth & Income Fund | 4.0 | 4.3 |
| Fidelity Advisor Series Growth Opportunities Fund | 2.1 | 2.2 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3.0 | 3.2 |
| Fidelity Advisor Series Small Cap Fund | 1.6 | 1.7 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.9 | 4.1 |
| Fidelity Series 100 Index Fund | 1.8 | 1.9 |
| Fidelity Series 1000 Value Index Fund | 0.7 | 0.7 |
| Fidelity Series All-Sector Equity Fund | 3.9 | 4.1 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.4 | 0.4 |
| Fidelity Series Small Cap Opportunities Fund | 1.9 | 2.0 |
| | 33.5 | 34.9 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 6.3 | 5.1 |
| Fidelity Series International Growth Fund | 4.3 | 4.2 |
| Fidelity Series International Small Cap Fund | 1.1 | 1.0 |
| Fidelity Series International Value Fund | 4.3 | 4.3 |
| | 16.0 | 14.6 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 2.7 | 2.4 |
| Fidelity Series Investment Grade Bond Fund | 31.4 | 33.2 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 38.5 | 40.2 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 4.2 | 3.1 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 7.8 | 7.2 |
| | 12.0 | 10.3 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 33.5% |
| | International Equity Funds | 16.0% |
| | Bond Funds | 38.5% |
| | Short-Term Funds | 12.0% |
| Six months ago |
| | Domestic Equity Funds | 34.9% |
| | International Equity Funds | 14.6% |
| | Bond Funds | 40.2% |
| | Short-Term Funds | 10.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2010 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 33.5% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 1,796,595 | $19,223,571 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 3,022,007 | 34,692,643 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 1,951,813 | 23,968,262 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 1,233,072 | 12,663,650 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 1,237,220 | 17,840,714 |
| Fidelity Advisor Series Small Cap Fund (a) | | 951,887 | 9,595,026 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 2,065,238 | 23,068,709 |
| Fidelity Series 100 Index Fund (a) | | 778,562 | 10,471,663 |
| Fidelity Series 1000 Value Index Fund (a) | | 371,889 | 3,841,614 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,830,185 | 23,042,034 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 1,489,418 | 7,283,256 |
| Fidelity Series Real Estate Equity Fund (a) | | 170,515 | 2,405,962 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 958,753 | 11,581,740 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $178,511,196) | | | 199,678,844 |
|
| International Equity Funds - 16.0% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 2,539,860 | 37,818,521 |
| Fidelity Series International Growth Fund (a) | | 1,929,729 | 25,703,990 |
| Fidelity Series International Small Cap Fund (a) | | 418,334 | 6,291,737 |
| Fidelity Series International Value Fund (a) | | 2,793,864 | 25,507,981 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $89,098,994) | | | 95,322,229 |
|
| Bond Funds - 38.5% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 400,010 | 3,796,091 |
| Fidelity Series Floating Rate High Income Fund (a) | | 165,450 | 1,485,738 |
| Fidelity Series High Income Fund (a) | | 2,060,012 | 17,860,306 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,624,767 | 16,052,693 |
| Fidelity Series Investment Grade Bond Fund (a) | | 16,578,001 | 187,331,407 |
| Fidelity Series Real Estate Income Fund (a) | | 270,550 | 2,943,588 |
| TOTAL BOND FUNDS | | | |
| (Cost $227,833,859) | | | 229,469,823 |
|
| Short-Term Funds - 12.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 2,494,626 | 24,946,264 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 46,496,787 | 46,496,787 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $71,416,451) | | | 71,443,051 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $566,860,500) | | | 595,913,947 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (137,296) |
| NET ASSETS - 100% | | | $595,776,651 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $22,599,954 | $4,613,127 | $7,645,508 | $32,140 | $19,223,571 |
| Fidelity Advisor Series Equity-Income Fund | 45,056,827 | 6,703,898 | 13,237,223 | 1,076,406 | 34,692,643 |
| Fidelity Advisor Series Growth & Income Fund | 30,943,437 | 5,350,447 | 9,644,405 | 548,085 | 23,968,262 |
| Fidelity Advisor Series Growth Opportunities Fund | 26,264,798 | 3,122,769 | 15,179,624 | 79,862 | 12,663,650 |
| Fidelity Advisor Series Opportunistic Insights Fund | 20,765,959 | 5,747,198 | 7,451,426 | -- | 17,840,714 |
| Fidelity Advisor Series Short-Term Credit Fund | 19,781,174 | 10,855,157 | 5,682,762 | 229,260 | 24,946,264 |
| Fidelity Advisor Series Small Cap Fund | 12,640,557 | 2,054,271 | 3,618,307 | 25,566 | 9,595,026 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 30,105,063 | 5,525,256 | 8,538,390 | 397,892 | 23,068,709 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 47,582,889 | 23,779,501 | 24,865,603 | 103,361 | 46,496,787 |
| Fidelity Series 100 Index Fund | 13,490,045 | 1,347,368 | 4,558,155 | 255,884 | 10,471,663 |
| Fidelity Series 1000 Value Index Fund | 5,005,876 | 626,969 | 1,458,763 | 100,608 | 3,841,614 |
| Fidelity Series All-Sector Equity Fund | 29,927,257 | 5,150,655 | 9,209,056 | 221,079 | 23,042,034 |
| Fidelity Series Commodity Strategy Fund | 5,581,230 | 3,957,873 | 1,290,783 | -- | 7,283,256 |
| Fidelity Series Emerging Markets Debt Fund | 4,486,769 | 407,954 | 998,896 | 252,142 | 3,796,091 |
| Fidelity Series Emerging Markets Fund | 34,362,056 | 15,158,117 | 7,753,785 | 418,268 | 37,818,521 |
| Fidelity Series Floating Rate High Income Fund | 3,608,996 | 206,492 | 2,193,563 | 94,764 | 1,485,738 |
| Fidelity Series High Income Fund | 24,702,874 | 2,223,740 | 6,500,352 | 1,237,902 | 17,860,306 |
| Fidelity Series Inflation-Protected Bond Index Fund | 17,541,083 | 2,792,107 | 4,484,868 | 8,416 | 16,052,693 |
| Fidelity Series International Growth Fund | 32,507,389 | 6,042,945 | 10,985,353 | 283,142 | 25,703,990 |
| Fidelity Series International Small Cap Fund | 7,484,713 | 1,305,628 | 2,267,575 | 54,035 | 6,291,737 |
| Fidelity Series International Value Fund | 32,287,313 | 6,167,934 | 10,404,694 | 533,202 | 25,507,981 |
| Fidelity Series Investment Grade Bond Fund | 244,493,979 | 18,687,523 | 69,896,105 | 6,086,009 | 187,331,407 |
| Fidelity Series Real Estate Equity Fund | 3,110,746 | 643,748 | 1,161,823 | 47,329 | 2,405,962 |
| Fidelity Series Real Estate Income Fund | 3,554,080 | 318,292 | 801,068 | 152,209 | 2,943,588 |
| Fidelity Series Small Cap Opportunities Fund | 15,179,590 | 2,579,828 | 4,588,048 | 50,205 | 11,581,740 |
| Total | $733,064,654 | $135,368,797 | $234,416,135 | $12,287,766 | $595,913,947 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $566,860,500) — See accompanying schedule | | $595,913,947 |
| Receivable for investments sold | | 10,446,154 |
| Receivable for fund shares sold | | 290,443 |
| Total assets | | 606,650,544 |
| Liabilities | | |
| Payable for investments purchased | $8,258,196 | |
| Payable for fund shares redeemed | 2,483,211 | |
| Distribution and service plan fees payable | 132,486 | |
| Total liabilities | | 10,873,893 |
| Net Assets | | $595,776,651 |
| Net Assets consist of: | | |
| Paid in capital | | $556,443,869 |
| Undistributed net investment income | | 1,469,006 |
| Accumulated undistributed net realized gain (loss) on investments | | 8,810,329 |
| Net unrealized appreciation (depreciation) on investments | | 29,053,447 |
| Net Assets | | $595,776,651 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($328,231,914 ÷ 27,650,160 shares) | | $11.87 |
| Maximum offering price per share (100/94.25 of $11.87) | | $12.59 |
| Class T: | | |
| Net Asset Value and redemption price per share ($92,542,832 ÷ 7,820,910 shares) | | $11.83 |
| Maximum offering price per share (100/96.50 of $11.83) | | $12.26 |
| Class B: | | |
| Net Asset Value and offering price per share ($1,137,140 ÷ 95,357 shares)(a) | | $11.93 |
| Class C: | | |
| Net Asset Value and offering price per share ($30,150,064 ÷ 2,563,389 shares)(a) | | $11.76 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($143,714,701 ÷ 12,052,785 shares) | | $11.92 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $12,287,766 |
| Expenses | | |
| Distribution and service plan fees | $1,762,922 | |
| Independent trustees' compensation | 2,819 | |
| Total expenses before reductions | 1,765,741 | |
| Expense reductions | (2,819) | 1,762,922 |
| Net investment income (loss) | | 10,524,844 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 5,236,940 | |
| Capital gain distributions from underlying funds | 14,994,098 | |
| Total net realized gain (loss) | | 20,231,038 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (43,340,325) |
| Net gain (loss) | | (23,109,287) |
| Net increase (decrease) in net assets resulting from operations | | $(12,584,443) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,524,844 | $12,144,985 |
| Net realized gain (loss) | 20,231,038 | 34,674,281 |
| Change in net unrealized appreciation (depreciation) | (43,340,325) | (7,768,744) |
| Net increase (decrease) in net assets resulting from operations | (12,584,443) | 39,050,522 |
| Distributions to shareholders from net investment income | (10,584,608) | (12,574,317) |
| Distributions to shareholders from net realized gain | (23,587,615) | (36,739,965) |
| Total distributions | (34,172,223) | (49,314,282) |
| Share transactions - net increase (decrease) | (90,382,450) | (116,471,074) |
| Total increase (decrease) in net assets | (137,139,116) | (126,734,834) |
| Net Assets | | |
| Beginning of period | 732,915,767 | 859,650,601 |
| End of period (including undistributed net investment income of $1,469,006 and undistributed net investment income of $1,528,769, respectively) | $595,776,651 | $732,915,767 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.72 | $12.91 | $12.50 | $11.89 | $11.92 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .20 | .15 | .16 | .17 |
| Net realized and unrealized gain (loss) | (.41) | .44 | .82 | .70 | .12 |
| Total from investment operations | (.21) | .64 | .97 | .86 | .29 |
| Distributions from net investment income | (.21) | (.22) | (.14) | (.16) | (.17) |
| Distributions from net realized gain | (.44) | (.61) | (.42) | (.09) | (.16) |
| Total distributions | (.64)B | (.83) | (.56) | (.25) | (.32)C |
| Net asset value, end of period | $11.87 | $12.72 | $12.91 | $12.50 | $11.89 |
| Total ReturnD,E | (1.67)% | 5.08% | 7.86% | 7.33% | 2.63% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.63% | 1.55% | 1.15% | 1.33% | 1.48% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $328,232 | $431,498 | $502,834 | $540,980 | $552,770 |
| Portfolio turnover rateF | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.64 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.437 per share.
C Total distributions of $.32 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.155 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.68 | $12.87 | $12.46 | $11.86 | $11.88 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .17 | .17 | .11 | .13 | .14 |
| Net realized and unrealized gain (loss) | (.41) | .43 | .83 | .69 | .13 |
| Total from investment operations | (.24) | .60 | .94 | .82 | .27 |
| Distributions from net investment income | (.18) | (.18) | (.11) | (.13) | (.14) |
| Distributions from net realized gain | (.44) | (.61) | (.42) | (.09) | (.16) |
| Total distributions | (.61)B | (.79) | (.53) | (.22) | (.29)C |
| Net asset value, end of period | $11.83 | $12.68 | $12.87 | $12.46 | $11.86 |
| Total ReturnD,E | (1.92)% | 4.81% | 7.62% | 6.98% | 2.43% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.38% | 1.30% | .90% | 1.08% | 1.23% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $92,543 | $106,189 | $124,997 | $127,353 | $132,044 |
| Portfolio turnover rate F | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.61 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.437 per share.
C Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.74 | $12.91 | $12.49 | $11.87 | $11.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .10 | .05 | .07 | .08 |
| Net realized and unrealized gain (loss) | (.40) | .44 | .82 | .70 | .13 |
| Total from investment operations | (.29) | .54 | .87 | .77 | .21 |
| Distributions from net investment income | (.09) | (.10) | (.03) | (.06) | (.07) |
| Distributions from net realized gain | (.43) | (.61) | (.41) | (.09) | (.15) |
| Total distributions | (.52) | (.71) | (.45)B | (.15) | (.21)C |
| Net asset value, end of period | $11.93 | $12.74 | $12.91 | $12.49 | $11.87 |
| Total ReturnD,E | (2.31)% | 4.30% | 7.01% | 6.51% | 1.90% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .88% | .81% | .41% | .58% | .73% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,137 | $2,318 | $3,921 | $6,474 | $9,154 |
| Portfolio turnover rateF | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.45 per share is comprised of distributions from net investment income of $.032 and distributions from net realized gain of $.413 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.148 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.60 | $12.79 | $12.39 | $11.79 | $11.81 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .10 | .05 | .07 | .08 |
| Net realized and unrealized gain (loss) | (.40) | .44 | .81 | .69 | .13 |
| Total from investment operations | (.29) | .54 | .86 | .76 | .21 |
| Distributions from net investment income | (.11) | (.12) | (.05) | (.07) | (.08) |
| Distributions from net realized gain | (.44) | (.61) | (.41) | (.09) | (.15) |
| Total distributions | (.55) | (.73) | (.46) | (.16) | (.23) |
| Net asset value, end of period | $11.76 | $12.60 | $12.79 | $12.39 | $11.79 |
| Total ReturnB,C | (2.39)% | 4.33% | 7.04% | 6.49% | 1.90% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .88% | .80% | .40% | .58% | .73% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $30,150 | $34,839 | $36,622 | $38,562 | $38,423 |
| Portfolio turnover rateD | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2010 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.77 | $12.96 | $12.55 | $11.94 | $11.96 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .23 | .18 | .19 | .20 |
| Net realized and unrealized gain (loss) | (.40) | .44 | .82 | .70 | .13 |
| Total from investment operations | (.17) | .67 | 1.00 | .89 | .33 |
| Distributions from net investment income | (.24) | (.25) | (.17) | (.19) | (.20) |
| Distributions from net realized gain | (.44) | (.61) | (.42) | (.09) | (.16) |
| Total distributions | (.68) | (.86) | (.59) | (.28) | (.35)B |
| Net asset value, end of period | $11.92 | $12.77 | $12.96 | $12.55 | $11.94 |
| Total ReturnC | (1.40)% | 5.34% | 8.10% | 7.56% | 2.97% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.88% | 1.80% | 1.40% | 1.58% | 1.73% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $143,715 | $158,071 | $191,276 | $197,152 | $156,459 |
| Portfolio turnover rateD | 21% | 22% | 39% | 26% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.35 per share is comprised of distributions from net investment income of $.199 and distributions from net realized gain of $.155 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 3.8 | 4.0 |
| Fidelity Advisor Series Equity-Income Fund | 6.9 | 7.2 |
| Fidelity Advisor Series Growth & Income Fund | 4.8 | 5.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 2.5 | 2.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3.6 | 3.7 |
| Fidelity Advisor Series Small Cap Fund | 1.9 | 2.0 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.6 | 4.8 |
| Fidelity Series 100 Index Fund | 2.1 | 2.2 |
| Fidelity Series 1000 Value Index Fund | 0.8 | 0.8 |
| Fidelity Series All-Sector Equity Fund | 4.6 | 4.8 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.7 |
| Fidelity Series Real Estate Equity Fund | 0.5 | 0.5 |
| Fidelity Series Small Cap Opportunities Fund | 2.3 | 2.4 |
| | 39.6 | 40.7 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 6.9 | 5.6 |
| Fidelity Series International Growth Fund | 5.2 | 5.1 |
| Fidelity Series International Small Cap Fund | 1.3 | 1.2 |
| Fidelity Series International Value Fund | 5.2 | 5.2 |
| | 18.6 | 17.1 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 1.9 | 1.6 |
| Fidelity Series Investment Grade Bond Fund | 28.5 | 30.3 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 34.8 | 36.6 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 2.4 | 1.7 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 4.6 | 3.9 |
| | 7.0 | 5.6 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.6% |
| | International Equity Funds | 18.6% |
| | Bond Funds | 34.8% |
| | Short-Term Funds | 7.0% |
| Six months ago |
| | Domestic Equity Funds | 40.7% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.6% |
| | Short-Term Funds | 5.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2015 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.6% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 4,867,403 | $52,081,217 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 8,187,249 | 93,989,623 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 5,287,913 | 64,935,573 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 3,340,535 | 34,307,299 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 3,351,971 | 48,335,419 |
| Fidelity Advisor Series Small Cap Fund (a) | | 2,578,891 | 25,995,222 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 5,595,191 | 62,498,286 |
| Fidelity Series 100 Index Fund (a) | | 2,109,337 | 28,370,577 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,007,559 | 10,408,089 |
| Fidelity Series All-Sector Equity Fund (a) | | 4,958,424 | 62,426,562 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 3,371,354 | 16,485,920 |
| Fidelity Series Real Estate Equity Fund (a) | | 461,941 | 6,517,993 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,597,429 | 31,376,947 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $480,387,675) | | | 537,728,727 |
|
| International Equity Funds - 18.6% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 6,331,796 | 94,280,441 |
| Fidelity Series International Growth Fund (a) | | 5,340,393 | 71,134,041 |
| Fidelity Series International Small Cap Fund (a) | | 1,142,431 | 17,182,157 |
| Fidelity Series International Value Fund (a) | | 7,732,620 | 70,598,819 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $232,744,159) | | | 253,195,458 |
|
| Bond Funds - 34.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 908,556 | 8,622,195 |
| Fidelity Series Floating Rate High Income Fund (a) | | 376,927 | 3,384,803 |
| Fidelity Series High Income Fund (a) | | 4,697,378 | 40,726,263 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,614,799 | 25,834,217 |
| Fidelity Series Investment Grade Bond Fund (a) | | 34,227,830 | 386,774,484 |
| Fidelity Series Real Estate Income Fund (a) | | 621,011 | 6,756,603 |
| TOTAL BOND FUNDS | | | |
| (Cost $469,305,278) | | | 472,098,565 |
|
| Short-Term Funds - 7.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 3,322,541 | 33,225,405 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 62,275,115 | 62,275,115 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $95,476,843) | | | 95,500,520 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,277,913,955) | | | 1,358,523,270 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (290,524) |
| NET ASSETS - 100% | | | $1,358,232,746 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $60,355,784 | $12,422,591 | $19,751,230 | $87,148 | $52,081,217 |
| Fidelity Advisor Series Equity-Income Fund | 119,514,300 | 17,453,366 | 32,661,812 | 2,887,602 | 93,989,623 |
| Fidelity Advisor Series Growth & Income Fund | 82,596,407 | 13,667,865 | 24,110,646 | 1,471,976 | 64,935,573 |
| Fidelity Advisor Series Growth Opportunities Fund | 67,908,530 | 8,203,629 | 37,537,716 | 216,552 | 34,307,299 |
| Fidelity Advisor Series Opportunistic Insights Fund | 55,457,684 | 15,132,457 | 18,937,304 | -- | 48,335,419 |
| Fidelity Advisor Series Short-Term Credit Fund | 23,426,656 | 16,671,859 | 6,861,524 | 287,205 | 33,225,405 |
| Fidelity Advisor Series Small Cap Fund | 33,758,528 | 5,198,418 | 8,940,184 | 69,438 | 25,995,222 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 80,446,351 | 14,486,784 | 21,586,577 | 1,074,689 | 62,498,286 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 55,771,057 | 42,585,380 | 36,081,322 | 131,740 | 62,275,115 |
| Fidelity Series 100 Index Fund | 36,009,723 | 3,402,288 | 11,547,130 | 691,300 | 28,370,577 |
| Fidelity Series 1000 Value Index Fund | 13,354,709 | 1,584,429 | 3,631,676 | 271,681 | 10,408,089 |
| Fidelity Series All-Sector Equity Fund | 79,949,155 | 13,500,322 | 23,387,805 | 596,896 | 62,426,562 |
| Fidelity Series Commodity Strategy Fund | 12,779,891 | 8,743,765 | 2,799,066 | -- | 16,485,920 |
| Fidelity Series Emerging Markets Debt Fund | 10,307,125 | 947,617 | 2,399,236 | 578,348 | 8,622,195 |
| Fidelity Series Emerging Markets Fund | 88,555,975 | 34,988,208 | 19,060,164 | 1,060,570 | 94,280,441 |
| Fidelity Series Floating Rate High Income Fund | 8,218,284 | 530,500 | 5,046,422 | 218,511 | 3,384,803 |
| Fidelity Series High Income Fund | 57,095,261 | 4,464,996 | 14,908,362 | 2,846,713 | 40,726,263 |
| Fidelity Series Inflation-Protected Bond Index Fund | 26,742,831 | 5,927,421 | 7,180,785 | 12,133 | 25,834,217 |
| Fidelity Series International Growth Fund | 88,717,088 | 14,821,430 | 27,122,457 | 798,908 | 71,134,041 |
| Fidelity Series International Small Cap Fund | 20,424,637 | 3,284,555 | 5,830,167 | 152,255 | 17,182,157 |
| Fidelity Series International Value Fund | 88,103,016 | 15,216,492 | 25,562,246 | 1,504,471 | 70,598,819 |
| Fidelity Series Investment Grade Bond Fund | 515,166,588 | 38,323,649 | 154,046,969 | 12,784,538 | 386,774,484 |
| Fidelity Series Real Estate Equity Fund | 8,258,993 | 1,994,062 | 3,235,726 | 127,489 | 6,517,993 |
| Fidelity Series Real Estate Income Fund | 8,086,633 | 704,345 | 1,741,674 | 349,233 | 6,756,603 |
| Fidelity Series Small Cap Opportunities Fund | 40,506,944 | 5,985,367 | 10,814,126 | 134,878 | 31,376,947 |
| Total | $1,681,512,150 | $300,241,795 | $524,782,326 | $28,354,274 | $1,358,523,270 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,277,913,955) — See accompanying schedule | | $1,358,523,270 |
| Receivable for investments sold | | 20,971,425 |
| Receivable for fund shares sold | | 666,656 |
| Total assets | | 1,380,161,351 |
| Liabilities | | |
| Payable for investments purchased | $16,534,409 | |
| Payable for fund shares redeemed | 5,107,083 | |
| Distribution and service plan fees payable | 287,113 | |
| Total liabilities | | 21,928,605 |
| Net Assets | | $1,358,232,746 |
| Net Assets consist of: | | |
| Paid in capital | | $1,250,144,017 |
| Undistributed net investment income | | 2,820,018 |
| Accumulated undistributed net realized gain (loss) on investments | | 24,659,396 |
| Net unrealized appreciation (depreciation) on investments | | 80,609,315 |
| Net Assets | | $1,358,232,746 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($739,928,701 ÷ 62,636,591 shares) | | $11.81 |
| Maximum offering price per share (100/94.25 of $11.81) | | $12.53 |
| Class T: | | |
| Net Asset Value and redemption price per share ($190,017,517 ÷ 16,113,073 shares) | | $11.79 |
| Maximum offering price per share (100/96.50 of $11.79) | | $12.22 |
| Class B: | | |
| Net Asset Value and offering price per share ($3,121,158 ÷ 263,502 shares)(a) | | $11.84 |
| Class C: | | |
| Net Asset Value and offering price per share ($63,443,330 ÷ 5,415,003 shares)(a) | | $11.72 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($361,722,040 ÷ 30,385,908 shares) | | $11.90 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $28,354,274 |
| Expenses | | |
| Distribution and service plan fees | $3,812,323 | |
| Independent trustees' compensation | 6,462 | |
| Total expenses before reductions | 3,818,785 | |
| Expense reductions | (6,462) | 3,812,323 |
| Net investment income (loss) | | 24,541,951 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 10,660,776 | |
| Capital gain distributions from underlying funds | 39,607,163 | |
| Total net realized gain (loss) | | 50,267,939 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (109,109,140) |
| Net gain (loss) | | (58,841,201) |
| Net increase (decrease) in net assets resulting from operations | | $(34,299,250) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $24,541,951 | $27,920,297 |
| Net realized gain (loss) | 50,267,939 | 80,421,644 |
| Change in net unrealized appreciation (depreciation) | (109,109,140) | (13,336,268) |
| Net increase (decrease) in net assets resulting from operations | (34,299,250) | 95,005,673 |
| Distributions to shareholders from net investment income | (24,608,645) | (28,451,885) |
| Distributions to shareholders from net realized gain | (53,287,893) | (87,342,389) |
| Total distributions | (77,896,538) | (115,794,274) |
| Share transactions - net increase (decrease) | (210,704,885) | (187,872,029) |
| Total increase (decrease) in net assets | (322,900,673) | (208,660,630) |
| Net Assets | | |
| Beginning of period | 1,681,133,419 | 1,889,794,049 |
| End of period (including undistributed net investment income of $2,820,018 and undistributed net investment income of $3,430,940, respectively) | $1,358,232,746 | $1,681,133,419 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.70 | $12.87 | $12.47 | $11.85 | $11.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .20 | .15 | .16 | .17 |
| Net realized and unrealized gain (loss) | (.45) | .49 | .89 | .71 | .13 |
| Total from investment operations | (.25) | .69 | 1.04 | .87 | .30 |
| Distributions from net investment income | (.21) | (.21) | (.15) | (.16) | (.17) |
| Distributions from net realized gain | (.43) | (.64) | (.50) | (.09) | (.15) |
| Total distributions | (.64) | (.86)B | (.64)C | (.25) | (.32) |
| Net asset value, end of period | $11.81 | $12.70 | $12.87 | $12.47 | $11.85 |
| Total ReturnD,E | (2.07)% | 5.51% | 8.54% | 7.45% | 2.71% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.64% | 1.58% | 1.19% | 1.36% | 1.50% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $739,929 | $967,164 | $1,086,606 | $1,181,020 | $1,101,302 |
| Portfolio turnover rateF | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.86 per share is comprised of distributions from net investment income of $.214 and distributions from net realized gain of $.642 per share.
C Total distributions of $.64 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.498 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.68 | $12.85 | $12.46 | $11.83 | $11.85 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .17 | .17 | .12 | .13 | .14 |
| Net realized and unrealized gain (loss) | (.45) | .48 | .88 | .72 | .13 |
| Total from investment operations | (.28) | .65 | 1.00 | .85 | .27 |
| Distributions from net investment income | (.18) | (.18) | (.11) | (.13) | (.14) |
| Distributions from net realized gain | (.43) | (.64) | (.50) | (.09) | (.15) |
| Total distributions | (.61) | (.82) | (.61) | (.22) | (.29) |
| Net asset value, end of period | $11.79 | $12.68 | $12.85 | $12.46 | $11.83 |
| Total ReturnB,C | (2.32)% | 5.26% | 8.20% | 7.28% | 2.44% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.39% | 1.33% | .94% | 1.11% | 1.25% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $190,018 | $208,468 | $226,663 | $227,022 | $213,366 |
| Portfolio turnover rateD | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.69 | $12.84 | $12.44 | $11.81 | $11.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .11 | .06 | .07 | .09 |
| Net realized and unrealized gain (loss) | (.45) | .48 | .88 | .71 | .13 |
| Total from investment operations | (.34) | .59 | .94 | .78 | .22 |
| Distributions from net investment income | (.08) | (.10) | (.05) | (.06) | (.07) |
| Distributions from net realized gain | (.43) | (.64) | (.49) | (.09) | (.15) |
| Total distributions | (.51) | (.74) | (.54) | (.15) | (.23)B |
| Net asset value, end of period | $11.84 | $12.69 | $12.84 | $12.44 | $11.81 |
| Total ReturnC,D | (2.78)% | 4.73% | 7.68% | 6.65% | 1.95% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .89% | .83% | .44% | .61% | .75% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $3,121 | $7,600 | $12,232 | $17,411 | $23,552 |
| Portfolio turnover rateE | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.23 per share is comprised of distributions from net investment income of $.073 and distributions from net realized gain of $.154 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.60 | $12.77 | $12.39 | $11.77 | $11.79 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .11 | .05 | .07 | .09 |
| Net realized and unrealized gain (loss) | (.45) | .48 | .88 | .71 | .13 |
| Total from investment operations | (.34) | .59 | .93 | .78 | .22 |
| Distributions from net investment income | (.11) | (.12) | (.06) | (.07) | (.09) |
| Distributions from net realized gain | (.43) | (.64) | (.49) | (.09) | (.15) |
| Total distributions | (.54) | (.76) | (.55) | (.16) | (.24) |
| Net asset value, end of period | $11.72 | $12.60 | $12.77 | $12.39 | $11.77 |
| Total ReturnB,C | (2.76)% | 4.75% | 7.65% | 6.70% | 1.98% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .89% | .83% | .44% | .61% | .75% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $63,443 | $72,725 | $75,682 | $72,115 | $70,220 |
| Portfolio turnover rateD | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2015 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.79 | $12.96 | $12.56 | $11.93 | $11.94 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .24 | .18 | .19 | .20 |
| Net realized and unrealized gain (loss) | (.45) | .48 | .90 | .72 | .14 |
| Total from investment operations | (.22) | .72 | 1.08 | .91 | .34 |
| Distributions from net investment income | (.24) | (.25) | (.18) | (.19) | (.19) |
| Distributions from net realized gain | (.43) | (.64) | (.50) | (.09) | (.15) |
| Total distributions | (.67) | (.89) | (.68) | (.28) | (.35)B |
| Net asset value, end of period | $11.90 | $12.79 | $12.96 | $12.56 | $11.93 |
| Total ReturnC | (1.80)% | 5.74% | 8.75% | 7.74% | 3.01% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.89% | 1.83% | 1.44% | 1.61% | 1.75% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $361,722 | $425,176 | $488,611 | $467,604 | $348,068 |
| Portfolio turnover rateD | 20% | 21% | 37% | 20% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.35 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.154 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 4.3 | 4.4 |
| Fidelity Advisor Series Equity-Income Fund | 7.7 | 8.0 |
| Fidelity Advisor Series Growth & Income Fund | 5.3 | 5.5 |
| Fidelity Advisor Series Growth Opportunities Fund | 2.8 | 2.9 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4.0 | 4.1 |
| Fidelity Advisor Series Small Cap Fund | 2.1 | 2.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5.1 | 5.3 |
| Fidelity Series 100 Index Fund | 2.3 | 2.4 |
| Fidelity Series 1000 Value Index Fund | 0.9 | 0.9 |
| Fidelity Series All-Sector Equity Fund | 5.1 | 5.3 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.5 | 0.6 |
| Fidelity Series Small Cap Opportunities Fund | 2.6 | 2.6 |
| | 43.9 | 45.0 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 7.4 | 6.0 |
| Fidelity Series International Growth Fund | 5.8 | 5.7 |
| Fidelity Series International Small Cap Fund | 1.4 | 1.3 |
| Fidelity Series International Value Fund | 5.8 | 5.8 |
| | 20.4 | 18.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 1.1 | 0.8 |
| Fidelity Series Investment Grade Bond Fund | 24.9 | 26.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 30.3 | 32.2 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 1.9 | 1.2 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 3.5 | 2.8 |
| | 5.4 | 4.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 43.9% |
| | International Equity Funds | 20.4% |
| | Bond Funds | 30.3% |
| | Short-Term Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 45.0% |
| | International Equity Funds | 18.8% |
| | Bond Funds | 32.2% |
| | Short-Term Funds | 4.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2020 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 43.9% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 10,822,380 | $115,799,462 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 18,203,728 | 208,978,797 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 11,757,101 | 144,377,200 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 7,427,297 | 76,278,340 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 7,452,838 | 107,469,917 |
| Fidelity Advisor Series Small Cap Fund (a) | | 5,734,014 | 57,798,864 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 12,440,443 | 138,959,744 |
| Fidelity Series 100 Index Fund (a) | | 4,689,903 | 63,079,196 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,240,292 | 23,142,211 |
| Fidelity Series All-Sector Equity Fund (a) | | 11,024,664 | 138,800,525 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 6,745,384 | 32,984,928 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,027,118 | 14,492,629 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 5,774,996 | 69,761,956 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,085,177,770) | | | 1,191,923,769 |
|
| International Equity Funds - 20.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 13,448,990 | 200,255,462 |
| Fidelity Series International Growth Fund (a) | | 11,941,450 | 159,060,118 |
| Fidelity Series International Small Cap Fund (a) | | 2,535,863 | 38,139,374 |
| Fidelity Series International Value Fund (a) | | 17,291,626 | 157,872,541 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $519,625,785) | | | 555,327,495 |
|
| Bond Funds - 30.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,820,383 | 17,275,432 |
| Fidelity Series Floating Rate High Income Fund (a) | | 752,620 | 6,758,527 |
| Fidelity Series High Income Fund (a) | | 9,394,770 | 81,452,654 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,973,675 | 29,379,906 |
| Fidelity Series Investment Grade Bond Fund (a) | | 59,841,034 | 676,203,688 |
| Fidelity Series Real Estate Income Fund (a) | | 1,251,470 | 13,615,994 |
| TOTAL BOND FUNDS | | | |
| (Cost $834,531,359) | | | 824,686,201 |
|
| Short-Term Funds - 5.4% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 5,108,532 | 51,085,323 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 95,816,471 | 95,816,471 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $146,863,340) | | | 146,901,794 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,586,198,254) | | | 2,718,839,259 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (562,778) |
| NET ASSETS - 100% | | | $2,718,276,481 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $126,386,871 | $25,284,397 | $33,831,850 | $190,738 | $115,799,462 |
| Fidelity Advisor Series Equity-Income Fund | 249,704,693 | 36,412,503 | 55,043,778 | 6,188,732 | 208,978,797 |
| Fidelity Advisor Series Growth & Income Fund | 173,080,838 | 27,580,842 | 40,911,014 | 3,153,096 | 144,377,200 |
| Fidelity Advisor Series Growth Opportunities Fund | 138,694,180 | 17,232,881 | 70,192,713 | 473,957 | 76,278,340 |
| Fidelity Advisor Series Opportunistic Insights Fund | 116,130,069 | 31,399,958 | 32,754,175 | -- | 107,469,917 |
| Fidelity Advisor Series Short-Term Credit Fund | 29,582,107 | 28,949,463 | 7,439,415 | 397,791 | 51,085,323 |
| Fidelity Advisor Series Small Cap Fund | 70,690,728 | 11,006,793 | 15,260,423 | 151,431 | 57,798,864 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 168,689,690 | 29,677,010 | 35,970,568 | 2,358,580 | 138,959,744 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 67,858,030 | 79,236,488 | 51,278,046 | 186,666 | 95,816,471 |
| Fidelity Series 100 Index Fund | 75,410,032 | 6,772,322 | 20,186,452 | 1,517,585 | 63,079,196 |
| Fidelity Series 1000 Value Index Fund | 27,702,811 | 3,488,258 | 6,114,097 | 596,601 | 23,142,211 |
| Fidelity Series All-Sector Equity Fund | 167,651,764 | 27,624,463 | 39,939,536 | 1,309,910 | 138,800,525 |
| Fidelity Series Commodity Strategy Fund | 24,138,851 | 17,042,374 | 3,901,306 | -- | 32,984,928 |
| Fidelity Series Emerging Markets Debt Fund | 19,527,200 | 1,942,839 | 3,759,749 | 1,121,505 | 17,275,432 |
| Fidelity Series Emerging Markets Fund | 182,198,442 | 68,340,984 | 29,429,814 | 2,230,134 | 200,255,462 |
| Fidelity Series Floating Rate High Income Fund | 15,543,509 | 920,780 | 9,085,880 | 424,562 | 6,758,527 |
| Fidelity Series High Income Fund | 109,195,867 | 8,854,887 | 25,099,936 | 5,552,529 | 81,452,654 |
| Fidelity Series Inflation-Protected Bond Index Fund | 26,713,647 | 9,272,185 | 7,034,931 | 13,763 | 29,379,906 |
| Fidelity Series International Growth Fund | 187,596,587 | 29,218,724 | 46,109,558 | 1,768,924 | 159,060,118 |
| Fidelity Series International Small Cap Fund | 43,194,786 | 6,680,487 | 10,154,835 | 336,814 | 38,139,374 |
| Fidelity Series International Value Fund | 186,353,512 | 29,839,872 | 42,529,905 | 3,331,151 | 157,872,541 |
| Fidelity Series Investment Grade Bond Fund | 858,554,110 | 70,109,052 | 231,302,900 | 21,805,135 | 676,203,688 |
| Fidelity Series Real Estate Equity Fund | 17,274,870 | 3,875,359 | 5,651,077 | 276,921 | 14,492,629 |
| Fidelity Series Real Estate Income Fund | 15,325,390 | 1,362,822 | 2,512,092 | 685,319 | 13,615,994 |
| Fidelity Series Small Cap Opportunities Fund | 84,939,720 | 11,894,733 | 17,906,344 | 291,377 | 69,761,956 |
| Total | $3,182,138,304 | $584,020,476 | $843,400,394 | $54,363,221 | $2,718,839,259 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,586,198,254) — See accompanying schedule | | $2,718,839,259 |
| Receivable for investments sold | | 41,287,402 |
| Receivable for fund shares sold | | 2,436,602 |
| Total assets | | 2,762,563,263 |
| Liabilities | | |
| Payable for investments purchased | $32,828,012 | |
| Payable for fund shares redeemed | 10,903,960 | |
| Distribution and service plan fees payable | 554,810 | |
| Total liabilities | | 44,286,782 |
| Net Assets | | $2,718,276,481 |
| Net Assets consist of: | | |
| Paid in capital | | $2,528,680,377 |
| Undistributed net investment income | | 4,124,116 |
| Accumulated undistributed net realized gain (loss) on investments | | 52,830,983 |
| Net unrealized appreciation (depreciation) on investments | | 132,641,005 |
| Net Assets | | $2,718,276,481 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,442,825,955 ÷ 115,296,850 shares) | | $12.51 |
| Maximum offering price per share (100/94.25 of $12.51) | | $13.27 |
| Class T: | | |
| Net Asset Value and redemption price per share ($394,406,303 ÷ 31,526,969 shares) | | $12.51 |
| Maximum offering price per share (100/96.50 of $12.51) | | $12.96 |
| Class B: | | |
| Net Asset Value and offering price per share ($8,008,287 ÷ 637,765 shares)(a) | | $12.56 |
| Class C: | | |
| Net Asset Value and offering price per share ($105,128,214 ÷ 8,462,331 shares)(a) | | $12.42 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($767,907,722 ÷ 60,913,227 shares) | | $12.61 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $54,363,221 |
| Expenses | | |
| Distribution and service plan fees | $7,253,124 | |
| Independent trustees' compensation | 12,477 | |
| Total expenses before reductions | 7,265,601 | |
| Expense reductions | (12,477) | 7,253,124 |
| Net investment income (loss) | | 47,110,097 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 9,852,996 | |
| Capital gain distributions from underlying funds | 85,023,475 | |
| Total net realized gain (loss) | | 94,876,471 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (213,772,148) |
| Net gain (loss) | | (118,895,677) |
| Net increase (decrease) in net assets resulting from operations | | $(71,785,580) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $47,110,097 | $51,885,755 |
| Net realized gain (loss) | 94,876,471 | 150,944,017 |
| Change in net unrealized appreciation (depreciation) | (213,772,148) | (17,185,181) |
| Net increase (decrease) in net assets resulting from operations | (71,785,580) | 185,644,591 |
| Distributions to shareholders from net investment income | (47,618,996) | (52,702,785) |
| Distributions to shareholders from net realized gain | (93,543,927) | (151,703,673) |
| Total distributions | (141,162,923) | (204,406,458) |
| Share transactions - net increase (decrease) | (250,269,433) | (188,969,138) |
| Total increase (decrease) in net assets | (463,217,936) | (207,731,005) |
| Net Assets | | |
| Beginning of period | 3,181,494,417 | 3,389,225,422 |
| End of period (including undistributed net investment income of $4,124,116 and undistributed net investment income of $5,740,153, respectively) | $2,718,276,481 | $3,181,494,417 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.44 | $13.54 | $13.05 | $12.35 | $12.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .21 | .22 | .16 | .18 | .19 |
| Net realized and unrealized gain (loss) | (.51) | .55 | 1.04 | .78 | .06 |
| Total from investment operations | (.30) | .77 | 1.20 | .96 | .25 |
| Distributions from net investment income | (.21) | (.23) | (.16) | (.18) | (.18) |
| Distributions from net realized gain | (.41) | (.64) | (.55) | (.08) | (.18) |
| Total distributions | (.63)B | (.87) | (.71) | (.26) | (.35)C |
| Net asset value, end of period | $12.51 | $13.44 | $13.54 | $13.05 | $12.35 |
| Total ReturnD,E | (2.35)% | 5.82% | 9.38% | 7.91% | 2.23% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.62% | 1.59% | 1.22% | 1.44% | 1.55% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,442,826 | $1,775,399 | $1,910,164 | $1,944,691 | $1,740,500 |
| Portfolio turnover rateF | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.63 per share is comprised of distributions from net investment income of $.214 and distributions from net realized gain of $.411 per share.
C Total distributions of $.35 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.175 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.44 | $13.54 | $13.05 | $12.34 | $12.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .18 | .18 | .13 | .15 | .16 |
| Net realized and unrealized gain (loss) | (.52) | .55 | 1.03 | .79 | .05 |
| Total from investment operations | (.34) | .73 | 1.16 | .94 | .21 |
| Distributions from net investment income | (.18) | (.19) | (.13) | (.15) | (.15) |
| Distributions from net realized gain | (.41) | (.64) | (.55) | (.08) | (.18) |
| Total distributions | (.59) | (.83) | (.67)B | (.23) | (.32)C |
| Net asset value, end of period | $12.51 | $13.44 | $13.54 | $13.05 | $12.34 |
| Total ReturnD,E | (2.59)% | 5.56% | 9.11% | 7.72% | 1.86% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.37% | 1.34% | .97% | 1.19% | 1.30% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $394,406 | $440,674 | $465,828 | $430,153 | $386,416 |
| Portfolio turnover rateF | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.67 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.549 per share.
C Total distributions of $.32 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.175 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.45 | $13.53 | $13.04 | $12.32 | $12.41 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .11 | .06 | .09 | .10 |
| Net realized and unrealized gain (loss) | (.50) | .56 | 1.03 | .79 | .06 |
| Total from investment operations | (.39) | .67 | 1.09 | .88 | .16 |
| Distributions from net investment income | (.09) | (.11) | (.05) | (.08) | (.08) |
| Distributions from net realized gain | (.41) | (.64) | (.54) | (.08) | (.17) |
| Total distributions | (.50) | (.75) | (.60)B | (.16) | (.25) |
| Net asset value, end of period | $12.56 | $13.45 | $13.53 | $13.04 | $12.32 |
| Total ReturnC,D | (3.01)% | 5.04% | 8.49% | 7.19% | 1.39% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .87% | .84% | .48% | .69% | .80% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $8,008 | $16,005 | $24,060 | $33,074 | $43,138 |
| Portfolio turnover rate E | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.60 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.544 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.35 | $13.45 | $12.97 | $12.27 | $12.37 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .11 | .06 | .09 | .10 |
| Net realized and unrealized gain (loss) | (.51) | .55 | 1.03 | .78 | .06 |
| Total from investment operations | (.40) | .66 | 1.09 | .87 | .16 |
| Distributions from net investment income | (.12) | (.12) | (.07) | (.08) | (.09) |
| Distributions from net realized gain | (.41) | (.64) | (.54) | (.08) | (.17) |
| Total distributions | (.53) | (.76) | (.61) | (.17)B | (.26) |
| Net asset value, end of period | $12.42 | $13.35 | $13.45 | $12.97 | $12.27 |
| Total ReturnC,D | (3.11)% | 5.07% | 8.57% | 7.13% | 1.43% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .87% | .84% | .47% | .69% | .80% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $105,128 | $112,535 | $113,194 | $102,576 | $97,550 |
| Portfolio turnover rateE | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.17 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.083 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2020 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.54 | $13.63 | $13.14 | $12.42 | $12.53 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .24 | .25 | .20 | .21 | .22 |
| Net realized and unrealized gain (loss) | (.51) | .56 | 1.03 | .80 | .05 |
| Total from investment operations | (.27) | .81 | 1.23 | 1.01 | .27 |
| Distributions from net investment income | (.25) | (.26) | (.19) | (.21) | (.21) |
| Distributions from net realized gain | (.41) | (.64) | (.55) | (.08) | (.18) |
| Total distributions | (.66) | (.90) | (.74) | (.29) | (.38)B |
| Net asset value, end of period | $12.61 | $13.54 | $13.63 | $13.14 | $12.42 |
| Total ReturnC | (2.07)% | 6.13% | 9.58% | 8.28% | 2.39% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.87% | 1.84% | 1.47% | 1.69% | 1.80% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $767,908 | $836,880 | $875,979 | $777,288 | $555,462 |
| Portfolio turnover rateD | 20% | 21% | 40% | 21% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.38 per share is comprised of distributions from net investment income of $.208 and distributions from net realized gain of $.175 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 4.7 | 5.0 |
| Fidelity Advisor Series Equity-Income Fund | 8.5 | 8.9 |
| Fidelity Advisor Series Growth & Income Fund | 5.9 | 6.2 |
| Fidelity Advisor Series Growth Opportunities Fund | 3.1 | 3.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Small Cap Fund | 2.4 | 2.5 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5.7 | 5.9 |
| Fidelity Series 100 Index Fund | 2.6 | 2.7 |
| Fidelity Series 1000 Value Index Fund | 0.9 | 1.0 |
| Fidelity Series All-Sector Equity Fund | 5.7 | 5.9 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.7 |
| Fidelity Series Real Estate Equity Fund | 0.6 | 0.6 |
| Fidelity Series Small Cap Opportunities Fund | 2.8 | 3.0 |
| | 48.6 | 50.3 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 7.8 | 6.5 |
| Fidelity Series International Growth Fund | 6.6 | 6.5 |
| Fidelity Series International Small Cap Fund | 1.6 | 1.5 |
| Fidelity Series International Value Fund | 6.5 | 6.6 |
| | 22.5 | 21.1 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 19.9 | 19.9 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 24.7 | 24.8 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 1.5 | 1.1 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 2.7 | 2.7 |
| | 4.2 | 3.8 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 48.6% |
| | International Equity Funds | 22.5% |
| | Bond Funds | 24.7% |
| | Short-Term Funds | 4.2% |
| Six months ago |
| | Domestic Equity Funds | 50.3% |
| | International Equity Funds | 21.1% |
| | Bond Funds | 24.8% |
| | Short-Term Funds | 3.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2025 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 48.6% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 12,869,872 | $137,707,630 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 21,647,796 | 248,516,697 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 13,981,402 | 171,691,621 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 8,832,439 | 90,709,153 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 8,862,851 | 127,802,313 |
| Fidelity Advisor Series Small Cap Fund (a) | | 6,818,758 | 68,733,085 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 14,794,060 | 165,249,648 |
| Fidelity Series 100 Index Fund (a) | | 5,577,142 | 75,012,557 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,664,016 | 27,519,283 |
| Fidelity Series All-Sector Equity Fund (a) | | 13,110,333 | 165,059,094 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 7,443,044 | 36,396,483 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,221,356 | 17,233,328 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,867,526 | 82,959,715 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,291,556,362) | | | 1,414,590,607 |
|
| International Equity Funds - 22.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 15,315,477 | 228,047,458 |
| Fidelity Series International Growth Fund (a) | | 14,349,220 | 191,131,613 |
| Fidelity Series International Small Cap Fund (a) | | 3,042,899 | 45,765,205 |
| Fidelity Series International Value Fund (a) | | 20,778,338 | 189,706,229 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $617,734,862) | | | 654,650,505 |
|
| Bond Funds - 24.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,963,700 | 18,635,514 |
| Fidelity Series Floating Rate High Income Fund (a) | | 807,699 | 7,253,136 |
| Fidelity Series High Income Fund (a) | | 10,012,169 | 86,805,502 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,486,173 | 14,683,385 |
| Fidelity Series Investment Grade Bond Fund (a) | | 51,221,364 | 578,801,411 |
| Fidelity Series Real Estate Income Fund (a) | | 1,344,486 | 14,628,008 |
| TOTAL BOND FUNDS | | | |
| (Cost $733,678,179) | | | 720,806,956 |
|
| Short-Term Funds - 4.2% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 4,251,701 | 42,517,011 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 79,546,299 | 79,546,299 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $122,022,238) | | | 122,063,310 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,764,991,641) | | | 2,912,111,378 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (574,518) |
| NET ASSETS - 100% | | | $2,911,536,860 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $144,312,076 | $31,842,698 | $36,063,638 | $224,082 | $137,707,630 |
| Fidelity Advisor Series Equity-Income Fund | 287,919,939 | 48,042,854 | 61,558,174 | 7,198,173 | 248,516,697 |
| Fidelity Advisor Series Growth & Income Fund | 198,720,089 | 34,785,216 | 43,790,562 | 3,662,230 | 171,691,621 |
| Fidelity Advisor Series Growth Opportunities Fund | 156,421,792 | 22,124,891 | 76,500,515 | 556,815 | 90,709,153 |
| Fidelity Advisor Series Opportunistic Insights Fund | 132,598,648 | 38,778,988 | 34,941,940 | -- | 127,802,313 |
| Fidelity Advisor Series Short-Term Credit Fund | 26,537,237 | 23,371,882 | 7,384,241 | 382,605 | 42,517,011 |
| Fidelity Advisor Series Small Cap Fund | 80,717,054 | 14,020,054 | 15,881,799 | 177,697 | 68,733,085 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 193,177,033 | 38,298,308 | 38,716,508 | 2,771,902 | 165,249,648 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 61,834,339 | 68,123,891 | 50,411,932 | 179,100 | 79,546,299 |
| Fidelity Series 100 Index Fund | 86,640,901 | 8,969,511 | 21,836,705 | 1,783,901 | 75,012,557 |
| Fidelity Series 1000 Value Index Fund | 32,149,422 | 4,380,753 | 6,731,087 | 701,565 | 27,519,283 |
| Fidelity Series All-Sector Equity Fund | 192,228,807 | 34,759,930 | 42,530,740 | 1,538,888 | 165,059,094 |
| Fidelity Series Commodity Strategy Fund | 24,344,902 | 20,041,041 | 3,533,324 | -- | 36,396,483 |
| Fidelity Series Emerging Markets Debt Fund | 19,479,638 | 2,563,348 | 2,969,995 | 1,170,933 | 18,635,514 |
| Fidelity Series Emerging Markets Fund | 199,588,748 | 79,077,516 | 26,659,636 | 2,515,871 | 228,047,458 |
| Fidelity Series Floating Rate High Income Fund | 15,675,548 | 1,083,751 | 8,858,694 | 440,665 | 7,253,136 |
| Fidelity Series High Income Fund | 107,265,912 | 13,533,872 | 22,109,759 | 5,740,327 | 86,805,502 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 15,924,657 | 1,595,321 | 3,467 | 14,683,385 |
| Fidelity Series International Growth Fund | 218,286,518 | 35,027,304 | 48,033,274 | 2,118,282 | 191,131,613 |
| Fidelity Series International Small Cap Fund | 50,252,763 | 8,543,845 | 11,040,169 | 405,128 | 45,765,205 |
| Fidelity Series International Value Fund | 216,774,929 | 35,985,115 | 43,955,114 | 3,989,061 | 189,706,229 |
| Fidelity Series Investment Grade Bond Fund | 625,967,564 | 128,996,103 | 160,861,410 | 16,958,970 | 578,801,411 |
| Fidelity Series Real Estate Equity Fund | 19,959,849 | 4,875,225 | 6,523,735 | 322,353 | 17,233,328 |
| Fidelity Series Real Estate Income Fund | 15,385,608 | 1,932,021 | 2,120,482 | 714,924 | 14,628,008 |
| Fidelity Series Small Cap Opportunities Fund | 97,449,201 | 15,852,658 | 19,638,941 | 341,203 | 82,959,715 |
| Total | $3,203,688,517 | $730,935,432 | $794,247,695 | $53,898,142 | $2,912,111,378 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,764,991,641) — See accompanying schedule | | $2,912,111,378 |
| Receivable for investments sold | | 40,011,423 |
| Receivable for fund shares sold | | 1,958,123 |
| Total assets | | 2,954,080,924 |
| Liabilities | | |
| Payable for investments purchased | $30,971,983 | |
| Payable for fund shares redeemed | 11,008,138 | |
| Distribution and service plan fees payable | 563,943 | |
| Total liabilities | | 42,544,064 |
| Net Assets | | $2,911,536,860 |
| Net Assets consist of: | | |
| Paid in capital | | $2,698,085,268 |
| Undistributed net investment income | | 3,486,793 |
| Accumulated undistributed net realized gain (loss) on investments | | 62,845,062 |
| Net unrealized appreciation (depreciation) on investments | | 147,119,737 |
| Net Assets | | $2,911,536,860 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,543,664,653 ÷ 125,611,211 shares) | | $12.29 |
| Maximum offering price per share (100/94.25 of $12.29) | | $13.04 |
| Class T: | | |
| Net Asset Value and redemption price per share ($399,088,214 ÷ 32,415,770 shares) | | $12.31 |
| Maximum offering price per share (100/96.50 of $12.31) | | $12.76 |
| Class B: | | |
| Net Asset Value and offering price per share ($6,071,215 ÷ 494,561 shares)(a) | | $12.28 |
| Class C: | | |
| Net Asset Value and offering price per share ($91,940,828 ÷ 7,575,046 shares)(a) | | $12.14 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($870,771,950 ÷ 70,275,555 shares) | | $12.39 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $53,898,142 |
| Expenses | | |
| Distribution and service plan fees | $7,258,809 | |
| Independent trustees' compensation | 12,905 | |
| Total expenses before reductions | 7,271,714 | |
| Expense reductions | (12,905) | 7,258,809 |
| Net investment income (loss) | | 46,639,333 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 9,337,735 | |
| Capital gain distributions from underlying funds | 97,799,646 | |
| Total net realized gain (loss) | | 107,137,381 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (237,602,638) |
| Net gain (loss) | | (130,465,257) |
| Net increase (decrease) in net assets resulting from operations | | $(83,825,924) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $46,639,333 | $50,135,549 |
| Net realized gain (loss) | 107,137,381 | 163,813,037 |
| Change in net unrealized appreciation (depreciation) | (237,602,638) | (18,060,813) |
| Net increase (decrease) in net assets resulting from operations | (83,825,924) | 195,887,773 |
| Distributions to shareholders from net investment income | (46,581,381) | (51,154,371) |
| Distributions to shareholders from net realized gain | (99,971,356) | (158,637,898) |
| Total distributions | (146,552,737) | (209,792,269) |
| Share transactions - net increase (decrease) | (61,140,430) | (32,226,786) |
| Total increase (decrease) in net assets | (291,519,091) | (46,131,282) |
| Net Assets | | |
| Beginning of period | 3,203,055,951 | 3,249,187,233 |
| End of period (including undistributed net investment income of $3,486,793 and undistributed net investment income of $4,314,157, respectively) | $2,911,536,860 | $3,203,055,951 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.25 | $13.33 | $12.72 | $11.91 | $12.09 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .19 | .21 | .16 | .18 | .18 |
| Net realized and unrealized gain (loss) | (.54) | .60 | 1.26 | .88 | (.01) |
| Total from investment operations | (.35) | .81 | 1.42 | 1.06 | .17 |
| Distributions from net investment income | (.20) | (.22) | (.16) | (.18) | (.17) |
| Distributions from net realized gain | (.42) | (.67) | (.66) | (.07) | (.18) |
| Total distributions | (.61)B | (.89) | (.81)C | (.25) | (.35) |
| Net asset value, end of period | $12.29 | $13.25 | $13.33 | $12.72 | $11.91 |
| Total ReturnD,E | (2.72)% | 6.26% | 11.54% | 9.00% | 1.61% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.53% | 1.55% | 1.25% | 1.54% | 1.56% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,543,665 | $1,853,121 | $1,907,797 | $1,806,028 | $1,539,333 |
| Portfolio turnover rateF | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.61 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.419 per share.
C Total distributions of $.81 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.657 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.27 | $13.35 | $12.74 | $11.93 | $12.11 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .17 | .13 | .15 | .15 |
| Net realized and unrealized gain (loss) | (.54) | .61 | 1.26 | .88 | (.01) |
| Total from investment operations | (.38) | .78 | 1.39 | 1.03 | .14 |
| Distributions from net investment income | (.16) | (.19) | (.13) | (.15) | (.14) |
| Distributions from net realized gain | (.42) | (.67) | (.66) | (.07) | (.18) |
| Total distributions | (.58) | (.86) | (.78)B | (.22) | (.32) |
| Net asset value, end of period | $12.31 | $13.27 | $13.35 | $12.74 | $11.93 |
| Total ReturnC,D | (2.95)% | 6.00% | 11.27% | 8.74% | 1.33% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.28% | 1.30% | 1.00% | 1.29% | 1.31% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $399,088 | $405,224 | $387,919 | $324,352 | $257,594 |
| Portfolio turnover rateE | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.78 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.657 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.20 | $13.27 | $12.66 | $11.84 | $12.01 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .11 | .06 | .09 | .09 |
| Net realized and unrealized gain (loss) | (.53) | .59 | 1.26 | .88 | (.01) |
| Total from investment operations | (.43) | .70 | 1.32 | .97 | .08 |
| Distributions from net investment income | (.08) | (.10) | (.06) | (.08) | (.08) |
| Distributions from net realized gain | (.41) | (.67) | (.65) | (.07) | (.17) |
| Total distributions | (.49) | (.77) | (.71) | (.15) | (.25) |
| Net asset value, end of period | $12.28 | $13.20 | $13.27 | $12.66 | $11.84 |
| Total ReturnB,C | (3.38)% | 5.42% | 10.71% | 8.26% | .82% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .78% | .81% | .50% | .79% | .81% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,071 | $11,217 | $17,698 | $23,061 | $29,202 |
| Portfolio turnover rateD | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.09 | $13.19 | $12.60 | $11.80 | $11.98 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | .11 | .06 | .09 | .09 |
| Net realized and unrealized gain (loss) | (.53) | .59 | 1.25 | .87 | (.01) |
| Total from investment operations | (.43) | .70 | 1.31 | .96 | .08 |
| Distributions from net investment income | (.11) | (.12) | (.07) | (.10) | (.09) |
| Distributions from net realized gain | (.41) | (.67) | (.65) | (.07) | (.17) |
| Total distributions | (.52) | (.80)B | (.72) | (.16)C | (.26) |
| Net asset value, end of period | $12.14 | $13.09 | $13.19 | $12.60 | $11.80 |
| Total ReturnD,E | (3.40)% | 5.42% | 10.71% | 8.23% | .86% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .78% | .80% | .50% | .79% | .81% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $91,941 | $94,878 | $89,402 | $74,415 | $66,126 |
| Portfolio turnover rate F | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.80 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.672 per share.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.066 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2025 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.35 | $13.43 | $12.81 | $11.99 | $12.17 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .24 | .19 | .22 | .21 |
| Net realized and unrealized gain (loss) | (.54) | .60 | 1.28 | .88 | (.02) |
| Total from investment operations | (.31) | .84 | 1.47 | 1.10 | .19 |
| Distributions from net investment income | (.23) | (.25) | (.19) | (.21) | (.20) |
| Distributions from net realized gain | (.42) | (.67) | (.66) | (.07) | (.18) |
| Total distributions | (.65) | (.92) | (.85) | (.28) | (.37)B |
| Net asset value, end of period | $12.39 | $13.35 | $13.43 | $12.81 | $11.99 |
| Total ReturnC | (2.44)% | 6.48% | 11.81% | 9.29% | 1.84% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.78% | 1.80% | 1.50% | 1.79% | 1.81% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $870,772 | $838,616 | $846,372 | $686,540 | $470,704 |
| Portfolio turnover rateD | 24% | 23% | 41% | 22% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.37 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.179 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 5.7 | 5.9 |
| Fidelity Advisor Series Equity-Income Fund | 10.4 | 10.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.2 | 7.4 |
| Fidelity Advisor Series Growth Opportunities Fund | 3.8 | 3.9 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.3 | 5.5 |
| Fidelity Advisor Series Small Cap Fund | 2.9 | 3.0 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series 100 Index Fund | 3.1 | 3.2 |
| Fidelity Series 1000 Value Index Fund | 1.1 | 1.2 |
| Fidelity Series All-Sector Equity Fund | 6.9 | 7.1 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.7 | 0.7 |
| Fidelity Series Small Cap Opportunities Fund | 3.5 | 3.5 |
| | 58.7 | 60.0 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 8.8 | 7.4 |
| Fidelity Series International Growth Fund | 8.1 | 8.1 |
| Fidelity Series International Small Cap Fund | 1.9 | 1.8 |
| Fidelity Series International Value Fund | 8.0 | 8.0 |
| | 26.8 | 25.3 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 9.6 | 8.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 14.5 | 13.6 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.0 | 0.8 |
| | 0.0 | 1.1 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 58.7% |
| | International Equity Funds | 26.8% |
| | Bond Funds | 14.5% |
| Six months ago |
| | Domestic Equity Funds | 60.0% |
| | International Equity Funds | 25.3% |
| | Bond Funds | 13.6% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2030 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 58.7% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 14,968,937 | $160,167,630 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 25,178,092 | 289,044,495 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 16,261,516 | 199,691,420 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 10,272,554 | 105,499,133 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 10,308,534 | 148,649,058 |
| Fidelity Advisor Series Small Cap Fund (a) | | 7,931,092 | 79,945,409 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 17,206,977 | 192,201,930 |
| Fidelity Series 100 Index Fund (a) | | 6,486,820 | 87,247,727 |
| Fidelity Series 1000 Value Index Fund (a) | | 3,098,631 | 32,008,863 |
| Fidelity Series All-Sector Equity Fund (a) | | 15,248,872 | 191,983,304 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 7,180,982 | 35,115,001 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,420,617 | 20,044,910 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 7,987,314 | 96,486,755 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,510,802,846) | | | 1,638,085,635 |
|
| International Equity Funds - 26.8% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 16,471,371 | 245,258,717 |
| Fidelity Series International Growth Fund (a) | | 16,928,076 | 225,481,971 |
| Fidelity Series International Small Cap Fund (a) | | 3,536,369 | 53,186,989 |
| Fidelity Series International Value Fund (a) | | 24,339,375 | 222,218,496 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $711,117,191) | | | 746,146,173 |
|
| Bond Funds - 14.5% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,895,254 | 17,985,957 |
| Fidelity Series Floating Rate High Income Fund (a) | | 782,383 | 7,025,796 |
| Fidelity Series High Income Fund (a) | | 9,644,129 | 83,614,598 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,461,765 | 14,442,236 |
| Fidelity Series Investment Grade Bond Fund (a) | | 23,607,952 | 266,769,854 |
| Fidelity Series Real Estate Income Fund (a) | | 1,305,287 | 14,201,521 |
| TOTAL BOND FUNDS | | | |
| (Cost $413,198,500) | | | 404,039,962 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 48,810 | 488,102 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 903,894 | 903,894 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,390,336) | | | 1,391,996 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,636,508,873) | | | 2,789,663,766 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (542,225) |
| NET ASSETS - 100% | | | $2,789,121,541 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $170,939,544 | $34,001,308 | $41,856,651 | $261,138 | $160,167,630 |
| Fidelity Advisor Series Equity-Income Fund | 337,084,440 | 52,746,739 | 70,139,983 | 8,410,612 | 289,044,495 |
| Fidelity Advisor Series Growth & Income Fund | 234,898,179 | 34,943,708 | 48,760,882 | 4,285,112 | 199,691,420 |
| Fidelity Advisor Series Growth Opportunities Fund | 180,049,078 | 24,212,850 | 85,393,661 | 648,895 | 105,499,133 |
| Fidelity Advisor Series Opportunistic Insights Fund | 157,066,598 | 41,735,983 | 39,950,862 | -- | 148,649,058 |
| Fidelity Advisor Series Short-Term Credit Fund | 13,309,442 | 785,002 | 13,535,495 | 101,820 | 488,102 |
| Fidelity Advisor Series Small Cap Fund | 95,609,790 | 16,408,446 | 20,158,130 | 207,103 | 79,945,409 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 227,730,290 | 41,914,766 | 45,046,590 | 3,232,517 | 192,201,930 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 27,494,891 | 7,271,675 | 33,862,672 | 37,746 | 903,894 |
| Fidelity Series 100 Index Fund | 102,298,856 | 9,972,745 | 26,338,374 | 2,080,803 | 87,247,727 |
| Fidelity Series 1000 Value Index Fund | 38,001,637 | 4,462,752 | 7,742,065 | 817,607 | 32,008,863 |
| Fidelity Series All-Sector Equity Fund | 227,959,760 | 35,569,431 | 48,655,933 | 1,794,618 | 191,983,304 |
| Fidelity Series Commodity Strategy Fund | 24,913,457 | 19,127,823 | 4,587,553 | -- | 35,115,001 |
| Fidelity Series Emerging Markets Debt Fund | 19,779,598 | 2,380,397 | 3,737,504 | 1,149,431 | 17,985,957 |
| Fidelity Series Emerging Markets Fund | 227,769,807 | 82,488,144 | 37,186,286 | 2,753,499 | 245,258,717 |
| Fidelity Series Floating Rate High Income Fund | 15,494,247 | 1,001,870 | 8,829,044 | 433,539 | 7,025,796 |
| Fidelity Series High Income Fund | 106,346,466 | 12,917,091 | 24,034,514 | 5,602,107 | 83,614,598 |
| Fidelity Series Inflation-Protected Bond Index Fund | 946 | 15,497,456 | 1,402,277 | 3,316 | 14,442,236 |
| Fidelity Series International Growth Fund | 263,779,980 | 35,657,014 | 56,860,546 | 2,535,467 | 225,481,971 |
| Fidelity Series International Small Cap Fund | 60,471,957 | 9,593,995 | 14,418,572 | 482,787 | 53,186,989 |
| Fidelity Series International Value Fund | 259,813,671 | 36,350,446 | 50,854,984 | 4,774,665 | 222,218,496 |
| Fidelity Series Investment Grade Bond Fund | 237,385,975 | 112,189,962 | 77,027,782 | 7,155,744 | 266,769,854 |
| Fidelity Series Real Estate Equity Fund | 23,670,120 | 5,316,816 | 7,550,192 | 377,972 | 20,044,910 |
| Fidelity Series Real Estate Income Fund | 15,363,594 | 1,847,049 | 2,446,265 | 701,006 | 14,201,521 |
| Fidelity Series Small Cap Opportunities Fund | 115,222,466 | 15,850,554 | 21,857,938 | 398,724 | 96,486,755 |
| Total | $3,182,454,789 | $654,244,022 | $792,234,755 | $48,246,228 | $2,789,663,766 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,636,508,873) — See accompanying schedule | | $2,789,663,766 |
| Receivable for investments sold | | 30,666,987 |
| Receivable for fund shares sold | | 2,524,891 |
| Total assets | | 2,822,855,644 |
| Liabilities | | |
| Payable for investments purchased | $22,091,444 | |
| Payable for fund shares redeemed | 11,100,432 | |
| Distribution and service plan fees payable | 542,227 | |
| Total liabilities | | 33,734,103 |
| Net Assets | | $2,789,121,541 |
| Net Assets consist of: | | |
| Paid in capital | | $2,565,310,261 |
| Undistributed net investment income | | 1,073,122 |
| Accumulated undistributed net realized gain (loss) on investments | | 69,583,265 |
| Net unrealized appreciation (depreciation) on investments | | 153,154,893 |
| Net Assets | | $2,789,121,541 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,409,908,683 ÷ 108,557,759 shares) | | $12.99 |
| Maximum offering price per share (100/94.25 of $12.99) | | $13.78 |
| Class T: | | |
| Net Asset Value and redemption price per share ($423,312,476 ÷ 32,717,347 shares) | | $12.94 |
| Maximum offering price per share (100/96.50 of $12.94) | | $13.41 |
| Class B: | | |
| Net Asset Value and offering price per share ($6,801,231 ÷ 524,769 shares)(a) | | $12.96 |
| Class C: | | |
| Net Asset Value and offering price per share ($87,691,156 ÷ 6,835,262 shares)(a) | | $12.83 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($861,407,995 ÷ 65,957,297 shares) | | $13.06 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $48,246,228 |
| Expenses | | |
| Distribution and service plan fees | $7,010,602 | |
| Independent trustees' compensation | 12,593 | |
| Total expenses before reductions | 7,023,195 | |
| Expense reductions | (12,593) | 7,010,602 |
| Net investment income (loss) | | 41,235,626 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 2,870,925 | |
| Capital gain distributions from underlying funds | 111,081,098 | |
| Total net realized gain (loss) | | 113,952,023 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (257,671,232) |
| Net gain (loss) | | (143,719,209) |
| Net increase (decrease) in net assets resulting from operations | | $(102,483,583) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $41,235,626 | $45,603,853 |
| Net realized gain (loss) | 113,952,023 | 182,835,692 |
| Change in net unrealized appreciation (depreciation) | (257,671,232) | (23,701,670) |
| Net increase (decrease) in net assets resulting from operations | (102,483,583) | 204,737,875 |
| Distributions to shareholders from net investment income | (41,389,842) | (46,150,255) |
| Distributions to shareholders from net realized gain | (109,557,266) | (155,012,649) |
| Total distributions | (150,947,108) | (201,162,904) |
| Share transactions - net increase (decrease) | (139,278,763) | (59,413,992) |
| Total increase (decrease) in net assets | (392,709,454) | (55,839,021) |
| Net Assets | | |
| Beginning of period | 3,181,830,995 | 3,237,670,016 |
| End of period (including undistributed net investment income of $1,073,122 and undistributed net investment income of $2,120,267, respectively) | $2,789,121,541 | $3,181,830,995 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.13 | $14.15 | $13.36 | $12.48 | $12.72 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .19 | .20 | .17 | .20 | .19 |
| Net realized and unrealized gain (loss) | (.64) | .70 | 1.47 | .94 | (.06) |
| Total from investment operations | (.45) | .90 | 1.64 | 1.14 | .13 |
| Distributions from net investment income | (.19) | (.21) | (.18) | (.20) | (.18) |
| Distributions from net realized gain | (.50) | (.71) | (.67) | (.06) | (.19) |
| Total distributions | (.69) | (.92) | (.85) | (.26) | (.37) |
| Net asset value, end of period | $12.99 | $14.13 | $14.15 | $13.36 | $12.48 |
| Total ReturnB,C | (3.36)% | 6.54% | 12.60% | 9.25% | 1.25% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.39% | 1.42% | 1.24% | 1.58% | 1.57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,409,909 | $1,704,036 | $1,777,132 | $1,747,549 | $1,506,827 |
| Portfolio turnover rateD | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.09 | $14.10 | $13.32 | $12.44 | $12.68 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .17 | .14 | .17 | .16 |
| Net realized and unrealized gain (loss) | (.64) | .71 | 1.46 | .94 | (.06) |
| Total from investment operations | (.49) | .88 | 1.60 | 1.11 | .10 |
| Distributions from net investment income | (.16) | (.18) | (.15) | (.17) | (.15) |
| Distributions from net realized gain | (.50) | (.71) | (.67) | (.06) | (.19) |
| Total distributions | (.66) | (.89) | (.82) | (.23) | (.34) |
| Net asset value, end of period | $12.94 | $14.09 | $14.10 | $13.32 | $12.44 |
| Total ReturnB,C | (3.67)% | 6.37% | 12.29% | 9.02% | .98% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.14% | 1.17% | .99% | 1.33% | 1.32% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $423,312 | $453,137 | $453,944 | $387,102 | $335,407 |
| Portfolio turnover rateD | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.08 | $14.07 | $13.29 | $12.41 | $12.63 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .09 | .10 | .07 | .10 | .10 |
| Net realized and unrealized gain (loss) | (.65) | .70 | 1.45 | .94 | (.06) |
| Total from investment operations | (.56) | .80 | 1.52 | 1.04 | .04 |
| Distributions from net investment income | (.08) | (.10) | (.07) | (.10) | (.08) |
| Distributions from net realized gain | (.48) | (.69) | (.66) | (.06) | (.18) |
| Total distributions | (.56) | (.79) | (.74)B | (.16) | (.26) |
| Net asset value, end of period | $12.96 | $14.08 | $14.07 | $13.29 | $12.41 |
| Total ReturnC,D | (4.12)% | 5.82% | 11.69% | 8.44% | .52% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .64% | .67% | .49% | .83% | .82% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,801 | $13,944 | $21,330 | $27,191 | $34,324 |
| Portfolio turnover rateE | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.74 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $.663 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.97 | $14.00 | $13.23 | $12.37 | $12.60 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .08 | .09 | .07 | .10 | .10 |
| Net realized and unrealized gain (loss) | (.63) | .70 | 1.45 | .93 | (.05) |
| Total from investment operations | (.55) | .79 | 1.52 | 1.03 | .05 |
| Distributions from net investment income | (.11) | (.12) | (.09) | (.11) | (.09) |
| Distributions from net realized gain | (.48) | (.70) | (.66) | (.06) | (.18) |
| Total distributions | (.59) | (.82) | (.75) | (.17) | (.28)B |
| Net asset value, end of period | $12.83 | $13.97 | $14.00 | $13.23 | $12.37 |
| Total ReturnC,D | (4.10)% | 5.76% | 11.77% | 8.39% | .55% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .64% | .67% | .49% | .83% | .82% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $87,691 | $91,154 | $87,867 | $75,384 | $66,418 |
| Portfolio turnover rateE | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.28 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.182 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2030 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.21 | $14.22 | $13.42 | $12.54 | $12.77 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .24 | .20 | .23 | .22 |
| Net realized and unrealized gain (loss) | (.65) | .71 | 1.48 | .94 | (.05) |
| Total from investment operations | (.43) | .95 | 1.68 | 1.17 | .17 |
| Distributions from net investment income | (.23) | (.25) | (.21) | (.23) | (.21) |
| Distributions from net realized gain | (.50) | (.71) | (.67) | (.06) | (.19) |
| Total distributions | (.72)B | (.96) | (.88) | (.29) | (.40) |
| Net asset value, end of period | $13.06 | $14.21 | $14.22 | $13.42 | $12.54 |
| Total ReturnC | (3.16)% | 6.85% | 12.89% | 9.47% | 1.57% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.64% | 1.67% | 1.49% | 1.83% | 1.82% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $861,408 | $919,561 | $897,398 | $716,715 | $505,761 |
| Portfolio turnover rateD | 22% | 24% | 53% | 23% | 16% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.72 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.499 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2035 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 12,752,563 | $136,452,426 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 21,449,424 | 246,239,392 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 13,853,494 | 170,120,907 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 8,751,230 | 89,875,129 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 8,782,365 | 126,641,706 |
| Fidelity Advisor Series Small Cap Fund (a) | | 6,756,851 | 68,109,059 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 14,659,253 | 163,743,859 |
| Fidelity Series 100 Index Fund (a) | | 5,524,365 | 74,302,711 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,639,844 | 27,269,591 |
| Fidelity Series All-Sector Equity Fund (a) | | 12,991,155 | 163,558,642 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 5,504,469 | 26,916,854 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,210,165 | 17,075,429 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,806,587 | 82,223,574 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,291,542,641) | | | 1,392,529,279 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 13,455,479 | 200,352,082 |
| Fidelity Series International Growth Fund (a) | | 14,465,979 | 192,686,846 |
| Fidelity Series International Small Cap Fund (a) | | 3,003,966 | 45,179,649 |
| Fidelity Series International Value Fund (a) | | 20,950,814 | 191,280,936 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $603,898,584) | | | 629,499,513 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,451,620 | 13,775,876 |
| Fidelity Series Floating Rate High Income Fund (a) | | 601,748 | 5,403,701 |
| Fidelity Series High Income Fund (a) | | 7,429,197 | 64,411,139 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,084,927 | 10,719,074 |
| Fidelity Series Investment Grade Bond Fund (a) | | 947,288 | 10,704,351 |
| Fidelity Series Real Estate Income Fund (a) | | 1,008,324 | 10,970,564 |
| TOTAL BOND FUNDS | | | |
| (Cost $125,078,567) | | | 115,984,705 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 37,354 | 373,538 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 692,866 | 692,866 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,064,976) | | | 1,066,404 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,021,584,768) | | | 2,139,079,901 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (397,122) |
| NET ASSETS - 100% | | | $2,138,682,779 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $139,071,615 | $31,559,662 | $31,652,277 | $219,384 | $136,452,426 |
| Fidelity Advisor Series Equity-Income Fund | 274,575,945 | 49,048,168 | 51,692,036 | 6,971,830 | 246,239,392 |
| Fidelity Advisor Series Growth & Income Fund | 190,845,540 | 30,637,599 | 33,406,118 | 3,543,002 | 170,120,907 |
| Fidelity Advisor Series Growth Opportunities Fund | 141,746,692 | 21,944,674 | 62,263,110 | 545,141 | 89,875,129 |
| Fidelity Advisor Series Opportunistic Insights Fund | 128,091,910 | 36,843,470 | 29,575,150 | -- | 126,641,706 |
| Fidelity Advisor Series Short-Term Credit Fund | 10,233,738 | 714,324 | 10,520,346 | 74,465 | 373,538 |
| Fidelity Advisor Series Small Cap Fund | 78,904,440 | 14,869,705 | 15,677,357 | 174,132 | 68,109,059 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 184,581,639 | 39,480,718 | 33,142,437 | 2,715,398 | 163,743,859 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 21,928,807 | 4,639,158 | 25,875,099 | 27,836 | 692,866 |
| Fidelity Series 100 Index Fund | 82,346,765 | 10,262,965 | 19,300,225 | 1,748,053 | 74,302,711 |
| Fidelity Series 1000 Value Index Fund | 30,631,793 | 4,846,827 | 5,930,595 | 687,094 | 27,269,591 |
| Fidelity Series All-Sector Equity Fund | 185,329,287 | 32,744,663 | 35,230,710 | 1,507,352 | 163,558,642 |
| Fidelity Series Commodity Strategy Fund | 18,229,184 | 15,248,497 | 3,253,398 | -- | 26,916,854 |
| Fidelity Series Emerging Markets Debt Fund | 14,881,074 | 1,997,567 | 2,771,266 | 873,876 | 13,775,876 |
| Fidelity Series Emerging Markets Fund | 184,292,937 | 65,499,095 | 26,583,563 | 2,253,682 | 200,352,082 |
| Fidelity Series Floating Rate High Income Fund | 11,610,849 | 860,306 | 6,575,293 | 329,857 | 5,403,701 |
| Fidelity Series High Income Fund | 81,052,937 | 9,942,479 | 17,742,398 | 4,278,256 | 64,411,139 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 11,372,648 | 909,809 | 2,422 | 10,719,074 |
| Fidelity Series International Growth Fund | 215,313,978 | 32,908,528 | 40,757,741 | 2,160,555 | 192,686,846 |
| Fidelity Series International Small Cap Fund | 48,363,252 | 9,275,476 | 10,243,757 | 410,946 | 45,179,649 |
| Fidelity Series International Value Fund | 212,338,660 | 35,871,280 | 37,084,913 | 4,068,608 | 191,280,936 |
| Fidelity Series Investment Grade Bond Fund | 13,999,115 | 18,138,752 | 21,116,928 | 396,426 | 10,704,351 |
| Fidelity Series Real Estate Equity Fund | 18,692,496 | 5,570,884 | 6,055,345 | 314,138 | 17,075,429 |
| Fidelity Series Real Estate Income Fund | 11,517,949 | 1,564,280 | 1,685,039 | 535,572 | 10,970,564 |
| Fidelity Series Small Cap Opportunities Fund | 95,577,883 | 14,995,059 | 17,749,010 | 332,318 | 82,223,574 |
| Total | $2,394,158,485 | $500,836,784 | $546,793,920 | $34,170,343 | $2,139,079,901 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,021,584,768) — See accompanying schedule | | $2,139,079,901 |
| Receivable for investments sold | | 14,864,220 |
| Receivable for fund shares sold | | 2,062,945 |
| Total assets | | 2,156,007,066 |
| Liabilities | | |
| Payable for investments purchased | $10,452,992 | |
| Payable for fund shares redeemed | 6,474,172 | |
| Distribution and service plan fees payable | 397,123 | |
| Total liabilities | | 17,324,287 |
| Net Assets | | $2,138,682,779 |
| Net Assets consist of: | | |
| Paid in capital | | $1,958,960,459 |
| Accumulated undistributed net realized gain (loss) on investments | | 62,227,187 |
| Net unrealized appreciation (depreciation) on investments | | 117,495,133 |
| Net Assets | | $2,138,682,779 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,094,458,626 ÷ 88,468,387 shares) | | $12.37 |
| Maximum offering price per share (100/94.25 of $12.37) | | $13.12 |
| Class T: | | |
| Net Asset Value and redemption price per share ($299,951,575 ÷ 24,407,786 shares) | | $12.29 |
| Maximum offering price per share (100/96.50 of $12.29) | | $12.74 |
| Class B: | | |
| Net Asset Value and offering price per share ($4,483,668 ÷ 366,548 shares)(a) | | $12.23 |
| Class C: | | |
| Net Asset Value and offering price per share ($54,812,984 ÷ 4,514,771 shares)(a) | | $12.14 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($684,975,926 ÷ 55,037,997 shares) | | $12.45 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $34,170,343 |
| Expenses | | |
| Distribution and service plan fees | $5,117,611 | |
| Independent trustees' compensation | 9,562 | |
| Total expenses before reductions | 5,127,173 | |
| Expense reductions | (9,562) | 5,117,611 |
| Net investment income (loss) | | 29,052,732 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 2,168,226 | |
| Capital gain distributions from underlying funds | 91,917,948 | |
| Total net realized gain (loss) | | 94,086,174 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (211,289,701) |
| Net gain (loss) | | (117,203,527) |
| Net increase (decrease) in net assets resulting from operations | | $(88,150,795) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $29,052,732 | $32,752,795 |
| Net realized gain (loss) | 94,086,174 | 143,098,013 |
| Change in net unrealized appreciation (depreciation) | (211,289,701) | (19,036,232) |
| Net increase (decrease) in net assets resulting from operations | (88,150,795) | 156,814,576 |
| Distributions to shareholders from net investment income | (29,643,292) | (33,529,759) |
| Distributions to shareholders from net realized gain | (81,803,583) | (124,965,915) |
| Total distributions | (111,446,875) | (158,495,674) |
| Share transactions - net increase (decrease) | (55,427,155) | 9,300,018 |
| Total increase (decrease) in net assets | (255,024,825) | 7,618,920 |
| Net Assets | | |
| Beginning of period | 2,393,707,604 | 2,386,088,684 |
| End of period (including undistributed net investment income of $0 and undistributed net investment income of $766,745, respectively) | $2,138,682,779 | $2,393,707,604 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.51 | $13.54 | $12.74 | $11.80 | $12.11 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .19 | .15 | .18 | .16 |
| Net realized and unrealized gain (loss) | (.66) | .71 | 1.59 | .97 | (.13) |
| Total from investment operations | (.50) | .90 | 1.74 | 1.15 | .03 |
| Distributions from net investment income | (.17) | (.19) | (.15) | (.18) | (.15) |
| Distributions from net realized gain | (.47) | (.73) | (.79) | (.04) | (.19) |
| Total distributions | (.64) | (.93)B | (.94) | (.21)C | (.34) |
| Net asset value, end of period | $12.37 | $13.51 | $13.54 | $12.74 | $11.80 |
| Total ReturnD,E | (3.92)% | 6.81% | 14.15% | 9.89% | .47% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.28% | 1.36% | 1.13% | 1.54% | 1.39% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,094,459 | $1,313,452 | $1,348,500 | $1,258,797 | $1,057,102 |
| Portfolio turnover rateF | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.93 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.733 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.036 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.42 | $13.46 | $12.68 | $11.74 | $12.05 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .13 | .15 | .11 | .15 | .13 |
| Net realized and unrealized gain (loss) | (.65) | .71 | 1.58 | .97 | (.13) |
| Total from investment operations | (.52) | .86 | 1.69 | 1.12 | – |
| Distributions from net investment income | (.14) | (.16) | (.12) | (.15) | (.12) |
| Distributions from net realized gain | (.46) | (.73) | (.79) | (.04) | (.19) |
| Total distributions | (.61)B | (.90)C | (.91) | (.18)D�� | (.31) |
| Net asset value, end of period | $12.29 | $13.42 | $13.46 | $12.68 | $11.74 |
| Total ReturnE,F | (4.08)% | 6.52% | 13.81% | 9.69% | .19% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.03% | 1.11% | .88% | 1.29% | 1.14% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $299,952 | $303,711 | $276,113 | $216,701 | $166,843 |
| Portfolio turnover rateG | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.61 per share is comprised of distributions from net investment income of $.143 and distributions from net realized gain of $.464 per share.
C Total distributions of $.90 per share is comprised of distributions from net investment income of $.162 and distributions from net realized gain of $.733 per share.
D Total distributions of $.18 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.036 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.34 | $13.37 | $12.59 | $11.67 | $11.96 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | .08 | .05 | .09 | .07 |
| Net realized and unrealized gain (loss) | (.66) | .70 | 1.57 | .95 | (.12) |
| Total from investment operations | (.59) | .78 | 1.62 | 1.04 | (.05) |
| Distributions from net investment income | (.07) | (.10) | (.06) | (.09) | (.07) |
| Distributions from net realized gain | (.45) | (.72) | (.78) | (.04) | (.17) |
| Total distributions | (.52) | (.81)B | (.84) | (.12)C | (.24) |
| Net asset value, end of period | $12.23 | $13.34 | $13.37 | $12.59 | $11.67 |
| Total ReturnD,E | (4.62)% | 6.00% | 13.32% | 9.02% | (.23)% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .53% | .62% | .38% | .79% | .64% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $4,484 | $9,560 | $14,454 | $17,884 | $22,013 |
| Portfolio turnover rateF | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.81 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.718 per share.
C Total distributions of $.12 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.036 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.27 | $13.32 | $12.56 | $11.65 | $11.96 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | .08 | .05 | .09 | .07 |
| Net realized and unrealized gain (loss) | (.65) | .70 | 1.56 | .95 | (.13) |
| Total from investment operations | (.58) | .78 | 1.61 | 1.04 | (.06) |
| Distributions from net investment income | (.10) | (.11) | (.07) | (.10) | (.08) |
| Distributions from net realized gain | (.45) | (.72) | (.78) | (.04) | (.18) |
| Total distributions | (.55) | (.83) | (.85) | (.13)B | (.25)C |
| Net asset value, end of period | $12.14 | $13.27 | $13.32 | $12.56 | $11.65 |
| Total ReturnD,E | (4.58)% | 6.01% | 13.27% | 9.04% | (.29)% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .53% | .61% | .38% | .79% | .64% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $54,813 | $56,318 | $51,931 | $43,447 | $38,614 |
| Portfolio turnover rateF | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.13 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.036 per share.
C Total distributions of $.25 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.176 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2035 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.59 | $13.61 | $12.80 | $11.86 | $12.17 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .22 | .18 | .21 | .19 |
| Net realized and unrealized gain (loss) | (.67) | .72 | 1.60 | .97 | (.14) |
| Total from investment operations | (.47) | .94 | 1.78 | 1.18 | .05 |
| Distributions from net investment income | (.20) | (.23) | (.18) | (.20) | (.17) |
| Distributions from net realized gain | (.47) | (.73) | (.79) | (.04) | (.19) |
| Total distributions | (.67) | (.96) | (.97) | (.24) | (.36) |
| Net asset value, end of period | $12.45 | $13.59 | $13.61 | $12.80 | $11.86 |
| Total ReturnB | (3.63)% | 7.11% | 14.44% | 10.10% | .71% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductionsE | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.53% | 1.61% | 1.38% | 1.79% | 1.64% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $684,976 | $710,667 | $695,092 | $547,049 | $360,580 |
| Portfolio turnover rateC | 22% | 25% | 48% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2040 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 11,741,759 | $125,636,822 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 19,749,285 | 226,721,793 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 12,755,461 | 156,637,067 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 8,057,572 | 82,751,267 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 8,086,268 | 116,603,988 |
| Fidelity Advisor Series Small Cap Fund (a) | | 6,221,290 | 62,710,603 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 13,497,339 | 150,765,280 |
| Fidelity Series 100 Index Fund (a) | | 5,086,434 | 68,412,543 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,430,607 | 25,108,173 |
| Fidelity Series All-Sector Equity Fund (a) | | 11,963,485 | 150,620,273 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 5,068,081 | 24,782,917 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,114,184 | 15,721,138 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,265,019 | 75,681,434 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,189,083,170) | | | 1,282,153,298 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 12,388,845 | 184,469,900 |
| Fidelity Series International Growth Fund (a) | | 13,318,424 | 177,401,409 |
| Fidelity Series International Small Cap Fund (a) | | 2,765,746 | 41,596,824 |
| Fidelity Series International Value Fund (a) | | 19,288,911 | 176,107,756 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $550,119,649) | | | 579,575,889 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,335,609 | 12,674,931 |
| Fidelity Series Floating Rate High Income Fund (a) | | 554,205 | 4,976,765 |
| Fidelity Series High Income Fund (a) | | 6,843,838 | 59,336,074 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 998,931 | 9,869,433 |
| Fidelity Series Investment Grade Bond Fund (a) | | 872,202 | 9,855,886 |
| Fidelity Series Real Estate Income Fund (a) | | 929,007 | 10,107,601 |
| TOTAL BOND FUNDS | | | |
| (Cost $115,717,296) | | | 106,820,690 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 34,394 | 343,943 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 637,976 | 637,976 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $980,603) | | | 981,919 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,855,900,718) | | | 1,969,531,796 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (386,765) |
| NET ASSETS - 100% | | | $1,969,145,031 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $131,565,060 | $27,641,020 | $31,181,378 | $202,892 | $125,636,822 |
| Fidelity Advisor Series Equity-Income Fund | 259,592,965 | 42,155,004 | 51,164,043 | 6,499,356 | 226,721,793 |
| Fidelity Advisor Series Growth & Income Fund | 179,678,929 | 26,705,203 | 33,067,869 | 3,300,262 | 156,637,067 |
| Fidelity Advisor Series Growth Opportunities Fund | 135,077,253 | 19,038,800 | 60,758,290 | 504,164 | 82,751,267 |
| Fidelity Advisor Series Opportunistic Insights Fund | 121,206,364 | 32,548,600 | 29,173,716 | -- | 116,603,988 |
| Fidelity Advisor Series Short-Term Credit Fund | 9,685,199 | 551,811 | 9,842,594 | 69,304 | 343,943 |
| Fidelity Advisor Series Small Cap Fund | 74,645,104 | 12,751,581 | 15,427,484 | 161,092 | 62,710,603 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 174,448,993 | 34,494,968 | 32,964,045 | 2,512,770 | 150,765,280 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 20,743,058 | 3,962,279 | 24,067,360 | 25,902 | 637,976 |
| Fidelity Series 100 Index Fund | 77,652,185 | 8,892,768 | 19,058,267 | 1,617,599 | 68,412,543 |
| Fidelity Series 1000 Value Index Fund | 28,957,796 | 4,120,641 | 5,852,681 | 635,621 | 25,108,173 |
| Fidelity Series All-Sector Equity Fund | 175,326,589 | 27,965,758 | 34,784,901 | 1,394,873 | 150,620,273 |
| Fidelity Series Commodity Strategy Fund | 17,242,225 | 13,723,167 | 3,119,360 | -- | 24,782,917 |
| Fidelity Series Emerging Markets Debt Fund | 14,081,870 | 1,682,396 | 2,781,058 | 810,959 | 12,674,931 |
| Fidelity Series Emerging Markets Fund | 173,453,127 | 59,204,562 | 26,820,316 | 2,085,013 | 184,469,900 |
| Fidelity Series Floating Rate High Income Fund | 10,987,601 | 719,913 | 6,275,744 | 306,921 | 4,976,765 |
| Fidelity Series High Income Fund | 75,792,449 | 9,456,258 | 17,679,052 | 3,974,887 | 59,336,074 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 10,475,315 | 841,817 | 2,229 | 9,869,433 |
| Fidelity Series International Growth Fund | 204,618,540 | 26,958,646 | 40,570,581 | 1,998,774 | 177,401,409 |
| Fidelity Series International Small Cap Fund | 45,805,043 | 8,019,070 | 10,210,819 | 380,188 | 41,596,824 |
| Fidelity Series International Value Fund | 201,669,613 | 29,965,942 | 37,282,035 | 3,763,965 | 176,107,756 |
| Fidelity Series Investment Grade Bond Fund | 13,175,630 | 17,134,973 | 20,160,195 | 367,315 | 9,855,886 |
| Fidelity Series Real Estate Equity Fund | 18,055,060 | 4,606,009 | 5,836,351 | 290,404 | 15,721,138 |
| Fidelity Series Real Estate Income Fund | 10,898,223 | 1,327,476 | 1,718,537 | 497,219 | 10,107,601 |
| Fidelity Series Small Cap Opportunities Fund | 90,445,593 | 12,418,652 | 17,336,068 | 307,686 | 75,681,434 |
| Total | $2,264,804,469 | $436,520,812 | $537,974,561 | $31,709,395 | $1,969,531,796 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,855,900,718) — See accompanying schedule | | $1,969,531,796 |
| Receivable for investments sold | | 12,817,944 |
| Receivable for fund shares sold | | 2,026,559 |
| Total assets | | 1,984,376,299 |
| Liabilities | | |
| Payable for investments purchased | $10,008,695 | |
| Payable for fund shares redeemed | 4,835,844 | |
| Distribution and service plan fees payable | 386,729 | |
| Total liabilities | | 15,231,268 |
| Net Assets | | $1,969,145,031 |
| Net Assets consist of: | | |
| Paid in capital | | $1,797,561,864 |
| Undistributed net investment income | | 130,182 |
| Accumulated undistributed net realized gain (loss) on investments | | 57,821,907 |
| Net unrealized appreciation (depreciation) on investments | | 113,631,078 |
| Net Assets | | $1,969,145,031 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($950,816,266 ÷ 71,783,295 shares) | | $13.25 |
| Maximum offering price per share (100/94.25 of $13.25) | | $14.06 |
| Class T: | | |
| Net Asset Value and redemption price per share ($310,106,958 ÷ 23,480,437 shares) | | $13.21 |
| Maximum offering price per share (100/96.50 of $13.21) | | $13.69 |
| Class B: | | |
| Net Asset Value and offering price per share ($5,586,775 ÷ 425,348 shares)(a) | | $13.13 |
| Class C: | | |
| Net Asset Value and offering price per share ($73,036,085 ÷ 5,609,158 shares)(a) | | $13.02 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($629,598,947 ÷ 47,260,818 shares) | | $13.32 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $31,709,395 |
| Expenses | | |
| Distribution and service plan fees | $5,023,668 | |
| Independent trustees' compensation | 8,911 | |
| Total expenses before reductions | 5,032,579 | |
| Expense reductions | (8,911) | 5,023,668 |
| Net investment income (loss) | | 26,685,727 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 4,934,554 | |
| Capital gain distributions from underlying funds | 85,031,418 | |
| Total net realized gain (loss) | | 89,965,972 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (198,753,543) |
| Net gain (loss) | | (108,787,571) |
| Net increase (decrease) in net assets resulting from operations | | $(82,101,844) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $26,685,727 | $30,521,189 |
| Net realized gain (loss) | 89,965,972 | 135,785,473 |
| Change in net unrealized appreciation (depreciation) | (198,753,543) | (17,567,018) |
| Net increase (decrease) in net assets resulting from operations | (82,101,844) | 148,739,644 |
| Distributions to shareholders from net investment income | (27,258,668) | (31,124,677) |
| Distributions to shareholders from net realized gain | (81,269,199) | (116,446,633) |
| Total distributions | (108,527,867) | (147,571,310) |
| Share transactions - net increase (decrease) | (104,582,015) | (29,267,178) |
| Total increase (decrease) in net assets | (295,211,726) | (28,098,844) |
| Net Assets | | |
| Beginning of period | 2,264,356,757 | 2,292,455,601 |
| End of period (including undistributed net investment income of $130,182 and undistributed net investment income of $703,123, respectively) | $1,969,145,031 | $2,264,356,757 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.49 | $14.51 | $13.61 | $12.60 | $12.95 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .17 | .20 | .15 | .19 | .17 |
| Net realized and unrealized gain (loss) | (.69) | .76 | 1.74 | 1.05 | (.15) |
| Total from investment operations | (.52) | .96 | 1.89 | 1.24 | .02 |
| Distributions from net investment income | (.18) | (.21) | (.16) | (.19) | (.16) |
| Distributions from net realized gain | (.54) | (.77) | (.83) | (.04) | (.21) |
| Total distributions | (.72) | (.98) | (.99) | (.23) | (.37) |
| Net asset value, end of period | $13.25 | $14.49 | $14.51 | $13.61 | $12.60 |
| Total ReturnB,C | (3.82)% | 6.76% | 14.37% | 9.94% | .38% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.27% | 1.35% | 1.10% | 1.53% | 1.38% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $950,816 | $1,154,277 | $1,195,641 | $1,133,722 | $967,348 |
| Portfolio turnover rateD | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.45 | $14.47 | $13.58 | $12.57 | $12.92 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .14 | .16 | .12 | .16 | .14 |
| Net realized and unrealized gain (loss) | (.70) | .76 | 1.73 | 1.04 | (.16) |
| Total from investment operations | (.56) | .92 | 1.85 | 1.20 | (.02) |
| Distributions from net investment income | (.15) | (.17) | (.13) | (.16) | (.13) |
| Distributions from net realized gain | (.53) | (.77) | (.83) | (.04) | (.21) |
| Total distributions | (.68) | (.94) | (.96) | (.19)B | (.33)C |
| Net asset value, end of period | $13.21 | $14.45 | $14.47 | $13.58 | $12.57 |
| Total ReturnD,E | (4.07)% | 6.51% | 14.06% | 9.69% | .12% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.02% | 1.10% | .85% | 1.28% | 1.13% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $310,107 | $333,069 | $341,608 | $288,886 | $262,944 |
| Portfolio turnover rateF | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.19 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.037 per share.
C Total distributions of $.33 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.207 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.35 | $14.36 | $13.48 | $12.48 | $12.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | .09 | .05 | .10 | .08 |
| Net realized and unrealized gain (loss) | (.70) | .75 | 1.71 | 1.03 | (.15) |
| Total from investment operations | (.63) | .84 | 1.76 | 1.13 | (.07) |
| Distributions from net investment income | (.07) | (.10) | (.06) | (.09) | (.07) |
| Distributions from net realized gain | (.52) | (.75) | (.82) | (.04) | (.20) |
| Total distributions | (.59) | (.85) | (.88) | (.13) | (.27) |
| Net asset value, end of period | $13.13 | $14.35 | $14.36 | $13.48 | $12.48 |
| Total ReturnB,C | (4.60)% | 5.97% | 13.49% | 9.14% | (.36)% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .52% | .60% | .35% | .78% | .63% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,587 | $11,602 | $18,270 | $24,481 | $31,574 |
| Portfolio turnover rate D | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.27 | $14.30 | $13.43 | $12.45 | $12.80 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | .09 | .05 | .10 | .08 |
| Net realized and unrealized gain (loss) | (.70) | .75 | 1.71 | 1.02 | (.15) |
| Total from investment operations | (.63) | .84 | 1.76 | 1.12 | (.07) |
| Distributions from net investment income | (.10) | (.12) | (.07) | (.11) | (.08) |
| Distributions from net realized gain | (.52) | (.75) | (.82) | (.04) | (.20) |
| Total distributions | (.62) | (.87) | (.89) | (.14)B | (.28) |
| Net asset value, end of period | $13.02 | $14.27 | $14.30 | $13.43 | $12.45 |
| Total ReturnC,D | (4.63)% | 6.01% | 13.57% | 9.09% | (.35)% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .52% | .60% | .35% | .78% | .63% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $73,036 | $77,130 | $72,247 | $62,893 | $56,910 |
| Portfolio turnover rateE | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.14 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.037 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2040 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.57 | $14.59 | $13.67 | $12.65 | $13.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .21 | .23 | .19 | .23 | .20 |
| Net realized and unrealized gain (loss) | (.71) | .76 | 1.75 | 1.05 | (.16) |
| Total from investment operations | (.50) | .99 | 1.94 | 1.28 | .04 |
| Distributions from net investment income | (.22) | (.24) | (.19) | (.22) | (.19) |
| Distributions from net realized gain | (.54) | (.77) | (.83) | (.04) | (.21) |
| Total distributions | (.75)B | (1.01) | (1.02) | (.26) | (.39)C |
| Net asset value, end of period | $13.32 | $14.57 | $14.59 | $13.67 | $12.65 |
| Total ReturnD | (3.62)% | 6.99% | 14.73% | 10.24% | .61% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductionsG | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.52% | 1.60% | 1.35% | 1.78% | 1.63% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $629,599 | $688,278 | $664,689 | $508,363 | $352,751 |
| Portfolio turnover rateE | 21% | 24% | 47% | 26% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.75 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.535 per share.
C Total distributions of $.39 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.207 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2045 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 6,591,505 | $70,529,106 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 11,086,672 | 127,274,993 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 7,160,544 | 87,931,477 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 4,523,299 | 46,454,280 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 4,539,418 | 65,458,404 |
| Fidelity Advisor Series Small Cap Fund (a) | | 3,492,464 | 35,204,033 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 7,577,027 | 84,635,390 |
| Fidelity Series 100 Index Fund (a) | | 2,855,499 | 38,406,456 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,364,478 | 14,095,055 |
| Fidelity Series All-Sector Equity Fund (a) | | 6,715,860 | 84,552,674 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 2,860,938 | 13,989,987 |
| Fidelity Series Real Estate Equity Fund (a) | | 625,503 | 8,825,852 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 3,517,001 | 42,485,373 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $672,150,319) | | | 719,843,080 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 6,959,802 | 103,631,453 |
| Fidelity Series International Growth Fund (a) | | 7,483,135 | 99,675,360 |
| Fidelity Series International Small Cap Fund (a) | | 1,553,489 | 23,364,477 |
| Fidelity Series International Value Fund (a) | | 10,826,827 | 98,848,932 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $316,041,009) | | | 325,520,222 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 749,017 | 7,108,174 |
| Fidelity Series Floating Rate High Income Fund (a) | | 310,764 | 2,790,663 |
| Fidelity Series High Income Fund (a) | | 3,817,353 | 33,096,448 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 560,762 | 5,540,326 |
| Fidelity Series Investment Grade Bond Fund (a) | | 489,617 | 5,532,670 |
| Fidelity Series Real Estate Income Fund (a) | | 519,670 | 5,654,015 |
| TOTAL BOND FUNDS | | | |
| (Cost $64,288,134) | | | 59,722,296 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 19,180 | 191,797 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 359,444 | 359,444 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $550,479) | | | 551,241 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,053,029,941) | | | 1,105,636,839 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (193,244) |
| NET ASSETS - 100% | | | $1,105,443,595 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $69,943,920 | $19,421,812 | $17,625,210 | $110,729 | $70,529,106 |
| Fidelity Advisor Series Equity-Income Fund | 139,722,476 | 29,589,659 | 29,210,510 | 3,536,027 | 127,274,993 |
| Fidelity Advisor Series Growth & Income Fund | 95,978,233 | 19,991,565 | 19,089,857 | 1,793,290 | 87,931,477 |
| Fidelity Advisor Series Growth Opportunies Fund | 67,865,683 | 13,624,539 | 29,159,598 | 275,149 | 46,454,280 |
| Fidelity Advisor Series Opportunistic Insights Fund | 64,496,720 | 21,850,596 | 16,538,608 | -- | 65,458,404 |
| Fidelity Advisor Series Short-Term Credit Fund | 5,136,286 | 493,570 | 5,410,750 | 37,617 | 191,797 |
| Fidelity Advisor Series Small Cap Fund | 39,679,968 | 9,382,812 | 8,864,088 | 87,843 | 35,204,033 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 93,587,750 | 23,313,661 | 18,624,645 | 1,375,973 | 84,635,390 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 11,028,897 | 2,658,694 | 13,328,146 | 14,106 | 359,444 |
| Fidelity Series 100 Index Fund | 41,675,050 | 6,549,185 | 10,372,328 | 885,753 | 38,406,456 |
| Fidelity Series 1000 Value Index Fund | 15,411,426 | 3,083,609 | 3,266,570 | 348,426 | 14,095,055 |
| Fidelity Series All-Sector Equity Fund | 93,180,847 | 20,775,389 | 19,736,388 | 763,808 | 84,552,674 |
| Fidelity Series Commodity Strategy Fund | 9,087,266 | 8,297,825 | 1,726,735 | -- | 13,989,987 |
| Fidelity Series Emerging Markets Debt Fund | 7,481,511 | 1,326,025 | 1,538,860 | 441,870 | 7,108,174 |
| Fidelity Series Emerging Markets Fund | 92,286,951 | 38,537,895 | 15,810,145 | 1,136,948 | 103,631,453 |
| Fidelity Series Floating Rate High Income Fund | 5,836,560 | 590,672 | 3,387,904 | 166,951 | 2,790,663 |
| Fidelity Series High Income Fund | 40,383,368 | 6,795,676 | 9,626,261 | 2,162,671 | 33,096,448 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 5,908,457 | 500,245 | 1,237 | 5,540,326 |
| Fidelity Series International Growth Fund | 108,601,819 | 21,298,795 | 22,858,193 | 1,089,877 | 99,675,360 |
| Fidelity Series International Small Cap Fund | 24,420,397 | 5,800,173 | 5,765,036 | 207,288 | 23,364,477 |
| Fidelity Series International Value Fund | 107,078,702 | 22,896,231 | 21,143,472 | 2,052,384 | 98,848,932 |
| Fidelity Series Investment Grade Bond Fund | 6,998,992 | 9,928,623 | 11,241,192 | 199,736 | 5,532,670 |
| Fidelity Series Real Estate Equity Fund | 9,609,815 | 2,958,723 | 3,202,595 | 158,519 | 8,825,852 |
| Fidelity Series Real Estate Income Fund | 5,763,900 | 1,065,849 | 963,570 | 270,769 | 5,654,015 |
| Fidelity Series Small Cap Opportunities Fund | 48,151,887 | 9,832,261 | 10,201,638 | 167,989 | 42,485,373 |
| Total | $1,203,408,424 | $305,972,296 | $299,192,544 | $17,284,960 | $1,105,636,839 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,053,029,941) — See accompanying schedule | | $1,105,636,839 |
| Receivable for investments sold | | 6,611,975 |
| Receivable for fund shares sold | | 1,553,271 |
| Total assets | | 1,113,802,085 |
| Liabilities | | |
| Payable for investments purchased | $5,991,789 | |
| Payable for fund shares redeemed | 2,173,453 | |
| Distribution and service plan fees payable | 193,248 | |
| Total liabilities | | 8,358,490 |
| Net Assets | | $1,105,443,595 |
| Net Assets consist of: | | |
| Paid in capital | | $1,022,619,734 |
| Accumulated undistributed net realized gain (loss) on investments | | 30,216,963 |
| Net unrealized appreciation (depreciation) on investments | | 52,606,898 |
| Net Assets | | $1,105,443,595 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($531,509,917 ÷ 51,962,892 shares) | | $10.23 |
| Maximum offering price per share (100/94.25 of $10.23) | | $10.85 |
| Class T: | | |
| Net Asset Value and redemption price per share ($158,557,104 ÷ 15,588,457 shares) | | $10.17 |
| Maximum offering price per share (100/96.50 of $10.17) | | $10.54 |
| Class B: | | |
| Net Asset Value and offering price per share ($1,278,544 ÷ 125,608 shares)(a) | | $10.18 |
| Class C: | | |
| Net Asset Value and offering price per share ($23,422,533 ÷ 2,321,182 shares)(a) | | $10.09 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($390,675,497 ÷ 37,995,669 shares) | | $10.28 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $17,284,960 |
| Expenses | | |
| Distribution and service plan fees | $2,452,076 | |
| Independent trustees' compensation | 4,831 | |
| Total expenses before reductions | 2,456,907 | |
| Expense reductions | (4,831) | 2,452,076 |
| Net investment income (loss) | | 14,832,884 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (177,473) | |
| Capital gain distributions from underlying funds | 46,567,514 | |
| Total net realized gain (loss) | | 46,390,041 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (104,373,890) |
| Net gain (loss) | | (57,983,849) |
| Net increase (decrease) in net assets resulting from operations | | $(43,150,965) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,832,884 | $16,261,344 |
| Net realized gain (loss) | 46,390,041 | 67,852,543 |
| Change in net unrealized appreciation (depreciation) | (104,373,890) | (7,351,157) |
| Net increase (decrease) in net assets resulting from operations | (43,150,965) | 76,762,730 |
| Distributions to shareholders from net investment income | (15,159,655) | (16,594,027) |
| Distributions to shareholders from net realized gain | (39,737,449) | (74,448,284) |
| Total distributions | (54,897,104) | (91,042,311) |
| Share transactions - net increase (decrease) | 295,212 | 75,324,410 |
| Total increase (decrease) in net assets | (97,752,857) | 61,044,829 |
| Net Assets | | |
| Beginning of period | 1,203,196,452 | 1,142,151,623 |
| End of period (including undistributed net investment income of $0 and undistributed net investment income of $433,105, respectively) | $1,105,443,595 | $1,203,196,452 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.15 | $11.31 | $10.46 | $9.79 | $10.08 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .13 | .15 | .12 | .16 | .13 |
| Net realized and unrealized gain (loss) | (.54) | .59 | 1.39 | .81 | (.14) |
| Total from investment operations | (.41) | .74 | 1.51 | .97 | (.01) |
| Distributions from net investment income | (.14) | (.16) | (.12) | (.15) | (.12) |
| Distributions from net realized gain | (.37) | (.74) | (.54) | (.15) | (.16) |
| Total distributions | (.51) | (.90) | (.66) | (.30) | (.28) |
| Net asset value, end of period | $10.23 | $11.15 | $11.31 | $10.46 | $9.79 |
| Total ReturnB,C | (3.85)% | 6.80% | 14.74% | 10.21% | .12% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.27% | 1.37% | 1.12% | 1.59% | 1.41% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $531,510 | $623,734 | $612,735 | $527,525 | $403,850 |
| Portfolio turnover rateD | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.09 | $11.26 | $10.42 | $9.75 | $10.04 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .13 | .09 | .13 | .11 |
| Net realized and unrealized gain (loss) | (.54) | .57 | 1.39 | .82 | (.15) |
| Total from investment operations | (.43) | .70 | 1.48 | .95 | (.04) |
| Distributions from net investment income | (.12) | (.13) | (.10) | (.12) | (.10) |
| Distributions from net realized gain | (.37) | (.74) | (.54) | (.15) | (.16) |
| Total distributions | (.49) | (.87) | (.64) | (.28)B | (.25)C |
| Net asset value, end of period | $10.17 | $11.09 | $11.26 | $10.42 | $9.75 |
| Total ReturnD,E | (4.10)% | 6.50% | 14.45% | 10.02% | (.15)% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.02% | 1.12% | .87% | 1.34% | 1.16% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $158,557 | $153,677 | $128,619 | $92,998 | $62,438 |
| Portfolio turnover rateF | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.28 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.153 per share.
C Total distributions of $.25 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.155 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.08 | $11.23 | $10.39 | $9.73 | $10.01 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .07 | .04 | .08 | .06 |
| Net realized and unrealized gain (loss) | (.55) | .58 | 1.38 | .81 | (.14) |
| Total from investment operations | (.49) | .65 | 1.42 | .89 | (.08) |
| Distributions from net investment income | (.06) | (.08) | (.05) | (.08) | (.05) |
| Distributions from net realized gain | (.35) | (.73) | (.53) | (.15) | (.15) |
| Total distributions | (.41) | (.80)B | (.58) | (.23) | (.20) |
| Net asset value, end of period | $10.18 | $11.08 | $11.23 | $10.39 | $9.73 |
| Total ReturnC,D | (4.59)% | 6.04% | 13.93% | 9.40% | (.62)% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .53% | .62% | .37% | .84% | .66% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,279 | $2,625 | $3,565 | $3,651 | $3,786 |
| Portfolio turnover rateE | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.80 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.725 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.01 | $11.19 | $10.36 | $9.71 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .05 | .07 | .04 | .08 | .06 |
| Net realized and unrealized gain (loss) | (.53) | .57 | 1.38 | .81 | (.14) |
| Total from investment operations | (.48) | .64 | 1.42 | .89 | (.08) |
| Distributions from net investment income | (.08) | (.09) | (.06) | (.09) | (.06) |
| Distributions from net realized gain | (.36) | (.73) | (.53) | (.15) | (.15) |
| Total distributions | (.44) | (.82) | (.59) | (.24) | (.21) |
| Net asset value, end of period | $10.09 | $11.01 | $11.19 | $10.36 | $9.71 |
| Total ReturnB,C | (4.59)% | 5.95% | 13.95% | 9.42% | (.62)% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .53% | .62% | .37% | .84% | .66% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $23,423 | $22,493 | $18,457 | $13,415 | $9,926 |
| Portfolio turnover rateD | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2045 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.21 | $11.37 | $10.50 | $9.83 | $10.11 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .18 | .15 | .18 | .16 |
| Net realized and unrealized gain (loss) | (.55) | .59 | 1.41 | .81 | (.14) |
| Total from investment operations | (.39) | .77 | 1.56 | .99 | .02 |
| Distributions from net investment income | (.17) | (.19) | (.15) | (.17) | (.14) |
| Distributions from net realized gain | (.37) | (.74) | (.54) | (.15) | (.16) |
| Total distributions | (.54) | (.93) | (.69) | (.32) | (.30) |
| Net asset value, end of period | $10.28 | $11.21 | $11.37 | $10.50 | $9.83 |
| Total ReturnB | (3.66)% | 7.03% | 15.14% | 10.43% | .45% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductionsE | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.52% | 1.62% | 1.37% | 1.84% | 1.66% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $390,675 | $400,667 | $378,776 | $269,633 | $162,772 |
| Portfolio turnover rateC | 26% | 27% | 46% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Amounts do not include the activity of the Underlying Funds.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2050 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 4,994,860 | $53,444,997 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 8,401,144 | 96,445,139 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 5,426,039 | 66,631,764 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 3,427,623 | 35,201,691 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 3,439,833 | 49,602,389 |
| Fidelity Advisor Series Small Cap Fund (a) | | 2,646,480 | 26,676,520 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 5,741,637 | 64,134,084 |
| Fidelity Series 100 Index Fund (a) | | 2,163,743 | 29,102,345 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,033,968 | 10,680,890 |
| Fidelity Series All-Sector Equity Fund (a) | | 5,088,301 | 64,061,708 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 2,171,024 | 10,616,309 |
| Fidelity Series Real Estate Equity Fund (a) | | 474,653 | 6,697,352 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,665,071 | 32,194,064 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $508,861,391) | | | 545,489,252 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 5,274,822 | 78,542,100 |
| Fidelity Series International Growth Fund (a) | | 5,672,260 | 75,554,508 |
| Fidelity Series International Small Cap Fund (a) | | 1,177,401 | 17,708,115 |
| Fidelity Series International Value Fund (a) | | 8,204,040 | 74,902,889 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $238,842,823) | | | 246,707,612 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 567,185 | 5,382,582 |
| Fidelity Series Floating Rate High Income Fund (a) | | 235,426 | 2,114,129 |
| Fidelity Series High Income Fund (a) | | 2,887,827 | 25,037,460 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 424,926 | 4,198,268 |
| Fidelity Series Investment Grade Bond Fund (a) | | 371,013 | 4,192,443 |
| Fidelity Series Real Estate Income Fund (a) | | 392,961 | 4,275,417 |
| TOTAL BOND FUNDS | | | |
| (Cost $48,857,557) | | | 45,200,299 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 14,542 | 145,425 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 272,285 | 272,285 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $417,124) | | | 417,710 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $796,978,895) | | | 837,814,873 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (147,357) |
| NET ASSETS - 100% | | | $837,667,516 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $50,992,463 | $15,343,637 | $11,947,657 | $83,245 | $53,444,997 |
| Fidelity Advisor Series Equity-Income Fund | 101,422,163 | 24,194,361 | 19,642,193 | 2,613,939 | 96,445,139 |
| Fidelity Advisor Series Growth & Income Fund | 69,858,447 | 16,490,448 | 13,100,901 | 1,325,004 | 66,631,764 |
| Fidelity Advisor Series Growth Opportunities Fund | 48,540,568 | 11,210,073 | 20,097,786 | 206,851 | 35,201,691 |
| Fidelity Advisor Series Opportunistic Insights Fund | 46,707,300 | 17,400,334 | 11,224,694 | -- | 49,602,389 |
| Fidelity Advisor Series Short-Term Credit Fund | 3,722,619 | 414,532 | 3,971,568 | 27,746 | 145,425 |
| Fidelity Advisor Series Small Cap Fund | 28,800,321 | 7,667,798 | 6,063,840 | 65,980 | 26,676,520 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 67,961,494 | 18,986,052 | 12,640,680 | 1,035,015 | 64,134,084 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 8,001,549 | 2,084,780 | 9,814,044 | 10,428 | 272,285 |
| Fidelity Series 100 Index Fund | 30,534,724 | 5,288,213 | 7,126,907 | 666,258 | 29,102,345 |
| Fidelity Series 1000 Value Index Fund | 11,280,092 | 2,480,985 | 2,239,884 | 262,192 | 10,680,890 |
| Fidelity Series All-Sector Equity Fund | 67,632,263 | 16,994,734 | 13,335,661 | 574,536 | 64,061,708 |
| Fidelity Series Commodity Strategy Fund | 6,567,526 | 6,477,040 | 1,192,669 | -- | 10,616,309 |
| Fidelity Series Emerging Markets Debt Fund | 5,427,471 | 1,105,659 | 1,033,572 | 327,522 | 5,382,582 |
| Fidelity Series Emerging Markets Fund | 66,992,725 | 30,226,259 | 10,330,773 | 853,998 | 78,542,100 |
| Fidelity Series Floating Rate High Income Fund | 4,235,176 | 501,473 | 2,437,822 | 123,549 | 2,114,129 |
| Fidelity Series High Income Fund | 29,324,894 | 5,571,467 | 6,567,408 | 1,602,740 | 25,037,460 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 4,426,964 | 328,736 | 930 | 4,198,268 |
| Fidelity Series International Growth Fund | 79,011,570 | 17,463,735 | 15,426,696 | 818,648 | 75,554,508 |
| Fidelity Series International Small Cap Fund | 17,396,443 | 4,932,326 | 3,779,965 | 155,700 | 17,708,115 |
| Fidelity Series International Value Fund | 77,853,453 | 18,726,366 | 14,213,137 | 1,541,610 | 74,902,889 |
| Fidelity Series Investment Grade Bond Fund | 5,077,706 | 7,318,278 | 8,090,505 | 148,717 | 4,192,443 |
| Fidelity Series Real Estate Equity Fund | 6,973,997 | 2,320,673 | 2,183,641 | 117,615 | 6,697,352 |
| Fidelity Series Real Estate Income Fund | 4,166,597 | 901,708 | 638,059 | 200,885 | 4,275,417 |
| Fidelity Series Small Cap Opportunities Fund | 34,844,552 | 7,990,530 | 6,726,554 | 124,870 | 32,194,064 |
| Total | $873,326,113 | $246,518,425 | $204,155,352 | $12,887,978 | $837,814,873 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $796,978,895) — See accompanying schedule | | $837,814,873 |
| Receivable for investments sold | | 4,718,238 |
| Receivable for fund shares sold | | 1,741,610 |
| Total assets | | 844,274,721 |
| Liabilities | | |
| Payable for investments purchased | $4,496,974 | |
| Payable for fund shares redeemed | 1,962,859 | |
| Distribution and service plan fees payable | 147,372 | |
| Total liabilities | | 6,607,205 |
| Net Assets | | $837,667,516 |
| Net Assets consist of: | | |
| Paid in capital | | $774,744,213 |
| Undistributed net investment income | | 92,654 |
| Accumulated undistributed net realized gain (loss) on investments | | 21,994,671 |
| Net unrealized appreciation (depreciation) on investments | | 40,835,978 |
| Net Assets | | $837,667,516 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($363,198,683 ÷ 35,745,562 shares) | | $10.16 |
| Maximum offering price per share (100/94.25 of $10.16) | | $10.78 |
| Class T: | | |
| Net Asset Value and redemption price per share ($127,841,863 ÷ 12,635,266 shares) | | $10.12 |
| Maximum offering price per share (100/96.50 of $10.12) | | $10.49 |
| Class B: | | |
| Net Asset Value and offering price per share ($1,717,398 ÷ 170,022 shares)(a) | | $10.10 |
| Class C: | | |
| Net Asset Value and offering price per share ($24,460,385 ÷ 2,435,171 shares)(a) | | $10.04 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($320,449,187 ÷ 31,363,275 shares) | | $10.22 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $12,887,978 |
| Expenses | | |
| Distribution and service plan fees | $1,860,962 | |
| Independent trustees' compensation | 3,567 | |
| Total expenses before reductions | 1,864,529 | |
| Expense reductions | (3,567) | 1,860,962 |
| Net investment income (loss) | | 11,027,016 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,000,515) | |
| Capital gain distributions from underlying funds | 34,922,906 | |
| Total net realized gain (loss) | | 33,922,391 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (76,873,819) |
| Net gain (loss) | | (42,951,428) |
| Net increase (decrease) in net assets resulting from operations | | $(31,924,412) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $11,027,016 | $11,676,686 |
| Net realized gain (loss) | 33,922,391 | 49,114,948 |
| Change in net unrealized appreciation (depreciation) | (76,873,819) | (5,351,094) |
| Net increase (decrease) in net assets resulting from operations | (31,924,412) | 55,440,540 |
| Distributions to shareholders from net investment income | (11,232,904) | (11,891,967) |
| Distributions to shareholders from net realized gain | (28,452,580) | (55,314,723) |
| Total distributions | (39,685,484) | (67,206,690) |
| Share transactions - net increase (decrease) | 36,112,151 | 59,128,888 |
| Total increase (decrease) in net assets | (35,497,745) | 47,362,738 |
| Net Assets | | |
| Beginning of period | 873,165,261 | 825,802,523 |
| End of period (including undistributed net investment income of $92,654 and undistributed net investment income of $298,542, respectively) | $837,667,516 | $873,165,261 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.06 | $11.24 | $10.39 | $9.61 | $9.93 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .13 | .15 | .12 | .15 | .12 |
| Net realized and unrealized gain (loss) | (.53) | .58 | 1.40 | .82 | (.17) |
| Total from investment operations | (.40) | .73 | 1.52 | .97 | (.05) |
| Distributions from net investment income | (.14) | (.16) | (.12) | (.14) | (.11) |
| Distributions from net realized gain | (.36) | (.76) | (.55) | (.05) | (.16) |
| Total distributions | (.50) | (.91)B | (.67) | (.19) | (.27) |
| Net asset value, end of period | $10.16 | $11.06 | $11.24 | $10.39 | $9.61 |
| Total ReturnC,D | (3.84)% | 6.77% | 14.91% | 10.23% | (.22)% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | 1.28% | 1.37% | 1.10% | 1.56% | 1.32% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $363,199 | $415,103 | $401,589 | $352,814 | $280,478 |
| Portfolio turnover rateE | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.91 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.755 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.02 | $11.20 | $10.36 | $9.58 | $9.90 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .12 | .09 | .13 | .10 |
| Net realized and unrealized gain (loss) | (.54) | .58 | 1.39 | .81 | (.17) |
| Total from investment operations | (.43) | .70 | 1.48 | .94 | (.07) |
| Distributions from net investment income | (.12) | (.13) | (.10) | (.12) | (.09) |
| Distributions from net realized gain | (.36) | (.76) | (.55) | (.05) | (.16) |
| Total distributions | (.47)B | (.88)C | (.64)D | (.16)E | (.25) |
| Net asset value, end of period | $10.12 | $11.02 | $11.20 | $10.36 | $9.58 |
| Total ReturnF,G | (4.08)% | 6.54% | 14.61% | 9.99% | (.48)% |
| Ratios to Average Net AssetsH,I | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | 1.04% | 1.12% | .85% | 1.31% | 1.07% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $127,842 | $126,987 | $115,391 | $89,196 | $64,512 |
| Portfolio turnover rateH | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.47 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.355 per share.
C Total distributions of $.88 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.755 per share.
D Total distributions of $.64 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.546 per share.
E Total distributions of $.16 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $.046 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Amounts do not include the activity of the Underlying Funds.
I 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class B
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.98 | $11.15 | $10.31 | $9.54 | $9.86 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .07 | .04 | .08 | .05 |
| Net realized and unrealized gain (loss) | (.55) | .57 | 1.38 | .81 | (.17) |
| Total from investment operations | (.49) | .64 | 1.42 | .89 | (.12) |
| Distributions from net investment income | (.05) | (.07) | (.05) | (.08) | (.05) |
| Distributions from net realized gain | (.34) | (.74) | (.54) | (.05) | (.15) |
| Total distributions | (.39) | (.81) | (.58)B | (.12)C | (.20) |
| Net asset value, end of period | $10.10 | $10.98 | $11.15 | $10.31 | $9.54 |
| Total ReturnD,E | (4.60)% | 5.99% | 14.06% | 9.47% | (1.06)% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .54% | .63% | .35% | .81% | .57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,717 | $3,407 | $5,038 | $5,532 | $5,643 |
| Portfolio turnover rateF | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.58 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.536 per share.
C Total distributions of $.12 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.046 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.95 | $11.14 | $10.31 | $9.54 | $9.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .07 | .04 | .08 | .05 |
| Net realized and unrealized gain (loss) | (.55) | .57 | 1.38 | .82 | (.18) |
| Total from investment operations | (.49) | .64 | 1.42 | .90 | (.13) |
| Distributions from net investment income | (.08) | (.09) | (.06) | (.08) | (.05) |
| Distributions from net realized gain | (.34) | (.74) | (.54) | (.05) | (.15) |
| Total distributions | (.42) | (.83) | (.59)B | (.13) | (.20) |
| Net asset value, end of period | $10.04 | $10.95 | $11.14 | $10.31 | $9.54 |
| Total ReturnC,D | (4.67)% | 6.01% | 14.06% | 9.53% | (1.08)% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .54% | .63% | .35% | .81% | .57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $24,460 | $24,652 | $21,190 | $16,188 | $13,344 |
| Portfolio turnover rateE | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.59 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.536 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Amounts do not include the activity of the Underlying Funds.
F 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2050 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.13 | $11.30 | $10.44 | $9.65 | $9.97 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .18 | .15 | .18 | .15 |
| Net realized and unrealized gain (loss) | (.55) | .59 | 1.40 | .82 | (.18) |
| Total from investment operations | (.39) | .77 | 1.55 | 1.00 | (.03) |
| Distributions from net investment income | (.16) | (.18) | (.15) | (.16) | (.13) |
| Distributions from net realized gain | (.36) | (.76) | (.55) | (.05) | (.16) |
| Total distributions | (.52) | (.94) | (.69)B | (.21) | (.29) |
| Net asset value, end of period | $10.22 | $11.13 | $11.30 | $10.44 | $9.65 |
| Total ReturnC | (3.65)% | 7.10% | 15.20% | 10.55% | .02% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.53% | 1.62% | 1.35% | 1.81% | 1.57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $320,449 | $303,017 | $282,594 | $202,208 | $126,497 |
| Portfolio turnover rateD | 24% | 30% | 47% | 28% | 12% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.69 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.546 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 2.9 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.3 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2055 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 1,774,138 | $18,983,279 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 2,983,995 | 34,256,258 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 1,927,265 | 23,666,811 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 1,217,457 | 12,503,288 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 1,221,800 | 17,618,355 |
| Fidelity Advisor Series Small Cap Fund (a) | | 940,006 | 9,475,256 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 2,039,368 | 22,779,744 |
| Fidelity Series 100 Index Fund (a) | | 768,820 | 10,340,624 |
| Fidelity Series 1000 Value Index Fund (a) | | 367,257 | 3,793,767 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,807,319 | 22,754,147 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 781,256 | 3,820,342 |
| Fidelity Series Real Estate Equity Fund (a) | | 168,328 | 2,375,107 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 946,605 | 11,434,991 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $196,448,891) | | | 193,801,969 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 1,876,773 | 27,945,150 |
| Fidelity Series International Growth Fund (a) | | 2,018,935 | 26,892,210 |
| Fidelity Series International Small Cap Fund (a) | | 418,759 | 6,298,136 |
| Fidelity Series International Value Fund (a) | | 2,913,987 | 26,604,703 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $91,617,994) | | | 87,740,199 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 200,250 | 1,900,369 |
| Fidelity Series Floating Rate High Income Fund (a) | | 82,471 | 740,593 |
| Fidelity Series High Income Fund (a) | | 1,008,783 | 8,746,147 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 152,975 | 1,511,390 |
| Fidelity Series Investment Grade Bond Fund (a) | | 131,773 | 1,489,038 |
| Fidelity Series Real Estate Income Fund (a) | | 138,108 | 1,502,615 |
| TOTAL BOND FUNDS | | | |
| (Cost $17,220,326) | | | 15,890,152 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 5,173 | 51,731 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 96,639 | 96,639 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $148,154) | | | 148,370 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $305,435,365) | | | 297,580,690 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (47,770) |
| NET ASSETS - 100% | | | $297,532,920 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $14,086,899 | $8,874,261 | $3,693,228 | $27,321 | $18,983,279 |
| Fidelity Advisor Series Equity-Income Fund | 28,153,918 | 15,078,540 | 6,050,120 | 806,248 | 34,256,258 |
| Fidelity Advisor Series Growth & Income Fund | 19,351,812 | 10,239,762 | 3,917,119 | 407,831 | 23,666,811 |
| Fidelity Advisor Series Growth Opportunities Fund | 13,063,931 | 6,895,813 | 5,985,055 | 67,889 | 12,503,288 |
| Fidelity Advisor Series Opportunistic Insights Fund | 12,959,379 | 9,144,798 | 3,397,641 | -- | 17,618,355 |
| Fidelity Advisor Series Short-Term Credit Fund | 941,223 | 335,545 | 1,218,986 | 8,469 | 51,731 |
| Fidelity Advisor Series Small Cap Fund | 7,957,011 | 4,531,654 | 1,842,136 | 21,537 | 9,475,256 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 18,793,883 | 11,119,073 | 3,934,649 | 341,344 | 22,779,744 |
| Fidelity Institutional Money Market Portfolio Intitutional Class 0.39% | 2,216,677 | 1,069,135 | 3,189,173 | 3,246 | 96,639 |
| Fidelity Series 100 Index Fund | 8,404,068 | 3,938,181 | 2,148,722 | 219,711 | 10,340,624 |
| Fidelity Series 1000 Value Index Fund | 3,081,539 | 1,647,477 | 680,641 | 86,799 | 3,793,767 |
| Fidelity Series All-Sector Equity Fund | 18,690,062 | 10,363,140 | 4,019,922 | 189,473 | 22,754,147 |
| Fidelity Series Commodity Strategy Fund | 2,223,414 | 2,722,429 | 747,179 | -- | 3,820,342 |
| Fidelity Series Emerging Markets Debt Fund | 1,495,331 | 767,221 | 332,034 | 102,854 | 1,900,369 |
| Fidelity Series Emerging Markets Fund | 18,225,158 | 15,297,656 | 3,157,184 | 278,600 | 27,945,150 |
| Fidelity Series Floating Rate High Income Fund | 1,195,373 | 356,293 | 752,795 | 38,438 | 740,593 |
| Fidelity Series High Income Fund | 7,824,042 | 3,733,752 | 1,795,825 | 503,292 | 8,746,147 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 1,551,254 | 76,185 | 326 | 1,511,390 |
| Fidelity Series International Growth Fund | 21,782,706 | 11,336,234 | 4,481,275 | 267,208 | 26,892,210 |
| Fidelity Series International Small Cap Fund | 4,935,643 | 2,856,786 | 1,219,438 | 50,812 | 6,298,136 |
| Fidelity Series International Value Fund | 21,471,305 | 11,634,472 | 4,059,378 | 503,188 | 26,604,703 |
| Fidelity Series Investment Grade Bond Fund | 1,504,146 | 2,743,875 | 2,728,725 | 47,227 | 1,489,038 |
| Fidelity Series Real Estate Equity Fund | 1,917,589 | 1,261,481 | 714,207 | 37,839 | 2,375,107 |
| Fidelity Series Real Estate Income Fund | 1,148,985 | 592,883 | 195,360 | 63,701 | 1,502,615 |
| Fidelity Series Small Cap Opportunities Fund | 9,666,462 | 5,039,145 | 2,078,657 | 40,048 | 11,434,991 |
| Total | $241,090,556 | $143,130,860 | $62,415,634 | $4,113,401 | $297,580,690 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $305,435,365) — See accompanying schedule | | $297,580,690 |
| Receivable for investments sold | | 1,484,874 |
| Receivable for fund shares sold | | 833,824 |
| Total assets | | 299,899,388 |
| Liabilities | | |
| Payable for investments purchased | $1,794,820 | |
| Payable for fund shares redeemed | 523,864 | |
| Distribution and service plan fees payable | 47,784 | |
| Total liabilities | | 2,366,468 |
| Net Assets | | $297,532,920 |
| Net Assets consist of: | | |
| Paid in capital | | $298,872,512 |
| Undistributed net investment income | | 36,359 |
| Accumulated undistributed net realized gain (loss) on investments | | 6,478,724 |
| Net unrealized appreciation (depreciation) on investments | | (7,854,675) |
| Net Assets | | $297,532,920 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($130,308,921 ÷ 11,828,482 shares) | | $11.02 |
| Maximum offering price per share (100/94.25 of $11.02) | | $11.69 |
| Class T: | | |
| Net Asset Value and redemption price per share ($41,956,005 ÷ 3,820,368 shares) | | $10.98 |
| Maximum offering price per share (100/96.50 of $10.98) | | $11.38 |
| Class C: | | |
| Net Asset Value and offering price per share ($5,671,150 ÷ 516,692 shares)(a) | | $10.98 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($119,596,844 ÷ 10,817,023 shares) | | $11.06 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,113,401 |
| Expenses | | |
| Distribution and service plan fees | $535,656 | |
| Independent trustees' compensation | 1,099 | |
| Total expenses before reductions | 536,755 | |
| Expense reductions | (1,099) | 535,656 |
| Net investment income (loss) | | 3,577,745 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (2,016,856) | |
| Capital gain distributions from underlying funds | 11,479,186 | |
| Total net realized gain (loss) | | 9,462,330 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (22,208,242) |
| Net gain (loss) | | (12,745,912) |
| Net increase (decrease) in net assets resulting from operations | | $(9,168,167) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,577,745 | $2,786,210 |
| Net realized gain (loss) | 9,462,330 | 8,553,943 |
| Change in net unrealized appreciation (depreciation) | (22,208,242) | 1,775,819 |
| Net increase (decrease) in net assets resulting from operations | (9,168,167) | 13,115,972 |
| Distributions to shareholders from net investment income | (3,628,682) | (2,793,897) |
| Distributions to shareholders from net realized gain | (6,838,260) | (6,764,718) |
| Total distributions | (10,466,942) | (9,558,615) |
| Share transactions - net increase (decrease) | 76,117,748 | 80,161,628 |
| Total increase (decrease) in net assets | 56,482,639 | 83,718,985 |
| Net Assets | | |
| Beginning of period | 241,050,281 | 157,331,296 |
| End of period (including undistributed net investment income of $36,359 and undistributed net investment income of $87,297, respectively) | $297,532,920 | $241,050,281 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2055 Fund Class A
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.92 | $11.71 | $10.56 | $9.75 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .15 | .16 | .12 | .18 | .11 |
| Net realized and unrealized gain (loss) | (.59) | .62 | 1.49 | .83 | (.11) |
| Total from investment operations | (.44) | .78 | 1.61 | 1.01 | – |
| Distributions from net investment income | (.14) | (.15) | (.11) | (.13) | (.11) |
| Distributions from net realized gain | (.31) | (.42) | (.36) | (.07) | (.15) |
| Total distributions | (.46)C | (.57) | (.46)D | (.20) | (.25)E |
| Net asset value, end of period | $11.02 | $11.92 | $11.71 | $10.56 | $9.75 |
| Total ReturnF,G,H | (3.89)% | 6.85% | 15.45% | 10.51% | .29% |
| Ratios to Average Net AssetsI,J | | | | | |
| Expenses before reductions | .25% | .25% | .25% | .25% | .25%K |
| Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25%K |
| Expenses net of all reductions | .25% | .25% | .25% | .25% | .25%K |
| Net investment income (loss) | 1.31% | 1.39% | 1.11% | 1.82% | 1.44%K |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $130,309 | $115,666 | $81,217 | $32,476 | $2,655 |
| Portfolio turnover rateI | 24% | 29% | 43% | 29% | 18%K |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.46 per share is comprised of distributions from net investment income of $.141 and distributions from net realized gain of $.314 per share.
D Total distributions of $.46 per share is comprised of distributions from net investment income of $.106 and distributions from net realized gain of $.355 per share.
E Total distributions of $.25 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.146 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I Amounts do not include the activity of the Underlying Funds.
J 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 underlying funds in which the Fund invests.
K Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2055 Fund Class T
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.88 | $11.68 | $10.55 | $9.75 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .13 | .10 | .16 | .09 |
| Net realized and unrealized gain (loss) | (.59) | .62 | 1.47 | .82 | (.10) |
| Total from investment operations | (.47) | .75 | 1.57 | .98 | (.01) |
| Distributions from net investment income | (.12) | (.13) | (.09) | (.11) | (.09) |
| Distributions from net realized gain | (.31) | (.42) | (.36) | (.07) | (.15) |
| Total distributions | (.43) | (.55) | (.44)C | (.18) | (.24) |
| Net asset value, end of period | $10.98 | $11.88 | $11.68 | $10.55 | $9.75 |
| Total ReturnD,E,F | (4.11)% | 6.55% | 15.07% | 10.24% | .12% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50%I |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50%I |
| Expenses net of all reductions | .50% | .50% | .50% | .50% | .50%I |
| Net investment income (loss) | 1.06% | 1.14% | .86% | 1.57% | 1.19%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $41,956 | $33,436 | $19,134 | $7,239 | $1,444 |
| Portfolio turnover rateG | 24% | 29% | 43% | 29% | 18%I |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.44 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.355 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2055 Fund Class C
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.88 | $11.69 | $10.57 | $9.74 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .06 | .08 | .04 | .10 | .05 |
| Net realized and unrealized gain (loss) | (.58) | .61 | 1.47 | .83 | (.10) |
| Total from investment operations | (.52) | .69 | 1.51 | .93 | (.05) |
| Distributions from net investment income | (.08) | (.09) | (.05) | (.03) | (.06) |
| Distributions from net realized gain | (.30) | (.41) | (.35) | (.07) | (.15) |
| Total distributions | (.38) | (.50) | (.39)C | (.10) | (.21) |
| Net asset value, end of period | $10.98 | $11.88 | $11.69 | $10.57 | $9.74 |
| Total ReturnD,E,F | (4.53)% | 6.01% | 14.46% | 9.69% | (.27)% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%I |
| Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%I |
| Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%I |
| Net investment income (loss) | .56% | .65% | .36% | 1.07% | .69%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,671 | $4,180 | $2,491 | $1,094 | $1,127 |
| Portfolio turnover rateG | 24% | 29% | 43% | 29% | 18%I |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.39 per share is comprised of distributions from net investment income of $.048 and distributions from net realized gain of $.345 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2055 Fund Class I
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.96 | $11.74 | $10.59 | $9.76 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .18 | .19 | .15 | .21 | .13 |
| Net realized and unrealized gain (loss) | (.60) | .63 | 1.48 | .83 | (.11) |
| Total from investment operations | (.42) | .82 | 1.63 | 1.04 | .02 |
| Distributions from net investment income | (.17) | (.18) | (.13) | (.14) | (.12) |
| Distributions from net realized gain | (.31) | (.42) | (.36) | (.07) | (.15) |
| Total distributions | (.48) | (.60) | (.48)C | (.21) | (.26)D |
| Net asset value, end of period | $11.06 | $11.96 | $11.74 | $10.59 | $9.76 |
| Total ReturnE,F | (3.64)% | 7.15% | 15.61% | 10.84% | .51% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductionsI | -% | -% | -% | -% | - %J |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | - %J |
| Expenses net of all reductions | -% | -% | -% | -% | - %J |
| Net investment income (loss) | 1.56% | 1.64% | 1.36% | 2.07% | 1.69%J |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $119,597 | $87,769 | $54,490 | $18,438 | $2,503 |
| Portfolio turnover rateG | 24% | 29% | 43% | 29% | 18%J |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.48 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.355 per share.
D Total distributions of $.26 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.146 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I Amount represents less than .005%.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.5 |
| Fidelity Advisor Series Equity-Income Fund | 11.5 | 11.7 |
| Fidelity Advisor Series Growth & Income Fund | 7.9 | 8.0 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.2 | 4.3 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.0 |
| Fidelity Advisor Series Small Cap Fund | 3.2 | 3.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Series 100 Index Fund | 3.5 | 3.5 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.6 | 7.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.3 | 5.7 |
| Short-Term Funds | | |
| Fidelity Advisor Series Short-Term Credit Fund | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Advisor Freedom® 2060 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 115,592 | $1,236,832 |
| Fidelity Advisor Series Equity-Income Fund (a) | | 194,569 | 2,233,656 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 125,567 | 1,541,962 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 78,643 | 807,659 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 79,605 | 1,147,902 |
| Fidelity Advisor Series Small Cap Fund (a) | | 61,245 | 617,346 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 132,871 | 1,484,173 |
| Fidelity Series 100 Index Fund (a) | | 50,091 | 673,729 |
| Fidelity Series 1000 Value Index Fund (a) | | 24,097 | 248,923 |
| Fidelity Series All-Sector Equity Fund (a) | | 117,753 | 1,482,514 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 50,956 | 249,174 |
| Fidelity Series Real Estate Equity Fund (a) | | 11,091 | 156,492 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 61,819 | 746,776 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $12,836,685) | | | 12,627,138 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 122,310 | 1,821,194 |
| Fidelity Series International Growth Fund (a) | | 131,356 | 1,749,667 |
| Fidelity Series International Small Cap Fund (a) | | 27,167 | 408,592 |
| Fidelity Series International Value Fund (a) | | 190,245 | 1,736,941 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $5,789,198) | | | 5,716,394 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 12,793 | 121,405 |
| Fidelity Series Floating Rate High Income Fund (a) | | 5,375 | 48,271 |
| Fidelity Series High Income Fund (a) | | 66,488 | 576,447 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 9,833 | 97,150 |
| Fidelity Series Investment Grade Bond Fund (a) | | 8,583 | 96,989 |
| Fidelity Series Real Estate Income Fund (a) | | 8,737 | 95,060 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,052,755) | | | 1,035,322 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 337 | 3,366 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 6,199 | 6,199 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $9,544) | | | 9,565 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $19,688,182) | | | 19,388,419 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (4,197) |
| NET ASSETS - 100% | | | $19,384,222 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $353,521 | $1,297,063 | $399,237 | $1,160 | $1,236,832 |
| Fidelity Advisor Series Equity-Income Fund | 707,283 | 2,420,635 | 796,247 | 29,132 | 2,233,656 |
| Fidelity Advisor Series Growth & Income Fund | 487,676 | 1,657,937 | 537,294 | 14,582 | 1,541,962 |
| Fidelity Advisor Series Growth Opportunities Fund | 318,390 | 969,236 | 416,737 | 2,881 | 807,659 |
| Fidelity Advisor Series Opportunistic Insights Fund | 326,097 | 1,218,871 | 348,482 | -- | 1,147,902 |
| Fidelity Advisor Series Short-Term Credit Fund | 23,018 | 45,411 | 64,879 | 306 | 3,366 |
| Fidelity Advisor Series Small Cap Fund | 200,479 | 685,881 | 229,017 | 903 | 617,346 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 472,950 | 1,662,751 | 534,963 | 14,688 | 1,484,173 |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 56,252 | 132,963 | 183,016 | 122 | 6,199 |
| Fidelity Series 100 Index Fund | 211,084 | 706,004 | 251,773 | 9,487 | 673,729 |
| Fidelity Series 1000 Value Index Fund | 78,435 | 267,189 | 89,096 | 3,870 | 248,923 |
| Fidelity Series All-Sector Equity Fund | 470,740 | 1,628,937 | 528,319 | 8,154 | 1,482,514 |
| Fidelity Series Commodity Strategy Fund | 47,745 | 273,765 | 60,309 | -- | 249,174 |
| Fidelity Series Emerging Markets Debt Fund | 35,884 | 125,273 | 40,196 | 4,199 | 121,405 |
| Fidelity Series Emerging Markets Fund | 465,641 | 1,938,647 | 537,003 | 11,705 | 1,821,194 |
| Fidelity Series Floating Rate High Income Fund | 29,473 | 55,942 | 35,052 | 1,522 | 48,271 |
| Fidelity Series High Income Fund | 204,550 | 615,952 | 212,705 | 20,520 | 576,447 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 114,857 | 20,019 | 18 | 97,150 |
| Fidelity Series International Growth Fund | 545,165 | 1,858,816 | 588,719 | 11,222 | 1,749,667 |
| Fidelity Series International Small Cap Fund | 124,995 | 433,867 | 141,612 | 2,129 | 408,592 |
| Fidelity Series International Value Fund | 537,491 | 1,891,158 | 588,329 | 21,094 | 1,736,941 |
| Fidelity Series Investment Grade Bond Fund | 33,417 | 199,631 | 136,047 | 1,892 | 96,989 |
| Fidelity Series Real Estate Equity Fund | 48,806 | 170,945 | 66,377 | 1,555 | 156,492 |
| Fidelity Series Real Estate Income Fund | 29,252 | 96,688 | 30,306 | 2,527 | 95,060 |
| Fidelity Series Small Cap Opportunities Fund | 243,810 | 797,112 | 262,103 | 1,466 | 746,776 |
| Total | $6,052,154 | $21,265,531 | $7,097,837 | $165,134 | $19,388,419 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom® 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $19,688,182) — See accompanying schedule | | $19,388,419 |
| Receivable for investments sold | | 58,235 |
| Receivable for fund shares sold | | 111,977 |
| Total assets | | 19,558,631 |
| Liabilities | | |
| Payable for investments purchased | $105,850 | |
| Payable for fund shares redeemed | 64,332 | |
| Distribution and service plan fees payable | 4,227 | |
| Total liabilities | | 174,409 |
| Net Assets | | $19,384,222 |
| Net Assets consist of: | | |
| Paid in capital | | $19,764,321 |
| Undistributed net investment income | | 1,000 |
| Accumulated undistributed net realized gain (loss) on investments | | (81,336) |
| Net unrealized appreciation (depreciation) on investments | | (299,763) |
| Net Assets | | $19,384,222 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($9,058,108 ÷ 941,230 shares) | | $9.62 |
| Maximum offering price per share (100/94.25 of $9.62) | | $10.21 |
| Class T: | | |
| Net Asset Value and redemption price per share ($3,189,124 ÷ 331,210 shares) | | $9.63 |
| Maximum offering price per share (100/96.50 of $9.63) | | $9.98 |
| Class C: | | |
| Net Asset Value and offering price per share ($1,292,155 ÷ 133,503 shares)(a) | | $9.68 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($5,844,835 ÷ 605,989 shares) | | $9.65 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $165,134 |
| Expenses | | |
| Distribution and service plan fees | $31,554 | |
| Independent trustees' compensation | 41 | |
| Total expenses before reductions | 31,595 | |
| Expense reductions | (41) | 31,554 |
| Net investment income (loss) | | 133,580 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (500,422) | |
| Capital gain distributions from underlying funds | 508,570 | |
| Total net realized gain (loss) | | 8,148 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (331,013) |
| Net gain (loss) | | (322,865) |
| Net increase (decrease) in net assets resulting from operations | | $(189,285) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | For the period August 5, 2014 (commencement of operations) to March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $133,580 | $42,863 |
| Net realized gain (loss) | 8,148 | 130,461 |
| Change in net unrealized appreciation (depreciation) | (331,013) | 31,250 |
| Net increase (decrease) in net assets resulting from operations | (189,285) | 204,574 |
| Distributions to shareholders from net investment income | (132,580) | (45,136) |
| Distributions to shareholders from net realized gain | (178,082) | (39,590) |
| Total distributions | (310,662) | (84,726) |
| Share transactions - net increase (decrease) | 13,834,207 | 5,930,114 |
| Total increase (decrease) in net assets | 13,334,260 | 6,049,962 |
| Net Assets | | |
| Beginning of period | 6,049,962 | – |
| End of period (including undistributed net investment income of $1,000 and undistributed net investment income of $0, respectively) | $19,384,222 | $6,049,962 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2060 Fund Class A
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.34 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .12 | .15 |
| Net realized and unrealized gain (loss) | (.51) | .37 |
| Total from investment operations | (.39) | .52 |
| Distributions from net investment income | (.11) | (.10) |
| Distributions from net realized gain | (.22) | (.08) |
| Total distributions | (.33) | (.18) |
| Net asset value, end of period | $9.62 | $10.34 |
| Total ReturnC,D,E | (3.89)% | 5.24% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .25% | .25%H |
| Expenses net of fee waivers, if any | .25% | .25%H |
| Expenses net of all reductions | .25% | .25%H |
| Net investment income (loss) | 1.29% | 2.24%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $9,058 | $2,267 |
| Portfolio turnover rateF | 64% | 47%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2060 Fund Class T
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.33 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .10 | .13 |
| Net realized and unrealized gain (loss) | (.51) | .38 |
| Total from investment operations | (.41) | .51 |
| Distributions from net investment income | (.08) | (.09) |
| Distributions from net realized gain | (.21) | (.08) |
| Total distributions | (.29) | (.18)C |
| Net asset value, end of period | $9.63 | $10.33 |
| Total ReturnD,E,F | (4.09)% | 5.07% |
| Ratios to Average Net AssetsG,H | | |
| Expenses before reductions | .50% | .51%I,J |
| Expenses net of fee waivers, if any | .50% | .51%I,J |
| Expenses net of all reductions | .50% | .51%I,J |
| Net investment income (loss) | 1.04% | 1.98%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $3,189 | $2,062 |
| Portfolio turnover rateG | 64% | 47%I |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.18 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.081 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I Annualized
J On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2060 Fund Class C
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.31 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .05 | .10 |
| Net realized and unrealized gain (loss) | (.51) | .38 |
| Total from investment operations | (.46) | .48 |
| Distributions from net investment income | – | (.08) |
| Distributions from net realized gain | (.17) | (.08) |
| Total distributions | (.17) | (.17)C |
| Net asset value, end of period | $9.68 | $10.31 |
| Total ReturnD,E,F | (4.60)% | 4.77% |
| Ratios to Average Net AssetsG,H | | |
| Expenses before reductions | .99%I | 1.02%I,J |
| Expenses net of fee waivers, if any | .99%I | 1.02%I,J |
| Expenses net of all reductions | .99%I | 1.02%I,J |
| Net investment income (loss) | .55% | 1.47%J |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $1,292 | $1,322 |
| Portfolio turnover rateG | 64% | 47%J |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.17 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.081 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
I On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Freedom 2060 Fund Class I
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.35 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .15 | .17 |
| Net realized and unrealized gain (loss) | (.50) | .37 |
| Total from investment operations | (.35) | .54 |
| Distributions from net investment income | (.12) | (.10) |
| Distributions from net realized gain | (.23) | (.08) |
| Total distributions | (.35) | (.19)C |
| Net asset value, end of period | $9.65 | $10.35 |
| Total ReturnD,E | (3.54)% | 5.38% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductionsH | -% | - %I |
| Expenses net of fee waivers, if any | -% | - %I |
| Expenses net of all reductions | -% | - %I |
| Net investment income (loss) | 1.54% | 2.49%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $5,845 | $399 |
| Portfolio turnover rateF | 64% | 47%I |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.19 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.081 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G 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 underlying funds in which the Fund invests.
H Amount represents less than .005%.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2016
1. Organization.
Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund and Fidelity Advisor Freedom 2060 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 C, and Class I (formerly Institutional Class) shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a maximum holding period of seven years from the initial date of purchase.
During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities |
| Advisor Freedom Income | $234,663,251 | $10,303,739 | $(3,954,119) | $6,349,620 |
| Advisor Freedom 2005 | 223,450,878 | 12,473,756 | (4,293,463) | 8,180,293 |
| Advisor Freedom 2010 | 568,486,540 | 38,728,741 | (11,301,334) | 27,427,407 |
| Advisor Freedom 2015 | 1,281,133,173 | 105,592,411 | (28,202,314) | 77,390,097 |
| Advisor Freedom 2020 | 2,594,627,855 | 193,661,389 | (69,449,985) | 124,211,404 |
| Advisor Freedom 2025 | 2,776,118,600 | 216,490,684 | (80,497,906) | 135,992,778 |
| Advisor Freedom 2030 | 2,652,651,655 | 225,468,087 | (88,455,976) | 137,012,111 |
| Advisor Freedom 2035 | 2,032,332,906 | 180,939,034 | (74,192,039) | 106,746,995 |
| Advisor Freedom 2040 | 1,865,091,186 | 168,721,157 | (64,280,547) | 104,440,610 |
| Advisor Freedom 2045 | 1,060,422,430 | 86,397,730 | (41,183,321) | 45,214,409 |
| Advisor Freedom 2050 | 802,969,423 | 65,919,821 | (31,074,371) | 34,845,450 |
| Advisor Freedom 2055 | 308,193,928 | 7,541,877 | (18,155,115) | (10,613,238) |
| Advisor Freedom 2060 | 20,192,132 | 405,062 | (1,208,775) | (803,713) |
The Fidelity Advisor Freedom Income Fund intends to elect to defer to its next fiscal year $121,506 of capital losses recognized during the period November 1, 2015 to March 31, 2016.
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) on securities and other investments |
| Advisor Freedom Income | $184,777 | $1,924,587 | $6,349,620 |
| Advisor Freedom 2005 | 673,411 | 3,379,377 | 8,180,293 |
| Advisor Freedom 2010 | 1,529,529 | 10,375,846 | 27,427,407 |
| Advisor Freedom 2015 | 2,820,018 | 27,878,614 | 77,390,097 |
| Advisor Freedom 2020 | 4,124,116 | 61,260,584 | 124,211,404 |
| Advisor Freedom 2025 | 3,486,792 | 73,972,021 | 135,992,778 |
| Advisor Freedom 2030 | 1,073,123 | 85,726,047 | 137,012,111 |
| Advisor Freedom 2035 | – | 72,975,324 | 106,746,995 |
| Advisor Freedom 2040 | 417,773 | 66,724,782 | 104,440,610 |
| Advisor Freedom 2045 | – | 37,609,452 | 45,214,409 |
| Advisor Freedom 2050 | 364,373 | 27,713,479 | 34,845,450 |
| Advisor Freedom 2055 | 57,950 | 9,215,697 | (10,613,238) |
| Advisor Freedom 2060 | 9,788 | 413,826 | (803,713) |
The tax character of distributions paid was as follows:
| March 31, 2016 | | | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Advisor Freedom Income | $4,884,761 | $3,820,229 | $8,704,990 |
| Advisor Freedom 2005 | 4,673,903 | 5,971,314 | 10,645,217 |
| Advisor Freedom 2010 | 12,243,132 | 21,929,091 | 34,172,223 |
| Advisor Freedom 2015 | 28,616,187 | 49,280,351 | 77,896,538 |
| Advisor Freedom 2020 | 59,210,930 | 81,951,993 | 141,162,923 |
| Advisor Freedom 2025 | 60,037,269 | 86,515,468 | 146,552,737 |
| Advisor Freedom 2030 | 55,156,428 | 95,790,680 | 150,947,108 |
| Advisor Freedom 2035 | 39,494,918 | 71,951,957 | 111,446,875 |
| Advisor Freedom 2040 | 35,855,941 | 72,671,926 | 108,527,867 |
| Advisor Freedom 2045 | 21,099,884 | 33,797,220 | 54,897,104 |
| Advisor Freedom 2050 | 15,026,431 | 24,659,053 | 39,685,484 |
| Advisor Freedom 2055 | 4,848,223 | 5,618,719 | 10,466,942 |
| Advisor Freedom 2060 | 185,174 | 125,488 | 310,662 |
| March 31, 2015 | | | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Advisor Freedom Income | $5,470,111 | $7,442,028 | $12,912,139 |
| Advisor Freedom 2005 | 6,611,171 | 7,578,428 | 14,189,599 |
| Advisor Freedom 2010 | 19,801,971 | 29,512,311 | 49,314,282 |
| Advisor Freedom 2015 | 46,624,076 | 69,170,198 | 115,794,274 |
| Advisor Freedom 2020 | 83,865,023 | 120,541,435 | 204,406,458 |
| Advisor Freedom 2025 | 84,676,094 | 125,116,175 | 209,792,269 |
| Advisor Freedom 2030 | 82,492,360 | 118,670,544 | 201,162,904 |
| Advisor Freedom 2035 | 59,971,742 | 98,523,932 | 158,495,674 |
| Advisor Freedom 2040 | 57,193,107 | 90,378,203 | 147,571,310 |
| Advisor Freedom 2045 | 29,577,173 | 61,465,138 | 91,042,311 |
| Advisor Freedom 2050 | 21,604,802 | 45,601,888 | 67,206,690 |
| Advisor Freedom 2055 | 5,114,063 | 4,444,552 | 9,558,615 |
| Advisor Freedom 2060 | 83,260 | 1,466 | 84,726 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares, are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Advisor Freedom Income | 77,862,160 | 99,961,259 |
| Advisor Freedom 2005 | 72,500,627 | 94,668,672 |
| Advisor Freedom 2010 | 135,368,797 | 234,416,135 |
| Advisor Freedom 2015 | 300,241,795 | 524,782,326 |
| Advisor Freedom 2020 | 584,020,476 | 843,400,394 |
| Advisor Freedom 2025 | 730,935,432 | 794,247,695 |
| Advisor Freedom 2030 | 654,244,022 | 792,234,755 |
| Advisor Freedom 2035 | 500,836,784 | 546,793,920 |
| Advisor Freedom 2040 | 436,520,812 | 537,974,561 |
| Advisor Freedom 2045 | 305,972,296 | 299,192,544 |
| Advisor Freedom 2050 | 246,518,425 | 204,155,352 |
| Advisor Freedom 2055 | 143,130,860 | 62,415,634 |
| Advisor Freedom 2060 | 21,265,531 | 7,097,837 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Effective October 1, 2015, FMR Co., Inc., an affiliate of Strategic Advisers, Inc. (SAI), replaced SAI as investment adviser to the Funds pursuant to a management contract between the Funds and FMR Co., Inc. The new contract does not impact the Funds' investment process, strategies or management fees. The Funds do not pay any fees for investment management related services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding distribution and service fees, compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
| Advisor Freedom Income | | | | |
| Class A | -% | .25% | $277,081 | $10,135 |
| Class T | .25% | .25% | 247,275 | – |
| Class B | .75% | .25% | 8,473 | 6,361 |
| Class C | .75% | .25% | 151,924 | 17,939 |
| | | | $684,753 | $34,435 |
| Advisor Freedom 2005 | | | | |
| Class A | -% | .25% | $359,556 | $18,926 |
| Class T | .25% | .25% | 147,032 | – |
| Class B | .75% | .25% | 4,333 | 3,251 |
| Class C | .75% | .25% | 69,943 | 5,375 |
| | | | $580,864 | $27,552 |
| Advisor Freedom 2010 | | | | |
| Class A | -% | .25% | $931,579 | $37,544 |
| Class T | .25% | .25% | 489,342 | 1,890 |
| Class B | .75% | .25% | 16,524 | 12,398 |
| Class C | .75% | .25% | 325,477 | 18,211 |
| | | | $1,762,922 | $70,043 |
| Advisor Freedom 2015 | | | | |
| Class A | -% | .25% | $2,099,475 | $86,100 |
| Class T | .25% | .25% | 991,940 | – |
| Class B | .75% | .25% | 50,271 | 37,703 |
| Class C | .75% | .25% | 670,637 | 49,723 |
| | | | $3,812,323 | $173,526 |
| Advisor Freedom 2020 | | | | |
| Class A | -% | .25% | $3,985,834 | $152,637 |
| Class T | .25% | .25% | 2,070,340 | – |
| Class B | .75% | .25% | 116,329 | 87,247 |
| Class C | .75% | .25% | 1,080,621 | 108,974 |
| | | | $7,253,124 | $348,858 |
| Advisor Freedom 2025 | | | | |
| Class A | -% | .25% | $4,232,084 | $163,652 |
| Class T | .25% | .25% | 2,009,335 | – |
| Class B | .75% | .25% | 84,495 | 63,371 |
| Class C | .75% | .25% | 932,895 | 98,710 |
| | | | $7,258,809 | $325,733 |
| Advisor Freedom 2030 | | | | |
| Class A | -% | .25% | $3,867,072 | $140,492 |
| Class T | .25% | .25% | 2,162,368 | – |
| Class B | .75% | .25% | 100,733 | 75,550 |
| Class C | .75% | .25% | 880,429 | 92,181 |
| | | | $7,010,602 | $308,223 |
| Advisor Freedom 2035 | | | | |
| Class A | -% | .25% | $2,991,211 | $130,041 |
| Class T | .25% | .25% | 1,508,720 | – |
| Class B | .75% | .25% | 68,303 | 51,227 |
| Class C | .75% | .25% | 549,377 | 63,661 |
| | | | $5,117,611 | $244,929 |
| Advisor Freedom 2040 | | | | |
| Class A | -% | .25% | $2,619,504 | $88,401 |
| Class T | .25% | .25% | 1,577,992 | 1,204 |
| Class B | .75% | .25% | 84,320 | 63,240 |
| Class C | .75% | .25% | 741,852 | 69,442 |
| | | | $5,023,668 | $222,287 |
| Advisor Freedom 2045 | | | | |
| Class A | -% | .25% | $1,437,379 | $59,300 |
| Class T | .25% | .25% | 769,238 | – |
| Class B | .75% | .25% | 18,520 | 13,890 |
| Class C | .75% | .25% | 226,939 | 44,252 |
| | | | $2,452,076 | $117,442 |
| Advisor Freedom 2050 | | | | |
| Class A | -% | .25% | $972,805 | $27,944 |
| Class T | .25% | .25% | 620,322 | – |
| Class B | .75% | .25% | 24,652 | 18,489 |
| Class C | .75% | .25% | 243,183 | 34,372 |
| | | | $1,860,962 | $80,805 |
| Advisor Freedom 2055 | | | | |
| Class A | -% | .25% | $307,864 | $6,948 |
| Class T | .25% | .25% | 178,543 | 586 |
| Class C | .75% | .25% | 49,249 | 16,767 |
| | | | $535,656 | $24,301 |
| Advisor Freedom 2060 | | | | |
| Class A | -% | .25% | $13,085 | $13,085 |
| Class T | .25% | .25% | 9,360 | 9,360 |
| Class C | .75% | .25% | 9,109 | 9,109 |
| | | | $31,554 | $31,554 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained
by FDC |
| Advisor Freedom Income | |
| Class A | $11,638 |
| Class T | 2,040 |
| Class B(a) | 1,416 |
| Class C(a) | 1,331 |
| | $16,425 |
| Advisor Freedom 2005 | |
| Class A | $2,074 |
| Class T | 972 |
| Class B(a) | 51 |
| Class C(a) | 1,056 |
| | $4,153 |
| Advisor Freedom 2010 | |
| Class A | $8,334 |
| Class T | 4,018 |
| Class B(a) | 980 |
| Class C(a) | 2,908 |
| | $16,240 |
| Advisor Freedom 2015 | |
| Class A | $28,454 |
| Class T | 8,739 |
| Class B(a) | 2,647 |
| Class C(a) | 5,495 |
| | $45,335 |
| Advisor Freedom 2020 | |
| Class A | $64,812 |
| Class T | 30,491 |
| Class B(a) | 2,943 |
| Class C(a) | 12,128 |
| | $110,374 |
| Advisor Freedom 2025 | |
| Class A | $75,526 |
| Class T | 43,677 |
| Class B(a) | 2,321 |
| Class C(a) | 8,616 |
| | $130,140 |
| Advisor Freedom 2030 | |
| Class A | $84,851 |
| Class T | 44,482 |
| Class B(a) | 2,606 |
| Class C(a) | 9,329 |
| | $141,268 |
| Advisor Freedom 2035 | |
| Class A | $77,104 |
| Class T | 41,101 |
| Class B(a) | 2,798 |
| Class C(a) | 8,889 |
| | $129,892 |
| Advisor Freedom 2040 | |
| Class A | $81,293 |
| Class T | 36,719 |
| Class B(a) | 1,622 |
| Class C(a) | 9,227 |
| | $128,861 |
| Advisor Freedom 2045 | |
| Class A | $47,679 |
| Class T | 24,878 |
| Class B(a) | 755 |
| Class C(a) | 4,650 |
| | $77,962 |
| Advisor Freedom 2050 | |
| Class A | $46,114 |
| Class T | 14,909 |
| Class B(a) | 628 |
| Class C(a) | 7,692 |
| | $69,343 |
| Advisor Freedom 2055 | |
| Class A | $22,860 |
| Class T | 10,510 |
| Class C(a) | 1,422 |
| | $34,792 |
| Advisor Freedom 2060 | |
| Class A | $1,779 |
| Class T | 775 |
| Class C(a) | 811 |
| | $3,365 |
(a) 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 |
| Advisor Freedom Income | | |
| Class A | .25% | $473 |
| Class T | .50% | 211 |
| Class B | 1.00% | 4 |
| Class C | 1.00% | 65 |
| Class I | -% | 344 |
| Advisor Freedom 2005 | | |
| Class A | .25% | 617 |
| Class T | .50% | 126 |
| Class B | 1.00% | 2 |
| Class C | 1.00% | 30 |
| Class I | -% | 266 |
| Advisor Freedom 2010 | | |
| Class A | .25% | 1,606 |
| Class T | .50% | 422 |
| Class B | 1.00% | 7 |
| Class C | 1.00% | 140 |
| Class I | -% | 644 |
| Advisor Freedom 2015 | | |
| Class A | .25% | 3,620 |
| Class T | .50% | 855 |
| Class B | 1.00% | 22 |
| Class C | 1.00% | 289 |
| Class I | -% | 1,676 |
| Advisor Freedom 2020 | | |
| Class A | .25% | 6,842 |
| Class T | .50% | 1,777 |
| Class B | 1.00% | 50 |
| Class C | 1.00% | 464 |
| Class I | -% | 3,344 |
| Advisor Freedom 2025 | | |
| Class A | .25% | 7,228 |
| Class T | .50% | 1,716 |
| Class B | 1.00% | 36 |
| Class C | 1.00% | 398 |
| Class I | -% | 3,527 |
| Advisor Freedom 2030 | | |
| Class A | .25% | 6,624 |
| Class T | .50% | 1,851 |
| Class B | 1.00% | 43 |
| Class C | 1.00% | 377 |
| Class I | -% | 3,698 |
| Advisor Freedom 2035 | | |
| Class A | .25% | 5,114 |
| Class T | .50% | 1,290 |
| Class B | 1.00% | 29 |
| Class C | 1.00% | 235 |
| Class I | -% | 2,894 |
| Advisor Freedom 2040 | | |
| Class A | .25% | 4,490 |
| Class T | .50% | 1,352 |
| Class B | 1.00% | 36 |
| Class C | 1.00% | 318 |
| Class I | -% | 2,715 |
| Advisor Freedom 2045 | | |
| Class A | .25% | 2,452 |
| Class T | .50% | 656 |
| Class B | 1.00% | 8 |
| Class C | 1.00% | 97 |
| Class I | -% | 1,618 |
| Advisor Freedom 2050 | | |
| Class A | .25% | 1,656 |
| Class T | .50% | 527 |
| Class B | 1.00% | 10 |
| Class C | 1.00% | 103 |
| Class I | -% | 1,271 |
| Advisor Freedom 2055 | | |
| Class A | .25% | 512 |
| Class T | .50% | 149 |
| Class C | 1.00% | 21 |
| Class I | -% | 417 |
| Advisor Freedom 2060 | | |
| Class A | .25% | 20 |
| Class T | .50% | 7 |
| Class C | 1.00% | 4 |
| Class I | -% | 10 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, | 2016 | 2015(a) |
| Advisor Freedom Income | | |
| From net investment income | | |
| Class A | $1,804,087 | $2,006,074 |
| Class T | 701,827 | 610,551 |
| Class B | 6,793 | 10,867 |
| Class C | 134,792 | 120,553 |
| Class I | 1,517,104 | 1,291,837 |
| Total | $4,164,603 | $4,039,882 |
| From net realized gain | | |
| Class A | $1,977,599 | $4,377,554 |
| Class T | 869,741 | 1,580,033 |
| Class B | 15,183 | 48,599 |
| Class C | 267,669 | 507,683 |
| Class I | 1,410,195 | 2,358,388 |
| Total | $4,540,387 | $8,872,257 |
| Advisor Freedom 2005 | | |
| From net investment income | | |
| Class A | $2,323,956 | $2,703,708 |
| Class T | 432,659 | 364,687 |
| Class B | 2,404 | 5,181 |
| Class C | 54,932 | 65,460 |
| Class I | 1,193,174 | 1,286,785 |
| Total | $4,007,125 | $4,425,821 |
| From net realized gain | | |
| Class A | $3,970,930 | $6,021,448 |
| Class T | 790,924 | 979,095 |
| Class B | 12,507 | 29,661 |
| Class C | 184,344 | 288,876 |
| Class I | 1,679,387 | 2,444,698 |
| Total | $6,638,092 | $9,763,778 |
| Advisor Freedom 2010 | | |
| From net investment income | | |
| Class A | $6,003,972 | $7,526,871 |
| Class T | 1,397,138 | 1,541,263 |
| Class B | 10,451 | 22,518 |
| Class C | 282,705 | 328,872 |
| Class I | 2,890,342 | 3,154,793 |
| Total | $10,584,608 | $12,574,317 |
| From net realized gain | | |
| Class A | $13,470,039 | $21,724,587 |
| Class T | 3,526,741 | 5,280,109 |
| Class B | 61,327 | 148,899 |
| Class C | 1,160,445 | 1,691,065 |
| Class I | 5,369,063 | 7,895,305 |
| Total | $23,587,615 | $36,739,965 |
| Advisor Freedom 2015 | | |
| From net investment income | | |
| Class A | $13,583,429 | $16,472,036 |
| Class T | 2,859,915 | 3,019,840 |
| Class B | 26,012 | 67,393 |
| Class C | 611,152 | 657,182 |
| Class I | 7,528,137 | 8,235,434 |
| Total | $24,608,645 | $28,451,885 |
| From net realized gain | | |
| Class A | $29,986,512 | $50,483,414 |
| Class T | 6,985,833 | 10,845,327 |
| Class B | 188,847 | 494,619 |
| Class C | 2,396,646 | 3,671,376 |
| Class I | 13,730,055 | 21,847,653 |
| Total | $53,287,893 | $87,342,389 |
| Advisor Freedom 2020 | | |
| From net investment income | | |
| Class A | $25,698,008 | $29,563,833 |
| Class T | 5,809,331 | 6,239,241 |
| Class B | 69,298 | 142,694 |
| Class C | 982,499 | 1,028,825 |
| Class I | 15,059,860 | 15,728,192 |
| Total | $47,618,996 | $52,702,785 |
| From net realized gain | | |
| Class A | $51,415,664 | $85,524,060 |
| Class T | 13,261,302 | 20,889,781 |
| Class B | 386,650 | 918,360 |
| Class C | 3,437,464 | 5,335,699 |
| Class I | 25,042,847 | 39,035,773 |
| Total | $93,543,927 | $151,703,673 |
| Advisor Freedom 2025 | | |
| From net investment income | | |
| Class A | $25,260,945 | $29,627,711 |
| Class T | 5,193,908 | 5,418,579 |
| Class B | 46,533 | 101,520 |
| Class C | 806,872 | 888,259 |
| Class I | 15,273,123 | 15,118,302 |
| Total | $46,581,381 | $51,154,371 |
| From net realized gain | | |
| Class A | $56,433,404 | $92,842,798 |
| Class T | 13,038,884 | 19,605,381 |
| Class B | 284,440 | 713,467 |
| Class C | 3,044,442 | 4,752,036 |
| Class I | 27,170,186 | 40,724,216 |
| Total | $99,971,356 | $158,637,898 |
| Advisor Freedom 2030 | | |
| From net investment income | | |
| Class A | $21,002,263 | $24,784,369 |
| Class T | 5,079,042 | 5,372,386 |
| Class B | 50,382 | 112,725 |
| Class C | 708,607 | 766,016 |
| Class I | 14,549,548 | 15,114,759 |
| Total | $41,389,842 | $46,150,255 |
| From net realized gain | | |
| Class A | $57,942,069 | $84,610,105 |
| Class T | 15,934,228 | 21,708,833 |
| Class B | 388,181 | 815,088 |
| Class C | 3,165,501 | 4,413,727 |
| Class I | 32,127,287 | 43,464,896 |
| Total | $109,557,266 | $155,012,649 |
| Advisor Freedom 2035 | | |
| From net investment income | | |
| Class A | $15,074,742 | $18,356,639 |
| Class T | 3,409,864 | 3,426,264 |
| Class B | 29,846 | 76,279 |
| Class C | 417,642 | 462,007 |
| Class I | 10,711,198 | 11,208,570 |
| Total | $29,643,292 | $33,529,759 |
| From net realized gain | | |
| Class A | $44,129,826 | $69,919,414 |
| Class T | 10,749,563 | 15,386,135 |
| Class B | 263,010 | 616,495 |
| Class C | 1,945,397 | 2,908,220 |
| Class I | 24,715,787 | 36,135,651 |
| Total | $81,803,583 | $124,965,915 |
| Advisor Freedom 2040 | | |
| From net investment income | | |
| Class A | $13,245,609 | $16,039,742 |
| Class T | 3,474,790 | 3,721,379 |
| Class B | 37,589 | 93,560 |
| Class C | 552,326 | 614,961 |
| Class I | 9,948,354 | 10,655,035 |
| Total | $27,258,668 | $31,124,677 |
| From net realized gain | | |
| Class A | $41,038,189 | $60,990,886 |
| Class T | 12,029,970 | 16,937,286 |
| Class B | 342,889 | 750,193 |
| Class C | 2,798,704 | 3,891,999 |
| Class I | 25,059,447 | 33,876,269 |
| Total | $81,269,199 | $116,446,633 |
| Advisor Freedom 2045 | | |
| From net investment income | | |
| Class A | $7,193,208 | $8,514,719 |
| Class T | 1,742,888 | 1,660,433 |
| Class B | 8,549 | 19,801 |
| Class C | 173,785 | 177,170 |
| Class I | 6,041,225 | 6,221,904 |
| Total | $15,159,655 | $16,594,027 |
| From net realized gain | | |
| Class A | $20,290,272 | $39,621,319 |
| Class T | 5,212,191 | 8,954,687 |
| Class B | 66,944 | 200,706 |
| Class C | 753,888 | 1,321,278 |
| Class I | 13,414,154 | 24,350,294 |
| Total | $39,737,449 | $74,448,284 |
| Advisor Freedom 2050 | | |
| From net investment income | | |
| Class A | $4,848,702 | $5,557,324 |
| Class T | 1,370,739 | 1,344,442 |
| Class B | 10,523 | 24,678 |
| Class C | 179,089 | 190,766 |
| Class I | 4,823,851 | 4,774,757 |
| Total | $11,232,904 | $11,891,967 |
| From net realized gain | | |
| Class A | $13,328,702 | $26,749,886 |
| Class T | 4,134,203 | 7,872,988 |
| Class B | 86,878 | 283,231 |
| Class C | 788,832 | 1,498,275 |
| Class I | 10,113,965 | 18,910,343 |
| Total | $28,452,580 | $55,314,723 |
| Advisor Freedom 2055 | | |
| From net investment income | | |
| Class A | $1,554,706 | $1,321,494 |
| Class T | 404,897 | 294,628 |
| Class C | 39,268 | 27,965 |
| Class I | 1,629,811 | 1,149,810 |
| Total | $3,628,682 | $2,793,897 |
| From net realized gain | | |
| Class A | $3,237,740 | $3,349,879 |
| Class T | 906,964 | 868,138 |
| Class C | 119,080 | 111,785 |
| Class I | 2,574,476 | 2,434,916 |
| Total | $6,838,260 | $6,764,718 |
| Advisor Freedom 2060 | | |
| From net investment income | | |
| Class A | $71,201 | $11,467 |
| Class T | 11,114 | 18,274 |
| Class C | – | 13,832 |
| Class I | 50,265 | 1,563 |
| Total | $132,580 | $45,136 |
| From net realized gain | | |
| Class A | $84,170 | $9,288 |
| Class T | 40,079 | 15,747 |
| Class C | 20,446 | 13,338 |
| Class I | 33,387 | 1,217 |
| Total | $178,082 | $39,590 |
(a) Distributions for Advisor Freedom 2060 Fund are for the period August 5, 2014 (commencement of operations) to March 31, 2015.
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| Years ended March 31, | 2016 | 2015(a) | 2016 | 2015(a) |
| Advisor Freedom Income | | | | |
| Class A | | | | |
| Shares sold | 3,081,818 | 3,619,565 | $32,963,415 | $40,149,983 |
| Reinvestment of distributions | 348,911 | 573,085 | 3,750,259 | 6,318,078 |
| Shares redeemed | (5,370,350) | (6,125,575) | (57,590,121) | (68,054,068) |
| Net increase (decrease) | (1,939,621) | (1,932,925) | $(20,876,447) | $(21,586,007) |
| Class T | | | | |
| Shares sold | 2,332,188 | 3,210,409 | $24,979,079 | $35,732,869 |
| Reinvestment of distributions | 143,605 | 195,001 | 1,538,767 | 2,147,017 |
| Shares redeemed | (2,760,620) | (3,823,004) | (29,380,371) | (42,530,178) |
| Net increase (decrease) | (284,827) | (417,594) | $(2,862,525) | $(4,650,292) |
| Class B | | | | |
| Shares sold | 2,784 | 845 | $29,065 | $9,345 |
| Reinvestment of distributions | 1,917 | 5,113 | 20,660 | 56,268 |
| Shares redeemed | (47,919) | (52,610) | (514,935) | (582,710) |
| Net increase (decrease) | (43,218) | (46,652) | $(465,210) | $(517,097) |
| Class C | | | | |
| Shares sold | 235,292 | 298,092 | $2,521,615 | $3,300,083 |
| Reinvestment of distributions | 32,848 | 48,916 | 352,267 | 537,670 |
| Shares redeemed | (310,283) | (326,468) | (3,312,864) | (3,617,162) |
| Net increase (decrease) | (42,143) | 20,540 | $(438,982) | $220,591 |
| Class I | | | | |
| Shares sold | 4,013,311 | 3,917,263 | $42,997,083 | $43,534,812 |
| Reinvestment of distributions | 270,632 | 329,859 | 2,912,988 | 3,644,531 |
| Shares redeemed | (3,954,589) | (3,156,053) | (42,448,173) | (35,160,767) |
| Net increase (decrease) | 329,354 | 1,091,069 | $3,461,898 | $12,018,576 |
| Advisor Freedom 2005 | | | | |
| Class A | | | | |
| Shares sold | 3,894,452 | 4,029,427 | $45,205,371 | $49,037,462 |
| Reinvestment of distributions | 530,506 | 711,971 | 6,161,983 | 8,520,994 |
| Shares redeemed | (6,082,447) | (6,727,836) | (70,961,720) | (81,765,937) |
| Net increase (decrease) | (1,657,489) | (1,986,438) | $(19,594,366) | $(24,207,481) |
| Class T | | | | |
| Shares sold | 965,717 | 812,920 | $11,248,895 | $9,849,130 |
| Reinvestment of distributions | 103,821 | 110,375 | 1,203,224 | 1,320,665 |
| Shares redeemed | (920,270) | (963,824) | (10,661,092) | (11,702,681) |
| Net increase (decrease) | 149,268 | (40,529) | $1,791,027 | $(532,886) |
| Class B | | | | |
| Shares sold | 14 | 868 | $155 | $10,408 |
| Reinvestment of distributions | 1,261 | 2,891 | 14,861 | 34,770 |
| Shares redeemed | (23,475) | (39,292) | (278,685) | (478,412) |
| Net increase (decrease) | (22,200) | (35,533) | $(263,669) | $(433,234) |
| Class C | | | | |
| Shares sold | 124,305 | 95,287 | $1,420,571 | $1,159,886 |
| Reinvestment of distributions | 19,601 | 27,436 | 227,794 | 328,067 |
| Shares redeemed | (214,984) | (242,635) | (2,456,114) | (2,934,030) |
| Net increase (decrease) | (71,078) | (119,912) | $(807,749) | $(1,446,077) |
| Class I | | | | |
| Shares sold | 2,114,860 | 2,850,847 | $24,778,151 | $34,887,950 |
| Reinvestment of distributions | 245,116 | 309,121 | 2,859,833 | 3,721,031 |
| Shares redeemed | (2,464,416) | (3,224,819) | (28,948,190) | (39,378,256) |
| Net increase (decrease) | (104,440) | (64,851) | $(1,310,206) | $(769,275) |
| Advisor Freedom 2010 | | | | |
| Class A | | | | |
| Shares sold | 5,500,440 | 7,458,412 | $66,809,747 | $95,728,339 |
| Reinvestment of distributions | 1,586,318 | 2,299,500 | 19,271,859 | 28,960,392 |
| Shares redeemed | (13,363,733) | (14,788,608) | (162,597,001) | (190,101,552) |
| Net increase (decrease) | (6,276,975) | (5,030,696) | $(76,515,395) | $(65,412,821) |
| Class T | | | | |
| Shares sold | 1,965,974 | 1,964,902 | $23,778,947 | $25,117,047 |
| Reinvestment of distributions | 404,195 | 539,059 | 4,890,781 | 6,770,716 |
| Shares redeemed | (2,923,738) | (3,843,392) | (35,323,217) | (49,109,062) |
| Net increase (decrease) | (553,569) | (1,339,431) | $(6,653,489) | $(17,221,299) |
| Class B | | | | |
| Shares sold | 1,125 | 1,368 | $13,055 | $17,636 |
| Reinvestment of distributions | 5,508 | 13,014 | 67,622 | 164,488 |
| Shares redeemed | (93,180) | (136,169) | (1,140,420) | (1,745,537) |
| Net increase (decrease) | (86,547) | (121,787) | $(1,059,743) | $(1,563,413) |
| Class C | | | | |
| Shares sold | 276,584 | 350,615 | $3,354,365 | $4,459,425 |
| Reinvestment of distributions | 112,748 | 151,938 | 1,358,925 | 1,899,118 |
| Shares redeemed | (590,705) | (600,179) | (7,096,007) | (7,643,233) |
| Net increase (decrease) | (201,373) | (97,626) | $(2,382,717) | $(1,284,690) |
| Class I | | | | |
| Shares sold | 4,543,451 | 3,829,649 | $55,631,987 | $49,401,753 |
| Reinvestment of distributions | 676,590 | 873,680 | 8,236,622 | 11,047,113 |
| Shares redeemed | (5,541,203) | (7,085,943) | (67,639,715) | (91,437,717) |
| Net increase (decrease) | (321,162) | (2,382,614) | $(3,771,106) | $(30,988,851) |
| Advisor Freedom 2015 | | | | |
| Class A | | | | |
| Shares sold | 14,507,166 | 15,703,625 | $175,664,778 | $200,635,316 |
| Reinvestment of distributions | 3,552,535 | 5,276,601 | 43,128,550 | 66,227,275 |
| Shares redeemed | (31,588,039) | (29,257,493) | (383,404,767) | (374,362,704) |
| Net increase (decrease) | (13,528,338) | (8,277,267) | $(164,611,439) | $(107,500,113) |
| Class T | | | | |
| Shares sold | 4,673,502 | 4,656,344 | $56,637,647 | $59,429,618 |
| Reinvestment of distributions | 798,818 | 1,085,954 | 9,671,398 | 13,619,082 |
| Shares redeemed | (5,802,433) | (6,939,733) | (69,940,072) | (88,491,090) |
| Net increase (decrease) | (330,113) | (1,197,435) | $(3,631,027) | $(15,442,390) |
| Class B | | | | |
| Shares sold | 5,700 | 7,064 | $66,706 | $89,570 |
| Reinvestment of distributions | 16,252 | 41,814 | 199,644 | 525,609 |
| Shares redeemed | (357,170) | (402,437) | (4,345,090) | (5,132,341) |
| Net increase (decrease) | (335,218) | (353,559) | $(4,078,740) | $(4,517,162) |
| Class C | | | | |
| Shares sold | 692,594 | 869,731 | $8,328,355 | $10,972,058 |
| Reinvestment of distributions | 239,055 | 326,736 | 2,883,261 | 4,076,902 |
| Shares redeemed | (1,290,224) | (1,349,480) | (15,480,570) | (17,100,266) |
| Net increase (decrease) | (358,575) | (153,013) | $(4,268,954) | $(2,051,306) |
| Class I | | | | |
| Shares sold | 10,256,294 | 9,458,107 | $125,062,107 | $122,001,029 |
| Reinvestment of distributions | 1,725,705 | 2,368,220 | 21,067,463 | 29,937,068 |
| Shares redeemed | (14,829,259) | (16,294,520) | (180,244,295) | (210,299,155) |
| Net increase (decrease) | (2,847,260) | (4,468,193) | $(34,114,725) | $(58,361,058) |
| Advisor Freedom 2020 | | | | |
| Class A | | | | |
| Shares sold | 27,782,811 | 29,864,265 | $355,684,542 | $403,260,707 |
| Reinvestment of distributions | 5,909,171 | 8,578,581 | 76,203,121 | 113,813,379 |
| Shares redeemed | (50,488,965) | (47,421,612) | (647,091,927) | (641,713,463) |
| Net increase (decrease) | (16,796,983) | (8,978,766) | $(215,204,264) | $(124,639,377) |
| Class T | | | | |
| Shares sold | 9,558,319 | 8,913,845 | $122,507,769 | $120,539,986 |
| Reinvestment of distributions | 1,458,598 | 2,011,893 | 18,796,792 | 26,710,290 |
| Shares redeemed | (12,285,705) | (12,539,322) | (157,173,890) | (169,109,400) |
| Net increase (decrease) | (1,268,788) | (1,613,584) | $(15,869,329) | $(21,859,124) |
| Class B | | | | |
| Shares sold | 7,629 | 14,255 | $100,348 | $191,115 |
| Reinvestment of distributions | 32,862 | 75,323 | 428,604 | 1,002,110 |
| Shares redeemed | (592,571) | (677,580) | (7,633,936) | (9,156,161) |
| Net increase (decrease) | (552,080) | (588,002) | $(7,104,984) | $(7,962,936) |
| Class C | | | | |
| Shares sold | 1,393,631 | 1,424,074 | $17,741,893 | $19,098,957 |
| Reinvestment of distributions | 328,961 | 457,393 | 4,218,594 | 6,035,886 |
| Shares redeemed | (1,692,524) | (1,864,464) | (21,418,854) | (25,007,693) |
| Net increase (decrease) | 30,068 | 17,003 | $541,633 | $127,150 |
| Class I | | | | |
| Shares sold | 22,381,359 | 19,064,129 | $288,319,323 | $259,660,409 |
| Reinvestment of distributions | 3,087,794 | 4,091,068 | 40,003,312 | 54,641,482 |
| Shares redeemed | (26,374,513) | (25,591,315) | (340,955,124) | (348,936,742) |
| Net increase (decrease) | (905,360) | (2,436,118) | $(12,632,489) | $(34,634,851) |
| Advisor Freedom 2025 | | | | |
| Class A | | | | |
| Shares sold | 31,021,987 | 30,824,980 | $389,903,221 | $410,567,593 |
| Reinvestment of distributions | 6,347,654 | 9,283,529 | 80,854,087 | 121,333,464 |
| Shares redeemed | (51,651,466) | (43,364,361) | (649,941,383) | (578,296,228) |
| Net increase (decrease) | (14,281,825) | (3,255,852) | $(179,184,075) | $(46,395,171) |
| Class T | | | | |
| Shares sold | 11,153,254 | 9,163,444 | $140,827,662 | $122,230,291 |
| Reinvestment of distributions | 1,407,914 | 1,881,621 | 17,953,059 | 24,642,081 |
| Shares redeemed | (10,680,658) | (9,564,325) | (134,505,078) | (127,497,057) |
| Net increase (decrease) | 1,880,510 | 1,480,740 | $24,275,643 | $19,375,315 |
| Class B | | | | |
| Shares sold | 15,631 | 7,639 | $206,729 | $101,154 |
| Reinvestment of distributions | 25,036 | 60,528 | 321,184 | 789,486 |
| Shares redeemed | (395,799) | (552,494) | (4,997,632) | (7,322,415) |
| Net increase (decrease) | (355,132) | (484,327) | $(4,469,719) | $(6,431,775) |
| Class C | | | | |
| Shares sold | 1,453,933 | 1,409,479 | $18,039,565 | $18,560,432 |
| Reinvestment of distributions | 292,818 | 416,558 | 3,692,311 | 5,389,721 |
| Shares redeemed | (1,419,290) | (1,358,528) | (17,532,292) | (17,840,628) |
| Net increase (decrease) | 327,461 | 467,509 | $4,199,584 | $6,109,525 |
| Class I | | | | |
| Shares sold | 26,263,342 | 20,210,452 | $332,470,146 | $271,300,137 |
| Reinvestment of distributions | 3,305,581 | 4,229,465 | 42,311,913 | 55,687,560 |
| Shares redeemed | (22,096,996) | (24,668,738) | (280,743,922) | (331,872,377) |
| Net increase (decrease) | 7,471,927 | (228,821) | $94,038,137 | $(4,884,680) |
| Advisor Freedom 2030 | | | | |
| Class A | | | | |
| Shares sold | 28,151,571 | 29,982,308 | $374,538,264 | $425,108,614 |
| Reinvestment of distributions | 5,719,438 | 7,745,575 | 77,893,729 | 107,962,607 |
| Shares redeemed | (45,869,341) | (42,806,590) | (612,549,684) | (608,979,063) |
| Net increase (decrease) | (11,998,332) | (5,078,707) | $(160,117,691) | $(75,907,842) |
| Class T | | | | |
| Shares sold | 9,683,529 | 9,534,874 | $128,635,174 | $135,029,239 |
| Reinvestment of distributions | 1,530,517 | 1,924,391 | 20,754,956 | 26,745,337 |
| Shares redeemed | (10,666,344) | (11,484,782) | (142,006,317) | (162,090,418) |
| Net increase (decrease) | 547,702 | (25,517) | $7,383,813 | $(315,842) |
| Class B | | | | |
| Shares sold | 9,381 | 14,168 | $130,487 | $199,886 |
| Reinvestment of distributions | 30,198 | 63,454 | 414,596 | 882,312 |
| Shares redeemed | (504,982) | (602,929) | (6,786,052) | (8,525,390) |
| Net increase (decrease) | (465,403) | (525,307) | $(6,240,969) | $(7,443,192) |
| Class C | | | | |
| Shares sold | 1,223,130 | 1,181,717 | $16,095,011 | $16,583,425 |
| Reinvestment of distributions | 273,750 | 359,063 | 3,692,439 | 4,954,340 |
| Shares redeemed | (1,184,892) | (1,295,488) | (15,652,704) | (18,186,108) |
| Net increase (decrease) | 311,988 | 245,292 | $4,134,746 | $3,351,657 |
| Class I | | | | |
| Shares sold | 24,677,916 | 20,433,390 | $330,981,929 | $291,589,869 |
| Reinvestment of distributions | 3,416,838 | 4,181,177 | 46,644,604 | 58,538,306 |
| Shares redeemed | (26,842,246) | (23,026,293) | (362,065,195) | (329,226,948) |
| Net increase (decrease) | 1,252,508 | 1,588,274 | $15,561,338 | $20,901,227 |
| Advisor Freedom 2035 | | | | |
| Class A | | | | |
| Shares sold | 24,128,485 | 24,992,674 | $305,985,627 | $339,358,729 |
| Reinvestment of distributions | 4,482,978 | 6,554,589 | 58,494,924 | 87,286,625 |
| Shares redeemed | (37,394,935) | (33,903,950) | (476,554,268) | (460,733,346) |
| Net increase (decrease) | (8,783,472) | (2,356,687) | $(112,073,717) | $(34,087,992) |
| Class T | | | | |
| Shares sold | 8,236,595 | 7,857,411 | $104,578,194 | $106,015,264 |
| Reinvestment of distributions | 1,075,393 | 1,398,752 | 13,933,993 | 18,528,616 |
| Shares redeemed | (7,529,158) | (7,140,022) | (95,022,356) | (96,375,027) |
| Net increase (decrease) | 1,782,830 | 2,116,141 | $23,489,831 | $28,168,853 |
| Class B | | | | |
| Shares sold | 3,708 | 10,477 | $47,620 | $139,695 |
| Reinvestment of distributions | 21,835 | 50,768 | 285,009 | 668,753 |
| Shares redeemed | (375,696) | (425,647) | (4,759,170) | (5,695,614) |
| Net increase (decrease) | (350,153) | (364,402) | $(4,426,541) | $(4,887,166) |
| Class C | | | | |
| Shares sold | 944,855 | 944,423 | $11,857,748 | $12,603,241 |
| Reinvestment of distributions | 178,251 | 248,458 | 2,289,722 | 3,258,885 |
| Shares redeemed | (851,468) | (847,126) | (10,677,671) | (11,264,242) |
| Net increase (decrease) | 271,638 | 345,755 | $3,469,799 | $4,597,884 |
| Class I | | | | |
| Shares sold | 21,967,842 | 17,297,096 | $280,691,155 | $235,983,229 |
| Reinvestment of distributions | 2,699,214 | 3,527,717 | 35,338,451 | 47,224,750 |
| Shares redeemed | (21,940,442) | (19,577,302) | (281,916,133) | (267,699,540) |
| Net increase (decrease) | 2,726,614 | 1,247,511 | $34,113,473 | $15,508,439 |
| Advisor Freedom 2040 | | | | |
| Class A | | | | |
| Shares sold | 19,707,947 | 22,027,517 | $267,984,592 | $320,537,063 |
| Reinvestment of distributions | 3,837,419 | 5,330,622 | 53,655,622 | 76,146,062 |
| Shares redeemed | (31,398,245) | (30,109,992) | (428,794,626) | (439,085,157) |
| Net increase (decrease) | (7,852,879) | (2,751,853) | $(107,154,412) | $(42,402,032) |
| Class T | | | | |
| Shares sold | 6,927,315 | 6,835,952 | $94,215,131 | $99,246,602 |
| Reinvestment of distributions | 1,098,683 | 1,432,514 | 15,321,785 | 20,419,843 |
| Shares redeemed | (7,588,952) | (8,826,745) | (103,634,804) | (127,925,824) |
| Net increase (decrease) | 437,046 | (558,279) | $5,902,112 | $(8,259,379) |
| Class B | | | | |
| Shares sold | 3,796 | 4,956 | $54,403 | $70,676 |
| Reinvestment of distributions | 26,074 | 57,179 | 365,555 | 810,225 |
| Shares redeemed | (412,767) | (525,971) | (5,614,809) | (7,572,893) |
| Net increase (decrease) | (382,897) | (463,836) | $(5,194,851) | $(6,691,992) |
| Class C | | | | |
| Shares sold | 964,487 | 864,597 | $12,948,905 | $12,395,253 |
| Reinvestment of distributions | 237,233 | 311,569 | 3,273,123 | 4,388,231 |
| Shares redeemed | (999,455) | (821,736) | (13,410,631) | (11,744,285) |
| Net increase (decrease) | 202,265 | 354,430 | $2,811,397 | $5,039,199 |
| Class I | | | | |
| Shares sold | 18,978,934 | 16,770,945 | $260,268,870 | $245,351,678 |
| Reinvestment of distributions | 2,493,394 | 3,101,175 | 34,993,505 | 44,515,713 |
| Shares redeemed | (21,436,098) | (18,212,781) | (296,208,636) | (266,820,365) |
| Net increase (decrease) | 36,230 | 1,659,339 | $(946,261) | $23,047,026 |
| Advisor Freedom 2045 | | | | |
| Class A | | | | |
| Shares sold | 19,079,203 | 18,712,185 | $200,212,363 | $209,776,882 |
| Reinvestment of distributions | 2,516,424 | 4,333,542 | 27,141,967 | 47,625,624 |
| Shares redeemed | (25,563,477) | (21,282,383) | (269,733,077) | (238,779,567) |
| Net increase (decrease) | (3,967,850) | 1,763,344 | $(42,378,747) | $18,622,939 |
| Class T | | | | |
| Shares sold | 6,498,285 | 5,949,650 | $67,982,369 | $66,258,387 |
| Reinvestment of distributions | 645,350 | 965,903 | 6,916,374 | 10,566,973 |
| Shares redeemed | (5,407,165) | (4,486,660) | (56,610,131) | (50,101,529) |
| Net increase (decrease) | 1,736,470 | 2,428,893 | $18,288,612 | $26,723,831 |
| Class B | | | | |
| Shares sold | 12,465 | 95 | $126,428 | $1,034 |
| Reinvestment of distributions | 6,873 | 19,875 | 74,538 | 217,266 |
| Shares redeemed | (130,687) | (100,368) | (1,382,819) | (1,115,970) |
| Net increase (decrease) | (111,349) | (80,398) | $(1,181,853) | $(897,670) |
| Class C | | | | |
| Shares sold | 688,081 | 649,460 | $7,146,960 | $7,186,677 |
| Reinvestment of distributions | 86,426 | 137,157 | 922,037 | 1,490,900 |
| Shares redeemed | (495,887) | (394,015) | (5,163,244) | (4,355,267) |
| Net increase (decrease) | 278,620 | 392,602 | $2,905,753 | $4,322,310 |
| Class I | | | | |
| Shares sold | 17,857,873 | 14,432,835 | $188,145,800 | $162,533,382 |
| Reinvestment of distributions | 1,798,921 | 2,768,950 | 19,453,582 | 30,569,205 |
| Shares redeemed | (17,404,606) | (14,785,258) | (184,937,935) | (166,549,587) |
| Net increase (decrease) | 2,252,188 | 2,416,527 | $22,661,447 | $26,553,000 |
| Advisor Freedom 2050 | | | | |
| Class A | | | | |
| Shares sold | 14,778,783 | 14,360,668 | $154,228,676 | $159,733,346 |
| Reinvestment of distributions | 1,671,709 | 2,922,124 | 17,918,683 | 31,851,156 |
| Shares redeemed | (18,220,423) | (15,493,944) | (190,875,160) | (172,543,245) |
| Net increase (decrease) | (1,769,931) | 1,788,848 | $(18,727,801) | $19,041,257 |
| Class T | | | | |
| Shares sold | 5,220,682 | 4,705,234 | $54,316,675 | $52,106,997 |
| Reinvestment of distributions | 512,467 | 843,643 | 5,468,353 | 9,170,398 |
| Shares redeemed | (4,619,199) | (4,329,214) | (48,267,781) | (48,154,235) |
| Net increase (decrease) | 1,113,950 | 1,219,663 | $11,517,247 | $13,123,160 |
| Class B | | | | |
| Shares sold | 2,190 | 1,165 | $21,909 | $12,668 |
| Reinvestment of distributions | 8,955 | 27,836 | 96,400 | 301,488 |
| Shares redeemed | (151,436) | (170,683) | (1,590,133) | (1,884,202) |
| Net increase (decrease) | (140,291) | (141,682) | $(1,471,824) | $(1,570,046) |
| Class C | | | | |
| Shares sold | 592,294 | 590,407 | $6,132,539 | $6,495,242 |
| Reinvestment of distributions | 89,707 | 152,987 | 953,603 | 1,653,786 |
| Shares redeemed | (498,907) | (394,204) | (5,141,979) | (4,335,558) |
| Net increase (decrease) | 183,094 | 349,190 | $1,944,163 | $3,813,470 |
| Class I | | | | |
| Shares sold | 15,739,783 | 12,679,506 | $164,851,297 | $141,962,167 |
| Reinvestment of distributions | 1,391,015 | 2,160,845 | 14,936,380 | 23,682,865 |
| Shares redeemed | (13,002,547) | (12,616,627) | (136,937,311) | (140,923,985) |
| Net increase (decrease) | 4,128,251 | 2,223,724 | $42,850,366 | $24,721,047 |
| Advisor Freedom 2055 | | | | |
| Class A | | | | |
| Shares sold | 7,650,491 | 6,723,201 | $86,320,186 | $79,527,486 |
| Reinvestment of distributions | 403,217 | 394,037 | 4,669,301 | 4,607,113 |
| Shares redeemed | (5,932,608) | (4,347,743) | (67,116,441) | (51,516,521) |
| Net increase (decrease) | 2,121,100 | 2,769,495 | $23,873,046 | $32,618,078 |
| Class T | | | | |
| Shares sold | 2,281,706 | 1,951,946 | $25,567,824 | $23,016,119 |
| Reinvestment of distributions | 113,540 | 99,561 | 1,310,222 | 1,162,259 |
| Shares redeemed | (1,388,534) | (875,910) | (15,737,207) | (10,366,468) |
| Net increase (decrease) | 1,006,712 | 1,175,597 | $11,140,839 | $13,811,910 |
| Class C | | | | |
| Shares sold | 238,636 | 172,714 | $2,683,219 | $2,031,536 |
| Reinvestment of distributions | 13,580 | 11,853 | 157,087 | 138,488 |
| Shares redeemed | (87,211) | (45,944) | (965,863) | (542,625) |
| Net increase (decrease) | 165,005 | 138,623 | $1,874,443 | $1,627,399 |
| Class I | | | | |
| Shares sold | 7,612,107 | 5,543,049 | $85,891,483 | $65,771,171 |
| Reinvestment of distributions | 363,384 | 305,695 | 4,204,287 | 3,584,726 |
| Shares redeemed | (4,499,574) | (3,148,817) | (50,866,350) | (37,251,656) |
| Net increase (decrease) | 3,475,917 | 2,699,927 | $39,229,420 | $32,104,241 |
| Advisor Freedom 2060 | | | | |
| Class A | | | | |
| Shares sold | 1,272,139 | 262,981 | $12,356,911 | $2,694,816 |
| Reinvestment of distributions | 15,557 | 2,037 | 155,371 | 20,755 |
| Shares redeemed | (565,709) | (45,775) | (5,476,304) | (469,354) |
| Net increase (decrease) | 721,987 | 219,243 | $7,035,978 | $2,246,217 |
| Class T | | | | |
| Shares sold | 445,750 | 213,565 | $4,200,477 | $2,151,006 |
| Reinvestment of distributions | 5,022 | 3,339 | 51,193 | 34,197 |
| Shares redeemed | (319,192) | (17,274) | (3,003,661) | (175,609) |
| Net increase (decrease) | 131,580 | 199,630 | $1,248,009 | $2,009,594 |
| Class C | | | | |
| Shares sold | 231,239 | 201,608 | $2,153,598 | $2,029,734 |
| Reinvestment of distributions | 1,964 | 2,669 | 20,446 | 27,171 |
| Shares redeemed | (227,970) | (76,007) | (2,119,305) | (775,966) |
| Net increase (decrease) | 5,233 | 128,270 | $54,739 | $1,280,939 |
| Class I | | | | |
| Shares sold | 789,224 | 44,829 | $7,600,453 | $459,604 |
| Reinvestment of distributions | 8,465 | 273 | 83,652 | 2,780 |
| Shares redeemed | (230,196) | (6,606) | (2,188,624) | (69,020) |
| Net increase (decrease) | 567,493 | 38,496 | $5,495,481 | $393,364 |
(a) Share transactions for Advisor Freedom 2060 Fund are for the period August 5, 2014 (commencement of operations) to March 31, 2015.
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 Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
| Fund | Fidelity Advisor Freedom Income 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 Series Equity-Income Fund | –% | –% | –% | 13% | 15% | 17% | 15% | 14% |
| Fidelity Advisor Series Growth & Income Fund | –% | –% | –% | 13% | 15% | 18% | 15% | 14% |
| Fidelity Advisor Series Opportunistic Insights Fund | –% | –% | –% | 13% | 15% | 18% | 15% | 14% |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | –% | –% | –% | 13% | 15% | 17% | 15% | 14% |
| Fidelity Advisor Series Small Cap Fund | –% | –% | –% | 12% | 15% | 17% | 15% | 14% |
| Fidelity Advisor Series Growth Opportunities Fund | –% | –% | –% | 13% | 15% | 18% | 15% | 14% |
| Fidelity Advisor Series Equity Growth Fund | –% | –% | –% | 13% | 16% | 18% | 15% | 14% |
| Fidelity Advisor Series Short-Term Credit Fund | 11% | 13% | 18% | 27% | 22% | –% | –% | –% |
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 Series Equity-Income Fund | 100% |
| Fidelity Advisor Series Growth & Income Fund | 100% |
| Fidelity Advisor Series Opportunistic Insights Fund | 100% |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 100% |
| Fidelity Advisor Series Small Cap Fund | 100% |
| Fidelity Advisor Series Growth Opportunities Fund | 100% |
| Fidelity Advisor Series Equity Growth Fund | 100% |
| Fidelity Advisor Series Short-Term Credit Fund | 100% |
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund and Fidelity Advisor 2060 Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund and Fidelity Advisor Freedom 2060 Fund (the Funds), each a fund of Fidelity Aberdeen Street Trust, including the schedules of investments, as of March 31, 2016, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2016, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund and Fidelity Advisor Freedom 2060 Fund as of March 31, 2016, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 24, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 240 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the 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 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. Marie L. Knowles 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, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), 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.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer or Geoffrey A. von Kuhn may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Linda J. Wondrack (1964)
Year of Election or Appointment: 2016
Chief Compliance Officer
Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (U.K.) Inc. (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of certain Fidelity® funds (2014-2016) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Derek L. Young (1964)
Year of Election or Appointment: 2009
Vice President of Fidelity's Asset Allocation Funds
Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.
Shareholder Expense Example
As a shareholder of the 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 Fund 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, 2015 to March 31, 2016).
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-A | Beginning
Account Value
October 1, 2015 | Ending
Account Value
March 31, 2016 | Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 |
| Advisor Freedom Income | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,025.30 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,023.10 | $2.53 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,021.10 | $5.05 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,021.30 | $5.05 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,026.40 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2005 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,030.20 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,028.50 | $2.54 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,026.40 | $5.07 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,025.50 | $5.06 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,031.20 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2010 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,032.70 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,031.80 | $2.54 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,029.30 | $5.07 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,029.40 | $5.07 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,033.80 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2015 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,035.00 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,034.10 | $2.54 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,031.60 | $5.08 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,031.90 | $5.08 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,036.90 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2020 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,036.90 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,035.90 | $2.54 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,033.90 | $5.08 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,033.00 | $5.08 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,038.80 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2025 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,038.30 | $1.27 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,037.20 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,034.70 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,034.70 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,040.00 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2030 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,041.70 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,040.00 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,037.10 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,037.20 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,042.80 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2035 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,042.30 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,040.80 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.10 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.20 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,044.20 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2040 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,043.10 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.20 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,037.70 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.70 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.30 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2045 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,042.70 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.20 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.20 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.70 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.60 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2050 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,041.80 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.20 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class B | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.30 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,037.60 | $5.09 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.70 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2055 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,042.80 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.30 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class C | 1.00% | | | |
| Actual | | $1,000.00 | $1,038.80 | $5.10 |
| Hypothetical-C | | $1,000.00 | $1,020.00 | $5.05 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.60 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Advisor Freedom 2060 | | | | |
| Class A | .25% | | | |
| Actual | | $1,000.00 | $1,041.40 | $1.28 |
| Hypothetical-C | | $1,000.00 | $1,023.75 | $1.26 |
| Class T | .50% | | | |
| Actual | | $1,000.00 | $1,041.40 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.50 | $2.53 |
| Class C | .99%D | | | |
| Actual | | $1,000.00 | $1,038.50 | $5.05 |
| Hypothetical-C | | $1,000.00 | $1,020.05 | $5.00 |
| Class I | - % | | | |
| Actual | | $1,000.00 | $1,043.80 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio.
C 5% return per year before expenses
D On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Advisor Freedom Income Fund Class I | 05/16/16 | 05/13/16 | $0.009 | $0.087 |
| Fidelity Advisor Freedom 2005 Fund Class I | 05/16/16 | 05/13/16 | $0.039 | $0.170 |
| Fidelity Advisor Freedom 2010 Fund Class I | 05/16/16 | 05/13/16 | $0.038 | $0.215 |
| Fidelity Advisor Freedom 2015 Fund Class I | 05/16/16 | 05/13/16 | $0.035 | $0.246 |
| Fidelity Advisor Freedom 2020 Fund Class I | 05/16/16 | 05/13/16 | $0.028 | $0.284 |
| Fidelity Advisor Freedom 2025 Fund Class I | 05/16/16 | 05/13/16 | $0.023 | $0.314 |
| Fidelity Advisor Freedom 2030 Fund Class I | 05/16/16 | 05/13/16 | $0.012 | $0.399 |
| Fidelity Advisor Freedom 2035 Fund Class I | 05/16/16 | 05/13/16 | $0.000 | $0.423 |
| Fidelity Advisor Freedom 2040 Fund Class I | 05/16/16 | 05/13/16 | $0.003 | $0.457 |
| Fidelity Advisor Freedom 2045 Fund Class I | 05/16/16 | 05/13/16 | $0.000 | $0.347 |
| Fidelity Advisor Freedom 2050 Fund Class I | 05/16/16 | 05/13/16 | $0.003 | $0.339 |
| Fidelity Advisor Freedom 2055 Fund Class I | 05/16/16 | 05/13/16 | $0.003 | $0.332 |
| Fidelity Advisor Freedom 2060 Fund Class I | 05/16/16 | 05/13/16 | $0.001 | $0.196 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2016, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Advisor Freedom Income Fund | $3,145,782 |
| Fidelity Advisor Freedom 2005 Fund | $5,758,757 |
| Fidelity Advisor Freedom 2010 Fund | $19,598,574 |
| Fidelity Advisor Freedom 2015 Fund | $47,634,337 |
| Fidelity Advisor Freedom 2020 Fund | $91,111,930 |
| Fidelity Advisor Freedom 2025 Fund | $103,804,816 |
| Fidelity Advisor Freedom 2030 Fund | $115,693,037 |
| Fidelity Advisor Freedom 2035 Fund | $93,847,010 |
| Fidelity Advisor Freedom 2040 Fund | $88,941,564 |
| Fidelity Advisor Freedom 2045 Fund | $46,826,303 |
| Fidelity Advisor Freedom 2050 Fund | $34,500,912 |
| Fidelity Advisor Freedom 2055 Fund | $10,441,995 |
| Fidelity Advisor Freedom 2060 Fund | $439,098 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
| Fidelity Advisor Freedom Income Fund | 3.47% |
| Fidelity Advisor Freedom 2005 Fund | 2.80% |
| Fidelity Advisor Freedom 2010 Fund | 2.20% |
| Fidelity Advisor Freedom 2015 Fund | 1.82% |
| Fidelity Advisor Freedom 2020 Fund | 1.53% |
| Fidelity Advisor Freedom 2025 Fund | 1.09% |
| Fidelity Advisor Freedom 2030 Fund | 0.45% |
| Fidelity Advisor Freedom 2035 Fund | 0.05% |
| Fidelity Advisor Freedom 2040 Fund | 0.05% |
| Fidelity Advisor Freedom 2045 Fund | 0.05% |
| Fidelity Advisor Freedom 2050 Fund | 0.05% |
| Fidelity Advisor Freedom 2055 Fund | 0.05% |
| Fidelity Advisor Freedom 2060 Fund | 0.05% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| | Class I |
| Fidelity Advisor Freedom Income Fund | |
| April 2015 | 0% |
| May 2015 (Ex Date 05/01/15) | 7% |
| May 2015 (Ex Date 05/08/15) | 16% |
| June 2015 | 13% |
| July 2015 | 13% |
| August 2015 | 14% |
| September 2015 | 13% |
| October 2015 | 13% |
| November 2015 | 13% |
| December 2015 | 15% |
| February 2016 | 0% |
| March 2016 | 0% |
| Fidelity Advisor Freedom 2005 Fund | |
| May 2015 | 4% |
| December 2015 | 22% |
| Fidelity Advisor Freedom 2010 Fund | |
| May 2015 | 8% |
| December 2015 | 25% |
| Fidelity Advisor Freedom 2015 Fund | |
| May 2015 | 1% |
| December 2015 | 29% |
| Fidelity Advisor Freedom 2020 Fund | |
| May 2015 | 5% |
| December 2015 | 30% |
| Fidelity Advisor Freedom 2025 Fund | |
| May 2015 | 2% |
| December 2015 | 36% |
| Fidelity Advisor Freedom 2030 Fund | |
| May 2015 | 11% |
| December 2015 | 43% |
| Fidelity Advisor Freedom 2035 Fund | |
| May 2015 | 15% |
| December 2015 | 52% |
| Fidelity Advisor Freedom 2040 Fund | |
| May 2015 | 14% |
| December 2015 | 50% |
| Fidelity Advisor Freedom 2045 Fund | |
| May 2015 | 18% |
| December 2015 | 47% |
| Fidelity Advisor Freedom 2050 Fund | |
| May 2015 | 20% |
| December 2015 | 49% |
| Fidelity Advisor Freedom 2055 Fund | |
| May 2015 | 11% |
| December 2015 | 49% |
| Fidelity Advisor Freedom 2060 Fund | |
| May 2015 | 5% |
| December 2015 | 50% |
|
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 I |
| Fidelity Advisor Freedom Income Fund | |
| April 2015 | 0% |
| May 2015 (Ex Date 05/01/15) | 10% |
| May 2015 (Ex Date 05/08/15) | 25% |
| June 2015 | 19% |
| July 2015 | 19% |
| August 2015 | 21% |
| September 2015 | 20% |
| October 2015 | 20% |
| November 2015 | 20% |
| December 2015 | 23% |
| February 2016 | 0% |
| March 2016 | 0% |
| Fidelity Advisor Freedom 2005 Fund | |
| May 2015 | 7% |
| December 2015 | 31% |
| Fidelity Advisor Freedom 2010 Fund | |
| May 2015 | 9% |
| December 2015 | 38% |
| Fidelity Advisor Freedom 2015 Fund | |
| May 2015 | 10% |
| December 2015 | 44% |
| Fidelity Advisor Freedom 2020 Fund | |
| May 2015 | 13% |
| December 2015 | 47% |
| Fidelity Advisor Freedom 2025 Fund | |
| May 2015 | 8% |
| December 2015 | 55% |
| Fidelity Advisor Freedom 2030 Fund | |
| May 2015 | 16% |
| December 2015 | 66% |
| Fidelity Advisor Freedom 2035 Fund | |
| May 2015 | 24% |
| December 2015 | 80% |
| Fidelity Advisor Freedom 2040 Fund | |
| May 2015 | 17% |
| December 2015 | 78% |
| Fidelity Advisor Freedom 2045 Fund | |
| May 2015 | 30% |
| December 2015 | 78% |
| Fidelity Advisor Freedom 2050 Fund | |
| May 2015 | 31% |
| December 2015 | 76% |
| Fidelity Advisor Freedom 2055 Fund | |
| May 2015 | 14% |
| December 2015 | 76% |
| Fidelity Advisor Freedom 2060 Fund | |
| May 2015 | 7% |
| December 2015 | 80% |
|
The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.
AFFI-ANN-0516
1.792115.112
Fidelity Freedom® Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Annual Report March 31, 2016 |
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 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. © 2016 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Freedom® Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® Income Fund | (0.45)% | 3.19% | 3.72% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Income Fund on March 31, 2006.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| | $14,407 Fidelity Freedom® Income Fund |
| | $16,128 Barclays® U.S. Aggregate Bond Index |
Fidelity Freedom® 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® 2005 Fund | (1.01)% | 3.85% | 3.86% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2005 Fund on March 31, 2006.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| | $14,598 Fidelity Freedom® 2005 Fund |
| | $16,128 Barclays® U.S. Aggregate Bond Index |
Fidelity Freedom® 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® 2010 Fund | (1.42)% | 4.59% | 4.39% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2010 Fund on March 31, 2006.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| | $15,361 Fidelity Freedom® 2010 Fund |
| | $16,128 Barclays® U.S. Aggregate Bond Index |
Fidelity Freedom® 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® 2015 Fund | (1.83)% | 4.75% | 4.35% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2015 Fund on March 31, 2006.
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.
| Period Ending Values |
| | $15,313 Fidelity Freedom® 2015 Fund |
| | $19,687 S&P 500® Index |
Fidelity Freedom® 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® 2020 Fund | (2.10)% | 4.91% | 4.22% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2020 Fund on March 31, 2006.
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.
| Period Ending Values |
| | $15,125 Fidelity Freedom® 2020 Fund |
| | $19,687 S&P 500® Index |
Fidelity Freedom® 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® 2025 Fund | (2.50)% | 5.42% | 4.47% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2025 Fund on March 31, 2006.
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.
| Period Ending Values |
| | $15,485 Fidelity Freedom® 2025 Fund |
| | $19,687 S&P 500® Index |
Fidelity Freedom® 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® 2030 Fund | (3.17)% | 5.53% | 4.18% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2030 Fund on March 31, 2006.
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.
| Period Ending Values |
| | $15,055 Fidelity Freedom® 2030 Fund |
| | $19,687 S&P 500® Index |
Fidelity Freedom® 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® 2035 Fund | (3.59)% | 5.70% | 4.25% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2035 Fund on March 31, 2006.
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.
| Period Ending Values |
| | $15,166 Fidelity Freedom® 2035 Fund |
| | $19,687 S&P 500® Index |
Fidelity Freedom® 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity Freedom® 2040 Fund | (3.62)% | 5.75% | 4.18% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2040 Fund on March 31, 2006.
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.
| Period Ending Values |
| | $15,059 Fidelity Freedom® 2040 Fund |
| | $19,687 S&P 500® Index |
Fidelity Freedom® 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® 2045 Fund | (3.59)% | 5.81% | 4.45% |
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.
| Period Ending Values |
| | $15,341 Fidelity Freedom® 2045 Fund |
| | $19,758 S&P 500® Index |
Fidelity Freedom® 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® 2050 Fund | (3.65)% | 5.73% | 4.24% |
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.
| Period Ending Values |
| | $15,051 Fidelity Freedom® 2050 Fund |
| | $19,758 S&P 500® Index |
Fidelity Freedom® 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Fidelity Freedom® 2055 Fund | (3.69)% | 6.17% |
A From June 1, 2011
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2055 Fund on June 1, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| | $13,360 Fidelity Freedom® 2055 Fund |
| | $17,384 S&P 500® Index |
Fidelity Freedom® 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Fidelity Freedom® 2060 Fund | (3.67)% | 1.40% |
A From August 5, 2014
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® 2060 Fund on August 5, 2014, 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.
| Period Ending Values |
| | $10,233 Fidelity Freedom® 2060 Fund |
| | $11,115 S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Around the globe, equities declined for the 12 months ending March 31, 2016. The Dow Jones U.S. Total Stock Market Index℠, a broad measure of U.S. equity performance, returned -0.43%. With no particular regional bias, the non-U.S. major-markets MSCI World ex USA Index fell further, returning -8.44%. And despite a robust, late-period rally, the MSCI Emerging Markets Index delivered a return of -11.70%.
Stocks took a late-summer dive on fear of an economic slowdown in China, recovering in October after the U.S. Federal Reserve delayed raising target interest rates until mid-December. A rate cut in China and stimulus in Europe also helped. Nevertheless, persistent commodity weakness and U.S.-dollar strength pushed many markets to their worst January in years. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies; the Fed added fuel by softening its schedule for future rate hikes.
Large-cap stocks handily outpaced small-caps in the U.S.; overseas, rankings reversed. Globally, growth bested value-oriented stocks. Volatility helped traditionally defensive sectors outperform cyclicals, while falling bond yields only strengthened demand within these same dividend-rich corners of the market - telecommunication services, utilities and consumer staples, in particular. Conversely, commodity-related sectors such as energy and materials declined substantially, despite an impressive turnaround near period end.
Fixed-income investors shunned riskier debt for much of the year. The Barclays
® U.S. Aggregate Bond Index rose 1.96%, led by Treasury and agency mortgage-backed securities; investment-grade corporate credit lagged. Emerging-markets debt and real estate income-oriented securities each had solid runs, ranking among the top-performing asset classes for the year. Meanwhile, high-yield bonds, as measured by The BofA Merrill Lynch US High Yield Constrained Index℠, returned -3.96%. A spirited, late-period comeback could not overcome earlier spread-widening.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2016, each Freedom Fund posted a negative return. Results moved along a spectrum, with nearer-term, more conservative Funds posting modest negatives and longer-dated, more aggressive Funds posting somewhat larger negatives. On a relative basis, each Fund lagged its respective Composite index by about a percentage point. (
For specific Fund results, please refer to the performance section of this report.) Overall, allocation decisions detracted from Composite-relative results, largely due to underweighting investment-grade debt. Allocations to portfolio diversifiers, such as the commodity and high-yield debt segments, also detracted; however, we believe such exposures remain important. Commodities may help protect against inflation, and Fund exposure to high-yield debt is an expression of value we see relative to investment-grade bonds. Selection effects also detracted, as the market proved challenging for a subset of underlying equity managers, particularly among U.S. growth-focused investments. In the non-U.S. equity asset class, both selection and allocation decisions contributed to relative results overall. At period end, our active positions align with a view that the U.S. economy is experiencing signs of late cycle. We believe the environment remains favorable to risk assets and supports the Funds’ modest overweightings in equities and corporate credit, underweightings in core fixed income. We recently increased Fund exposure to emerging-markets equities, Treasury Inflation-Protected Securities and commodities, while reducing exposure to nominal bonds.
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.
Fidelity Freedom® Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 0.6 | 0.7 |
| Fidelity Series 1000 Value Index Fund | 0.4 | 0.4 |
| Fidelity Series All-Sector Equity Fund | 1.9 | 2.1 |
| Fidelity Series Blue Chip Growth Fund | 1.3 | 1.5 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund | 2.6 | 2.8 |
| Fidelity Series Growth & Income Fund | 2.0 | 2.1 |
| Fidelity Series Growth Company Fund | 2.4 | 2.4 |
| Fidelity Series Intrinsic Opportunities Fund | 1.5 | 1.4 |
| Fidelity Series Opportunistic Insights Fund | 1.3 | 1.4 |
| Fidelity Series Real Estate Equity Fund | 0.2 | 0.2 |
| Fidelity Series Small Cap Discovery Fund | 0.3 | 0.4 |
| Fidelity Series Small Cap Opportunities Fund | 1.1 | 1.1 |
| Fidelity Series Stock Selector Large Cap Value Fund | 1.7 | 1.8 |
| | 18.5 | 19.1 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 4.4 | 3.3 |
| Fidelity Series International Growth Fund | 2.1 | 1.8 |
| Fidelity Series International Small Cap Fund | 0.5 | 0.4 |
| Fidelity Series International Value Fund | 2.0 | 1.9 |
| | 9.0 | 7.4 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.1 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.8 | 3.5 |
| Fidelity Series Investment Grade Bond Fund | 38.8 | 41.1 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 47.0 | 49.1 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 16.6 | 17.1 |
| Fidelity Series Short-Term Credit Fund | 8.9 | 7.3 |
| | 25.5 | 24.4 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 18.5% |
| | International Equity Funds | 9.0% |
| | Bond Funds | 47.0% |
| | Short-Term Funds | 25.5% |
| Six months ago |
| | Domestic Equity Funds | 19.1% |
| | International Equity Funds | 7.4% |
| | Bond Funds | 49.1% |
| | Short-Term Funds | 24.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Income Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 18.5% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 994,894 | $13,381,328 |
| Fidelity Series 1000 Value Index Fund (a) | | 729,596 | 7,536,729 |
| Fidelity Series All-Sector Equity Fund (a) | | 3,351,101 | 42,190,365 |
| Fidelity Series Blue Chip Growth Fund (a) | | 2,698,218 | 29,248,682 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 5,483,541 | 26,814,515 |
| Fidelity Series Equity-Income Fund (a) | | 4,935,968 | 56,664,913 |
| Fidelity Series Growth & Income Fund (a) | | 3,499,677 | 43,465,994 |
| Fidelity Series Growth Company Fund (a) | | 4,266,220 | 52,047,879 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 2,345,385 | 33,163,750 |
| Fidelity Series Opportunistic Insights Fund (a) | | 1,942,575 | 28,245,045 |
| Fidelity Series Real Estate Equity Fund (a) | | 369,230 | 5,209,839 |
| Fidelity Series Small Cap Discovery Fund (a) | | 738,893 | 7,366,759 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 1,880,861 | 22,720,796 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 3,399,188 | 37,527,034 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $357,449,255) | | | 405,583,628 |
|
| International Equity Funds - 9.0% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 6,489,084 | 96,622,467 |
| Fidelity Series International Growth Fund (a) | | 3,340,030 | 44,489,196 |
| Fidelity Series International Small Cap Fund (a) | | 742,168 | 11,162,200 |
| Fidelity Series International Value Fund (a) | | 4,834,599 | 44,139,893 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $186,418,941) | | | 196,413,756 |
|
| Bond Funds - 47.0% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,445,505 | 13,717,841 |
| Fidelity Series Floating Rate High Income Fund (a) | | 603,412 | 5,418,638 |
| Fidelity Series High Income Fund (a) | | 7,613,860 | 66,012,169 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 8,387,087 | 82,864,420 |
| Fidelity Series Investment Grade Bond Fund (a) | | 75,018,781 | 847,712,225 |
| Fidelity Series Real Estate Income Fund (a) | | 972,295 | 10,578,572 |
| TOTAL BOND FUNDS | | | |
| (Cost $992,698,830) | | | 1,026,303,865 |
|
| Short-Term Funds - 25.5% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 361,804,933 | 361,804,933 |
| Fidelity Series Short-Term Credit Fund (a) | | 19,509,427 | 194,899,180 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $556,592,777) | | | 556,704,113 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,093,159,803) | | | 2,185,005,362 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (11,514) |
| NET ASSETS - 100% | | | $2,184,993,848 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $340,763,561 | $168,485,403 | $147,444,031 | $841,772 | $361,804,933 |
| Fidelity Series 100 Index Fund | 15,620,377 | 1,902,780 | 4,407,120 | 320,933 | 13,381,328 |
| Fidelity Series 1000 Value Index Fund | 8,853,201 | 1,507,486 | 2,214,260 | 193,699 | 7,536,729 |
| Fidelity Series All-Sector Equity Fund | 50,767,019 | 11,426,432 | 14,947,010 | 408,442 | 42,190,365 |
| Fidelity Series Blue Chip Growth Fund | 39,279,781 | 10,313,671 | 15,382,085 | 40,292 | 29,248,682 |
| Fidelity Series Commodity Strategy Fund | 20,207,136 | 14,250,221 | 4,292,658 | -- | 26,814,515 |
| Fidelity Series Emerging Markets Debt Fund | 15,314,992 | 1,113,657 | 2,367,013 | 886,009 | 13,717,841 |
| Fidelity Series Emerging Markets Fund | 67,776,831 | 47,123,231 | 11,058,580 | 977,970 | 96,622,467 |
| Fidelity Series Equity-Income Fund | 66,567,935 | 11,631,071 | 15,849,174 | 1,655,768 | 56,664,913 |
| Fidelity Series Floating Rate High Income Fund | 12,347,894 | 611,095 | 7,056,743 | 334,494 | 5,418,638 |
| Fidelity Series Growth & Income Fund | 50,666,205 | 10,147,900 | 13,424,195 | 940,177 | 43,465,994 |
| Fidelity Series Growth Company Fund | 60,387,580 | 163,637 | 6,847,226 | 136,590 | 52,047,879 |
| Fidelity Series High Income Fund | 84,408,172 | 9,157,322 | 18,672,261 | 4,364,922 | 66,012,169 |
| Fidelity Series Inflation-Protected Bond Index Fund | 86,766,870 | 7,851,248 | 12,819,117 | 42,681 | 82,864,420 |
| Fidelity Series International Growth Fund | 49,146,790 | 14,664,662 | 16,835,082 | 423,116 | 44,489,196 |
| Fidelity Series International Small Cap Fund | 11,302,150 | 3,307,895 | 3,198,369 | 80,820 | 11,162,200 |
| Fidelity Series International Value Fund | 48,823,702 | 15,106,118 | 16,067,902 | 797,408 | 44,139,893 |
| Fidelity Series Intrinsic Opportunities Fund | 34,063,092 | 2,788,261 | 1,626,902 | 510,123 | 33,163,750 |
| Fidelity Series Investment Grade Bond Fund | 1,029,999,184 | 48,871,618 | 206,309,348 | 26,602,512 | 847,712,225 |
| Fidelity Series Opportunistic Insights Fund | 32,989,272 | 6,088,956 | 9,325,954 | 7,539 | 28,245,045 |
| Fidelity Series Real Estate Equity Fund | 6,123,519 | 1,302,745 | 1,854,518 | 98,270 | 5,209,839 |
| Fidelity Series Real Estate Income Fund | 12,126,833 | 770,493 | 1,885,563 | 529,920 | 10,578,572 |
| Fidelity Series Short-Term Credit Fund | 258,980,352 | 59,710,858 | 123,558,311 | 2,026,447 | 194,899,180 |
| Fidelity Series Small Cap Discovery Fund | 8,977,011 | 1,252,157 | 1,825,377 | 15,303 | 7,366,759 |
| Fidelity Series Small Cap Opportunities Fund | 27,030,652 | 5,353,243 | 6,680,422 | 95,951 | 22,720,796 |
| Fidelity Series Stock Selector Large Cap Value Fund | 44,403,641 | 10,408,497 | 11,214,793 | 624,500 | 37,527,034 |
| Total | $2,483,693,752 | $465,310,657 | $677,164,014 | $42,955,658 | $2,185,005,362 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,093,159,803) — See accompanying schedule | | $2,185,005,362 |
| Cash | | 14 |
| Receivable for investments sold | | 36,071,578 |
| Receivable for fund shares sold | | 1,138,157 |
| Total assets | | 2,222,215,111 |
| Liabilities | | |
| Payable for investments purchased | $34,317,826 | |
| Payable for fund shares redeemed | 2,903,437 | |
| Total liabilities | | 37,221,263 |
| Net Assets | | $2,184,993,848 |
| Net Assets consist of: | | |
| Paid in capital | | $2,079,293,446 |
| Undistributed net investment income | | 3,104,454 |
| Accumulated undistributed net realized gain (loss) on investments | | 10,750,389 |
| Net unrealized appreciation (depreciation) on investments | | 91,845,559 |
| Net Assets, for 194,003,979 shares outstanding | | $2,184,993,848 |
| Net Asset Value, offering price and redemption price per share ($2,184,993,848 ÷ 194,003,979 shares) | | $11.26 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $42,955,658 |
| Expenses | | |
| Independent trustees' compensation | $9,877 | |
| Total expenses before reductions | 9,877 | |
| Expense reductions | (9,877) | – |
| Net investment income (loss) | | 42,955,658 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 4,187,369 | |
| Capital gain distributions from underlying funds | 30,802,152 | |
| Total net realized gain (loss) | | 34,989,521 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (91,022,412) |
| Net gain (loss) | | (56,032,891) |
| Net increase (decrease) in net assets resulting from operations | | $(13,077,233) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $42,955,658 | $41,649,143 |
| Net realized gain (loss) | 34,989,521 | 38,324,799 |
| Change in net unrealized appreciation (depreciation) | (91,022,412) | 12,186,519 |
| Net increase (decrease) in net assets resulting from operations | (13,077,233) | 92,160,461 |
| Distributions to shareholders from net investment income | (43,111,926) | (41,088,085) |
| Distributions to shareholders from net realized gain | (44,541,931) | (68,781,810) |
| Total distributions | (87,653,857) | (109,869,895) |
| Share transactions | | |
| Proceeds from sales of shares | 340,518,385 | 417,211,028 |
| Net asset value of shares issued in exchange for the net assets of Fidelity Freedom 2000 Fund (note 7) | – | 811,551,284 |
| Reinvestment of distributions | 86,153,088 | 108,253,529 |
| Cost of shares redeemed | (624,794,718) | (770,668,399) |
| Net increase (decrease) in net assets resulting from share transactions | (198,123,245) | 566,347,442 |
| Total increase (decrease) in net assets | (298,854,335) | 548,638,008 |
| Net Assets | | |
| Beginning of period | 2,483,848,183 | 1,935,210,175 |
| End of period (including undistributed net investment income of $3,104,454 and undistributed net investment income of $3,358,995, respectively) | $2,184,993,848 | $2,483,848,183 |
| Other Information | | |
| Shares | | |
| Sold | 29,980,171 | 35,672,865 |
| Issued in exchange for the shares of Fidelity Freedom 2000 Fund (note 7) | – | 69,244,991 |
| Issued in reinvestment of distributions | 7,584,354 | 9,327,503 |
| Redeemed | (54,997,625) | (65,948,473) |
| Net increase (decrease) | (17,433,100) | 48,296,886 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Income Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.75 | $11.86 | $11.91 | $11.60 | $11.48 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .21 | .21 | .16 | .15 | .18 |
| Net realized and unrealized gain (loss) | (.27) | .28 | .30 | .40 | .21 |
| Total from investment operations | (.06) | .49 | .46 | .55 | .39 |
| Distributions from net investment income | (.21) | (.20) | (.16) | (.16) | (.19) |
| Distributions from net realized gain | (.22) | (.40) | (.35) | (.08) | (.08) |
| Total distributions | (.43) | (.60) | (.51) | (.24) | (.27) |
| Net asset value, end of period | $11.26 | $11.75 | $11.86 | $11.91 | $11.60 |
| Total ReturnB | (.45)% | 4.31% | 3.95% | 4.79% | 3.47% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductionsE | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.86% | 1.77% | 1.37% | 1.32% | 1.58% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,184,994 | $2,483,848 | $1,935,210 | $2,191,666 | $2,383,705 |
| Portfolio turnover rateC | 20% | 26%F | 31% | 14% | 20% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
E Amount represents less than .005%.
F The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 0.9 | 1.0 |
| Fidelity Series 1000 Value Index Fund | 0.5 | 0.6 |
| Fidelity Series All-Sector Equity Fund | 2.9 | 3.2 |
| Fidelity Series Blue Chip Growth Fund | 2.0 | 2.3 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund | 3.9 | 4.2 |
| Fidelity Series Growth & Income Fund | 3.0 | 3.2 |
| Fidelity Series Growth Company Fund | 3.6 | 3.7 |
| Fidelity Series Intrinsic Opportunities Fund | 2.3 | 2.1 |
| Fidelity Series Opportunistic Insights Fund | 2.0 | 2.1 |
| Fidelity Series Real Estate Equity Fund | 0.4 | 0.4 |
| Fidelity Series Small Cap Discovery Fund | 0.5 | 0.5 |
| Fidelity Series Small Cap Opportunities Fund | 1.6 | 1.7 |
| Fidelity Series Stock Selector Large Cap Value Fund | 2.6 | 2.7 |
| | 27.4 | 28.5 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 5.5 | 4.3 |
| Fidelity Series International Growth Fund | 3.4 | 3.3 |
| Fidelity Series International Small Cap Fund | 0.8 | 0.8 |
| Fidelity Series International Value Fund | 3.3 | 3.3 |
| | 13.0 | 11.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.2 |
| Fidelity Series High Income Fund | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.3 | 3.1 |
| Fidelity Series Investment Grade Bond Fund | 34.5 | 36.4 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 42.1 | 44.0 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 11.4 | 11.1 |
| Fidelity Series Short-Term Credit Fund | 6.1 | 4.7 |
| | 17.5 | 15.8 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 27.4% |
| | International Equity Funds | 13.0% |
| | Bond Funds | 42.1% |
| | Short-Term Funds | 17.5% |
| Six months ago |
| | Domestic Equity Funds | 28.5% |
| | International Equity Funds | 11.7% |
| | Bond Funds | 44.0% |
| | Short-Term Funds | 15.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2005 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 27.4% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 398,894 | $5,365,127 |
| Fidelity Series 1000 Value Index Fund (a) | | 292,516 | 3,021,695 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,343,537 | 16,915,125 |
| Fidelity Series Blue Chip Growth Fund (a) | | 1,081,766 | 11,726,340 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 1,456,076 | 7,120,211 |
| Fidelity Series Equity-Income Fund (a) | | 1,978,977 | 22,718,658 |
| Fidelity Series Growth & Income Fund (a) | | 1,403,141 | 17,427,013 |
| Fidelity Series Growth Company Fund (a) | | 1,712,784 | 20,895,964 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 937,050 | 13,249,891 |
| Fidelity Series Opportunistic Insights Fund (a) | | 778,858 | 11,324,594 |
| Fidelity Series Real Estate Equity Fund (a) | | 148,028 | 2,088,673 |
| Fidelity Series Small Cap Discovery Fund (a) | | 299,451 | 2,985,525 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 754,111 | 9,109,662 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 1,362,917 | 15,046,600 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $151,114,974) | | | 158,995,078 |
|
| International Equity Funds - 13.0% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 2,138,857 | 31,847,587 |
| Fidelity Series International Growth Fund (a) | | 1,470,037 | 19,580,892 |
| Fidelity Series International Small Cap Fund (a) | | 320,704 | 4,823,384 |
| Fidelity Series International Value Fund (a) | | 2,128,132 | 19,429,842 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $77,122,309) | | | 75,681,705 |
|
| Bond Funds - 42.1% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 386,100 | 3,664,088 |
| Fidelity Series Floating Rate High Income Fund (a) | | 160,010 | 1,436,893 |
| Fidelity Series High Income Fund (a) | | 1,999,559 | 17,336,181 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,949,438 | 19,260,452 |
| Fidelity Series Investment Grade Bond Fund (a) | | 17,713,111 | 200,158,154 |
| Fidelity Series Real Estate Income Fund (a) | | 261,028 | 2,839,983 |
| TOTAL BOND FUNDS | | | |
| (Cost $251,168,462) | | | 244,695,751 |
|
| Short-Term Funds - 17.5% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 65,892,539 | 65,892,539 |
| Fidelity Series Short-Term Credit Fund (a) | | 3,549,893 | 35,463,434 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $101,340,055) | | | 101,355,973 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $580,745,800) | | | 580,728,507 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (2,038) |
| NET ASSETS - 100% | | | $580,726,469 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $53,736,658 | $37,670,862 | $25,514,980 | $146,726 | $65,892,539 |
| Fidelity Series 100 Index Fund | 6,275,981 | 810,811 | 1,823,967 | 128,732 | 5,365,127 |
| Fidelity Series 1000 Value Index Fund | 3,574,116 | 596,927 | 904,122 | 77,861 | 3,021,695 |
| Fidelity Series All-Sector Equity Fund | 20,495,442 | 4,331,598 | 5,881,664 | 163,833 | 16,915,125 |
| Fidelity Series Blue Chip Growth Fund | 15,854,437 | 4,487,385 | 6,668,614 | 15,975 | 11,726,340 |
| Fidelity Series Commodity Strategy Fund | 5,054,896 | 3,773,503 | 829,845 | -- | 7,120,211 |
| Fidelity Series Emerging Markets Debt Fund | 4,099,321 | 381,623 | 725,943 | 235,742 | 3,664,088 |
| Fidelity Series Emerging Markets Fund | 25,272,843 | 12,741,549 | 3,408,485 | 337,753 | 31,847,587 |
| Fidelity Series Equity-Income Fund | 26,831,691 | 4,805,632 | 6,640,877 | 662,090 | 22,718,658 |
| Fidelity Series Floating Rate High Income Fund | 3,170,407 | 199,999 | 1,809,658 | 85,944 | 1,436,893 |
| Fidelity Series Growth & Income Fund | 20,454,897 | 3,959,245 | 5,415,734 | 375,843 | 17,427,013 |
| Fidelity Series Growth Company Fund | 24,102,011 | 84,745 | 2,642,058 | 54,288 | 20,895,964 |
| Fidelity Series High Income Fund | 22,117,636 | 2,236,032 | 4,655,321 | 1,150,507 | 17,336,181 |
| Fidelity Series Inflation-Protected Bond Index Fund | 19,420,974 | 2,632,346 | 3,046,767 | 9,723 | 19,260,452 |
| Fidelity Series International Growth Fund | 22,606,868 | 4,832,875 | 6,566,187 | 206,820 | 19,580,892 |
| Fidelity Series International Small Cap Fund | 5,149,802 | 1,119,390 | 1,280,553 | 39,541 | 4,823,384 |
| Fidelity Series International Value Fund | 22,223,858 | 5,018,656 | 5,993,267 | 389,471 | 19,429,842 |
| Fidelity Series Intrinsic Opportunities Fund | 13,666,097 | 1,407,281 | 1,021,123 | 201,826 | 13,249,891 |
| Fidelity Series Investment Grade Bond Fund | 233,440,707 | 18,510,827 | 46,124,705 | 6,167,618 | 200,158,154 |
| Fidelity Series Opportunistic Insights Fund | 13,309,437 | 2,419,159 | 3,801,099 | 3,024 | 11,324,594 |
| Fidelity Series Real Estate Equity Fund | 2,432,048 | 531,312 | 728,270 | 39,217 | 2,088,673 |
| Fidelity Series Real Estate Income Fund | 3,096,582 | 282,469 | 425,848 | 140,058 | 2,839,983 |
| Fidelity Series Short-Term Credit Fund | 40,926,018 | 12,845,853 | 18,278,984 | 342,022 | 35,463,434 |
| Fidelity Series Small Cap Discovery Fund | 3,620,151 | 514,234 | 733,711 | 6,173 | 2,985,525 |
| Fidelity Series Small Cap Opportunities Fund | 10,844,701 | 2,075,757 | 2,626,580 | 37,996 | 9,109,662 |
| Fidelity Series Stock Selector Large Cap Value Fund | 17,918,432 | 4,214,342 | 4,645,367 | 251,830 | 15,046,600 |
| Total | $639,696,011 | $132,484,412 | $162,193,729 | $11,270,613 | $580,728,507 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $580,745,800) — See accompanying schedule | | $580,728,507 |
| Cash | | 1 |
| Receivable for investments sold | | 10,034,045 |
| Receivable for fund shares sold | | 161,259 |
| Total assets | | 590,923,812 |
| Liabilities | | |
| Payable for investments purchased | $9,313,205 | |
| Payable for fund shares redeemed | 884,138 | |
| Total liabilities | | 10,197,343 |
| Net Assets | | $580,726,469 |
| Net Assets consist of: | | |
| Paid in capital | | $576,801,790 |
| Undistributed net investment income | | 1,858,864 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,083,108 |
| Net unrealized appreciation (depreciation) on investments | | (17,293) |
| Net Assets, for 49,801,378 shares outstanding | | $580,726,469 |
| Net Asset Value, offering price and redemption price per share ($580,726,469 ÷ 49,801,378 shares) | | $11.66 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $11,270,613 |
| Expenses | | |
| Independent trustees' compensation | $2,577 | |
| Total expenses before reductions | 2,577 | |
| Expense reductions | (2,577) | – |
| Net investment income (loss) | | 11,270,613 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (2,216,026) | |
| Capital gain distributions from underlying funds | 11,230,974 | |
| Total net realized gain (loss) | | 9,014,948 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (27,042,171) |
| Net gain (loss) | | (18,027,223) |
| Net increase (decrease) in net assets resulting from operations | | $(6,756,610) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $11,270,613 | $11,679,596 |
| Net realized gain (loss) | 9,014,948 | 14,270,991 |
| Change in net unrealized appreciation (depreciation) | (27,042,171) | 7,790,686 |
| Net increase (decrease) in net assets resulting from operations | (6,756,610) | 33,741,273 |
| Distributions to shareholders from net investment income | (11,241,531) | (11,888,764) |
| Distributions to shareholders from net realized gain | (11,940,080) | (8,829,757) |
| Total distributions | (23,181,611) | (20,718,521) |
| Share transactions | | |
| Proceeds from sales of shares | 93,826,166 | 116,890,373 |
| Reinvestment of distributions | 23,010,988 | 20,575,995 |
| Cost of shares redeemed | (145,895,309) | (179,752,812) |
| Net increase (decrease) in net assets resulting from share transactions | (29,058,155) | (42,286,444) |
| Total increase (decrease) in net assets | (58,996,376) | (29,263,692) |
| Net Assets | | |
| Beginning of period | 639,722,845 | 668,986,537 |
| End of period (including undistributed net investment income of $1,858,864 and undistributed net investment income of $1,901,792, respectively) | $580,726,469 | $639,722,845 |
| Other Information | | |
| Shares | | |
| Sold | 7,967,595 | 9,595,185 |
| Issued in reinvestment of distributions | 1,953,066 | 1,709,561 |
| Redeemed | (12,384,046) | (14,764,112) |
| Net increase (decrease) | (2,463,385) | (3,459,366) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2005 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.24 | $12.01 | $11.53 | $11.11 | $11.13 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .22 | .16 | .15 | .17 |
| Net realized and unrealized gain (loss) | (.34) | .40 | .58 | .51 | .12 |
| Total from investment operations | (.12) | .62 | .74 | .66 | .29 |
| Distributions from net investment income | (.22) | (.23) | (.15) | (.17) | (.18) |
| Distributions from net realized gain | (.23) | (.17) | (.10) | (.07) | (.13) |
| Total distributions | (.46)B | (.39)C | (.26)D | (.24) | (.31) |
| Net asset value, end of period | $11.66 | $12.24 | $12.01 | $11.53 | $11.11 |
| Total ReturnE | (1.01)% | 5.26% | 6.43% | 5.99% | 2.76% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductionsH | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.87% | 1.79% | 1.38% | 1.38% | 1.58% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $580,726 | $639,723 | $668,987 | $704,183 | $797,849 |
| Portfolio turnover rateF | 22% | 23% | 44% | 22% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.46 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $.234 per share.
C Total distributions of $.39 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.168 per share.
D Total distributions of $.26 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.103 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 1.2 | 1.2 |
| Fidelity Series 1000 Value Index Fund | 0.7 | 0.7 |
| Fidelity Series All-Sector Equity Fund | 3.6 | 3.9 |
| Fidelity Series Blue Chip Growth Fund | 2.5 | 2.8 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund | 4.8 | 5.1 |
| Fidelity Series Growth & Income Fund | 3.7 | 3.9 |
| Fidelity Series Growth Company Fund | 4.5 | 4.6 |
| Fidelity Series Intrinsic Opportunities Fund | 2.8 | 2.7 |
| Fidelity Series Opportunistic Insights Fund | 2.4 | 2.6 |
| Fidelity Series Real Estate Equity Fund | 0.5 | 0.5 |
| Fidelity Series Small Cap Discovery Fund | 0.6 | 0.7 |
| Fidelity Series Small Cap Opportunities Fund | 1.9 | 2.0 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.2 | 3.3 |
| | 33.6 | 34.8 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 6.3 | 5.1 |
| Fidelity Series International Growth Fund | 4.3 | 4.2 |
| Fidelity Series International Small Cap Fund | 1.1 | 1.0 |
| Fidelity Series International Value Fund | 4.3 | 4.3 |
| | 16.0 | 14.6 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 2.7 | 2.4 |
| Fidelity Series Investment Grade Bond Fund | 31.4 | 33.2 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 38.4 | 40.2 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 7.8 | 7.3 |
| Fidelity Series Short-Term Credit Fund | 4.2 | 3.1 |
| | 12.0 | 10.4 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 33.6% |
| | International Equity Funds | 16.0% |
| | Bond Funds | 38.4% |
| | Short-Term Funds | 12.0% |
| Six months ago |
| | Domestic Equity Funds | 34.8% |
| | International Equity Funds | 14.6% |
| | Bond Funds | 40.2% |
| | Short-Term Funds | 10.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2010 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 33.6% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 3,631,882 | $48,848,820 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,663,348 | 27,512,386 |
| Fidelity Series All-Sector Equity Fund (a) | | 12,232,845 | 154,011,522 |
| Fidelity Series Blue Chip Growth Fund (a) | | 9,849,269 | 106,766,081 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 10,682,452 | 52,237,192 |
| Fidelity Series Equity-Income Fund (a) | | 18,018,485 | 206,852,207 |
| Fidelity Series Growth & Income Fund (a) | | 12,775,317 | 158,669,435 |
| Fidelity Series Growth Company Fund (a) | | 15,592,314 | 190,226,232 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 8,476,668 | 119,860,088 |
| Fidelity Series Opportunistic Insights Fund (a) | | 7,091,494 | 103,110,321 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,347,848 | 19,018,140 |
| Fidelity Series Small Cap Discovery Fund (a) | | 2,720,723 | 27,125,610 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,865,697 | 82,937,621 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 12,409,103 | 136,996,500 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,294,403,854) | | | 1,434,172,155 |
|
| International Equity Funds - 16.0% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 18,069,770 | 269,058,869 |
| Fidelity Series International Growth Fund (a) | | 13,828,694 | 184,198,204 |
| Fidelity Series International Small Cap Fund (a) | | 2,997,403 | 45,080,936 |
| Fidelity Series International Value Fund (a) | | 20,021,463 | 182,795,955 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $678,502,676) | | | 681,133,964 |
|
| Bond Funds - 38.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,863,897 | 27,178,382 |
| Fidelity Series Floating Rate High Income Fund (a) | | 1,162,211 | 10,436,653 |
| Fidelity Series High Income Fund (a) | | 14,706,548 | 127,505,770 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 11,548,091 | 114,095,136 |
| Fidelity Series Investment Grade Bond Fund (a) | | 118,802,223 | 1,342,465,122 |
| Fidelity Series Real Estate Income Fund (a) | | 1,936,222 | 21,066,095 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,684,006,390) | | | 1,642,747,158 |
|
| Short-Term Funds - 12.0% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 333,794,019 | 333,794,019 |
| Fidelity Series Short-Term Credit Fund (a) | | 17,950,301 | 179,323,503 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $513,073,822) | | | 513,117,522 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $4,169,986,742) | | | 4,271,170,799 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (20,168) |
| NET ASSETS - 100% | | | $4,271,150,631 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $263,421,239 | $211,895,569 | $141,522,788 | $721,091 | $333,794,019 |
| Fidelity Series 100 Index Fund | 59,131,612 | 3,903,485 | 15,047,560 | 1,175,661 | 48,848,820 |
| Fidelity Series 1000 Value Index Fund | 33,564,594 | 3,902,596 | 7,640,847 | 710,731 | 27,512,386 |
| Fidelity Series All-Sector Equity Fund | 193,087,366 | 30,734,253 | 50,857,461 | 1,496,218 | 154,011,522 |
| Fidelity Series Blue Chip Growth Fund | 149,722,505 | 39,229,631 | 64,201,026 | 147,792 | 106,766,081 |
| Fidelity Series Commodity Strategy Fund | 38,858,253 | 25,874,670 | 5,807,335 | -- | 52,237,192 |
| Fidelity Series Emerging Markets Debt Fund | 31,680,969 | 1,881,164 | 5,676,325 | 1,787,358 | 27,178,382 |
| Fidelity Series Emerging Markets Fund | 233,896,417 | 93,399,456 | 31,773,864 | 2,928,792 | 269,058,869 |
| Fidelity Series Equity-Income Fund | 252,480,161 | 33,728,751 | 57,967,763 | 6,132,610 | 206,852,207 |
| Fidelity Series Floating Rate High Income Fund | 24,469,351 | 788,575 | 13,879,903 | 652,844 | 10,436,653 |
| Fidelity Series Growth & Income Fund | 192,631,386 | 27,840,389 | 46,887,556 | 3,485,255 | 158,669,435 |
| Fidelity Series Growth Company Fund | 227,940,501 | 500,574 | 32,281,583 | 500,574 | 190,226,232 |
| Fidelity Series High Income Fund | 168,770,946 | 11,718,078 | 35,079,661 | 8,646,384 | 127,505,770 |
| Fidelity Series Inflation-Protected Bond Index Fund | 118,860,726 | 14,831,747 | 21,090,329 | 58,690 | 114,095,136 |
| Fidelity Series International Growth Fund | 221,349,699 | 32,024,774 | 56,209,120 | 2,004,473 | 184,198,204 |
| Fidelity Series International Small Cap Fund | 50,428,068 | 7,603,817 | 11,249,642 | 382,844 | 45,080,936 |
| Fidelity Series International Value Fund | 217,597,409 | 33,368,480 | 50,257,321 | 3,777,385 | 182,795,955 |
| Fidelity Series Intrinsic Opportunities Fund | 128,797,023 | 7,073,338 | 8,483,870 | 1,867,734 | 119,860,088 |
| Fidelity Series Investment Grade Bond Fund | 1,652,709,077 | 78,201,676 | 348,002,358 | 42,519,254 | 1,342,465,122 |
| Fidelity Series Opportunistic Insights Fund | 125,649,909 | 16,399,774 | 33,349,409 | 27,619 | 103,110,321 |
| Fidelity Series Real Estate Equity Fund | 23,129,058 | 4,056,211 | 6,756,267 | 361,575 | 19,018,140 |
| Fidelity Series Real Estate Income Fund | 24,013,368 | 1,330,075 | 3,405,100 | 1,060,550 | 21,066,095 |
| Fidelity Series Short-Term Credit Fund | 202,708,753 | 62,232,480 | 85,437,791 | 1,708,254 | 179,323,503 |
| Fidelity Series Small Cap Discovery Fund | 34,215,045 | 3,334,494 | 6,550,291 | 56,702 | 27,125,610 |
| Fidelity Series Small Cap Opportunities Fund | 102,203,374 | 14,992,822 | 23,194,357 | 347,910 | 82,937,621 |
| Fidelity Series Stock Selector Large Cap Value Fund | 169,158,331 | 28,066,999 | 37,486,642 | 2,297,774 | 136,996,500 |
| Total | $4,940,475,140 | $788,913,878 | $1,200,096,169 | $84,856,074 | $4,271,170,799 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $4,169,986,742) — See accompanying schedule | | $4,271,170,799 |
| Cash | | 1 |
| Receivable for investments sold | | 69,866,215 |
| Receivable for fund shares sold | | 712,919 |
| Other receivables | | 61,281 |
| Total assets | | 4,341,811,215 |
| Liabilities | | |
| Payable for investments purchased | $61,142,527 | |
| Payable for fund shares redeemed | 9,456,776 | |
| Other payables and accrued expenses | 61,281 | |
| Total liabilities | | 70,660,584 |
| Net Assets | | $4,271,150,631 |
| Net Assets consist of: | | |
| Paid in capital | | $4,125,720,220 |
| Undistributed net investment income | | 12,144,285 |
| Accumulated undistributed net realized gain (loss) on investments | | 32,102,069 |
| Net unrealized appreciation (depreciation) on investments | | 101,184,057 |
| Net Assets, for 289,643,472 shares outstanding | | $4,271,150,631 |
| Net Asset Value, offering price and redemption price per share ($4,271,150,631 ÷ 289,643,472 shares) | | $14.75 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $84,856,074 |
| Expenses | | |
| Independent trustees' compensation | $19,546 | |
| Total expenses before reductions | 19,546 | |
| Expense reductions | (19,546) | – |
| Net investment income (loss) | | 84,856,074 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 10,308,391 | |
| Capital gain distributions from underlying funds | 99,472,441 | |
| Total net realized gain (loss) | | 109,780,832 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (268,430,453) |
| Net gain (loss) | | (158,649,621) |
| Net increase (decrease) in net assets resulting from operations | | $(73,793,547) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $84,856,074 | $93,364,908 |
| Net realized gain (loss) | 109,780,832 | 121,563,147 |
| Change in net unrealized appreciation (depreciation) | (268,430,453) | 81,235,546 |
| Net increase (decrease) in net assets resulting from operations | (73,793,547) | 296,163,601 |
| Distributions to shareholders from net investment income | (85,567,414) | (95,294,381) |
| Distributions to shareholders from net realized gain | (148,122,283) | (121,157,748) |
| Total distributions | (233,689,697) | (216,452,129) |
| Share transactions | | |
| Proceeds from sales of shares | 515,188,222 | 643,396,098 |
| Reinvestment of distributions | 230,831,705 | 214,226,048 |
| Cost of shares redeemed | (1,107,976,208) | (1,416,664,920) |
| Net increase (decrease) in net assets resulting from share transactions | (361,956,281) | (559,042,774) |
| Total increase (decrease) in net assets | (669,439,525) | (479,331,302) |
| Net Assets | | |
| Beginning of period | 4,940,590,156 | 5,419,921,458 |
| End of period (including undistributed net investment income of $12,144,285 and undistributed net investment income of $13,928,125, respectively) | $4,271,150,631 | $4,940,590,156 |
| Other Information | | |
| Shares | | |
| Sold | 34,147,494 | 41,281,295 |
| Issued in reinvestment of distributions | 15,340,249 | 13,915,072 |
| Redeemed | (73,632,012) | (90,929,728) |
| Net increase (decrease) | (24,144,269) | (35,733,361) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2010 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.75 | $15.51 | $14.67 | $13.99 | $14.05 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .28 | .28 | .22 | .22 | .23 |
| Net realized and unrealized gain (loss) | (.50) | .62 | .99 | .80 | .17 |
| Total from investment operations | (.22) | .90 | 1.21 | 1.02 | .40 |
| Distributions from net investment income | (.29) | (.29) | (.21) | (.24) | (.26) |
| Distributions from net realized gain | (.49) | (.36) | (.16) | (.10) | (.20) |
| Total distributions | (.78) | (.66)B | (.37) | (.34) | (.46) |
| Net asset value, end of period | $14.75 | $15.75 | $15.51 | $14.67 | $13.99 |
| Total ReturnC | (1.42)% | 5.91% | 8.31% | 7.43% | 3.01% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.86% | 1.81% | 1.43% | 1.54% | 1.67% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $4,271,151 | $4,940,590 | $5,419,921 | $5,879,292 | $7,060,086 |
| Portfolio turnover rateD | 17% | 18% | 35% | 19% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.66 per share is comprised of distributions from net investment income of $.294 and distributions from net realized gain of $.361 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 1.4 | 1.4 |
| Fidelity Series 1000 Value Index Fund | 0.8 | 0.8 |
| Fidelity Series All-Sector Equity Fund | 4.3 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 3.0 | 3.2 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund | 5.7 | 6.0 |
| Fidelity Series Growth & Income Fund | 4.4 | 4.6 |
| Fidelity Series Growth Company Fund | 5.3 | 5.5 |
| Fidelity Series Intrinsic Opportunities Fund | 3.3 | 3.1 |
| Fidelity Series Opportunistic Insights Fund | 2.9 | 3.0 |
| Fidelity Series Real Estate Equity Fund | 0.5 | 0.6 |
| Fidelity Series Small Cap Discovery Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund | 2.3 | 2.4 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.8 | 3.9 |
| | 39.7 | 40.7 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 6.9 | 5.6 |
| Fidelity Series International Growth Fund | 5.2 | 5.1 |
| Fidelity Series International Small Cap Fund | 1.3 | 1.2 |
| Fidelity Series International Value Fund | 5.2 | 5.2 |
| | 18.6 | 17.1 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 1.9 | 1.6 |
| Fidelity Series Investment Grade Bond Fund | 28.5 | 30.3 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 34.7 | 36.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 4.6 | 3.9 |
| Fidelity Series Short-Term Credit Fund | 2.4 | 1.7 |
| | 7.0 | 5.6 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.7% |
| | International Equity Funds | 18.6% |
| | Bond Funds | 34.7% |
| | Short-Term Funds | 7.0% |
| Six months ago |
| | Domestic Equity Funds | 40.7% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.6% |
| | Short-Term Funds | 5.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2015 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.7% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 5,410,865 | $72,776,140 |
| Fidelity Series 1000 Value Index Fund (a) | | 3,968,023 | 40,989,673 |
| Fidelity Series All-Sector Equity Fund (a) | | 18,225,026 | 229,453,074 |
| Fidelity Series Blue Chip Growth Fund (a) | | 14,673,595 | 159,061,772 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 13,333,866 | 65,202,604 |
| Fidelity Series Equity-Income Fund (a) | | 26,844,273 | 308,172,259 |
| Fidelity Series Growth & Income Fund (a) | | 19,032,691 | 236,386,018 |
| Fidelity Series Growth Company Fund (a) | | 23,225,889 | 283,355,841 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 12,544,930 | 177,385,315 |
| Fidelity Series Opportunistic Insights Fund (a) | | 10,565,156 | 153,617,375 |
| Fidelity Series Real Estate Equity Fund (a) | | 2,007,917 | 28,331,715 |
| Fidelity Series Small Cap Discovery Fund (a) | | 4,086,288 | 40,740,289 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 10,228,320 | 123,558,106 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 18,487,587 | 204,102,963 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,889,901,986) | | | 2,123,133,144 |
|
| International Equity Funds - 18.6% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 24,808,869 | 369,404,058 |
| Fidelity Series International Growth Fund (a) | | 21,044,199 | 280,308,733 |
| Fidelity Series International Small Cap Fund (a) | | 4,499,499 | 67,672,463 |
| Fidelity Series International Value Fund (a) | | 30,471,417 | 278,204,034 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $966,726,339) | | | 995,589,288 |
|
| Bond Funds - 34.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 3,614,018 | 34,297,027 |
| Fidelity Series Floating Rate High Income Fund (a) | | 1,469,074 | 13,192,284 |
| Fidelity Series High Income Fund (a) | | 18,419,468 | 159,696,787 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 10,109,222 | 99,879,116 |
| Fidelity Series Investment Grade Bond Fund (a) | | 134,883,823 | 1,524,187,198 |
| Fidelity Series Real Estate Income Fund (a) | | 2,442,594 | 26,575,418 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,869,667,419) | | | 1,857,827,830 |
|
| Short-Term Funds - 7.0% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 245,979,946 | 245,979,946 |
| Fidelity Series Short-Term Credit Fund (a) | | 13,176,805 | 131,636,279 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $377,620,147) | | | 377,616,225 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $5,103,915,891) | | | 5,354,166,487 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (24,149) |
| NET ASSETS - 100% | | | $5,354,142,338 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $172,766,198 | $187,153,305 | $113,939,560 | $508,893 | $245,979,946 |
| Fidelity Series 100 Index Fund | 84,404,041 | 6,268,779 | 19,043,757 | 1,733,109 | 72,776,140 |
| Fidelity Series 1000 Value Index Fund | 47,684,655 | 6,190,543 | 9,436,532 | 1,049,493 | 40,989,673 |
| Fidelity Series All-Sector Equity Fund | 275,919,719 | 46,300,101 | 64,666,823 | 2,205,656 | 229,453,074 |
| Fidelity Series Blue Chip Growth Fund | 215,397,883 | 47,476,721 | 77,456,452 | 214,181 | 159,061,772 |
| Fidelity Series Commodity Strategy Fund | 47,301,893 | 32,550,254 | 6,369,294 | -- | 65,202,604 |
| Fidelity Series Emerging Markets Debt Fund | 37,838,482 | 2,746,220 | 5,420,972 | 2,208,072 | 34,297,027 |
| Fidelity Series Emerging Markets Fund | 317,632,796 | 126,963,217 | 37,648,042 | 4,018,464 | 369,404,058 |
| Fidelity Series Equity-Income Fund | 360,710,990 | 50,958,349 | 72,017,277 | 8,896,153 | 308,172,259 |
| Fidelity Series Floating Rate High Income Fund | 29,677,305 | 1,211,303 | 16,489,524 | 821,213 | 13,192,284 |
| Fidelity Series Growth & Income Fund | 274,955,734 | 40,814,090 | 57,392,215 | 5,051,979 | 236,386,018 |
| Fidelity Series Growth Company Fund | 322,034,186 | 730,330 | 30,572,709 | 730,330 | 283,355,841 |
| Fidelity Series High Income Fund | 204,233,074 | 15,599,583 | 37,969,696 | 10,680,824 | 159,696,787 |
| Fidelity Series Inflation-Protected Bond Index Fund | 97,189,232 | 18,177,776 | 16,850,962 | 49,555 | 99,879,116 |
| Fidelity Series International Growth Fund | 320,044,137 | 44,097,933 | 63,556,614 | 3,058,927 | 280,308,733 |
| Fidelity Series International Small Cap Fund | 73,545,184 | 11,121,134 | 14,199,795 | 584,233 | 67,672,463 |
| Fidelity Series International Value Fund | 317,334,587 | 46,537,243 | 58,022,091 | 5,764,408 | 278,204,034 |
| Fidelity Series Intrinsic Opportunities Fund | 183,816,439 | 13,393,811 | 8,747,196 | 2,730,554 | 177,385,315 |
| Fidelity Series Investment Grade Bond Fund | 1,863,812,814 | 108,017,254 | 401,772,493 | 48,249,675 | 1,524,187,198 |
| Fidelity Series Opportunistic Insights Fund | 179,546,372 | 25,026,089 | 42,437,528 | 40,714 | 153,617,375 |
| Fidelity Series Real Estate Equity Fund | 32,796,898 | 6,164,019 | 8,569,333 | 526,756 | 28,331,715 |
| Fidelity Series Real Estate Income Fund | 29,277,662 | 1,994,849 | 3,619,053 | 1,323,740 | 26,575,418 |
| Fidelity Series Short-Term Credit Fund | 132,502,510 | 54,155,042 | 54,889,157 | 1,172,262 | 131,636,279 |
| Fidelity Series Small Cap Discovery Fund | 48,827,445 | 5,579,782 | 8,067,986 | 83,037 | 40,740,289 |
| Fidelity Series Small Cap Opportunities Fund | 145,885,993 | 22,687,812 | 28,800,138 | 508,445 | 123,558,106 |
| Fidelity Series Stock Selector Large Cap Value Fund | 240,939,850 | 41,342,982 | 44,716,036 | 3,388,776 | 204,102,963 |
| Total | $6,056,076,079 | $963,258,521 | $1,302,671,235 | $105,599,449 | $5,354,166,487 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $5,103,915,891) — See accompanying schedule | | $5,354,166,487 |
| Cash | | 3 |
| Receivable for investments sold | | 76,166,628 |
| Receivable for fund shares sold | | 2,437,442 |
| Total assets | | 5,432,770,560 |
| Liabilities | | |
| Payable for investments purchased | $66,493,265 | |
| Payable for fund shares redeemed | 12,134,957 | |
| Total liabilities | | 78,628,222 |
| Net Assets | | $5,354,142,338 |
| Net Assets consist of: | | |
| Paid in capital | | $5,032,240,994 |
| Undistributed net investment income | | 13,904,703 |
| Accumulated undistributed net realized gain (loss) on investments | | 57,746,045 |
| Net unrealized appreciation (depreciation) on investments | | 250,250,596 |
| Net Assets, for 444,908,659 shares outstanding | | $5,354,142,338 |
| Net Asset Value, offering price and redemption price per share ($5,354,142,338 ÷ 444,908,659 shares) | | $12.03 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $105,599,449 |
| Expenses | | |
| Independent trustees' compensation | $24,188 | |
| Total expenses before reductions | 24,188 | |
| Expense reductions | (24,188) | – |
| Net investment income (loss) | | 105,599,449 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 11,061,193 | |
| Capital gain distributions from underlying funds | 142,368,973 | |
| Total net realized gain (loss) | | 153,430,166 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (373,558,088) |
| Net gain (loss) | | (220,127,922) |
| Net increase (decrease) in net assets resulting from operations | | $(114,528,473) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $105,599,449 | $113,043,264 |
| Net realized gain (loss) | 153,430,166 | 161,377,471 |
| Change in net unrealized appreciation (depreciation) | (373,558,088) | 108,905,073 |
| Net increase (decrease) in net assets resulting from operations | (114,528,473) | 383,325,808 |
| Distributions to shareholders from net investment income | (104,668,229) | (116,494,554) |
| Distributions to shareholders from net realized gain | (195,999,556) | (261,240,607) |
| Total distributions | (300,667,785) | (377,735,161) |
| Share transactions | | |
| Proceeds from sales of shares | 1,235,616,612 | 1,457,638,108 |
| Reinvestment of distributions | 298,488,989 | 375,369,098 |
| Cost of shares redeemed | (1,820,928,056) | (2,170,922,299) |
| Net increase (decrease) in net assets resulting from share transactions | (286,822,455) | (337,915,093) |
| Total increase (decrease) in net assets | (702,018,713) | (332,324,446) |
| Net Assets | | |
| Beginning of period | 6,056,161,051 | 6,388,485,497 |
| End of period (including undistributed net investment income of $13,904,703 and undistributed net investment income of $13,862,788, respectively) | $5,354,142,338 | $6,056,161,051 |
| Other Information | | |
| Shares | | |
| Sold | 100,089,645 | 113,989,864 |
| Issued in reinvestment of distributions | 24,174,139 | 29,849,055 |
| Redeemed | (148,066,977) | (169,874,789) |
| Net increase (decrease) | (23,803,193) | (26,035,870) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2015 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.92 | $12.91 | $12.28 | $11.69 | $11.74 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .23 | .18 | .18 | .20 |
| Net realized and unrealized gain (loss) | (.46) | .57 | .91 | .69 | .12 |
| Total from investment operations | (.23) | .80 | 1.09 | .87 | .32 |
| Distributions from net investment income | (.23) | (.25) | (.18) | (.20) | (.21) |
| Distributions from net realized gain | (.43) | (.54) | (.28) | (.08) | (.16) |
| Total distributions | (.66) | (.79) | (.46) | (.28) | (.37) |
| Net asset value, end of period | $12.03 | $12.92 | $12.91 | $12.28 | $11.69 |
| Total ReturnB | (1.83)% | 6.42% | 8.95% | 7.60% | 2.95% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductionsE | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.87% | 1.83% | 1.47% | 1.57% | 1.71% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,354,142 | $6,056,161 | $6,388,485 | $6,507,169 | $7,255,215 |
| Portfolio turnover rateC | 17% | 18% | 39% | 23% | 24% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 1.5 | 1.6 |
| Fidelity Series 1000 Value Index Fund | 0.8 | 0.9 |
| Fidelity Series All-Sector Equity Fund | 4.8 | 5.1 |
| Fidelity Series Blue Chip Growth Fund | 3.3 | 3.6 |
| Fidelity Series Commodity Strategy Fund | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund | 6.4 | 6.6 |
| Fidelity Series Growth & Income Fund | 4.9 | 5.1 |
| Fidelity Series Growth Company Fund | 5.9 | 6.0 |
| Fidelity Series Intrinsic Opportunities Fund | 3.6 | 3.5 |
| Fidelity Series Opportunistic Insights Fund | 3.2 | 3.3 |
| Fidelity Series Real Estate Equity Fund | 0.6 | 0.6 |
| Fidelity Series Small Cap Discovery Fund | 0.9 | 0.9 |
| Fidelity Series Small Cap Opportunities Fund | 2.6 | 2.6 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.2 | 4.3 |
| | 43.9 | 44.9 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 7.3 | 6.0 |
| Fidelity Series International Growth Fund | 5.9 | 5.8 |
| Fidelity Series International Small Cap Fund | 1.4 | 1.3 |
| Fidelity Series International Value Fund | 5.8 | 5.8 |
| | 20.4 | 18.9 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 1.1 | 0.8 |
| Fidelity Series Investment Grade Bond Fund | 24.9 | 26.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 30.3 | 32.2 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 3.5 | 2.8 |
| Fidelity Series Short-Term Credit Fund | 1.9 | 1.2 |
| | 5.4 | 4.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 43.9% |
| | International Equity Funds | 20.4% |
| | Bond Funds | 30.3% |
| | Short-Term Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 44.9% |
| | International Equity Funds | 18.9% |
| | Bond Funds | 32.2% |
| | Short-Term Funds | 4.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2020 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 43.9% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 13,175,476 | $177,210,154 |
| Fidelity Series 1000 Value Index Fund (a) | | 9,662,081 | 99,809,298 |
| Fidelity Series All-Sector Equity Fund (a) | | 44,378,783 | 558,728,879 |
| Fidelity Series Blue Chip Growth Fund (a) | | 35,731,306 | 387,327,358 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 29,843,351 | 145,933,987 |
| Fidelity Series Equity-Income Fund (a) | | 65,365,988 | 750,401,540 |
| Fidelity Series Growth & Income Fund (a) | | 46,344,072 | 575,593,371 |
| Fidelity Series Growth Company Fund (a) | | 56,500,037 | 689,300,452 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 29,946,918 | 423,449,419 |
| Fidelity Series Opportunistic Insights Fund (a) | | 25,726,098 | 374,057,464 |
| Fidelity Series Real Estate Equity Fund (a) | | 4,889,274 | 68,987,653 |
| Fidelity Series Small Cap Discovery Fund (a) | | 10,031,397 | 100,013,032 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 24,906,063 | 300,865,237 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 45,016,750 | 496,984,924 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $4,602,842,741) | | | 5,148,662,768 |
|
| International Equity Funds - 20.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 57,819,714 | 860,935,546 |
| Fidelity Series International Growth Fund (a) | | 51,523,388 | 686,291,524 |
| Fidelity Series International Small Cap Fund (a) | | 10,936,620 | 164,486,763 |
| Fidelity Series International Value Fund (a) | | 74,608,803 | 681,178,369 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $2,335,319,650) | | | 2,392,892,202 |
|
| Bond Funds - 30.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 7,801,194 | 74,033,330 |
| Fidelity Series Floating Rate High Income Fund (a) | | 3,248,686 | 29,173,199 |
| Fidelity Series High Income Fund (a) | | 40,313,828 | 349,520,891 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 12,649,443 | 124,976,499 |
| Fidelity Series Investment Grade Bond Fund (a) | | 258,204,539 | 2,917,711,290 |
| Fidelity Series Real Estate Income Fund (a) | | 5,390,627 | 58,650,026 |
| TOTAL BOND FUNDS | | | |
| (Cost $3,609,893,639) | | | 3,554,065,235 |
|
| Short-Term Funds - 5.4% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 415,095,932 | 415,095,932 |
| Fidelity Series Short-Term Credit Fund (a) | | 22,250,880 | 222,286,289 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $637,385,267) | | | 637,382,221 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $11,185,441,297) | | | 11,733,002,426 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (22,557) |
| NET ASSETS - 100% | | | $11,732,979,869 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $246,531,532 | $355,480,148 | $186,915,748 | $787,887 | $415,095,932 |
| Fidelity Series 100 Index Fund | 198,232,278 | 12,763,100 | 36,483,088 | 4,157,687 | 177,210,154 |
| Fidelity Series 1000 Value Index Fund | 112,470,370 | 13,184,646 | 17,612,074 | 2,519,525 | 99,809,298 |
| Fidelity Series All-Sector Equity Fund | 649,206,107 | 105,896,746 | 129,131,091 | 5,291,357 | 558,728,879 |
| Fidelity Series Blue Chip Growth Fund | 513,088,185 | 97,663,444 | 160,534,987 | 510,950 | 387,327,358 |
| Fidelity Series Commodity Strategy Fund | 99,327,375 | 74,571,881 | 10,021,355 | -- | 145,933,987 |
| Fidelity Series Emerging Markets Debt Fund | 81,224,782 | 6,184,812 | 11,524,815 | 4,731,782 | 74,033,330 |
| Fidelity Series Emerging Markets Fund | 728,207,865 | 282,175,948 | 62,426,061 | 9,291,285 | 860,935,546 |
| Fidelity Series Equity-Income Fund | 847,257,671 | 111,865,759 | 133,944,744 | 21,154,132 | 750,401,540 |
| Fidelity Series Floating Rate High Income Fund | 62,829,011 | 2,955,079 | 33,999,395 | 1,771,462 | 29,173,199 |
| Fidelity Series Growth & Income Fund | 646,379,942 | 92,656,499 | 111,018,218 | 12,008,539 | 575,593,371 |
| Fidelity Series Growth Company Fund | 756,193,199 | 1,746,740 | 47,018,565 | 1,746,740 | 689,300,452 |
| Fidelity Series High Income Fund | 432,748,175 | 33,359,765 | 68,945,614 | 23,019,292 | 349,520,891 |
| Fidelity Series Inflation-Protected Bond Index Fund | 107,377,552 | 33,968,454 | 18,225,455 | 57,285 | 124,976,499 |
| Fidelity Series International Growth Fund | 758,908,123 | 97,199,854 | 120,274,716 | 7,425,965 | 686,291,524 |
| Fidelity Series International Small Cap Fund | 174,647,827 | 25,285,871 | 28,478,622 | 1,418,294 | 164,486,763 |
| Fidelity Series International Value Fund | 753,356,123 | 102,841,162 | 107,706,245 | 13,993,871 | 681,178,369 |
| Fidelity Series Intrinsic Opportunities Fund | 432,252,591 | 34,610,352 | 16,820,760 | 6,503,259 | 423,449,419 |
| Fidelity Series Investment Grade Bond Fund | 3,495,690,699 | 230,504,188 | 722,639,911 | 91,522,415 | 2,917,711,290 |
| Fidelity Series Opportunistic Insights Fund | 422,463,954 | 55,651,033 | 83,581,362 | 97,674 | 374,057,464 |
| Fidelity Series Real Estate Equity Fund | 76,872,858 | 14,244,718 | 17,398,252 | 1,263,262 | 68,987,653 |
| Fidelity Series Real Estate Income Fund | 61,797,725 | 4,551,013 | 5,398,785 | 2,869,963 | 58,650,026 |
| Fidelity Series Short-Term Credit Fund | 191,155,658 | 108,436,822 | 77,126,053 | 1,806,732 | 222,286,289 |
| Fidelity Series Small Cap Discovery Fund | 107,047,176 | 18,328,109 | 12,160,375 | 197,866 | 100,013,032 |
| Fidelity Series Small Cap Opportunities Fund | 348,834,138 | 49,557,959 | 59,044,245 | 1,214,814 | 300,865,237 |
| Fidelity Series Stock Selector Large Cap Value Fund | 564,673,391 | 94,497,084 | 82,263,955 | 8,131,694 | 496,984,924 |
| Total | $12,868,774,307 | $2,060,181,186 | $2,360,694,491 | $223,493,732 | $11,733,002,426 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $11,185,441,297) — See accompanying schedule | | $11,733,002,426 |
| Cash | | 2 |
| Receivable for investments sold | | 157,795,556 |
| Receivable for fund shares sold | | 9,511,650 |
| Other receivables | | 115,278 |
| Total assets | | 11,900,424,912 |
| Liabilities | | |
| Payable for investments purchased | $144,605,474 | |
| Payable for fund shares redeemed | 22,724,295 | |
| Other payables and accrued expenses | 115,274 | |
| Total liabilities | | 167,445,043 |
| Net Assets | | $11,732,979,869 |
| Net Assets consist of: | | |
| Paid in capital | | $11,007,097,060 |
| Undistributed net investment income | | 27,032,518 |
| Accumulated undistributed net realized gain (loss) on investments | | 151,289,162 |
| Net unrealized appreciation (depreciation) on investments | | 547,561,129 |
| Net Assets, for 801,743,820 shares outstanding | | $11,732,979,869 |
| Net Asset Value, offering price and redemption price per share ($11,732,979,869 ÷ 801,743,820 shares) | | $14.63 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $223,493,732 |
| Expenses | | |
| Independent trustees' compensation | $51,988 | |
| Total expenses before reductions | 51,988 | |
| Expense reductions | (51,988) | – |
| Net investment income (loss) | | 223,493,732 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 21,899,902 | |
| Capital gain distributions from underlying funds | 335,054,618 | |
| Total net realized gain (loss) | | 356,954,520 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (857,158,495) |
| Net gain (loss) | | (500,203,975) |
| Net increase (decrease) in net assets resulting from operations | | $(276,710,243) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $223,493,732 | $238,478,611 |
| Net realized gain (loss) | 356,954,520 | 362,713,115 |
| Change in net unrealized appreciation (depreciation) | (857,158,495) | 253,450,186 |
| Net increase (decrease) in net assets resulting from operations | (276,710,243) | 854,641,912 |
| Distributions to shareholders from net investment income | (225,452,665) | (241,771,826) |
| Distributions to shareholders from net realized gain | (426,323,183) | (638,629,792) |
| Total distributions | (651,775,848) | (880,401,618) |
| Share transactions | | |
| Proceeds from sales of shares | 2,341,926,050 | 2,545,585,063 |
| Reinvestment of distributions | 646,952,369 | 876,256,708 |
| Cost of shares redeemed | (3,196,310,117) | (3,871,167,620) |
| Net increase (decrease) in net assets resulting from share transactions | (207,431,698) | (449,325,849) |
| Total increase (decrease) in net assets | (1,135,917,789) | (475,085,555) |
| Net Assets | | |
| Beginning of period | 12,868,897,658 | 13,343,983,213 |
| End of period (including undistributed net investment income of $27,032,518 and undistributed net investment income of $31,063,751, respectively) | $11,732,979,869 | $12,868,897,658 |
| Other Information | | |
| Shares | | |
| Sold | 155,836,068 | 163,297,632 |
| Issued in reinvestment of distributions | 42,910,983 | 57,245,532 |
| Redeemed | (213,344,363) | (248,377,994) |
| Net increase (decrease) | (14,597,312) | (27,834,830) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2020 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.76 | $15.81 | $14.94 | $14.16 | $14.33 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .28 | .28 | .23 | .24 | .24 |
| Net realized and unrealized gain (loss) | (.60) | .73 | 1.22 | .89 | .08 |
| Total from investment operations | (.32) | 1.01 | 1.45 | 1.13 | .32 |
| Distributions from net investment income | (.28) | (.29) | (.23) | (.25) | (.26) |
| Distributions from net realized gain | (.53) | (.77) | (.36) | (.10) | (.22) |
| Total distributions | (.81) | (1.06) | (.58)B | (.35) | (.49)C |
| Net asset value, end of period | $14.63 | $15.76 | $15.81 | $14.94 | $14.16 |
| Total ReturnD | (2.10)% | 6.71% | 9.83% | 8.12% | 2.45% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductionsG | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.83% | 1.83% | 1.49% | 1.65% | 1.74% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $11,732,980 | $12,868,898 | $13,343,983 | $13,579,950 | $15,423,976 |
| Portfolio turnover rateE | 17% | 17% | 39% | 25% | 24% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.58 per share is comprised of distributions from net investment income of $.228 and distributions from net realized gain of $.356 per share.
C Total distributions of $.49 per share is comprised of distributions from net investment income of $.264 and distributions from net realized gain of $.222 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 1.7 | 1.7 |
| Fidelity Series 1000 Value Index Fund | 0.9 | 1.0 |
| Fidelity Series All-Sector Equity Fund | 5.3 | 5.7 |
| Fidelity Series Blue Chip Growth Fund | 3.7 | 4.0 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund | 7.1 | 7.4 |
| Fidelity Series Growth & Income Fund | 5.4 | 5.7 |
| Fidelity Series Growth Company Fund | 6.5 | 6.8 |
| Fidelity Series Intrinsic Opportunities Fund | 4.0 | 3.9 |
| Fidelity Series Opportunistic Insights Fund | 3.5 | 3.7 |
| Fidelity Series Real Estate Equity Fund | 0.7 | 0.7 |
| Fidelity Series Small Cap Discovery Fund | 0.9 | 1.0 |
| Fidelity Series Small Cap Opportunities Fund | 2.9 | 3.0 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.7 | 4.8 |
| | 48.6 | 50.2 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 7.8 | 6.5 |
| Fidelity Series International Growth Fund | 6.5 | 6.6 |
| Fidelity Series International Small Cap Fund | 1.6 | 1.5 |
| Fidelity Series International Value Fund | 6.5 | 6.6 |
| | 22.4 | 21.2 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 19.9 | 19.9 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 24.8 | 24.8 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 2.7 | 2.7 |
| Fidelity Series Short-Term Credit Fund | 1.5 | 1.1 |
| | 4.2 | 3.8 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 48.6% |
| | International Equity Funds | 22.4% |
| | Bond Funds | 24.8% |
| | Short-Term Funds | 4.2% |
| Six months ago |
| | Domestic Equity Funds | 50.2% |
| | International Equity Funds | 21.2% |
| | Bond Funds | 24.8% |
| | Short-Term Funds | 3.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2025 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 48.6% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 10,869,024 | $146,188,368 |
| Fidelity Series 1000 Value Index Fund (a) | | 7,970,721 | 82,337,547 |
| Fidelity Series All-Sector Equity Fund (a) | | 36,610,440 | 460,925,445 |
| Fidelity Series Blue Chip Growth Fund (a) | | 29,476,936 | 319,529,991 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 22,310,073 | 109,096,257 |
| Fidelity Series Equity-Income Fund (a) | | 53,923,481 | 619,041,557 |
| Fidelity Series Growth & Income Fund (a) | | 38,231,963 | 474,840,979 |
| Fidelity Series Growth Company Fund (a) | | 46,587,089 | 568,362,490 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 24,834,850 | 351,164,778 |
| Fidelity Series Opportunistic Insights Fund (a) | | 21,222,698 | 308,578,024 |
| Fidelity Series Real Estate Equity Fund (a) | | 4,033,786 | 56,916,724 |
| Fidelity Series Small Cap Discovery Fund (a) | | 8,226,479 | 82,017,994 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 20,546,059 | 248,196,395 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 37,136,412 | 409,985,984 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $3,804,218,253) | | | 4,237,182,533 |
|
| International Equity Funds - 22.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 45,677,335 | 680,135,524 |
| Fidelity Series International Growth Fund (a) | | 42,946,779 | 572,051,099 |
| Fidelity Series International Small Cap Fund (a) | | 9,103,671 | 136,919,217 |
| Fidelity Series International Value Fund (a) | | 62,189,895 | 567,793,738 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,898,155,880) | | | 1,956,899,578 |
|
| Bond Funds - 24.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 5,862,233 | 55,632,589 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,408,970 | 21,632,550 |
| Fidelity Series High Income Fund (a) | | 29,933,603 | 259,524,335 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 4,552,319 | 44,976,916 |
| Fidelity Series Investment Grade Bond Fund (a) | | 153,315,430 | 1,732,464,364 |
| Fidelity Series Real Estate Income Fund (a) | | 4,015,836 | 43,692,299 |
| TOTAL BOND FUNDS | | | |
| (Cost $2,194,093,440) | | | 2,157,923,053 |
|
| Short-Term Funds - 4.2% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 238,137,551 | 238,137,551 |
| Fidelity Series Short-Term Credit Fund (a) | | 12,756,238 | 127,434,820 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $365,554,765) | | | 365,572,371 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $8,262,022,338) | | | 8,717,577,535 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (9,835) |
| NET ASSETS - 100% | | | $8,717,567,700 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $158,393,897 | $203,380,085 | $123,636,431 | $520,089 | $238,137,551 |
| Fidelity Series 100 Index Fund | 159,399,458 | 15,470,133 | 30,930,735 | 3,401,161 | 146,188,368 |
| Fidelity Series 1000 Value Index Fund | 90,830,961 | 12,213,357 | 14,034,572 | 2,063,749 | 82,337,547 |
| Fidelity Series All-Sector Equity Fund | 520,443,442 | 93,726,904 | 98,753,119 | 4,328,532 | 460,925,445 |
| Fidelity Series Blue Chip Growth Fund | 411,893,436 | 82,376,843 | 123,908,848 | 413,479 | 319,529,991 |
| Fidelity Series Commodity Strategy Fund | 68,184,018 | 58,434,397 | 4,656,950 | -- | 109,096,257 |
| Fidelity Series Emerging Markets Debt Fund | 56,518,096 | 6,460,779 | 6,063,741 | 3,443,924 | 55,632,589 |
| Fidelity Series Emerging Markets Fund | 577,182,870 | 211,409,571 | 39,911,967 | 7,328,781 | 680,135,524 |
| Fidelity Series Equity-Income Fund | 674,760,034 | 107,508,973 | 102,671,859 | 17,082,127 | 619,041,557 |
| Fidelity Series Floating Rate High Income Fund | 43,889,096 | 3,029,401 | 23,430,542 | 1,259,010 | 21,632,550 |
| Fidelity Series Growth & Income Fund | 519,408,110 | 83,033,015 | 85,439,705 | 9,709,342 | 474,840,979 |
| Fidelity Series Growth Company Fund | 601,386,899 | 5,199,928 | 20,195,483 | 1,421,647 | 568,362,490 |
| Fidelity Series High Income Fund | 308,629,168 | 30,155,892 | 44,841,479 | 16,765,253 | 259,524,335 |
| Fidelity Series Inflation-Protected Bond Index Fund | 138,815 | 45,309,588 | 1,553,504 | 10,411 | 44,976,916 |
| Fidelity Series International Growth Fund | 621,646,306 | 88,347,464 | 96,402,044 | 6,201,491 | 572,051,099 |
| Fidelity Series International Small Cap Fund | 141,983,562 | 23,619,272 | 22,717,677 | 1,184,412 | 136,919,217 |
| Fidelity Series International Value Fund | 611,146,218 | 91,057,457 | 77,931,825 | 11,686,342 | 567,793,738 |
| Fidelity Series Intrinsic Opportunities Fund | 345,532,038 | 40,063,567 | 13,019,063 | 5,282,297 | 351,164,778 |
| Fidelity Series Investment Grade Bond Fund | 1,778,773,980 | 346,715,755 | 349,852,421 | 49,429,359 | 1,732,464,364 |
| Fidelity Series Opportunistic Insights Fund | 338,659,119 | 51,012,040 | 64,598,907 | 79,901 | 308,578,024 |
| Fidelity Series Real Estate Equity Fund | 61,751,153 | 12,799,179 | 14,099,817 | 1,036,481 | 56,916,724 |
| Fidelity Series Real Estate Income Fund | 43,186,262 | 5,098,316 | 2,969,779 | 2,080,753 | 43,692,299 |
| Fidelity Series Short-Term Credit Fund | 96,842,363 | 52,142,448 | 21,439,151 | 1,175,239 | 127,434,820 |
| Fidelity Series Small Cap Discovery Fund | 91,312,733 | 11,209,067 | 9,741,117 | 162,186 | 82,017,994 |
| Fidelity Series Small Cap Opportunities Fund | 276,876,952 | 44,854,323 | 42,412,857 | 988,137 | 248,196,395 |
| Fidelity Series Stock Selector Large Cap Value Fund | 455,861,329 | 85,543,671 | 66,399,002 | 6,670,180 | 409,985,984 |
| Total | $9,054,630,315 | $1,810,171,425 | $1,501,612,595 | $153,724,283 | $8,717,577,535 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $8,262,022,338) — See accompanying schedule | | $8,717,577,535 |
| Cash | | 2 |
| Receivable for investments sold | | 108,842,601 |
| Receivable for fund shares sold | | 7,534,405 |
| Total assets | | 8,833,954,543 |
| Liabilities | | |
| Payable for investments purchased | $96,879,743 | |
| Payable for fund shares redeemed | 19,507,100 | |
| Total liabilities | | 116,386,843 |
| Net Assets | | $8,717,567,700 |
| Net Assets consist of: | | |
| Paid in capital | | $8,116,898,748 |
| Undistributed net investment income | | 16,049,704 |
| Accumulated undistributed net realized gain (loss) on investments | | 129,064,051 |
| Net unrealized appreciation (depreciation) on investments | | 455,555,197 |
| Net Assets, for 697,981,577 shares outstanding | | $8,717,567,700 |
| Net Asset Value, offering price and redemption price per share ($8,717,567,700 ÷ 697,981,577 shares) | | $12.49 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $153,724,283 |
| Expenses | | |
| Independent trustees' compensation | $37,358 | |
| Total expenses before reductions | 37,358 | |
| Expense reductions | (37,358) | – |
| Net investment income (loss) | | 153,724,283 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 13,132,277 | |
| Capital gain distributions from underlying funds | 267,293,506 | |
| Total net realized gain (loss) | | 280,425,783 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (658,743,904) |
| Net gain (loss) | | (378,318,121) |
| Net increase (decrease) in net assets resulting from operations | | $(224,593,838) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $153,724,283 | $160,478,182 |
| Net realized gain (loss) | 280,425,783 | 268,601,706 |
| Change in net unrealized appreciation (depreciation) | (658,743,904) | 191,886,086 |
| Net increase (decrease) in net assets resulting from operations | (224,593,838) | 620,965,974 |
| Distributions to shareholders from net investment income | (154,307,371) | (162,079,001) |
| Distributions to shareholders from net realized gain | (317,460,022) | (433,254,114) |
| Total distributions | (471,767,393) | (595,333,115) |
| Share transactions | | |
| Proceeds from sales of shares | 1,990,992,008 | 2,060,840,400 |
| Reinvestment of distributions | 469,960,134 | 593,531,513 |
| Cost of shares redeemed | (2,101,703,829) | (2,490,476,823) |
| Net increase (decrease) in net assets resulting from share transactions | 359,248,313 | 163,895,090 |
| Total increase (decrease) in net assets | (337,112,918) | 189,527,949 |
| Net Assets | | |
| Beginning of period | 9,054,680,618 | 8,865,152,669 |
| End of period (including undistributed net investment income of $16,049,704 and undistributed net investment income of $17,931,312, respectively) | $8,717,567,700 | $9,054,680,618 |
| Other Information | | |
| Shares | | |
| Sold | 155,101,386 | 154,616,669 |
| Issued in reinvestment of distributions | 36,344,332 | 45,379,169 |
| Redeemed | (163,912,764) | (186,949,013) |
| Net increase (decrease) | 27,532,954 | 13,046,825 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2025 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.51 | $13.49 | $12.58 | $11.81 | $12.02 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .24 | .20 | .21 | .20 |
| Net realized and unrealized gain (loss) | (.54) | .69 | 1.30 | .84 | – |
| Total from investment operations | (.32) | .93 | 1.50 | 1.05 | .20 |
| Distributions from net investment income | (.23) | (.25) | (.20) | (.22) | (.22) |
| Distributions from net realized gain | (.47) | (.66) | (.39) | (.06) | (.19) |
| Total distributions | (.70) | (.91) | (.59) | (.28) | (.41) |
| Net asset value, end of period | $12.49 | $13.51 | $13.49 | $12.58 | $11.81 |
| Total ReturnB | (2.50)% | 7.23% | 12.08% | 9.03% | 1.93% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductionsE | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.75% | 1.81% | 1.53% | 1.73% | 1.75% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $8,717,568 | $9,054,681 | $8,865,153 | $8,229,885 | $8,598,936 |
| Portfolio turnover rateC | 17% | 19% | 46% | 31% | 28% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 2.0 | 2.1 |
| Fidelity Series 1000 Value Index Fund | 1.1 | 1.2 |
| Fidelity Series All-Sector Equity Fund | 6.4 | 6.8 |
| Fidelity Series Blue Chip Growth Fund | 4.5 | 4.8 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund | 8.6 | 8.8 |
| Fidelity Series Growth & Income Fund | 6.6 | 6.8 |
| Fidelity Series Growth Company Fund | 7.9 | 8.2 |
| Fidelity Series Intrinsic Opportunities Fund | 4.9 | 4.8 |
| Fidelity Series Opportunistic Insights Fund | 4.3 | 4.4 |
| Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
| Fidelity Series Small Cap Discovery Fund | 1.1 | 1.2 |
| Fidelity Series Small Cap Opportunities Fund | 3.5 | 3.5 |
| Fidelity Series Stock Selector Large Cap Value Fund | 5.7 | 5.8 |
| | 58.7 | 60.0 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 8.8 | 7.4 |
| Fidelity Series International Growth Fund | 8.1 | 8.1 |
| Fidelity Series International Small Cap Fund | 1.9 | 1.8 |
| Fidelity Series International Value Fund | 7.9 | 8.0 |
| | 26.7 | 25.3 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 9.6 | 8.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 14.5 | 13.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.8 |
| Fidelity Series Short-Term Credit Fund | 0.0 | 0.3 |
| | 0.1 | 1.1 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 58.7% |
| | International Equity Funds | 26.7% |
| | Bond Funds | 14.5% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 60.0% |
| | International Equity Funds | 25.3% |
| | Bond Funds | 13.6% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2030 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 58.7% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 15,365,508 | $206,666,084 |
| Fidelity Series 1000 Value Index Fund (a) | | 11,268,246 | 116,400,980 |
| Fidelity Series All-Sector Equity Fund (a) | | 51,756,850 | 651,618,742 |
| Fidelity Series Blue Chip Growth Fund (a) | | 41,669,883 | 451,701,527 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 26,274,694 | 128,483,254 |
| Fidelity Series Equity-Income Fund (a) | | 76,230,056 | 875,121,040 |
| Fidelity Series Growth & Income Fund (a) | | 54,047,352 | 671,268,114 |
| Fidelity Series Growth Company Fund (a) | | 65,854,926 | 803,430,096 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 35,151,908 | 497,047,981 |
| Fidelity Series Opportunistic Insights Fund (a) | | 29,937,362 | 435,289,244 |
| Fidelity Series Real Estate Equity Fund (a) | | 5,701,911 | 80,453,961 |
| Fidelity Series Small Cap Discovery Fund (a) | | 11,531,510 | 114,969,158 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 29,044,515 | 350,857,738 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 52,499,877 | 579,598,642 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $5,381,326,762) | | | 5,962,906,561 |
|
| International Equity Funds - 26.7% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 59,957,304 | 892,764,259 |
| Fidelity Series International Growth Fund (a) | | 61,577,611 | 820,213,784 |
| Fidelity Series International Small Cap Fund (a) | | 12,861,756 | 193,440,811 |
| Fidelity Series International Value Fund (a) | | 88,541,734 | 808,386,035 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $2,692,885,206) | | | 2,714,804,889 |
|
| Bond Funds - 14.5% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 6,752,825 | 64,084,312 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,845,857 | 25,555,795 |
| Fidelity Series High Income Fund (a) | | 34,885,343 | 302,455,925 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 5,325,966 | 52,620,545 |
| Fidelity Series Investment Grade Bond Fund (a) | | 85,937,679 | 971,095,770 |
| Fidelity Series Real Estate Income Fund (a) | | 4,738,238 | 51,552,032 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,516,007,361) | | | 1,467,364,379 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 3,287,171 | 3,287,171 |
| Fidelity Series Short-Term Credit Fund (a) | | 177,617 | 1,774,399 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $5,059,740) | | | 5,061,570 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $9,595,279,069) | | | 10,150,137,399 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (28) |
| NET ASSETS - 100% | | | $10,150,137,371 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $69,189,113 | $48,705,467 | $114,607,408 | $128,432 | $3,287,171 |
| Fidelity Series 100 Index Fund | 227,079,186 | 16,047,025 | 39,219,361 | 4,821,930 | 206,666,084 |
| Fidelity Series 1000 Value Index Fund | 129,441,543 | 13,804,446 | 17,143,129 | 2,922,163 | 116,400,980 |
| Fidelity Series All-Sector Equity Fund | 746,490,580 | 103,349,610 | 119,714,555 | 6,136,716 | 651,618,742 |
| Fidelity Series Blue Chip Growth Fund | 590,975,714 | 93,634,757 | 160,040,980 | 584,780 | 451,701,527 |
| Fidelity Series Commodity Strategy Fund | 81,964,383 | 67,767,614 | 6,106,121 | -- | 128,483,254 |
| Fidelity Series Emerging Markets Debt Fund | 68,756,744 | 6,568,694 | 9,640,367 | 4,069,471 | 64,084,312 |
| Fidelity Series Emerging Markets Fund | 795,499,759 | 246,257,292 | 51,745,249 | 9,741,341 | 892,764,259 |
| Fidelity Series Equity-Income Fund | 966,782,909 | 123,866,116 | 127,804,240 | 24,288,918 | 875,121,040 |
| Fidelity Series Floating Rate High Income Fund | 52,600,154 | 3,043,046 | 27,837,107 | 1,516,784 | 25,555,795 |
| Fidelity Series Growth & Income Fund | 741,575,937 | 85,611,371 | 94,456,694 | 13,793,204 | 671,268,114 |
| Fidelity Series Growth Company Fund | 862,677,598 | 7,232,738 | 40,885,386 | 2,022,109 | 803,430,096 |
| Fidelity Series High Income Fund | 380,291,487 | 31,219,611 | 67,919,910 | 19,977,619 | 302,455,925 |
| Fidelity Series Inflation-Protected Bond Index Fund | 1,383,920 | 53,426,804 | 3,448,834 | 12,183 | 52,620,545 |
| Fidelity Series International Growth Fund | 901,056,737 | 94,238,410 | 113,220,021 | 9,015,962 | 820,213,784 |
| Fidelity Series International Small Cap Fund | 207,014,304 | 28,420,187 | 32,911,469 | 1,723,699 | 193,440,811 |
| Fidelity Series International Value Fund | 887,251,612 | 88,818,196 | 84,304,860 | 16,990,085 | 808,386,035 |
| Fidelity Series Intrinsic Opportunities Fund | 496,102,649 | 50,834,231 | 19,097,432 | 7,547,058 | 497,047,981 |
| Fidelity Series Investment Grade Bond Fund | 816,016,994 | 371,284,129 | 196,866,626 | 25,332,858 | 971,095,770 |
| Fidelity Series Opportunistic Insights Fund | 485,772,091 | 58,781,357 | 85,251,229 | 113,278 | 435,289,244 |
| Fidelity Series Real Estate Equity Fund | 87,065,299 | 18,767,068 | 20,115,394 | 1,452,485 | 80,453,961 |
| Fidelity Series Real Estate Income Fund | 52,070,803 | 5,384,577 | 3,949,799 | 2,478,681 | 51,552,032 |
| Fidelity Series Short-Term Credit Fund | 58,573,753 | 1,952,139 | 58,458,823 | 395,678 | 1,774,399 |
| Fidelity Series Small Cap Discovery Fund | 130,482,368 | 13,545,470 | 13,700,129 | 228,814 | 114,969,158 |
| Fidelity Series Small Cap Opportunities Fund | 400,358,830 | 48,570,219 | 53,303,619 | 1,398,393 | 350,857,738 |
| Fidelity Series Stock Selector Large Cap Value Fund | 647,142,187 | 101,006,991 | 75,364,185 | 9,434,143 | 579,598,642 |
| Total | $10,883,616,654 | $1,782,137,565 | $1,637,112,927 | $166,126,784 | $10,150,137,399 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $9,595,279,069) — See accompanying schedule | | $10,150,137,399 |
| Cash | | 1 |
| Receivable for investments sold | | 93,364,326 |
| Receivable for fund shares sold | | 8,712,098 |
| Other receivables | | 84,766 |
| Total assets | | 10,252,298,590 |
| Liabilities | | |
| Payable for investments purchased | $83,071,527 | |
| Payable for fund shares redeemed | 19,004,923 | |
| Other payables and accrued expenses | 84,769 | |
| Total liabilities | | 102,161,219 |
| Net Assets | | $10,150,137,371 |
| Net Assets consist of: | | |
| Paid in capital | | $9,403,569,731 |
| Undistributed net investment income | | 12,116,618 |
| Accumulated undistributed net realized gain (loss) on investments | | 179,592,692 |
| Net unrealized appreciation (depreciation) on investments | | 554,858,330 |
| Net Assets, for 667,835,104 shares outstanding | | $10,150,137,371 |
| Net Asset Value, offering price and redemption price per share ($10,150,137,371 ÷ 667,835,104 shares) | | $15.20 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $166,126,784 |
| Expenses | | |
| Independent trustees' compensation | $44,357 | |
| Total expenses before reductions | 44,357 | |
| Expense reductions | (44,357) | – |
| Net investment income (loss) | | 166,126,784 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 12,331,748 | |
| Capital gain distributions from underlying funds | 368,137,308 | |
| Total net realized gain (loss) | | 380,469,056 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (890,835,659) |
| Net gain (loss) | | (510,366,603) |
| Net increase (decrease) in net assets resulting from operations | | $(344,239,819) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $166,126,784 | $181,344,730 |
| Net realized gain (loss) | 380,469,056 | 382,619,430 |
| Change in net unrealized appreciation (depreciation) | (890,835,659) | 242,179,119 |
| Net increase (decrease) in net assets resulting from operations | (344,239,819) | 806,143,279 |
| Distributions to shareholders from net investment income | (167,988,955) | (182,703,661) |
| Distributions to shareholders from net realized gain | (434,691,308) | (517,563,966) |
| Total distributions | (602,680,263) | (700,267,627) |
| Share transactions | | |
| Proceeds from sales of shares | 1,962,124,614 | 2,103,387,892 |
| Reinvestment of distributions | 599,353,478 | 697,940,205 |
| Cost of shares redeemed | (2,348,078,251) | (2,957,094,876) |
| Net increase (decrease) in net assets resulting from share transactions | 213,399,841 | (155,766,779) |
| Total increase (decrease) in net assets | (733,520,241) | (49,891,127) |
| Net Assets | | |
| Beginning of period | 10,883,657,612 | 10,933,548,739 |
| End of period (including undistributed net investment income of $12,116,618 and undistributed net investment income of $13,978,790, respectively) | $10,150,137,371 | $10,883,657,612 |
| Other Information | | |
| Shares | | |
| Sold | 124,740,082 | 128,583,860 |
| Issued in reinvestment of distributions | 37,649,896 | 43,483,344 |
| Redeemed | (149,479,206) | (180,864,639) |
| Net increase (decrease) | 12,910,772 | (8,797,435) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2030 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.62 | $16.47 | $15.02 | $14.07 | $14.40 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25 | .27 | .24 | .25 | .24 |
| Net realized and unrealized gain (loss) | (.75) | .95 | 1.71 | 1.04 | (.07) |
| Total from investment operations | (.50) | 1.22 | 1.95 | 1.29 | .17 |
| Distributions from net investment income | (.26) | (.28) | (.25) | (.27) | (.26) |
| Distributions from net realized gain | (.67) | (.79) | (.25) | (.07) | (.24) |
| Total distributions | (.92)B | (1.07) | (.50) | (.34) | (.50) |
| Net asset value, end of period | $15.20 | $16.62 | $16.47 | $15.02 | $14.07 |
| Total ReturnC | (3.17)% | 7.76% | 13.08% | 9.30% | 1.48% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.59% | 1.68% | 1.50% | 1.77% | 1.75% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $10,150,137 | $10,883,658 | $10,933,549 | $10,636,397 | $11,654,912 |
| Portfolio turnover rateD | 16% | 17% | 54% | 29% | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.92 per share is comprised of distributions from net investment income of $.257 and distributions from net realized gain of $.665 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.1 | 7.4 |
| Fidelity Series Blue Chip Growth Fund | 4.9 | 5.2 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund | 9.6 | 9.7 |
| Fidelity Series Growth & Income Fund | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund | 8.8 | 9.0 |
| Fidelity Series Intrinsic Opportunities Fund | 5.4 | 5.2 |
| Fidelity Series Opportunistic Insights Fund | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 6.3 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| Fidelity Series Short-Term Credit Fund | 0.0 | 0.3 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2035 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 10,026,097 | $134,851,010 |
| Fidelity Series 1000 Value Index Fund (a) | | 7,395,893 | 76,399,576 |
| Fidelity Series All-Sector Equity Fund (a) | | 33,807,470 | 425,636,049 |
| Fidelity Series Blue Chip Growth Fund (a) | | 27,230,544 | 295,179,097 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 15,446,691 | 75,534,320 |
| Fidelity Series Equity-Income Fund (a) | | 49,739,666 | 571,011,361 |
| Fidelity Series Growth & Income Fund (a) | | 35,301,472 | 438,444,277 |
| Fidelity Series Growth Company Fund (a) | | 42,992,367 | 524,506,883 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 22,783,649 | 322,160,798 |
| Fidelity Series Opportunistic Insights Fund (a) | | 19,577,166 | 284,651,988 |
| Fidelity Series Real Estate Equity Fund (a) | | 3,752,124 | 52,942,465 |
| Fidelity Series Small Cap Discovery Fund (a) | | 7,633,250 | 76,103,500 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 18,950,687 | 228,924,297 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 34,013,555 | 375,509,642 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $3,514,072,666) | | | 3,881,855,263 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 37,519,018 | 558,658,181 |
| Fidelity Series International Growth Fund (a) | | 40,320,067 | 537,063,287 |
| Fidelity Series International Small Cap Fund (a) | | 8,371,842 | 125,912,507 |
| Fidelity Series International Value Fund (a) | | 58,395,489 | 533,150,816 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,724,809,273) | | | 1,754,784,791 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 4,051,024 | 38,444,221 |
| Fidelity Series Floating Rate High Income Fund (a) | | 1,679,424 | 15,081,225 |
| Fidelity Series High Income Fund (a) | | 20,440,996 | 177,223,438 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 3,081,137 | 30,441,638 |
| Fidelity Series Investment Grade Bond Fund (a) | | 2,639,224 | 29,823,232 |
| Fidelity Series Real Estate Income Fund (a) | | 2,799,819 | 30,462,027 |
| TOTAL BOND FUNDS | | | |
| (Cost $348,642,653) | | | 321,475,781 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 1,930,155 | 1,930,155 |
| Fidelity Series Short-Term Credit Fund (a) | | 104,286 | 1,041,816 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $2,970,033) | | | 2,971,971 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $5,590,494,625) | | | 5,961,087,806 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (57) |
| NET ASSETS - 100% | | | $5,961,087,749 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $43,037,218 | $24,626,238 | $65,733,303 | $72,038 | $1,930,155 |
| Fidelity Series 100 Index Fund | 141,131,943 | 16,061,667 | 24,104,302 | 3,106,544 | 134,851,010 |
| Fidelity Series 1000 Value Index Fund | 79,479,138 | 13,492,676 | 10,389,694 | 1,885,882 | 76,399,576 |
| Fidelity Series All-Sector Equity Fund | 466,580,492 | 82,795,705 | 73,620,361 | 3,953,600 | 425,636,049 |
| Fidelity Series Blue Chip Growth Fund | 371,666,841 | 66,794,984 | 96,989,855 | 371,099 | 295,179,097 |
| Fidelity Series Commodity Strategy Fund | 47,520,051 | 40,685,869 | 3,947,427 | -- | 75,534,320 |
| Fidelity Series Emerging Markets Debt Fund | 39,102,232 | 4,888,110 | 4,670,859 | 2,366,859 | 38,444,221 |
| Fidelity Series Emerging Markets Fund | 488,648,083 | 168,630,929 | 37,658,522 | 6,097,013 | 558,658,181 |
| Fidelity Series Equity-Income Fund | 608,980,639 | 99,629,290 | 81,990,865 | 15,444,595 | 571,011,361 |
| Fidelity Series Floating Rate High Income Fund | 30,438,836 | 2,097,245 | 16,122,185 | 888,778 | 15,081,225 |
| Fidelity Series Growth & Income Fund | 464,551,848 | 67,505,222 | 54,884,230 | 8,743,210 | 438,444,277 |
| Fidelity Series Growth Company Fund | 532,777,087 | 18,183,737 | 9,522,331 | 1,292,467 | 524,506,883 |
| Fidelity Series High Income Fund | 217,403,165 | 23,537,618 | 39,916,942 | 11,578,037 | 177,223,438 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 30,805,548 | 1,096,674 | 6,896 | 30,441,638 |
| Fidelity Series International Growth Fund | 564,550,503 | 72,987,671 | 60,475,526 | 5,876,720 | 537,063,287 |
| Fidelity Series International Small Cap Fund | 129,921,785 | 22,243,487 | 20,255,179 | 1,118,690 | 125,912,507 |
| Fidelity Series International Value Fund | 556,252,337 | 77,379,095 | 46,662,855 | 11,066,624 | 533,150,816 |
| Fidelity Series Intrinsic Opportunities Fund | 309,935,239 | 43,421,885 | 11,828,004 | 4,796,319 | 322,160,798 |
| Fidelity Series Investment Grade Bond Fund | 39,073,141 | 51,712,482 | 60,184,567 | 1,085,528 | 29,823,232 |
| Fidelity Series Opportunistic Insights Fund | 303,610,636 | 48,458,844 | 52,115,277 | 72,980 | 284,651,988 |
| Fidelity Series Real Estate Equity Fund | 53,634,170 | 15,149,779 | 12,635,316 | 932,500 | 52,942,465 |
| Fidelity Series Real Estate Income Fund | 30,043,197 | 4,002,235 | 2,458,373 | 1,448,330 | 30,462,027 |
| Fidelity Series Short-Term Credit Fund | 36,737,149 | 1,544,496 | 37,066,273 | 228,256 | 1,041,816 |
| Fidelity Series Small Cap Discovery Fund | 78,800,884 | 15,568,736 | 8,528,554 | 146,577 | 76,103,500 |
| Fidelity Series Small Cap Opportunities Fund | 250,066,526 | 39,438,898 | 32,253,865 | 891,494 | 228,924,297 |
| Fidelity Series Stock Selector Large Cap Value Fund | 405,379,894 | 79,282,887 | 49,675,866 | 6,072,795 | 375,509,642 |
| Total | $6,289,323,034 | $ 1,130,925,333 | $ 914,787,205 | $ 89,543,831 | $5,961,087,806 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $5,590,494,625) — See accompanying schedule | | $5,961,087,806 |
| Cash | | 1 |
| Receivable for investments sold | | 32,387,498 |
| Receivable for fund shares sold | | 5,874,399 |
| Total assets | | 5,999,349,704 |
| Liabilities | | |
| Payable for investments purchased | $25,651,871 | |
| Payable for fund shares redeemed | 12,610,084 | |
| Total liabilities | | 38,261,955 |
| Net Assets | | $5,961,087,749 |
| Net Assets consist of: | | |
| Paid in capital | | $5,475,695,308 |
| Undistributed net investment income | | 1,427,115 |
| Accumulated undistributed net realized gain (loss) on investments | | 113,372,145 |
| Net unrealized appreciation (depreciation) on investments | | 370,593,181 |
| Net Assets, for 478,500,462 shares outstanding | | $5,961,087,749 |
| Net Asset Value, offering price and redemption price per share ($5,961,087,749 ÷ 478,500,462 shares) | | $12.46 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $89,543,831 |
| Expenses | | |
| Independent trustees' compensation | $25,733 | |
| Total expenses before reductions | 25,733 | |
| Expense reductions | (25,733) | – |
| Net investment income (loss) | | 89,543,831 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,633,000) | |
| Capital gain distributions from underlying funds | 232,257,292 | |
| Total net realized gain (loss) | | 230,624,292 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (542,740,379) |
| Net gain (loss) | | (312,116,087) |
| Net increase (decrease) in net assets resulting from operations | | $(222,572,256) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $89,543,831 | $99,678,702 |
| Net realized gain (loss) | 230,624,292 | 219,109,598 |
| Change in net unrealized appreciation (depreciation) | (542,740,379) | 153,427,180 |
| Net increase (decrease) in net assets resulting from operations | (222,572,256) | 472,215,480 |
| Distributions to shareholders from net investment income | (91,646,599) | (101,858,771) |
| Distributions to shareholders from net realized gain | (254,170,239) | (335,577,653) |
| Total distributions | (345,816,838) | (437,436,424) |
| Share transactions | | |
| Proceeds from sales of shares | 1,391,620,967 | 1,464,517,062 |
| Reinvestment of distributions | 344,791,446 | 436,665,855 |
| Cost of shares redeemed | (1,496,280,333) | (1,829,761,212) |
| Net increase (decrease) in net assets resulting from share transactions | 240,132,080 | 71,421,705 |
| Total increase (decrease) in net assets | (328,257,014) | 106,200,761 |
| Net Assets | | |
| Beginning of period | 6,289,344,763 | 6,183,144,002 |
| End of period (including undistributed net investment income of $1,427,115 and undistributed net investment income of $5,294,921, respectively) | $5,961,087,749 | $6,289,344,763 |
| Other Information | | |
| Shares | | |
| Sold | 108,051,819 | 108,867,490 |
| Issued in reinvestment of distributions | 26,289,610 | 33,126,797 |
| Redeemed | (115,780,170) | (136,109,768) |
| Net increase (decrease) | 18,561,259 | 5,884,519 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2035 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.67 | $13.62 | $12.57 | $11.68 | $12.04 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .19 | .22 | .18 | .20 | .18 |
| Net realized and unrealized gain (loss) | (.65) | .80 | 1.63 | .93 | (.14) |
| Total from investment operations | (.46) | 1.02 | 1.81 | 1.13 | .04 |
| Distributions from net investment income | (.20) | (.23) | (.19) | (.21) | (.19) |
| Distributions from net realized gain | (.55) | (.75) | (.57) | (.03) | (.21) |
| Total distributions | (.75) | (.97)B | (.76) | (.24) | (.40) |
| Net asset value, end of period | $12.46 | $13.67 | $13.62 | $12.57 | $11.68 |
| Total ReturnC | (3.59)% | 7.90% | 14.76% | 9.85% | .63% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.48% | 1.62% | 1.42% | 1.70% | 1.57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,961,088 | $6,289,345 | $6,183,144 | $5,648,531 | $5,857,392 |
| Portfolio turnover rateD | 15% | 18% | 54% | 36% | 30% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.97 per share is comprised of distributions from net investment income of $.226 and distributions from net realized gain of $.746 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.1 | 7.4 |
| Fidelity Series Blue Chip Growth Fund | 4.9 | 5.2 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund | 9.6 | 9.7 |
| Fidelity Series Growth & Income Fund | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund | 8.8 | 9.1 |
| Fidelity Series Intrinsic Opportunities Fund | 5.4 | 5.2 |
| Fidelity Series Opportunistic Insights Fund | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.8 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 6.3 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| Fidelity Series Short-Term Credit Fund | 0.0 | 0.3 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2040 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 10,745,620 | $144,528,586 |
| Fidelity Series 1000 Value Index Fund (a) | | 7,909,574 | 81,705,902 |
| Fidelity Series All-Sector Equity Fund (a) | | 36,219,685 | 456,005,832 |
| Fidelity Series Blue Chip Growth Fund (a) | | 29,168,589 | 316,187,504 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 16,573,613 | 81,044,966 |
| Fidelity Series Equity-Income Fund (a) | | 53,309,026 | 611,987,622 |
| Fidelity Series Growth & Income Fund (a) | | 37,820,232 | 469,727,283 |
| Fidelity Series Growth Company Fund (a) | | 46,056,099 | 561,884,413 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 24,526,024 | 346,797,974 |
| Fidelity Series Opportunistic Insights Fund (a) | | 20,982,117 | 305,079,988 |
| Fidelity Series Real Estate Equity Fund (a) | | 4,008,893 | 56,565,474 |
| Fidelity Series Small Cap Discovery Fund (a) | | 8,180,882 | 81,563,395 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 20,321,939 | 245,489,020 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 36,391,092 | 401,757,651 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $3,738,541,196) | | | 4,160,325,610 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 40,215,928 | 598,815,169 |
| Fidelity Series International Growth Fund (a) | | 43,212,479 | 575,590,222 |
| Fidelity Series International Small Cap Fund (a) | | 8,975,128 | 134,985,920 |
| Fidelity Series International Value Fund (a) | | 62,584,657 | 571,397,916 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,850,680,524) | | | 1,880,789,227 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 4,343,632 | 41,221,070 |
| Fidelity Series Floating Rate High Income Fund (a) | | 1,806,911 | 16,226,060 |
| Fidelity Series High Income Fund (a) | | 21,869,854 | 189,611,638 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 3,301,540 | 32,619,212 |
| Fidelity Series Investment Grade Bond Fund (a) | | 2,828,490 | 31,961,942 |
| Fidelity Series Real Estate Income Fund (a) | | 3,004,645 | 32,690,532 |
| TOTAL BOND FUNDS | | | |
| (Cost $374,051,689) | | | 344,330,454 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 2,041,947 | 2,041,947 |
| Fidelity Series Short-Term Credit Fund (a) | | 108,002 | 1,078,943 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $3,119,363) | | | 3,120,890 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $5,966,392,772) | | | 6,388,566,181 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (72) |
| NET ASSETS - 100% | | | $6,388,566,109 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $47,624,725 | $25,645,009 | $71,227,785 | $80,726 | $2,041,947 |
| Fidelity Series 100 Index Fund | 154,252,842 | 14,728,114 | 26,310,429 | 3,346,702 | 144,528,586 |
| Fidelity Series 1000 Value Index Fund | 87,256,742 | 12,890,073 | 11,720,093 | 2,027,246 | 81,705,902 |
| Fidelity Series All-Sector Equity Fund | 511,263,608 | 79,658,651 | 80,621,154 | 4,259,250 | 456,005,832 |
| Fidelity Series Blue Chip Growth Fund | 406,816,021 | 65,651,707 | 106,241,063 | 402,066 | 316,187,504 |
| Fidelity Series Commodity Strategy Fund | 52,225,272 | 42,799,391 | 4,500,935 | -- | 81,044,966 |
| Fidelity Series Emerging Markets Debt Fund | 43,053,009 | 4,638,741 | 5,503,060 | 2,568,861 | 41,221,070 |
| Fidelity Series Emerging Markets Fund | 535,684,671 | 171,747,701 | 41,895,422 | 6,566,509 | 598,815,169 |
| Fidelity Series Equity-Income Fund | 667,318,641 | 94,649,504 | 89,402,255 | 16,770,232 | 611,987,622 |
| Fidelity Series Floating Rate High Income Fund | 33,378,622 | 1,932,142 | 17,634,896 | 967,277 | 16,226,060 |
| Fidelity Series Growth & Income Fund | 508,828,132 | 62,984,030 | 59,823,882 | 9,495,723 | 469,727,283 |
| Fidelity Series Growth Company Fund | 590,350,986 | 11,286,022 | 21,328,905 | 1,400,150 | 561,884,413 |
| Fidelity Series High Income Fund | 238,072,282 | 23,252,157 | 45,828,389 | 12,551,929 | 189,611,638 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 33,091,073 | 1,255,719 | 7,407 | 32,619,212 |
| Fidelity Series International Growth Fund | 619,410,927 | 67,361,548 | 67,921,349 | 6,334,419 | 575,590,222 |
| Fidelity Series International Small Cap Fund | 142,568,230 | 21,622,921 | 22,759,612 | 1,206,620 | 134,985,920 |
| Fidelity Series International Value Fund | 610,063,307 | 72,346,783 | 52,942,009 | 11,928,619 | 571,397,916 |
| Fidelity Series Intrinsic Opportunities Fund | 339,687,916 | 40,880,087 | 12,537,177 | 5,220,472 | 346,797,974 |
| Fidelity Series Investment Grade Bond Fund | 42,891,175 | 55,976,575 | 66,042,083 | 1,175,566 | 31,961,942 |
| Fidelity Series Opportunistic Insights Fund | 332,716,326 | 45,786,497 | 56,955,806 | 78,621 | 305,079,988 |
| Fidelity Series Real Estate Equity Fund | 58,948,306 | 15,065,982 | 13,905,283 | 1,001,628 | 56,565,474 |
| Fidelity Series Real Estate Income Fund | 32,995,483 | 3,740,774 | 2,814,083 | 1,568,939 | 32,690,532 |
| Fidelity Series Short-Term Credit Fund | 41,498,101 | 1,391,890 | 41,618,391 | 251,150 | 1,078,943 |
| Fidelity Series Small Cap Discovery Fund | 86,107,650 | 16,463,481 | 10,384,508 | 157,982 | 81,563,395 |
| Fidelity Series Small Cap Opportunities Fund | 274,012,755 | 39,198,331 | 37,036,160 | 963,549 | 245,489,020 |
| Fidelity Series Stock Selector Large Cap Value Fund | 444,139,218 | 78,198,891 | 56,034,738 | 6,532,549 | 401,757,651 |
| Total | $6,901,164,947 | $ 1,102,988,075 | $ 1,024,245,186 | $ 96,864,192 | $6,388,566,181 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $5,966,392,772) — See accompanying schedule | | $6,388,566,181 |
| Cash | | 1 |
| Receivable for investments sold | | 34,095,397 |
| Receivable for fund shares sold | | 5,699,579 |
| Total assets | | 6,428,361,158 |
| Liabilities | | |
| Payable for investments purchased | $28,585,964 | |
| Payable for fund shares redeemed | 11,209,085 | |
| Total liabilities | | 39,795,049 |
| Net Assets | | $6,388,566,109 |
| Net Assets consist of: | | |
| Paid in capital | | $5,834,037,997 |
| Undistributed net investment income | | 3,556,322 |
| Accumulated undistributed net realized gain (loss) on investments | | 128,798,381 |
| Net unrealized appreciation (depreciation) on investments | | 422,173,409 |
| Net Assets, for 729,948,133 shares outstanding | | $6,388,566,109 |
| Net Asset Value, offering price and redemption price per share ($6,388,566,109 ÷ 729,948,133 shares) | | $8.75 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $96,864,192 |
| Expenses | | |
| Independent trustees' compensation | $27,999 | |
| Total expenses before reductions | 27,999 | |
| Expense reductions | (27,999) | – |
| Net investment income (loss) | | 96,864,192 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 14,390,779 | |
| Capital gain distributions from underlying funds | 250,646,653 | |
| Total net realized gain (loss) | | 265,037,432 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (605,732,454) |
| Net gain (loss) | | (340,695,022) |
| Net increase (decrease) in net assets resulting from operations | | $(243,830,830) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $96,864,192 | $111,586,701 |
| Net realized gain (loss) | 265,037,432 | 258,801,293 |
| Change in net unrealized appreciation (depreciation) | (605,732,454) | 160,036,995 |
| Net increase (decrease) in net assets resulting from operations | (243,830,830) | 530,424,989 |
| Distributions to shareholders from net investment income | (98,407,460) | (113,793,541) |
| Distributions to shareholders from net realized gain | (295,579,053) | (394,091,363) |
| Total distributions | (393,986,513) | (507,884,904) |
| Share transactions | | |
| Proceeds from sales of shares | 1,349,322,844 | 1,483,734,986 |
| Reinvestment of distributions | 391,705,825 | 506,217,688 |
| Cost of shares redeemed | (1,615,836,532) | (2,127,429,073) |
| Net increase (decrease) in net assets resulting from share transactions | 125,192,137 | (137,476,399) |
| Total increase (decrease) in net assets | (512,625,206) | (114,936,314) |
| Net Assets | | |
| Beginning of period | 6,901,191,315 | 7,016,127,629 |
| End of period (including undistributed net investment income of $3,556,322 and undistributed net investment income of $5,784,713, respectively) | $6,388,566,109 | $6,901,191,315 |
| Other Information | | |
| Shares | | |
| Sold | 148,778,116 | 156,496,312 |
| Issued in reinvestment of distributions | 42,450,532 | 54,503,721 |
| Redeemed | (177,637,217) | (224,315,197) |
| Net increase (decrease) | 13,591,431 | (13,315,164) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2040 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.63 | $9.62 | $8.78 | $8.15 | $8.41 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .13 | .15 | .13 | .14 | .12 |
| Net realized and unrealized gain (loss) | (.46) | .57 | 1.17 | .66 | (.10) |
| Total from investment operations | (.33) | .72 | 1.30 | .80 | .02 |
| Distributions from net investment income | (.14) | (.16) | (.13) | (.15) | (.13) |
| Distributions from net realized gain | (.41) | (.55) | (.33) | (.02) | (.15) |
| Total distributions | (.55) | (.71) | (.46) | (.17) | (.28) |
| Net asset value, end of period | $8.75 | $9.63 | $9.62 | $8.78 | $8.15 |
| Total ReturnB | (3.62)% | 7.86% | 15.08% | 9.94% | .58% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductionsE | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.47% | 1.61% | 1.40% | 1.70%�� | 1.55% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,388,566 | $6,901,191 | $7,016,128 | $6,758,570 | $7,293,065 |
| Portfolio turnover rateC | 16% | 17% | 49% | 33% | 27% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 underlying funds in which the Fund invests.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 2.2 | 2.3 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.1 | 7.4 |
| Fidelity Series Blue Chip Growth Fund | 4.9 | 5.2 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund | 9.6 | 9.7 |
| Fidelity Series Growth & Income Fund | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund | 8.8 | 9.0 |
| Fidelity Series Intrinsic Opportunities Fund | 5.5 | 5.3 |
| Fidelity Series Opportunistic Insights Fund | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.8 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 6.3 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| Fidelity Series Short-Term Credit Fund | 0.0 | 0.3 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2045 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 4,892,444 | $65,803,373 |
| Fidelity Series 1000 Value Index Fund (a) | | 3,593,613 | 37,122,023 |
| Fidelity Series All-Sector Equity Fund (a) | | 16,506,442 | 207,816,099 |
| Fidelity Series Blue Chip Growth Fund (a) | | 13,289,362 | 144,056,686 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 7,579,952 | 37,065,965 |
| Fidelity Series Equity-Income Fund (a) | | 24,295,987 | 278,917,934 |
| Fidelity Series Growth & Income Fund (a) | | 17,236,012 | 214,071,267 |
| Fidelity Series Growth Company Fund (a) | | 20,958,877 | 255,698,304 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 11,289,087 | 159,627,697 |
| Fidelity Series Opportunistic Insights Fund (a) | | 9,557,127 | 138,960,626 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,818,386 | 25,657,430 |
| Fidelity Series Small Cap Discovery Fund (a) | | 3,714,443 | 37,033,000 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 9,248,554 | 111,722,534 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 16,623,595 | 183,524,487 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,670,161,578) | | | 1,897,077,425 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 18,344,442 | 273,148,747 |
| Fidelity Series International Growth Fund (a) | | 19,710,027 | 262,537,558 |
| Fidelity Series International Small Cap Fund (a) | | 4,092,649 | 61,553,434 |
| Fidelity Series International Value Fund (a) | | 28,545,907 | 260,624,130 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $826,068,823) | | | 857,863,869 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,976,446 | 18,756,472 |
| Fidelity Series Floating Rate High Income Fund (a) | | 814,037 | 7,310,053 |
| Fidelity Series High Income Fund (a) | | 9,941,731 | 86,194,805 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,507,263 | 14,891,762 |
| Fidelity Series Investment Grade Bond Fund (a) | | 1,289,689 | 14,573,489 |
| Fidelity Series Real Estate Income Fund (a) | | 1,365,095 | 14,852,237 |
| TOTAL BOND FUNDS | | | |
| (Cost $169,638,989) | | | 156,578,818 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 947,216 | 947,216 |
| Fidelity Series Short-Term Credit Fund (a) | | 50,563 | 505,128 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,451,302) | | | 1,452,344 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,667,320,692) | | | 2,912,972,456 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (3) |
| NET ASSETS - 100% | | | $2,912,972,453 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $20,244,795 | $12,906,441 | $32,204,020 | $35,318 | $947,216 |
| Fidelity Series 100 Index Fund | 67,228,796 | 11,286,534 | 13,614,224 | 1,500,991 | 65,803,373 |
| Fidelity Series 1000 Value Index Fund | 38,016,048 | 8,200,810 | 6,150,983 | 911,240 | 37,122,023 |
| Fidelity Series All-Sector Equity Fund | 222,122,602 | 51,693,279 | 42,063,271 | 1,910,258 | 207,816,099 |
| Fidelity Series Blue Chip Growth Fund | 176,878,750 | 40,351,600 | 51,107,298 | 178,215 | 144,056,686 |
| Fidelity Series Commodity Strategy Fund | 22,540,341 | 21,061,280 | 2,352,610 | -- | 37,065,965 |
| Fidelity Series Emerging Markets Debt Fund | 18,610,906 | 3,184,322 | 2,623,331 | 1,137,649 | 18,756,472 |
| Fidelity Series Emerging Markets Fund | 232,807,451 | 92,472,908 | 23,074,561 | 2,939,258 | 273,148,747 |
| Fidelity Series Equity-Income Fund | 289,910,792 | 62,570,697 | 47,030,929 | 7,412,265 | 278,917,934 |
| Fidelity Series Floating Rate High Income Fund | 14,447,165 | 1,478,852 | 7,977,665 | 425,596 | 7,310,053 |
| Fidelity Series Growth & Income Fund | 221,164,420 | 44,462,860 | 33,189,943 | 4,193,413 | 214,071,267 |
| Fidelity Series Growth Company Fund | 253,180,046 | 14,321,956 | 3,572,613 | 620,616 | 255,698,304 |
| Fidelity Series High Income Fund | 103,673,631 | 14,530,515 | 20,609,486 | 5,561,199 | 86,194,805 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 15,200,294 | 664,904 | 3,339 | 14,891,762 |
| Fidelity Series International Growth Fund | 268,931,545 | 47,306,844 | 34,631,135 | 2,833,487 | 262,537,558 |
| Fidelity Series International Small Cap Fund | 61,841,557 | 13,410,936 | 10,845,916 | 539,508 | 61,553,434 |
| Fidelity Series International Value Fund | 265,034,435 | 48,723,712 | 27,346,965 | 5,335,804 | 260,624,130 |
| Fidelity Series Intrinsic Opportunities Fund | 147,542,328 | 28,141,478 | 6,790,253 | 2,322,695 | 159,627,697 |
| Fidelity Series Investment Grade Bond Fund | 18,326,071 | 25,605,325 | 28,991,996 | 520,964 | 14,573,489 |
| Fidelity Series Opportunistic Insights Fund | 144,536,478 | 30,658,917 | 29,004,095 | 35,262 | 138,960,626 |
| Fidelity Series Real Estate Equity Fund | 25,500,687 | 8,294,687 | 6,694,154 | 448,264 | 25,657,430 |
| Fidelity Series Real Estate Income Fund | 14,270,842 | 2,606,962 | 1,491,645 | 697,044 | 14,852,237 |
| Fidelity Series Short-Term Credit Fund | 17,171,981 | 1,062,179 | 17,646,806 | 108,518 | 505,128 |
| Fidelity Series Small Cap Discovery Fund | 37,930,193 | 8,831,565 | 5,104,243 | 70,565 | 37,033,000 |
| Fidelity Series Small Cap Opportunities Fund | 119,061,588 | 24,809,850 | 18,664,186 | 429,190 | 111,722,534 |
| Fidelity Series Stock Selector Large Cap Value Fund | 192,941,019 | 48,014,295 | 28,893,901 | 2,935,936 | 183,524,487 |
| Total | $2,993,914,467 | $ 681,189,098 | $ 502,341,133 | $ 43,106,594 | $2,912,972,456 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,667,320,692) — See accompanying schedule | | $2,912,972,456 |
| Cash | | 3 |
| Receivable for investments sold | | 16,728,404 |
| Receivable for fund shares sold | | 4,472,651 |
| Total assets | | 2,934,173,514 |
| Liabilities | | |
| Payable for investments purchased | $14,315,213 | |
| Payable for fund shares redeemed | 6,885,848 | |
| Total liabilities | | 21,201,061 |
| Net Assets | | $2,912,972,453 |
| Net Assets consist of: | | |
| Paid in capital | | $2,614,683,947 |
| Undistributed net investment income | | 1,636,455 |
| Accumulated undistributed net realized gain (loss) on investments | | 51,000,287 |
| Net unrealized appreciation (depreciation) on investments | | 245,651,764 |
| Net Assets, for 294,651,097 shares outstanding | | $2,912,972,453 |
| Net Asset Value, offering price and redemption price per share ($2,912,972,453 ÷ 294,651,097 shares) | | $9.89 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $43,106,594 |
| Expenses | | |
| Independent trustees' compensation | $12,345 | |
| Total expenses before reductions | 12,345 | |
| Expense reductions | (12,345) | – |
| Net investment income (loss) | | 43,106,594 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (2,687,341) | |
| Capital gain distributions from underlying funds | 112,033,083 | |
| Total net realized gain (loss) | | 109,345,742 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (257,102,571) |
| Net gain (loss) | | (147,756,829) |
| Net increase (decrease) in net assets resulting from operations | | $(104,650,235) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $43,106,594 | $47,178,273 |
| Net realized gain (loss) | 109,345,742 | 103,822,843 |
| Change in net unrealized appreciation (depreciation) | (257,102,571) | 72,282,553 |
| Net increase (decrease) in net assets resulting from operations | (104,650,235) | 223,283,669 |
| Distributions to shareholders from net investment income | (44,002,104) | (47,958,563) |
| Distributions to shareholders from net realized gain | (119,597,691) | (230,593,594) |
| Total distributions | (163,599,795) | (278,552,157) |
| Share transactions | | |
| Proceeds from sales of shares | 925,423,144 | 935,975,186 |
| Reinvestment of distributions | 163,254,218 | 278,276,671 |
| Cost of shares redeemed | (901,380,813) | (1,050,162,996) |
| Net increase (decrease) in net assets resulting from share transactions | 187,296,549 | 164,088,861 |
| Total increase (decrease) in net assets | (80,953,481) | 108,820,373 |
| Net Assets | | |
| Beginning of period | 2,993,925,934 | 2,885,105,561 |
| End of period (including undistributed net investment income of $1,636,455 and undistributed net investment income of $2,610,789, respectively) | $2,912,972,453 | $2,993,925,934 |
| Other Information | | |
| Shares | | |
| Sold | 90,620,446 | 87,545,773 |
| Issued in reinvestment of distributions | 15,691,158 | 26,697,457 |
| Redeemed | (87,834,689) | (98,275,320) |
| Net increase (decrease) | 18,476,915 | 15,967,910 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2045 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.84 | $11.09 | $10.42 | $9.65 | $9.98 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .17 | .15 | .17 | .15 |
| Net realized and unrealized gain (loss) | (.52) | .64 | 1.39 | .79 | (.15) |
| Total from investment operations | (.37) | .81 | 1.54 | .96 | – |
| Distributions from net investment income | (.16) | (.18) | (.15) | (.17) | (.15) |
| Distributions from net realized gain | (.43) | (.89) | (.72) | (.02) | (.17) |
| Total distributions | (.58)B | (1.06)C | (.87) | (.19) | (.33)D |
| Net asset value, end of period | $9.89 | $10.84 | $11.09 | $10.42 | $9.65 |
| Total ReturnE | (3.59)% | 7.93% | 15.38% | 10.14% | .29% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductionsH | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.48% | 1.62% | 1.42% | 1.75% | 1.57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,912,972 | $2,993,926 | $2,885,106 | $2,480,465 | $2,432,828 |
| Portfolio turnover rateF | 17% | 21% | 53% | 45% | 40% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.58 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.427 per share.
C Total distributions of $1.06 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.886 per share.
D Total distributions of $.33 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.174 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 2.2 | 2.3 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.1 | 7.4 |
| Fidelity Series Blue Chip Growth Fund | 4.9 | 5.2 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund | 9.6 | 9.7 |
| Fidelity Series Growth & Income Fund | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund | 8.8 | 9.0 |
| Fidelity Series Intrinsic Opportunities Fund | 5.5 | 5.3 |
| Fidelity Series Opportunistic Insights Fund | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.8 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 6.3 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.0 | 0.7 |
| Fidelity Series Short-Term Credit Fund | 0.0 | 0.3 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2050 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 3,974,946 | $53,463,025 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,915,671 | 30,118,880 |
| Fidelity Series All-Sector Equity Fund (a) | | 13,392,478 | 168,611,304 |
| Fidelity Series Blue Chip Growth Fund (a) | | 10,782,371 | 116,880,898 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 6,162,672 | 30,135,468 |
| Fidelity Series Equity-Income Fund (a) | | 19,711,431 | 226,287,224 |
| Fidelity Series Growth & Income Fund (a) | | 13,984,457 | 173,686,957 |
| Fidelity Series Growth Company Fund (a) | | 16,993,117 | 207,316,024 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 9,168,713 | 129,645,600 |
| Fidelity Series Opportunistic Insights Fund (a) | | 7,745,802 | 112,623,958 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,475,349 | 20,817,173 |
| Fidelity Series Small Cap Discovery Fund (a) | | 3,001,576 | 29,925,715 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 7,500,588 | 90,607,109 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 13,505,245 | 149,097,910 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,352,573,543) | | | 1,539,217,245 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 14,887,654 | 221,677,165 |
| Fidelity Series International Growth Fund (a) | | 15,993,286 | 213,030,573 |
| Fidelity Series International Small Cap Fund (a) | | 3,321,029 | 49,948,269 |
| Fidelity Series International Value Fund (a) | | 23,162,763 | 211,476,024 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $666,872,848) | | | 696,132,031 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,604,936 | 15,230,843 |
| Fidelity Series Floating Rate High Income Fund (a) | | 664,841 | 5,970,275 |
| Fidelity Series High Income Fund (a) | | 8,045,546 | 69,754,881 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,218,442 | 12,038,210 |
| Fidelity Series Investment Grade Bond Fund (a) | | 1,046,356 | 11,823,820 |
| Fidelity Series Real Estate Income Fund (a) | | 1,106,201 | 12,035,472 |
| TOTAL BOND FUNDS | | | |
| (Cost $138,023,927) | | | 126,853,501 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 768,326 | 768,326 |
| Fidelity Series Short-Term Credit Fund (a) | | 41,042 | 410,011 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,177,297) | | | 1,178,337 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,158,647,615) | | | 2,363,381,114 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 29 |
| NET ASSETS - 100% | | | $2,363,381,143 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $15,473,117 | $11,169,685 | $25,874,477 | $28,155 | $768,326 |
| Fidelity Series 100 Index Fund | 52,801,653 | 10,332,260 | 10,401,862 | 1,208,313 | 53,463,025 |
| Fidelity Series 1000 Value Index Fund | 30,095,605 | 7,303,793 | 4,944,966 | 733,768 | 30,118,880 |
| Fidelity Series All-Sector Equity Fund | 175,710,242 | 44,756,339 | 32,744,596 | 1,537,785 | 168,611,304 |
| Fidelity Series Blue Chip Growth Fund | 139,945,042 | 34,724,219 | 40,228,599 | 142,126 | 116,880,898 |
| Fidelity Series Commodity Strategy Fund | 17,873,333 | 17,409,302 | 1,806,298 | -- | 30,135,468 |
| Fidelity Series Emerging Markets Debt Fund | 14,772,457 | 2,782,701 | 1,999,320 | 911,570 | 15,230,843 |
| Fidelity Series Emerging Markets Fund | 184,803,949 | 77,854,246 | 18,003,113 | 2,364,102 | 221,677,165 |
| Fidelity Series Equity-Income Fund | 229,452,732 | 54,259,192 | 36,313,751 | 5,922,493 | 226,287,224 |
| Fidelity Series Floating Rate High Income Fund | 11,463,362 | 1,290,978 | 6,273,932 | 340,225 | 5,970,275 |
| Fidelity Series Growth & Income Fund | 174,899,640 | 38,991,790 | 25,627,318 | 3,348,862 | 173,686,957 |
| Fidelity Series Growth Company Fund | 204,397,654 | 11,014,140 | 1,533,856 | 498,414 | 207,316,024 |
| Fidelity Series High Income Fund | 82,371,541 | 12,605,720 | 16,131,014 | 4,449,593 | 69,754,881 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 12,269,764 | 518,631 | 2,685 | 12,038,210 |
| Fidelity Series International Growth Fund | 213,508,384 | 41,834,860 | 27,143,200 | 2,278,723 | 213,030,573 |
| Fidelity Series International Small Cap Fund | 49,082,171 | 11,696,437 | 8,556,381 | 433,850 | 49,948,269 |
| Fidelity Series International Value Fund | 210,393,105 | 43,716,283 | 22,059,353 | 4,291,116 | 211,476,024 |
| Fidelity Series Intrinsic Opportunities Fund | 116,793,646 | 25,219,668 | 4,992,036 | 1,859,391 | 129,645,600 |
| Fidelity Series Investment Grade Bond Fund | 14,551,304 | 20,689,613 | 23,129,248 | 416,323 | 11,823,820 |
| Fidelity Series Opportunistic Insights Fund | 114,355,587 | 26,526,906 | 22,469,023 | 28,386 | 112,623,958 |
| Fidelity Series Real Estate Equity Fund | 20,148,123 | 7,117,346 | 5,353,843 | 358,819 | 20,817,173 |
| Fidelity Series Real Estate Income Fund | 11,324,294 | 2,284,884 | 1,151,757 | 557,661 | 12,035,472 |
| Fidelity Series Short-Term Credit Fund | 13,596,057 | 1,073,952 | 14,196,025 | 85,886 | 410,011 |
| Fidelity Series Small Cap Discovery Fund | 30,711,446 | 6,920,767 | 4,046,313 | 56,558 | 29,925,715 |
| Fidelity Series Small Cap Opportunities Fund | 94,236,168 | 21,672,687 | 14,619,115 | 343,383 | 90,607,109 |
| Fidelity Series Stock Selector Large Cap Value Fund | 152,540,691 | 41,760,746 | 22,409,403 | 2,363,418 | 149,097,910 |
| Total | $2,375,301,303 | $ 587,278,278 | $ 392,527,430 | $34,561,605 | $2,363,381,114 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,158,647,615) — See accompanying schedule | | $2,363,381,114 |
| Cash | | 3 |
| Receivable for investments sold | | 14,365,749 |
| Receivable for fund shares sold | | 4,525,445 |
| Total assets | | 2,382,272,311 |
| Liabilities | | |
| Payable for investments purchased | $12,628,820 | |
| Payable for fund shares redeemed | 6,262,348 | |
| Total liabilities | | 18,891,168 |
| Net Assets | | $2,363,381,143 |
| Net Assets consist of: | | |
| Paid in capital | | $2,115,820,089 |
| Undistributed net investment income | | 1,078,035 |
| Accumulated undistributed net realized gain (loss) on investments | | 41,749,520 |
| Net unrealized appreciation (depreciation) on investments | | 204,733,499 |
| Net Assets, for 237,915,279 shares outstanding | | $2,363,381,143 |
| Net Asset Value, offering price and redemption price per share ($2,363,381,143 ÷ 237,915,279 shares) | | $9.93 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $34,561,605 |
| Expenses | | |
| Independent trustees' compensation | $9,869 | |
| Total expenses before reductions | 9,869 | |
| Expense reductions | (9,869) | – |
| Net investment income (loss) | | 34,561,605 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (917,706) | |
| Capital gain distributions from underlying funds | 89,929,429 | |
| Total net realized gain (loss) | | 89,011,723 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (205,753,358) |
| Net gain (loss) | | (116,741,635) |
| Net increase (decrease) in net assets resulting from operations | | $(82,180,030) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $34,561,605 | $37,910,015 |
| Net realized gain (loss) | 89,011,723 | 82,517,753 |
| Change in net unrealized appreciation (depreciation) | (205,753,358) | 59,963,370 |
| Net increase (decrease) in net assets resulting from operations | (82,180,030) | 180,391,138 |
| Distributions to shareholders from net investment income | (35,426,150) | (38,403,121) |
| Distributions to shareholders from net realized gain | (97,594,012) | (182,970,831) |
| Total distributions | (133,020,162) | (221,373,952) |
| Share transactions | | |
| Proceeds from sales of shares | 795,603,240 | 838,982,359 |
| Reinvestment of distributions | 132,389,605 | 220,900,399 |
| Cost of shares redeemed | (724,719,368) | (941,424,321) |
| Net increase (decrease) in net assets resulting from share transactions | 203,273,477 | 118,458,437 |
| Total increase (decrease) in net assets | (11,926,715) | 77,475,623 |
| Net Assets | | |
| Beginning of period | 2,375,307,858 | 2,297,832,235 |
| End of period (including undistributed net investment income of $1,078,035 and undistributed net investment income of $2,105,386, respectively) | $2,363,381,143 | $2,375,307,858 |
| Other Information | | |
| Shares | | |
| Sold | 77,551,171 | 78,104,778 |
| Issued in reinvestment of distributions | 12,655,295 | 21,105,948 |
| Redeemed | (70,163,494) | (87,508,152) |
| Net increase (decrease) | 20,042,972 | 11,702,574 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2050 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.90 | $11.15 | $10.28 | $9.51 | $9.88 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .17 | .15 | .16 | .14 |
| Net realized and unrealized gain (loss) | (.52) | .65 | 1.41 | .79 | (.19) |
| Total from investment operations | (.37) | .82 | 1.56 | .95 | (.05) |
| Distributions from net investment income | (.16) | (.18) | (.15) | (.17) | (.14) |
| Distributions from net realized gain | (.44) | (.89) | (.54) | (.02) | (.18) |
| Total distributions | (.60) | (1.07) | (.69) | (.18)B | (.32) |
| Net asset value, end of period | $9.93 | $10.90 | $11.15 | $10.28 | $9.51 |
| Total ReturnC | (3.65)% | 7.91% | 15.53% | 10.18% | (.17)% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductionsF | -% | -% | -% | -% | -% |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -% |
| Expenses net of all reductions | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.49% | 1.62% | 1.41% | 1.71% | 1.49% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,363,381 | $2,375,308 | $2,297,832 | $2,069,745 | $2,066,305 |
| Portfolio turnover rateD | 17% | 23% | 57% | 44% | 41% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.18 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.016 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.
F Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.1 | 7.5 |
| Fidelity Series Blue Chip Growth Fund | 4.9 | 5.3 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund | 9.6 | 9.8 |
| Fidelity Series Growth & Income Fund | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund | 8.5 | 8.6 |
| Fidelity Series Intrinsic Opportunities Fund | 5.7 | 5.2 |
| Fidelity Series Opportunistic Insights Fund | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 6.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 7.9 |
| Fidelity Series International Growth Fund | 9.0 | 9.0 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 8.9 |
| | 29.5 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.3 | 0.3 |
| Fidelity Series High Income Fund | 2.9 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.3 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.3 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.7 |
| Fidelity Series Short-Term Credit Fund | 0.0 | 0.3 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | (0.1) |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Net Other Assets* | (0.1)% |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
* Net Other Assets (Liabilities) are not included in the pie chart
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2055 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 1,093,855 | $14,712,348 |
| Fidelity Series 1000 Value Index Fund (a) | | 802,185 | 8,286,576 |
| Fidelity Series All-Sector Equity Fund (a) | | 3,685,125 | 46,395,718 |
| Fidelity Series Blue Chip Growth Fund (a) | | 2,967,246 | 32,164,948 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 1,708,397 | 8,354,063 |
| Fidelity Series Equity-Income Fund (a) | | 5,423,605 | 62,262,981 |
| Fidelity Series Growth & Income Fund (a) | | 3,847,343 | 47,784,000 |
| Fidelity Series Growth Company Fund (a) | | 4,547,981 | 55,485,371 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 2,602,236 | 36,795,620 |
| Fidelity Series Opportunistic Insights Fund (a) | | 2,135,869 | 31,055,536 |
| Fidelity Series Real Estate Equity Fund (a) | | 405,905 | 5,727,324 |
| Fidelity Series Small Cap Discovery Fund (a) | | 825,271 | 8,227,953 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,067,542 | 24,975,909 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 3,707,209 | 40,927,588 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $417,165,126) | | | 423,155,935 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 4,096,381 | 60,995,120 |
| Fidelity Series International Growth Fund (a) | | 4,401,866 | 58,632,856 |
| Fidelity Series International Small Cap Fund (a) | | 913,551 | 13,739,803 |
| Fidelity Series International Value Fund (a) | | 6,375,004 | 58,203,786 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $199,868,630) | | | 191,571,565 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 437,789 | 4,154,621 |
| Fidelity Series Floating Rate High Income Fund (a) | | 179,968 | 1,616,113 |
| Fidelity Series High Income Fund (a) | | 2,184,073 | 18,935,916 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 339,431 | 3,353,582 |
| Fidelity Series Investment Grade Bond Fund (a) | | 287,606 | 3,249,947 |
| Fidelity Series Real Estate Income Fund (a) | | 299,599 | 3,259,636 |
| TOTAL BOND FUNDS | | | |
| (Cost $37,458,966) | | | 34,569,815 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 210,997 | 210,997 |
| Fidelity Series Short-Term Credit Fund (a) | | 11,304 | 112,925 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $323,541) | | | 323,922 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $654,816,263) | | | 649,621,237 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 30 |
| NET ASSETS - 100% | | | $649,621,267 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $4,263,640 | $2,733,335 | $6,785,977 | $7,144 | $210,997 |
| Fidelity Series 100 Index Fund | 11,928,340 | 5,859,049 | 3,326,118 | 315,196 | 14,712,348 |
| Fidelity Series 1000 Value Index Fund | 6,795,241 | 3,663,928 | 1,622,363 | 192,003 | 8,286,576 |
| Fidelity Series All-Sector Equity Fund | 39,206,632 | 22,141,961 | 10,254,294 | 401,143 | 46,395,718 |
| Fidelity Series Blue Chip Growth Fund | 30,665,419 | 17,110,002 | 11,236,236 | 35,920 | 32,164,948 |
| Fidelity Series Commodity Strategy Fund | 3,974,444 | 5,846,301 | 637,943 | -- | 8,354,063 |
| Fidelity Series Emerging Markets Debt Fund | 3,039,112 | 1,742,972 | 554,811 | 224,689 | 4,154,621 |
| Fidelity Series Emerging Markets Fund | 40,369,885 | 31,328,623 | 5,410,867 | 610,700 | 60,995,120 |
| Fidelity Series Equity-Income Fund | 50,792,034 | 27,808,649 | 11,260,867 | 1,459,093 | 62,262,981 |
| Fidelity Series Floating Rate High Income Fund | 2,513,043 | 705,165 | 1,473,047 | 83,734 | 1,616,113 |
| Fidelity Series Growth & Income Fund | 39,026,124 | 20,919,110 | 8,740,720 | 821,463 | 47,784,000 |
| Fidelity Series Growth Company Fund | 43,931,745 | 13,702,232 | 349,819 | 128,456 | 55,485,371 |
| Fidelity Series High Income Fund | 17,625,324 | 7,404,036 | 3,868,089 | 1,099,672 | 18,935,916 |
| Fidelity Series Inflation-Protected Bond Index Fund | 528,211 | 3,516,819 | 768,784 | 806 | 3,353,582 |
| Fidelity Series International Growth Fund | 47,525,753 | 22,707,893 | 7,855,312 | 588,984 | 58,632,856 |
| Fidelity Series International Small Cap Fund | 10,893,920 | 5,716,435 | 2,278,093 | 112,263 | 13,739,803 |
| Fidelity Series International Value Fund | 46,842,504 | 23,397,179 | 6,824,185 | 1,109,131 | 58,203,786 |
| Fidelity Series Intrinsic Opportunities Fund | 26,048,098 | 13,760,896 | 1,247,049 | 473,107 | 36,795,620 |
| Fidelity Series Investment Grade Bond Fund | 2,977,111 | 6,900,274 | 6,565,549 | 100,708 | 3,249,947 |
| Fidelity Series Opportunistic Insights Fund | 25,510,768 | 13,808,287 | 6,851,929 | 7,404 | 31,055,536 |
| Fidelity Series Real Estate Equity Fund | 4,683,274 | 3,002,460 | 1,764,290 | 93,069 | 5,727,324 |
| Fidelity Series Real Estate Income Fund | 2,513,133 | 1,197,487 | 355,110 | 139,507 | 3,259,636 |
| Fidelity Series Short-Term Credit Fund | 3,039,920 | 590,376 | 3,501,129 | 20,894 | 112,925 |
| Fidelity Series Small Cap Discovery Fund | 6,924,978 | 3,684,422 | 1,521,153 | 14,391 | 8,227,953 |
| Fidelity Series Small Cap Opportunities Fund | 21,335,264 | 11,146,217 | 4,953,472 | 88,090 | 24,975,909 |
| Fidelity Series Stock Selector Large Cap Value Fund | 34,275,216 | 20,160,498 | 7,864,024 | 616,950 | 40,927,588 |
| Total | $527,229,133 | $290,554,606 | $117,871,230 | $8,744,517 | $649,621,237 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $654,816,263) — See accompanying schedule | | $649,621,237 |
| Receivable for investments sold | | 3,365,037 |
| Receivable for fund shares sold | | 3,001,653 |
| Total assets | | 655,987,927 |
| Liabilities | | |
| Payable for investments purchased | $4,533,401 | |
| Payable for fund shares redeemed | 1,833,259 | |
| Total liabilities | | 6,366,660 |
| Net Assets | | $649,621,267 |
| Net Assets consist of: | | |
| Paid in capital | | $645,245,426 |
| Undistributed net investment income | | 318,991 |
| Accumulated undistributed net realized gain (loss) on investments | | 9,251,876 |
| Net unrealized appreciation (depreciation) on investments | | (5,195,026) |
| Net Assets, for 58,610,871 shares outstanding | | $649,621,267 |
| Net Asset Value, offering price and redemption price per share ($649,621,267 ÷ 58,610,871 shares) | | $11.08 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $8,744,517 |
| Expenses | | |
| Independent trustees' compensation | $2,407 | |
| Total expenses before reductions | 2,407 | |
| Expense reductions | (2,407) | – |
| Net investment income (loss) | | 8,744,517 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (3,915,373) | |
| Capital gain distributions from underlying funds | 23,218,235 | |
| Total net realized gain (loss) | | 19,302,862 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (46,375,902) |
| Net gain (loss) | | (27,073,040) |
| Net increase (decrease) in net assets resulting from operations | | $(18,328,523) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,744,517 | $7,076,612 |
| Net realized gain (loss) | 19,302,862 | 14,124,953 |
| Change in net unrealized appreciation (depreciation) | (46,375,902) | 12,337,377 |
| Net increase (decrease) in net assets resulting from operations | (18,328,523) | 33,538,942 |
| Distributions to shareholders from net investment income | (8,846,293) | (7,011,171) |
| Distributions to shareholders from net realized gain | (18,950,018) | (13,050,953) |
| Total distributions | (27,796,311) | (20,062,124) |
| Share transactions | | |
| Proceeds from sales of shares | 380,942,373 | 340,009,147 |
| Reinvestment of distributions | 27,737,877 | 20,046,206 |
| Cost of shares redeemed | (240,165,521) | (196,948,054) |
| Net increase (decrease) in net assets resulting from share transactions | 168,514,729 | 163,107,299 |
| Total increase (decrease) in net assets | 122,389,895 | 176,584,117 |
| Net Assets | | |
| Beginning of period | 527,231,372 | 350,647,255 |
| End of period (including undistributed net investment income of $318,991 and undistributed net investment income of $420,767, respectively) | $649,621,267 | $527,231,372 |
| Other Information | | |
| Shares | | |
| Sold | 33,441,712 | 28,776,439 |
| Issued in reinvestment of distributions | 2,391,611 | 1,718,872 |
| Redeemed | (20,947,202) | (16,665,631) |
| Net increase (decrease) | 14,886,121 | 13,829,680 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2055 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.06 | $11.73 | $10.56 | $9.77 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .17 | .19 | .16 | .20 | .13 |
| Net realized and unrealized gain (loss) | (.59) | .72 | 1.51 | .80 | (.12) |
| Total from investment operations | (.42) | .91 | 1.67 | 1.00 | .01 |
| Distributions from net investment income | (.17) | (.18) | (.14) | (.14) | (.11) |
| Distributions from net realized gain | (.39) | (.39) | (.36) | (.06) | (.13) |
| Total distributions | (.56) | (.58)C | (.50) | (.21)D | (.24) |
| Net asset value, end of period | $11.08 | $12.06 | $11.73 | $10.56 | $9.77 |
| Total ReturnE,F | (3.69)% | 7.98% | 16.00% | 10.39% | .32% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductionsI | -% | -% | -% | -% | -%J |
| Expenses net of fee waivers, if any | -% | -% | -% | -% | -%J |
| Expenses net of all reductions | -% | -% | -% | -% | -%J |
| Net investment income (loss) | 1.51% | 1.64% | 1.40% | 1.99% | 1.69%J |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $649,621 | $527,231 | $350,647 | $155,142 | $20,978 |
| Portfolio turnover rateG | 20% | 21% | 47% | 45% | 8%J |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.58 per share is comprised of distributions from net investment income of $.184 and distributions from net realized gain of $.394 per share.
D Total distributions of $.21 per share is comprised of distributions from net investment income of $.141and distributions from net realized gain of $.064 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.
I Amount represents less than .005%.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund | 7.1 | 7.5 |
| Fidelity Series Blue Chip Growth Fund | 4.9 | 5.3 |
| Fidelity Series Commodity Strategy Fund | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund | 9.6 | 9.9 |
| Fidelity Series Growth & Income Fund | 7.4 | 7.6 |
| Fidelity Series Growth Company Fund | 8.2 | 7.7 |
| Fidelity Series Intrinsic Opportunities Fund | 6.0 | 5.3 |
| Fidelity Series Opportunistic Insights Fund | 4.8 | 5.0 |
| Fidelity Series Real Estate Equity Fund | 0.9 | 1.0 |
| Fidelity Series Small Cap Discovery Fund | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund | 3.8 | 4.0 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.2 | 6.4 |
| | 65.1 | 65.4 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund | 9.4 | 8.0 |
| Fidelity Series International Growth Fund | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund | 2.1 | 2.0 |
| Fidelity Series International Value Fund | 9.0 | 9.0 |
| | 29.5 | 27.9 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund | 0.2 | 0.3 |
| Fidelity Series High Income Fund | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund | 0.5 | 0.8 |
| Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | 0.1 | 0.8 |
| Fidelity Series Short-Term Credit Fund | 0.0 | 0.3 |
| | 0.1 | 1.1 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.4% |
| | International Equity Funds | 27.9% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® 2060 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 79,211 | $1,065,389 |
| Fidelity Series 1000 Value Index Fund (a) | | 58,090 | 600,067 |
| Fidelity Series All-Sector Equity Fund (a) | | 266,897 | 3,360,238 |
| Fidelity Series Blue Chip Growth Fund (a) | | 214,943 | 2,329,980 |
| Fidelity Series Commodity Strategy Fund (a)(b) | | 122,653 | 599,775 |
| Fidelity Series Equity-Income Fund (a) | | 392,962 | 4,511,205 |
| Fidelity Series Growth & Income Fund (a) | | 278,603 | 3,460,251 |
| Fidelity Series Growth Company Fund (a) | | 315,123 | 3,844,502 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 199,877 | 2,826,265 |
| Fidelity Series Opportunistic Insights Fund (a) | | 154,671 | 2,248,924 |
| Fidelity Series Real Estate Equity Fund (a) | | 29,393 | 414,734 |
| Fidelity Series Small Cap Discovery Fund (a) | | 60,315 | 601,342 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 149,737 | 1,808,818 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 266,479 | 2,941,925 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $31,581,425) | | | 30,613,415 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund (a) | | 296,060 | 4,408,339 |
| Fidelity Series International Growth Fund (a) | | 319,033 | 4,249,514 |
| Fidelity Series International Small Cap Fund (a) | | 65,625 | 987,001 |
| Fidelity Series International Value Fund (a) | | 461,592 | 4,214,335 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $14,326,783) | | | 13,859,189 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 30,711 | 291,446 |
| Fidelity Series Floating Rate High Income Fund (a) | | 13,022 | 116,942 |
| Fidelity Series High Income Fund (a) | | 161,115 | 1,396,867 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 24,197 | 239,066 |
| Fidelity Series Investment Grade Bond Fund (a) | | 20,807 | 235,123 |
| Fidelity Series Real Estate Income Fund (a) | | 21,079 | 229,340 |
| TOTAL BOND FUNDS | | | |
| (Cost $2,578,937) | | | 2,508,784 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% (a)(c) | | 15,226 | 15,226 |
| Fidelity Series Short-Term Credit Fund (a) | | 823 | 8,218 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $23,392) | | | 23,444 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $48,510,537) | | | 47,004,832 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 14,098 |
| NET ASSETS - 100% | | | $47,018,930 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Institutional Class 0.39% | $77,035 | $331,551 | $393,359 | $310 | $15,226 |
| Fidelity Series 100 Index Fund | 207,862 | 1,089,010 | 246,409 | 17,827 | 1,065,389 |
| Fidelity Series 1000 Value Index Fund | 117,767 | 635,522 | 131,308 | 10,937 | 600,067 |
| Fidelity Series All-Sector Equity Fund | 675,235 | 3,685,291 | 775,094 | 22,595 | 3,360,238 |
| Fidelity Series Blue Chip Growth Fund | 524,806 | 2,897,678 | 890,756 | 1,525 | 2,329,980 |
| Fidelity Series Commodity Strategy Fund | 73,002 | 604,709 | 42,274 | -- | 599,775 |
| Fidelity Series Emerging Markets Debt Fund | 49,324 | 273,789 | 31,710 | 10,215 | 291,446 |
| Fidelity Series Emerging Markets Fund | 684,113 | 4,172,934 | 336,394 | 34,893 | 4,408,339 |
| Fidelity Series Equity-Income Fund | 881,584 | 4,799,326 | 970,999 | 60,073 | 4,511,205 |
| Fidelity Series Floating Rate High Income Fund | 42,857 | 123,785 | 43,725 | 3,611 | 116,942 |
| Fidelity Series Growth & Income Fund | 674,614 | 3,591,023 | 681,222 | 32,711 | 3,460,251 |
| Fidelity Series Growth Company Fund | 680,865 | 3,229,491 | 5,521 | 6,306 | 3,844,502 |
| Fidelity Series High Income Fund | 293,195 | 1,377,579 | 185,978 | 50,007 | 1,396,867 |
| Fidelity Series Inflation-Protected Bond Index Fund | 10,866 | 257,664 | 34,986 | 47 | 239,066 |
| Fidelity Series International Growth Fund | 805,839 | 4,075,249 | 449,817 | 33,423 | 4,249,514 |
| Fidelity Series International Small Cap Fund | 185,351 | 948,252 | 110,398 | 6,375 | 987,001 |
| Fidelity Series International Value Fund | 799,577 | 4,115,582 | 416,885 | 62,926 | 4,214,335 |
| Fidelity Series Intrinsic Opportunities Fund | 453,075 | 2,499,429 | 72,662 | 22,648 | 2,826,265 |
| Fidelity Series Investment Grade Bond Fund | 47,966 | 487,636 | 300,731 | 4,682 | 235,123 |
| Fidelity Series Opportunistic Insights Fund | 441,774 | 2,391,902 | 498,919 | 418 | 2,248,924 |
| Fidelity Series Real Estate Equity Fund | 80,643 | 450,540 | 128,018 | 4,667 | 414,734 |
| Fidelity Series Real Estate Income Fund | 42,734 | 210,524 | 22,032 | 6,433 | 229,340 |
| Fidelity Series Short-Term Credit Fund | 47,454 | 112,933 | 151,670 | 776 | 8,218 |
| Fidelity Series Small Cap Discovery Fund | 119,086 | 642,052 | 129,010 | 753 | 601,342 |
| Fidelity Series Small Cap Opportunities Fund | 361,437 | 1,895,006 | 347,253 | 4,532 | 1,808,818 |
| Fidelity Series Stock Selector Large Cap Value Fund | 589,650 | 3,274,132 | 663,247 | 34,695 | 2,941,925 |
| Total | $8,967,711 | $48,172,589 | $8,060,377 | $433,385 | $47,004,832 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $48,510,537) — See accompanying schedule | | $47,004,832 |
| Receivable for investments sold | | 359,359 |
| Receivable for fund shares sold | | 436,216 |
| Total assets | | 47,800,407 |
| Liabilities | | |
| Payable for investments purchased | $504,652 | |
| Payable for fund shares redeemed | 276,825 | |
| Total liabilities | | 781,477 |
| Net Assets | | $47,018,930 |
| Net Assets consist of: | | |
| Paid in capital | | $48,158,415 |
| Undistributed net investment income | | 22,482 |
| Accumulated undistributed net realized gain (loss) on investments | | 343,738 |
| Net unrealized appreciation (depreciation) on investments | | (1,505,705) |
| Net Assets, for 4,808,436 shares outstanding | | $47,018,930 |
| Net Asset Value, offering price and redemption price per share ($47,018,930 ÷ 4,808,436 shares) | | $9.78 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $433,385 |
| Expenses | | |
| Independent trustees' compensation | $98 | |
| Total expenses before reductions | 98 | |
| Expense reductions | (98) | – |
| Net investment income (loss) | | 433,385 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (484,880) | |
| Capital gain distributions from underlying funds | 1,225,213 | |
| Total net realized gain (loss) | | 740,333 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (1,590,210) |
| Net gain (loss) | | (849,877) |
| Net increase (decrease) in net assets resulting from operations | | $(416,492) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | For the period August 5, 2014 (commencement of operations) to March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $433,385 | $29,481 |
| Net realized gain (loss) | 740,333 | 76,308 |
| Change in net unrealized appreciation (depreciation) | (1,590,210) | 84,505 |
| Net increase (decrease) in net assets resulting from operations | (416,492) | 190,294 |
| Distributions to shareholders from net investment income | (415,873) | (24,511) |
| Distributions to shareholders from net realized gain | (456,803) | (16,100) |
| Total distributions | (872,676) | (40,611) |
| Share transactions | | |
| Proceeds from sales of shares | 53,186,825 | 9,587,801 |
| Reinvestment of distributions | 871,532 | 40,604 |
| Cost of shares redeemed | (14,718,009) | (810,338) |
| Net increase (decrease) in net assets resulting from share transactions | 39,340,348 | 8,818,067 |
| Total increase (decrease) in net assets | 38,051,180 | 8,967,750 |
| Net Assets | | |
| Beginning of period | 8,967,750 | – |
| End of period (including undistributed net investment income of $22,482 and undistributed net investment income of $4,970, respectively) | $47,018,930 | $8,967,750 |
| Other Information | | |
| Shares | | |
| Sold | 5,354,053 | 933,332 |
| Issued in reinvestment of distributions | 87,052 | 3,965 |
| Redeemed | (1,491,147) | (78,819) |
| Net increase (decrease) | 3,949,958 | 858,478 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom 2060 Fund
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.45 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .16 | .10 |
| Net realized and unrealized gain (loss) | (.53) | .52 |
| Total from investment operations | (.37) | .62 |
| Distributions from net investment income | (.12) | (.10) |
| Distributions from net realized gain | (.17) | (.07) |
| Total distributions | (.30)C | (.17) |
| Net asset value, end of period | $9.78 | $10.45 |
| Total ReturnD,E | (3.67)% | 6.22% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductionsH | -% | -%I |
| Expenses net of fee waivers, if any | -% | -%I |
| Expenses net of all reductions | -% | -%I |
| Net investment income (loss) | 1.67% | 1.54%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $47,019 | $8,968 |
| Portfolio turnover rateF | 31% | 28%I |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.30 per share is comprised of distributions from net investment income of $.121 and distributions from net realized gain of $.174 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
H Amount represents less than .005%.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2016
1. Organization.
Fidelity Freedom Income Fund, Fidelity Freedom 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, Fidelity Freedom 2050 Fund, Fidelity Freedom 2055 Fund and Fidelity Freedom 2060 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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Freedom 2010 Fund, Freedom 2020 Fund and Freedom 2030 Fund, independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities |
| Fidelity Freedom Income Fund | $2,096,657,508 | $123,319,852 | $(34,971,998) | $88,347,854 |
| Fidelity Freedom 2005 Fund | 583,304,004 | 18,292,065 | (20,867,562) | (2,575,497) |
| Fidelity Freedom 2010 Fund | 4,184,169,376 | 221,028,249 | (134,026,826) | 87,001,423 |
| Fidelity Freedom 2015 Fund | 5,116,994,125 | 375,394,950 | (138,222,588) | 237,172,362 |
| Fidelity Freedom 2020 Fund | 11,215,772,634 | 861,033,981 | (343,804,189) | 517,229,792 |
| Fidelity Freedom 2025 Fund | 8,287,875,716 | 682,423,950 | (252,722,131) | 429,701,819 |
| Fidelity Freedom 2030 Fund | 9,628,421,570 | 867,868,440 | (346,152,611) | 521,715,829 |
| Fidelity Freedom 2035 Fund | 5,616,970,211 | 564,415,817 | (220,298,222) | 344,117,595 |
| Fidelity Freedom 2040 Fund | 5,987,754,255 | 614,795,284 | (213,983,358) | 400,811,926 |
| Fidelity Freedom 2045 Fund | 2,684,002,025 | 331,301,848 | (102,331,417) | 228,970,431 |
| Fidelity Freedom 2050 Fund | 2,171,972,934 | 270,704,794 | (79,296,614) | 191,408,180 |
| Fidelity Freedom 2055 Fund | 660,010,100 | 25,538,176 | (35,927,039) | (10,388,863) |
| Fidelity Freedom 2060 Fund | 49,011,005 | 771,503 | (2,777,676) | (2,006,173) |
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) on securities and other investments |
| Fidelity Freedom Income Fund | $3,104,453 | $ 14,642,629 | $88,347,854 |
| Fidelity Freedom 2005 Fund | 1,858,864 | 4,641,311 | (2,575,497) |
| Fidelity Freedom 2010 Fund | 12,205,565 | 46,284,705 | 87,001,423 |
| Fidelity Freedom 2015 Fund | 13,904,705 | 70,824,279 | 237,172,362 |
| Fidelity Freedom 2020 Fund | 27,147,796 | 181,620,500 | 517,229,792 |
| Fidelity Freedom 2025 Fund | 16,049,706 | 154,917,430 | 429,701,819 |
| Fidelity Freedom 2030 Fund | 12,481,193 | 212,455,385 | 521,715,829 |
| Fidelity Freedom 2035 Fund | 1,427,116 | 139,847,731 | 344,117,595 |
| Fidelity Freedom 2040 Fund | 3,556,321 | 150,159,864 | 400,811,926 |
| Fidelity Freedom 2045 Fund | 1,636,456 | 67,681,618 | 228,970,431 |
| Fidelity Freedom 2050 Fund | 1,078,035 | 55,074,837 | 191,408,180 |
| Fidelity Freedom 2055 Fund | 636,736 | 14,127,969 | (10,388,863) |
| Fidelity Freedom 2060 Fund | 99,489 | 767,199 | (2,006,173) |
The Fidelity Freedom Income Fund intends to elect to defer to its next fiscal year $394,535 of capital losses recognized during the period November 1, 2015 to March 31, 2016.
The tax character of distributions paid was as follows:
| March 31, 2016 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Freedom Income Fund | $47,674,346 | $39,979,511 | $87,653,857 |
| Fidelity Freedom 2005 Fund | 12,546,394 | 10,635,217 | 23,181,611 |
| Fidelity Freedom 2010 Fund | 97,345,157 | 136,344,540 | 233,689,697 |
| Fidelity Freedom 2015 Fund | 119,934,612 | 180,733,173 | 300,667,785 |
| Fidelity Freedom 2020 Fund | 261,298,146 | 390,477,702 | 651,775,848 |
| Fidelity Freedom 2025 Fund | 182,828,387 | 288,939,006 | 471,767,393 |
| Fidelity Freedom 2030 Fund | 203,286,359 | 399,393,904 | 602,680,263 |
| Fidelity Freedom 2035 Fund | 115,325,103 | 230,491,735 | 345,816,838 |
| Fidelity Freedom 2040 Fund | 121,942,792 | 272,043,721 | 393,986,513 |
| Fidelity Freedom 2045 Fund | 54,756,415 | 108,843,380 | 163,599,795 |
| Fidelity Freedom 2050 Fund | 44,888,393 | 88,131,769 | 133,020,162 |
| Fidelity Freedom 2055 Fund | 11,242,480 | 16,553,831 | 27,796,311 |
| Fidelity Freedom 2060 Fund | 532,304 | 340,372 | 872,676 |
| March 31, 2015 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Freedom Income Fund | $53,231,215 | $56,638,680 | $109,869,895 |
| Fidelity Freedom 2005 Fund | 15,685,902 | 5,032,619 | 20,718,521 |
| Fidelity Freedom 2010 Fund | 131,944,034 | 84,508,095 | 216,452,129 |
| Fidelity Freedom 2015 Fund | 185,342,090 | 192,393,071 | 377,735,161 |
| Fidelity Freedom 2020 Fund | 397,060,719 | 483,340,899 | 880,401,618 |
| Fidelity Freedom 2025 Fund | 262,539,268 | 332,793,847 | 595,333,115 |
| Fidelity Freedom 2030 Fund | 292,676,448 | 407,591,179 | 700,267,627 |
| Fidelity Freedom 2035 Fund | 182,021,849 | 255,414,575 | 437,436,424 |
| Fidelity Freedom 2040 Fund | 218,541,691 | 289,343,213 | 507,884,904 |
| Fidelity Freedom 2045 Fund | 84,658,690 | 193,893,467 | 278,552,157 |
| Fidelity Freedom 2050 Fund | 68,766,576 | 152,607,376 | 221,373,952 |
| Fidelity Freedom 2055 Fund | 13,286,592 | 6,775,532 | 20,062,124 |
| Fidelity Freedom 2060 Fund | 38,689 | 1,922 | 40,611 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Freedom Income Fund | 465,310,657 | 677,164,014 |
| Fidelity Freedom 2005 Fund | 132,484,412 | 162,193,729 |
| Fidelity Freedom 2010 Fund | 788,913,878 | 1,200,096,169 |
| Fidelity Freedom 2015 Fund | 963,258,521 | 1,302,671,235 |
| Fidelity Freedom 2020 Fund | 2,060,181,186 | 2,360,694,491 |
| Fidelity Freedom 2025 Fund | 1,810,171,425 | 1,501,612,595 |
| Fidelity Freedom 2030 Fund | 1,782,137,565 | 1,637,112,927 |
| Fidelity Freedom 2035 Fund | 1,130,925,333 | 914,787,205 |
| Fidelity Freedom 2040 Fund | 1,102,988,075 | 1,024,245,186 |
| Fidelity Freedom 2045 Fund | 681,189,098 | 502,341,133 |
| Fidelity Freedom 2050 Fund | 587,278,278 | 392,527,430 |
| Fidelity Freedom 2055 Fund | 290,554,606 | 117,871,230 |
| Fidelity Freedom 2060 Fund | 48,172,589 | 8,060,377 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Effective October 1, 2015, FMR Co., Inc., an affiliate of Strategic Advisers, Inc. (SAI), replaced SAI as investment adviser to the Funds pursuant to a management contract between the Funds and FMR Co., Inc. The new contract does not impact the Funds' investment process, strategies or management fees. The Funds do not pay any fees for investment management related services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding 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.
5. Expense Reductions.
FMR voluntarily agreed to reimburse each Fund's operating expenses. Some expenses, for example interest expense, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| Fidelity Freedom Income Fund | $9,877 |
| Fidelity Freedom 2005 Fund | 2,577 |
| Fidelity Freedom 2010 Fund | 19,546 |
| Fidelity Freedom 2015 Fund | 24,188 |
| Fidelity Freedom 2020 Fund | 51,988 |
| Fidelity Freedom 2025 Fund | 37,358 |
| Fidelity Freedom 2030 Fund | 44,357 |
| Fidelity Freedom 2035 Fund | 25,733 |
| Fidelity Freedom 2040 Fund | 27,999 |
| Fidelity Freedom 2045 Fund | 12,345 |
| Fidelity Freedom 2050 Fund | 9,869 |
| Fidelity Freedom 2055 Fund | 2,407 |
| Fidelity Freedom 2060 Fund | 98 |
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 Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
| Fund | Fidelity Freedom Income Fund | Fidelity Freedom 2020 Fund |
| Fidelity Series Investment Grade Bond Fund | –% | 13% |
| Fidelity Series Short-Term Credit Fund | 11% | 12% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
| Fund | % of shares held |
| Fidelity Series 100 Index Fund | 33% |
| Fidelity Series 1000 Value Index Fund | 35% |
| Fidelity Series All-Sector Equity Fund | 34% |
| Fidelity Series Blue Chip Growth Fund | 38% |
| Fidelity Series Commodity Strategy Fund | 32% |
| Fidelity Series Emerging Markets Debt Fund | 37% |
| Fidelity Series Emerging Markets Fund | 36% |
| Fidelity Series Equity-Income Fund | 39% |
| Fidelity Series Floating Rate High Income Fund | 37% |
| Fidelity Series Growth & Income Fund | 40% |
| Fidelity Series Growth Company Fund | 39% |
| Fidelity Series High Income Fund | 37% |
| Fidelity Series Inflation-Protected Bond Index Fund | 37% |
| Fidelity Series International Growth Fund | 35% |
| Fidelity Series International Small Cap Fund | 35% |
| Fidelity Series International Value Fund | 35% |
| Fidelity Series Intrinsic Opportunities Fund | 40% |
| Fidelity Series Investment Grade Bond Fund | 41% |
| Fidelity Series Opportunistic Insights Fund | 40% |
| Fidelity Series Real Estate Equity Fund | 34% |
| Fidelity Series Real Estate Income Fund | 37% |
| Fidelity Series Short-Term Credit Fund | 49% |
| Fidelity Series Small Cap Discovery Fund | 40% |
| Fidelity Series Small Cap Opportunities Fund | 35% |
| Fidelity Series Stock Selector Large Cap Value Fund | 40% |
7. Prior Fiscal Year Merger Information.
On July 25, 2014, the Fidelity Freedom Income Fund acquired all of the assets and assumed all of the liabilities of Fidelity Freedom 2000 Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board") on May 14, 2014. The acquisition was accomplished by an exchange of shares of the Fidelity Freedom Income Fund for corresponding shares then outstanding of the Target Fund at its net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the fund or its shareholders. The Target Fund's net assets of $811,551,284, including securities of $810,744,529 and unrealized appreciation of $60,799,908, were combined with the Fidelity Freedom Income Fund's net assets of $1,890,950,497 for total net assets after the acquisition of $2,702,501,781.
Pro forma results of operations of the combined entity for the entire period ended March 31, 2015, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Net Investment income (loss) | $45,878,080 |
| Total net realized gain (loss) | 39,593,702 |
| Total change in net unrealized appreciation (depreciation) | 24,209,434 |
| Net increase (decrease) in net assets resulting from operations | $109,681,216 |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fidelity Freedom Income Fund's accompanying Statement of Operations since July 25, 2014.
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 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, Fidelity Freedom 2050 Fund, Fidelity Freedom 2055 Fund and Fidelity Freedom 2060 Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Freedom Income Fund, Fidelity Freedom 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, Fidelity Freedom 2050 Fund, Fidelity Freedom 2055 Fund and Fidelity Freedom 2060 Fund (each a fund of Fidelity Aberdeen Street Trust) at March 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Aberdeen Street Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 20, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 240 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the 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 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. Marie L. Knowles 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, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), 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.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer or Geoffrey A. von Kuhn may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Linda J. Wondrack (1964)
Year of Election or Appointment: 2016
Chief Compliance Officer
Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (U.K.) Inc. (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of certain Fidelity® funds (2014-2016) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Derek L. Young (1964)
Year of Election or Appointment: 2009
Vice President of Fidelity's Asset Allocation Funds
Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.
Shareholder Expense Example
As a shareholder of the 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 Fund 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, 2015 to March 31, 2016).
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-A | Beginning
Account Value
October 1, 2015 | Ending
Account Value
March 31, 2016 | Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 |
| Fidelity Freedom Income Fund | - % | | | |
| Actual | | $1,000.00 | $1,025.70 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2005 Fund | - % | | | |
| Actual | | $1,000.00 | $1,030.30 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2010 Fund | - % | | | |
| Actual | | $1,000.00 | $1,033.40 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2015 Fund | - % | | | |
| Actual | | $1,000.00 | $1,035.00 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2020 Fund | - % | | | |
| Actual | | $1,000.00 | $1,036.40 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2025 Fund | - % | | | |
| Actual | | $1,000.00 | $1,038.10 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2030 Fund | - % | | | |
| Actual | | $1,000.00 | $1,041.00 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2035 Fund | - % | | | |
| Actual | | $1,000.00 | $1,042.20 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2040 Fund | - % | | | |
| Actual | | $1,000.00 | $1,041.40 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2045 Fund | - % | | | |
| Actual | | $1,000.00 | $1,041.60 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2050 Fund | - % | | | |
| Actual | | $1,000.00 | $1,041.70 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2055 Fund | - % | | | |
| Actual | | $1,000.00 | $1,041.60 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
| Fidelity Freedom 2060 Fund | - % | | | |
| Actual | | $1,000.00 | $1,041.70 | $- |
| Hypothetical-C | | $1,000.00 | $1,025.00 | $- |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Freedom Income Fund | 5/16/2016 | 5/13/2016 | $0.015 | $0.078 |
| Fidelity Freedom 2005 Fund | 5/16/2016 | 5/13/2016 | $0.038 | $0.095 |
| Fidelity Freedom 2010 Fund | 5/16/2016 | 5/13/2016 | $0.043 | $0.163 |
| Fidelity Freedom 2015 Fund | 5/16/2016 | 5/13/2016 | $0.032 | $0.163 |
| Fidelity Freedom 2020 Fund | 5/16/2016 | 5/13/2016 | $0.035 | $0.229 |
| Fidelity Freedom 2025 Fund | 5/16/2016 | 5/13/2016 | $0.024 | $0.223 |
| Fidelity Freedom 2030 Fund | 5/16/2016 | 5/13/2016 | $0.019 | $0.320 |
| Fidelity Freedom 2035 Fund | 5/16/2016 | 5/13/2016 | $0.003 | $0.294 |
| Fidelity Freedom 2040 Fund | 5/16/2016 | 5/13/2016 | $0.005 | $0.207 |
| Fidelity Freedom 2045 Fund | 5/16/2016 | 5/13/2016 | $0.006 | $0.230 |
| Fidelity Freedom 2050 Fund | 5/16/2016 | 5/13/2016 | $0.005 | $0.231 |
| Fidelity Freedom 2055 Fund | 5/16/2016 | 5/13/2016 | $0.006 | $0.239 |
| Fidelity Freedom 2060 Fund | 5/16/2016 | 5/13/2016 | $0.005 | $0.159 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2016, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Freedom Income Fund | $33,845,678 |
| Fidelity Freedom 2005 Fund | $9,041,124 |
| Fidelity Freedom 2010 Fund | $104,567,824 |
| Fidelity Freedom 2015 Fund | $144,953,031 |
| Fidelity Freedom 2020 Fund | $338,280,466 |
| Fidelity Freedom 2025 Fund | $270,374,726 |
| Fidelity Freedom 2030 Fund | $365,269,436 |
| Fidelity Freedom 2035 Fund | $227,707,856 |
| Fidelity Freedom 2040 Fund | $254,805,985 |
| Fidelity Freedom 2045 Fund | $109,581,423 |
| Fidelity Freedom 2050 Fund | $88,271,129 |
| Fidelity Freedom 2055 Fund | $20,999,858 |
| Fidelity Freedom 2060 Fund | $1,040,281 |
|
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
| Fidelity Freedom Income Fund | 3.56% |
| Fidelity Freedom 2005 Fund | 2.69% |
| Fidelity Freedom 2010 Fund | 2.26% |
| Fidelity Freedom 2015 Fund | 1.90% |
| Fidelity Freedom 2020 Fund | 1.59% |
| Fidelity Freedom 2025 Fund | 1.14% |
| Fidelity Freedom 2030 Fund | 0.47% |
| Fidelity Freedom 2035 Fund | 0.05% |
| Fidelity Freedom 2040 Fund | 0.05% |
| Fidelity Freedom 2045 Fund | 0.05% |
| Fidelity Freedom 2050 Fund | 0.05% |
| Fidelity Freedom 2055 Fund | 0.05% |
| Fidelity Freedom 2060 Fund | 0.05% |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| Fidelity Freedom Income Fund | |
| April 2015 | 0% |
| May 2015 (ex-date 5/1/15) | 8% |
| May 2015 (ex-date 5/8/15) | 14% |
| June 2015 | 14% |
| July 2015 | 14% |
| August 2015 | 14% |
| September 2015 | 14% |
| October 2015 | 14% |
| November 2015 | 14% |
| December 2015 | 14% |
| February 2016 | 0% |
| March 2016 | 0% |
| Fidelity Freedom 2005 Fund | |
| May 2015 | 2% |
| December 2015 | 20% |
| Fidelity Freedom 2010 Fund | |
| May 2015 | 3% |
| December 2015 | 24% |
| Fidelity Freedom 2015 Fund | |
| May 2015 | 5% |
| December 2015 | 27% |
| Fidelity Freedom 2020 Fund | |
| May 2015 | 2% |
| December 2015 | 30% |
| Fidelity Freedom 2025 Fund | |
| May 2015 | 6% |
| December 2015 | 34% |
| Fidelity Freedom 2030 Fund | |
| May 2015 | 7% |
| December 2015 | 47% |
| Fidelity Freedom 2035 Fund | |
| May 2015 | 16% |
| December 2015 | 50% |
| Fidelity Freedom 2040 Fund | |
| May 2015 | 13% |
| December 2015 | 48% |
| Fidelity Freedom 2045 Fund | |
| May 2015 | 11% |
| December 2015 | 48% |
| Fidelity Freedom 2050 Fund | |
| May 2015 | 14% |
| December 2015 | 47% |
| Fidelity Freedom 2055 Fund | |
| May 2015 | 8% |
| December 2015 | 47% |
| Fidelity Freedom 2060 Fund | |
| May 2015 | 12% |
| December 2015 | 44% |
|
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Fidelity Freedom Income Fund | |
| April 2015 | 3% |
| May 2015 (ex-date 5/1/15) | 13% |
| May 2015 (ex-date 5/8/15) | 22% |
| June 2015 | 22% |
| July 2015 | 22% |
| August 2015 | 22% |
| September 2015 | 22% |
| October 2015 | 22% |
| November 2015 | 22% |
| December 2016 | 22% |
| January 2016 | 0% |
| February 2016 | 0% |
| Fidelity Freedom 2005 Fund | |
| May 2015 | 3% |
| December 2015 | 32% |
| Fidelity Freedom 2010 Fund | |
| May 2015 | 5% |
| December 2015 | 38% |
| Fidelity Freedom 2015 Fund | |
| May 2015 | 6% |
| December 2015 | 44% |
| Fidelity Freedom 2020 Fund | |
| May 2015 | 6% |
| December 2015 | 48% |
| Fidelity Freedom 2025 Fund | |
| May 2015 | 8% |
| December 2015 | 60% |
| Fidelity Freedom 2030 Fund | |
| May 2015 | 8% |
| December 2015 | 74% |
| Fidelity Freedom 2035 Fund | |
| May 2015 | 21% |
| December 2015 | 76% |
| Fidelity Freedom 2040 Fund | |
| May 2015 | 15% |
| December 2015 | 77% |
| Fidelity Freedom 2045 Fund | |
| May 2015 | 14% |
| December 2015 | 77% |
| Fidelity Freedom 2050 Fund | |
| May 2015 | 19% |
| December 2015 | 76% |
| Fidelity Freedom 2055 Fund | |
| May 2015 | 8% |
| December 2015 | 76% |
| Fidelity Freedom 2060 Fund | |
| May 2015 | 14% |
| December 2015 | 75% |
|
The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.
FF-ANN-0516
1.702316.118
Fidelity Freedom® Index Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Annual Report March 31, 2016 |
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 (plan accounts and Class W) or 1-800-544-8544 (all other accounts) 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. © 2016 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Freedom® Index Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index Income Fund | 0.10% | 2.83% | 3.64% |
| Class W | 0.14% | 2.84% | 3.64% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index Income Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index Income Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $12,614 | Fidelity Freedom® Index Income Fund |
| $12,872 | Barclays® U.S. Aggregate Bond Index |
Fidelity Freedom® Index 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2005 Fund | (0.40)% | 3.58% | 5.27% |
| Class W | (0.36)% | 3.58% | 5.28% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2005 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2005 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $13,966 | Fidelity Freedom® Index 2005 Fund |
| $12,872 | Barclays® U.S. Aggregate Bond Index |
Fidelity Freedom® Index 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2010 Fund | (0.72)% | 4.39% | 6.21% |
| Class W | (0.66)% | 4.40% | 6.22% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2010 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2010 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $14,796 | Fidelity Freedom® Index 2010 Fund |
| $12,872 | Barclays® U.S. Aggregate Bond Index |
Fidelity Freedom® Index 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2015 Fund | (1.10)% | 4.59% | 6.44% |
| Class W | (1.13)% | 4.58% | 6.43% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2015 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2015 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $14,998 | Fidelity Freedom® Index 2015 Fund |
| $23,045 | S&P 500® Index |
Fidelity Freedom® Index 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2020 Fund | (1.34)% | 4.76% | 7.00% |
| Class W | (1.29)% | 4.77% | 7.01% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2020 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2020 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $15,524 | Fidelity Freedom® Index 2020 Fund |
| $23,045 | S&P 500® Index |
Fidelity Freedom® Index 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2025 Fund | (1.72)% | 5.36% | 7.79% |
| Class W | (1.67)% | 5.37% | 7.79% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2025 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2025 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $16,278 | Fidelity Freedom® Index 2025 Fund |
| $23,045 | S&P 500® Index |
Fidelity Freedom® Index 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2030 Fund | (2.44)% | 5.49% | 8.04% |
| Class W | (2.38)% | 5.50% | 8.05% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2030 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2030 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $16,533 | Fidelity Freedom® Index 2030 Fund |
| $23,045 | S&P 500® Index |
Fidelity Freedom® Index 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2035 Fund | (2.93)% | 5.70% | 8.48% |
| Class W | (2.82)% | 5.73% | 8.50% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2035 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2035 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $16,971 | Fidelity Freedom® Index 2035 Fund |
| $23,045 | S&P 500® Index |
Fidelity Freedom® Index 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2040 Fund | (2.91)% | 5.76% | 8.57% |
| Class W | (2.86)% | 5.77% | 8.58% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2040 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2040 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $17,063 | Fidelity Freedom® Index 2040 Fund |
| $23,045 | S&P 500® Index |
Fidelity Freedom® Index 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2045 Fund | (2.88)% | 5.81% | 8.67% |
| Class W | (2.83)% | 5.82% | 8.68% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2045 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2045 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $17,170 | Fidelity Freedom® Index 2045 Fund |
| $23,045 | S&P 500® Index |
Fidelity Freedom® Index 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom® Index 2050 Fund | (2.92)% | 5.76% | 8.75% |
| Class W | (2.86)% | 5.77% | 8.76% |
A From October 2, 2009
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2050 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2050 Fund, a class of the fund, on October 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $17,248 | Fidelity Freedom® Index 2050 Fund |
| $23,045 | S&P 500® Index |
Fidelity Freedom® Index 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Fidelity Freedom® Index 2055 Fund | (2.96)% | 6.17% |
| Class W | (2.91)% | 6.18% |
A From June 1, 2011
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2055 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2055 Fund, a class of the fund, on June 1, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $13,359 | Fidelity Freedom® Index 2055 Fund |
| $17,384 | S&P 500® Index |
Fidelity Freedom® Index 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Fidelity Freedom® Index 2060 Fund | (2.94)% | 1.09% |
| Class W | (2.90)% | 1.11% |
A From August 5, 2014.
The initial offering of Class W took place on June 24, 2015. Returns prior to June 24, 2015 are those of Fidelity Freedom® Index 2060 Fund, the original class of the fund.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom® Index 2060 Fund, a class of the fund, on August 5, 2014, 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.
| Period Ending Values |
| $10,182 | Fidelity Freedom® Index 2060 Fund |
| $11,115 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Around the globe, equities declined for the 12 months ending March 31, 2016. The Dow Jones U.S. Total Stock Market Index℠, a broad measure of U.S. equity performance, returned -0.43%. With no particular regional bias, the non-U.S. major-markets MSCI World ex USA Index fell further, returning -8.44%. And despite a robust, late-period rally, the MSCI Emerging Markets Index delivered a return of -11.70%.
Stocks took a late-summer dive on fear of an economic slowdown in China, recovering in October after the U.S. Federal Reserve delayed raising target interest rates until mid-December. A rate cut in China and stimulus in Europe also helped. Nevertheless, persistent commodity weakness and U.S.-dollar strength pushed many markets to their worst January in years. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies. The Fed added fuel by softening its schedule for future rate hikes, and markets responded.
Large-cap stocks handily outpaced small-caps in the U.S.; overseas, rankings reversed. Globally, growth bested value-oriented stocks. Volatility helped traditionally defensive sectors outperform cyclicals, while falling bond yields only strengthened demand within these same dividend-rich corners of the market – telecommunication services, utilities and consumer staples, in particular. Conversely, commodity-related sectors such as energy and materials declined substantially, despite an impressive turnaround near period end.
Fixed-income investors shunned riskier debt for much of the year. The Barclays
® U.S. Aggregate Bond Index rose 1.96%, led by Treasury and agency mortgage-backed securities; investment-grade corporate credit lagged. Emerging-markets debt and real estate income-oriented securities each had solid runs, ranking among the top-performing asset classes for the year. Meanwhile, high-yield bonds, as measured by The BofA Merrill Lynch US High Yield Constrained Index℠, returned -3.96%. A spirited, late-period comeback could not overcome earlier spread-widening.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2016, each Freedom Index Fund except Freedom Index Income Fund posted a negative return. Results moved along a spectrum, with nearer-term, more conservative Funds posting modest negatives and longer-dated, more aggressive Funds posting somewhat larger negatives. (
For specific Fund results, please refer to the performance section of this report.) Spartan Total Market Index Fund Class F, with its broad exposure to U.S. equities, posted a very slightly negative return for the period. U.S. stock indexes generally outperformed their non-U.S. regional counterparts. For the year, Fidelity Series Global ex U.S. Index Fund returned -9%. Fidelity Series Commodity Strategy Fund Class F registered a -20% return. Interest-rate sensitive U.S. investment-grade bonds, as measured by Spartan U.S. Bond Index Fund Class F, returned 2%. Fidelity Series Inflation-Protected Bond Index Fund Class F returned 2%, and the return for Fidelity Institutional Money Market Portfolio Class F was flattish for the one-year 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.
Fidelity Freedom® Index Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 15.7 | 15.7 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.1 | 1.0 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 7.2 | 7.1 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 40.1 | 40.2 |
| Inflation-Protected Bond Funds | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 6.0 | 6.0 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 29.9 | 30.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 15.7% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 7.2% |
| | Bond Funds | 40.1% |
| | Inflation-Protected Bond Funds | 6.0% |
| | Short-Term Funds | 29.9% |
| Six months ago |
| | Domestic Equity Funds | 15.7% |
| | Commodity Funds | 1.0% |
| | International Equity Funds | 7.1% |
| | Bond Funds | 40.2% |
| | Inflation-Protected Bond Funds | 6.0% |
| | Short-Term Funds | 30.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index Income Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 15.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $27,041,028) | | 661,037 | 39,146,637 |
|
| Commodity Funds - 1.1% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $4,030,042) | | 543,766 | 2,686,206 |
|
| International Equity Funds - 7.2% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $18,276,666) | | 1,721,392 | 17,936,908 |
|
| Bond Funds - 40.1% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $97,990,105) | | 8,502,386 | 100,073,079 |
|
| Inflation-Protected Bond Funds - 6.0% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | | |
| (Cost $15,782,228) | | 1,502,494 | 14,859,669 |
|
| Short-Term Funds - 29.9% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | | |
| (Cost $74,654,882) | | 74,654,882 | 74,654,882 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $237,774,951) | | | 249,357,381 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (11,601) |
| NET ASSETS - 100% | | | $249,345,780 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $73,277,092 | $16,639,934 | $15,262,145 | $159,476 | $74,654,882 |
| Fidelity Series Commodity Strategy Fund Class F | 2,515,650 | 1,164,306 | 424,098 | -- | 2,686,206 |
| Fidelity Series Global ex U.S. Index Fund | 17,502,936 | 7,255,234 | 4,709,013 | 452,079 | 17,936,908 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 14,651,050 | 2,833,589 | 2,814,968 | 29,960 | 14,859,669 |
| Spartan Total Market Index Fund Class F | 38,029,067 | 12,446,135 | 10,384,334 | 741,146 | 39,146,637 |
| Spartan U.S. Bond Index Fund Class F | 98,299,117 | 23,436,383 | 21,011,378 | 2,519,108 | 100,073,079 |
| Total | $244,274,912 | $63,775,581 | $54,605,936 | $3,901,769 | $249,357,381 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $237,774,951) — See accompanying schedule | | $249,357,381 |
| Cash | | 1 |
| Receivable for investments sold | | 2,378,068 |
| Receivable for fund shares sold | | 870,170 |
| Receivable from affiliate for expense reductions | | 12,663 |
| Total assets | | 252,618,283 |
| Liabilities | | |
| Payable for investments purchased | $2,875,351 | |
| Payable for fund shares redeemed | 375,292 | |
| Transfer agent fees payable | 21,860 | |
| Total liabilities | | 3,272,503 |
| Net Assets | | $249,345,780 |
| Net Assets consist of: | | |
| Paid in capital | | $238,743,194 |
| Undistributed net investment income | | 274,024 |
| Accumulated undistributed net realized gain (loss) on investments | | (1,253,868) |
| Net unrealized appreciation (depreciation) on investments | | 11,582,430 |
| Net Assets | | $249,345,780 |
| Freedom Index Income: | | |
| Net Asset Value, offering price and redemption price per share ($140,481,221 ÷ 12,367,606 shares) | | $11.36 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($108,864,559 ÷ 9,594,878 shares) | | $11.35 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $3,901,769 |
| Expenses | | |
| Transfer agent fees | $331,215 | |
| Independent trustees' compensation | 1,052 | |
| Total expenses before reductions | 332,267 | |
| Expense reductions | (178,901) | 153,366 |
| Net investment income (loss) | | 3,748,403 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (546,378) | |
| Capital gain distributions from underlying funds | 390,581 | |
| Total net realized gain (loss) | | (155,797) |
| Change in net unrealized appreciation (depreciation) on investment securities | | (3,540,802) |
| Net gain (loss) | | (3,696,599) |
| Net increase (decrease) in net assets resulting from operations | | $51,804 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,748,403 | $3,196,121 |
| Net realized gain (loss) | (155,797) | 442,025 |
| Change in net unrealized appreciation (depreciation) | (3,540,802) | 3,973,356 |
| Net increase (decrease) in net assets resulting from operations | 51,804 | 7,611,502 |
| Distributions to shareholders from net investment income | (3,586,304) | (3,110,656) |
| Distributions to shareholders from net realized gain | (178,836) | (1,121,248) |
| Total distributions | (3,765,140) | (4,231,904) |
| Share transactions - net increase (decrease) | 8,798,766 | 75,955,207 |
| Total increase (decrease) in net assets | 5,085,430 | 79,334,805 |
| Net Assets | | |
| Beginning of period | 244,260,350 | 164,925,545 |
| End of period (including undistributed net investment income of $274,024 and undistributed net investment income of $122,645, respectively) | $249,345,780 | $244,260,350 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index Income Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.52 | $11.32 | $11.13 | $10.89 | $10.74 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .17 | .13 | .12 | .13 |
| Net realized and unrealized gain (loss) | (.15) | .26 | .20 | .29 | .24 |
| Total from investment operations | .01 | .43 | .33 | .41 | .37 |
| Distributions from net investment income | (.16) | (.16) | (.12) | (.11) | (.13) |
| Distributions from net realized gain | (.01) | (.07) | (.02) | (.05) | (.09) |
| Total distributions | (.17) | (.23) | (.14) | (.17)B | (.22) |
| Net asset value, end of period | $11.36 | $11.52 | $11.32 | $11.13 | $10.89 |
| Total ReturnC | .10% | 3.83% | 2.98% | 3.75% | 3.52% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .07% | .08% | .08% | .10% | .09% |
| Expenses net of all reductions | .07% | .08% | .08% | .10% | .09% |
| Net investment income (loss) | 1.39% | 1.49% | 1.20% | 1.06% | 1.24% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $140,481 | $244,260 | $164,926 | $132,753 | $67,405 |
| Portfolio turnover rateE | 22% | 20%F | 43% | 19% | 31% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.17 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.053 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E Amount does not include the portfolio activity of any Underlying Funds.
F The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index Income Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.48 |
| Income from Investment Operations | |
| Net investment income (loss)B | .18 |
| Net realized and unrealized gain (loss) | (.15) |
| Total from investment operations | .03 |
| Distributions from net investment income | (.15) |
| Distributions from net realized gain | (.01) |
| Total distributions | (.16) |
| Net asset value, end of period | $11.35 |
| Total ReturnC,D | .26% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .05%G |
| Expenses net of fee waivers, if any | .01%G |
| Expenses net of all reductions | .01%G |
| Net investment income (loss) | 2.12%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $108,865 |
| Portfolio turnover rateF | 22% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount does not include the portfolio activity of any Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 24.5 | 25.1 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.1 | 1.0 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 11.0 | 11.2 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 36.8 | 36.6 |
| Inflation-Protected Bond Funds | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 4.7 | 4.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 21.9 | 21.4 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 24.5% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 11.0% |
| | Bond Funds | 36.8% |
| | Inflation-Protected Bond Funds | 4.7% |
| | Short-Term Funds | 21.9% |
| Six months ago |
| | Domestic Equity Funds | 25.1% |
| | Commodity Funds | 1.0% |
| | International Equity Funds | 11.2% |
| | Bond Funds | 36.6% |
| | Inflation-Protected Bond Funds | 4.7% |
| | Short-Term Funds | 21.4% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2005 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 24.5% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $13,292,847) | | 329,615 | 19,519,820 |
|
| Commodity Funds - 1.1% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $1,254,164) | | 172,812 | 853,689 |
|
| International Equity Funds - 11.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $9,011,349) | | 838,592 | 8,738,127 |
|
| Bond Funds - 36.8% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $28,744,964) | | 2,495,405 | 29,370,920 |
|
| Inflation-Protected Bond Funds - 4.7% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | | |
| (Cost $3,983,205) | | 382,083 | 3,778,796 |
|
| Short-Term Funds - 21.9% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | | |
| (Cost $17,442,500) | | 17,442,500 | 17,442,500 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $73,729,029) | | | 79,703,852 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (3,999) |
| NET ASSETS - 100% | | | $79,699,853 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $15,526,643 | $5,901,139 | $3,985,283 | $35,408 | $17,442,500 |
| Fidelity Series Commodity Strategy Fund Class F | 765,679 | 422,957 | 158,723 | -- | 853,689 |
| Fidelity Series Global ex U.S. Index Fund | 8,552,711 | 3,790,458 | 2,609,933 | 215,535 | 8,738,127 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3,438,202 | 1,130,415 | 840,780 | 7,259 | 3,778,796 |
| Spartan Total Market Index Fund Class F | 19,080,970 | 7,448,007 | 6,612,131 | 361,268 | 19,519,820 |
| Spartan U.S. Bond Index Fund Class F | 27,156,184 | 9,825,745 | 7,449,282 | 710,259 | 29,370,920 |
| Total | $74,520,389 | $28,518,721 | $21,656,132 | $1,329,729 | $79,703,852 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $73,729,029) — See accompanying schedule | | $79,703,852 |
| Cash | | 2 |
| Receivable for investments sold | | 1,342,884 |
| Receivable for fund shares sold | | 48,285 |
| Receivable from affiliate for expense reductions | | 4,040 |
| Total assets | | 81,099,063 |
| Liabilities | | |
| Payable for investments purchased | $993,249 | |
| Payable for fund shares redeemed | 398,470 | |
| Transfer agent fees payable | 7,491 | |
| Total liabilities | | 1,399,210 |
| Net Assets | | $79,699,853 |
| Net Assets consist of: | | |
| Paid in capital | | $73,871,467 |
| Undistributed net investment income | | 184,320 |
| Accumulated undistributed net realized gain (loss) on investments | | (330,757) |
| Net unrealized appreciation (depreciation) on investments | | 5,974,823 |
| Net Assets | | $79,699,853 |
| Freedom Index 2005: | | |
| Net Asset Value, offering price and redemption price per share ($50,789,527 ÷ 4,080,037 shares) | | $12.45 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($28,910,326 ÷ 2,322,396 shares) | | $12.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $1,329,729 |
| Expenses | | |
| Transfer agent fees | $105,551 | |
| Independent trustees' compensation | 323 | |
| Total expenses before reductions | 105,874 | |
| Expense reductions | (54,545) | 51,329 |
| Net investment income (loss) | | 1,278,400 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (110,041) | |
| Capital gain distributions from underlying funds | 149,850 | |
| Total net realized gain (loss) | | 39,809 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (1,569,090) |
| Net gain (loss) | | (1,529,281) |
| Net increase (decrease) in net assets resulting from operations | | $(250,881) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,278,400 | $1,141,527 |
| Net realized gain (loss) | 39,809 | 249,054 |
| Change in net unrealized appreciation (depreciation) | (1,569,090) | 1,857,244 |
| Net increase (decrease) in net assets resulting from operations | (250,881) | 3,247,825 |
| Distributions to shareholders from net investment income | (1,242,872) | (1,807,862) |
| Distributions to shareholders from net realized gain | (24,533) | (305,811) |
| Total distributions | (1,267,405) | (2,113,673) |
| Share transactions - net increase (decrease) | 6,702,183 | 6,980,928 |
| Total increase (decrease) in net assets | 5,183,897 | 8,115,080 |
| Net Assets | | |
| Beginning of period | 74,515,956 | 66,400,876 |
| End of period (including undistributed net investment income of $184,320 and undistributed net investment income of $148,792, respectively) | $79,699,853 | $74,515,956 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2005 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.71 | $12.50 | $11.91 | $11.50 | $11.44 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .21 | .16 | .14 | .16 |
| Net realized and unrealized gain (loss) | (.25) | .39 | .46 | .45 | .18 |
| Total from investment operations | (.05) | .60 | .62 | .59 | .34 |
| Distributions from net investment income | (.20) | (.33) | (.01) | (.14) | (.14) |
| Distributions from net realized gain | –B | (.06) | (.02) | (.04) | (.14) |
| Total distributions | (.21)C | (.39) | (.03) | (.18) | (.28) |
| Net asset value, end of period | $12.45 | $12.71 | $12.50 | $11.91 | $11.50 |
| Total ReturnD | (.40)% | 4.87% | 5.25% | 5.17% | 3.11% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .07% | .08% | .08% | .09% | .09% |
| Expenses net of all reductions | .07% | .08% | .08% | .09% | .09% |
| Net investment income (loss) | 1.58% | 1.65% | 1.29% | 1.22% | 1.45% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $50,790 | $74,516 | $66,401 | $62,983 | $43,986 |
| Portfolio turnover rateF | 28% | 22% | 49% | 23% | 37% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.203 and distributions from net realized gain of $.004 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
F Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2005 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.73 |
| Income from Investment Operations | |
| Net investment income (loss)B | .21 |
| Net realized and unrealized gain (loss) | (.30) |
| Total from investment operations | (.09) |
| Distributions from net investment income | (.18) |
| Distributions from net realized gain | –C |
| Total distributions | (.19)D |
| Net asset value, end of period | $12.45 |
| Total ReturnE,F | (.73)% |
| Ratios to Average Net AssetsG,H | |
| Expenses before reductions | .05%I |
| Expenses net of fee waivers, if any | .01%I |
| Expenses net of all reductions | .01%I |
| Net investment income (loss) | 2.28%I |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $28,910 |
| Portfolio turnover rateH | 28% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total distributions of $.19 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.004 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the portfolio activity of any Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 30.7 | 31.2 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.1 | 1.1 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 13.6 | 13.9 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 34.2 | 33.8 |
| Inflation-Protected Bond Funds | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.9 | 4.0 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 16.5 | 16.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 30.7% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 13.6% |
| | Bond Funds | 34.2% |
| | Inflation-Protected Bond Funds | 3.9% |
| | Short-Term Funds | 16.5% |
| Six months ago |
| | Domestic Equity Funds | 31.2% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 13.9% |
| | Bond Funds | 33.8% |
| | Inflation-Protected Bond Funds | 4.0% |
| | Short-Term Funds | 16.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2010 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 30.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $84,853,284) | | 2,316,789 | 137,200,248 |
|
| Commodity Funds - 1.1% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $7,566,204) | | 1,025,315 | 5,065,057 |
|
| International Equity Funds - 13.6% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $61,232,494) | | 5,850,387 | 60,961,031 |
|
| Bond Funds - 34.2% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $149,551,298) | | 12,997,185 | 152,976,872 |
|
| Inflation-Protected Bond Funds - 3.9% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | | |
| (Cost $18,195,932) | | 1,767,337 | 17,478,966 |
|
| Short-Term Funds - 16.5% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | | |
| (Cost $73,915,755) | | 73,915,755 | 73,915,755 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $395,314,967) | | | 447,597,929 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (19,334) |
| NET ASSETS - 100% | | | $447,578,595 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $74,362,251 | $16,628,928 | $17,075,424 | $156,286 | $73,915,755 |
| Fidelity Series Commodity Strategy Fund Class F | 5,282,858 | 1,761,463 | 870,924 | -- | 5,065,057 |
| Fidelity Series Global ex U.S. Index Fund | 68,142,870 | 16,796,472 | 16,493,556 | 1,543,769 | 60,961,031 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 18,293,669 | 2,807,940 | 3,838,900 | 35,941 | 17,478,966 |
| Spartan Total Market Index Fund Class F | 152,665,953 | 28,671,749 | 40,519,694 | 2,664,041 | 137,200,248 |
| Spartan U.S. Bond Index Fund Class F | 162,143,677 | 35,024,174 | 42,950,449 | 3,930,716 | 152,976,872 |
| Total | $480,891,278 | $101,690,726 | $121,748,947 | $8,330,753 | $447,597,929 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $395,314,967) — See accompanying schedule | | $447,597,929 |
| Cash | | 2 |
| Receivable for investments sold | | 5,090,520 |
| Receivable for fund shares sold | | 5,647,733 |
| Receivable from affiliate for expense reductions | | 20,104 |
| Total assets | | 458,356,288 |
| Liabilities | | |
| Payable for investments purchased | $9,976,955 | |
| Payable for fund shares redeemed | 763,606 | |
| Transfer agent fees payable | 37,132 | |
| Total liabilities | | 10,777,693 |
| Net Assets | | $447,578,595 |
| Net Assets consist of: | | |
| Paid in capital | | $396,653,242 |
| Undistributed net investment income | | 878,122 |
| Accumulated undistributed net realized gain (loss) on investments | | (2,235,731) |
| Net unrealized appreciation (depreciation) on investments | | 52,282,962 |
| Net Assets | | $447,578,595 |
| Freedom Index 2010: | | |
| Net Asset Value, offering price and redemption price per share ($232,187,033 ÷ 17,819,095 shares) | | $13.03 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($215,391,562 ÷ 16,528,470 shares) | | $13.03 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $8,330,753 |
| Expenses | | |
| Transfer agent fees | $608,730 | |
| Independent trustees' compensation | 1,960 | |
| Total expenses before reductions | 610,690 | |
| Expense reductions | (309,460) | 301,230 |
| Net investment income (loss) | | 8,029,523 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (119,913) | |
| Capital gain distributions from underlying funds | 992,792 | |
| Total net realized gain (loss) | | 872,879 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (13,115,219) |
| Net gain (loss) | | (12,242,340) |
| Net increase (decrease) in net assets resulting from operations | | $(4,212,817) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,029,523 | $7,722,641 |
| Net realized gain (loss) | 872,879 | 2,245,461 |
| Change in net unrealized appreciation (depreciation) | (13,115,219) | 13,763,042 |
| Net increase (decrease) in net assets resulting from operations | (4,212,817) | 23,731,144 |
| Distributions to shareholders from net investment income | (8,001,626) | (12,415,603) |
| Distributions to shareholders from net realized gain | (137,366) | (1,861,538) |
| Total distributions | (8,138,992) | (14,277,141) |
| Share transactions - net increase (decrease) | (20,930,590) | 40,640,329 |
| Total increase (decrease) in net assets | (33,282,399) | 50,094,332 |
| Net Assets | | |
| Beginning of period | 480,860,994 | 430,766,662 |
| End of period (including undistributed net investment income of $878,122 and undistributed net investment income of $931,171, respectively) | $447,578,595 | $480,860,994 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2010 Fund
| | March 31, | March 31, | | | |
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.36 | $13.08 | $12.27 | $11.71 | $11.65 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .23 | .18 | .18 | .20 |
| Net realized and unrealized gain (loss) | (.30) | .46 | .68 | .61 | .21 |
| Total from investment operations | (.10) | .69 | .86 | .79 | .41 |
| Distributions from net investment income | (.23) | (.35) | (.02) | (.17) | (.18) |
| Distributions from net realized gain | –B | (.05) | (.04) | (.06) | (.17) |
| Total distributions | (.23) | (.41)C | (.05)D | (.23) | (.35) |
| Net asset value, end of period | $13.03 | $13.36 | $13.08 | $12.27 | $11.71 |
| Total ReturnE | (.72)% | 5.36% | 7.05% | 6.80% | 3.64% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .10% | .09% |
| Expenses net of all reductions | .08% | .08% | .09% | .10% | .09% |
| Net investment income (loss) | 1.52% | 1.72% | 1.45% | 1.54% | 1.71% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $232,187 | $480,861 | $430,767 | $364,853 | $238,158 |
| Portfolio turnover rateG | 22% | 23% | 39% | 21% | 33% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.41 per share is comprised of distributions from net investment income of $.353 and distributions from net realized gain of $.055 per share.
D Total distributions of $.05 per share is comprised of distributions from net investment income of $.017 and distributions from net realized gain of $.035 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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.
G Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2010 Fund Class W
| | March 31, |
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.43 |
| Income from Investment Operations | |
| Net investment income (loss)B | .27 |
| Net realized and unrealized gain (loss) | (.46) |
| Total from investment operations | (.19) |
| Distributions from net investment income | (.21) |
| Distributions from net realized gain | –C |
| Total distributions | (.21) |
| Net asset value, end of period | $13.03 |
| Total ReturnD,E | (1.39)% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | .05%H |
| Expenses net of fee waivers, if any | .02%H |
| Expenses net of all reductions | .02%H |
| Net investment income (loss) | 2.81%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $215,392 |
| Portfolio turnover rateG | 22% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 36.7 | 37.1 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 1.1 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 16.2 | 16.4 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 31.5 | 31.3 |
| Inflation-Protected Bond Funds | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.1 | 3.1 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 11.3 | 11.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 36.7% |
| | Commodity Funds | 1.2% |
| | International Equity Funds | 16.2% |
| | Bond Funds | 31.5% |
| | Inflation-Protected Bond Funds | 3.1% |
| | Short-Term Funds | 11.3% |
| Six months ago |
| | Domestic Equity Funds | 37.1% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 16.4% |
| | Bond Funds | 31.3% |
| | Inflation-Protected Bond Funds | 3.1% |
| | Short-Term Funds | 11.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2015 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 36.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $222,891,391) | | 5,627,986 | 333,289,359 |
|
| Commodity Funds - 1.2% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $15,284,065) | | 2,112,781 | 10,437,138 |
|
| International Equity Funds - 16.2% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $151,337,210) | | 14,140,291 | 147,341,830 |
|
| Bond Funds - 31.5% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $281,045,760) | | 24,278,379 | 285,756,519 |
|
| Inflation-Protected Bond Funds - 3.1% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | | |
| (Cost $29,790,847) | | 2,870,714 | 28,391,365 |
|
| Short-Term Funds - 11.3% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | | |
| (Cost $102,954,321) | | 102,954,321 | 102,954,321 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $803,303,594) | | | 908,170,532 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (44,494) |
| NET ASSETS - 100% | | | $908,126,038 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $97,245,743 | $25,460,235 | $19,751,657 | $213,587 | $102,954,321 |
| Fidelity Series Commodity Strategy Fund Class F | 10,192,857 | 3,798,040 | 1,304,802 | -- | 10,437,138 |
| Fidelity Series Global ex U.S. Index Fund | 151,133,912 | 44,113,336 | 30,308,748 | 3,717,539 | 147,341,830 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 27,256,240 | 6,028,021 | 5,260,162 | 56,009 | 28,391,365 |
| Spartan Total Market Index Fund Class F | 340,209,373 | 74,797,150 | 73,236,035 | 6,320,805 | 333,289,359 |
| Spartan U.S. Bond Index Fund Class F | 284,811,941 | 69,013,071 | 66,040,887 | 7,146,494 | 285,756,519 |
| Total | $910,850,066 | $223,209,853 | $195,902,291 | $17,454,434 | $908,170,532 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $803,303,594) — See accompanying schedule | | $908,170,532 |
| Cash | | 2 |
| Receivable for investments sold | | 12,770,894 |
| Receivable for fund shares sold | | 3,881,124 |
| Receivable from affiliate for expense reductions | | 43,463 |
| Total assets | | 924,866,015 |
| Liabilities | | |
| Payable for investments purchased | $15,698,593 | |
| Payable for fund shares redeemed | 956,670 | |
| Transfer agent fees payable | 84,714 | |
| Total liabilities | | 16,739,977 |
| Net Assets | | $908,126,038 |
| Net Assets consist of: | | |
| Paid in capital | | $809,740,557 |
| Undistributed net investment income | | 1,595,516 |
| Accumulated undistributed net realized gain (loss) on investments | | (8,076,973) |
| Net unrealized appreciation (depreciation) on investments | | 104,866,938 |
| Net Assets | | $908,126,038 |
| Freedom Index 2015: | | |
| Net Asset Value, offering price and redemption price per share ($577,905,303 ÷ 43,718,918 shares) | | $13.22 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($330,220,735 ÷ 24,989,907 shares) | | $13.21 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $17,454,434 |
| Expenses | | |
| Transfer agent fees | $1,229,147 | |
| Independent trustees' compensation | 3,837 | |
| Total expenses before reductions | 1,232,984 | |
| Expense reductions | (610,133) | 622,851 |
| Net investment income (loss) | | 16,831,583 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,256,098) | |
| Capital gain distributions from underlying funds | 2,216,135 | |
| Total net realized gain (loss) | | 960,037 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (28,731,002) |
| Net gain (loss) | | (27,770,965) |
| Net increase (decrease) in net assets resulting from operations | | $(10,939,382) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $16,831,583 | $16,161,989 |
| Net realized gain (loss) | 960,037 | 2,983,584 |
| Change in net unrealized appreciation (depreciation) | (28,731,002) | 30,401,705 |
| Net increase (decrease) in net assets resulting from operations | (10,939,382) | 49,547,278 |
| Distributions to shareholders from net investment income | (16,720,219) | (26,437,104) |
| Distributions to shareholders from net realized gain | (202,772) | (3,310,019) |
| Total distributions | (16,922,991) | (29,747,123) |
| Share transactions - net increase (decrease) | 25,187,493 | 62,279,171 |
| Total increase (decrease) in net assets | (2,674,880) | 82,079,326 |
| Net Assets | | |
| Beginning of period | 910,800,918 | 828,721,592 |
| End of period (including undistributed net investment income of $1,595,516 and undistributed net investment income of $1,583,721, respectively) | $908,126,038 | $910,800,918 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2015 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.62 | $13.31 | $12.39 | $11.80 | $11.71 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .25 | .20 | .19 | .20 |
| Net realized and unrealized gain (loss) | (.38) | .52 | .75 | .63 | .22 |
| Total from investment operations | (.15) | .77 | .95 | .82 | .42 |
| Distributions from net investment income | (.25) | (.41) | (.02) | (.18) | (.17) |
| Distributions from net realized gain | –B | (.05) | (.02) | (.05) | (.15) |
| Total distributions | (.25) | (.46) | (.03)C | (.23) | (.33)D |
| Net asset value, end of period | $13.22 | $13.62 | $13.31 | $12.39 | $11.80 |
| Total ReturnE | (1.10)% | 5.87% | 7.71% | 7.02% | 3.70% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .10% | .09% |
| Expenses net of all reductions | .08% | .08% | .09% | .10% | .09% |
| Net investment income (loss) | 1.70% | 1.86% | 1.56% | 1.58% | 1.76% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $577,905 | $910,801 | $828,722 | $672,276 | $412,376 |
| Portfolio turnover rateG | 22% | 19% | 29% | 14% | 23% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.03 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.017 per share.
D Total distributions of $.33 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.151 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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.
G Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2015 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.72 |
| Income from Investment Operations | |
| Net investment income (loss)B | .28 |
| Net realized and unrealized gain (loss) | (.56) |
| Total from investment operations | (.28) |
| Distributions from net investment income | (.23) |
| Distributions from net realized gain | –C |
| Total distributions | (.23) |
| Net asset value, end of period | $13.21 |
| Total ReturnD,E | (2.03)% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | .05%H |
| Expenses net of fee waivers, if any | .02%H |
| Expenses net of all reductions | .02%H |
| Net investment income (loss) | 2.84%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $330,221 |
| Portfolio turnover rateG | 22% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 40.7 | 41.1 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 1.2 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 18.0 | 18.1 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 29.9 | 29.7 |
| Inflation-Protected Bond Funds | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.3 | 2.3 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 7.9 | 7.6 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 40.7% |
| | Commodity Funds | 1.2% |
| | International Equity Funds | 18.0% |
| | Bond Funds | 29.9% |
| | Inflation-Protected Bond Funds | 2.3% |
| | Short-Term Funds | 7.9% |
| Six months ago |
| | Domestic Equity Funds | 41.1% |
| | Commodity Funds | 1.2% |
| | International Equity Funds | 18.1% |
| | Bond Funds | 29.7% |
| | Inflation-Protected Bond Funds | 2.3% |
| | Short-Term Funds | 7.6% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2020 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 40.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $805,074,321) | | 18,280,915 | 1,082,595,781 |
|
| Commodity Funds - 1.2% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $46,563,959) | | 6,546,722 | 32,340,808 |
|
| International Equity Funds - 18.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $500,862,792) | | 45,862,122 | 477,883,309 |
|
| Bond Funds - 29.9% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $784,691,098) | | 67,599,576 | 795,647,004 |
|
| Inflation-Protected Bond Funds - 2.3% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | | |
| (Cost $64,086,976) | | 6,233,018 | 61,644,547 |
|
| Short-Term Funds - 7.9% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | | |
| (Cost $210,392,054) | | 210,392,054 | 210,392,054 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,411,671,200) | | | 2,660,503,503 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (114,188) |
| NET ASSETS - 100% | | | $2,660,389,315 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $178,071,493 | $59,204,750 | $26,884,189 | $417,477 | $210,392,054 |
| Fidelity Series Commodity Strategy Fund Class F | 29,397,689 | 11,509,782 | 1,834,583 | -- | 32,340,808 |
| Fidelity Series Global ex U.S. Index Fund | 451,093,557 | 141,343,805 | 59,831,288 | 11,705,043 | 477,883,309 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 53,522,953 | 14,922,777 | 7,629,029 | 115,629 | 61,644,547 |
| Spartan Total Market Index Fund Class F | 1,016,028,091 | 250,972,831 | 158,316,815 | 19,933,852 | 1,082,595,781 |
| Spartan U.S. Bond Index Fund Class F | 730,103,959 | 211,423,037 | 141,324,975 | 19,091,435 | 795,647,004 |
| Total | $2,458,217,742 | $689,376,982 | $395,820,879 | $51,263,436 | $2,660,503,503 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,411,671,200) — See accompanying schedule | | $2,660,503,503 |
| Cash | | 1 |
| Receivable for investments sold | | 36,477,433 |
| Receivable for fund shares sold | | 9,300,549 |
| Receivable from affiliate for expense reductions | | 115,573 |
| Total assets | | 2,706,397,059 |
| Liabilities | | |
| Payable for investments purchased | $42,853,653 | |
| Payable for fund shares redeemed | 2,930,499 | |
| Transfer agent fees payable | 223,592 | |
| Total liabilities | | 46,007,744 |
| Net Assets | | $2,660,389,315 |
| Net Assets consist of: | | |
| Paid in capital | | $2,430,967,883 |
| Undistributed net investment income | | 4,405,179 |
| Accumulated undistributed net realized gain (loss) on investments | | (23,816,050) |
| Net unrealized appreciation (depreciation) on investments | | 248,832,303 |
| Net Assets | | $2,660,389,315 |
| Freedom Index 2020: | | |
| Net Asset Value, offering price and redemption price per share ($1,410,488,819 ÷ 103,322,798 shares) | | $13.65 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($1,249,900,496 ÷ 91,580,523 shares) | | $13.65 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $51,263,436 |
| Expenses | | |
| Transfer agent fees | $3,339,458 | |
| Independent trustees' compensation | 10,691 | |
| Total expenses before reductions | 3,350,149 | |
| Expense reductions | (1,638,203) | 1,711,946 |
| Net investment income (loss) | | 49,551,490 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (6,397,421) | |
| Capital gain distributions from underlying funds | 6,782,091 | |
| Total net realized gain (loss) | | 384,670 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (84,872,924) |
| Net gain (loss) | | (84,488,254) |
| Net increase (decrease) in net assets resulting from operations | | $(34,936,764) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $49,551,490 | $41,451,427 |
| Net realized gain (loss) | 384,670 | 5,151,711 |
| Change in net unrealized appreciation (depreciation) | (84,872,924) | 85,647,273 |
| Net increase (decrease) in net assets resulting from operations | (34,936,764) | 132,250,411 |
| Distributions to shareholders from net investment income | (48,681,022) | (65,898,256) |
| Distributions to shareholders from net realized gain | (565,398) | (6,253,111) |
| Total distributions | (49,246,420) | (72,151,367) |
| Share transactions - net increase (decrease) | 286,511,907 | 387,192,384 |
| Total increase (decrease) in net assets | 202,328,723 | 447,291,428 |
| Net Assets | | |
| Beginning of period | 2,458,060,592 | 2,010,769,164 |
| End of period (including undistributed net investment income of $4,405,179 and undistributed net investment income of $3,823,128, respectively) | $2,660,389,315 | $2,458,060,592 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2020 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.10 | $13.72 | $12.67 | $12.03 | $12.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .26 | .22 | .20 | .22 |
| Net realized and unrealized gain (loss) | (.42) | .57 | .86 | .68 | .16 |
| Total from investment operations | (.19) | .83 | 1.08 | .88 | .38 |
| Distributions from net investment income | (.26) | (.41) | (.02) | (.19) | (.19) |
| Distributions from net realized gain | –B | (.04) | (.01) | (.05) | (.16) |
| Total distributions | (.26) | (.45) | (.03) | (.24) | (.35) |
| Net asset value, end of period | $13.65 | $14.10 | $13.72 | $12.67 | $12.03 |
| Total ReturnC | (1.34)% | 6.18% | 8.55% | 7.38% | 3.36% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .10% | .09% |
| Expenses net of all reductions | .08% | .08% | .09% | .10% | .09% |
| Net investment income (loss) | 1.69% | 1.90% | 1.66% | 1.68% | 1.85% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,410,489 | $2,458,061 | $2,010,769 | $1,430,835 | $812,369 |
| Portfolio turnover rateE | 16% | 16% | 25% | 11% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2020 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.24 |
| Income from Investment Operations | |
| Net investment income (loss)B | .32 |
| Net realized and unrealized gain (loss) | (.67) |
| Total from investment operations | (.35) |
| Distributions from net investment income | (.24) |
| Distributions from net realized gain | –C |
| Total distributions | (.24) |
| Net asset value, end of period | $13.65 |
| Total ReturnD,E | (2.42)% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | .05%H |
| Expenses net of fee waivers, if any | .02%H |
| Expenses net of all reductions | .02%H |
| Net investment income (loss) | 3.12%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,249,900 |
| Portfolio turnover rateG | 16% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 45.3 | 46.3 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 1.3 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 20.0 | 20.4 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 27.9 | 27.4 |
| Inflation-Protected Bond Funds | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.5 | 1.5 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 4.0 | 3.1 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 45.3% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 20.0% |
| | Bond Funds | 27.9% |
| | Inflation-Protected Bond Funds | 1.5% |
| | Short-Term Funds | 4.0% |
| Six months ago |
| | Domestic Equity Funds | 46.3% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 20.4% |
| | Bond Funds | 27.4% |
| | Inflation-Protected Bond Funds | 1.5% |
| | Short-Term Funds | 3.1% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2025 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 45.3% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $670,361,057) | | 15,102,681 | 894,380,763 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $35,244,498) | | 5,081,642 | 25,103,313 |
|
| International Equity Funds - 20.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $412,000,937) | | 37,810,323 | 393,983,564 |
|
| Bond Funds - 27.9% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $544,457,907) | | 46,839,692 | 551,303,177 |
|
| Inflation-Protected Bond Funds - 1.5% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | | |
| (Cost $30,738,185) | | 3,007,238 | 29,741,585 |
|
| Short-Term Funds - 4.0% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | | |
| (Cost $78,284,051) | | 78,284,051 | 78,284,051 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,771,086,635) | | | 1,972,796,453 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (90,056) |
| NET ASSETS - 100% | | | $1,972,706,397 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $39,095,330 | $42,724,295 | $3,535,574 | $126,980 | $78,284,051 |
| Fidelity Series Commodity Strategy Fund Class F | 21,595,836 | 10,343,279 | 1,803,343 | -- | 25,103,313 |
| Fidelity Series Global ex U.S. Index Fund | 360,217,432 | 131,574,331 | 53,649,120 | 9,340,464 | 393,983,564 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 23,467,212 | 9,290,677 | 3,432,974 | 53,025 | 29,741,585 |
| Spartan Total Market Index Fund Class F | 813,848,831 | 245,564,540 | 143,743,145 | 15,967,878 | 894,380,763 |
| Spartan U.S. Bond Index Fund Class F | 465,829,814 | 186,499,812 | 98,582,830 | 12,561,212 | 551,303,177 |
| Total | $1,724,054,455 | $625,996,934 | $304,746,986 | $38,049,559 | $1,972,796,453 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,771,086,635) — See accompanying schedule | | $1,972,796,453 |
| Cash | | 2 |
| Receivable for investments sold | | 24,654,950 |
| Receivable for fund shares sold | | 9,431,538 |
| Receivable from affiliate for expense reductions | | 87,459 |
| Total assets | | 2,006,970,402 |
| Liabilities | | |
| Payable for investments purchased | $33,453,862 | |
| Payable for fund shares redeemed | 634,727 | |
| Transfer agent fees payable | 175,416 | |
| Total liabilities | | 34,264,005 |
| Net Assets | | $1,972,706,397 |
| Net Assets consist of: | | |
| Paid in capital | | $1,790,071,075 |
| Undistributed net investment income | | 2,871,008 |
| Accumulated undistributed net realized gain (loss) on investments | | (21,945,504) |
| Net unrealized appreciation (depreciation) on investments | | 201,709,818 |
| Net Assets | | $1,972,706,397 |
| Freedom Index 2025: | | |
| Net Asset Value, offering price and redemption price per share ($1,179,784,747 ÷ 82,686,929 shares) | | $14.27 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($792,921,650 ÷ 55,567,522 shares) | | $14.27 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $38,049,559 |
| Expenses | | |
| Transfer agent fees | $2,437,222 | |
| Independent trustees' compensation | 7,604 | |
| Total expenses before reductions | 2,444,826 | |
| Expense reductions | (1,167,065) | 1,277,761 |
| Net investment income (loss) | | 36,771,798 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (7,409,505) | |
| Capital gain distributions from underlying funds | 5,215,511 | |
| Total net realized gain (loss) | | (2,193,994) |
| Change in net unrealized appreciation (depreciation) on investment securities | | (65,098,446) |
| Net gain (loss) | | (67,292,440) |
| Net increase (decrease) in net assets resulting from operations | | $(30,520,642) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $36,771,798 | $30,545,855 |
| Net realized gain (loss) | (2,193,994) | 1,141,657 |
| Change in net unrealized appreciation (depreciation) | (65,098,446) | 66,937,634 |
| Net increase (decrease) in net assets resulting from operations | (30,520,642) | 98,625,146 |
| Distributions to shareholders from net investment income | (35,093,602) | (49,810,335) |
| Distributions to shareholders from net realized gain | (385,553) | (2,839,047) |
| Total distributions | (35,479,155) | (52,649,382) |
| Share transactions - net increase (decrease) | 314,763,608 | 329,975,281 |
| Total increase (decrease) in net assets | 248,763,811 | 375,951,045 |
| Net Assets | | |
| Beginning of period | 1,723,942,586 | 1,347,991,541 |
| End of period (including undistributed net investment income of $2,871,008 and undistributed net investment income of $1,398,870, respectively) | $1,972,706,397 | $1,723,942,586 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2025 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.80 | $14.36 | $12.99 | $12.21 | $12.22 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .30 | .24 | .22 | .23 |
| Net realized and unrealized gain (loss) | (.52) | .65 | 1.15 | .80 | .11 |
| Total from investment operations | (.25) | .95 | 1.39 | 1.02 | .34 |
| Distributions from net investment income | (.27) | (.48)B | (.01) | (.21) | (.19) |
| Distributions from net realized gain | –C | (.03)B | (.01) | (.04) | (.16) |
| Total distributions | (.28)D | (.51) | (.02) | (.24)E | (.35) |
| Net asset value, end of period | $14.27 | $14.80 | $14.36 | $12.99 | $12.21 |
| Total ReturnF | (1.72)% | 6.73% | 10.75% | 8.50% | 3.03% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .10% | .09% |
| Expenses net of all reductions | .08% | .08% | .09% | .10% | .09% |
| Net investment income (loss) | 1.84% | 2.03% | 1.78% | 1.82% | 1.97% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,179,785 | $1,723,943 | $1,347,992 | $969,395 | $537,405 |
| Portfolio turnover rateH | 17% | 15% | 21% | 10% | 18% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Amount represents less than $.005 per share.
D Total distributions of $.28 per share is comprised of distributions from net investment income of $.272 and distributions from net realized gain of $.003 per share
E Total distributions of $.24 per share is comprised of distributions from net investment income of $.205 and distributions from net realized gain of $.038 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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.
H Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2025 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .33 |
| Net realized and unrealized gain (loss) | (.79) |
| Total from investment operations | (.46) |
| Distributions from net investment income | (.27) |
| Distributions from net realized gain | –C |
| Total distributions | (.27) |
| Net asset value, end of period | $14.27 |
| Total ReturnD,E | (3.07)% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | .05%H |
| Expenses net of fee waivers, if any | .02%H |
| Expenses net of all reductions | .02%H |
| Net investment income (loss) | 3.08%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $792,922 |
| Portfolio turnover rateG | 17% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 55.3 | 56.0 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 1.3 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 24.3 | 24.6 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 18.4 | 17.4 |
| Inflation-Protected Bond Funds | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.7 | 0.7 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 55.3% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 24.3% |
| | Bond Funds | 18.4% |
| | Inflation-Protected Bond Funds | 0.7% |
| Six months ago |
| | Domestic Equity Funds | 56.0% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 24.6% |
| | Bond Funds | 17.4% |
| | Inflation-Protected Bond Funds | 0.7% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2030 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 55.3% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $1,067,179,458) | | 23,177,878 | 1,372,593,954 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $45,337,315) | | 6,528,901 | 32,252,771 |
|
| International Equity Funds - 24.3% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $639,542,455) | | 57,780,095 | 602,068,590 |
|
| Bond Funds - 18.4% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $449,672,126) | | 38,772,374 | 456,350,844 |
|
| Inflation-Protected Bond Funds - 0.7% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | | |
| (Cost $17,604,492) | | 1,738,759 | 17,196,324 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,219,335,846) | | | 2,480,462,483 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (97,488) |
| NET ASSETS - 100% | | | $2,480,364,995 |
Legend
(a) Affiliated Fund
(b) Non-income producing
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Series Commodity Strategy Fund Class F | $28,596,473 | $12,928,911 | $2,552,700 | $-- | $32,252,771 |
| Fidelity Series Global ex U.S. Index Fund | 556,432,245 | 173,936,903 | 59,152,372 | 14,476,295 | 602,068,590 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 12,233,723 | 6,109,181 | 1,393,952 | 29,639 | 17,196,324 |
| Spartan Total Market Index Fund Class F | 1,261,031,633 | 300,035,586 | 153,690,367 | 24,853,834 | 1,372,593,954 |
| Spartan U.S. Bond Index Fund Class F | 366,520,937 | 166,620,038 | 74,944,935 | 10,165,498 | 456,350,844 |
| Total | $2,224,815,011 | $659,630,619 | $291,734,326 | $49,525,266 | $2,480,462,483 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,219,335,846) — See accompanying schedule | | $2,480,462,483 |
| Cash | | 1 |
| Receivable for investments sold | | 17,314,324 |
| Receivable for fund shares sold | | 11,343,240 |
| Receivable from affiliate for expense reductions | | 108,672 |
| Total assets | | 2,509,228,720 |
| Liabilities | | |
| Payable for investments purchased | $28,088,036 | |
| Payable for fund shares redeemed | 569,130 | |
| Transfer agent fees payable | 206,559 | |
| Total liabilities | | 28,863,725 |
| Net Assets | | $2,480,364,995 |
| Net Assets consist of: | | |
| Paid in capital | | $2,245,374,211 |
| Undistributed net investment income | | 2,178,120 |
| Accumulated undistributed net realized gain (loss) on investments | | (28,313,973) |
| Net unrealized appreciation (depreciation) on investments | | 261,126,637 |
| Net Assets | | $2,480,364,995 |
| Freedom Index 2030: | | |
| Net Asset Value, offering price and redemption price per share ($1,315,199,786 ÷ 90,782,583 shares) | | $14.49 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($1,165,165,209 ÷ 80,435,697 shares) | | $14.49 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $49,525,266 |
| Expenses | | |
| Transfer agent fees | $3,060,614 | |
| Independent trustees' compensation | 9,737 | |
| Total expenses before reductions | 3,070,351 | |
| Expense reductions | (1,524,282) | 1,546,069 |
| Net investment income (loss) | | 47,979,197 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (7,348,867) | |
| Capital gain distributions from underlying funds | 7,491,611 | |
| Total net realized gain (loss) | | 142,744 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (104,899,956) |
| Net gain (loss) | | (104,757,212) |
| Net increase (decrease) in net assets resulting from operations | | $(56,778,015) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $47,979,197 | $38,144,739 |
| Net realized gain (loss) | 142,744 | 972,414 |
| Change in net unrealized appreciation (depreciation) | (104,899,956) | 92,592,543 |
| Net increase (decrease) in net assets resulting from operations | (56,778,015) | 131,709,696 |
| Distributions to shareholders from net investment income | (47,019,418) | (63,028,753) |
| Distributions to shareholders from net realized gain | (483,473) | (1,972,532) |
| Total distributions | (47,502,891) | (65,001,285) |
| Share transactions - net increase (decrease) | 359,969,928 | 453,751,646 |
| Total increase (decrease) in net assets | 255,689,022 | 520,460,057 |
| Net Assets | | |
| Beginning of period | 2,224,675,973 | 1,704,215,916 |
| End of period (including undistributed net investment income of $2,178,120 and undistributed net investment income of $1,555,526, respectively) | $2,480,364,995 | $2,224,675,973 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2030 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.15 | $14.62 | $13.10 | $12.28 | $12.34 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .26 | .30 | .25 | .24 | .24 |
| Net realized and unrealized gain (loss) | (.63) | .73 | 1.29 | .83 | .07 |
| Total from investment operations | (.37) | 1.03 | 1.54 | 1.07 | .31 |
| Distributions from net investment income | (.29) | (.48) | (.01) | (.21) | (.20) |
| Distributions from net realized gain | –B | (.02) | (.01) | (.03) | (.16) |
| Total distributions | (.29) | (.50) | (.02) | (.25)C | (.37)D |
| Net asset value, end of period | $14.49 | $15.15 | $14.62 | $13.10 | $12.28 |
| Total ReturnE | (2.44)% | 7.16% | 11.80% | 8.80% | 2.70% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .08% | .10% | .09% |
| Expenses net of all reductions | .08% | .08% | .08% | .10% | .09% |
| Net investment income (loss) | 1.75% | 1.99% | 1.84% | 1.90% | 1.99% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,315,200 | $2,224,676 | $1,704,216 | $1,203,044 | $653,920 |
| Portfolio turnover rateG | 13% | 12% | 32% | 10% | 18% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.25 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.034 per share.
D Total distributions of $.37 per share is comprised of distributions from net investment income of $.203 and distributions from net realized gain of $.163 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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.
G Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2030 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.44 |
| Income from Investment Operations | |
| Net investment income (loss)B | .38 |
| Net realized and unrealized gain (loss) | (1.04) |
| Total from investment operations | (.66) |
| Distributions from net investment income | (.29) |
| Distributions from net realized gain | –C |
| Total distributions | (.29) |
| Net asset value, end of period | $14.49 |
| Total ReturnD,E | (4.28)% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | .05%H |
| Expenses net of fee waivers, if any | .02%H |
| Expenses net of all reductions | .02%H |
| Net investment income (loss) | 3.54%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,165,165 |
| Portfolio turnover rateG | 13% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 61.7 | 61.6 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 1.4 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.0 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.7% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
| Six months ago |
| | Domestic Equity Funds | 61.6% |
| | Commodity Funds | 1.4% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2035 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $705,701,926) | | 15,232,180 | 902,049,704 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $27,266,647) | | 3,912,213 | 19,326,332 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $419,088,416) | | 37,877,169 | 394,680,096 |
|
| Bond Funds - 10.0% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $143,675,261) | | 12,411,174 | 146,079,513 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,295,732,250) | | | 1,462,135,645 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (59,242) |
| NET ASSETS - 100% | | | $1,462,076,403 |
Legend
(a) Affiliated Fund
(b) Non-income producing
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Series Commodity Strategy Fund Class F | $16,346,430 | $8,323,879 | $1,384,029 | $-- | $19,326,332 |
| Fidelity Series Global ex U.S. Index Fund | 347,263,824 | 124,641,178 | 33,016,373 | 9,262,380 | 394,680,096 |
| Spartan Total Market Index Fund Class F | 788,799,598 | 211,713,361 | 76,192,824 | 15,896,052 | 902,049,704 |
| Spartan U.S. Bond Index Fund Class F | 129,758,913 | 50,314,566 | 33,221,934 | 3,417,446 | 146,079,513 |
| Total | $1,282,168,765 | $394,992,984 | $143,815,160 | $28,575,878 | $1,462,135,645 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,295,732,250) — See accompanying schedule | | $1,462,135,645 |
| Cash | | 1 |
| Receivable for investments sold | | 3,086,355 |
| Receivable for fund shares sold | | 5,317,898 |
| Receivable from affiliate for expense reductions | | 70,630 |
| Total assets | | 1,470,610,529 |
| Liabilities | | |
| Payable for investments purchased | $8,076,839 | |
| Payable for fund shares redeemed | 327,306 | |
| Transfer agent fees payable | 129,981 | |
| Total liabilities | | 8,534,126 |
| Net Assets | | $1,462,076,403 |
| Net Assets consist of: | | |
| Paid in capital | | $1,314,299,050 |
| Undistributed net investment income | | 476,812 |
| Accumulated undistributed net realized gain (loss) on investments | | (19,102,854) |
| Net unrealized appreciation (depreciation) on investments | | 166,403,395 |
| Net Assets | | $1,462,076,403 |
| Freedom Index 2035: | | |
| Net Asset Value, offering price and redemption price per share ($880,845,044 ÷ 59,069,407 shares) | | $14.91 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($581,231,359 ÷ 38,966,637 shares) | | $14.92 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $28,575,878 |
| Expenses | | |
| Transfer agent fees | $1,808,895 | |
| Independent trustees' compensation | 5,647 | |
| Total expenses before reductions | 1,814,542 | |
| Expense reductions | (934,502) | 880,040 |
| Net investment income (loss) | | 27,695,838 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (6,289,390) | |
| Capital gain distributions from underlying funds | 4,589,077 | |
| Total net realized gain (loss) | | (1,700,313) |
| Change in net unrealized appreciation (depreciation) on investment securities | | (64,921,556) |
| Net gain (loss) | | (66,621,869) |
| Net increase (decrease) in net assets resulting from operations | | $(38,926,031) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $27,695,838 | $22,886,943 |
| Net realized gain (loss) | (1,700,313) | (290,157) |
| Change in net unrealized appreciation (depreciation) | (64,921,556) | 56,597,069 |
| Net increase (decrease) in net assets resulting from operations | (38,926,031) | 79,193,855 |
| Distributions to shareholders from net investment income | (27,390,419) | (37,537,173) |
| Distributions to shareholders from net realized gain | (272,315) | (505,497) |
| Total distributions | (27,662,734) | (38,042,670) |
| Share transactions - net increase (decrease) | 246,574,595 | 239,977,345 |
| Total increase (decrease) in net assets | 179,985,830 | 281,128,530 |
| Net Assets | | |
| Beginning of period | 1,282,090,573 | 1,000,962,043 |
| End of period (including undistributed net investment income of $476,812 and undistributed net investment income of $396,686, respectively) | $1,462,076,403 | $1,282,090,573 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2035 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.67 | $15.11 | $13.32 | $12.40 | $12.54 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .31 | .25 | .24 | .23 |
| Net realized and unrealized gain (loss) | (.73) | .77 | 1.55 | .91 | (.01) |
| Total from investment operations | (.46) | 1.08 | 1.80 | 1.15 | .22 |
| Distributions from net investment income | (.30) | (.51) | (.01) | (.22) | (.19) |
| Distributions from net realized gain | –B | (.01) | –B | (.02) | (.17) |
| Total distributions | (.30) | (.52) | (.01) | (.23)C | (.36) |
| Net asset value, end of period | $14.91 | $15.67 | $15.11 | $13.32 | $12.40 |
| Total ReturnD | (2.93)% | 7.25% | 13.56% | 9.44% | 2.00% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .08% | .09% | .08% |
| Expenses net of all reductions | .08% | .08% | .08% | .09% | .08% |
| Net investment income (loss) | 1.79% | 2.02% | 1.79% | 1.91% | 1.93% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $880,845 | $1,282,091 | $1,000,962 | $689,033 | $357,382 |
| Portfolio turnover rateF | 11% | 13% | 25% | 8% | 15% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.23 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.019 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
F Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2035 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.03 |
| Income from Investment Operations | |
| Net investment income (loss)B | .39 |
| Net realized and unrealized gain (loss) | (1.20) |
| Total from investment operations | (.81) |
| Distributions from net investment income | (.30) |
| Distributions from net realized gain | –C |
| Total distributions | (.30) |
| Net asset value, end of period | $14.92 |
| Total ReturnD,E | (5.04)% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | .05%H |
| Expenses net of fee waivers, if any | .01%H |
| Expenses net of all reductions | .01%H |
| Net investment income (loss) | 3.53%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $581,231 |
| Portfolio turnover rateG | 11% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 61.7 | 61.6 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 1.4 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.0 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.7% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
| Six months ago |
| | Domestic Equity Funds | 61.6% |
| | Commodity Funds | 1.4% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2040 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $843,104,934) | | 18,137,479 | 1,074,101,494 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $32,473,923) | | 4,664,202 | 23,041,158 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $498,328,636) | | 45,100,828 | 469,950,623 |
|
| Bond Funds - 10.0% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $171,521,775) | | 14,778,553 | 173,943,568 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,545,429,268) | | | 1,741,036,843 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (63,825) |
| NET ASSETS - 100% | | | $1,740,973,018 |
Legend
(a) Affiliated Fund
(b) Non-income producing
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Series Commodity Strategy Fund Class F | $19,267,411 | $9,809,398 | $1,285,798 | $-- | $23,041,158 |
| Fidelity Series Global ex U.S. Index Fund | 409,346,045 | 142,690,718 | 29,666,547 | 11,129,089 | 469,950,623 |
| Spartan Total Market Index Fund Class F | 929,818,472 | 243,658,305 | 73,441,302 | 19,028,555 | 1,074,101,494 |
| Spartan U.S. Bond Index Fund Class F | 152,958,903 | 57,502,490 | 35,600,569 | 4,061,508 | 173,943,568 |
| Total | $1,511,390,831 | $453,660,911 | $139,994,216 | $34,219,152 | $1,741,036,843 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,545,429,268) — See accompanying schedule | | $1,741,036,843 |
| Cash | | 3 |
| Receivable for investments sold | | 4,088,516 |
| Receivable for fund shares sold | | 5,820,241 |
| Receivable from affiliate for expense reductions | | 79,671 |
| Total assets | | 1,751,025,274 |
| Liabilities | | |
| Payable for investments purchased | $9,337,458 | |
| Payable for fund shares redeemed | 571,148 | |
| Transfer agent fees payable | 143,650 | |
| Total liabilities | | 10,052,256 |
| Net Assets | | $1,740,973,018 |
| Net Assets consist of: | | |
| Paid in capital | | $1,562,279,937 |
| Undistributed net investment income | | 584,641 |
| Accumulated undistributed net realized gain (loss) on investments | | (17,499,135) |
| Net unrealized appreciation (depreciation) on investments | | 195,607,575 |
| Net Assets | | $1,740,973,018 |
| Freedom Index 2040: | | |
| Net Asset Value, offering price and redemption price per share ($910,879,875 ÷ 60,709,116 shares) | | $15.00 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($830,093,143 ÷ 55,339,788 shares) | | $15.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $34,219,152 |
| Expenses | | |
| Transfer agent fees | $2,099,783 | |
| Independent trustees' compensation | 6,705 | |
| Total expenses before reductions | 2,106,488 | |
| Expense reductions | (1,089,548) | 1,016,940 |
| Net investment income (loss) | | 33,202,212 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (3,975,838) | |
| Capital gain distributions from underlying funds | 5,505,399 | |
| Total net realized gain (loss) | | 1,529,561 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (80,044,847) |
| Net gain (loss) | | (78,515,286) |
| Net increase (decrease) in net assets resulting from operations | | $(45,313,074) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $33,202,212 | $26,212,873 |
| Net realized gain (loss) | 1,529,561 | (177,334) |
| Change in net unrealized appreciation (depreciation) | (80,044,847) | 66,273,268 |
| Net increase (decrease) in net assets resulting from operations | (45,313,074) | 92,308,807 |
| Distributions to shareholders from net investment income | (32,817,764) | (43,440,271) |
| Distributions to shareholders from net realized gain | (324,545) | (238,257) |
| Total distributions | (33,142,309) | (43,678,528) |
| Share transactions - net increase (decrease) | 308,129,916 | 283,418,939 |
| Total increase (decrease) in net assets | 229,674,533 | 332,049,218 |
| Net Assets | | |
| Beginning of period | 1,511,298,485 | 1,179,249,267 |
| End of period (including undistributed net investment income of $584,641 and undistributed net investment income of $486,349, respectively) | $1,740,973,018 | $1,511,298,485 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2040 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.76 | $15.18 | $13.36 | $12.42 | $12.58 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .26 | .31 | .25 | .24 | .23 |
| Net realized and unrealized gain (loss) | (.72) | .78 | 1.58 | .93 | (.02) |
| Total from investment operations | (.46) | 1.09 | 1.83 | 1.17 | .21 |
| Distributions from net investment income | (.30) | (.50) | (.01) | (.21) | (.20) |
| Distributions from net realized gain | –B | –B | –B | (.02) | (.17) |
| Total distributions | (.30) | (.51)C | (.01) | (.23) | (.37) |
| Net asset value, end of period | $15.00 | $15.76 | $15.18 | $13.36 | $12.42 |
| Total ReturnD | (2.91)% | 7.27% | 13.72% | 9.59% | 1.92% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .08% | .09% | .08% |
| Expenses net of all reductions | .08% | .08% | .08% | .09% | .08% |
| Net investment income (loss) | 1.70% | 1.99% | 1.78% | 1.93% | 1.91% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $910,880 | $1,511,298 | $1,179,249 | $810,449 | $409,300 |
| Portfolio turnover rateF | 9% | 12% | 26% | 8% | 16% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.51 per share is comprised of distributions from net investment income of $.502 and distributions from net realized gain of $.003 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
F Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2040 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.12 |
| Income from Investment Operations | |
| Net investment income (loss)B | .41 |
| Net realized and unrealized gain (loss) | (1.22) |
| Total from investment operations | (.81) |
| Distributions from net investment income | (.30) |
| Distributions from net realized gain | –C |
| Total distributions | (.31)D |
| Net asset value, end of period | $15.00 |
| Total ReturnE,F | (5.06)% |
| Ratios to Average Net AssetsG,H | |
| Expenses before reductions | .05%I |
| Expenses net of fee waivers, if any | .01%I |
| Expenses net of all reductions | .01%I |
| Net investment income (loss) | 3.69%I |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $830,093 |
| Portfolio turnover rateH | 9% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total distributions of $.31 per share is comprised of distributions from net investment income of $.309 and distributions from net realized gain of $.003 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the portfolio activity of any Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 61.7 | 61.6 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 1.4 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.0 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.7% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
| Six months ago |
| | Domestic Equity Funds | 61.6% |
| | Commodity Funds | 1.4% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2045 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $463,066,139) | | 9,683,620 | 573,463,948 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $17,213,050) | | 2,503,431 | 12,366,948 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $267,443,951) | | 24,077,678 | 250,889,400 |
|
| Bond Funds - 10.0% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $91,836,330) | | 7,890,752 | 92,874,151 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $839,559,470) | | | 929,594,447 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (36,694) |
| NET ASSETS - 100% | | | $929,557,753 |
Legend
(a) Affiliated Fund
(b) Non-income producing
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Series Commodity Strategy Fund Class F | $9,566,183 | $5,756,563 | $513,340 | $-- | $12,366,948 |
| Fidelity Series Global ex U.S. Index Fund | 203,232,169 | 88,010,830 | 13,512,596 | 5,796,785 | 250,889,400 |
| Spartan Total Market Index Fund Class F | 461,637,208 | 157,580,923 | 33,073,435 | 9,858,412 | 573,463,948 |
| Spartan U.S. Bond Index Fund Class F | 75,940,199 | 35,733,343 | 18,419,270 | 2,093,933 | 92,874,151 |
| Total | $750,375,759 | $287,081,659 | $65,518,641 | $17,749,130 | $929,594,447 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $839,559,470) — See accompanying schedule | | $929,594,447 |
| Cash | | 2 |
| Receivable for investments sold | | 1,907,526 |
| Receivable for fund shares sold | | 3,479,313 |
| Receivable from affiliate for expense reductions | | 44,261 |
| Total assets | | 935,025,549 |
| Liabilities | | |
| Payable for investments purchased | $4,944,923 | |
| Payable for fund shares redeemed | 441,831 | |
| Transfer agent fees payable | 81,042 | |
| Total liabilities | | 5,467,796 |
| Net Assets | | $929,557,753 |
| Net Assets consist of: | | |
| Paid in capital | | $847,342,357 |
| Undistributed net investment income | | 325,775 |
| Accumulated undistributed net realized gain (loss) on investments | | (8,145,356) |
| Net unrealized appreciation (depreciation) on investments | | 90,034,977 |
| Net Assets | | $929,557,753 |
| Freedom Index 2045: | | |
| Net Asset Value, offering price and redemption price per share ($542,580,737 ÷ 35,863,821 shares) | | $15.13 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($386,977,016 ÷ 25,573,354 shares) | | $15.13 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $17,749,130 |
| Expenses | | |
| Transfer agent fees | $1,095,998 | |
| Independent trustees' compensation | 3,437 | |
| Total expenses before reductions | 1,099,435 | |
| Expense reductions | (567,518) | 531,917 |
| Net investment income (loss) | | 17,217,213 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,921,255) | |
| Capital gain distributions from underlying funds | 2,869,589 | |
| Total net realized gain (loss) | | 948,334 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (40,423,079) |
| Net gain (loss) | | (39,474,745) |
| Net increase (decrease) in net assets resulting from operations | | $(22,257,532) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $17,217,213 | $13,407,745 |
| Net realized gain (loss) | 948,334 | (241,008) |
| Change in net unrealized appreciation (depreciation) | (40,423,079) | 32,435,775 |
| Net increase (decrease) in net assets resulting from operations | (22,257,532) | 45,602,512 |
| Distributions to shareholders from net investment income | (16,988,085) | (21,509,196) |
| Distributions to shareholders from net realized gain | (168,117) | (249,524) |
| Total distributions | (17,156,202) | (21,758,720) |
| Share transactions - net increase (decrease) | 218,641,371 | 148,882,929 |
| Total increase (decrease) in net assets | 179,227,637 | 172,726,721 |
| Net Assets | | |
| Beginning of period | 750,330,116 | 577,603,395 |
| End of period (including undistributed net investment income of $325,775 and undistributed net investment income of $235,436, respectively) | $929,557,753 | $750,330,116 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2045 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.89 | $15.32 | $13.44 | $12.47 | $12.63 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .28 | .32 | .25 | .25 | .23 |
| Net realized and unrealized gain (loss) | (.74) | .77 | 1.64 | .95 | (.04) |
| Total from investment operations | (.46) | 1.09 | 1.89 | 1.20 | .19 |
| Distributions from net investment income | (.30) | (.51) | (.01) | (.21) | (.19) |
| Distributions from net realized gain | –B | (.01) | –B | (.02) | (.16) |
| Total distributions | (.30) | (.52) | (.01) | (.23) | (.35) |
| Net asset value, end of period | $15.13 | $15.89 | $15.32 | $13.44 | $12.47 |
| Total ReturnC | (2.88)% | 7.22% | 14.07% | 9.76% | 1.74% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .08% | .09% | .09% |
| Expenses net of all reductions | .08% | .08% | .08% | .09% | .09% |
| Net investment income (loss) | 1.79% | 2.04% | 1.75% | 1.95% | 1.94% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $542,581 | $750,330 | $577,603 | $380,466 | $178,881 |
| Portfolio turnover rateE | 8% | 12% | 22% | 7% | 15% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2045 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.26 |
| Income from Investment Operations | |
| Net investment income (loss)B | .40 |
| Net realized and unrealized gain (loss) | (1.22) |
| Total from investment operations | (.82) |
| Distributions from net investment income | (.30) |
| Distributions from net realized gain | –C |
| Total distributions | (.31)D |
| Net asset value, end of period | $15.13 |
| Total ReturnE,F | (5.08)% |
| Ratios to Average Net AssetsG,H | |
| Expenses before reductions | .05%I |
| Expenses net of fee waivers, if any | .01%I |
| Expenses net of all reductions | .01%I |
| Net investment income (loss) | 3.56%I |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $386,977 |
| Portfolio turnover rateH | 8% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total distributions of $.31 per share is comprised of distributions from net investment income of $.303 and distributions from net realized gain of $.003 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the portfolio activity of any Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 61.7 | 61.6 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 1.4 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.0 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.7% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
| Six months ago |
| | Domestic Equity Funds | 61.6% |
| | Commodity Funds | 1.4% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2050 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $471,260,326) | | 9,599,636 | 568,490,468 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $16,867,062) | | 2,464,821 | 12,176,215 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $266,002,786) | | 23,871,138 | 248,737,255 |
|
| Bond Funds - 10.0% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $91,243,511) | | 7,821,739 | 92,061,871 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $845,373,685) | | | 921,465,809 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (33,708) |
| NET ASSETS - 100% | | | $921,432,101 |
Legend
(a) Affiliated Fund
(b) Non-income producing
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Series Commodity Strategy Fund Class F | $9,303,161 | $5,703,499 | $449,843 | $-- | $12,176,215 |
| Fidelity Series Global ex U.S. Index Fund | 197,627,987 | 88,668,077 | 11,575,030 | 5,698,430 | 248,737,255 |
| Spartan Total Market Index Fund Class F | 448,906,657 | 159,694,922 | 28,229,585 | 9,679,877 | 568,490,468 |
| Spartan U.S. Bond Index Fund Class F | 73,845,102 | 35,583,541 | 17,010,261 | 2,045,698 | 92,061,871 |
| Total | $729,682,907 | $289,650,039 | $57,264,719 | $17,424,005 | $921,465,809 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $845,373,685) — See accompanying schedule | | $921,465,809 |
| Cash | | 2 |
| Receivable for investments sold | | 1,534,150 |
| Receivable for fund shares sold | | 4,706,070 |
| Receivable from affiliate for expense reductions | | 42,055 |
| Total assets | | 927,748,086 |
| Liabilities | | |
| Payable for investments purchased | $5,884,952 | |
| Payable for fund shares redeemed | 355,148 | |
| Transfer agent fees payable | 75,885 | |
| Total liabilities | | 6,315,985 |
| Net Assets | | $921,432,101 |
| Net Assets consist of: | | |
| Paid in capital | | $851,535,797 |
| Undistributed net investment income | | 327,223 |
| Accumulated undistributed net realized gain (loss) on investments | | (6,523,043) |
| Net unrealized appreciation (depreciation) on investments | | 76,092,124 |
| Net Assets | | $921,432,101 |
| Freedom Index 2050: | | |
| Net Asset Value, offering price and redemption price per share ($486,443,536 ÷ 31,920,402 shares) | | $15.24 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($434,988,565 ÷ 28,550,778 shares) | | $15.24 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $17,424,005 |
| Expenses | | |
| Transfer agent fees | $1,056,260 | |
| Independent trustees' compensation | 3,351 | |
| Total expenses before reductions | 1,059,611 | |
| Expense reductions | (546,812) | 512,799 |
| Net investment income (loss) | | 16,911,206 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,461,507) | |
| Capital gain distributions from underlying funds | 2,821,378 | |
| Total net realized gain (loss) | | 1,359,871 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (39,140,916) |
| Net gain (loss) | | (37,781,045) |
| Net increase (decrease) in net assets resulting from operations | | $(20,869,839) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $16,911,206 | $12,307,633 |
| Net realized gain (loss) | 1,359,871 | (332,198) |
| Change in net unrealized appreciation (depreciation) | (39,140,916) | 30,228,527 |
| Net increase (decrease) in net assets resulting from operations | (20,869,839) | 42,203,962 |
| Distributions to shareholders from net investment income | (16,694,489) | (19,534,628) |
| Distributions to shareholders from net realized gain | (164,234) | (229,721) |
| Total distributions | (16,858,723) | (19,764,349) |
| Share transactions - net increase (decrease) | 229,522,028 | 185,527,327 |
| Total increase (decrease) in net assets | 191,793,466 | 207,966,940 |
| Net Assets | | |
| Beginning of period | 729,638,635 | 521,671,695 |
| End of period (including undistributed net investment income of $327,223 and undistributed net investment income of $245,903, respectively) | $921,432,101 | $729,638,635 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2050 Fund
| | | | | | |
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.01 | $15.42 | $13.51 | $12.53 | $12.73 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .28 | .32 | .26 | .25 | .23 |
| Net realized and unrealized gain (loss) | (.74) | .78 | 1.66 | .95 | (.09) |
| Total from investment operations | (.46) | 1.10 | 1.92 | 1.20 | .14 |
| Distributions from net investment income | (.30) | (.50) | (.01) | (.21) | (.18) |
| Distributions from net realized gain | –B | (.01) | –B | (.01) | (.16) |
| Total distributions | (.31)C | (.51) | (.01) | (.22) | (.34) |
| Net asset value, end of period | $15.24 | $16.01 | $15.42 | $13.51 | $12.53 |
| Total ReturnD | (2.92)% | 7.25% | 14.21% | 9.75% | 1.39% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .08% | .08% | .08% | .09% | .08% |
| Expenses net of all reductions | .08% | .08% | .08% | .09% | .08% |
| Net investment income (loss) | 1.80% | 2.02% | 1.79% | 2.02% | 1.89% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $486,444 | $729,639 | $521,672 | $326,221 | $140,655 |
| Portfolio turnover rateF | 7% | 10% | 24% | 8% | 15% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.31 per share is comprised of distributions from net investment income of $.302 and distributions from net realized gain of $.003 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
F Amount does not include the portfolio activity of any Underlying Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2050 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.37 |
| Income from Investment Operations | |
| Net investment income (loss)B | .38 |
| Net realized and unrealized gain (loss) | (1.20) |
| Total from investment operations | (.82) |
| Distributions from net investment income | (.30) |
| Distributions from net realized gain | –C |
| Total distributions | (.31)D |
| Net asset value, end of period | $15.24 |
| Total ReturnE,F | (5.04)% |
| Ratios to Average Net AssetsG,H | |
| Expenses before reductions | .05%I |
| Expenses net of fee waivers, if any | .01%I |
| Expenses net of all reductions | .01%I |
| Net investment income (loss) | 3.40%I |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $434,989 |
| Portfolio turnover rateH | 7% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total distributions of $.31 per share is comprised of distributions from net investment income of $.304 and distributions from net realized gain of $.003 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the activity of the underlying investments.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 61.7 | 61.6 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 1.4 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.0 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.7% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
| Six months ago |
| | Domestic Equity Funds | 61.6% |
| | Commodity Funds | 1.4% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2055 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $162,435,535) | | 2,974,876 | 176,172,155 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $4,925,587) | | 763,764 | 3,772,993 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $83,799,366) | | 7,397,529 | 77,082,253 |
|
| Bond Funds - 10.0% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $28,201,577) | | 2,423,873 | 28,528,984 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $279,362,065) | | | 285,556,385 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (10,355) |
| NET ASSETS - 100% | | | $285,546,030 |
–
Legend
(a) Affiliated Fund
(b) Non-income producing
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Series Commodity Strategy Fund Class F | $2,335,329 | $2,226,298 | $124,490 | $-- | $3,772,993 |
| Fidelity Series Global ex U.S. Index Fund | 49,598,498 | 38,238,776 | 3,609,956 | 1,648,021 | 77,082,253 |
| Spartan Total Market Index Fund Class F | 112,662,412 | 74,607,996 | 8,340,457 | 2,768,899 | 176,172,155 |
| Spartan U.S. Bond Index Fund Class F | 18,532,010 | 14,797,408 | 4,767,195 | 575,550 | 28,528,984 |
| Total | $183,128,249 | $129,870,478 | $16,842,098 | $4,992,470 | $285,556,385 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $279,362,065) — See accompanying schedule | | $285,556,385 |
| Receivable for investments sold | | 595,178 |
| Receivable for fund shares sold | | 1,227,568 |
| Receivable from affiliate for expense reductions | | 12,942 |
| Total assets | | 287,392,073 |
| Liabilities | | |
| Payable for investments purchased | $1,605,515 | |
| Payable for fund shares redeemed | 217,189 | |
| Transfer agent fees payable | 23,339 | |
| Total liabilities | | 1,846,043 |
| Net Assets | | $285,546,030 |
| Net Assets consist of: | | |
| Paid in capital | | $280,448,880 |
| Accumulated undistributed net realized gain (loss) on investments | | (1,097,170) |
| Net unrealized appreciation (depreciation) on investments | | 6,194,320 |
| Net Assets | | $285,546,030 |
| Freedom Index 2055: | | |
| Net Asset Value, offering price and redemption price per share ($150,332,227 ÷ 12,461,596 shares) | | $12.06 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($135,213,803 ÷ 11,207,515 shares) | | $12.06 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,992,470 |
| Expenses | | |
| Transfer agent fees | $297,145 | |
| Independent trustees' compensation | 926 | |
| Total expenses before reductions | 298,071 | |
| Expense reductions | (152,696) | 145,375 |
| Net investment income (loss) | | 4,847,095 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (788,070) | |
| Capital gain distributions from underlying funds | 820,309 | |
| Total net realized gain (loss) | | 32,239 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (9,812,175) |
| Net gain (loss) | | (9,779,936) |
| Net increase (decrease) in net assets resulting from operations | | $(4,932,841) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,847,095 | $2,768,271 |
| Net realized gain (loss) | 32,239 | (71,234) |
| Change in net unrealized appreciation (depreciation) | (9,812,175) | 6,181,419 |
| Net increase (decrease) in net assets resulting from operations | (4,932,841) | 8,878,456 |
| Distributions to shareholders from net investment income | (4,901,701) | (2,770,049) |
| Distributions to shareholders from net realized gain | (268,734) | – |
| Distributions to shareholders from tax return of capital | (432,936) | – |
| Total distributions | (5,603,371) | (2,770,049) |
| Share transactions - net increase (decrease) | 112,965,012 | 88,924,621 |
| Total increase (decrease) in net assets | 102,428,800 | 95,033,028 |
| Net Assets | | |
| Beginning of period | 183,117,230 | 88,084,202 |
| End of period (including undistributed net investment income of $0 and $54,606, respectively) | $285,546,030 | $183,117,230 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2055 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.71 | $12.07 | $10.67 | $9.86 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .25 | .26 | .21 | .21 | .14 |
| Net realized and unrealized gain (loss) | (.63) | .62 | 1.36 | .77 | (.01) |
| Total from investment operations | (.38) | .88 | 1.57 | .98 | .13 |
| Distributions from net investment income | (.24)C | (.24) | (.17) | (.16) | (.13) |
| Distributions from net realized gain | (.01)C | – | –D | (.01) | (.14) |
| Tax return of capital | (.02) | – | – | – | – |
| Total distributions | (.27) | (.24) | (.17) | (.17) | (.27) |
| Net asset value, end of period | $12.06 | $12.71 | $12.07 | $10.67 | $9.86 |
| Total ReturnE,F | (2.96)% | 7.27% | 14.76% | 10.05% | 1.61% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .15% | .15% | .15% | .15% | .15%I |
| Expenses net of fee waivers, if any | .08% | .08% | .08% | .09% | .07%I |
| Expenses net of all reductions | .08% | .08% | .08% | .09% | .07%I |
| Net investment income (loss) | 2.03% | 2.10% | 1.82%I | 2.06% | 1.82%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $150,332 | $183,117 | $88,084 | $30,205 | $7,931 |
| Portfolio turnover rateH | 7% | 8% | 21% | 19% | 14%I |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount does not include the portfolio activity of any Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2055 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .23 |
| Net realized and unrealized gain (loss) | (.89) |
| Total from investment operations | (.66) |
| Distributions from net investment income | (.25)C |
| Distributions from net realized gain | (.01)C |
| Tax return of capital | ( .02) |
| Total distributions | (.28) |
| Net asset value, end of period | $12.06 |
| Total ReturnD,E | (5.11)% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | .05%H |
| Expenses net of fee waivers, if any | .01%H |
| Expenses net of all reductions | .01%H |
| Net investment income (loss) | 2.63%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $135,214 |
| Portfolio turnover rateG | 7% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Spartan Total Market Index Fund Class F | 61.7 | 61.6 |
| Commodity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 1.4 |
| International Equity Funds | | |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.0 |
| Bond Funds | | |
| Spartan U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.7% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
| Six months ago |
| | Domestic Equity Funds | 61.6% |
| | Commodity Funds | 1.4% |
| | International Equity Funds | 27.0% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2060 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Spartan Total Market Index Fund Class F (a) | | | |
| (Cost $16,196,616) | | 276,286 | 16,361,650 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | | |
| (Cost $387,372) | | 71,690 | 354,151 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $7,429,305) | | 686,941 | 7,157,920 |
|
| Bond Funds - 10.0% | | | |
| Spartan U.S. Bond Index Fund Class F (a) | | | |
| (Cost $2,623,026) | | 225,125 | 2,649,719 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $26,636,319) | | | 26,523,440 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (1,046) |
| NET ASSETS - 100% | | | $26,522,394 |
–
Legend
(a) Affiliated Fund
(b) Non-income producing
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Series Commodity Strategy Fund Class F | $47,185 | $352,199 | $12,331 | $-- | $354,151 |
| Fidelity Series Global ex U.S. Index Fund | 991,357 | 6,648,902 | 181,795 | 108,123 | 7,157,920 |
| Spartan Total Market Index Fund Class F | 2,251,929 | 14,588,529 | 579,868 | 171,471 | 16,361,650 |
| Spartan U.S. Bond Index Fund Class F | 369,806 | 2,546,343 | 287,133 | 31,939 | 2,649,719 |
| Total | $3,660,277 | $24,135,973 | $1,061,127 | $311,533 | $26,523,440 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom® Index 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $26,636,319) — See accompanying schedule | | $26,523,440 |
| Receivable for fund shares sold | | 357,474 |
| Receivable from affiliate for expense reductions | | 1,237 |
| Total assets | | 26,882,151 |
| Liabilities | | |
| Payable for investments purchased | $345,977 | |
| Payable for fund shares redeemed | 11,486 | |
| Transfer agent fees payable | 2,294 | |
| Total liabilities | | 359,757 |
| Net Assets | | $26,522,394 |
| Net Assets consist of: | | |
| Paid in capital | | $26,625,648 |
| Undistributed net investment income | | 10,377 |
| Accumulated undistributed net realized gain (loss) on investments | | (752) |
| Net unrealized appreciation (depreciation) on investments | | (112,879) |
| Net Assets | | $26,522,394 |
| Freedom Index 2060: | | |
| Net Asset Value, offering price and redemption price per share ($16,979,330 ÷ 1,724,158 shares) | | $9.85 |
| Class W: | | |
| Net Asset Value, offering price and redemption price per share ($9,543,064 ÷ 969,055 shares) | | $9.85 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $311,533 |
| Expenses | | |
| Transfer agent fees | $16,445 | |
| Independent trustees' compensation | 47 | |
| Total expenses before reductions | 16,492 | |
| Expense reductions | (8,353) | 8,139 |
| Net investment income (loss) | | 303,394 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (41,933) | |
| Capital gain distributions from underlying funds | 54,540 | |
| Total net realized gain (loss) | | 12,607 |
| Change in net unrealized appreciation (depreciation) on investment securities | | (169,757) |
| Net gain (loss) | | (157,150) |
| Net increase (decrease) in net assets resulting from operations | | $146,244 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | For the period ended August 5, 2014 (commencement of operations) to March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $303,394 | $9,339 |
| Net realized gain (loss) | 12,607 | (8,196) |
| Change in net unrealized appreciation (depreciation) | (169,757) | 56,878 |
| Net increase (decrease) in net assets resulting from operations | 146,244 | 58,021 |
| Distributions to shareholders from net investment income | (293,946) | (8,394) |
| Distributions to shareholders from net realized gain | (5,071) | (108) |
| Total distributions | (299,017) | (8,502) |
| Share transactions - net increase (decrease) | 23,014,985 | 3,610,663 |
| Total increase (decrease) in net assets | 22,862,212 | 3,660,182 |
| Net Assets | | |
| Beginning of period | 3,660,182 | – |
| End of period (including undistributed net investment income of $10,377 and undistributed net investment income of $929, respectively) | $26,522,394 | $3,660,182 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2060 Fund
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.33 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .25 | .09 |
| Net realized and unrealized gain (loss) | (.55) | .40 |
| Total from investment operations | (.30) | .49 |
| Distributions from net investment income | (.18) | (.16) |
| Distributions from net realized gainC | – | – |
| Total distributions | (.18) | (.16) |
| Net asset value, end of period | $9.85 | $10.33 |
| Total ReturnD,E | (2.94)% | 4.90% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .15% | .15%H |
| Expenses net of fee waivers, if any | .08% | .09%H |
| Expenses net of all reductions | .08% | .09%H |
| Net investment income (loss) | 2.57% | 1.35%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $16,979 | $3,660 |
| Portfolio turnover rateG | 8% | 33%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom Index 2060 Fund Class W
| Years ended March 31, | 2016 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.56 |
| Income from Investment Operations | |
| Net investment income (loss)B | .13 |
| Net realized and unrealized gain (loss) | (.66) |
| Total from investment operations | (.53) |
| Distributions from net investment income | (.18) |
| Distributions from net realized gain | –C |
| Total distributions | (.18) |
| Net asset value, end of period | $9.85 |
| Total ReturnD,E | (5.05)% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | .05%H |
| Expenses net of fee waivers, if any | .01%H |
| Expenses net of all reductions | .01%H |
| Net investment income (loss) | 1.80%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $9,543 |
| Portfolio turnover rateG | 8% |
A For the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount does not include the portfolio activity of any Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2016
1. Organization.
Fidelity Freedom Index Income 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, Fidelity Freedom Index 2055 Fund and Fidelity Freedom Index 2060 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 commenced sale of Class W during the period. Each Fund offers Freedom Index and Class W 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.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
For the period ended March 31, 2016, the Fidelity Freedom Index 2055 Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities |
| Fidelity Freedom Index Income Fund | $239,072,553 | $14,163,462 | $(3,878,634) | $10,284,828 |
| Fidelity Freedom Index 2005 Fund | 74,139,930 | 6,885,013 | (1,321,091) | 5,563,922 |
| Fidelity Freedom Index 2010 Fund | 397,269,846 | 56,624,950 | (6,296,867) | 50,328,083 |
| Fidelity Freedom Index 2015 Fund | 807,260,683 | 116,893,111 | (15,983,262) | 100,909,849 |
| Fidelity Freedom Index 2020 Fund | 2,422,982,159 | 293,676,349 | (56,155,005) | 237,521,344 |
| Fidelity Freedom Index 2025 Fund | 1,783,362,808 | 233,399,101 | (43,965,456) | 189,433,645 |
| Fidelity Freedom Index 2030 Fund | 2,231,968,955 | 319,174,244 | (70,680,716) | 248,493,528 |
| Fidelity Freedom Index 2035 Fund | 1,305,059,191 | 202,913,141 | (45,836,687) | 157,076,454 |
| Fidelity Freedom Index 2040 Fund | 1,553,155,174 | 241,102,665 | (53,220,996) | 187,881,669 |
| Fidelity Freedom Index 2045 Fund | 843,462,920 | 115,323,583 | (29,192,056) | 86,131,527 |
| Fidelity Freedom Index 2050 Fund | 848,904,744 | 102,268,952 | (29,707,887) | 72,561,065 |
| Fidelity Freedom Index 2055 Fund | 280,459,234 | 15,872,041 | (10,774,890) | 5,097,151 |
| Fidelity Freedom Index 2060 Fund | 26,686,552 | 577,274 | (740,386) | (163,112) |
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 | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments |
| Fidelity Freedom Index Income Fund | $274,024 | $66,060 | $– | $10,284,828 |
| Fidelity Freedom Index 2005 Fund | 191,348 | 73,116 | – | 5,563,922 |
| Fidelity Freedom Index 2010 Fund | 878,122 | – | (280,853) | 50,328,083 |
| Fidelity Freedom Index 2015 Fund | 1,595,516 | – | (4,119,884) | 100,909,849 |
| Fidelity Freedom Index 2020 Fund | 4,405,179 | – | (12,505,090) | 237,521,344 |
| Fidelity Freedom Index 2025 Fund | 2,871,008 | – | (9,669,330) | 189,433,645 |
| Fidelity Freedom Index 2030 Fund | 2,178,120 | – | (15,680,864) | 248,493,528 |
| Fidelity Freedom Index 2035 Fund | 476,812 | – | (9,775,914) | 157,076,454 |
| Fidelity Freedom Index 2040 Fund | 584,641 | – | (9,773,230) | 187,881,669 |
| Fidelity Freedom Index 2045 Fund | 325,775 | – | (4,241,906) | 86,131,527 |
| Fidelity Freedom Index 2050 Fund | 327,223 | – | (2,991,985) | 72,561,065 |
| Fidelity Freedom Index 2055 Fund | – | – | – | 5,097,151 |
| Fidelity Freedom Index 2060 Fund | 10,992 | 48,866 | – | (163,112) |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | Short-term | Long-term | Total no expiration | Total capital loss carryfoward |
| Fidelity Freedom Index 2010 Fund | $(–) | $(280,853) | $(280,853) | $(280,853) |
| Fidelity Freedom Index 2015 Fund | (187,794) | (3,932,090) | (4,119,884) | (4,119,884) |
| Fidelity Freedom Index 2020 Fund | (1,933,554) | (10,571,536) | (12,505,090) | (12,505,090) |
| Fidelity Freedom Index 2025 Fund | (1,460,037) | (8,209,293) | (9,669,330) | (9,669,330) |
| Fidelity Freedom Index 2030 Fund | (4,377,576) | (11,303,288) | (15,680,864) | (15,680,864) |
| Fidelity Freedom Index 2035 Fund | (2,787,366) | (6,988,548) | (9,775,914) | (9,775,914) |
| Fidelity Freedom Index 2040 Fund | (2,859,906) | (6,913,324) | (9,773,230) | (9,773,230) |
| Fidelity Freedom Index 2045 Fund | (1,814,406) | (2,427,500) | (4,241,906) | (4,241,906) |
| Fidelity Freedom Index 2050 Fund | (1,782,307) | (1,209,678) | (2,991,985) | (2,991,985) |
The tax character of distributions paid was as follows:
| March 31, 2016 | | | | |
| | Ordinary Income | Long-term Capital Gains | Tax Return of Capital | Total |
| Fidelity Freedom Index Income Fund | $3,675,722 | $89,418 | $– | $3,765,140 |
| Fidelity Freedom Index 2005 Fund | 1,267,405 | – | – | 1,267,405 |
| Fidelity Freedom Index 2010 Fund | 8,138,992 | – | – | 8,138,992 |
| Fidelity Freedom Index 2015 Fund | 16,922,991 | – | – | 16,922,991 |
| Fidelity Freedom Index 2020 Fund | 49,246,420 | – | – | 49,246,420 |
| Fidelity Freedom Index 2025 Fund | 35,479,155 | – | – | 35,479,155 |
| Fidelity Freedom Index 2030 Fund | 47,502,891 | – | – | 47,502,891 |
| Fidelity Freedom Index 2035 Fund | 27,662,734 | – | – | 27,662,734 |
| Fidelity Freedom Index 2040 Fund | 33,142,309 | – | – | 33,142,309 |
| Fidelity Freedom Index 2045 Fund | 17,156,202 | – | – | 17,156,202 |
| Fidelity Freedom Index 2050 Fund | 16,858,723 | – | – | 16,858,723 |
| Fidelity Freedom Index 2055 Fund | 4,910,014 | 260,421 | 432,936 | 5,603,371 |
| Fidelity Freedom Index 2060 Fund | 293,946 | 5,071 | – | 299,017 |
| March 31, 2015 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Freedom Index Income Fund | $4,145,839 | $86,065 | $4,231,904 |
| Fidelity Freedom Index 2005 Fund | 2,113,673 | – | 2,113,673 |
| Fidelity Freedom Index 2010 Fund | 14,277,141 | – | 14,277,141 |
| Fidelity Freedom Index 2015 Fund | 29,747,123 | – | 29,747,123 |
| Fidelity Freedom Index 2020 Fund | 72,151,367 | – | 72,151,367 |
| Fidelity Freedom Index 2025 Fund | 52,649,382 | – | 52,649,382 |
| Fidelity Freedom Index 2030 Fund | 65,001,285 | – | 65,001,285 |
| Fidelity Freedom Index 2035 Fund | 38,042,670 | – | 38,042,670 |
| Fidelity Freedom Index 2040 Fund | 43,678,528 | – | 43,678,528 |
| Fidelity Freedom Index 2045 Fund | 21,758,720 | – | 21,758,720 |
| Fidelity Freedom Index 2050 Fund | 19,764,349 | – | 19,764,349 |
| Fidelity Freedom Index 2055 Fund | 2,770,049 | – | 2,770,049 |
| Fidelity Freedom Index 2060 Fund | 8,502 | – | 8,502 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Freedom Index Income Fund | 63,775,581 | 54,605,936 |
| Fidelity Freedom Index 2005 Fund | 28,518,721 | 21,656,132 |
| Fidelity Freedom Index 2010 Fund | 101,690,726 | 121,748,947 |
| Fidelity Freedom Index 2015 Fund | 223,209,853 | 195,902,291 |
| Fidelity Freedom Index 2020 Fund | 689,376,982 | 395,820,879 |
| Fidelity Freedom Index 2025 Fund | 625,996,934 | 304,746,986 |
| Fidelity Freedom Index 2030 Fund | 659,630,619 | 291,734,326 |
| Fidelity Freedom Index 2035 Fund | 394,992,984 | 143,815,160 |
| Fidelity Freedom Index 2040 Fund | 453,660,911 | 139,994,216 |
| Fidelity Freedom Index 2045 Fund | 287,081,659 | 65,518,641 |
| Fidelity Freedom Index 2050 Fund | 289,650,039 | 57,264,719 |
| Fidelity Freedom Index 2055 Fund | 129,870,478 | 16,842,098 |
| Fidelity Freedom Index 2060 Fund | 24,135,973 | 1,061,127 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Effective October 1, 2015, FMR Co., Inc., an affiliate of Strategic Advisers, Inc. (SAI), replaced SAI as investment adviser to the Funds pursuant to a management contract between the Funds and FMR Co., Inc. The new contract does not impact the Funds' investment process, strategies or management fees. The Funds do not pay any fees for investment management related services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding transfer agent fees, compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives an asset-based fee of .15% and .05% of average net assets for each Freedom Index class and Class W, respectively. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each applicable class were as follows:
| | Amount |
| Fidelity Freedom Index Income Fund | |
| Freedom Index Income | $310,575 |
| Class W | 20,640 |
| | $331,215 |
| Fidelity Freedom Index 2005 Fund | |
| Freedom Index 2005 | $100,710 |
| Class W | 4,841 |
| | $105,551 |
| Fidelity Freedom Index 2010 Fund | |
| Freedom Index 2010 | $568,349 |
| Class W | 40,381 |
| | $608,730 |
| Fidelity Freedom Index 2015 Fund | |
| Freedom Index 2015 | $1,164,928 |
| Class W | 64,219 |
| | $1,229,147 |
| Fidelity Freedom Index 2020 Fund | |
| Freedom Index 2020 | $3,104,625 |
| Class W | 234,833 |
| | $3,339,458 |
| Fidelity Freedom Index 2025 Fund | |
| Freedom Index 2025 | $2,295,708 |
| Class W | 141,514 |
| | $2,437,222 |
| Fidelity Freedom Index 2030 Fund | |
| Freedom Index 2030 | $2,852,037 |
| Class W | 208,577 |
| | $3,060,614 |
| Fidelity Freedom Index 2035 Fund | |
| Freedom Index 2035 | $1,703,414 |
| Class W | 105,481 |
| | $1,808,895 |
| Fidelity Freedom Index 2040 Fund | |
| Freedom Index 2040 | $1,949,452 |
| Class W | 150,331 |
| | $2,099,783 |
| Fidelity Freedom Index 2045 Fund | |
| Freedom Index 2045 | $1,025,441 |
| Class W | 70,557 |
| | $1,095,998 |
| Fidelity Freedom Index 2050 Fund | |
| Freedom Index 2050 | $980,175 |
| Class W | 76,085 |
| | $1,056,260 |
| Fidelity Freedom Index 2055 Fund | |
| Freedom Index 2055 | $275,847 |
| Class W | 21,298 |
| | $297,145 |
| Fidelity Freedom Index 2060 Fund | |
| Freedom Index 2060 | $15,315 |
| Class W | 1,130 |
| | $16,445 |
5. Expense Reductions.
FMR contractually agreed to reimburse funds to the extent annual operating expenses, including acquired fund fees and expenses, exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through May 31, 2019. 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 Affiliate
|
| Fidelity Freedom Index Income Fund | | |
| Freedom Index Income | .16% | $162,630 |
| Class W | .10% | 16,271 |
| Fidelity Freedom Index 2005 Fund | | |
| Freedom Index 2005 | .16% | $51,036 |
| Class W | .10% | 3,509 |
| Fidelity Freedom Index 2010 Fund | | |
| Freedom Index 2010 | .16% | $281,773 |
| Class W | .10% | 27,687 |
| Fidelity Freedom Index 2015 Fund | | |
| Freedom Index 2015 | .16% | $567,472 |
| Class W | .10% | 42,661 |
| Fidelity Freedom Index 2020 Fund | | |
| Freedom Index 2020 | .16% | $1,488,043 |
| Class W | .10% | 150,160 |
| Fidelity Freedom Index 2025 Fund | | |
| Freedom Index 2025 | .16% | $1,080,093 |
| Class W | .10% | 86,972 |
| Fidelity Freedom Index 2030 Fund | | |
| Freedom Index 2030 | .16% | $1,386,643 |
| Class W | .10% | 137,639 |
| Fidelity Freedom Index 2035 Fund | | |
| Freedom Index 2035 | .16% | $859,120 |
| Class W | .10% | 75,382 |
| Fidelity Freedom Index 2040 Fund | | |
| Freedom Index 2040 | .16% | $982,090 |
| Class W | .10% | 107,458 |
| Fidelity Freedom Index 2045 Fund | | |
| Freedom Index 2045 | .16% | $516,499 |
| Class W | .10% | 51,019 |
| Fidelity Freedom Index 2050 Fund | | |
| Freedom Index 2050 | .16% | $491,804 |
| Class W | .10% | 55,008 |
| Fidelity Freedom Index 2055 Fund | | |
| Freedom Index 2055 | .16% | $137,306 |
| Class W | .10% | 15,390 |
| Fidelity Freedom Index 2060 Fund | | |
| Freedom Index 2060 | .16% | $7,538 |
| Class W | .10% | 815 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, | 2016(a) | 2015(b) |
| Fidelity Freedom Index Income Fund | | |
| From net investment income | | |
| Freedom Index Income | $2,700,774 | $3,110,656 |
| Class W | 885,530 | – |
| Total | $3,586,304 | $3,110,656 |
| From net realized gain | | |
| Freedom Index Income | $107,552 | $1,121,248 |
| Class W | 71,284 | – |
| Total | $178,836 | $1,121,248 |
| Fidelity Freedom Index 2005 Fund | | |
| From net investment income | | |
| Freedom Index 2005 | $984,947 | $1,807,862 |
| Class W | 257,925 | – |
| Total | $1,242,872 | $1,807,862 |
| From net realized gain | | |
| Freedom Index 2005 | $18,833 | $305,811 |
| Class W | 5,700 | – |
| Total | $24,533 | $305,811 |
| Fidelity Freedom Index 2010 Fund | | |
| From net investment income | | |
| Freedom Index 2010 | $4,906,146 | $12,415,603 |
| Class W | 3,095,480 | – |
| Total | $8,001,626 | $12,415,603 |
| From net realized gain | | |
| Freedom Index 2010 | $77,838 | $1,861,538 |
| Class W | 59,528 | – |
| Total | $137,366 | $1,861,538 |
| Fidelity Freedom Index 2015 Fund | | |
| From net investment income | | |
| Freedom Index 2015 | $12,413,040 | $26,437,104 |
| Class W | 4,307,179 | – |
| Total | $16,720,219 | $26,437,104 |
| From net realized gain | | |
| Freedom Index 2015 | $145,849 | $3,310,019 |
| Class W | 56,923 | – |
| Total | $202,772 | $3,310,019 |
| Fidelity Freedom Index 2020 Fund | | |
| From net investment income | | |
| Freedom Index 2020 | $29,760,778 | $65,898,256 |
| Class W | 18,920,244 | – |
| Total | $48,681,022 | $65,898,256 |
| From net realized gain | | |
| Freedom Index 2020 | $329,878 | $6,253,111 |
| Class W | 235,520 | – |
| Total | $565,398 | $6,253,111 |
| Fidelity Freedom Index 2025 Fund | | |
| From net investment income | | |
| Freedom Index 2025 | $24,697,425 | $49,810,335 |
| Class W | 10,396,177 | – |
| Total | $35,093,602 | $49,810,335 |
| From net realized gain | | |
| Freedom Index 2025 | $268,303 | $2,839,047 |
| Class W | 117,250 | – |
| Total | $385,553 | $2,839,047 |
| Fidelity Freedom Index 2030 Fund | | |
| From net investment income | | |
| Freedom Index 2030 | $28,249,189 | $63,028,753 |
| Class W | 18,770,229 | – |
| Total | $47,019,418 | $63,028,753 |
| From net realized gain | | |
| Freedom Index 2030 | $286,583 | $1,972,532 |
| Class W | 196,890 | – |
| Total | $483,473 | $1,972,532 |
| Fidelity Freedom Index 2035 Fund | | |
| From net investment income | | |
| Freedom Index 2035 | $18,513,045 | $37,537,173 |
| Class W | 8,877,374 | – |
| Total | $27,390,419 | $37,537,173 |
| From net realized gain | | |
| Freedom Index 2035 | $183,836 | $505,497 |
| Class W | 88,479 | – |
| Total | $272,315 | $505,497 |
| Fidelity Freedom Index 2040 Fund | | |
| From net investment income | | |
| Freedom Index 2040 | $18,450,439 | $43,440,271 |
| Class W | 14,367,325 | – |
| Total | $32,817,764 | $43,440,271 |
| From net realized gain | | |
| Freedom Index 2040 | $182,295 | $238,257 |
| Class W | 142,250 | – |
| Total | $324,545 | $238,257 |
| Fidelity Freedom Index 2045 Fund | | |
| From net investment income | | |
| Freedom Index 2045 | $10,705,665 | $21,509,196 |
| Class W | 6,282,420 | – |
| Total | $16,988,085 | $21,509,196 |
| From net realized gain | | |
| Freedom Index 2045 | $105,915 | $249,524 |
| Class W | 62,202 | – |
| Total | $168,117 | $249,524 |
| Fidelity Freedom Index 2050 Fund | | |
| From net investment income | | |
| Freedom Index 2050 | $9,323,501 | $19,534,628 |
| Class W | 7,370,988 | – |
| Total | $16,694,489 | $19,534,628 |
| From net realized gain | | |
| Freedom Index 2050 | $91,495 | $229,721 |
| Class W | 72,739 | – |
| Total | $164,234 | $229,721 |
| Fidelity Freedom Index 2055 Fund | | |
| From net investment income | | |
| Freedom Index 2055 | $2,789,796 | $2,770,049 |
| Class W | 2,111,905 | – |
| Total | $4,901,701 | $2,770,049 |
| From net realized gain | | |
| Freedom Index 2055 | $152,950 | $– |
| Class W | 115,784 | – |
| Total | $268,734 | $– |
| From tax return of capital | | |
| Freedom Index 2055 | $249,498 | – |
| Class W | 183,438 | – |
| Total | $432,936 | – |
| Fidelity Freedom Index 2060 Fund | | |
| From net investment income | | |
| Freedom Index 2060 | $203,923 | $8,394 |
| Class W | 90,023 | – |
| Total | $293,946 | $8,394 |
| From net realized gain | | |
| Freedom Index 2060 | $3,528 | $108 |
| Class W | 1,543 | – |
| Total | $5,071 | $108 |
(a) Distributions for Class W are for the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
(b) Distributions for Fidelity Freedom Index 2060 Fund are for the period August 5, 2014 (commencement of operations) to March 31, 2015.
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| Years ended March 31, | 2016(a) | 2015(b) | 2016(a) | 2015(b) |
| Fidelity Freedom Index Income Fund | | | | |
| Freedom Index Income | | | | |
| Shares sold | 6,715,869 | 7,222,949 | $76,213,802 | $82,572,873 |
| Issued in exchange for the shares of Fidelity Freedom Index 2000 | - | 5,261,057 | - | 60,344,330 |
| Reinvestment of distributions | 248,024 | 371,475 | 2,805,500 | 4,231,904 |
| Shares redeemed | (15,802,557) | (6,223,071) | (178,312,693) | (71,193,900) |
| Net increase (decrease) | (8,838,664) | 6,632,410 | $(99,293,391) | $75,955,207 |
| Class W | | | | |
| Shares sold | 10,631,062 | – | $119,660,753 | $– |
| Reinvestment of distributions | 85,434 | – | 956,814 | – |
| Shares redeemed | (1,121,618) | – | (12,525,410) | – |
| Net increase (decrease) | 9,594,878 | – | $108,092,157 | $– |
| Fidelity Freedom Index 2005 Fund | | | | |
| Freedom Index 2005 | | | | |
| Shares sold | 2,061,227 | 1,936,294 | $25,720,546 | $24,413,084 |
| Reinvestment of distributions | 81,013 | 169,465 | 1,003,598 | 2,113,673 |
| Shares redeemed | (3,925,844) | (1,554,263) | (48,463,160) | (19,545,829) |
| Net increase (decrease) | (1,783,604) | 551,496 | $(21,739,016) | $ 6,980,928 |
| Class W | | | | |
| Shares sold | 2,460,346 | – | $30,120,440 | $– |
| Reinvestment of distributions | 21,416 | – | 263,625 | – |
| Shares redeemed | (159,366) | – | (1,942,866) | – |
| Net increase (decrease) | 2,322,396 | – | $28,441,199 | $– |
| Fidelity Freedom Index 2010 Fund | | | | |
| Freedom Index 2010 | | | | |
| Shares sold | 8,644,359 | 12,965,019 | $113,250,252 | $171,912,696 |
| Reinvestment of distributions | 381,772 | 1,092,180 | 4,978,043 | 14,276,796 |
| Shares redeemed | (27,189,729) | (11,006,242) | (353,485,636) | (145,549,163) |
| Net increase (decrease) | (18,163,598) | 3,050,957 | $(235,257,341) | $40,640,329 |
| Class W | | | | |
| Shares sold | 18,039,953 | – | $233,569,990 | $– |
| Reinvestment of distributions | 244,196 | – | 3,155,008 | – |
| Shares redeemed | (1,755,679) | – | (22,398,247) | – |
| Net increase (decrease) | 16,528,470 | – | $214,326,751 | $– |
| Fidelity Freedom Index 2015 Fund | | | | |
| Freedom Index 2015 | | | | |
| Shares sold | 21,105,246 | 23,586,465 | $280,710,450 | $317,662,725 |
| Reinvestment of distributions | 948,296 | 2,234,721 | 12,536,669 | 29,743,322 |
| Shares redeemed | (45,210,446) | (21,200,909) | (593,006,830) | (285,126,876) |
| Net increase (decrease) | (23,156,904) | 4,620,277 | $(299,759,711) | $ 62,279,171 |
| Class W | | | | |
| Shares sold | 27,540,788 | – | $357,931,885 | $– |
| Reinvestment of distributions | 332,376 | – | 4,364,102 | – |
| Shares redeemed | (2,883,257) | – | (37,348,783) | – |
| Net increase (decrease) | 24,989,907 | – | $324,947,204 | $– |
| Fidelity Freedom Index 2020 Fund | | | | |
| Freedom Index 2020 | | | | |
| Shares sold | 51,952,901 | 62,615,778 | $715,490,099 | $873,744,245 |
| Reinvestment of distributions | 2,197,214 | 5,241,833 | 30,059,629 | 72,149,473 |
| Shares redeemed | (125,114,874) | (40,115,166) | (1,698,253,504) | (558,701,334) |
| Net increase (decrease) | (70,964,759) | 27,742,445 | $(952,703,776) | $387,192,384 |
| Class W | | | | |
| Shares sold | 97,170,716 | – | $1,312,997,448 | $– |
| Reinvestment of distributions | 1,410,586 | – | 19,155,764 | – |
| Shares redeemed | (7,000,779) | – | (92,937,529) | – |
| Net increase (decrease) | 91,580,523 | – | $1,239,215,683 | $– |
| Fidelity Freedom Index 2025 Fund | | | | |
| Freedom Index 2025 | | | | |
| Shares sold | 41,759,997 | 42,032,704 | $600,958,723 | $613,985,377 |
| Reinvestment of distributions | 1,746,196 | 3,647,656 | 24,924,051 | 52,645,983 |
| Shares redeemed | (77,309,515) | (23,082,044) | (1,088,985,441) | (336,656,079) |
| Net increase (decrease) | (33,803,322) | 22,598,316 | $(463,102,667) | $329,975,281 |
| Class W | | | | |
| Shares sold | 57,189,457 | – | $800,211,343 | $– |
| Reinvestment of distributions | 739,341 | – | 10,513,427 | – |
| Shares redeemed | (2,361,276) | – | (32,858,495) | – |
| Net increase (decrease) | 55,567,522 | – | $777,866,275 | $– |
| Fidelity Freedom Index 2030 Fund | | | | |
| Freedom Index 2030 | | | | |
| Shares sold | 43,906,047 | 50,906,447 | $645,938,706 | $761,647,137 |
| Reinvestment of distributions | 1,956,770 | 4,408,075 | 28,533,934 | 65,000,525 |
| Shares redeemed | (101,954,697) | (24,999,737) | (1,468,703,985) | (372,896,016) |
| Net increase (decrease) | (56,091,880) | 30,314,785 | $(794,231,345) | $453,751,646 |
| Class W | | | | |
| Shares sold | 82,794,549 | – | $1,186,942,442 | $– |
| Reinvestment of distributions | 1,307,176 | – | 18,967,119 | – |
| Shares redeemed | (3,666,028) | – | (51,708,288) | – |
| Net increase (decrease) | 80,435,697 | – | $1,154,201,273 | $– |
| Fidelity Freedom Index 2035 Fund | | | | |
| Freedom Index 2035 | | | | |
| Shares sold | 27,897,475 | 29,107,598 | $423,212,476 | $449,193,461 |
| Reinvestment of distributions | 1,243,840 | 2,491,825 | 18,693,558 | 38,042,623 |
| Shares redeemed | (51,909,978) | (16,022,304) | (767,519,618) | (247,258,739) |
| Net increase (decrease) | (22,768,663) | 15,577,119 | $(325,613,584) | $239,977,345 |
| Class W | | | | |
| Shares sold | 39,990,477 | – | $586,694,337 | $– |
| Reinvestment of distributions | 597,724 | – | 8,965,853 | – |
| Shares redeemed | (1,621,564) | – | (23,472,011) | – |
| Net increase (decrease) | 38,966,637 | – | $572,188,179 | $– |
| Fidelity Freedom Index 2040 Fund | | | | |
| Freedom Index 2040 | | | | |
| Shares sold | 30,635,484 | 33,774,823 | $468,806,968 | $525,257,082 |
| Reinvestment of distributions | 1,231,237 | 2,844,037 | 18,621,813 | 43,676,943 |
| Shares redeemed | (67,048,049) | (18,397,611) | (1,006,409,755) | (285,515,086) |
| Net increase (decrease) | (35,181,328) | 18,221,249 | $(518,980,974) | $283,418,939 |
| Class W | | | | |
| Shares sold | 56,671,368 | – | $845,843,342 | $– |
| Reinvestment of distributions | 961,536 | – | 14,509,575 | – |
| Shares redeemed | (2,293,116) | – | (33,242,027) | – |
| Net increase (decrease) | 55,339,788 | – | $827,110,890 | $– |
| Fidelity Freedom Index 2045 Fund | | | | |
| Freedom Index 2045 | | | | |
| Shares sold | 19,576,212 | 17,837,964 | $301,341,772 | $279,166,902 |
| Reinvestment of distributions | 708,893 | 1,403,694 | 10,810,269 | 21,758,207 |
| Shares redeemed | (31,637,614) | (9,734,905) | (476,223,331) | (152,042,180) |
| Net increase (decrease) | (11,352,509) | 9,506,753 | $(164,071,290) | $148,882,929 |
| Class W | | | | |
| Shares sold | 26,372,727 | – | $394,185,595 | $– |
| Reinvestment of distributions | 416,861 | – | 6,344,622 | – |
| Shares redeemed | (1,216,234) | – | (17,817,556) | – |
| Net increase (decrease) | 25,573,354 | – | $382,712,661 | $– |
| Fidelity Freedom Index 2050 Fund | | | | |
| Freedom Index 2050 | | | | |
| Shares sold | 19,448,196 | 19,214,072 | $301,834,848 | $303,314,847 |
| Reinvestment of distributions | 612,484 | 1,266,166 | 9,412,888 | 19,764,349 |
| Shares redeemed | (33,725,377) | (8,733,331) | (513,968,106) | (137,551,869) |
| Net increase (decrease) | (13,664,697) | 11,746,907 | $(202,720,370) | $185,527,327 |
| Class W | | | | |
| Shares sold | 29,420,562 | – | $444,771,494 | $– |
| Reinvestment of distributions | 485,883 | – | 7,443,727 | – |
| Shares redeemed | (1,355,667) | – | (19,972,823) | – |
| Net increase (decrease) | 28,550,778 | – | $432,242,398 | $– |
| Fidelity Freedom Index 2055 Fund | | | | |
| Freedom Index 2055 | | | | |
| Shares sold | 10,054,868 | 9,392,878 | $123,788,005 | $117,409,257 |
| Reinvestment of distributions | 262,643 | 220,333 | 3,191,611 | 2,769,950 |
| Shares redeemed | (12,265,907) | (2,499,994) | (147,752,272) | (31,254,586) |
| Net increase (decrease) | (1,948,396) | 7,113,217 | $(20,772,656) | $88,924,621 |
| Class W | | | | |
| Shares sold | 11,459,467 | – | $136,592,083 | $– |
| Reinvestment of distributions | 198,774 | – | 2,411,127 | – |
| Shares redeemed | (450,726) | – | (5,265,542) | – |
| Net increase (decrease) | 11,207,515 | – | $133,737,668 | $– |
| Fidelity Freedom Index 2060 Fund | | | | |
| Freedom Index 2060 | | | | |
| Shares sold | 2,171,809 | 389,045 | $21,567,527 | $3,964,409 |
| Reinvestment of distributions | 20,916 | 821 | 207,395 | 8,392 |
| Shares redeemed | (823,039) | (35,394) | (8,073,598) | (362,138) |
| Net increase (decrease) | 1,369,686 | 354,472 | $13,701,324 | $3,610,663 |
| Class W | | | | |
| Shares sold | 998,645 | – | $9,593,510 | $– |
| Reinvestment of distributions | 9,249 | – | 91,566 | – |
| Shares redeemed | (38,839) | – | (371,415) | – |
| Net increase (decrease) | 969,055 | – | $9,313,661 | $– |
(a) Share transactions for Class W are for the period June 24, 2015 (commencement of sale of shares) to March 31, 2016.
(b) Share transactions for Fidelity Freedom Index 2060 Fund are for the period August 5, 2014 (commencement of operations) to March 31, 2015.
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 Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
| | 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 |
| Fund | | | | | |
| Fidelity Series Global ex U.S. Index Fund | 15% | 12% | 19% | 12% | 15% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Funds.
| Fund | % of shares held |
| Fidelity Series Global ex U.S. Index Fund | 98% |
| Spartan Total Market Index Fund | 23% |
9. Prior Fiscal Year Merger Information.
On July 25, 2014, the Fidelity Freedom Index Income Fund acquired all of the assets and assumed all of the liabilities of Fidelity Freedom Index 2000 Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board") on May 14, 2014. The acquisition was accomplished by an exchange of shares of the Fidelity Freedom Index Income Fund for corresponding shares then outstanding of the Target Fund at its net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the fund or its shareholders. The Target Fund's net assets of $60,344,330, including securities of $60,301,984 and unrealized appreciation of $4,386,725, were combined with the Fidelity Freedom Index Income Fund's net assets of $169,743,228 for total net assets after the acquisition of $230,087,558.
Pro forma results of operations of the combined entity for the entire period ended March 31, 2015, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Net Investment income (loss) | $3,421,788 |
| Total net realized gain (loss) | 433,004 |
| Total change in net unrealized appreciation (depreciation) | 5,073,666 |
| Net increase (decrease) in net assets resulting from operations | $8,928,458 |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fidelity Freedom Index Income Fund's accompanying Statement of Operations since July 25, 2014.
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 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, Fidelity Freedom Index 2055 Fund and Fidelity Freedom Index 2060 Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Freedom Index Income 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, Fidelity Freedom Index 2055 Fund and Fidelity Freedom Index 2060 Fund (the Funds), each a fund of Fidelity Aberdeen Street Trust, including the schedules of investments, as of March 31, 2016, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2016, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Freedom Index Income Fund, Fidelity Freedom Index 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, Fidelity Freedom Index 2055 Fund and Fidelity Freedom Index 2060 Fund as of March 31, 2016, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 24, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 240 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092 (plan accounts) or 1-800-544-8544 (all other accounts).
Experience, Skills, Attributes, and Qualifications of the 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 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. Marie L. Knowles 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, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), 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.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer or Geoffrey A. von Kuhn may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Linda J. Wondrack (1964)
Year of Election or Appointment: 2016
Chief Compliance Officer
Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (U.K.) Inc. (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of certain Fidelity® funds (2014-2016) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Derek L. Young (1964)
Year of Election or Appointment: 2009
Vice President of Fidelity's Asset Allocation Funds
Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.
Shareholder Expense Example
As a shareholder of the 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 Fund 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, 2015 to March 31, 2016).
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.
| | Annualized Expense RatioA | Beginning
Account Value
October 1, 2015 | Ending
Account Value
March 31, 2016 | Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 |
| Fidelity Freedom Index Income Fund | | | | |
| Freedom Index Income | .07% | | | |
| Actual | | $1,000.00 | $1,024.60 | $.35 |
| Hypothetical-C | | $1,000.00 | $1,024.65 | $.35 |
| Class W | .01% | | | |
| Actual | | $1,000.00 | $1,024.80 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.05 |
| Fidelity Freedom Index 2005 Fund | | | | |
| Freedom Index 2005 | .07% | | | |
| Actual | | $1,000.00 | $1,031.20 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.65 | $.35 |
| Class W | .01% | | | |
| Actual | | $1,000.00 | $1,031.60 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.05 |
| Fidelity Freedom Index 2010 Fund | | | | |
| Freedom Index 2010 | .08% | | | |
| Actual | | $1,000.00 | $1,035.70 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class W | .02% | | | |
| Actual | | $1,000.00 | $1,035.50 | $.10 |
| Hypothetical-C | | $1,000.00 | $1,024.90 | $.10 |
| Fidelity Freedom Index 2015 Fund | | | | |
| Freedom Index 2015 | .08% | | | |
| Actual | | $1,000.00 | $1,039.10 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class W | .02% | | | |
| Actual | | $1,000.00 | $1,038.70 | $.10 |
| Hypothetical-C | | $1,000.00 | $1,024.90 | $.10 |
| Fidelity Freedom Index 2020 Fund | | | | |
| Freedom Index 2020 | .08% | | | |
| Actual | | $1,000.00 | $1,041.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class W | .02% | | | |
| Actual | | $1,000.00 | $1,042.40 | $.10 |
| Hypothetical-C | | $1,000.00 | $1,024.90 | $.10 |
| Fidelity Freedom Index 2025 Fund | | | | |
| Freedom Index 2025 | .08% | | | |
| Actual | | $1,000.00 | $1,044.80 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class W | .02% | | | |
| Actual | | $1,000.00 | $1,045.30 | $.10 |
| Hypothetical-C | | $1,000.00 | $1,024.90 | $.10 |
| Fidelity Freedom Index 2030 Fund | | | | |
| Freedom Index 2030 | .08% | | | |
| Actual | | $1,000.00 | $1,049.70 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class W | .02% | | | |
| Actual | | $1,000.00 | $1,050.40 | $.10 |
| Hypothetical-C | | $1,000.00 | $1,024.90 | $.10 |
| Fidelity Freedom Index 2035 Fund | | | | |
| Freedom Index 2035 | .07% | | | |
| Actual | | $1,000.00 | $1,051.50 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.65 | $.35 |
| Class W | .01% | | | |
| Actual | | $1,000.00 | $1,052.00 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.05 |
| Fidelity Freedom Index 2040 Fund | | | | |
| Freedom Index 2040 | .07% | | | |
| Actual | | $1,000.00 | $1,051.20 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.65 | $.35 |
| Class W | .01% | | | |
| Actual | | $1,000.00 | $1,051.80 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.05 |
| Fidelity Freedom Index 2045 Fund | | | | |
| Freedom Index 2045 | .07% | | | |
| Actual | | $1,000.00 | $1,051.50 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.65 | $.35 |
| Class W | .01% | | | |
| Actual | | $1,000.00 | $1,052.10 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.05 |
| Fidelity Freedom Index 2050 Fund | | | | |
| Freedom Index 2050 | .07% | | | |
| Actual | | $1,000.00 | $1,051.90 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.65 | $.35 |
| Class W | .01% | | | |
| Actual | | $1,000.00 | $1,052.50 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.05 |
| Fidelity Freedom Index 2055 Fund | | | | |
| Freedom Index 2055 | .07% | | | |
| Actual | | $1,000.00 | $1,051.10 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.65 | $.35 |
| Class W | .01% | | | |
| Actual | | $1,000.00 | $1,051.60 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.05 |
| Fidelity Freedom Index 2060 Fund | | | | |
| Freedom Index 2060 | .08% | | | |
| Actual | | $1,000.00 | $1,051.80 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class W | .01% | | | |
| Actual | | $1,000.00 | $1,052.20 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,024.95 | $.05 |
| | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Freedom Index Income Fund | | | | |
| Freedom Index Income | 05/16/16 | 05/13/16 | $0.014 | $0.004 |
| Class W | 05/16/16 | 05/13/16 | $0.015 | $0.004 |
| Fidelity Freedom Index 2005 Fund | | | | |
| Freedom Index 2005 | 05/16/16 | 05/13/16 | $0.027 | $0.014 |
| Class W | 05/16/16 | 05/13/16 | $0.029 | $0.014 |
| Fidelity Freedom Index 2010 Fund | | | | |
| Freedom Index 2010 | 05/16/16 | 05/13/16 | $0.026 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.029 | $0.000 |
| Fidelity Freedom Index 2015 Fund | | | | |
| Freedom Index 2015 | 05/16/16 | 05/13/16 | $0.024 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.027 | $0.000 |
| Fidelity Freedom Index 2020 Fund | | | | |
| Freedom Index 2020 | 05/16/16 | 05/13/16 | $0.023 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.026 | $0.000 |
| Fidelity Freedom Index 2025 Fund | | | | |
| Freedom Index 2025 | 05/16/16 | 05/13/16 | $0.021 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.024 | $0.000 |
| Fidelity Freedom Index 2030 Fund | | | | |
| Freedom Index 2030 | 05/16/16 | 05/13/16 | $0.014 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.015 | $0.000 |
| Fidelity Freedom Index 2035 Fund | | | | |
| Freedom Index 2035 | 05/16/16 | 05/13/16 | $0.006 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.008 | $0.000 |
| Fidelity Freedom Index 2040 Fund | | | | |
| Freedom Index 2040 | 05/16/16 | 05/13/16 | $0.006 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.008 | $0.000 |
| Fidelity Freedom Index 2045 Fund | | | | |
| Freedom Index 2045 | 05/16/16 | 05/13/16 | $0.006 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.008 | $0.000 |
| Fidelity Freedom Index 2050 Fund | | | | |
| Freedom Index 2050 | 05/16/16 | 05/13/16 | $0.006 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.008 | $0.000 |
| Fidelity Freedom Index 2055 Fund | | | | |
| Freedom Index 2055 | 05/16/16 | 05/13/16 | $0.000 | $0.000 |
| Class W | 05/16/16 | 05/13/16 | $0.000 | $0.000 |
| Fidelity Freedom Index 2060 Fund | | | | |
| Freedom Index 2060 | 05/16/16 | 05/13/16 | $0.003 | $0.018 |
| Class W | 05/16/16 | 05/13/16 | $0.004 | $0.018 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2016, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Freedom Index Income Fund | $155,478 |
| Fidelity Freedom Index 2005 Fund | $73,116 |
| Fidelity Freedom Index 2010 Fund | $0 |
| Fidelity Freedom Index 2015 Fund | $0 |
| Fidelity Freedom Index 2020 Fund | $0 |
| Fidelity Freedom Index 2025 Fund | $0 |
| Fidelity Freedom Index 2030 Fund | $0 |
| Fidelity Freedom Index 2035 Fund | $0 |
| Fidelity Freedom Index 2040 Fund | $0 |
| Fidelity Freedom Index 2045 Fund | $0 |
| Fidelity Freedom Index 2050 Fund | $0 |
| Fidelity Freedom Index 2055 Fund | $260,421 |
| Fidelity Freedom Index 2060 Fund | $53,920 |
|
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 | |
| Freedom Index Income | 16.55% |
| Class W | 16.55% |
| Fidelity Freedom Index 2005 Fund | |
| Freedom Index 2005 | 13.36% |
| Class W | 13.36% |
| Fidelity Freedom Index 2010 Fund | |
| Freedom Index 2010 | 11.63% |
| Class W | 11.63% |
| Fidelity Freedom Index 2015 Fund | |
| Freedom Index 2015 | 9.94% |
| Class W | 9.94% |
| Fidelity Freedom Index 2020 Fund | |
| Freedom Index 2020 | 8.90% |
| Class W | 8.90% |
| Fidelity Freedom Index 2025 Fund | |
| Freedom Index 2025 | 7.75% |
| Class W | 7.75% |
| Fidelity Freedom Index 2030 Fund | |
| Freedom Index 2030 | 4.72% |
| Class W | 4.72% |
| Fidelity Freedom Index 2035 Fund | |
| Freedom Index 2035 | 2.67% |
| Class W | 2.67% |
| Fidelity Freedom Index 2040 Fund | |
| Freedom Index 2040 | 2.65% |
| Class W | 2.65% |
| Fidelity Freedom Index 2045 Fund | |
| Freedom Index 2045 | 2.63% |
| Class W | 2.63% |
| Fidelity Freedom Index 2050 Fund | |
| Freedom Index 2050 | 2.62% |
| Class W | 2.62% |
| Fidelity Freedom Index 2055 Fund | |
| Freedom Index 2055 | 2.57% |
| Class W | 2.57% |
| Fidelity Freedom Index 2060 Fund | |
| Freedom Index 2060 | 2.27% |
| Class W | 2.27% |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| | Freedom Index Class | Class W |
| Fidelity Freedom Index Income Fund | | |
| April 2015 | 9% | – |
| May 2015 | 22% | – |
| June 2015 | 22% | – |
| July 2015 | 22% | 22% |
| August 2015 | 22% | 22% |
| September 2015 | 22% | 16% |
| October 2015 | 23% | 15% |
| November 2015 | 24% | 15% |
| December 2015 | 22% | 22% |
| February 2016 | 0% | 0% |
| March 2016 | 0% | 0% |
| Fidelity Freedom Index 2005 Fund | | |
| May 2015 | 1% | – |
| December 2015 | 30% | 29% |
| Fidelity Freedom Index 2010 Fund | | |
| May 2015 | 2% | – |
| December 2015 | 35% | 34% |
| Fidelity Freedom Index 2015 Fund | | |
| May 2015 | 2% | – |
| December 2015 | 39% | 38% |
| Fidelity Freedom Index 2020 Fund | | |
| May 2015 | 2% | – |
| December 2015 | 41% | 40% |
| Fidelity Freedom Index 2025 Fund | | |
| May 2015 | 4% | – |
| December 2015 | 44% | 43% |
| Fidelity Freedom Index 2030 Fund | | |
| May 2015 | 7% | – |
| December 2015 | 51% | 49% |
| Fidelity Freedom Index 2035 Fund | | |
| May 2015 | 11% | – |
| December 2015 | 55% | 53% |
| Fidelity Freedom Index 2040 Fund | | |
| May 2015 | 11% | – |
| December 2015 | 55% | 53% |
| Fidelity Freedom Index 2045 Fund | | |
| May 2015 | 10% | – |
| December 2015 | 55% | 53% |
| Fidelity Freedom Index 2050 Fund | | |
| May 2015 | 13% | – |
| December 2015 | 55% | 53% |
| Fidelity Freedom Index 2055 Fund | | |
| May 2015 | 13% | – |
| December 2015 | 47% | 46% |
| Fidelity Freedom Index 2060 Fund | | |
| May 2015 | 23% | – |
| December 2015 | 54% | 53% |
|
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.
| | Freedom Index Class | Class W |
| Fidelity Freedom Index Income Fund | | |
| April 2015 | 15% | – |
| May 2015 | 35% | – |
| June 2015 | 35% | – |
| July 2015 | 35% | 35% |
| August 2015 | 35% | 35% |
| September 2015 | 35% | 25% |
| October 2015 | 36% | 24% |
| November 2015 | 39% | 23% |
| December 2015 | 35% | 34% |
| February 2016 | 1% | 1% |
| March 2016 | 1% | 1% |
| Fidelity Freedom Index 2005 Fund | | |
| May 2015 | 3% | – |
| December 2015 | 48% | 47% |
| Fidelity Freedom Index 2010 Fund | | |
| May 2015 | 4% | – |
| December 2015 | 55% | 53% |
| Fidelity Freedom Index 2015 Fund | | |
| May 2015 | 4% | – |
| December 2015 | 61% | 59% |
| Fidelity Freedom Index 2020 Fund | | |
| May 2015 | 4% | – |
| December 2015 | 65% | 63% |
| Fidelity Freedom Index 2025 Fund | | |
| May 2015 | 6% | – |
| December 2015 | 69% | 67% |
| Fidelity Freedom Index 2030 Fund | | |
| May 2015 | 11% | – |
| December 2015 | 80% | 77% |
| Fidelity Freedom Index 2035 Fund | | |
| May 2015 | 18% | – |
| December 2015 | 86% | 84% |
| Fidelity Freedom Index 2040 Fund | | |
| May 2015 | 17% | – |
| December 2015 | 86% | 84% |
| Fidelity Freedom Index 2045 Fund | | |
| May 2015 | 17% | – |
| December 2015 | 86% | 84% |
| Fidelity Freedom Index 2050 Fund | | |
| May 2015 | 21% | – |
| December 2015 | 86% | 84% |
| Fidelity Freedom Index 2055 Fund | | |
| December 2015 | 74% | 72% |
| Fidelity Freedom Index 2060 Fund | | |
| May 2015 | 38% | – |
| December 2015 | 87% | 86% |
|
The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.
FRX-ANN-0516
1.899264.106
Fidelity Freedom K® Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Annual Report March 31, 2016 |
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Freedom K® Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® Income Fund | (0.30)% | 3.25% | 5.32% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® Income Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $14,192 | Fidelity Freedom K® Income Fund |
| $13,348 | Barclays® U.S. Aggregate Bond Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2005 Fund | (0.94)% | 3.91% | 7.23% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2005 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $16,020 | Fidelity Freedom K® 2005 Fund |
| $13,348 | Barclays® U.S. Aggregate Bond Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2010 Fund | (1.26)% | 4.67% | 8.18% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2010 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $17,000 | Fidelity Freedom K® 2010 Fund |
| $13,348 | Barclays® U.S. Aggregate Bond Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2015 Fund | (1.67)% | 4.84% | 8.45% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 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.
| Period Ending Values |
| $17,286 | Fidelity Freedom K® 2015 Fund |
| $26,496 | S&P 500® Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2020 Fund | (2.01)% | 5.00% | 9.18% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2020 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $18,095 | Fidelity Freedom K® 2020 Fund |
| $26,496 | S&P 500® Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2025 Fund | (2.35)% | 5.54% | 9.94% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2025 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $18,959 | Fidelity Freedom K® 2025 Fund |
| $26,496 | S&P 500® Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2030 Fund | (3.01)% | 5.65% | 10.28% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2030 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $19,359 | Fidelity Freedom K® 2030 Fund |
| $26,496 | S&P 500® Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2035 Fund | (3.57)% | 5.82% | 10.65% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2035 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $19,806 | Fidelity Freedom K® 2035 Fund |
| $26,496 | S&P 500® Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2040 Fund | (3.48)% | 5.88% | 10.79% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2040 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $19,974 | Fidelity Freedom K® 2040 Fund |
| $26,496 | S&P 500® Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2045 Fund | (3.53)% | 5.94% | 10.94% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2045 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $20,151 | Fidelity Freedom K® 2045 Fund |
| $26,496 | S&P 500® Index |
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 distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity Freedom K® 2050 Fund | (3.52)% | 5.87% | 10.99% |
A From July 2, 2009
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2050 Fund on July 2, 2009, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $20,221 | Fidelity Freedom K® 2050 Fund |
| $26,496 | S&P 500® Index |
Fidelity Freedom K® 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Fidelity Freedom K® 2055 Fund | (3.47)% | 6.31% |
A From June 1, 2011
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2055 Fund on June 1, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $13,445 | Fidelity Freedom K® 2055 Fund |
| $17,384 | S&P 500® Index |
Fidelity Freedom K® 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total 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
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Fidelity Freedom K® 2060 Fund | (3.42)% | 1.42% |
A From August 5, 2014
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2060 Fund on August 5, 2014, 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.
| Period Ending Values |
| $10,237 | Fidelity Freedom K® 2060 Fund |
| $11,115 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Around the globe, equities declined for the 12 months ending March 31, 2016. The Dow Jones U.S. Total Stock Market Index℠, a broad measure of U.S. equity performance, returned -0.43%. With no particular regional bias, the non-U.S. major-markets MSCI World ex USA Index fell further, returning -8.44%. And despite a robust, late-period rally, the MSCI Emerging Markets Index delivered a return of -11.70%.
Stocks took a late-summer dive on fear of an economic slowdown in China, recovering in October after the U.S. Federal Reserve delayed raising target interest rates until mid-December. A rate cut in China and stimulus in Europe also helped. Nevertheless, persistent commodity weakness and U.S.-dollar strength pushed many markets to their worst January in years. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies; the Fed added fuel by softening its schedule for future rate hikes.
Large-cap stocks handily outpaced small-caps in the U.S.; overseas, rankings reversed. Globally, growth bested value-oriented stocks. Volatility helped traditionally defensive sectors outperform cyclicals, while falling bond yields only strengthened demand within these same dividend-rich corners of the market – telecommunication services, utilities and consumer staples, in particular. Conversely, commodity-related sectors such as energy and materials declined substantially, despite an impressive turnaround near period end.
Fixed-income investors shunned riskier debt for much of the year. The Barclays
® U.S. Aggregate Bond Index rose 1.96%, led by Treasury and agency mortgage-backed securities; investment-grade corporate credit lagged. Emerging-markets debt and real estate income-oriented securities each had solid runs, ranking among the top-performing asset classes for the year. Meanwhile, high-yield bonds, as measured by The BofA Merrill Lynch US High Yield Constrained Index℠, returned -3.96%. A spirited, late-period comeback could not overcome earlier spread-widening.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2016, each Freedom K Fund posted a negative return. Results moved along a spectrum, with nearer-term, more conservative Funds posting modest negatives and longer-dated, more aggressive Funds posting somewhat larger negatives. On a relative basis, each Fund lagged its respective Composite index by about a percentage point.
(For specific Fund results, please refer to the performance section of this report.) Overall, allocation decisions detracted from Composite-relative results, largely due to underweighting investment-grade debt. Allocations to portfolio diversifiers, such as the commodity and high-yield debt segments, also detracted; however, we believe such exposures remain important. Commodities may help protect against inflation, and Fund exposure to high-yield debt is an expression of value we see relative to investment-grade bonds. Selection effects also detracted, as the market proved challenging for a subset of underlying equity managers, particularly among U.S. growth-focused investments. In the non-U.S. equity asset class, both selection and allocation decisions contributed to relative results overall. At period end, our active positions align with a view that the U.S. economy is experiencing signs of late cycle. We believe the environment remains favorable to risk assets and supports the Funds’ modest overweightings in equities and corporate credit, underweightings in core fixed income. We recently increased Fund exposure to emerging-markets equities, Treasury Inflation-Protected Securities and commodities, while reducing exposure to nominal bonds.
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.
Fidelity Freedom K® Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 0.6 | 0.6 |
| Fidelity Series 1000 Value Index Fund Class F | 0.4 | 0.4 |
| Fidelity Series All-Sector Equity Fund Class F | 1.9 | 2.1 |
| Fidelity Series Blue Chip Growth Fund Class F | 1.4 | 1.5 |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 2.6 | 2.8 |
| Fidelity Series Growth & Income Fund Class F | 2.0 | 2.1 |
| Fidelity Series Growth Company Fund Class F | 2.4 | 2.4 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 1.6 | 1.4 |
| Fidelity Series Opportunistic Insights Fund Class F | 1.3 | 1.4 |
| Fidelity Series Real Estate Equity Fund Class F | 0.2 | 0.2 |
| Fidelity Series Small Cap Discovery Fund Class F | 0.3 | 0.4 |
| Fidelity Series Small Cap Opportunities Fund Class F | 1.0 | 1.1 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 1.7 | 1.8 |
| | 18.6 | 19.0 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 4.4 | 3.3 |
| Fidelity Series International Growth Fund Class F | 2.1 | 1.8 |
| Fidelity Series International Small Cap Fund Class F | 0.5 | 0.4 |
| Fidelity Series International Value Fund Class F | 2.0 | 1.9 |
| | 9.0 | 7.4 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.8 | 3.5 |
| Fidelity Series Investment Grade Bond Fund Class F | 38.8 | 41.1 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 46.9 | 49.2 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 16.6 | 17.1 |
| Fidelity Series Short-Term Credit Fund Class F | 8.9 | 7.3 |
| | 25.5 | 24.4 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 18.6% |
| | International Equity Funds | 9.0% |
| | Bond Funds | 46.9% |
| | Short-Term Funds | 25.5% |
| Six months ago |
| | Domestic Equity Funds | 19.0% |
| | International Equity Funds | 7.4% |
| | Bond Funds | 49.2% |
| | Short-Term Funds | 24.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® Income Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 18.6% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 759,754 | $10,218,688 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 557,163 | 5,755,491 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 2,561,198 | 32,219,875 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 2,060,702 | 22,358,615 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,159,371 | 20,547,294 |
| Fidelity Series Equity-Income Fund Class F (a) | | 3,769,399 | 43,310,394 |
| Fidelity Series Growth & Income Fund Class F (a) | | 2,668,247 | 33,192,987 |
| Fidelity Series Growth Company Fund Class F (a) | | 3,251,764 | 39,671,524 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 1,818,452 | 25,731,101 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 1,480,416 | 21,569,666 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 281,954 | 3,978,373 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 559,721 | 5,586,013 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 1,427,930 | 17,349,348 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 2,595,807 | 28,683,670 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $280,336,393) | | | 310,173,039 |
|
| International Equity Funds - 9.0% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 4,945,552 | 73,837,094 |
| Fidelity Series International Growth Fund Class F (a) | | 2,544,504 | 33,969,127 |
| Fidelity Series International Small Cap Fund Class F (a) | | 566,015 | 8,529,848 |
| Fidelity Series International Value Fund Class F (a) | | 3,683,406 | 33,703,165 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $142,084,218) | | | 150,039,234 |
|
| Bond Funds - 46.9% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 1,104,177 | 10,478,636 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 459,966 | 4,130,496 |
| Fidelity Series High Income Fund Class F (a) | | 5,780,189 | 50,114,236 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 6,363,058 | 62,930,647 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 57,284,194 | 647,884,228 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 742,809 | 8,081,761 |
| TOTAL BOND FUNDS | | | |
| (Cost $791,991,484) | | | 783,620,004 |
|
| Short-Term Funds - 25.5% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 276,274,522 | 276,274,522 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 14,899,911 | 148,850,113 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $425,030,624) | | | 425,124,635 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,639,442,719) | | | 1,668,956,912 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (72,987) |
| NET ASSETS - 100% | | | $1,668,883,925 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $271,087,685 | $146,354,557 | $141,167,720 | $651,150 | $276,274,522 |
| Fidelity Series 100 Index Fund Class F | 12,584,468 | 1,838,502 | 4,420,990 | 256,247 | 10,218,688 |
| Fidelity Series 1000 Value Index Fund Class F | 7,125,049 | 1,539,690 | 2,438,196 | 154,379 | 5,755,491 |
| Fidelity Series All-Sector Equity Fund Class F | 40,851,441 | 10,677,739 | 15,403,201 | 375,955 | 32,219,875 |
| Fidelity Series Blue Chip Growth Fund Class F | 31,629,241 | 11,954,940 | 17,476,508 | 77,846 | 22,358,615 |
| Fidelity Series Commodity Strategy Fund Class F | 16,349,406 | 11,370,886 | 4,600,931 | -- | 20,547,294 |
| Fidelity Series Emerging Markets Debt Fund Class F | 12,431,653 | 1,159,135 | 2,839,187 | 701,657 | 10,478,636 |
| Fidelity Series Emerging Markets Fund Class F | 54,474,185 | 38,495,248 | 13,389,669 | 867,010 | 73,837,094 |
| Fidelity Series Equity-Income Fund Class F | 53,464,522 | 12,040,990 | 17,768,357 | 1,383,834 | 43,310,394 |
| Fidelity Series Floating Rate High Income Fund Class F | 9,977,614 | 600,198 | 6,070,977 | 266,752 | 4,130,496 |
| Fidelity Series Growth & Income Fund Class F | 40,812,756 | 10,178,975 | 14,783,109 | 801,276 | 33,192,987 |
| Fidelity Series Growth Company Fund Class F | 49,993,151 | 316,114 | 9,419,303 | 180,232 | 39,671,524 |
| Fidelity Series High Income Fund Class F | 67,915,841 | 8,242,622 | 19,113,679 | 3,447,466 | 50,114,236 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 70,254,093 | 7,909,764 | 16,017,102 | 129,720 | 62,930,647 |
| Fidelity Series International Growth Fund Class F | 39,752,478 | 12,081,092 | 15,945,547 | 384,215 | 33,969,127 |
| Fidelity Series International Small Cap Fund Class F | 9,130,712 | 2,740,716 | 3,158,035 | 75,272 | 8,529,848 |
| Fidelity Series International Value Fund Class F | 39,467,365 | 12,418,818 | 15,362,766 | 678,976 | 33,703,165 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 27,460,389 | 3,045,808 | 3,199,761 | 437,692 | 25,731,101 |
| Fidelity Series Investment Grade Bond Fund Class F | 832,152,723 | 54,349,672 | 219,382,232 | 21,374,968 | 647,884,228 |
| Fidelity Series Opportunistic Insights Fund Class F | 26,587,596 | 5,534,580 | 9,401,503 | 45,477 | 21,569,666 |
| Fidelity Series Real Estate Equity Fund Class F | 4,905,231 | 1,240,186 | 1,879,033 | 84,320 | 3,978,373 |
| Fidelity Series Real Estate Income Fund Class F | 9,846,461 | 824,730 | 2,248,023 | 424,758 | 8,081,761 |
| Fidelity Series Short-Term Credit Fund Class F | 214,199,246 | 48,533,116 | 113,675,592 | 1,709,954 | 148,850,113 |
| Fidelity Series Small Cap Discovery Fund Class F | 7,253,584 | 1,225,402 | 2,073,416 | 22,258 | 5,586,013 |
| Fidelity Series Small Cap Opportunities Fund Class F | 21,775,218 | 5,120,343 | 7,241,656 | 107,555 | 17,349,348 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 35,754,258 | 9,758,447 | 12,102,921 | 536,205 | 28,683,670 |
| Total | $2,007,236,366 | $419,552,270 | $690,579,414 | $35,175,174 | $1,668,956,912 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,639,442,719) — See accompanying schedule | | $1,668,956,912 |
| Receivable for investments sold | | 26,504,916 |
| Receivable for fund shares sold | | 1,101,939 |
| Total assets | | 1,696,563,767 |
| Liabilities | | |
| Payable for investments purchased | $26,889,470 | |
| Payable for fund shares redeemed | 725,706 | |
| Transfer agent fees payable | 64,666 | |
| Total liabilities | | 27,679,842 |
| Net Assets | | $1,668,883,925 |
| Net Assets consist of: | | |
| Paid in capital | | $1,634,682,746 |
| Undistributed net investment income | | 2,316,553 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,370,433 |
| Net unrealized appreciation (depreciation) on investments | | 29,514,193 |
| Net Assets, for 144,982,571 shares outstanding | | $1,668,883,925 |
| Net Asset Value, offering price and redemption price per share ($1,668,883,925 ÷ 144,982,571 shares) | | $11.51 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $35,175,174 |
| Expenses | | |
| Transfer agent fees | $841,780 | |
| Independent trustees' compensation | 7,729 | |
| Total expenses | | 849,509 |
| Net investment income (loss) | | 34,325,665 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (3,143,720) | |
| Capital gain distributions from underlying funds | 23,920,651 | |
| Total net realized gain (loss) | | 20,776,931 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (64,108,598) |
| Net gain (loss) | | (43,331,667) |
| Net increase (decrease) in net assets resulting from operations | | $(9,006,002) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $34,325,665 | $35,212,931 |
| Net realized gain (loss) | 20,776,931 | 33,129,738 |
| Change in net unrealized appreciation (depreciation) | (64,108,598) | 7,988,068 |
| Net increase (decrease) in net assets resulting from operations | (9,006,002) | 76,330,737 |
| Distributions to shareholders from net investment income | (34,945,993) | (34,356,251) |
| Distributions to shareholders from net realized gain | (36,668,261) | (49,781,478) |
| Total distributions | (71,614,254) | (84,137,729) |
| Share transactions | | |
| Proceeds from sales of shares | 430,129,000 | 646,904,316 |
| Net asset value of shares issued in exchange for the net assets of Fidelity Freedom K 2000 Fund (note 6) | – | 655,598,999 |
| Reinvestment of distributions | 71,614,254 | 84,137,729 |
| Cost of shares redeemed | (759,555,039) | (882,121,296) |
| Net increase (decrease) in net assets resulting from share transactions | (257,811,785) | 504,519,748 |
| Total increase (decrease) in net assets | (338,432,041) | 496,712,756 |
| Net Assets | | |
| Beginning of period | 2,007,315,966 | 1,510,603,210 |
| End of period (including undistributed net investment income of $2,316,553 and undistributed net investment income of $3,019,658, respectively) | $1,668,883,925 | $2,007,315,966 |
| Other Information | | |
| Shares | | |
| Sold | 37,030,344 | 54,158,762 |
| Issued in exchange for the shares of Fidelity Freedom K 2000 Fund (note 6) | – | 54,724,457 |
| Issued in reinvestment of distributions | 6,161,179 | 7,090,115 |
| Redeemed | (65,298,695) | (73,839,837) |
| Net increase (decrease) | (22,107,172) | 42,133,497 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K Income Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.01 | $12.09 | $11.88 | $11.66 | $11.64 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .22 | .17 | .16 | .19 |
| Net realized and unrealized gain (loss) | (.26) | .28 | .31 | .39 | .21 |
| Total from investment operations | (.04) | .50 | .48 | .55 | .40 |
| Distributions from net investment income | (.23) | (.21) | (.16) | (.16) | (.18) |
| Distributions from net realized gain | (.23) | (.37) | (.10) | (.17) | (.19) |
| Total distributions | (.46) | (.58) | (.27)B | (.33) | (.38)C |
| Net asset value, end of period | $11.51 | $12.01 | $12.09 | $11.88 | $11.66 |
| Total Return | (.30)% | 4.28% | 4.07% | 4.77% | 3.50% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.92% | 1.83% | 1.41% | 1.37% | 1.67% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,668,884 | $2,007,316 | $1,510,603 | $1,565,723 | $1,281,332 |
| Portfolio turnover rateD | 23% | 32%F | 40% | 17% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.27 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.102 per share.
C Total distributions of $.38 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.194 per share.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.
F The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 0.9 | 1.0 |
| Fidelity Series 1000 Value Index Fund Class F | 0.5 | 0.6 |
| Fidelity Series All-Sector Equity Fund Class F | 2.9 | 3.2 |
| Fidelity Series Blue Chip Growth Fund Class F | 2.0 | 2.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 3.9 | 4.2 |
| Fidelity Series Growth & Income Fund Class F | 3.0 | 3.2 |
| Fidelity Series Growth Company Fund Class F | 3.6 | 3.7 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 2.3 | 2.1 |
| Fidelity Series Opportunistic Insights Fund Class F | 2.0 | 2.1 |
| Fidelity Series Real Estate Equity Fund Class F | 0.4 | 0.4 |
| Fidelity Series Small Cap Discovery Fund Class F | 0.5 | 0.5 |
| Fidelity Series Small Cap Opportunities Fund Class F | 1.6 | 1.7 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 2.6 | 2.7 |
| | 27.4 | 28.5 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 5.5 | 4.3 |
| Fidelity Series International Growth Fund Class F | 3.4 | 3.3 |
| Fidelity Series International Small Cap Fund Class F | 0.8 | 0.8 |
| Fidelity Series International Value Fund Class F | 3.3 | 3.3 |
| | 13.0 | 11.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.2 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.3 | 3.1 |
| Fidelity Series Investment Grade Bond Fund Class F | 34.5 | 36.4 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 42.2 | 44.0 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 11.3 | 11.0 |
| Fidelity Series Short-Term Credit Fund Class F | 6.1 | 4.8 |
| | 17.4 | 15.8 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 27.4% |
| | International Equity Funds | 13.0% |
| | Bond Funds | 42.2% |
| | Short-Term Funds | 17.4% |
| Six months ago |
| | Domestic Equity Funds | 28.5% |
| | International Equity Funds | 11.7% |
| | Bond Funds | 44.0% |
| | Short-Term Funds | 15.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2005 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 27.4% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 287,470 | $3,866,478 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 210,813 | 2,177,699 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 969,167 | 12,192,115 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 779,818 | 8,461,024 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,041,027 | 5,142,672 |
| Fidelity Series Equity-Income Fund Class F (a) | | 1,426,233 | 16,387,413 |
| Fidelity Series Growth & Income Fund Class F (a) | | 1,009,535 | 12,558,621 |
| Fidelity Series Growth Company Fund Class F (a) | | 1,225,869 | 14,955,602 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 675,223 | 9,554,408 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 560,146 | 8,161,330 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 106,682 | 1,505,283 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 213,715 | 2,132,879 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 540,284 | 6,564,448 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 982,087 | 10,852,061 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $102,616,643) | | | 114,512,033 |
|
| International Equity Funds - 13.0% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 1,532,245 | 22,876,423 |
| Fidelity Series International Growth Fund Class F (a) | | 1,056,086 | 14,098,754 |
| Fidelity Series International Small Cap Fund Class F (a) | | 230,577 | 3,474,793 |
| Fidelity Series International Value Fund Class F (a) | | 1,529,022 | 13,990,554 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $50,710,077) | | | 54,440,524 |
|
| Bond Funds - 42.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 276,933 | 2,628,093 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 116,159 | 1,043,112 |
| Fidelity Series High Income Fund Class F (a) | | 1,437,089 | 12,459,563 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 1,399,553 | 13,841,584 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 12,757,756 | 144,290,219 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 188,041 | 2,045,888 |
| TOTAL BOND FUNDS | | | |
| (Cost $178,986,335) | | | 176,308,459 |
|
| Short-Term Funds - 17.4% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 47,441,367 | 47,441,367 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 2,555,966 | 25,534,104 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $72,961,160) | | | 72,975,471 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $405,274,215) | | | 418,236,487 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (17,436) |
| NET ASSETS - 100% | | | $418,219,051 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $40,706,365 | $28,979,899 | $22,244,897 | $104,347 | $47,441,367 |
| Fidelity Series 100 Index Fund Class F | 4,640,658 | 859,664 | 1,709,533 | 95,067 | 3,866,478 |
| Fidelity Series 1000 Value Index Fund Class F | 2,641,536 | 620,495 | 904,897 | 57,289 | 2,177,699 |
| Fidelity Series All-Sector Equity Fund Class F | 15,136,546 | 4,090,036 | 5,567,898 | 139,481 | 12,192,115 |
| Fidelity Series Blue Chip Growth Fund Class F | 11,713,591 | 3,941,667 | 5,799,096 | 29,090 | 8,461,024 |
| Fidelity Series Commodity Strategy Fund Class F | 3,720,710 | 2,926,090 | 876,153 | -- | 5,142,672 |
| Fidelity Series Emerging Markets Debt Fund Class F | 2,968,957 | 436,911 | 711,444 | 172,286 | 2,628,093 |
| Fidelity Series Emerging Markets Fund Class F | 18,607,454 | 10,371,187 | 4,028,707 | 277,011 | 22,876,423 |
| Fidelity Series Equity-Income Fund Class F | 19,810,549 | 4,810,435 | 6,572,032 | 513,253 | 16,387,413 |
| Fidelity Series Floating Rate High Income Fund Class F | 2,326,450 | 237,583 | 1,431,290 | 63,819 | 1,043,112 |
| Fidelity Series Growth & Income Fund Class F | 15,106,529 | 3,797,966 | 5,203,805 | 296,932 | 12,558,621 |
| Fidelity Series Growth Company Fund Class F | 17,227,330 | 308,879 | 2,082,607 | 67,303 | 14,955,602 |
| Fidelity Series High Income Fund Class F | 16,282,551 | 2,241,434 | 4,351,170 | 848,536 | 12,459,563 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 14,271,382 | 2,780,512 | 3,383,548 | 27,575 | 13,841,584 |
| Fidelity Series International Growth Fund Class F | 16,683,302 | 4,309,706 | 5,957,369 | 173,378 | 14,098,754 |
| Fidelity Series International Small Cap Fund Class F | 3,789,422 | 1,008,562 | 1,206,048 | 34,023 | 3,474,793 |
| Fidelity Series International Value Fund Class F | 16,352,431 | 4,414,451 | 5,472,510 | 306,376 | 13,990,554 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 10,103,160 | 1,578,547 | 1,544,125 | 163,710 | 9,554,408 |
| Fidelity Series Investment Grade Bond Fund Class F | 171,636,281 | 22,099,880 | 45,355,750 | 4,623,078 | 144,290,219 |
| Fidelity Series Opportunistic Insights Fund Class F | 9,839,302 | 2,315,044 | 3,573,422 | 16,871 | 8,161,330 |
| Fidelity Series Real Estate Equity Fund Class F | 1,822,811 | 516,896 | 724,943 | 31,616 | 1,505,283 |
| Fidelity Series Real Estate Income Fund Class F | 2,282,609 | 332,693 | 486,383 | 104,777 | 2,045,888 |
| Fidelity Series Short-Term Credit Fund Class F | 28,958,911 | 10,363,276 | 13,763,826 | 269,056 | 25,534,104 |
| Fidelity Series Small Cap Discovery Fund Class F | 2,697,440 | 545,660 | 803,755 | 8,291 | 2,132,879 |
| Fidelity Series Small Cap Opportunities Fund Class F | 8,014,177 | 2,029,976 | 2,622,648 | 39,639 | 6,564,448 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 13,228,304 | 3,844,210 | 4,451,425 | 198,817 | 10,852,061 |
| Total | $470,568,758 | $119,761,659 | $150,829,281 | $8,661,621 | $418,236,487 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $405,274,215) — See accompanying schedule | | $418,236,487 |
| Receivable for investments sold | | 6,495,952 |
| Receivable for fund shares sold | | 733,715 |
| Total assets | | 425,466,154 |
| Liabilities | | |
| Payable for investments purchased | $7,123,160 | |
| Payable for fund shares redeemed | 107,867 | |
| Transfer agent fees payable | 16,076 | |
| Total liabilities | | 7,247,103 |
| Net Assets | | $418,219,051 |
| Net Assets consist of: | | |
| Paid in capital | | $401,664,489 |
| Undistributed net investment income | | 1,699,081 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,893,209 |
| Net unrealized appreciation (depreciation) on investments | | 12,962,272 |
| Net Assets, for 33,339,007 shares outstanding | | $418,219,051 |
| Net Asset Value, offering price and redemption price per share ($418,219,051 ÷ 33,339,007 shares) | | $12.54 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $8,661,621 |
| Expenses | | |
| Transfer agent fees | $205,803 | |
| Independent trustees' compensation | 1,870 | |
| Total expenses | | 207,673 |
| Net investment income (loss) | | 8,453,948 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (251,751) | |
| Capital gain distributions from underlying funds | 8,116,935 | |
| Total net realized gain (loss) | | 7,865,184 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (21,012,911) |
| Net gain (loss) | | (13,147,727) |
| Net increase (decrease) in net assets resulting from operations | | $(4,693,779) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,453,948 | $8,746,001 |
| Net realized gain (loss) | 7,865,184 | 10,316,088 |
| Change in net unrealized appreciation (depreciation) | (21,012,911) | 5,522,385 |
| Net increase (decrease) in net assets resulting from operations | (4,693,779) | 24,584,474 |
| Distributions to shareholders from net investment income | (8,122,380) | (14,303,298) |
| Distributions to shareholders from net realized gain | (11,743,720) | (23,376,590) |
| Total distributions | (19,866,100) | (37,679,888) |
| Share transactions | | |
| Proceeds from sales of shares | 132,374,912 | 173,718,310 |
| Reinvestment of distributions | 19,866,100 | 37,679,888 |
| Cost of shares redeemed | (180,036,215) | (214,708,998) |
| Net increase (decrease) in net assets resulting from share transactions | (27,795,203) | (3,310,800) |
| Total increase (decrease) in net assets | (52,355,082) | (16,406,214) |
| Net Assets | | |
| Beginning of period | 470,574,133 | 486,980,347 |
| End of period (including undistributed net investment income of $1,699,081 and undistributed net investment income of $1,445,878, respectively) | $418,219,051 | $470,574,133 |
| Other Information | | |
| Shares | | |
| Sold | 10,374,456 | 13,137,868 |
| Issued in reinvestment of distributions | 1,559,466 | 2,909,900 |
| Redeemed | (14,132,251) | (16,275,785) |
| Net increase (decrease) | (2,198,329) | (228,017) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2005 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.24 | $13.62 | $13.00 | $12.65 | $12.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25 | .24 | .19 | .19 | .21 |
| Net realized and unrealized gain (loss) | (.37) | .44 | .64 | .56 | .13 |
| Total from investment operations | (.12) | .68 | .83 | .75 | .34 |
| Distributions from net investment income | (.24) | (.41) | (.03) | (.18) | (.18) |
| Distributions from net realized gain | (.34) | (.66) | (.19) | (.21) | (.33) |
| Total distributions | (.58) | (1.06)B | (.21)C | (.40)D | (.51) |
| Net asset value, end of period | $12.54 | $13.24 | $13.62 | $13.00 | $12.65 |
| Total Return | (.94)% | 5.33% | 6.48% | 6.03% | 2.83% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.93% | 1.85% | 1.42% | 1.46% | 1.66% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $418,219 | $470,574 | $486,980 | $496,064 | $388,009 |
| Portfolio turnover rateE | 27% | 34% | 55% | 29% | 37% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.06 per share is comprised of distributions from net investment income of $.406 and distributions from net realized gain of $.658 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $.185 per share.
D Total distributions of $.40 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.213 per share.
E Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 1.2 | 1.2 |
| Fidelity Series 1000 Value Index Fund Class F | 0.7 | 0.7 |
| Fidelity Series All-Sector Equity Fund Class F | 3.6 | 3.9 |
| Fidelity Series Blue Chip Growth Fund Class F | 2.5 | 2.8 |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 4.9 | 5.1 |
| Fidelity Series Growth & Income Fund Class F | 3.7 | 3.9 |
| Fidelity Series Growth Company Fund Class F | 4.4 | 4.6 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 2.8 | 2.6 |
| Fidelity Series Opportunistic Insights Fund Class F | 2.4 | 2.6 |
| Fidelity Series Real Estate Equity Fund Class F | 0.5 | 0.5 |
| Fidelity Series Small Cap Discovery Fund Class F | 0.6 | 0.7 |
| Fidelity Series Small Cap Opportunities Fund Class F | 1.9 | 2.1 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 3.2 | 3.3 |
| | 33.6 | 34.8 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 6.3 | 5.1 |
| Fidelity Series International Growth Fund Class F | 4.3 | 4.2 |
| Fidelity Series International Small Cap Fund Class F | 1.0 | 1.0 |
| Fidelity Series International Value Fund Class F | 4.3 | 4.3 |
| | 15.9 | 14.6 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.7 | 2.4 |
| Fidelity Series Investment Grade Bond Fund Class F | 31.5 | 33.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 38.5 | 40.2 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 7.8 | 7.3 |
| Fidelity Series Short-Term Credit Fund Class F | 4.2 | 3.1 |
| | 12.0 | 10.4 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 33.6% |
| | International Equity Funds | 15.9% |
| | Bond Funds | 38.5% |
| | Short-Term Funds | 12.0% |
| Six months ago |
| | Domestic Equity Funds | 34.8% |
| | International Equity Funds | 14.6% |
| | Bond Funds | 40.2% |
| | Short-Term Funds | 10.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2010 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 33.6% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 2,499,490 | $33,618,144 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 1,832,951 | 18,934,382 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 8,425,994 | 105,999,010 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 6,779,131 | 73,553,572 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 7,352,494 | 36,321,322 |
| Fidelity Series Equity-Income Fund Class F (a) | | 12,400,586 | 142,482,732 |
| Fidelity Series Growth & Income Fund Class F (a) | | 8,777,757 | 109,195,299 |
| Fidelity Series Growth Company Fund Class F (a) | | 10,696,208 | 130,493,734 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 5,865,355 | 82,994,777 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 4,870,429 | 70,962,150 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 927,562 | 13,087,907 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 1,843,041 | 18,393,553 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 4,697,484 | 57,074,428 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 8,539,756 | 94,364,309 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $860,033,505) | | | 987,475,319 |
|
| International Equity Funds - 15.9% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 12,389,071 | 184,968,826 |
| Fidelity Series International Growth Fund Class F (a) | | 9,491,367 | 126,709,751 |
| Fidelity Series International Small Cap Fund Class F (a) | | 2,054,950 | 30,968,099 |
| Fidelity Series International Value Fund Class F (a) | | 13,742,905 | 125,747,577 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $429,948,350) | | | 468,394,253 |
|
| Bond Funds - 38.5% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 1,946,294 | 18,470,330 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 802,668 | 7,207,962 |
| Fidelity Series High Income Fund Class F (a) | | 10,093,820 | 87,513,420 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 7,867,839 | 77,812,927 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 81,732,342 | 924,392,787 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 1,326,860 | 14,436,232 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,147,109,333) | | | 1,129,833,658 |
|
| Short-Term Funds - 12.0% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 229,786,383 | 229,786,383 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 12,367,270 | 123,549,028 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $353,292,442) | | | 353,335,411 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,790,383,630) | | | 2,939,038,641 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (120,457) |
| NET ASSETS - 100% | | | $2,938,918,184 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $192,026,291 | $158,230,163 | $120,470,071 | $505,026 | $229,786,383 |
| Fidelity Series 100 Index Fund Class F | 43,748,084 | 4,377,789 | 15,181,714 | 842,259 | 33,618,144 |
| Fidelity Series 1000 Value Index Fund Class F | 24,652,285 | 3,745,932 | 7,847,195 | 508,200 | 18,934,382 |
| Fidelity Series All-Sector Equity Fund Class F | 142,959,754 | 25,517,572 | 49,341,599 | 1,235,691 | 105,999,010 |
| Fidelity Series Blue Chip Growth Fund Class F | 111,841,765 | 33,147,713 | 59,115,905 | 258,544 | 73,553,572 |
| Fidelity Series Commodity Strategy Fund Class F | 28,830,156 | 18,592,141 | 6,510,295 | -- | 36,321,322 |
| Fidelity Series Emerging Markets Debt Fund Class F | 23,666,750 | 1,646,273 | 6,330,111 | 1,285,323 | 18,470,330 |
| Fidelity Series Emerging Markets Fund Class F | 173,731,228 | 66,691,180 | 36,754,355 | 2,321,277 | 184,968,826 |
| Fidelity Series Equity-Income Fund Class F | 186,836,333 | 28,892,385 | 58,320,293 | 4,662,987 | 142,482,732 |
| Fidelity Series Floating Rate High Income Fund Class F | 18,144,186 | 753,173 | 11,032,383 | 472,749 | 7,207,962 |
| Fidelity Series Growth & Income Fund Class F | 142,632,022 | 23,682,665 | 46,785,426 | 2,703,140 | 109,195,299 |
| Fidelity Series Growth Company Fund Class F | 173,214,356 | 598,865 | 39,259,785 | 598,865 | 130,493,734 |
| Fidelity Series High Income Fund Class F | 125,373,657 | 9,505,776 | 34,715,615 | 6,219,936 | 87,513,420 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 88,288,666 | 12,874,600 | 24,341,570 | 161,973 | 77,812,927 |
| Fidelity Series International Growth Fund Class F | 164,776,932 | 24,726,978 | 53,841,578 | 1,631,757 | 126,709,751 |
| Fidelity Series International Small Cap Fund Class F | 37,449,336 | 5,785,171 | 11,153,521 | 319,671 | 30,968,099 |
| Fidelity Series International Value Fund Class F | 161,945,521 | 25,648,778 | 49,680,255 | 2,883,459 | 125,747,577 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 95,349,205 | 6,277,175 | 13,430,167 | 1,457,759 | 82,994,777 |
| Fidelity Series Investment Grade Bond Fund Class F | 1,227,012,891 | 59,722,293 | 333,466,369 | 31,011,658 | 924,392,787 |
| Fidelity Series Opportunistic Insights Fund Class F | 93,030,589 | 13,850,033 | 32,184,766 | 149,472 | 70,962,150 |
| Fidelity Series Real Estate Equity Fund Class F | 17,066,169 | 3,405,479 | 6,332,155 | 280,834 | 13,087,907 |
| Fidelity Series Real Estate Income Fund Class F | 17,866,158 | 1,193,169 | 3,992,842 | 770,489 | 14,436,232 |
| Fidelity Series Short-Term Credit Fund Class F | 153,813,150 | 44,410,429 | 74,521,141 | 1,309,927 | 123,549,028 |
| Fidelity Series Small Cap Discovery Fund Class F | 24,689,234 | 3,327,230 | 6,852,386 | 74,501 | 18,393,553 |
| Fidelity Series Small Cap Opportunities Fund Class F | 75,619,907 | 13,195,938 | 24,046,742 | 352,087 | 57,074,428 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 125,032,437 | 25,102,568 | 39,982,901 | 1,762,270 | 94,364,309 |
| Total | $3,669,597,062 | $614,901,468 | $1,165,491,140 | $63,779,854 | $2,939,038,641 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $2,790,383,630) — See accompanying schedule | | $2,939,038,641 |
| Receivable for investments sold | | 44,134,760 |
| Receivable for fund shares sold | | 2,611,129 |
| Total assets | | 2,985,784,530 |
| Liabilities | | |
| Payable for investments purchased | $44,402,706 | |
| Payable for fund shares redeemed | 2,349,836 | |
| Transfer agent fees payable | 113,804 | |
| Total liabilities | | 46,866,346 |
| Net Assets | | $2,938,918,184 |
| Net Assets consist of: | | |
| Paid in capital | | $2,752,074,661 |
| Undistributed net investment income | | 10,648,512 |
| Accumulated undistributed net realized gain (loss) on investments | | 27,540,000 |
| Net unrealized appreciation (depreciation) on investments | | 148,655,011 |
| Net Assets, for 235,340,324 shares outstanding | | $2,938,918,184 |
| Net Asset Value, offering price and redemption price per share ($2,938,918,184 ÷ 235,340,324 shares) | | $12.49 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $63,779,854 |
| Expenses | | |
| Transfer agent fees | 1,513,137 | |
| Independent trustees' compensation | 13,938 | |
| Total expenses | | 1,527,075 |
| Net investment income (loss) | | 62,252,779 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 31,758,576 | |
| Capital gain distributions from underlying funds | 69,596,091 | |
| Total net realized gain (loss) | | 101,354,667 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (211,727,331) |
| Net gain (loss) | | (110,372,664) |
| Net increase (decrease) in net assets resulting from operations | | $(48,119,885) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $62,252,779 | $75,947,534 |
| Net realized gain (loss) | 101,354,667 | 137,486,032 |
| Change in net unrealized appreciation (depreciation) | (211,727,331) | 20,946,557 |
| Net increase (decrease) in net assets resulting from operations | (48,119,885) | 234,380,123 |
| Distributions to shareholders from net investment income | (59,172,738) | (134,711,044) |
| Distributions to shareholders from net realized gain | (151,787,996) | (303,393,320) |
| Total distributions | (210,960,734) | (438,104,364) |
| Share transactions | | |
| Proceeds from sales of shares | 562,306,715 | 833,571,107 |
| Reinvestment of distributions | 210,960,734 | 438,104,364 |
| Cost of shares redeemed | (1,244,830,841) | (1,736,353,492) |
| Net increase (decrease) in net assets resulting from share transactions | (471,563,392) | (464,678,021) |
| Total increase (decrease) in net assets | (730,644,011) | (668,402,262) |
| Net Assets | | |
| Beginning of period | 3,669,562,195 | 4,337,964,457 |
| End of period (including undistributed net investment income of $10,648,512 and undistributed net investment income of $8,593,683, respectively) | $2,938,918,184 | $3,669,562,195 |
| Other Information | | |
| Shares | | |
| Sold | 43,796,122 | 61,499,488 |
| Issued in reinvestment of distributions | 16,459,688 | 33,140,333 |
| Redeemed | (96,636,322) | (128,119,267) |
| Net increase (decrease) | (36,380,512) | (33,479,446) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2010 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.50 | $14.21 | $13.39 | $12.93 | $13.12 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25 | .25 | .20 | .21 | .23 |
| Net realized and unrealized gain (loss) | (.41) | .53 | .90 | .74 | .14 |
| Total from investment operations | (.16) | .78 | 1.10 | .95 | .37 |
| Distributions from net investment income | (.24) | (.46) | (.03) | (.22) | (.20) |
| Distributions from net realized gain | (.60) | (1.03) | (.25) | (.27) | (.36) |
| Total distributions | (.85)B | (1.49) | (.28) | (.49) | (.56) |
| Net asset value, end of period | $12.49 | $13.50 | $14.21 | $13.39 | $12.93 |
| Total Return | (1.26)% | 5.96% | 8.34% | 7.53% | 3.08% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.93% | 1.88% | 1.48% | 1.65% | 1.85% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,938,918 | $3,669,562 | $4,337,964 | $4,699,784 | $4,130,786 |
| Portfolio turnover rateC | 19% | 20% | 39% | 30% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.85 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.603 per share.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 1.4 | 1.4 |
| Fidelity Series 1000 Value Index Fund Class F | 0.8 | 0.8 |
| Fidelity Series All-Sector Equity Fund Class F | 4.3 | 4.6 |
| Fidelity Series Blue Chip Growth Fund Class F | 3.0 | 3.2 |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 5.8 | 6.0 |
| Fidelity Series Growth & Income Fund Class F | 4.4 | 4.6 |
| Fidelity Series Growth Company Fund Class F | 5.3 | 5.4 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 3.3 | 3.1 |
| Fidelity Series Opportunistic Insights Fund Class F | 2.9 | 3.0 |
| Fidelity Series Real Estate Equity Fund Class F | 0.5 | 0.6 |
| Fidelity Series Small Cap Discovery Fund Class F | 0.7 | 0.8 |
| Fidelity Series Small Cap Opportunities Fund Class F | 2.3 | 2.4 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 3.8 | 3.9 |
| | 39.7 | 40.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 6.9 | 5.7 |
| Fidelity Series International Growth Fund Class F | 5.2 | 5.1 |
| Fidelity Series International Small Cap Fund Class F | 1.3 | 1.2 |
| Fidelity Series International Value Fund Class F | 5.2 | 5.2 |
| | 18.6 | 17.2 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.9 | 1.6 |
| Fidelity Series Investment Grade Bond Fund Class F | 28.5 | 30.4 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 34.7 | 36.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 4.6 | 3.9 |
| Fidelity Series Short-Term Credit Fund Class F | 2.4 | 1.7 |
| | 7.0 | 5.6 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.7% |
| | International Equity Funds | 18.6% |
| | Bond Funds | 34.7% |
| | Short-Term Funds | 7.0% |
| Six months ago |
| | Domestic Equity Funds | 40.6% |
| | International Equity Funds | 17.2% |
| | Bond Funds | 36.6% |
| | Short-Term Funds | 5.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2015 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.7% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 5,598,191 | $75,295,664 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 4,105,386 | 42,408,639 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 18,872,299 | 237,413,523 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 15,183,436 | 164,740,280 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 13,891,944 | 68,626,204 |
| Fidelity Series Equity-Income Fund Class F (a) | | 27,773,571 | 319,118,331 |
| Fidelity Series Growth & Income Fund Class F (a) | | 19,659,739 | 244,567,148 |
| Fidelity Series Growth Company Fund Class F (a) | | 23,948,326 | 292,169,579 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 13,133,857 | 185,844,082 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 10,908,534 | 158,937,341 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 2,077,481 | 29,313,264 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 4,132,967 | 41,247,007 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 10,520,909 | 127,829,044 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 19,068,279 | 210,704,484 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,953,622,732) | | | 2,198,214,590 |
|
| International Equity Funds - 18.6% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 25,526,413 | 381,109,352 |
| Fidelity Series International Growth Fund Class F (a) | | 21,713,085 | 289,869,678 |
| Fidelity Series International Small Cap Fund Class F (a) | | 4,651,629 | 70,100,053 |
| Fidelity Series International Value Fund Class F (a) | | 31,442,327 | 287,697,295 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $963,805,354) | | | 1,028,776,378 |
|
| Bond Funds - 34.7% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 3,579,313 | 33,967,677 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 1,522,394 | 13,671,101 |
| Fidelity Series High Income Fund Class F (a) | | 19,060,923 | 165,258,200 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 10,387,921 | 102,736,543 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 139,502,838 | 1,577,777,099 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 2,426,653 | 26,401,984 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,965,562,093) | | | 1,919,812,604 |
|
| Short-Term Funds - 7.0% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 254,876,955 | 254,876,955 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 13,683,146 | 136,694,630 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $391,578,175) | | | 391,571,585 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $5,274,568,354) | | | 5,538,375,157 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (220,694) |
| NET ASSETS - 100% | | | $5,538,154,463 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $192,044,379 | $201,691,006 | $138,858,429 | $527,479 | $254,876,955 |
| Fidelity Series 100 Index Fund Class F | 93,604,802 | 7,309,581 | 26,958,891 | 1,868,728 | 75,295,664 |
| Fidelity Series 1000 Value Index Fund Class F | 52,830,796 | 7,432,087 | 14,243,536 | 1,128,041 | 42,408,639 |
| Fidelity Series All-Sector Equity Fund Class F | 306,257,126 | 54,271,532 | 93,817,068 | 2,741,753 | 237,413,523 |
| Fidelity Series Blue Chip Growth Fund Class F | 241,901,154 | 63,090,681 | 113,009,825 | 565,797 | 164,740,280 |
| Fidelity Series Commodity Strategy Fund Class F | 52,153,212 | 34,607,770 | 9,552,808 | -- | 68,626,204 |
| Fidelity Series Emerging Markets Debt Fund Class F | 41,847,670 | 3,057,304 | 9,971,789 | 2,371,407 | 33,967,677 |
| Fidelity Series Emerging Markets Fund Class F | 352,855,673 | 134,888,730 | 66,715,342 | 4,821,314 | 381,109,352 |
| Fidelity Series Equity-Income Fund Class F | 399,816,243 | 57,997,653 | 105,600,835 | 10,135,603 | 319,118,331 |
| Fidelity Series Floating Rate High Income Fund Class F | 33,059,773 | 1,341,115 | 19,462,513 | 895,296 | 13,671,101 |
| Fidelity Series Growth & Income Fund Class F | 305,003,624 | 49,227,070 | 86,757,326 | 5,866,128 | 244,567,148 |
| Fidelity Series Growth Company Fund Class F | 358,172,947 | 1,312,746 | 58,216,022 | 1,312,746 | 292,169,579 |
| Fidelity Series High Income Fund Class F | 227,000,643 | 16,295,124 | 54,533,586 | 11,556,129 | 165,258,200 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 107,838,041 | 22,454,306 | 28,940,849 | 204,895 | 102,736,543 |
| Fidelity Series International Growth Fund Class F | 355,774,618 | 48,274,603 | 93,157,727 | 3,745,461 | 289,869,678 |
| Fidelity Series International Small Cap Fund Class F | 81,610,353 | 11,914,067 | 20,649,153 | 733,779 | 70,100,053 |
| Fidelity Series International Value Fund Class F | 352,236,247 | 50,996,476 | 87,280,760 | 6,618,520 | 287,697,295 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 204,045,729 | 14,283,573 | 21,061,619 | 3,186,875 | 185,844,082 |
| Fidelity Series Investment Grade Bond Fund Class F | 2,067,261,932 | 111,787,635 | 552,421,224 | 52,850,510 | 1,577,777,099 |
| Fidelity Series Opportunistic Insights Fund Class F | 199,278,086 | 29,153,489 | 60,855,909 | 331,647 | 158,937,341 |
| Fidelity Series Real Estate Equity Fund Class F | 36,344,363 | 7,396,020 | 12,202,335 | 615,795 | 29,313,264 |
| Fidelity Series Real Estate Income Fund Class F | 32,431,380 | 2,255,430 | 7,093,370 | 1,436,101 | 26,401,984 |
| Fidelity Series Short-Term Credit Fund Class F | 146,378,600 | 57,362,231 | 66,883,726 | 1,347,551 | 136,694,630 |
| Fidelity Series Small Cap Discovery Fund Class F | 51,929,977 | 7,450,044 | 12,100,176 | 161,948 | 41,247,007 |
| Fidelity Series Small Cap Opportunities Fund Class F | 162,839,806 | 25,416,380 | 43,427,829 | 773,458 | 127,829,044 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 266,530,923 | 48,042,779 | 68,809,209 | 3,912,419 | 210,704,484 |
| Total | $6,721,048,097 | $1,069,309,432 | $1,872,581,856 | $119,709,380 | $5,538,375,157 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $5,274,568,354) — See accompanying schedule | | $5,538,375,157 |
| Receivable for investments sold | | 73,391,860 |
| Receivable for fund shares sold | | 6,886,841 |
| Total assets | | 5,618,653,858 |
| Liabilities | | |
| Payable for investments purchased | $74,350,542 | |
| Payable for fund shares redeemed | 5,934,910 | |
| Transfer agent fees payable | 213,943 | |
| Total liabilities | | 80,499,395 |
| Net Assets | | $5,538,154,463 |
| Net Assets consist of: | | |
| Paid in capital | | $5,198,423,332 |
| Undistributed net investment income | | 18,242,590 |
| Accumulated undistributed net realized gain (loss) on investments | | 57,681,738 |
| Net unrealized appreciation (depreciation) on investments | | 263,806,803 |
| Net Assets, for 428,479,667 shares outstanding | | $5,538,154,463 |
| Net Asset Value, offering price and redemption price per share ($5,538,154,463 ÷ 428,479,667 shares) | | $12.93 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $119,709,380 |
| Expenses | | |
| Transfer agent fees | $2,817,781 | |
| Independent trustees' compensation | 25,826 | |
| Total expenses | | 2,843,607 |
| Net investment income (loss) | | 116,865,773 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 34,722,581 | |
| Capital gain distributions from underlying funds | 149,696,387 | |
| Total net realized gain (loss) | | 184,418,968 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (414,123,102) |
| Net gain (loss) | | (229,704,134) |
| Net increase (decrease) in net assets resulting from operations | | $(112,838,361) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $116,865,773 | $133,204,574 |
| Net realized gain (loss) | 184,418,968 | 194,324,133 |
| Change in net unrealized appreciation (depreciation) | (414,123,102) | 109,460,669 |
| Net increase (decrease) in net assets resulting from operations | (112,838,361) | 436,989,376 |
| Distributions to shareholders from net investment income | (112,180,726) | (228,656,023) |
| Distributions to shareholders from net realized gain | (242,398,223) | (436,537,584) |
| Total distributions | (354,578,949) | (665,193,607) |
| Share transactions | | |
| Proceeds from sales of shares | 1,469,640,544 | 2,070,742,032 |
| Reinvestment of distributions | 354,578,949 | 665,193,607 |
| Cost of shares redeemed | (2,539,546,279) | (3,012,689,557) |
| Net increase (decrease) in net assets resulting from share transactions | (715,326,786) | (276,753,918) |
| Total increase (decrease) in net assets | (1,182,744,096) | (504,958,149) |
| Net Assets | | |
| Beginning of period | 6,720,898,559 | 7,225,856,708 |
| End of period (including undistributed net investment income of $18,242,590 and undistributed net investment income of $14,908,824, respectively) | $5,538,154,463 | $6,720,898,559 |
| Other Information | | |
| Shares | | |
| Sold | 110,628,308 | 149,078,388 |
| Issued in reinvestment of distributions | 26,687,088 | 49,144,199 |
| Redeemed | (191,038,021) | (216,956,617) |
| Net increase (decrease) | (53,722,625) | (18,734,030) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2015 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.94 | $14.42 | $13.48 | $12.98 | $13.17 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .26 | .27 | .21 | .22 | .24 |
| Net realized and unrealized gain (loss) | (.48) | .60 | .99 | .75 | .13 |
| Total from investment operations | (.22) | .87 | 1.20 | .97 | .37 |
| Distributions from net investment income | (.25) | (.47) | (.03) | (.21) | (.20) |
| Distributions from net realized gain | (.53) | (.89) | (.23) | (.26) | (.36) |
| Total distributions | (.79)B | (1.35)C | (.26) | (.47) | (.56) |
| Net asset value, end of period | $12.93 | $13.94 | $14.42 | $13.48 | $12.98 |
| Total Return | (1.67)% | 6.54% | 9.00% | 7.70% | 3.00% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.95% | 1.91% | 1.52% | 1.68% | 1.86% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,538,154 | $6,720,899 | $7,225,857 | $7,138,645 | $5,466,181 |
| Portfolio turnover rateD | 18% | 22% | 43% | 21% | 23% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.79 per share is comprised of distributions from net investment income of $.254 and distributions from net realized gain of $.533 per share.
C Total distributions of $1.35 per share is comprised of distributions from net investment income of $.465 and distributions from net realized gain of $.889 per share.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 1.5 | 1.6 |
| Fidelity Series 1000 Value Index Fund Class F | 0.8 | 0.9 |
| Fidelity Series All-Sector Equity Fund Class F | 4.8 | 5.1 |
| Fidelity Series Blue Chip Growth Fund Class F | 3.3 | 3.6 |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 6.4 | 6.6 |
| Fidelity Series Growth & Income Fund Class F | 4.9 | 5.1 |
| Fidelity Series Growth Company Fund Class F | 5.9 | 5.9 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 3.6 | 3.4 |
| Fidelity Series Opportunistic Insights Fund Class F | 3.2 | 3.3 |
| Fidelity Series Real Estate Equity Fund Class F | 0.6 | 0.6 |
| Fidelity Series Small Cap Discovery Fund Class F | 0.9 | 0.9 |
| Fidelity Series Small Cap Opportunities Fund Class F | 2.6 | 2.6 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 4.2 | 4.3 |
| | 43.9 | 44.7 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 7.3 | 6.1 |
| Fidelity Series International Growth Fund Class F | 5.9 | 5.8 |
| Fidelity Series International Small Cap Fund Class F | 1.4 | 1.3 |
| Fidelity Series International Value Fund Class F | 5.8 | 5.8 |
| | 20.4 | 19.0 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.1 | 0.8 |
| Fidelity Series Investment Grade Bond Fund Class F | 24.9 | 26.8 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 30.3 | 32.3 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 3.5 | 2.8 |
| Fidelity Series Short-Term Credit Fund Class F | 1.9 | 1.2 |
| | 5.4 | 4.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 43.9% |
| | International Equity Funds | 20.4% |
| | Bond Funds | 30.3% |
| | Short-Term Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 44.7% |
| | International Equity Funds | 19.0% |
| | Bond Funds | 32.3% |
| | Short-Term Funds | 4.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2020 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 43.9% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 18,190,406 | $244,660,959 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 13,354,839 | 137,955,491 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 61,262,380 | 770,680,737 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 49,300,645 | 534,911,997 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 40,688,840 | 201,002,871 |
| Fidelity Series Equity-Income Fund Class F (a) | | 90,144,545 | 1,035,760,821 |
| Fidelity Series Growth & Income Fund Class F (a) | | 63,814,950 | 793,857,980 |
| Fidelity Series Growth Company Fund Class F (a) | | 77,632,003 | 947,110,437 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 41,183,048 | 582,740,130 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 35,417,914 | 516,039,013 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 6,766,081 | 95,469,402 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 13,851,790 | 138,240,859 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 34,165,155 | 415,106,633 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 61,698,144 | 681,764,492 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $6,431,102,209) | | | 7,095,301,822 |
|
| International Equity Funds - 20.4% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 79,501,843 | 1,186,962,515 |
| Fidelity Series International Growth Fund Class F (a) | | 70,836,580 | 945,668,345 |
| Fidelity Series International Small Cap Fund Class F (a) | | 15,063,491 | 227,006,807 |
| Fidelity Series International Value Fund Class F (a) | | 102,583,115 | 938,635,502 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $3,143,758,553) | | | 3,298,273,169 |
|
| Bond Funds - 30.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 10,801,282 | 102,504,167 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 4,458,207 | 40,034,702 |
| Fidelity Series High Income Fund Class F (a) | | 55,528,520 | 481,432,267 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 17,268,492 | 170,785,381 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 355,879,592 | 4,024,998,184 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 7,400,181 | 80,513,965 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,042,981,467) | | | 4,900,268,666 |
|
| Short-Term Funds - 5.4% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 571,701,080 | 571,701,080 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 30,644,884 | 306,142,393 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $877,846,249) | | | 877,843,473 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $15,495,688,478) | | | 16,171,687,130 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (633,499) |
| NET ASSETS - 100% | | | $16,171,053,631 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $335,889,086 | $500,448,838 | $264,636,843 | $1,070,733 | $571,701,080 |
| Fidelity Series 100 Index Fund Class F | 268,745,579 | 30,455,974 | 58,506,978 | 5,811,868 | 244,660,959 |
| Fidelity Series 1000 Value Index Fund Class F | 152,570,520 | 25,849,897 | 29,489,658 | 3,519,928 | 137,955,491 |
| Fidelity Series All-Sector Equity Fund Class F | 882,622,458 | 187,752,844 | 209,393,189 | 8,526,977 | 770,680,737 |
| Fidelity Series Blue Chip Growth Fund Class F | 694,426,859 | 188,699,636 | 264,496,563 | 1,727,277 | 534,911,997 |
| Fidelity Series Commodity Strategy Fund Class F | 135,161,608 | 105,853,678 | 16,219,622 | -- | 201,002,871 |
| Fidelity Series Emerging Markets Debt Fund Class F | 109,194,068 | 14,514,655 | 18,908,620 | 6,467,011 | 102,504,167 |
| Fidelity Series Emerging Markets Fund Class F | 989,152,804 | 421,279,707 | 109,909,554 | 14,459,695 | 1,186,962,515 |
| Fidelity Series Equity-Income Fund Class F | 1,153,184,304 | 202,760,255 | 220,435,784 | 30,525,129 | 1,035,760,821 |
| Fidelity Series Floating Rate High Income Fund Class F | 85,602,629 | 5,297,031 | 47,337,617 | 2,449,597 | 40,034,702 |
| Fidelity Series Growth & Income Fund Class F | 878,853,898 | 163,873,419 | 179,304,784 | 17,659,496 | 793,857,980 |
| Fidelity Series Growth Company Fund Class F | 1,027,473,838 | 12,114,123 | 63,852,515 | 4,040,870 | 947,110,437 |
| Fidelity Series High Income Fund Class F | 587,559,200 | 58,215,505 | 100,200,506 | 31,743,845 | 481,432,267 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 147,815,036 | 52,769,747 | 32,353,860 | 304,847 | 170,785,381 |
| Fidelity Series International Growth Fund Class F | 1,032,346,404 | 171,279,955 | 191,545,197 | 11,794,054 | 945,668,345 |
| Fidelity Series International Small Cap Fund Class F | 237,328,660 | 42,670,989 | 43,752,382 | 2,310,515 | 227,006,807 |
| Fidelity Series International Value Fund Class F | 1,024,090,149 | 179,469,756 | 175,132,702 | 20,840,820 | 938,635,502 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 587,529,980 | 70,012,074 | 39,932,616 | 9,622,576 | 582,740,130 |
| Fidelity Series Investment Grade Bond Fund Class F | 4,747,752,946 | 414,417,955 | 1,026,504,996 | 128,140,530 | 4,024,998,184 |
| Fidelity Series Opportunistic Insights Fund Class F | 574,341,509 | 103,522,567 | 134,349,892 | 1,031,642 | 516,039,013 |
| Fidelity Series Real Estate Equity Fund Class F | 104,650,121 | 21,925,130 | 25,168,232 | 1,903,594 | 95,469,402 |
| Fidelity Series Real Estate Income Fund Class F | 84,143,267 | 9,528,084 | 10,094,491 | 3,985,613 | 80,513,965 |
| Fidelity Series Short-Term Credit Fund Class F | 261,133,855 | 150,578,812 | 105,354,933 | 2,655,844 | 306,142,393 |
| Fidelity Series Small Cap Discovery Fund Class F | 147,682,111 | 26,934,437 | 18,604,929 | 499,978 | 138,240,859 |
| Fidelity Series Small Cap Opportunities Fund Class F | 474,199,719 | 87,963,521 | 95,201,055 | 2,403,046 | 415,106,633 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 767,491,173 | 161,477,475 | 139,675,012 | 12,243,304 | 681,764,492 |
| Total | $17,490,941,781 | $3,409,666,064 | $3,620,362,530 | $325,738,789 | $16,171,687,130 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $15,495,688,478) — See accompanying schedule | | $16,171,687,130 |
| Receivable for investments sold | | 192,429,248 |
| Receivable for fund shares sold | | 19,957,389 |
| Total assets | | 16,384,073,767 |
| Liabilities | | |
| Payable for investments purchased | $204,478,057 | |
| Payable for fund shares redeemed | 7,921,564 | |
| Transfer agent fees payable | 620,515 | |
| Total liabilities | | 213,020,136 |
| Net Assets | | $16,171,053,631 |
| Net Assets consist of: | | |
| Paid in capital | | $15,251,458,776 |
| Undistributed net investment income | | 45,391,532 |
| Accumulated undistributed net realized gain (loss) on investments | | 198,204,671 |
| Net unrealized appreciation (depreciation) on investments | | 675,998,652 |
| Net Assets, for 1,187,099,414 shares outstanding | | $16,171,053,631 |
| Net Asset Value, offering price and redemption price per share ($16,171,053,631 ÷ 1,187,099,414 shares) | | $13.62 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $325,738,789 |
| Expenses | | |
| Transfer agent fees | $7,738,371 | |
| Independent trustees' compensation | 70,311 | |
| Total expenses | | 7,808,682 |
| Net investment income (loss) | | 317,930,107 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 10,965,100 | |
| Capital gain distributions from underlying funds | 454,639,283 | |
| Total net realized gain (loss) | | 465,604,383 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (1,119,523,298) |
| Net gain (loss) | | (653,918,915) |
| Net increase (decrease) in net assets resulting from operations | | $(335,988,808) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $317,930,107 | $335,340,048 |
| Net realized gain (loss) | 465,604,383 | 457,664,789 |
| Change in net unrealized appreciation (depreciation) | (1,119,523,298) | 361,482,009 |
| Net increase (decrease) in net assets resulting from operations | (335,988,808) | 1,154,486,846 |
| Distributions to shareholders from net investment income | (290,459,152) | (574,473,460) |
| Distributions to shareholders from net realized gain | (553,517,566) | (1,048,384,789) |
| Total distributions | (843,976,718) | (1,622,858,249) |
| Share transactions | | |
| Proceeds from sales of shares | 4,100,202,428 | 4,701,441,140 |
| Reinvestment of distributions | 843,976,718 | 1,622,858,249 |
| Cost of shares redeemed | (5,083,614,184) | (5,687,397,659) |
| Net increase (decrease) in net assets resulting from share transactions | (139,435,038) | 636,901,730 |
| Total increase (decrease) in net assets | (1,319,400,564) | 168,530,327 |
| Net Assets | | |
| Beginning of period | 17,490,454,195 | 17,321,923,868 |
| End of period (including undistributed net investment income of $45,391,532 and undistributed net investment income of $22,699,395, respectively) | $16,171,053,631 | $17,490,454,195 |
| Other Information | | |
| Shares | | |
| Sold | 294,203,195 | 323,653,682 |
| Issued in reinvestment of distributions | 60,184,292 | 114,656,389 |
| Redeemed | (363,822,608) | (391,258,780) |
| Net increase (decrease) | (9,435,121) | 47,051,291 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2020 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.62 | $15.07 | $13.98 | $13.42 | $13.72 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .28 | .22 | .24 | .25 |
| Net realized and unrealized gain (loss) | (.55) | .68 | 1.15 | .82 | .06 |
| Total from investment operations | (.28) | .96 | 1.37 | 1.06 | .31 |
| Distributions from net investment income | (.25) | (.49) | (.03) | (.23) | (.21) |
| Distributions from net realized gain | (.47) | (.91) | (.25) | (.27) | (.40) |
| Total distributions | (.72) | (1.41)B | (.28) | (.50) | (.61) |
| Net asset value, end of period | $13.62 | $14.62 | $15.07 | $13.98 | $13.42 |
| Total Return | (2.01)% | 6.84% | 9.95% | 8.17% | 2.50% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.93% | 1.92% | 1.56% | 1.78% | 1.94% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $16,171,054 | $17,490,454 | $17,321,924 | $16,051,941 | $12,054,451 |
| Portfolio turnover rateC | 21% | 21% | 43% | 23% | 21% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.41 per share is comprised of distributions from net investment income of $.492 and distributions from net realized gain of $.914 per share.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 1.7 | 1.7 |
| Fidelity Series 1000 Value Index Fund Class F | 0.9 | 1.0 |
| Fidelity Series All-Sector Equity Fund Class F | 5.3 | 5.7 |
| Fidelity Series Blue Chip Growth Fund Class F | 3.7 | 4.0 |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 7.1 | 7.4 |
| Fidelity Series Growth & Income Fund Class F | 5.5 | 5.7 |
| Fidelity Series Growth Company Fund Class F | 6.5 | 6.6 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 4.0 | 3.9 |
| Fidelity Series Opportunistic Insights Fund Class F | 3.5 | 3.7 |
| Fidelity Series Real Estate Equity Fund Class F | 0.7 | 0.7 |
| Fidelity Series Small Cap Discovery Fund Class F | 0.9 | 1.0 |
| Fidelity Series Small Cap Opportunities Fund Class F | 2.9 | 3.0 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 4.7 | 4.8 |
| | 48.6 | 50.0 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 7.8 | 6.6 |
| Fidelity Series International Growth Fund Class F | 6.6 | 6.6 |
| Fidelity Series International Small Cap Fund Class F | 1.6 | 1.5 |
| Fidelity Series International Value Fund Class F | 6.5 | 6.6 |
| | 22.5 | 21.3 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund Class F | 19.9 | 20.0 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 24.7 | 24.9 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 2.7 | 2.7 |
| Fidelity Series Short-Term Credit Fund Class F | 1.5 | 1.1 |
| | 4.2 | 3.8 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 48.6% |
| | International Equity Funds | 22.5% |
| | Bond Funds | 24.7% |
| | Short-Term Funds | 4.2% |
| Six months ago |
| | Domestic Equity Funds | 50.0% |
| | International Equity Funds | 21.3% |
| | Bond Funds | 24.9% |
| | Short-Term Funds | 3.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2025 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 48.6% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 16,006,509 | $215,287,551 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 11,738,264 | 121,256,266 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 53,962,646 | 678,850,088 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 43,418,326 | 471,088,834 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 32,378,701 | 159,950,785 |
| Fidelity Series Equity-Income Fund Class F (a) | | 79,411,514 | 912,438,301 |
| Fidelity Series Growth & Income Fund Class F (a) | | 56,210,413 | 699,257,536 |
| Fidelity Series Growth Company Fund Class F (a) | | 68,301,760 | 833,281,469 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 36,544,200 | 517,100,433 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 31,189,774 | 454,435,001 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 5,940,219 | 83,816,486 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 12,174,432 | 121,500,829 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 30,082,349 | 365,500,545 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 54,653,118 | 603,916,949 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $5,718,322,049) | | | 6,237,681,073 |
|
| International Equity Funds - 22.5% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 67,147,654 | 1,002,514,471 |
| Fidelity Series International Growth Fund Class F (a) | | 63,067,161 | 841,946,599 |
| Fidelity Series International Small Cap Fund Class F (a) | | 13,395,941 | 201,876,828 |
| Fidelity Series International Value Fund Class F (a) | | 91,332,668 | 835,693,916 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $2,805,600,174) | | | 2,882,031,814 |
|
| Bond Funds - 24.7% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 8,542,933 | 81,072,431 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 3,552,777 | 31,903,937 |
| Fidelity Series High Income Fund Class F (a) | | 43,897,269 | 380,589,324 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 6,695,187 | 66,215,403 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 225,648,249 | 2,552,081,699 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 5,902,825 | 64,222,731 |
| TOTAL BOND FUNDS | | | |
| (Cost $3,268,616,572) | | | 3,176,085,525 |
|
| Short-Term Funds - 4.2% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 350,185,339 | 350,185,339 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 18,744,671 | 187,259,264 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $537,427,763) | | | 537,444,603 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $12,329,966,558) | | | 12,833,243,015 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (498,455) |
| NET ASSETS - 100% | | | $12,832,744,560 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $227,514,242 | $308,296,063 | $185,624,966 | $745,070 | $350,185,339 |
| Fidelity Series 100 Index Fund Class F | 227,702,715 | 34,696,616 | 50,582,071 | 5,074,860 | 215,287,551 |
| Fidelity Series 1000 Value Index Fund Class F | 129,748,733 | 24,938,731 | 23,983,562 | 3,079,005 | 121,256,266 |
| Fidelity Series All-Sector Equity Fund Class F | 743,295,885 | 179,344,952 | 165,518,380 | 7,445,739 | 678,850,088 |
| Fidelity Series Blue Chip Growth Fund Class F | 588,140,403 | 158,642,761 | 203,689,268 | 1,491,195 | 471,088,834 |
| Fidelity Series Commodity Strategy Fund Class F | 98,149,478 | 88,851,366 | 8,790,521 | -- | 159,950,785 |
| Fidelity Series Emerging Markets Debt Fund Class F | 80,172,214 | 14,551,949 | 11,943,450 | 4,952,508 | 81,072,431 |
| Fidelity Series Emerging Markets Fund Class F | 823,628,539 | 350,347,496 | 76,180,838 | 12,092,721 | 1,002,514,471 |
| Fidelity Series Equity-Income Fund Class F | 965,779,195 | 205,985,411 | 173,031,288 | 26,174,878 | 912,438,301 |
| Fidelity Series Floating Rate High Income Fund Class F | 62,584,818 | 5,991,245 | 33,995,111 | 1,852,301 | 31,903,937 |
| Fidelity Series Growth & Income Fund Class F | 741,846,793 | 161,547,690 | 144,271,872 | 15,151,568 | 699,257,536 |
| Fidelity Series Growth Company Fund Class F | 858,241,086 | 16,577,321 | 15,548,084 | 3,495,736 | 833,281,469 |
| Fidelity Series High Income Fund Class F | 442,125,851 | 58,172,503 | 70,527,581 | 24,535,516 | 380,589,324 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2,848,364 | 67,706,865 | 5,902,097 | 64,540 | 66,215,403 |
| Fidelity Series International Growth Fund Class F | 887,277,524 | 169,360,749 | 155,219,160 | 10,471,961 | 841,946,599 |
| Fidelity Series International Small Cap Fund Class F | 202,740,935 | 43,590,232 | 35,924,350 | 2,053,068 | 201,876,828 |
| Fidelity Series International Value Fund Class F | 871,724,264 | 177,501,981 | 132,949,410 | 18,504,501 | 835,693,916 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 493,914,435 | 85,596,474 | 32,379,482 | 8,361,956 | 517,100,433 |
| Fidelity Series Investment Grade Bond Fund Class F | 2,537,545,120 | 587,258,318 | 514,199,466 | 73,594,776 | 2,552,081,699 |
| Fidelity Series Opportunistic Insights Fund Class F | 483,665,019 | 101,185,197 | 106,708,721 | 900,629 | 454,435,001 |
| Fidelity Series Real Estate Equity Fund Class F | 88,296,301 | 21,243,752 | 20,841,603 | 1,657,221 | 83,816,486 |
| Fidelity Series Real Estate Income Fund Class F | 61,789,506 | 10,357,053 | 5,633,304 | 3,082,286 | 64,222,731 |
| Fidelity Series Short-Term Credit Fund Class F | 138,433,736 | 80,825,114 | 31,847,460 | 1,836,488 | 187,259,264 |
| Fidelity Series Small Cap Discovery Fund Class F | 130,602,139 | 23,868,119 | 17,568,584 | 434,039 | 121,500,829 |
| Fidelity Series Small Cap Opportunities Fund Class F | 393,145,194 | 86,694,104 | 69,935,228 | 2,070,868 | 365,500,545 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 650,765,165 | 160,694,120 | 114,468,762 | 10,685,651 | 603,916,949 |
| Total | $12,931,677,654 | $3,223,826,182 | $2,407,264,619 | $239,809,081 | $12,833,243,015 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $12,329,966,558) — See accompanying schedule | | $12,833,243,015 |
| Receivable for investments sold | | 131,344,545 |
| Receivable for fund shares sold | | 19,455,757 |
| Total assets | | 12,984,043,317 |
| Liabilities | | |
| Payable for investments purchased | $144,181,479 | |
| Payable for fund shares redeemed | 6,627,133 | |
| Transfer agent fees payable | 490,145 | |
| Total liabilities | | 151,298,757 |
| Net Assets | | $12,832,744,560 |
| Net Assets consist of: | | |
| Paid in capital | | $12,141,247,633 |
| Undistributed net investment income | | 29,507,258 |
| Accumulated undistributed net realized gain (loss) on investments | | 158,713,212 |
| Net unrealized appreciation (depreciation) on investments | | 503,276,457 |
| Net Assets, for 905,730,104 shares outstanding | | $12,832,744,560 |
| Net Asset Value, offering price and redemption price per share ($12,832,744,560 ÷ 905,730,104 shares) | | $14.17 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $239,809,081 |
| Expenses | | |
| Transfer agent fees | $5,935,450 | |
| Independent trustees' compensation | 53,599 | |
| Total expenses | | 5,989,049 |
| Net investment income (loss) | | 233,820,032 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (10,474,004) | |
| Capital gain distributions from underlying funds | 386,540,736 | |
| Total net realized gain (loss) | | 376,066,732 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (904,522,206) |
| Net gain (loss) | | (528,455,474) |
| Net increase (decrease) in net assets resulting from operations | | $(294,635,442) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $233,820,032 | $236,282,309 |
| Net realized gain (loss) | 376,066,732 | 339,140,710 |
| Change in net unrealized appreciation (depreciation) | (904,522,206) | 299,046,850 |
| Net increase (decrease) in net assets resulting from operations | (294,635,442) | 874,469,869 |
| Distributions to shareholders from net investment income | (226,661,881) | (386,604,762) |
| Distributions to shareholders from net realized gain | (429,736,740) | (767,580,506) |
| Total distributions | (656,398,621) | (1,154,185,268) |
| Share transactions | | |
| Proceeds from sales of shares | 3,618,354,428 | 3,970,707,652 |
| Reinvestment of distributions | 656,398,621 | 1,154,185,268 |
| Cost of shares redeemed | (3,422,255,929) | (3,711,276,454) |
| Net increase (decrease) in net assets resulting from share transactions | 852,497,120 | 1,413,616,466 |
| Total increase (decrease) in net assets | (98,536,943) | 1,133,901,067 |
| Net Assets | | |
| Beginning of period | 12,931,281,503 | 11,797,380,436 |
| End of period (including undistributed net investment income of $29,507,258 and undistributed net investment income of $24,296,035, respectively) | $12,832,744,560 | $12,931,281,503 |
| Other Information | | |
| Shares | | |
| Sold | 249,119,303 | 262,338,074 |
| Issued in reinvestment of distributions | 44,749,807 | 78,489,870 |
| Redeemed | (235,009,004) | (245,266,208) |
| Net increase (decrease) | 58,860,106 | 95,561,736 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2025 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.27 | $15.70 | $14.30 | $13.59 | $13.99 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .29 | .24 | .26 | .26 |
| Net realized and unrealized gain (loss) | (.61) | .78 | 1.47 | .95 | (.02) |
| Total from investment operations | (.34) | 1.07 | 1.71 | 1.21 | .24 |
| Distributions from net investment income | (.26) | (.49) | (.03) | (.24) | (.21) |
| Distributions from net realized gain | (.50) | (1.01) | (.28) | (.26) | (.43) |
| Total distributions | (.76) | (1.50) | (.31) | (.50) | (.64) |
| Net asset value, end of period | $14.17 | $15.27 | $15.70 | $14.30 | $13.59 |
| Total Return | (2.35)% | 7.35% | 12.13% | 9.17% | 2.02% |
| Ratios to Average Net AssetsB,C | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.85% | 1.91% | 1.60% | 1.89% | 1.95% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $12,832,745 | $12,931,282 | $11,797,380 | $9,887,703 | $6,678,966 |
| Portfolio turnover rateB | 19% | 20% | 44% | 23% | 20% |
A Calculated based on average shares outstanding during the period.
B Amounts do not include the activity of the Underlying Funds.
C 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 2.0 | 2.1 |
| Fidelity Series 1000 Value Index Fund Class F | 1.1 | 1.2 |
| Fidelity Series All-Sector Equity Fund Class F | 6.4 | 6.8 |
| Fidelity Series Blue Chip Growth Fund Class F | 4.5 | 4.8 |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 8.6 | 8.9 |
| Fidelity Series Growth & Income Fund Class F | 6.6 | 6.8 |
| Fidelity Series Growth Company Fund Class F | 7.9 | 8.1 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 4.9 | 4.7 |
| Fidelity Series Opportunistic Insights Fund Class F | 4.3 | 4.5 |
| Fidelity Series Real Estate Equity Fund Class F | 0.8 | 0.8 |
| Fidelity Series Small Cap Discovery Fund Class F | 1.1 | 1.2 |
| Fidelity Series Small Cap Opportunities Fund Class F | 3.5 | 3.5 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 5.7 | 5.8 |
| | 58.7 | 60.0 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 8.8 | 7.4 |
| Fidelity Series International Growth Fund Class F | 8.1 | 8.1 |
| Fidelity Series International Small Cap Fund Class F | 1.9 | 1.8 |
| Fidelity Series International Value Fund Class F | 7.9 | 8.0 |
| | 26.7 | 25.3 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund Class F | 9.6 | 8.7 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 14.5 | 13.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.1 | 0.8 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| | 0.1 | 1.1 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 58.7% |
| | International Equity Funds | 26.7% |
| | Bond Funds | 14.5% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 60.0% |
| | International Equity Funds | 25.3% |
| | Bond Funds | 13.6% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2030 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 58.7% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 23,269,858 | $312,979,593 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 17,075,088 | 176,385,655 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 78,408,809 | 986,382,823 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 63,089,323 | 684,519,159 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 39,156,311 | 193,432,176 |
| Fidelity Series Equity-Income Fund Class F (a) | | 115,376,021 | 1,325,670,482 |
| Fidelity Series Growth & Income Fund Class F (a) | | 81,672,731 | 1,016,008,775 |
| Fidelity Series Growth Company Fund Class F (a) | | 99,263,688 | 1,211,016,994 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 53,147,437 | 752,036,235 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 45,325,054 | 660,386,035 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 8,645,611 | 121,989,565 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 17,685,462 | 176,500,908 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 43,715,985 | 531,149,221 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 78,695,744 | 869,587,973 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $8,300,387,146) | | | 9,018,045,594 |
|
| International Equity Funds - 26.7% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 90,373,103 | 1,349,270,426 |
| Fidelity Series International Growth Fund Class F (a) | | 92,927,941 | 1,240,588,009 |
| Fidelity Series International Small Cap Fund Class F (a) | | 19,454,261 | 293,175,718 |
| Fidelity Series International Value Fund Class F (a) | | 133,565,662 | 1,222,125,805 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,041,909,093) | | | 4,105,159,958 |
|
| Bond Funds - 14.5% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 10,395,066 | 98,649,179 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 4,305,673 | 38,664,940 |
| Fidelity Series High Income Fund Class F (a) | | 52,942,331 | 459,010,009 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 8,043,628 | 79,551,481 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 129,962,661 | 1,469,877,688 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 7,156,606 | 77,863,871 |
| TOTAL BOND FUNDS | | | |
| (Cost $2,282,075,977) | | | 2,223,617,168 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 4,970,874 | 4,970,874 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 269,018 | 2,687,488 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $7,655,430) | | | 7,658,362 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $14,632,027,646) | | | 15,354,481,082 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (584,905) |
| NET ASSETS - 100% | | | $15,353,896,177 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $101,132,949 | $76,893,371 | $173,055,447 | $182,776 | $4,970,874 |
| Fidelity Series 100 Index Fund Class F | 334,925,739 | 42,734,733 | 69,339,462 | 7,354,034 | 312,979,593 |
| Fidelity Series 1000 Value Index Fund Class F | 190,827,792 | 31,809,607 | 32,315,589 | 4,459,897 | 176,385,655 |
| Fidelity Series All-Sector Equity Fund Class F | 1,097,889,628 | 222,790,373 | 219,291,172 | 10,789,537 | 986,382,823 |
| Fidelity Series Blue Chip Growth Fund Class F | 867,772,567 | 207,029,358 | 285,023,788 | 2,157,619 | 684,519,159 |
| Fidelity Series Commodity Strategy Fund Class F | 120,608,919 | 106,325,746 | 11,486,997 | -- | 193,432,176 |
| Fidelity Series Emerging Markets Debt Fund Class F | 100,583,426 | 14,641,436 | 14,417,580 | 6,124,763 | 98,649,179 |
| Fidelity Series Emerging Markets Fund Class F | 1,170,249,013 | 438,097,100 | 121,008,283 | 16,510,616 | 1,349,270,426 |
| Fidelity Series Equity-Income Fund Class F | 1,423,716,716 | 267,167,334 | 238,249,513 | 38,117,767 | 1,325,670,482 |
| Fidelity Series Floating Rate High Income Fund Class F | 77,359,176 | 6,703,385 | 42,094,181 | 2,280,672 | 38,664,940 |
| Fidelity Series Growth & Income Fund Class F | 1,091,055,976 | 195,622,889 | 182,188,357 | 22,036,312 | 1,016,008,775 |
| Fidelity Series Growth Company Fund Class F | 1,263,606,579 | 11,725,528 | 26,941,030 | 5,080,209 | 1,211,016,994 |
| Fidelity Series High Income Fund Class F | 559,863,120 | 67,122,712 | 107,884,913 | 29,995,944 | 459,010,009 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 589,685 | 81,354,425 | 4,281,825 | 73,847 | 79,551,481 |
| Fidelity Series International Growth Fund Class F | 1,326,174,819 | 205,739,396 | 200,824,017 | 15,602,860 | 1,240,588,009 |
| Fidelity Series International Small Cap Fund Class F | 303,835,097 | 58,997,827 | 56,533,827 | 3,053,602 | 293,175,718 |
| Fidelity Series International Value Fund Class F | 1,304,986,197 | 205,201,142 | 166,544,793 | 27,571,404 | 1,222,125,805 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 729,665,054 | 114,951,693 | 48,960,407 | 12,168,987 | 752,036,235 |
| Fidelity Series Investment Grade Bond Fund Class F | 1,199,307,725 | 604,581,270 | 307,500,880 | 38,643,025 | 1,469,877,688 |
| Fidelity Series Opportunistic Insights Fund Class F | 714,408,317 | 123,201,909 | 142,236,080 | 1,305,098 | 660,386,035 |
| Fidelity Series Real Estate Equity Fund Class F | 128,384,080 | 31,738,999 | 30,869,019 | 2,400,795 | 121,989,565 |
| Fidelity Series Real Estate Income Fund Class F | 76,566,379 | 11,833,333 | 7,717,075 | 3,760,756 | 77,863,871 |
| Fidelity Series Short-Term Credit Fund Class F | 84,961,005 | 4,493,290 | 86,347,982 | 627,108 | 2,687,488 |
| Fidelity Series Small Cap Discovery Fund Class F | 190,113,741 | 32,159,279 | 23,314,109 | 629,703 | 176,500,908 |
| Fidelity Series Small Cap Opportunities Fund Class F | 588,651,475 | 106,738,334 | 99,341,076 | 2,981,893 | 531,149,221 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 951,701,595 | 211,251,379 | 157,036,583 | 15,452,353 | 869,587,973 |
| Total | $15,998,936,769 | $3,480,905,848 | $2,854,803,985 | $269,361,577 | $15,354,481,082 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $14,632,027,646) — See accompanying schedule | | $15,354,481,082 |
| Receivable for investments sold | | 105,558,038 |
| Receivable for fund shares sold | | 22,163,207 |
| Total assets | | 15,482,202,327 |
| Liabilities | | |
| Payable for investments purchased | $120,948,212 | |
| Payable for fund shares redeemed | 6,771,444 | |
| Transfer agent fees payable | 586,494 | |
| Total liabilities | | 128,306,150 |
| Net Assets | | $15,353,896,177 |
| Net Assets consist of: | | |
| Paid in capital | | $14,361,668,240 |
| Undistributed net investment income | | 21,989,843 |
| Accumulated undistributed net realized gain (loss) on investments | | 247,784,658 |
| Net unrealized appreciation (depreciation) on investments | | 722,453,436 |
| Net Assets, for 1,071,602,522 shares outstanding | | $15,353,896,177 |
| Net Asset Value, offering price and redemption price per share ($15,353,896,177 ÷ 1,071,602,522 shares) | | $14.33 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $269,361,577 |
| Expenses | | |
| Transfer agent fees | $7,195,166 | |
| Independent trustees' compensation | 65,150 | |
| Total expenses | | 7,260,316 |
| Net investment income (loss) | | 262,101,261 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 5,057,108 | |
| Capital gain distributions from underlying funds | 544,340,264 | |
| Total net realized gain (loss) | | 549,397,372 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (1,275,614,667) |
| Net gain (loss) | | (726,217,295) |
| Net increase (decrease) in net assets resulting from operations | | $(464,116,034) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $262,101,261 | $277,574,183 |
| Net realized gain (loss) | 549,397,372 | 503,413,127 |
| Change in net unrealized appreciation (depreciation) | (1,275,614,667) | 382,644,697 |
| Net increase (decrease) in net assets resulting from operations | (464,116,034) | 1,163,632,007 |
| Distributions to shareholders from net investment income | (259,661,343) | (480,022,949) |
| Distributions to shareholders from net realized gain | (611,213,149) | (1,005,183,302) |
| Total distributions | (870,874,492) | (1,485,206,251) |
| Share transactions | | |
| Proceeds from sales of shares | 3,965,188,689 | 4,382,287,362 |
| Reinvestment of distributions | 870,874,492 | 1,485,206,251 |
| Cost of shares redeemed | (4,145,551,424) | (4,473,783,934) |
| Net increase (decrease) in net assets resulting from share transactions | 690,511,757 | 1,393,709,679 |
| Total increase (decrease) in net assets | (644,478,769) | 1,072,135,435 |
| Net Assets | | |
| Beginning of period | 15,998,374,946 | 14,926,239,511 |
| End of period (including undistributed net investment income of $21,989,843 and undistributed net investment income of $19,549,925, respectively) | $15,353,896,177 | $15,998,374,946 |
| Other Information | | |
| Shares | | |
| Sold | 269,091,066 | 283,378,088 |
| Issued in reinvestment of distributions | 58,025,180 | 99,033,693 |
| Redeemed | (279,432,249) | (289,083,944) |
| Net increase (decrease) | 47,683,997 | 93,327,837 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2030 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.62 | $16.04 | $14.49 | $13.75 | $14.22 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25 | .28 | .24 | .27 | .26 |
| Net realized and unrealized gain (loss) | (.69) | .87 | 1.64 | .99 | (.07) |
| Total from investment operations | (.44) | 1.15 | 1.88 | 1.26 | .19 |
| Distributions from net investment income | (.25) | (.50) | (.03) | (.25) | (.22) |
| Distributions from net realized gain | (.60) | (1.07) | (.30) | (.26) | (.44) |
| Total distributions | (.85) | (1.57) | (.33) | (.52)B | (.66) |
| Net asset value, end of period | $14.33 | $15.62 | $16.04 | $14.49 | $13.75 |
| Total Return | (3.01)% | 7.78% | 13.20% | 9.46% | 1.62% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.71% | 1.80% | 1.58% | 1.94% | 1.99% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $15,353,896 | $15,998,375 | $14,926,240 | $12,937,662 | $9,206,764 |
| Portfolio turnover rateC | 19% | 19% | 56% | 25% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.52 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.264 per share.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund Class F | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund Class F | 7.1 | 7.5 |
| Fidelity Series Blue Chip Growth Fund Class F | 4.9 | 5.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 9.6 | 9.7 |
| Fidelity Series Growth & Income Fund Class F | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund Class F | 8.8 | 8.8 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 5.4 | 5.2 |
| Fidelity Series Opportunistic Insights Fund Class F | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund Class F | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund Class F | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.3 | 6.3 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 9.4 | 7.9 |
| Fidelity Series International Growth Fund Class F | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund Class F | 2.1 | 2.0 |
| Fidelity Series International Value Fund Class F | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund Class F | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.1 | 0.7 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2035 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 16,876,613 | $226,990,439 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 12,415,355 | 128,250,613 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 56,867,727 | 715,396,000 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 45,767,081 | 496,572,828 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 25,692,293 | 126,919,928 |
| Fidelity Series Equity-Income Fund Class F (a) | | 83,613,932 | 960,724,075 |
| Fidelity Series Growth & Income Fund Class F (a) | | 59,232,027 | 736,846,410 |
| Fidelity Series Growth Company Fund Class F (a) | | 71,901,811 | 877,202,090 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 38,378,220 | 543,051,816 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 32,842,660 | 478,517,555 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 6,294,647 | 88,817,470 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 12,819,360 | 127,937,209 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 31,672,588 | 384,821,942 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 57,084,752 | 630,786,506 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $6,081,505,280) | | | 6,522,834,881 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 62,860,687 | 938,510,058 |
| Fidelity Series International Growth Fund Class F (a) | | 67,761,671 | 904,618,302 |
| Fidelity Series International Small Cap Fund Class F (a) | | 14,076,145 | 212,127,506 |
| Fidelity Series International Value Fund Class F (a) | | 97,642,735 | 893,431,027 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $2,924,878,209) | | | 2,948,686,893 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 6,813,838 | 64,663,326 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 2,820,113 | 25,324,613 |
| Fidelity Series High Income Fund Class F (a) | | 34,378,101 | 298,058,138 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 5,099,226 | 50,431,341 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 4,434,942 | 50,159,195 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 4,692,103 | 51,050,080 |
| TOTAL BOND FUNDS | | | |
| (Cost $580,244,599) | | | 539,686,693 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 3,199,657 | 3,199,657 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 169,436 | 1,692,662 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $4,886,467) | | | 4,892,319 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $9,591,514,555) | | | 10,016,100,786 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (380,632) |
| NET ASSETS - 100% | | | $10,015,720,154 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $68,512,980 | $44,376,501 | $109,689,824 | $116,802 | $3,199,657 |
| Fidelity Series 100 Index Fund Class F | 227,310,084 | 38,529,283 | 41,841,195 | 5,259,650 | 226,990,439 |
| Fidelity Series 1000 Value Index Fund Class F | 129,193,107 | 28,109,241 | 18,996,609 | 3,198,109 | 128,250,613 |
| Fidelity Series All-Sector Equity Fund Class F | 750,923,736 | 180,532,449 | 133,823,546 | 7,716,766 | 715,396,000 |
| Fidelity Series Blue Chip Growth Fund Class F | 594,806,534 | 148,671,390 | 172,111,947 | 1,527,766 | 496,572,828 |
| Fidelity Series Commodity Strategy Fund Class F | 76,164,598 | 71,708,993 | 6,956,380 | -- | 126,919,928 |
| Fidelity Series Emerging Markets Debt Fund Class F | 62,892,454 | 11,503,853 | 8,370,196 | 3,934,396 | 64,663,326 |
| Fidelity Series Emerging Markets Fund Class F | 787,102,310 | 329,077,841 | 80,304,754 | 11,443,893 | 938,510,058 |
| Fidelity Series Equity-Income Fund Class F | 979,461,841 | 229,033,566 | 157,092,722 | 26,784,834 | 960,724,075 |
| Fidelity Series Floating Rate High Income Fund Class F | 48,786,936 | 5,223,114 | 26,518,524 | 1,475,000 | 25,324,613 |
| Fidelity Series Growth & Income Fund Class F | 746,266,999 | 162,307,002 | 108,610,847 | 15,443,208 | 736,846,410 |
| Fidelity Series Growth Company Fund Class F | 861,221,285 | 45,955,959 | 1,795,107 | 3,612,867 | 877,202,090 |
| Fidelity Series High Income Fund Class F | 350,389,153 | 53,699,084 | 67,420,950 | 19,262,811 | 298,058,138 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | -- | 51,512,904 | 2,276,303 | 46,419 | 50,431,341 |
| Fidelity Series International Growth Fund Class F | 909,748,102 | 173,773,651 | 112,947,458 | 11,275,694 | 904,618,302 |
| Fidelity Series International Small Cap Fund Class F | 209,133,309 | 50,117,545 | 37,249,900 | 2,199,523 | 212,127,506 |
| Fidelity Series International Value Fund Class F | 895,999,915 | 181,704,356 | 95,991,863 | 19,924,914 | 893,431,027 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 498,992,875 | 102,510,603 | 27,493,112 | 8,632,421 | 543,051,816 |
| Fidelity Series Investment Grade Bond Fund Class F | 61,556,313 | 87,890,887 | 98,161,359 | 1,825,522 | 50,159,195 |
| Fidelity Series Opportunistic Insights Fund Class F | 488,634,803 | 105,247,771 | 90,158,102 | 933,409 | 478,517,555 |
| Fidelity Series Real Estate Equity Fund Class F | 87,279,453 | 27,485,062 | 20,967,178 | 1,700,609 | 88,817,470 |
| Fidelity Series Real Estate Income Fund Class F | 48,307,293 | 9,370,865 | 4,832,106 | 2,434,728 | 51,050,080 |
| Fidelity Series Short-Term Credit Fund Class F | 58,663,906 | 3,648,313 | 60,342,015 | 398,548 | 1,692,662 |
| Fidelity Series Small Cap Discovery Fund Class F | 130,457,715 | 29,223,008 | 15,861,524 | 445,097 | 127,937,209 |
| Fidelity Series Small Cap Opportunities Fund Class F | 403,363,106 | 89,677,498 | 62,139,429 | 2,120,261 | 384,821,942 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 650,654,761 | 171,174,812 | 93,495,398 | 11,061,829 | 630,786,506 |
| Total | $10,125,823,568 | $2,432,065,551 | $1,655,448,348 | $162,775,076 | $10,016,100,786 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $9,591,514,555) — See accompanying schedule | | $10,016,100,786 |
| Receivable for investments sold | | 45,180,860 |
| Receivable for fund shares sold | | 16,349,855 |
| Total assets | | 10,077,631,501 |
| Liabilities | | |
| Payable for investments purchased | $56,902,007 | |
| Payable for fund shares redeemed | 4,628,113 | |
| Transfer agent fees payable | 381,227 | |
| Total liabilities | | 61,911,347 |
| Net Assets | | $10,015,720,154 |
| Net Assets consist of: | | |
| Paid in capital | | $9,416,087,660 |
| Undistributed net investment income | | 5,429,326 |
| Accumulated undistributed net realized gain (loss) on investments | | 169,616,937 |
| Net unrealized appreciation (depreciation) on investments | | 424,586,231 |
| Net Assets, for 681,136,740 shares outstanding | | $10,015,720,154 |
| Net Asset Value, offering price and redemption price per share ($10,015,720,154 ÷ 681,136,740 shares) | | $14.70 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $162,775,076 |
| Expenses | | |
| Transfer agent fees | $4,633,282 | |
| Independent trustees' compensation | 41,843 | |
| Total expenses | | 4,675,125 |
| Net investment income (loss) | | 158,099,951 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (20,035,522) | |
| Capital gain distributions from underlying funds | 381,834,883 | |
| Total net realized gain (loss) | | 361,799,361 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (866,304,472) |
| Net gain (loss) | | (504,505,111) |
| Net increase (decrease) in net assets resulting from operations | | $(346,405,160) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $158,099,951 | $166,918,882 |
| Net realized gain (loss) | 361,799,361 | 321,899,417 |
| Change in net unrealized appreciation (depreciation) | (866,304,472) | 253,821,907 |
| Net increase (decrease) in net assets resulting from operations | (346,405,160) | 742,640,206 |
| Distributions to shareholders from net investment income | (160,712,475) | (282,220,773) |
| Distributions to shareholders from net realized gain | (392,483,815) | (663,806,908) |
| Total distributions | (553,196,290) | (946,027,681) |
| Share transactions | | |
| Proceeds from sales of shares | 2,926,014,268 | 3,172,959,264 |
| Reinvestment of distributions | 553,196,290 | 946,027,681 |
| Cost of shares redeemed | (2,689,359,298) | (2,873,209,328) |
| Net increase (decrease) in net assets resulting from share transactions | 789,851,260 | 1,245,777,617 |
| Total increase (decrease) in net assets | (109,750,190) | 1,042,390,142 |
| Net Assets | | |
| Beginning of period | 10,125,470,344 | 9,083,080,202 |
| End of period (including undistributed net investment income of $5,429,326 and undistributed net investment income of $8,324,784, respectively) | $10,015,720,154 | $10,125,470,344 |
| Other Information | | |
| Shares | | |
| Sold | 192,872,466 | 199,345,062 |
| Issued in reinvestment of distributions | 35,692,536 | 61,384,971 |
| Redeemed | (176,412,802) | (180,515,961) |
| Net increase (decrease) | 52,152,200 | 80,214,072 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2035 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.10 | $16.55 | $14.75 | $13.88 | $14.46 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .24 | .28 | .23 | .26 | .24 |
| Net realized and unrealized gain (loss) | (.78) | .95 | 1.92 | 1.09 | (.17) |
| Total from investment operations | (.54) | 1.23 | 2.15 | 1.35 | .07 |
| Distributions from net investment income | (.25) | (.48) | (.02) | (.24) | (.20) |
| Distributions from net realized gain | (.61) | (1.19) | (.32) | (.23) | (.45) |
| Total distributions | (.86) | (1.68)B | (.35)C | (.48)D | (.65) |
| Net asset value, end of period | $14.70 | $16.10 | $16.55 | $14.75 | $13.88 |
| Total Return | (3.57)% | 8.08% | 14.83% | 10.01% | .78% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.60% | 1.75% | 1.50% | 1.90% | 1.81% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $10,015,720 | $10,125,470 | $9,083,080 | $7,329,244 | $4,783,034 |
| Portfolio turnover rateE | 17% | 19% | 50% | 26% | 17% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.68 per share is comprised of distributions from net investment income of $.484 and distributions from net realized gain of $1.191 per share.
C Total distributions of $.35 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.323 per share.
D Total distributions of $.48 per share is comprised of distributions from net investment income of $.243 and distributions from net realized gain of $.232 per share.
E Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund Class F | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund Class F | 7.1 | 7.5 |
| Fidelity Series Blue Chip Growth Fund Class F | 5.0 | 5.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 9.6 | 9.7 |
| Fidelity Series Growth & Income Fund Class F | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund Class F | 8.7 | 8.8 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 5.4 | 5.2 |
| Fidelity Series Opportunistic Insights Fund Class F | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund Class F | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund Class F | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.3 | 6.3 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 9.4 | 7.9 |
| Fidelity Series International Growth Fund Class F | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund Class F | 2.1 | 2.0 |
| Fidelity Series International Value Fund Class F | 8.9 | 8.9 |
| | 29.4 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund Class F | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.1 | 0.7 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.4% |
| | Bond Funds | 5.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2040 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 18,017,647 | $242,337,354 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 13,291,571 | 137,301,925 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 60,807,955 | 764,964,074 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 48,944,341 | 531,046,100 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 27,428,226 | 135,495,436 |
| Fidelity Series Equity-Income Fund Class F (a) | | 89,455,697 | 1,027,845,961 |
| Fidelity Series Growth & Income Fund Class F (a) | | 63,336,071 | 787,900,729 |
| Fidelity Series Growth Company Fund Class F (a) | | 76,868,356 | 937,793,949 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 40,849,240 | 578,016,747 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 35,108,994 | 511,538,043 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 6,743,702 | 95,153,630 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 13,704,489 | 136,770,800 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 33,925,572 | 412,195,705 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 61,042,522 | 674,519,863 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $6,462,282,333) | | | 6,972,880,316 |
|
| International Equity Funds - 29.4% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 67,187,277 | 1,003,106,049 |
| Fidelity Series International Growth Fund Class F (a) | | 72,402,701 | 966,576,058 |
| Fidelity Series International Small Cap Fund Class F (a) | | 15,042,238 | 226,686,525 |
| Fidelity Series International Value Fund Class F (a) | | 104,420,858 | 955,450,851 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $3,111,525,597) | | | 3,151,819,483 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 7,275,142 | 69,041,094 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 3,019,467 | 27,114,810 |
| Fidelity Series High Income Fund Class F (a) | | 36,814,583 | 319,182,435 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 5,460,520 | 54,004,545 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 4,741,087 | 53,621,689 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 5,015,708 | 54,570,903 |
| TOTAL BOND FUNDS | | | |
| (Cost $620,683,391) | | | 577,535,476 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 3,420,877 | 3,420,877 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 180,099 | 1,799,192 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $5,213,697) | | | 5,220,069 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $10,199,705,018) | | | 10,707,455,344 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (407,483) |
| NET ASSETS - 100% | | | $10,707,047,861 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $75,528,852 | $45,731,311 | $117,839,286 | $125,503 | $3,420,877 |
| Fidelity Series 100 Index Fund Class F | 246,009,880 | 38,918,713 | 45,732,718 | 5,604,901 | 242,337,354 |
| Fidelity Series 1000 Value Index Fund Class F | 139,569,989 | 29,173,392 | 20,765,899 | 3,398,897 | 137,301,925 |
| Fidelity Series All-Sector Equity Fund Class F | 810,215,975 | 185,356,880 | 142,662,051 | 8,217,092 | 764,964,074 |
| Fidelity Series Blue Chip Growth Fund Class F | 641,931,656 | 154,131,422 | 184,953,901 | 1,626,926 | 531,046,100 |
| Fidelity Series Commodity Strategy Fund Class F | 82,198,443 | 76,023,632 | 7,722,194 | -- | 135,495,436 |
| Fidelity Series Emerging Markets Debt Fund Class F | 67,896,580 | 11,723,496 | 9,133,154 | 4,205,239 | 69,041,094 |
| Fidelity Series Emerging Markets Fund Class F | 848,124,765 | 343,426,993 | 84,825,161 | 12,196,137 | 1,003,106,049 |
| Fidelity Series Equity-Income Fund Class F | 1,056,564,474 | 235,194,697 | 167,563,780 | 28,640,825 | 1,027,845,961 |
| Fidelity Series Floating Rate High Income Fund Class F | 52,839,836 | 5,159,929 | 28,560,667 | 1,584,271 | 27,114,810 |
| Fidelity Series Growth & Income Fund Class F | 805,056,953 | 166,599,176 | 116,288,333 | 16,525,398 | 787,900,729 |
| Fidelity Series Growth Company Fund Class F | 927,803,511 | 40,615,064 | 1,158,911 | 3,844,509 | 937,793,949 |
| Fidelity Series High Income Fund Class F | 377,132,245 | 56,269,534 | 72,974,115 | 20,605,523 | 319,182,435 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | -- | 54,875,485 | 2,158,430 | 49,683 | 54,004,545 |
| Fidelity Series International Growth Fund Class F | 980,826,501 | 176,978,388 | 120,800,395 | 12,017,301 | 966,576,058 |
| Fidelity Series International Small Cap Fund Class F | 225,544,302 | 51,752,284 | 40,152,241 | 2,344,186 | 226,686,525 |
| Fidelity Series International Value Fund Class F | 965,887,301 | 187,321,074 | 103,486,496 | 21,235,267 | 955,450,851 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 538,251,014 | 103,062,334 | 30,352,935 | 9,182,208 | 578,016,747 |
| Fidelity Series Investment Grade Bond Fund Class F | 65,860,431 | 94,341,340 | 105,382,395 | 1,948,707 | 53,621,689 |
| Fidelity Series Opportunistic Insights Fund Class F | 527,204,674 | 109,680,066 | 98,034,705 | 994,110 | 511,538,043 |
| Fidelity Series Real Estate Equity Fund Class F | 93,680,334 | 29,527,964 | 22,802,073 | 1,817,132 | 95,153,630 |
| Fidelity Series Real Estate Income Fund Class F | 52,259,577 | 9,535,244 | 5,302,207 | 2,597,959 | 54,570,903 |
| Fidelity Series Short-Term Credit Fund Class F | 64,631,579 | 3,809,506 | 66,339,115 | 431,271 | 1,799,192 |
| Fidelity Series Small Cap Discovery Fund Class F | 139,711,779 | 31,597,225 | 17,611,744 | 475,414 | 136,770,800 |
| Fidelity Series Small Cap Opportunities Fund Class F | 434,189,400 | 93,784,884 | 66,538,320 | 2,260,722 | 412,195,705 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 701,543,585 | 175,683,749 | 98,783,380 | 11,794,321 | 674,519,863 |
| Total | $10,920,463,636 | $2,510,273,782 | $1,777,924,606 | $173,723,502 | $10,707,455,344 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $10,199,705,018) — See accompanying schedule | | $10,707,455,344 |
| Receivable for investments sold | | 50,310,558 |
| Receivable for fund shares sold | | 17,793,580 |
| Total assets | | 10,775,559,482 |
| Liabilities | | |
| Payable for investments purchased | $62,958,409 | |
| Payable for fund shares redeemed | 5,145,105 | |
| Transfer agent fees payable | 408,107 | |
| Total liabilities | | 68,511,621 |
| Net Assets | | $10,707,047,861 |
| Net Assets consist of: | | |
| Paid in capital | | $10,006,635,084 |
| Undistributed net investment income | | 5,979,160 |
| Accumulated undistributed net realized gain (loss) on investments | | 186,683,291 |
| Net unrealized appreciation (depreciation) on investments | | 507,750,326 |
| Net Assets, for 726,539,069 shares outstanding | | $10,707,047,861 |
| Net Asset Value, offering price and redemption price per share ($10,707,047,861 ÷ 726,539,069 shares) | | $14.74 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $173,723,502 |
| Expenses | | |
| Transfer agent fees | $4,956,793 | |
| Independent trustees' compensation | 44,792 | |
| Total expenses | | 5,001,585 |
| Net investment income (loss) | | 168,721,917 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (12,666,373) | |
| Capital gain distributions from underlying funds | 407,014,008 | |
| Total net realized gain (loss) | | 394,347,635 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (932,691,107) |
| Net gain (loss) | | (538,343,472) |
| Net increase (decrease) in net assets resulting from operations | | $(369,621,555) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $168,721,917 | $180,539,131 |
| Net realized gain (loss) | 394,347,635 | 352,942,408 |
| Change in net unrealized appreciation (depreciation) | (932,691,107) | 273,552,016 |
| Net increase (decrease) in net assets resulting from operations | (369,621,555) | 807,033,555 |
| Distributions to shareholders from net investment income | (171,478,017) | (305,708,534) |
| Distributions to shareholders from net realized gain | (426,027,288) | (747,971,170) |
| Total distributions | (597,505,305) | (1,053,679,704) |
| Share transactions | | |
| Proceeds from sales of shares | 3,092,013,184 | 3,318,761,866 |
| Reinvestment of distributions | 597,505,305 | 1,053,679,704 |
| Cost of shares redeemed | (2,935,427,884) | (3,098,738,545) |
| Net increase (decrease) in net assets resulting from share transactions | 754,090,605 | 1,273,703,025 |
| Total increase (decrease) in net assets | (213,036,255) | 1,027,056,876 |
| Net Assets | | |
| Beginning of period | 10,920,084,116 | 9,893,027,240 |
| End of period (including undistributed net investment income of $5,979,160 and undistributed net investment income of $8,735,260, respectively) | $10,707,047,861 | $10,920,084,116 |
| Other Information | | |
| Shares | | |
| Sold | 203,617,289 | 207,805,569 |
| Issued in reinvestment of distributions | 38,462,739 | 68,178,497 |
| Redeemed | (192,015,904) | (193,823,770) |
| Net increase (decrease) | 50,064,124 | 82,160,296 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2040 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.14 | $16.65 | $14.80 | $13.93 | $14.55 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .24 | .28 | .23 | .26 | .24 |
| Net realized and unrealized gain (loss) | (.77) | .94 | 1.98 | 1.09 | (.19) |
| Total from investment operations | (.53) | 1.22 | 2.21 | 1.35 | .05 |
| Distributions from net investment income | (.25) | (.49) | (.02) | (.25) | (.20) |
| Distributions from net realized gain | (.63) | (1.24) | (.33) | (.24) | (.47) |
| Total distributions | (.87)B | (1.73) | (.36)C | (.48)D | (.67) |
| Net asset value, end of period | $14.74 | $16.14 | $16.65 | $14.80 | $13.93 |
| Total Return | (3.48)% | 8.01% | 15.20% | 10.04% | .67% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.60% | 1.74% | 1.47% | 1.90% | 1.82% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $10,707,048 | $10,920,084 | $9,893,027 | $8,210,196 | $5,609,633 |
| Portfolio turnover rateE | 17% | 19% | 50% | 27% | 18% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.87 per share is comprised of distributions from net investment income of $.247 and distributions from net realized gain of $.625 per share.
C Total distributions of $.36 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.334 per share.
D Total distributions of $.48 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $.237 per share.
E Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund Class F | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund Class F | 7.1 | 7.5 |
| Fidelity Series Blue Chip Growth Fund Class F | 5.0 | 5.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 9.6 | 9.7 |
| Fidelity Series Growth & Income Fund Class F | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund Class F | 8.7 | 8.8 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 5.4 | 5.2 |
| Fidelity Series Opportunistic Insights Fund Class F | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund Class F | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund Class F | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.3 | 6.3 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 9.4 | 7.9 |
| Fidelity Series International Growth Fund Class F | 9.1 | 8.9 |
| Fidelity Series International Small Cap Fund Class F | 2.1 | 2.0 |
| Fidelity Series International Value Fund Class F | 8.9 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund Class F | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2045 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 10,589,199 | $142,424,732 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 7,779,160 | 80,358,723 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 35,645,721 | 448,423,167 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 28,687,902 | 311,263,739 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 16,152,217 | 79,791,952 |
| Fidelity Series Equity-Income Fund Class F (a) | | 52,442,384 | 602,562,989 |
| Fidelity Series Growth & Income Fund Class F (a) | | 37,127,265 | 461,863,178 |
| Fidelity Series Growth Company Fund Class F (a) | | 45,021,725 | 549,265,039 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 23,992,993 | 339,500,858 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 20,587,495 | 299,959,801 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 3,943,957 | 55,649,234 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 8,068,557 | 80,524,197 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 19,881,360 | 241,558,521 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 35,780,328 | 395,372,623 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $3,867,948,212) | | | 4,088,518,753 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 39,414,794 | 588,462,875 |
| Fidelity Series International Growth Fund Class F (a) | | 42,498,654 | 567,357,027 |
| Fidelity Series International Small Cap Fund Class F (a) | | 8,827,181 | 133,025,622 |
| Fidelity Series International Value Fund Class F (a) | | 61,196,250 | 559,945,688 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,854,287,030) | | | 1,848,791,212 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 4,262,520 | 40,451,314 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 1,769,426 | 15,889,446 |
| Fidelity Series High Income Fund Class F (a) | | 21,456,086 | 186,024,267 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 3,198,368 | 31,631,863 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 2,779,653 | 31,437,872 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 2,934,376 | 31,926,007 |
| TOTAL BOND FUNDS | | | |
| (Cost $361,386,833) | | | 337,360,769 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 2,005,037 | 2,005,037 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 106,642 | 1,065,357 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $3,066,649) | | | 3,070,394 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $6,086,688,724) | | | 6,277,741,128 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (237,789) |
| NET ASSETS - 100% | | | $6,277,503,339 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $40,185,919 | $28,573,429 | $66,754,311 | $70,563 | $2,005,037 |
| Fidelity Series 100 Index Fund Class F | 134,364,716 | 30,783,363 | 24,615,859 | 3,222,648 | 142,424,732 |
| Fidelity Series 1000 Value Index Fund Class F | 76,370,087 | 20,547,288 | 10,530,019 | 1,953,457 | 80,358,723 |
| Fidelity Series All-Sector Equity Fund Class F | 442,596,515 | 132,512,241 | 76,631,694 | 4,719,674 | 448,423,167 |
| Fidelity Series Blue Chip Growth Fund Class F | 347,725,411 | 107,487,818 | 98,425,522 | 926,099 | 311,263,739 |
| Fidelity Series Commodity Strategy Fund Class F | 44,947,143 | 47,043,805 | 3,688,524 | -- | 79,791,952 |
| Fidelity Series Emerging Markets Debt Fund Class F | 37,075,862 | 8,729,164 | 4,564,745 | 2,386,741 | 40,451,314 |
| Fidelity Series Emerging Markets Fund Class F | 463,603,778 | 224,539,853 | 41,785,766 | 7,007,419 | 588,462,875 |
| Fidelity Series Equity-Income Fund Class F | 575,271,601 | 168,232,083 | 86,496,692 | 16,129,299 | 602,562,989 |
| Fidelity Series Floating Rate High Income Fund Class F | 28,839,171 | 4,073,802 | 15,708,435 | 893,149 | 15,889,446 |
| Fidelity Series Growth & Income Fund Class F | 439,351,183 | 121,320,655 | 60,758,175 | 9,294,879 | 461,863,178 |
| Fidelity Series Growth Company Fund Class F | 506,286,818 | 60,577,589 | -- | 2,199,801 | 549,265,039 |
| Fidelity Series High Income Fund Class F | 206,270,511 | 39,921,693 | 36,896,941 | 11,674,721 | 186,024,267 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | -- | 32,103,827 | 1,222,759 | 28,678 | 31,631,863 |
| Fidelity Series International Growth Fund Class F | 536,598,443 | 131,581,677 | 60,603,062 | 6,904,265 | 567,357,027 |
| Fidelity Series International Small Cap Fund Class F | 123,253,248 | 36,572,967 | 20,707,106 | 1,346,844 | 133,025,622 |
| Fidelity Series International Value Fund Class F | 528,439,860 | 137,562,466 | 51,862,251 | 12,200,229 | 559,945,688 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 294,143,277 | 78,881,869 | 14,877,041 | 5,241,460 | 339,500,858 |
| Fidelity Series Investment Grade Bond Fund Class F | 36,180,564 | 54,859,528 | 58,954,655 | 1,108,025 | 31,437,872 |
| Fidelity Series Opportunistic Insights Fund Class F | 288,000,852 | 79,835,628 | 52,281,771 | 571,130 | 299,959,801 |
| Fidelity Series Real Estate Equity Fund Class F | 51,816,510 | 19,153,292 | 12,751,771 | 1,047,215 | 55,649,234 |
| Fidelity Series Real Estate Income Fund Class F | 28,442,017 | 7,209,959 | 2,666,383 | 1,475,668 | 31,926,007 |
| Fidelity Series Short-Term Credit Fund Class F | 34,213,249 | 2,819,808 | 35,802,598 | 238,598 | 1,065,357 |
| Fidelity Series Small Cap Discovery Fund Class F | 78,285,120 | 21,724,219 | 10,031,247 | 271,554 | 80,524,197 |
| Fidelity Series Small Cap Opportunities Fund Class F | 240,141,171 | 67,204,887 | 38,013,631 | 1,293,711 | 241,558,521 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 384,178,458 | 124,574,401 | 54,332,690 | 6,771,243 | 395,372,623 |
| Total | $5,966,581,484 | $1,788,427,311 | $940,963,648 | $98,977,070 | $6,277,741,128 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $6,086,688,724) — See accompanying schedule | | $6,277,741,128 |
| Receivable for investments sold | | 35,978,166 |
| Receivable for fund shares sold | | 13,186,062 |
| Total assets | | 6,326,905,356 |
| Liabilities | | |
| Payable for investments purchased | $46,500,813 | |
| Payable for fund shares redeemed | 2,662,966 | |
| Transfer agent fees payable | 238,238 | |
| Total liabilities | | 49,402,017 |
| Net Assets | | $6,277,503,339 |
| Net Assets consist of: | | |
| Paid in capital | | $5,977,364,202 |
| Undistributed net investment income | | 3,657,056 |
| Accumulated undistributed net realized gain (loss) on investments | | 105,429,677 |
| Net unrealized appreciation (depreciation) on investments | | 191,052,404 |
| Net Assets, for 414,151,357 shares outstanding | | $6,277,503,339 |
| Net Asset Value, offering price and redemption price per share ($6,277,503,339 ÷ 414,151,357 shares) | | $15.16 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $98,977,070 |
| Expenses | | |
| Transfer agent fees | $2,809,328 | |
| Independent trustees' compensation | 25,245 | |
| Total expenses | | 2,834,573 |
| Net investment income (loss) | | 96,142,497 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (16,798,491) | |
| Capital gain distributions from underlying funds | 233,162,942 | |
| Total net realized gain (loss) | | 216,364,451 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (519,505,539) |
| Net gain (loss) | | (303,141,088) |
| Net increase (decrease) in net assets resulting from operations | | $(206,998,591) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $96,142,497 | $95,294,672 |
| Net realized gain (loss) | 216,364,451 | 183,327,088 |
| Change in net unrealized appreciation (depreciation) | (519,505,539) | 149,557,398 |
| Net increase (decrease) in net assets resulting from operations | (206,998,591) | 428,179,158 |
| Distributions to shareholders from net investment income | (97,337,840) | (156,508,980) |
| Distributions to shareholders from net realized gain | (226,831,217) | (364,672,767) |
| Total distributions | (324,169,057) | (521,181,747) |
| Share transactions | | |
| Proceeds from sales of shares | 2,190,827,467 | 2,148,367,254 |
| Reinvestment of distributions | 324,169,057 | 521,181,747 |
| Cost of shares redeemed | (1,672,699,231) | (1,670,076,420) |
| Net increase (decrease) in net assets resulting from share transactions | 842,297,293 | 999,472,581 |
| Total increase (decrease) in net assets | 311,129,645 | 906,469,992 |
| Net Assets | | |
| Beginning of period | 5,966,373,694 | 5,059,903,702 |
| End of period (including undistributed net investment income of $3,657,056 and undistributed net investment income of $4,852,400, respectively) | $6,277,503,339 | $5,966,373,694 |
| Other Information | | |
| Shares | | |
| Sold | 140,364,566 | 131,342,013 |
| Issued in reinvestment of distributions | 20,313,535 | 32,858,503 |
| Redeemed | (106,684,756) | (102,018,105) |
| Net increase (decrease) | 53,993,345 | 62,182,411 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2045 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.57 | $16.98 | $15.02 | $14.07 | $14.68 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25 | .28 | .24 | .28 | .25 |
| Net realized and unrealized gain (loss) | (.80) | .98 | 2.05 | 1.12 | (.22) |
| Total from investment operations | (.55) | 1.26 | 2.29 | 1.40 | .03 |
| Distributions from net investment income | (.25) | (.48) | (.02) | (.25) | (.20) |
| Distributions from net realized gain | (.61) | (1.19) | (.31) | (.20) | (.44) |
| Total distributions | (.86) | (1.67) | (.33) | (.45) | (.64) |
| Net asset value, end of period | $15.16 | $16.57 | $16.98 | $15.02 | $14.07 |
| Total Return | (3.53)% | 8.10% | 15.52% | 10.27% | .45% |
| Ratios to Average Net AssetsB,C | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.61% | 1.74% | 1.49% | 1.96% | 1.85% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,277,503 | $5,966,374 | $5,059,904 | $3,814,236 | $2,254,813 |
| Portfolio turnover rateB | 16% | 18% | 47% | 27% | 14% |
A Calculated based on average shares outstanding during the period.
B Amounts do not include the activity of the Underlying Funds.
C 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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund Class F | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund Class F | 7.1 | 7.5 |
| Fidelity Series Blue Chip Growth Fund Class F | 5.0 | 5.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 9.6 | 9.8 |
| Fidelity Series Growth & Income Fund Class F | 7.3 | 7.4 |
| Fidelity Series Growth Company Fund Class F | 8.7 | 8.7 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 5.4 | 5.2 |
| Fidelity Series Opportunistic Insights Fund Class F | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund Class F | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund Class F | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.3 | 6.3 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 9.4 | 7.9 |
| Fidelity Series International Growth Fund Class F | 9.1 | 8.9 |
| Fidelity Series International Small Cap Fund Class F | 2.1 | 2.0 |
| Fidelity Series International Value Fund Class F | 8.9 | 8.9 |
| | 29.5 | 27.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund Class F | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 5.4 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2050 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 8,945,901 | $120,322,368 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 6,574,004 | 67,909,464 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 30,105,551 | 378,727,830 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 24,231,225 | 262,908,796 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 13,653,949 | 67,450,509 |
| Fidelity Series Equity-Income Fund Class F (a) | | 44,289,969 | 508,891,743 |
| Fidelity Series Growth & Income Fund Class F (a) | | 31,356,560 | 390,075,609 |
| Fidelity Series Growth Company Fund Class F (a) | | 38,008,486 | 463,703,528 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 20,225,294 | 286,187,905 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 17,385,322 | 253,304,138 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 3,334,070 | 47,043,723 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 6,818,692 | 68,050,543 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 16,793,070 | 204,035,803 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 30,219,516 | 333,925,656 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $3,290,673,399) | | | 3,452,537,615 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 33,288,646 | 496,999,487 |
| Fidelity Series International Growth Fund Class F (a) | | 35,887,444 | 479,097,382 |
| Fidelity Series International Small Cap Fund Class F (a) | | 7,454,183 | 112,334,536 |
| Fidelity Series International Value Fund Class F (a) | | 51,686,993 | 472,935,988 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,576,353,776) | | | 1,561,367,393 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 3,595,752 | 34,123,688 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 1,492,959 | 13,406,769 |
| Fidelity Series High Income Fund Class F (a) | | 18,096,481 | 156,896,487 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 2,702,777 | 26,730,468 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 2,347,222 | 26,547,086 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 2,474,682 | 26,924,542 |
| TOTAL BOND FUNDS | | | |
| (Cost $304,923,321) | | | 284,629,040 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 1,693,060 | 1,693,060 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 89,823 | 897,336 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $2,587,292) | | | 2,590,396 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $5,174,537,788) | | | 5,301,124,444 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (200,651) |
| NET ASSETS - 100% | | | $5,300,923,793 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $32,968,210 | $23,994,962 | $55,270,113 | $58,450 | $1,693,060 |
| Fidelity Series 100 Index Fund Class F | 109,743,283 | 27,887,911 | 18,943,983 | 2,685,433 | 120,322,368 |
| Fidelity Series 1000 Value Index Fund Class F | 62,274,188 | 18,935,335 | 8,349,500 | 1,627,535 | 67,909,464 |
| Fidelity Series All-Sector Equity Fund Class F | 360,736,975 | 119,290,456 | 59,819,359 | 3,924,673 | 378,727,830 |
| Fidelity Series Blue Chip Growth Fund Class F | 282,645,207 | 96,639,781 | 78,747,421 | 763,500 | 262,908,796 |
| Fidelity Series Commodity Strategy Fund Class F | 36,593,031 | 40,582,761 | 2,673,914 | -- | 67,450,509 |
| Fidelity Series Emerging Markets Debt Fund Class F | 30,155,303 | 7,892,225 | 3,293,683 | 1,975,789 | 34,123,688 |
| Fidelity Series Emerging Markets Fund Class F | 377,258,531 | 194,617,413 | 27,851,748 | 5,818,545 | 496,999,487 |
| Fidelity Series Equity-Income Fund Class F | 467,848,127 | 149,333,709 | 63,700,204 | 13,304,965 | 508,891,743 |
| Fidelity Series Floating Rate High Income Fund Class F | 23,463,275 | 3,692,264 | 12,659,491 | 738,665 | 13,406,769 |
| Fidelity Series Growth & Income Fund Class F | 357,942,022 | 108,926,926 | 45,638,283 | 7,661,497 | 390,075,609 |
| Fidelity Series Growth Company Fund Class F | 408,298,916 | 69,951,642 | -- | 1,823,299 | 463,703,528 |
| Fidelity Series High Income Fund Class F | 167,841,727 | 35,807,510 | 27,548,866 | 9,671,346 | 156,896,487 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 72,011 | 26,905,663 | 884,955 | 24,078 | 26,730,468 |
| Fidelity Series International Growth Fund Class F | 436,570,208 | 119,158,123 | 43,309,869 | 5,732,718 | 479,097,382 |
| Fidelity Series International Small Cap Fund Class F | 100,669,089 | 32,616,167 | 15,906,641 | 1,118,301 | 112,334,536 |
| Fidelity Series International Value Fund Class F | 429,984,715 | 125,407,339 | 37,294,230 | 10,130,027 | 472,935,988 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 239,661,253 | 72,446,752 | 10,552,524 | 4,320,859 | 286,187,905 |
| Fidelity Series Investment Grade Bond Fund Class F | 29,157,370 | 47,340,536 | 49,431,965 | 915,932 | 26,547,086 |
| Fidelity Series Opportunistic Insights Fund Class F | 234,718,961 | 72,501,253 | 40,881,367 | 475,164 | 253,304,138 |
| Fidelity Series Real Estate Equity Fund Class F | 42,504,403 | 17,200,519 | 10,669,937 | 873,841 | 47,043,723 |
| Fidelity Series Real Estate Income Fund Class F | 23,142,731 | 6,456,412 | 1,813,599 | 1,219,010 | 26,924,542 |
| Fidelity Series Short-Term Credit Fund Class F | 27,548,384 | 2,668,154 | 29,183,137 | 196,342 | 897,336 |
| Fidelity Series Small Cap Discovery Fund Class F | 63,793,950 | 21,151,042 | 9,244,156 | 225,435 | 68,050,543 |
| Fidelity Series Small Cap Opportunities Fund Class F | 196,165,923 | 60,715,442 | 29,948,857 | 1,072,482 | 204,035,803 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 313,563,460 | 111,181,063 | 42,147,891 | 5,625,397 | 333,925,656 |
| Total | $4,855,321,253 | $1,613,301,360 | $725,765,693 | $81,983,283 | $5,301,124,444 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $5,174,537,788) — See accompanying schedule | | $5,301,124,444 |
| Receivable for investments sold | | 32,987,644 |
| Receivable for fund shares sold | | 11,663,778 |
| Total assets | | 5,345,775,866 |
| Liabilities | | |
| Payable for investments purchased | $42,279,690 | |
| Payable for fund shares redeemed | 2,371,314 | |
| Transfer agent fees payable | 201,069 | |
| Total liabilities | | 44,852,073 |
| Net Assets | | $5,300,923,793 |
| Net Assets consist of: | | |
| Paid in capital | | $5,080,674,091 |
| Undistributed net investment income | | 3,222,114 |
| Accumulated undistributed net realized gain (loss) on investments | | 90,440,932 |
| Net unrealized appreciation (depreciation) on investments | | 126,586,656 |
| Net Assets, for 347,105,954 shares outstanding | | $5,300,923,793 |
| Net Asset Value, offering price and redemption price per share ($5,300,923,793 ÷ 347,105,954 shares) | | $15.27 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $81,983,283 |
| Expenses | | |
| Transfer agent fees | $2,327,726 | |
| Independent trustees' compensation | 20,842 | |
| Total expenses | | 2,348,568 |
| Net investment income (loss) | | 79,634,715 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (12,614,532) | |
| Capital gain distributions from underlying funds | 193,407,007 | |
| Total net realized gain (loss) | | 180,792,475 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (429,117,950) |
| Net gain (loss) | | (248,325,475) |
| Net increase (decrease) in net assets resulting from operations | | $(168,690,760) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $79,634,715 | $76,199,105 |
| Net realized gain (loss) | 180,792,475 | 144,961,532 |
| Change in net unrealized appreciation (depreciation) | (429,117,950) | 120,621,752 |
| Net increase (decrease) in net assets resulting from operations | (168,690,760) | 341,782,389 |
| Distributions to shareholders from net investment income | (80,071,316) | (123,727,434) |
| Distributions to shareholders from net realized gain | (182,049,358) | (280,338,195) |
| Total distributions | (262,120,674) | (404,065,629) |
| Share transactions | | |
| Proceeds from sales of shares | 2,044,349,172 | 1,934,879,948 |
| Reinvestment of distributions | 262,120,674 | 404,065,629 |
| Cost of shares redeemed | (1,429,888,301) | (1,371,749,697) |
| Net increase (decrease) in net assets resulting from share transactions | 876,581,545 | 967,195,880 |
| Total increase (decrease) in net assets | 445,770,111 | 904,912,640 |
| Net Assets | | |
| Beginning of period | 4,855,153,682 | 3,950,241,042 |
| End of period (including undistributed net investment income of $3,222,114 and undistributed net investment income of $3,658,715, respectively) | $5,300,923,793 | $4,855,153,682 |
| Other Information | | |
| Shares | | |
| Sold | 130,157,193 | 117,558,771 |
| Issued in reinvestment of distributions | 16,318,539 | 25,322,033 |
| Redeemed | (90,608,508) | (83,294,106) |
| Net increase (decrease) | 55,867,224 | 59,586,698 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2050 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.67 | $17.05 | $15.07 | $14.11 | $14.77 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25 | .29 | .24 | .27 | .24 |
| Net realized and unrealized gain (loss) | (.80) | .98 | 2.07 | 1.13 | (.27) |
| Total from investment operations | (.55) | 1.27 | 2.31 | 1.40 | (.03) |
| Distributions from net investment income | (.25) | (.48) | (.02) | (.25) | (.19) |
| Distributions from net realized gain | (.60) | (1.17) | (.31) | (.20) | (.44) |
| Total distributions | (.85) | (1.65) | (.33) | (.44)B | (.63) |
| Net asset value, end of period | $15.27 | $16.67 | $17.05 | $15.07 | $14.11 |
| Total Return | (3.52)% | 8.09% | 15.60% | 10.26% | .06% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05% |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% |
| Net investment income (loss) | 1.61% | 1.75% | 1.49% | 1.94% | 1.78% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,300,924 | $4,855,154 | $3,950,241 | $2,918,045 | $1,705,495 |
| Portfolio turnover rateC | 15% | 17% | 48% | 29% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.44 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $.198 per share.
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 underlying funds in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 2.3 | 2.3 |
| Fidelity Series 1000 Value Index Fund Class F | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund Class F | 7.1 | 7.5 |
| Fidelity Series Blue Chip Growth Fund Class F | 5.0 | 5.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 9.6 | 9.8 |
| Fidelity Series Growth & Income Fund Class F | 7.4 | 7.5 |
| Fidelity Series Growth Company Fund Class F | 8.7 | 8.4 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 5.4 | 5.2 |
| Fidelity Series Opportunistic Insights Fund Class F | 4.8 | 4.9 |
| Fidelity Series Real Estate Equity Fund Class F | 0.9 | 0.9 |
| Fidelity Series Small Cap Discovery Fund Class F | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.3 | 6.4 |
| | 65.2 | 65.5 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 9.4 | 8.0 |
| Fidelity Series International Growth Fund Class F | 9.1 | 8.9 |
| Fidelity Series International Small Cap Fund Class F | 2.1 | 2.0 |
| Fidelity Series International Value Fund Class F | 8.9 | 8.9 |
| | 29.5 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series High Income Fund Class F | 2.9 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund Class F | 0.5 | 0.7 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 5.3 | 5.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.2% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.5% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2055 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 2,367,338 | $31,840,693 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 1,738,377 | 17,957,432 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 7,972,838 | 100,298,308 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 6,411,845 | 69,568,514 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,667,997 | 18,119,907 |
| Fidelity Series Equity-Income Fund Class F (a) | | 11,724,210 | 134,711,174 |
| Fidelity Series Growth & Income Fund Class F (a) | | 8,303,432 | 103,294,695 |
| Fidelity Series Growth Company Fund Class F (a) | | 10,032,688 | 122,398,793 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 5,355,850 | 75,785,277 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 4,608,899 | 67,151,661 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 877,037 | 12,374,986 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 1,803,036 | 17,994,303 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 4,445,816 | 54,016,664 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 8,039,511 | 88,836,599 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $920,076,683) | | | 914,349,006 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 8,830,171 | 131,834,459 |
| Fidelity Series International Growth Fund Class F (a) | | 9,519,277 | 127,082,347 |
| Fidelity Series International Small Cap Fund Class F (a) | | 1,974,988 | 29,763,064 |
| Fidelity Series International Value Fund Class F (a) | | 13,699,918 | 125,354,254 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $435,631,279) | | | 414,034,124 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 946,002 | 8,977,559 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 393,015 | 3,529,277 |
| Fidelity Series High Income Fund Class F (a) | | 4,697,248 | 40,725,138 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 721,416 | 7,134,800 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 621,402 | 7,028,055 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 645,627 | 7,024,423 |
| TOTAL BOND FUNDS | | | |
| (Cost $80,284,569) | | | 74,419,252 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 455,531 | 455,531 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 24,442 | 244,180 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $698,502) | | | 699,711 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,436,691,033) | | | 1,403,502,093 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (52,291) |
| NET ASSETS - 100% | | | $1,403,449,802 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $7,780,101 | $5,822,360 | $13,146,930 | $13,518 | $455,531 |
| Fidelity Series 100 Index Fund Class F | 22,076,639 | 13,467,058 | 4,159,886 | 641,256 | 31,840,693 |
| Fidelity Series 1000 Value Index Fund Class F | 12,574,387 | 8,418,617 | 1,973,088 | 389,924 | 17,957,432 |
| Fidelity Series All-Sector Equity Fund Class F | 72,348,012 | 49,937,832 | 12,534,494 | 937,776 | 100,298,308 |
| Fidelity Series Blue Chip Growth Fund Class F | 56,160,751 | 38,421,524 | 16,520,917 | 173,772 | 69,568,514 |
| Fidelity Series Commodity Strategy Fund Class F | 7,598,824 | 12,807,595 | 710,157 | -- | 18,119,907 |
| Fidelity Series Emerging Markets Debt Fund Class F | 5,513,325 | 3,994,530 | 414,223 | 452,235 | 8,977,559 |
| Fidelity Series Emerging Markets Fund Class F | 74,776,974 | 70,154,856 | 3,603,164 | 1,382,286 | 131,834,459 |
| Fidelity Series Equity-Income Fund Class F | 93,920,725 | 63,014,825 | 12,496,719 | 2,980,480 | 134,711,174 |
| Fidelity Series Floating Rate High Income Fund Class F | 4,640,111 | 1,628,656 | 2,490,432 | 167,301 | 3,529,277 |
| Fidelity Series Growth & Income Fund Class F | 72,045,256 | 46,921,271 | 9,042,946 | 1,703,944 | 103,294,695 |
| Fidelity Series Growth Company Fund Class F | 81,304,718 | 44,211,866 | -- | 425,161 | 122,398,793 |
| Fidelity Series High Income Fund Class F | 32,792,039 | 16,456,644 | 4,281,537 | 2,210,888 | 40,725,138 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 709,208 | 7,083,827 | 827,165 | 6,360 | 7,134,800 |
| Fidelity Series International Growth Fund Class F | 87,726,158 | 53,773,295 | 6,851,038 | 1,360,949 | 127,082,347 |
| Fidelity Series International Small Cap Fund Class F | 20,077,314 | 13,578,778 | 2,706,761 | 265,216 | 29,763,064 |
| Fidelity Series International Value Fund Class F | 86,418,742 | 55,577,500 | 5,989,804 | 2,404,838 | 125,354,254 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 48,084,803 | 32,434,262 | 1,429,728 | 998,162 | 75,785,277 |
| Fidelity Series Investment Grade Bond Fund Class F | 5,399,515 | 14,130,696 | 12,415,583 | 205,075 | 7,028,055 |
| Fidelity Series Opportunistic Insights Fund Class F | 47,074,969 | 30,629,629 | 7,543,005 | 113,739 | 67,151,661 |
| Fidelity Series Real Estate Equity Fund Class F | 8,671,410 | 6,589,932 | 2,601,421 | 202,752 | 12,374,986 |
| Fidelity Series Real Estate Income Fund Class F | 4,639,636 | 2,814,892 | 260,635 | 278,975�� | 7,024,423 |
| Fidelity Series Short-Term Credit Fund Class F | 5,540,036 | 1,229,307 | 6,494,755 | 43,311 | 244,180 |
| Fidelity Series Small Cap Discovery Fund Class F | 12,792,986 | 8,696,612 | 1,858,947 | 52,108 | 17,994,303 |
| Fidelity Series Small Cap Opportunities Fund Class F | 39,386,727 | 25,393,648 | 5,761,082 | 247,934 | 54,016,664 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 63,241,001 | 45,203,712 | 8,695,412 | 1,339,805 | 88,836,599 |
| Total | $973,294,367 | $672,393,724 | $144,809,829 | $18,997,765 | $1,403,502,093 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,436,691,033) — See accompanying schedule | | $1,403,502,093 |
| Receivable for investments sold | | 9,696,197 |
| Receivable for fund shares sold | | 5,183,591 |
| Total assets | | 1,418,381,881 |
| Liabilities | | |
| Payable for investments purchased | $13,801,113 | |
| Payable for fund shares redeemed | 1,078,493 | |
| Transfer agent fees payable | 52,473 | |
| Total liabilities | | 14,932,079 |
| Net Assets | | $1,403,449,802 |
| Net Assets consist of: | | |
| Paid in capital | | $1,413,598,203 |
| Undistributed net investment income | | 743,394 |
| Accumulated undistributed net realized gain (loss) on investments | | 22,297,145 |
| Net unrealized appreciation (depreciation) on investments | | (33,188,940) |
| Net Assets, for 124,095,667 shares outstanding | | $1,403,449,802 |
| Net Asset Value, offering price and redemption price per share ($1,403,449,802 ÷ 124,095,667 shares) | | $11.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $18,997,765 |
| Expenses | | |
| Transfer agent fees | $533,664 | |
| Independent trustees' compensation | 4,673 | |
| Total expenses | | 538,337 |
| Net investment income (loss) | | 18,459,428 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (4,861,853) | |
| Capital gain distributions from underlying funds | 45,633,239 | |
| Total net realized gain (loss) | | 40,771,386 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (92,514,314) |
| Net gain (loss) | | (51,742,928) |
| Net increase (decrease) in net assets resulting from operations | | $(33,283,500) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $18,459,428 | $13,162,787 |
| Net realized gain (loss) | 40,771,386 | 25,197,602 |
| Change in net unrealized appreciation (depreciation) | (92,514,314) | 20,564,211 |
| Net increase (decrease) in net assets resulting from operations | (33,283,500) | 58,924,600 |
| Distributions to shareholders from net investment income | (18,415,927) | (17,897,594) |
| Distributions to shareholders from net realized gain | (34,769,994) | (29,749,905) |
| Total distributions | (53,185,921) | (47,647,499) |
| Share transactions | | |
| Proceeds from sales of shares | 827,659,879 | 642,055,771 |
| Reinvestment of distributions | 53,185,921 | 47,647,499 |
| Cost of shares redeemed | (364,187,946) | (277,019,718) |
| Net increase (decrease) in net assets resulting from share transactions | 516,657,854 | 412,683,552 |
| Total increase (decrease) in net assets | 430,188,433 | 423,960,653 |
| Net Assets | | |
| Beginning of period | 973,261,369 | 549,300,716 |
| End of period (including undistributed net investment income of $743,394 and undistributed net investment income of $699,894, respectively) | $1,403,449,802 | $973,261,369 |
| Other Information | | |
| Shares | | |
| Sold | 71,572,505 | 53,192,518 |
| Issued in reinvestment of distributions | 4,493,278 | 4,039,174 |
| Redeemed | (31,260,290) | (22,933,630) |
| Net increase (decrease) | 44,805,493 | 34,298,062 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2055 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 | 2012 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.27 | $12.21 | $10.64 | $9.84 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .19 | .21 | .17 | .22 | .14 |
| Net realized and unrealized gain (loss) | (.59) | .72 | 1.53 | .79 | (.11) |
| Total from investment operations | (.40) | .93 | 1.70 | 1.01 | .03 |
| Distributions from net investment income | (.18) | (.30) | (.01) | (.15) | (.10) |
| Distributions from net realized gain | (.38) | (.57) | (.12) | (.06) | (.08) |
| Total distributions | (.56) | (.87) | (.13) | (.21) | (.19)C |
| Net asset value, end of period | $11.31 | $12.27 | $12.21 | $10.64 | $9.84 |
| Total ReturnD | (3.47)% | 8.03% | 16.15% | 10.48% | .47% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .05% | .05%G |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05%G |
| Expenses net of all reductions | .05% | .05% | .05% | .05% | .05%G |
| Net investment income (loss) | 1.63% | 1.78% | 1.50% | 2.17% | 1.78%G |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,403,450 | $973,261 | $549,301 | $208,573 | $24,870 |
| Portfolio turnover rateE | 13% | 16% | 45% | 27% | 7%G |
A For the period June 1, 2011 (commencement of operations) to March 31, 2012.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.19 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.081 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series 100 Index Fund Class F | 2.3 | 2.4 |
| Fidelity Series 1000 Value Index Fund Class F | 1.3 | 1.3 |
| Fidelity Series All-Sector Equity Fund Class F | 7.1 | 7.6 |
| Fidelity Series Blue Chip Growth Fund Class F | 4.9 | 5.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Fidelity Series Equity-Income Fund Class F | 9.6 | 10.0 |
| Fidelity Series Growth & Income Fund Class F | 7.3 | 7.6 |
| Fidelity Series Growth Company Fund Class F | 8.6 | 7.4 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 5.6 | 5.2 |
| Fidelity Series Opportunistic Insights Fund Class F | 4.8 | 5.0 |
| Fidelity Series Real Estate Equity Fund Class F | 0.9 | 1.0 |
| Fidelity Series Small Cap Discovery Fund Class F | 1.3 | 1.3 |
| Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 4.0 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.3 | 6.5 |
| | 65.1 | 65.4 |
| International Equity Funds | | |
| Fidelity Series Emerging Markets Fund Class F | 9.4 | 8.0 |
| Fidelity Series International Growth Fund Class F | 9.0 | 8.9 |
| Fidelity Series International Small Cap Fund Class F | 2.1 | 2.0 |
| Fidelity Series International Value Fund Class F | 9.0 | 9.0 |
| | 29.5 | 27.9 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series High Income Fund Class F | 3.0 | 3.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Investment Grade Bond Fund Class F | 0.5 | 0.8 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.1 | 0.8 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| | 0.1 | 1.1 |
| Net Other Assets (Liabilities) | | |
| Net Other Assets | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.4% |
| | International Equity Funds | 27.9% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom K® 2060 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund Class F (a) | | 150,538 | $2,024,736 |
| Fidelity Series 1000 Value Index Fund Class F (a) | | 110,395 | 1,140,384 |
| Fidelity Series All-Sector Equity Fund Class F (a) | | 507,622 | 6,385,886 |
| Fidelity Series Blue Chip Growth Fund Class F (a) | | 408,491 | 4,432,129 |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 232,745 | 1,149,762 |
| Fidelity Series Equity-Income Fund Class F (a) | | 746,783 | 8,580,542 |
| Fidelity Series Growth & Income Fund Class F (a) | | 528,602 | 6,575,813 |
| Fidelity Series Growth Company Fund Class F (a) | | 628,413 | 7,666,635 |
| Fidelity Series Intrinsic Opportunities Fund Class F (a) | | 352,130 | 4,982,637 |
| Fidelity Series Opportunistic Insights Fund Class F (a) | | 293,336 | 4,273,907 |
| Fidelity Series Real Estate Equity Fund Class F (a) | | 55,864 | 788,241 |
| Fidelity Series Small Cap Discovery Fund Class F (a) | | 114,507 | 1,142,780 |
| Fidelity Series Small Cap Opportunities Fund Class F (a) | | 282,903 | 3,437,265 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F (a) | | 508,689 | 5,621,011 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $59,617,731) | | | 58,201,728 |
|
| International Equity Funds - 29.5% | | | |
| Fidelity Series Emerging Markets Fund Class F (a) | | 561,805 | 8,387,755 |
| Fidelity Series International Growth Fund Class F (a) | | 603,931 | 8,062,474 |
| Fidelity Series International Small Cap Fund Class F (a) | | 124,848 | 1,881,464 |
| Fidelity Series International Value Fund Class F (a) | | 874,733 | 8,003,809 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $27,008,488) | | | 26,335,502 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (a) | | 58,263 | 552,919 |
| Fidelity Series Floating Rate High Income Fund Class F (a) | | 24,748 | 222,236 |
| Fidelity Series High Income Fund Class F (a) | | 305,812 | 2,651,390 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (a) | | 45,930 | 454,250 |
| Fidelity Series Investment Grade Bond Fund Class F (a) | | 39,551 | 447,320 |
| Fidelity Series Real Estate Income Fund Class F (a) | | 39,824 | 433,286 |
| TOTAL BOND FUNDS | | | |
| (Cost $4,854,135) | | | 4,761,401 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Portfolio Class F 0.39% (a)(c) | | 28,941 | 28,941 |
| Fidelity Series Short-Term Credit Fund Class F (a) | | 1,562 | 15,606 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $44,438) | | | 44,547 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $91,524,792) | | | 89,343,178 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (3,204) |
| NET ASSETS - 100% | | | $89,339,974 |
Legend
(a) Affiliated Fund
(b) Non-income producing
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | $74,288 | $568,552 | $613,899 | $472 | $28,941 |
| Fidelity Series 100 Index Fund Class F | 191,241 | 2,061,757 | 263,729 | 30,725 | 2,024,736 |
| Fidelity Series 1000 Value Index Fund Class F | 108,383 | 1,193,126 | 134,801 | 19,084 | 1,140,384 |
| Fidelity Series All-Sector Equity Fund Class F | 621,439 | 6,846,704 | 747,718 | 44,553 | 6,385,886 |
| Fidelity Series Blue Chip Growth Fund Class F | 486,459 | 5,214,102 | 988,017 | 6,234 | 4,432,129 |
| Fidelity Series Commodity Strategy Fund Class F | 63,430 | 1,159,187 | 25,473 | -- | 1,149,762 |
| Fidelity Series Emerging Markets Debt Fund Class F | 45,326 | 524,939 | 21,634 | 16,643 | 552,919 |
| Fidelity Series Emerging Markets Fund Class F | 627,343 | 8,051,232 | 253,260 | 61,735 | 8,387,755 |
| Fidelity Series Equity-Income Fund Class F | 813,879 | 8,834,917 | 822,678 | 96,917 | 8,580,542 |
| Fidelity Series Floating Rate High Income Fund Class F | 39,573 | 238,842 | 47,377 | 5,852 | 222,236 |
| Fidelity Series Growth & Income Fund Class F | 620,700 | 6,665,600 | 577,638 | 53,038 | 6,575,813 |
| Fidelity Series Growth Company Fund Class F | 522,443 | 7,216,284 | -- | 17,152 | 7,666,635 |
| Fidelity Series High Income Fund Class F | 264,831 | 2,635,588 | 131,407 | 81,636 | 2,651,390 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 7,464 | 456,084 | 20,341 | 317 | 454,250 |
| Fidelity Series International Growth Fund Class F | 728,661 | 7,818,104 | 239,221 | 60,657 | 8,062,474 |
| Fidelity Series International Small Cap Fund Class F | 167,981 | 1,820,924 | 62,740 | 11,886 | 1,881,464 |
| Fidelity Series International Value Fund Class F | 723,024 | 7,939,025 | 228,549 | 107,180 | 8,003,809 |
| Fidelity Series Intrinsic Opportunities Fund Class F | 424,913 | 4,715,748 | 113,553 | 37,881 | 4,982,637 |
| Fidelity Series Investment Grade Bond Fund Class F | 43,493 | 853,464 | 452,978 | 7,827 | 447,320 |
| Fidelity Series Opportunistic Insights Fund Class F | 409,138 | 4,498,896 | 507,233 | 5,425 | 4,273,907 |
| Fidelity Series Real Estate Equity Fund Class F | 74,247 | 852,652 | 172,491 | 8,402 | 788,241 |
| Fidelity Series Real Estate Income Fund Class F | 38,651 | 406,367 | 11,090 | 10,566 | 433,286 |
| Fidelity Series Short-Term Credit Fund Class F | 35,311 | 203,763 | 222,795 | 1,242 | 15,606 |
| Fidelity Series Small Cap Discovery Fund Class F | 109,607 | 1,194,589 | 127,596 | 2,034 | 1,142,780 |
| Fidelity Series Small Cap Opportunities Fund Class F | 331,301 | 3,582,235 | 357,111 | 9,826 | 3,437,265 |
| Fidelity Series Stock Selector Large Cap Value Fund Class F | 542,431 | 6,054,516 | 604,761 | 63,572 | 5,621,011 |
| Total | $8,115,557 | $91,607,197 | $7,748,090 | $760,856 | $89,343,178 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom K® 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $91,524,792) — See accompanying schedule | | $89,343,178 |
| Receivable for investments sold | | 577,777 |
| Receivable for fund shares sold | | 578,075 |
| Total assets | | 90,499,030 |
| Liabilities | | |
| Payable for investments purchased | $1,096,020 | |
| Payable for fund shares redeemed | 59,787 | |
| Transfer agent fees payable | 3,249 | |
| Total liabilities | | 1,159,056 |
| Net Assets | | $89,339,974 |
| Net Assets consist of: | | |
| Paid in capital | | $90,492,807 |
| Undistributed net investment income | | 43,857 |
| Accumulated undistributed net realized gain (loss) on investments | | 984,924 |
| Net unrealized appreciation (depreciation) on investments | | (2,181,614) |
| Net Assets, for 9,083,106 shares outstanding | | $89,339,974 |
| Net Asset Value, offering price and redemption price per share ($89,339,974 ÷ 9,083,106 shares) | | $9.84 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $760,856 |
| Expenses | | |
| Transfer agent fees | $19,594 | |
| Independent trustees' compensation | 151 | |
| Total expenses | | 19,745 |
| Net investment income (loss) | | 741,111 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (445,371) | |
| Capital gain distributions from underlying funds | 2,001,877 | |
| Total net realized gain (loss) | | 1,556,506 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (2,186,118) |
| Net gain (loss) | | (629,612) |
| Net increase (decrease) in net assets resulting from operations | | $111,499 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $741,111 | $4,341 |
| Net realized gain (loss) | 1,556,506 | 25,454 |
| Change in net unrealized appreciation (depreciation) | (2,186,118) | 4,504 |
| Net increase (decrease) in net assets resulting from operations | 111,499 | 34,299 |
| Distributions to shareholders from net investment income | (699,611) | (1,984) |
| Distributions to shareholders from net realized gain | (595,478) | (1,557) |
| Total distributions | (1,295,089) | (3,541) |
| Share transactions | | |
| Proceeds from sales of shares | 102,207,896 | 8,469,274 |
| Reinvestment of distributions | 1,295,089 | 3,541 |
| Cost of shares redeemed | (21,094,836) | (388,158) |
| Net increase (decrease) in net assets resulting from share transactions | 82,408,149 | 8,084,657 |
| Total increase (decrease) in net assets | 81,224,559 | 8,115,415 |
| Net Assets | | |
| Beginning of period | 8,115,415 | – |
| End of period (including undistributed net investment income of $43,857 and undistributed net investment income of $2,357, respectively) | $89,339,974 | $8,115,415 |
| Other Information | | |
| Shares | | |
| Sold | 10,315,507 | 814,547 |
| Issued in reinvestment of distributions | 129,296 | 346 |
| Redeemed | (2,139,479) | (37,111) |
| Net increase (decrease) | 8,305,324 | 777,782 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Freedom K 2060 Fund
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.43 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .17 | .05 |
| Net realized and unrealized gain (loss) | (.52) | .55 |
| Total from investment operations | (.35) | .60 |
| Distributions from net investment income | (.12) | (.09) |
| Distributions from net realized gain | (.12) | (.07) |
| Total distributions | (.24) | (.17)C |
| Net asset value, end of period | $9.84 | $10.43 |
| Total ReturnD | (3.42)% | 5.99% |
| Ratios to Average Net AssetsE,F | | |
| Expenses before reductions | .05% | .05%G |
| Expenses net of fee waivers, if any | .05% | .05%G |
| Expenses net of all reductions | .05% | .05%G |
| Net investment income (loss) | 1.78% | .71%G |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $89,340 | $8,115 |
| Portfolio turnover rateE | 18% | 15%G |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.17 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.073 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
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 underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2016
1. Organization.
Fidelity Freedom K Income 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, Fidelity Freedom K 2055 Fund and Fidelity Freedom K 2060 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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities |
| Fidelity Freedom K Income Fund | $1,644,805,248 | $54,614,739 | $(30,463,075) | $24,151,664 |
| Fidelity Freedom K 2005 Fund | 407,094,556 | 19,926,468 | (8,784,537) | 11,141,931 |
| Fidelity Freedom K 2010 Fund | 2,797,952,862 | 196,792,004 | (55,706,225) | 141,085,779 |
| Fidelity Freedom K 2015 Fund | 5,290,637,595 | 379,018,390 | (131,280,828) | 247,737,562 |
| Fidelity Freedom K 2020 Fund | 15,549,658,969 | 1,075,423,830 | (453,395,669) | 622,028,161 |
| Fidelity Freedom K 2025 Fund | 12,390,139,763 | 841,608,306 | (398,505,054) | 443,103,252 |
| Fidelity Freedom K 2030 Fund | 14,708,897,729 | 1,176,936,019 | (531,352,666) | 645,583,353 |
| Fidelity Freedom K 2035 Fund | 9,654,749,334 | 763,830,948 | (402,479,496) | 361,351,452 |
| Fidelity Freedom K 2040 Fund | 10,262,466,872 | 854,263,819 | (409,275,347) | 444,988,472 |
| Fidelity Freedom K 2045 Fund | 6,125,216,716 | 418,726,091 | (266,201,679) | 152,524,412 |
| Fidelity Freedom K 2050 Fund | 5,203,909,142 | 329,156,859 | (231,941,557) | 97,215,302 |
| Fidelity Freedom K 2055 Fund | 1,443,429,423 | 40,082,894 | (80,010,224) | (39,927,330) |
| Fidelity Freedom K 2060 Fund | 91,974,751 | 1,710,482 | (4,342,055) | (2,631,573) |
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) on securities and other investments |
| Fidelity Freedom K Income Fund | $2,316,553 | $7,847,643 | $24,151,664 |
| Fidelity Freedom K 2005 Fund | 1,699,081 | 3,713,549 | 11,141,931 |
| Fidelity Freedom K 2010 Fund | 10,648,511 | 35,109,233 | 141,085,779 |
| Fidelity Freedom K 2015 Fund | 18,242,590 | 73,750,979 | 247,737,562 |
| Fidelity Freedom K 2020 Fund | 45,391,532 | 252,175,162 | 622,028,161 |
| Fidelity Freedom K 2025 Fund | 32,509,353 | 215,884,324 | 443,103,252 |
| Fidelity Freedom K 2030 Fund | 22,966,108 | 323,678,474 | 645,583,353 |
| Fidelity Freedom K 2035 Fund | 5,429,326 | 232,851,715 | 361,351,452 |
| Fidelity Freedom K 2040 Fund | 6,371,783 | 249,052,522 | 444,988,472 |
| Fidelity Freedom K 2045 Fund | 4,885,778 | 142,728,948 | 152,524,412 |
| Fidelity Freedom K 2050 Fund | 4,495,897 | 118,538,505 | 97,215,302 |
| Fidelity Freedom K 2055 Fund | 1,030,413 | 28,748,515 | (39,927,330) |
| Fidelity Freedom K 2060 Fund | 68,372 | 1,410,368 | (2,631,573) |
The tax character of distributions paid was as follows:
| March 31, 2016 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Freedom K Income Fund | $39,050,106 | $32,564,148 | $71,614,254 |
| Fidelity Freedom K 2005 Fund | 9,246,076 | 10,620,024 | 19,866,100 |
| Fidelity Freedom K 2010 Fund | 67,091,046 | 143,869,688 | 210,960,734 |
| Fidelity Freedom K 2015 Fund | 127,517,690 | 227,061,259 | 354,578,949 |
| Fidelity Freedom K 2020 Fund | 342,011,333 | 501,965,385 | 843,976,718 |
| Fidelity Freedom K 2025 Fund | 269,466,959 | 386,931,662 | 656,398,621 |
| Fidelity Freedom K 2030 Fund | 316,457,602 | 554,416,890 | 870,874,492 |
| Fidelity Freedom K 2035 Fund | 200,308,168 | 352,888,122 | 553,196,290 |
| Fidelity Freedom K 2040 Fund | 213,620,484 | 383,884,821 | 597,505,305 |
| Fidelity Freedom K 2045 Fund | 121,838,332 | 202,330,725 | 324,169,057 |
| Fidelity Freedom K 2050 Fund | 100,806,414 | 161,314,260 | 262,120,674 |
| Fidelity Freedom K 2055 Fund | 23,091,354 | 30,094,567 | 53,185,921 |
| Fidelity Freedom K 2060 Fund | 870,918 | 424,171 | 1,295,089 |
| March 31, 2015 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Freedom K Income Fund | $53,805,905 | $30,331,824 | $84,137,729 |
| Fidelity Freedom K 2005 Fund | 22,481,943 | 15,197,945 | 37,679,888 |
| Fidelity Freedom K 2010 Fund | 228,848,337 | 209,256,027 | 438,104,364 |
| Fidelity Freedom K 2015 Fund | 383,424,222 | 281,769,385 | 665,193,607 |
| Fidelity Freedom K 2020 Fund | 947,599,920 | 675,258,329 | 1,622,858,249 |
| Fidelity Freedom K 2025 Fund | 666,991,099 | 487,194,169 | 1,154,185,268 |
| Fidelity Freedom K 2030 Fund | 859,824,028 | 625,382,223 | 1,485,206,251 |
| Fidelity Freedom K 2035 Fund | 538,245,599 | 407,782,082 | 946,027,681 |
| Fidelity Freedom K 2040 Fund | 584,025,924 | 469,653,780 | 1,053,679,704 |
| Fidelity Freedom K 2045 Fund | 301,521,331 | 219,660,416 | 521,181,747 |
| Fidelity Freedom K 2050 Fund | 236,311,024 | 167,754,605 | 404,065,629 |
| Fidelity Freedom K 2055 Fund | 35,260,749 | 12,386,750 | 47,647,499 |
| Fidelity Freedom K 2060 Fund | 3,264 | 277 | 3,541 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Freedom K Income Fund | 419,552,270 | 690,579,414 |
| Fidelity Freedom K 2005 Fund | 119,761,659 | 150,829,281 |
| Fidelity Freedom K 2010 Fund | 614,901,468 | 1,165,491,140 |
| Fidelity Freedom K 2015 Fund | 1,069,309,432 | 1,872,581,856 |
| Fidelity Freedom K 2020 Fund | 3,409,666,064 | 3,620,362,530 |
| Fidelity Freedom K 2025 Fund | 3,223,826,182 | 2,407,264,619 |
| Fidelity Freedom K 2030 Fund | 3,480,905,848 | 2,854,803,985 |
| Fidelity Freedom K 2035 Fund | 2,432,065,551 | 1,655,448,348 |
| Fidelity Freedom K 2040 Fund | 2,510,273,782 | 1,777,924,606 |
| Fidelity Freedom K 2045 Fund | 1,788,427,311 | 940,963,648 |
| Fidelity Freedom K 2050 Fund | 1,613,301,360 | 725,765,693 |
| Fidelity Freedom K 2055 Fund | 672,393,724 | 144,809,829 |
| Fidelity Freedom K 2060 Fund | 91,607,197 | 7,748,090 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Effective October 1, 2015, FMR Co., Inc., an affiliate of Strategic Advisers, Inc. (SAI), replaced SAI as investment adviser to the Funds pursuant to a management contract between the Funds and FMR Co., Inc. The new contract does not impact the Funds' investment process, strategies or management fees. The Funds do not pay any fees for investment management related services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding transfer agent fees, compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .05% based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
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 Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
| Fund | Fidelity Freedom K 2020 Fund | Fidelity Freedom K 2025 Fund | Fidelity Freedom K 2030 Fund |
| Fidelity Series 1000 Value Index Fund | –% | –% | 10% |
| Fidelity Series Blue Chip Growth Fund | –% | –% | 11% |
| Fidelity Series Equity-Income Fund | –% | –% | 11% |
| Fidelity Series Growth & Income Fund | –% | –% | 11% |
| Fidelity Series Growth Company Fund | –% | –% | 11% |
| Fidelity Series Inflation-Protected Bond Index Fund | 10% | –% | –% |
| Fidelity Series International Growth Fund | –% | –% | 10% |
| Fidelity Series International Small Cap Fund | –% | –% | 10% |
| Fidelity Series International Value Fund | –% | –% | 10% |
| Fidelity Series Intrinsic Opportunities Fund | –% | –% | 11% |
| Fidelity Series Investment Grade Bond Fund | 17% | 11% | –% |
| Fidelity Series Opportunistic Insights Fund | –% | –% | 11% |
| Fidelity Series Short-Term Credit Fund | 17% | 10% | –% |
| Fidelity Series Small Cap Discovery Fund | –% | –% | 11% |
| Fidelity Series Small Cap Opportunities Fund | –% | –% | 10% |
| Fidelity Series Stock Selector Large Cap Value Fund | –% | –% | 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 Series 100 Index Fund | 51% |
| Fidelity Series 1000 Value Index Fund | 53% |
| Fidelity Series All-Sector Equity Fund | 52% |
| Fidelity Series Blue Chip Growth Fund | 59% |
| Fidelity Series Commodity Strategy Fund | 47% |
| Fidelity Series Emerging Markets Debt Fund | 53% |
| Fidelity Series Emerging Markets Fund | 54% |
| Fidelity Series Equity-Income Fund | 60% |
| Fidelity Series Floating Rate High Income Fund | 53% |
| Fidelity Series Growth & Income Fund | 60% |
| Fidelity Series Growth Company Fund | 60% |
| Fidelity Series High Income Fund | 53% |
| Fidelity Series Inflation-Protected Bond Index Fund | 44% |
| Fidelity Series International Growth Fund | 54% |
| Fidelity Series International Small Cap Fund | 54% |
| Fidelity Series International Value Fund | 54% |
| Fidelity Series Intrinsic Opportunities Fund | 60% |
| Fidelity Series Investment Grade Bond Fund | 49% |
| Fidelity Series Opportunistic Insights Fund | 60% |
| Fidelity Series Real Estate Equity Fund | 52% |
| Fidelity Series Real Estate Income Fund | 53% |
| Fidelity Series Short-Term Credit Fund | 51% |
| Fidelity Series Small Cap Discovery Fund | 61% |
| Fidelity Series Small Cap Opportunities Fund | 53% |
| Fidelity Series Stock Selector Large Cap Value Fund | 60% |
6. Prior Fiscal Year Merger Information.
On July 25, 2014, the Fidelity Freedom K® Income Fund acquired all of the assets and assumed all of the liabilities of Fidelity Freedom K® 2000 Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board") on May 14, 2014. The acquisition was accomplished by an exchange of shares of the Fidelity Freedom K® Income Fund for corresponding shares then outstanding of the Target Fund at its net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the fund or its shareholders. The Target Fund's net assets of $655,598,999, including securities of $654,936,024 and unrealized appreciation of $34,639,903, were combined with the Fidelity Freedom K® Income Funds net assets of $1,523,134,246 for total net assets after the acquisition of $2,178,733,245.
Pro forma results of operations of the combined entity for the entire period ended March 31, 2015, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Net Investment income (loss) | $38,720,036 |
| Total net realized gain (loss) | 34,000,241 |
| Total change in net unrealized appreciation (depreciation) | 18,092,569 |
| Net increase (decrease) in net assets resulting from operations | $90,812,846 |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fidelity Freedom K Income Fund's accompanying Statement of Operations since July 25, 2014.
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 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, Fidelity Freedom K 2055 Fund and Fidelity Freedom K 2060 Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Freedom K Income 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, Fidelity Freedom K 2055 Fund and Fidelity Freedom K 2060 Fund (each a fund of Fidelity Aberdeen Street Trust) at March 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Aberdeen Street Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 20, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 240 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the 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 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. Marie L. Knowles 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, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), 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.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer or Geoffrey A. von Kuhn may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Linda J. Wondrack (1964)
Year of Election or Appointment: 2016
Chief Compliance Officer
Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (U.K.) Inc. (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of certain Fidelity® funds (2014-2016) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Derek L. Young (1964)
Year of Election or Appointment: 2009
Vice President of Fidelity's Asset Allocation Funds
Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.
Shareholder Expense Example
As a shareholder of the 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 Fund 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, 2015 to March 31, 2016).
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-A | Beginning
Account Value
October 1, 2015 | Ending
Account Value
March 31, 2016 | Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 |
| Fidelity Freedom K Income Fund | .05% | | | |
| Actual | | $1,000.00 | $1,026.10 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2005 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,030.00 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2010 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,033.20 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2015 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,036.30 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2020 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,037.40 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2025 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,038.80 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2030 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,041.10 | $.26 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2035 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,041.90 | $.26 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2040 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,042.30 | $.26 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2045 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,042.10 | $.26 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2050 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,042.00 | $.26 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2055 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,042.30 | $.26 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Fidelity Freedom K 2060 Fund | .05% | | | |
| Actual | | $1,000.00 | $1,043.00 | $.26 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Freedom K Income Fund | 5/16/2016 | 5/13/2016 | $0.015 | $0.056 |
| Fidelity Freedom K 2005 Fund | 5/16/2016 | 5/13/2016 | $0.053 | $0.117 |
| Fidelity Freedom K 2010 Fund | 5/16/2016 | 5/13/2016 | $0.047 | $0.156 |
| Fidelity Freedom K 2015 Fund | 5/16/2016 | 5/13/2016 | $0.044 | $0.180 |
| Fidelity Freedom K 2020 Fund | 5/16/2016 | 5/13/2016 | $0.039 | $0.217 |
| Fidelity Freedom K 2025 Fund | 5/16/2016 | 5/13/2016 | $0.033 | $0.244 |
| Fidelity Freedom K 2030 Fund | 5/16/2016 | 5/13/2016 | $0.021 | $0.305 |
| Fidelity Freedom K 2035 Fund | 5/16/2016 | 5/13/2016 | $0.008 | $0.343 |
| Fidelity Freedom K 2040 Fund | 5/16/2016 | 5/13/2016 | $0.009 | $0.344 |
| Fidelity Freedom K 2045 Fund | 5/16/2016 | 5/13/2016 | $0.009 | $0.347 |
| Fidelity Freedom K 2050 Fund | 5/16/2016 | 5/13/2016 | $0.010 | $0.343 |
| Fidelity Freedom K 2055 Fund | 5/16/2016 | 5/13/2016 | $0.006 | $0.227 |
| Fidelity Freedom K 2060 Fund | 5/16/2016 | 5/13/2016 | $0.005 | $0.146 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2016, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Freedom K Income Fund | $21,101,526 |
| Fidelity Freedom K 2005 Fund | $7,770,583 |
| Fidelity Freedom K 2010 Fund | $98,143,825 |
| Fidelity Freedom K 2015 Fund | $175,604,132 |
| Fidelity Freedom K 2020 Fund | $452,703,698 |
| Fidelity Freedom K 2025 Fund | $372,545,823 |
| Fidelity Freedom K 2030 Fund | $546,323,668 |
| Fidelity Freedom K 2035 Fund | $370,160,054 |
| Fidelity Freedom K 2040 Fund | $398,491,020 |
| Fidelity Freedom K 2045 Fund | $222,498,391 |
| Fidelity Freedom K 2050 Fund | $182,611,755 |
| Fidelity Freedom K 2055 Fund | $41,636,415 |
| Fidelity Freedom K 2060 Fund | $1,811,603 |
|
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
| Fidelity Freedom K Income Fund | 3.92% |
| Fidelity Freedom K 2005 Fund | 2.96% |
| Fidelity Freedom K 2010 Fund | 2.47% |
| Fidelity Freedom K 2015 Fund | 2.03% |
| Fidelity Freedom K 2020 Fund | 1.65% |
| Fidelity Freedom K 2025 Fund | 1.15% |
| Fidelity Freedom K 2030 Fund | 0.48% |
| Fidelity Freedom K 2035 Fund | 0.07% |
| Fidelity Freedom K 2040 Fund | 0.07% |
| Fidelity Freedom K 2045 Fund | 0.07% |
| Fidelity Freedom K 2050 Fund | 0.07% |
| Fidelity Freedom K 2055 Fund | 0.07% |
| Fidelity Freedom K 2060 Fund | 0.06% |
|
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 | |
| April 2015 | 0% |
| May 2015 (ex-date 5/1/15) | 7% |
| May 2015 (ex-date 5/8/15) | 14% |
| June 2015 | 14% |
| July 2015 | 14% |
| August 2015 | 14% |
| September 2015 | 14% |
| October 2015 | 14% |
| November 2015 | 14% |
| December 2015 | 14% |
| February 2016 | 0% |
| March 2016 | 0% |
| Fidelity Freedom K 2005 Fund | |
| May 2015 | 0% |
| December 2015 | 21% |
| Fidelity Freedom K 2010 Fund | |
| May 2015 | 4% |
| December 2015 | 25% |
| Fidelity Freedom K 2015 Fund | |
| May 2015 | 5% |
| December 2015 | 28% |
| Fidelity Freedom K 2020 Fund | |
| May 2015 | 7% |
| December 2015 | 31% |
| Fidelity Freedom K 2025 Fund | |
| May 2015 | 5% |
| December 2015 | 35% |
| Fidelity Freedom K 2030 Fund | |
| May 2015 | 2% |
| December 2015 | 42% |
| Fidelity Freedom K 2035 Fund | |
| May 2015 | 10% |
| December 2015 | 47% |
| Fidelity Freedom K 2040 Fund | |
| May 2015 | 10% |
| December 2015 | 47% |
| Fidelity Freedom K 2045 Fund | |
| May 2015 | 7% |
| December 2015 | 47% |
| Fidelity Freedom K 2050 Fund | |
| May 2015 | 8% |
| December 2015�� | 47% |
| Fidelity Freedom K 2055 Fund | |
| May 2015 | 8% |
| December 2015 | 46% |
| Fidelity Freedom K 2060 Fund | |
| May 2015 | 19% |
| December 2015 | 46% |
|
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 | |
| April 2015 | 3% |
| May 2015 (ex-date 5/1/15) | 13% |
| May 2015 (ex-date 5/8/15) | 23% |
| June 2015 | 23% |
| July 2015 | 23% |
| August 2015 | 23% |
| September 2015 | 23% |
| October 2015 | 23% |
| November 2015 | 23% |
| December 2015 | 23% |
| February 2016 | 0% |
| March 2016 | 0% |
| Fidelity Freedom K 2005 Fund | |
| May 2015 | 3% |
| December 2015 | 35% |
| Fidelity Freedom K 2010 Fund | |
| May 2015 | 5% |
| December 2015 | 40% |
| Fidelity Freedom K 2015 Fund | |
| May 2015 | 6% |
| December 2015 | 46% |
| Fidelity Freedom K 2020 Fund | |
| May 2015 | 8% |
| December 2015 | 51% |
| Fidelity Freedom K 2025 Fund | |
| May 2015 | 6% |
| December 2015 | 58% |
| Fidelity Freedom K 2030 Fund | |
| May 2015 | 9% |
| December 2015 | 70% |
| Fidelity Freedom K 2035 Fund | |
| May 2015 | 12% |
| December 2015 | 77% |
| Fidelity Freedom K 2040 Fund | |
| May 2015 | 12% |
| December 2015 | 77% |
| Fidelity Freedom K 2045 Fund | |
| May 2015 | 10% |
| December 2015 | 77% |
| Fidelity Freedom K 2050 Fund | |
| May 2015 | 9% |
| December 2015 | 78% |
| Fidelity Freedom K 2055 Fund | |
| May 2015 | 9% |
| December 2015 | 77% |
| Fidelity Freedom K 2060 Fund | |
| May 2015 | 27% |
| December 2015 | 79% |
|
The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.
FF-K-ANN-0516
1.892598.106
Item 2.
Code of Ethics
As of the end of the period, March 31, 2016, 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 Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund, Fidelity Advisor Freedom 2060 Fund, Fidelity Freedom Index Income 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, Fidelity Freedom Index 2055 Fund and Fidelity Freedom Index 2060 Fund (the “Funds”):
Services Billed by Deloitte Entities
March 31, 2016 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Freedom Income Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2005 Fund | $22,000 | $- |
$5,100 | $600 |
Fidelity Advisor Freedom 2010 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2015 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2020 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2025 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2030 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2035 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2040 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2045 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2050 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2055 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Advisor Freedom 2060 Fund | $22,000 | $- | $5,100 | $600 |
Fidelity Freedom Index Income Fund | $28,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2005 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2010 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2015 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2020 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2025 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2030 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2035 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2040 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2045 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2050 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2055 Fund | $22,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2060 Fund | $21,000 | $- | $5,100 | $600 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Freedom Income Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2005 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2010 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2015 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2020 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2025 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2030 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2035 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2040 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2045 Fund | $21,000 | $- | $5,800 | $600 |
Fidelity Advisor Freedom 2050 Fund | $21,000 | $- | $5,800 | $600 |
Fidelity Advisor Freedom 2055 Fund | $20,000 | $- | $4,700 | $600 |
Fidelity Advisor Freedom 2060 Fund | $15,000 | $- | $4,700 | $400 |
Fidelity Freedom Index Income Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2005 Fund | $17,000 | $- | $4,900 | $600 |
Fidelity Freedom Index 2010 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2015 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2020 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2025 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2030 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2035 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2040 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2045 Fund | $17,000 | $- | $5,000 | $600 |
Fidelity Freedom Index 2050 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2055 Fund | $17,000 | $- | $4,700 | $600 |
Fidelity Freedom Index 2060 Fund | $12,000 | $- | $4,700 | $400 |
A Amounts may reflect rounding.
B Fidelity Advisor Freedom 2060 Fund and Fidelity Freedom Index 2060 Fund commenced operations on August 5, 2014.
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 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, Fidelity Freedom 2050 Fund, Fidelity Freedom 2055 Fund, Fidelity Freedom 2060 Fund, Fidelity Freedom K® Income 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, Fidelity Freedom K® 2055 Fund and Fidelity Freedom K® 2060 Fund (the “Funds”):
Services Billed by PwC
March 31, 2016 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Freedom Income Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2005 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2010 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2015 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2020 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2025 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2030 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2035 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2040 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2045 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2050 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2055 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom 2060 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® Income Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2005 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2010 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2015 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2020 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2025 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2030 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2035 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2040 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2045 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2050 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2055 Fund | $26,000 | $- | $3,100 | $1,300 |
Fidelity Freedom K® 2060 Fund | $26,000 | $- | $3,100 | $1,300 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Freedom Income Fund | $23,000 | $- | $2,600 | $- |
Fidelity Freedom 2005 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom 2010 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom 2015 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom 2020 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom 2025 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom 2030 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2035 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2040 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2045 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2050 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom 2055 Fund | $24,000 | $- | $2,600 | $- |
Fidelity Freedom 2060 Fund | $16,000 | $- | $2,500 | $- |
Fidelity Freedom K® Income Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2005 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2010 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2015 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2020 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2025 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2030 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2035 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2040 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2045 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2050 Fund | $22,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2055 Fund | $24,000 | $- | $2,600 | $- |
Fidelity Freedom K® 2060 Fund | $16,000 | $- | $2,500 | $- |
A Amounts may reflect rounding.
B Fidelity Freedom 2060 Fund and Fidelity Freedom K® 2060 Fund commenced operations on August 5, 2014.
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, 2016A | March 31, 2015A,B |
Audit-Related Fees | $40,000 | $- |
Tax Fees | $10,000 | $- |
All Other Fees | $- | $220,000 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Advisor Freedom 2060 Fund and Fidelity Freedom Index 2060 Fund’s commencement operations.
Services Billed by PwC
| | |
| March 31, 2016A | March 31, 2015A,B |
Audit-Related Fees | $5,695,000 | $5,900,000 |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Freedom 2060 Fund and Fidelity Freedom K® 2060 Fund’s commencement operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
| | |
Billed By | March 31, 2016 A | March 31, 2015 A,B,C |
Deloitte Entities | $240,000 | $1,505,000 |
PwC | $6,205,000 | $8,155,000 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Advisor Freedom 2060 Fund, Fidelity Freedom Index 2060 Fund, Fidelity Freedom 2060 Fund and Fidelity Freedom K® 2060 Fund’s commencement operations.
C 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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | May 26, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | May 26, 2016 |
| |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
| |
Date: | May 26, 2016 |
