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, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end: | March 31 |
| |
Date of reporting period: | September 30, 2017 |
Item 1.
Reports to Stockholders
Fidelity Advisor Freedom® Funds – Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 - Class A, Class M, Class C and Class I
Semi-Annual Report September 30, 2017 |
 |
Contents
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You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
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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. © 2017 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.institutional.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
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 37.4 | 37.5 |
| Fidelity Series Government Money Market Fund 1.09% | 21.3 | 21.1 |
| Fidelity Advisor Series Short-Term Credit Fund | 6.5 | 6.8 |
| Fidelity Series Emerging Markets Fund | 4.0 | 4.7 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.6 | 3.8 |
| Fidelity Series International Value Fund | 2.8 | 2.7 |
| Fidelity Series International Growth Fund | 2.8 | 2.7 |
| Fidelity Advisor Series Growth & Income Fund | 2.7 | 2.0 |
| Fidelity Series Commodity Strategy Fund | 2.0 | 1.7 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1.8 | 0.0 |
| | 84.9 | 83.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 15.8% |
| | International Equity Funds | 10.6% |
| | Bond Funds | 45.9% |
| | Short-Term Funds | 27.8% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 17.1% |
| | International Equity Funds | 10.7% |
| | Bond Funds | 44.3% |
| | Short-Term Funds | 27.9% |
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 September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 15.8% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 217,979 | $3,178,141 |
| Fidelity Advisor Series Equity Value Fund (a) | | 276,339 | 3,705,708 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 391,938 | 5,871,237 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 155,883 | 2,046,737 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 157,354 | 2,915,770 |
| Fidelity Advisor Series Small Cap Fund (a) | | 129,514 | 1,593,017 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 281,537 | 3,792,298 |
| Fidelity Series 100 Index Fund (a) | | 98,394 | 1,630,382 |
| Fidelity Series 1000 Value Index Fund (a) | | 49,956 | 627,442 |
| Fidelity Series All-Sector Equity Fund (a) | | 164,011 | 2,192,825 |
| Fidelity Series Commodity Strategy Fund (a) | | 835,735 | 4,370,893 |
| Fidelity Series Real Estate Equity Fund (a) | | 28,247 | 364,673 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 137,313 | 1,919,630 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $25,985,333) | | | 34,208,753 |
|
| International Equity Funds - 10.6% | | | |
| Fidelity Series Canada Fund (a) | | 57,403 | 610,767 |
| Fidelity Series Emerging Markets Fund (a) | | 417,377 | 8,597,964 |
| Fidelity Series International Growth Fund (a) | | 377,698 | 6,001,624 |
| Fidelity Series International Small Cap Fund (a) | | 81,377 | 1,457,467 |
| Fidelity Series International Value Fund (a) | | 569,799 | 6,136,732 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $16,329,952) | | | 22,804,554 |
|
| Bond Funds - 45.9% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 162,232 | 1,696,946 |
| Fidelity Series Floating Rate High Income Fund (a) | | 55,842 | 529,944 |
| Fidelity Series High Income Fund (a) | | 323,872 | 3,157,747 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 795,406 | 7,866,570 |
| Fidelity Series International Credit Fund (a) | | 11,000 | 110,548 |
| Fidelity Series Investment Grade Bond Fund (a) | | 7,145,692 | 80,817,777 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 448,523 | 3,942,517 |
| Fidelity Series Real Estate Income Fund (a) | | 97,225 | 1,086,003 |
| TOTAL BOND FUNDS | | | |
| (Cost $96,161,421) | | | 99,208,052 |
|
| Short-Term Funds - 27.8% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 1,418,329 | 14,183,295 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 45,981,026 | 45,981,026 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $60,128,801) | | | 60,164,321 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $198,605,507) | | | 216,385,680 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (131,726) |
| NET ASSETS - 100% | | | $216,253,954 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $3,622,423 | $139,221 | $1,078,342 | $-- | $259,320 | $235,519 | $3,178,141 |
| Fidelity Advisor Series Equity Value Fund | 6,526,095 | 223,757 | 3,134,843(a) | 50,467 | 412,072 | (321,373) | 3,705,708 |
| Fidelity Advisor Series Growth & Income Fund | 4,502,313 | 2,261,870(a) | 1,052,404 | 18,725 | 20,484 | 138,974 | 5,871,237 |
| Fidelity Advisor Series Growth Opportunities Fund | 2,377,485 | 90,322 | 707,428 | -- | 124,801 | 161,557 | 2,046,737 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3,365,394 | 129,645 | 982,303 | -- | 375,700 | 27,334 | 2,915,770 |
| Fidelity Advisor Series Short-Term Credit Fund | 15,074,623 | 792,897 | 1,714,968 | 116,594 | 504 | 30,239 | 14,183,295 |
| Fidelity Advisor Series Small Cap Fund | 1,822,727 | 69,125 | 426,335 | -- | 51,698 | 75,802 | 1,593,017 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4,345,160 | 166,149 | 873,905 | -- | 152,252 | 2,642 | 3,792,298 |
| Fidelity Series 100 Index Fund | 1,864,666 | 71,229 | 430,158 | -- | 98,581 | 26,064 | 1,630,382 |
| Fidelity Series 1000 Value Index Fund | 723,143 | 28,367 | 152,361 | -- | 22,447 | 5,846 | 627,442 |
| Fidelity Series All-Sector Equity Fund | 2,529,199 | 96,165 | 610,313 | -- | 94,386 | 83,388 | 2,192,825 |
| Fidelity Series Canada Fund | -- | 604,725 | 1,392 | -- | -- | 7,434 | 610,767 |
| Fidelity Series Commodity Strategy Fund | 3,784,080 | 1,060,914 | 454,570 | 6,651 | (55,436) | 35,905 | 4,370,893 |
| Fidelity Series Emerging Markets Debt Fund | 1,696,529 | 109,245 | 146,579 | 51,440 | 901 | 36,850 | 1,696,946 |
| Fidelity Series Emerging Markets Fund | 10,546,969 | 388,492 | 3,866,695 | -- | 624,138 | 905,060 | 8,597,964 |
| Fidelity Series Floating Rate High Income Fund | 556,274 | 36,437 | 61,075 | 12,351 | (1,892) | 200 | 529,944 |
| Fidelity Series Government Money Market Fund 1.09% | 47,143,634 | 3,597,194 | 4,759,802 | 208,516 | -- | -- | 45,981,026 |
| Fidelity Series High Income Fund | 3,245,598 | 232,401 | 366,447 | 87,891 | (6,840) | 53,035 | 3,157,747 |
| Fidelity Series Inflation-Protected Bond Index Fund | 8,414,121 | 375,514 | 940,544 | 4,607 | (22,932) | 40,411 | 7,866,570 |
| Fidelity Series International Credit Fund | -- | 109,998 | -- | -- | -- | 550 | 110,548 |
| Fidelity Series International Growth Fund | 5,929,825 | 386,271 | 1,101,251 | -- | 102,218 | 684,561 | 6,001,624 |
| Fidelity Series International Small Cap Fund | 1,335,728 | 102,397 | 199,879 | -- | 13,083 | 206,138 | 1,457,467 |
| Fidelity Series International Value Fund | 5,944,546 | 527,330 | 981,657 | -- | 58,020 | 588,493 | 6,136,732 |
| Fidelity Series Investment Grade Bond Fund | 83,657,371 | 4,903,336 | 8,860,932 | 1,019,729 | 20,963 | 1,097,039 | 80,817,777 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 80,695 | 4,015,409 | 139,445 | 16,299 | (4,349) | (9,793) | 3,942,517 |
| Fidelity Series Real Estate Equity Fund | 430,986 | 26,556 | 90,644 | 3,180 | 7,255 | (9,480) | 364,673 |
| Fidelity Series Real Estate Income Fund | 1,112,586 | 80,669 | 114,902 | 27,197 | 1,667 | 5,983 | 1,086,003 |
| Fidelity Series Small Cap Opportunities Fund | 2,184,630 | 217,959 | 453,899 | 3,549 | 126,014 | (155,074) | 1,919,630 |
| Total | $222,816,800 | $20,843,594 | $33,703,073 | $1,627,196 | $2,475,055 | $3,953,304 | $216,385,680 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $198,605,507) — See accompanying schedule | | $216,385,680 |
| Cash | | 1 |
| Receivable for investments sold | | 245,105 |
| Receivable for fund shares sold | | 220,905 |
| Total assets | | 216,851,691 |
| Liabilities | | |
| Payable for investments purchased | $61,594 | |
| Payable for fund shares redeemed | 407,575 | |
| Accrued management fee | 83,694 | |
| Distribution and service plan fees payable | 44,874 | |
| Total liabilities | | 597,737 |
| Net Assets | | $216,253,954 |
| Net Assets consist of: | | |
| Paid in capital | | $196,129,403 |
| Undistributed net investment income | | 216,533 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,127,845 |
| Net unrealized appreciation (depreciation) on investments | | 17,780,173 |
| Net Assets | | $216,253,954 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($82,342,708 ÷ 7,350,240 shares) | | $11.20 |
| Maximum offering price per share (100/94.25 of $11.20) | | $11.88 |
| Class M: | | |
| Net Asset Value and redemption price per share ($38,127,371 ÷ 3,406,354 shares) | | $11.19 |
| Maximum offering price per share (100/96.50 of $11.19) | | $11.60 |
| Class C: | | |
| Net Asset Value and offering price per share ($14,077,256 ÷ 1,260,129 shares)(a) | | $11.17 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($81,086,796 ÷ 7,215,364 shares) | | $11.24 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($619,823 ÷ 55,163 shares) | | $11.24 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $1,627,196 |
| Expenses | | |
| Management fee | $338,445 | |
| Distribution and service plan fees | 272,717 | |
| Independent trustees' fees and expenses | 403 | |
| Total expenses before reductions | 611,565 | |
| Expense reductions | (146) | 611,419 |
| Net investment income (loss) | | 1,015,777 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 2,475,055 | |
| Capital gain distributions from underlying funds | 305,972 | |
| Total net realized gain (loss) | | 2,781,027 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 3,953,304 |
| Net gain (loss) | | 6,734,331 |
| Net increase (decrease) in net assets resulting from operations | | $7,750,108 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,015,777 | $3,413,880 |
| Net realized gain (loss) | 2,781,027 | 2,794,177 |
| Change in net unrealized appreciation (depreciation) | 3,953,304 | 6,889,975 |
| Net increase (decrease) in net assets resulting from operations | 7,750,108 | 13,098,032 |
| Distributions to shareholders from net investment income | (990,242) | (3,407,660) |
| Distributions to shareholders from net realized gain | (1,555,493) | (3,107,675) |
| Total distributions | (2,545,735) | (6,515,335) |
| Share transactions - net increase (decrease) | (11,720,046) | (24,761,777) |
| Total increase (decrease) in net assets | (6,515,673) | (18,179,080) |
| Net Assets | | |
| Beginning of period | 222,769,627 | 240,948,707 |
| End of period | $216,253,954 | $222,769,627 |
| Other Information | | |
| Undistributed net investment income end of period | $216,533 | $190,998 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom Income Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.94 | $10.64 | $11.07 | $11.20 | $11.21 | $10.98 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .16 | .18 | .16 | .12 | .12 |
| Net realized and unrealized gain (loss) | .34 | .44 | (.25) | .24 | .28 | .37 |
| Total from investment operations | .39 | .60 | (.07) | .40 | .40 | .49 |
| Distributions from net investment income | (.05) | (.16)B | (.18) | (.17) | (.12) | (.12) |
| Distributions from net realized gain | (.08) | (.14)B | (.19) | (.36) | (.29) | (.14) |
| Total distributions | (.13) | (.30) | (.36)C | (.53) | (.41) | (.26) |
| Net asset value, end of period | $11.20 | $10.94 | $10.64 | $11.07 | $11.20 | $11.21 |
| Total ReturnD,E,F | 3.56% | 5.74% | (.59)% | 3.65% | 3.65% | 4.53% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .56%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .56%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .56%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .92%I | 1.47% | 1.63% | 1.48% | 1.10% | 1.08% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $82,343 | $87,983 | $99,211 | $124,755 | $147,818 | $176,876 |
| Portfolio turnover rateG | 19%I | 38% | 30% | 38% | 36% | 17% |
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 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.
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.
Fidelity Advisor Freedom Income Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.93 | $10.62 | $11.06 | $11.19 | $11.20 | $10.96 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .13 | .15 | .14 | .09 | .09 |
| Net realized and unrealized gain (loss) | .33 | .45 | (.25) | .23 | .28 | .38 |
| Total from investment operations | .37 | .58 | (.10) | .37 | .37 | .47 |
| Distributions from net investment income | (.04) | (.13)B | (.15) | (.14) | (.09) | (.09) |
| Distributions from net realized gain | (.08) | (.14)B | (.19) | (.36) | (.29) | (.14) |
| Total distributions | (.11)C | (.27) | (.34) | (.50) | (.38) | (.23) |
| Net asset value, end of period | $11.19 | $10.93 | $10.62 | $11.06 | $11.19 | $11.20 |
| Total ReturnD,E,F | 3.44% | 5.56% | (.93)% | 3.39% | 3.40% | 4.35% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .81%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .81%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .81%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .67%I | 1.22% | 1.38% | 1.23% | .85% | .83% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $38,127 | $38,513 | $42,887 | $47,804 | $53,019 | $53,734 |
| Portfolio turnover rateG | 19%I | 38% | 30% | 38% | 36% | 17% |
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 Total distributions of $.11 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $.077 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.
Fidelity Advisor Freedom Income Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.91 | $10.61 | $11.04 | $11.17 | $11.18 | $10.96 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .08 | .09 | .08 | .04 | .04 |
| Net realized and unrealized gain (loss) | .33 | .44 | (.24) | .24 | .28 | .36 |
| Total from investment operations | .34 | .52 | (.15) | .32 | .32 | .40 |
| Distributions from net investment income | (.01) | (.08)B | (.10) | (.09) | (.04) | (.04) |
| Distributions from net realized gain | (.08) | (.14)B | (.19) | (.36) | (.29) | (.14) |
| Total distributions | (.08)C | (.22) | (.28)D | (.45) | (.33) | (.18) |
| Net asset value, end of period | $11.17 | $10.91 | $10.61 | $11.04 | $11.17 | $11.18 |
| Total ReturnE,F,G | 3.17% | 4.99% | (1.35)% | 2.90% | 2.89% | 3.70% |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | 1.31%J | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.31%J | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.31%J | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .17%J | .72% | .88% | .73% | .35% | .33% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $14,077 | $14,434 | $14,712 | $15,780 | $15,735 | $16,606 |
| Portfolio turnover rateH | 19%J | 38% | 30% | 38% | 36% | 17% |
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 Total distributions of $.08 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.077 per share.
D 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.
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 Total returns do not include the effect of the contingent deferred sales charge.
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.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom Income Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.98 | $10.67 | $11.10 | $11.23 | $11.23 | $11.00 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .19 | .20 | .19 | .15 | .15 |
| Net realized and unrealized gain (loss) | .34 | .45 | (.24) | .24 | .29 | .37 |
| Total from investment operations | .40 | .64 | (.04) | .43 | .44 | .52 |
| Distributions from net investment income | (.06) | (.19)B | (.20) | (.19) | (.15) | (.14) |
| Distributions from net realized gain | (.08) | (.14)B | (.19) | (.36) | (.29) | (.14) |
| Total distributions | (.14) | (.33) | (.39) | (.56)C | (.44) | (.29)D |
| Net asset value, end of period | $11.24 | $10.98 | $10.67 | $11.10 | $11.23 | $11.23 |
| Total ReturnE,F | 3.67% | 6.07% | (.34)% | 3.89% | 3.98% | 4.75% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .31%I | - %J | - %J | - %J | - %J | - %J |
| Expenses net of fee waivers, if any | .31%I | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .31%I | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.17%I | 1.72% | 1.88% | 1.73% | 1.35% | 1.33% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $81,087 | $81,839 | $83,497 | $83,253 | $71,933 | $77,976 |
| Portfolio turnover rateG | 19%I | 38% | 30% | 38% | 36% | 17% |
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 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.
D 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.
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 Annualized
J Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom Income Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.09 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .12 |
| Total from investment operations | .19 |
| Distributions from net investment income | (.04) |
| Distributions from net realized gain | – |
| Total distributions | (.04) |
| Net asset value, end of period | $11.24 |
| Total ReturnC,D | 1.69% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .37%G |
| Expenses net of fee waivers, if any | .37%G |
| Expenses net of all reductions | .37%G |
| Net investment income (loss) | 1.93%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $620 |
| Portfolio turnover rateE | 19%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 33.7 | 33.7 |
| Fidelity Series Government Money Market Fund 1.09% | 16.5 | 16.0 |
| Fidelity Advisor Series Short-Term Credit Fund | 4.9 | 5.1 |
| Fidelity Series Emerging Markets Fund | 4.9 | 5.7 |
| Fidelity Advisor Series Growth & Income Fund | 4.1 | 3.0 |
| Fidelity Series International Value Fund | 3.9 | 3.8 |
| Fidelity Series International Growth Fund | 3.7 | 3.8 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.1 | 3.3 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 2.7 | 2.9 |
| Fidelity Advisor Series Equity Value Fund | 2.6 | 4.4 |
| | 80.1 | 81.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 23.1% |
| | International Equity Funds | 13.8% |
| | Bond Funds | 41.8% |
| | Short-Term Funds | 21.4% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 24.6% |
| | International Equity Funds | 14.2% |
| | Bond Funds | 40.1% |
| | Short-Term Funds | 21.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2005 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 23.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 320,101 | $4,667,068 |
| Fidelity Advisor Series Equity Value Fund (a) | | 405,857 | 5,442,537 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 575,679 | 8,623,665 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 228,902 | 3,005,482 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 231,106 | 4,282,399 |
| Fidelity Advisor Series Small Cap Fund (a) | | 190,262 | 2,340,224 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 413,526 | 5,570,190 |
| Fidelity Series 100 Index Fund (a) | | 144,495 | 2,394,282 |
| Fidelity Series 1000 Value Index Fund (a) | | 73,401 | 921,918 |
| Fidelity Series All-Sector Equity Fund (a) | | 240,844 | 3,220,082 |
| Fidelity Series Commodity Strategy Fund (a) | | 801,836 | 4,193,604 |
| Fidelity Series Real Estate Equity Fund (a) | | 41,475 | 535,436 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 201,730 | 2,820,185 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $36,087,774) | | | 48,017,072 |
|
| International Equity Funds - 13.8% | | | |
| Fidelity Series Canada Fund (a) | | 75,610 | 804,487 |
| Fidelity Series Emerging Markets Fund (a) | | 493,611 | 10,168,393 |
| Fidelity Series International Growth Fund (a) | | 493,538 | 7,842,326 |
| Fidelity Series International Small Cap Fund (a) | | 106,802 | 1,912,816 |
| Fidelity Series International Value Fund (a) | | 750,015 | 8,077,662 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $20,281,078) | | | 28,805,684 |
|
| Bond Funds - 41.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 153,606 | 1,606,717 |
| Fidelity Series Floating Rate High Income Fund (a) | | 53,400 | 506,770 |
| Fidelity Series High Income Fund (a) | | 321,232 | 3,132,008 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 662,573 | 6,552,844 |
| Fidelity Series International Credit Fund (a) | | 10,454 | 105,063 |
| Fidelity Series Investment Grade Bond Fund (a) | | 6,209,616 | 70,230,755 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 450,399 | 3,959,003 |
| Fidelity Series Real Estate Income Fund (a) | | 91,051 | 1,017,043 |
| TOTAL BOND FUNDS | | | |
| (Cost $84,982,152) | | | 87,110,203 |
|
| Short-Term Funds - 21.4% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 1,021,439 | 10,214,390 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 34,413,831 | 34,413,831 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $44,609,072) | | | 44,628,221 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $185,960,076) | | | 208,561,180 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (126,355) |
| NET ASSETS - 100% | | | $208,434,825 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $5,113,587 | $151,352 | $1,302,736 | $-- | $309,429 | $395,436 | $4,667,068 |
| Fidelity Advisor Series Equity Value Fund | 9,212,567 | 276,287 | 4,179,094(a) | 71,824 | 631,883 | (499,106) | 5,442,537 |
| Fidelity Advisor Series Growth & Income Fund | 6,355,742 | 3,110,765(a) | 1,072,276 | 26,896 | 42,032 | 187,402 | 8,623,665 |
| Fidelity Advisor Series Growth Opportunities Fund | 3,356,221 | 95,151 | 853,568 | -- | 149,114 | 258,564 | 3,005,482 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4,750,821 | 140,758 | 1,182,517 | -- | 449,633 | 123,704 | 4,282,399 |
| Fidelity Advisor Series Short-Term Credit Fund | 10,744,581 | 440,202 | 991,883 | 83,244 | (110) | 21,600 | 10,214,390 |
| Fidelity Advisor Series Small Cap Fund | 2,572,982 | 72,678 | 490,297 | -- | 59,099 | 125,762 | 2,340,224 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 6,133,876 | 174,165 | 965,146 | -- | 171,852 | 55,443 | 5,570,190 |
| Fidelity Series 100 Index Fund | 2,632,246 | 74,748 | 492,285 | -- | 111,588 | 67,985 | 2,394,282 |
| Fidelity Series 1000 Value Index Fund | 1,020,866 | 28,971 | 169,320 | -- | 25,054 | 16,347 | 921,918 |
| Fidelity Series All-Sector Equity Fund | 3,570,349 | 101,429 | 706,789 | -- | 101,598 | 153,495 | 3,220,082 |
| Fidelity Series Canada Fund | -- | 796,588 | 3,583 | -- | 23 | 11,459 | 804,487 |
| Fidelity Series Commodity Strategy Fund | 3,530,818 | 1,009,031 | 332,066 | 6,451 | (129,784) | 115,605 | 4,193,604 |
| Fidelity Series Emerging Markets Debt Fund | 1,593,475 | 88,094 | 110,437 | 48,359 | 1,003 | 34,582 | 1,606,717 |
| Fidelity Series Emerging Markets Fund | 12,120,840 | 352,712 | 4,060,425 | -- | 612,670 | 1,142,596 | 10,168,393 |
| Fidelity Series Floating Rate High Income Fund | 526,149 | 28,257 | 46,015 | 11,703 | (1,532) | (89) | 506,770 |
| Fidelity Series Government Money Market Fund 1.09% | 33,687,414 | 3,532,864 | 2,806,447 | 152,778 | -- | -- | 34,413,831 |
| Fidelity Series High Income Fund | 3,176,907 | 185,579 | 276,092 | 86,251 | (4,635) | 50,249 | 3,132,008 |
| Fidelity Series Inflation-Protected Bond Index Fund | 6,934,016 | 228,283 | 623,959 | 3,812 | (14,852) | 29,356 | 6,552,844 |
| Fidelity Series International Credit Fund | -- | 104,540 | -- | -- | -- | 523 | 105,063 |
| Fidelity Series International Growth Fund | 7,950,969 | 255,733 | 1,406,639 | -- | 243,009 | 799,254 | 7,842,326 |
| Fidelity Series International Small Cap Fund | 1,809,980 | 59,543 | 249,341 | -- | 31,309 | 261,325 | 1,912,816 |
| Fidelity Series International Value Fund | 7,971,369 | 354,345 | 1,100,879 | -- | 83,333 | 769,494 | 8,077,662 |
| Fidelity Series Investment Grade Bond Fund | 71,039,111 | 4,174,438 | 5,928,809 | 873,226 | 8,915 | 937,100 | 70,230,755 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 68,945 | 3,978,571 | 73,501 | 15,928 | (3,971) | (11,041) | 3,959,003 |
| Fidelity Series Real Estate Equity Fund | 608,427 | 31,663 | 101,441 | 4,638 | 9,659 | (12,872) | 535,436 |
| Fidelity Series Real Estate Income Fund | 1,032,613 | 64,230 | 86,601 | 25,370 | 4,018 | 2,783 | 1,017,043 |
| Fidelity Series Small Cap Opportunities Fund | 3,083,854 | 288,730 | 508,587 | 5,271 | 145,699 | (189,511) | 2,820,185 |
| Total | $210,598,725 | $20,199,707 | $30,120,733 | $1,415,751 | $3,036,036 | $4,847,445 | $208,561,180 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $185,960,076) — See accompanying schedule | | $208,561,180 |
| Cash | | 9 |
| Receivable for investments sold | | 369,105 |
| Receivable for fund shares sold | | 147,738 |
| Total assets | | 209,078,032 |
| Liabilities | | |
| Payable for investments purchased | $14 | |
| Payable for fund shares redeemed | 517,033 | |
| Accrued management fee | 85,687 | |
| Distribution and service plan fees payable | 40,473 | |
| Total liabilities | | 643,207 |
| Net Assets | | $208,434,825 |
| Net Assets consist of: | | |
| Paid in capital | | $182,130,301 |
| Undistributed net investment income | | 801,622 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,901,798 |
| Net unrealized appreciation (depreciation) on investments | | 22,601,104 |
| Net Assets | | $208,434,825 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($116,187,426 ÷ 9,522,091 shares) | | $12.20 |
| Maximum offering price per share (100/94.25 of $12.20) | | $12.94 |
| Class M: | | |
| Net Asset Value and redemption price per share ($27,367,395 ÷ 2,246,458 shares) | | $12.18 |
| Maximum offering price per share (100/96.50 of $12.18) | | $12.62 |
| Class C: | | |
| Net Asset Value and offering price per share ($5,658,843 ÷ 465,516 shares)(a) | | $12.16 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($59,113,854 ÷ 4,809,593 shares) | | $12.29 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($107,307 ÷ 8,728 shares) | | $12.29 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $1,415,751 |
| Expenses | | |
| Management fee | $341,380 | |
| Distribution and service plan fees | 242,824 | |
| Independent trustees' fees and expenses | 382 | |
| Total expenses before reductions | 584,586 | |
| Expense reductions | (138) | 584,448 |
| Net investment income (loss) | | 831,303 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 3,036,036 | |
| Capital gain distributions from underlying funds | 447,338 | |
| Total net realized gain (loss) | | 3,483,374 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 4,847,445 |
| Net gain (loss) | | 8,330,819 |
| Net increase (decrease) in net assets resulting from operations | | $9,162,122 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $831,303 | $3,297,866 |
| Net realized gain (loss) | 3,483,374 | 4,204,099 |
| Change in net unrealized appreciation (depreciation) | 4,847,445 | 8,708,121 |
| Net increase (decrease) in net assets resulting from operations | 9,162,122 | 16,210,086 |
| Distributions to shareholders from net investment income | (447,746) | (3,541,599) |
| Distributions to shareholders from net realized gain | (2,366,033) | (4,945,386) |
| Total distributions | (2,813,779) | (8,486,985) |
| Share transactions - net increase (decrease) | (8,471,216) | (28,749,623) |
| Total increase (decrease) in net assets | (2,122,873) | (21,026,522) |
| Net Assets | | |
| Beginning of period | 210,557,698 | 231,584,220 |
| End of period | $208,434,825 | $210,557,698 |
| Other Information | | |
| Undistributed net investment income end of period | $801,622 | $418,065 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2005 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.84 | $11.44 | $12.10 | $12.17 | $11.90 | $11.45 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .17 | .19 | .19 | .13 | .13 |
| Net realized and unrealized gain (loss) | .47 | .67 | (.34) | .36 | .57 | .53 |
| Total from investment operations | .52 | .84 | (.15) | .55 | .70 | .66 |
| Distributions from net investment income | (.03) | (.19)B | (.20) | (.19) | (.12) | (.13) |
| Distributions from net realized gain | (.14) | (.25)B | (.32) | (.42) | (.31) | (.07) |
| Total distributions | (.16)C | (.44) | (.51)D | (.62)E | (.43) | (.21)F |
| Net asset value, end of period | $12.20 | $11.84 | $11.44 | $12.10 | $12.17 | $11.90 |
| Total ReturnG,H,I | 4.43% | 7.55% | (1.23)% | 4.60% | 5.98% | 5.79% |
| Ratios to Average Net AssetsJ,K | | | | | | |
| Expenses before reductions | .58%L | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .58%L | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .58%L | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .78%L | 1.46% | 1.62% | 1.54% | 1.10% | 1.16% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $116,187 | $118,902 | $134,262 | $162,069 | $187,224 | $204,418 |
| Portfolio turnover rateJ | 19%L | 32% | 30% | 29% | 49% | 23% |
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 Total distributions of $.16 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.135 per share.
D 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.
E 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.
F 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.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Total returns do not include the effect of the sales charges.
J Amounts do not include the activity of the Underlying Funds.
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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.
L Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2005 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.83 | $11.43 | $12.09 | $12.16 | $11.90 | $11.45 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .14 | .16 | .16 | .10 | .11 |
| Net realized and unrealized gain (loss) | .47 | .67 | (.33) | .35 | .57 | .52 |
| Total from investment operations | .50 | .81 | (.17) | .51 | .67 | .63 |
| Distributions from net investment income | (.02) | (.16)B | (.17) | (.16) | (.10) | (.11) |
| Distributions from net realized gain | (.14) | (.25)B | (.32) | (.42) | (.31) | (.07) |
| Total distributions | (.15)C | (.41) | (.49) | (.58) | (.41) | (.18) |
| Net asset value, end of period | $12.18 | $11.83 | $11.43 | $12.09 | $12.16 | $11.90 |
| Total ReturnD,E,F | 4.28% | 7.29% | (1.45)% | 4.33% | 5.68% | 5.56% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .83%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .83%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .83%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .53%I | 1.21% | 1.37% | 1.29% | .85% | .91% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $27,367 | $27,091 | $29,347 | $29,246 | $29,912 | $26,201 |
| Portfolio turnover rateG | 19%I | 32% | 30% | 29% | 49% | 23% |
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 Total distributions of $.15 per share is comprised of distributions from net investment income of $.017 and distributions from net realized gain of $.135 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.
Fidelity Advisor Freedom 2005 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.81 | $11.41 | $12.06 | $12.14 | $11.87 | $11.42 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | – | .08 | .10 | .10 | .04 | .05 |
| Net realized and unrealized gain (loss) | .49 | .67 | (.33) | .34 | .58 | .52 |
| Total from investment operations | .49 | .75 | (.23) | .44 | .62 | .57 |
| Distributions from net investment income | – | (.10)B | (.10) | (.10) | (.04) | (.05) |
| Distributions from net realized gain | (.14) | (.25)B | (.32) | (.42) | (.31) | (.07) |
| Total distributions | (.14) | (.35) | (.42) | (.52) | (.35) | (.12) |
| Net asset value, end of period | $12.16 | $11.81 | $11.41 | $12.06 | $12.14 | $11.87 |
| Total ReturnC,D,E | 4.14% | 6.75% | (1.98)% | 3.73% | 5.28% | 5.01% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.33%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.33%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.33%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .03%H | .71% | .87% | .79% | .35% | .41% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $5,659 | $5,623 | $6,200 | $7,410 | $8,910 | $8,118 |
| Portfolio turnover rateF | 19%H | 32% | 30% | 29% | 49% | 23% |
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 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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2005 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.92 | $11.51 | $12.18 | $12.25 | $11.97 | $11.51 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .20 | .22 | .22 | .16 | .16 |
| Net realized and unrealized gain (loss) | .48 | .68 | (.34) | .36 | .58 | .53 |
| Total from investment operations | .54 | .88 | (.12) | .58 | .74 | .69 |
| Distributions from net investment income | (.03) | (.22)B | (.23) | (.23) | (.15) | (.16) |
| Distributions from net realized gain | (.14) | (.25)B | (.32) | (.42) | (.31) | (.07) |
| Total distributions | (.17) | (.47) | (.55) | (.65) | (.46) | (.23) |
| Net asset value, end of period | $12.29 | $11.92 | $11.51 | $12.18 | $12.25 | $11.97 |
| Total ReturnC,D | 4.56% | 7.87% | (1.04)% | 4.85% | 6.29% | 6.11% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .33%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .33%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .33%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.03%G | 1.71% | 1.87% | 1.79% | 1.35% | 1.41% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $59,114 | $58,940 | $61,440 | $66,255 | $67,435 | $70,364 |
| Portfolio turnover rateE | 19%G | 32% | 30% | 29% | 49% | 23% |
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 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 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 Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2005 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.04 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .18 |
| Total from investment operations | .25 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.29 |
| Total ReturnC,D | 2.08% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .38%G |
| Expenses net of fee waivers, if any | .38%G |
| Expenses net of all reductions | .38%G |
| Net investment income (loss) | 1.73%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $107 |
| Portfolio turnover rateE | 19%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 30.2 | 30.3 |
| Fidelity Series Government Money Market Fund 1.09% | 12.8 | 12.2 |
| Fidelity Series Emerging Markets Fund | 5.8 | 6.6 |
| Fidelity Advisor Series Growth & Income Fund | 5.3 | 3.8 |
| Fidelity Series International Value Fund | 4.7 | 4.7 |
| Fidelity Series International Growth Fund | 4.6 | 4.7 |
| Fidelity Advisor Series Short-Term Credit Fund | 3.7 | 3.9 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.5 | 3.7 |
| Fidelity Advisor Series Equity Value Fund | 3.4 | 5.6 |
| Fidelity Advisor Series Equity Growth Fund | 2.9 | 3.1 |
| | 76.9 | 78.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 29.2% |
| | International Equity Funds | 16.7% |
| | Bond Funds | 37.7% |
| | Short-Term Funds | 16.5% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 30.8% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.0% |
| | Short-Term Funds | 16.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2010 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 29.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 996,031 | $14,522,126 |
| Fidelity Advisor Series Equity Value Fund (a) | | 1,263,050 | 16,937,506 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 1,791,419 | 26,835,450 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 712,283 | 9,352,276 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 719,092 | 13,324,769 |
| Fidelity Advisor Series Small Cap Fund (a) | | 592,131 | 7,283,205 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 1,286,867 | 17,334,098 |
| Fidelity Series 100 Index Fund (a) | | 449,620 | 7,450,211 |
| Fidelity Series 1000 Value Index Fund (a) | | 228,399 | 2,868,697 |
| Fidelity Series All-Sector Equity Fund (a) | | 749,497 | 10,020,777 |
| Fidelity Series Commodity Strategy Fund (a) | | 1,920,322 | 10,043,282 |
| Fidelity Series Real Estate Equity Fund (a) | | 129,065 | 1,666,232 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 627,721 | 8,775,534 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $110,203,844) | | | 146,414,163 |
|
| International Equity Funds - 16.7% | | | |
| Fidelity Series Canada Fund (a) | | 222,216 | 2,364,383 |
| Fidelity Series Emerging Markets Fund (a) | | 1,399,703 | 28,833,885 |
| Fidelity Series International Growth Fund (a) | | 1,456,203 | 23,139,070 |
| Fidelity Series International Small Cap Fund (a) | | 314,719 | 5,636,617 |
| Fidelity Series International Value Fund (a) | | 2,207,784 | 23,777,832 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $59,912,128) | | | 83,751,787 |
|
| Bond Funds - 37.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 369,401 | 3,863,933 |
| Fidelity Series Floating Rate High Income Fund (a) | | 127,520 | 1,210,167 |
| Fidelity Series High Income Fund (a) | | 770,604 | 7,513,388 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,272,482 | 12,584,843 |
| Fidelity Series International Credit Fund (a) | | 25,123 | 252,491 |
| Fidelity Series Investment Grade Bond Fund (a) | | 13,393,283 | 151,478,026 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 1,086,008 | 9,546,012 |
| Fidelity Series Real Estate Income Fund (a) | | 217,705 | 2,431,770 |
| TOTAL BOND FUNDS | | | |
| (Cost $183,702,377) | | | 188,880,630 |
|
| Short-Term Funds - 16.5% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 1,859,731 | 18,597,309 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 63,805,218 | 63,805,218 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $82,377,091) | | | 82,402,527 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $436,195,440) | | | 501,449,107 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (353,177) |
| NET ASSETS - 100% | | | $501,095,930 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $15,656,078 | $324,720 | $3,630,673 | $-- | $891,804 | $1,280,197 | $14,522,126 |
| Fidelity Advisor Series Equity Value Fund | 28,203,890 | 627,637 | 12,310,571(a) | 222,473 | 2,850,360 | (2,433,810) | 16,937,506 |
| Fidelity Advisor Series Growth & Income Fund | 19,458,116 | 9,504,196(a) | 2,838,810 | 83,771 | 109,906 | 602,042 | 26,835,450 |
| Fidelity Advisor Series Growth Opportunities Fund | 10,275,629 | 212,690 | 2,393,758 | -- | 431,234 | 826,481 | 9,352,276 |
| Fidelity Advisor Series Opportunistic Insights Fund | 14,545,452 | 301,817 | 3,286,902 | -- | 1,293,155 | 471,247 | 13,324,769 |
| Fidelity Advisor Series Short-Term Credit Fund | 19,797,584 | 621,095 | 1,860,834 | 152,322 | (177) | 39,641 | 18,597,309 |
| Fidelity Advisor Series Small Cap Fund | 7,871,358 | 162,080 | 1,325,728 | -- | 168,119 | 407,376 | 7,283,205 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 18,778,707 | 389,226 | 2,542,836 | -- | 498,920 | 210,081 | 17,334,098 |
| Fidelity Series 100 Index Fund | 8,059,670 | 167,271 | 1,332,232 | -- | 349,439 | 206,063 | 7,450,211 |
| Fidelity Series 1000 Value Index Fund | 3,126,118 | 64,828 | 450,464 | -- | 68,867 | 59,348 | 2,868,697 |
| Fidelity Series All-Sector Equity Fund | 10,931,420 | 226,481 | 1,924,911 | -- | 302,227 | 485,560 | 10,020,777 |
| Fidelity Series Canada Fund | -- | 2,335,678 | 10,834 | -- | 57 | 39,482 | 2,364,383 |
| Fidelity Series Commodity Strategy Fund | 8,363,369 | 2,521,260 | 807,362 | 15,398 | (200,683) | 166,698 | 10,043,282 |
| Fidelity Series Emerging Markets Debt Fund | 3,863,369 | 184,257 | 269,444 | 116,759 | 2,505 | 83,246 | 3,863,933 |
| Fidelity Series Emerging Markets Fund | 33,634,127 | 707,928 | 10,357,864 | -- | 1,663,012 | 3,186,682 | 28,833,885 |
| Fidelity Series Floating Rate High Income Fund | 1,270,072 | 56,209 | 112,268 | 28,084 | (4,147) | 301 | 1,210,167 |
| Fidelity Series Government Money Market Fund 1.09% | 62,061,398 | 7,002,797 | 5,258,977 | 282,555 | -- | -- | 63,805,218 |
| Fidelity Series High Income Fund | 7,700,215 | 376,694 | 673,608 | 207,949 | (13,984) | 124,071 | 7,513,388 |
| Fidelity Series Inflation-Protected Bond Index Fund | 13,476,555 | 316,696 | 1,234,941 | 7,339 | (24,210) | 50,743 | 12,584,843 |
| Fidelity Series International Credit Fund | -- | 251,235 | -- | -- | -- | 1,256 | 252,491 |
| Fidelity Series International Growth Fund | 23,784,996 | 536,208 | 4,282,715 | -- | 1,220,339 | 1,880,242 | 23,139,070 |
| Fidelity Series International Small Cap Fund | 5,424,288 | 127,409 | 787,119 | -- | 208,181 | 663,858 | 5,636,617 |
| Fidelity Series International Value Fund | 23,846,343 | 691,874 | 3,290,710 | -- | 309,325 | 2,221,000 | 23,777,832 |
| Fidelity Series Investment Grade Bond Fund | 153,919,482 | 8,411,976 | 12,897,441 | 1,887,912 | 18,451 | 2,025,558 | 151,478,026 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 155,146 | 9,648,509 | 221,091 | 34,729 | (8,286) | (28,266) | 9,546,012 |
| Fidelity Series Real Estate Equity Fund | 1,862,474 | 83,025 | 269,480 | 14,325 | 31,112 | (40,899) | 1,666,232 |
| Fidelity Series Real Estate Income Fund | 2,494,077 | 132,046 | 211,161 | 60,894 | 14,266 | 2,542 | 2,431,770 |
| Fidelity Series Small Cap Opportunities Fund | 9,440,735 | 819,022 | 1,352,270 | 16,348 | 378,681 | (510,634) | 8,775,534 |
| Total | $508,000,668 | $46,804,864 | $75,935,004 | $3,130,858 | $10,558,473 | $12,020,106 | $501,449,107 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $436,195,440) — See accompanying schedule | | $501,449,107 |
| Cash | | 1 |
| Receivable for investments sold | | 1,509,279 |
| Receivable for fund shares sold | | 451,248 |
| Total assets | | 503,409,635 |
| Liabilities | | |
| Payable for investments purchased | $3,654 | |
| Payable for fund shares redeemed | 1,975,853 | |
| Accrued management fee | 222,698 | |
| Distribution and service plan fees payable | 111,500 | |
| Total liabilities | | 2,313,705 |
| Net Assets | | $501,095,930 |
| Net Assets consist of: | | |
| Paid in capital | | $423,673,081 |
| Undistributed net investment income | | 1,475,449 |
| Accumulated undistributed net realized gain (loss) on investments | | 10,693,733 |
| Net unrealized appreciation (depreciation) on investments | | 65,253,667 |
| Net Assets | | $501,095,930 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($256,210,252 ÷ 20,106,659 shares) | | $12.74 |
| Maximum offering price per share (100/94.25 of $12.74) | | $13.52 |
| Class M: | | |
| Net Asset Value and redemption price per share ($82,534,744 ÷ 6,503,350 shares) | | $12.69 |
| Maximum offering price per share (100/96.50 of $12.69) | | $13.15 |
| Class C: | | |
| Net Asset Value and offering price per share ($28,312,712 ÷ 2,248,620 shares)(a) | | $12.59 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($133,766,822 ÷ 10,446,097 shares) | | $12.81 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($271,400 ÷ 21,185 shares) | | $12.81 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $3,130,858 |
| Expenses | | |
| Management fee | $890,261 | |
| Distribution and service plan fees | 674,907 | |
| Independent trustees' fees and expenses | 921 | |
| Total expenses before reductions | 1,566,089 | |
| Expense reductions | (334) | 1,565,755 |
| Net investment income (loss) | | 1,565,103 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 10,558,473 | |
| Capital gain distributions from underlying funds | 1,379,950 | |
| Total net realized gain (loss) | | 11,938,423 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 12,020,106 |
| Net gain (loss) | | 23,958,529 |
| Net increase (decrease) in net assets resulting from operations | | $25,523,632 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,565,103 | $7,994,033 |
| Net realized gain (loss) | 11,938,423 | 14,958,776 |
| Change in net unrealized appreciation (depreciation) | 12,020,106 | 24,180,114 |
| Net increase (decrease) in net assets resulting from operations | 25,523,632 | 47,132,923 |
| Distributions to shareholders from net investment income | (1,080,871) | (8,289,234) |
| Distributions to shareholders from net realized gain | (8,427,944) | (16,768,439) |
| Total distributions | (9,508,815) | (25,057,673) |
| Share transactions - net increase (decrease) | (22,802,369) | (109,968,419) |
| Total increase (decrease) in net assets | (6,787,552) | (87,893,169) |
| Net Assets | | |
| Beginning of period | 507,883,482 | 595,776,651 |
| End of period | $501,095,930 | $507,883,482 |
| Other Information | | |
| Undistributed net investment income end of period | $1,475,449 | $991,217 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2010 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.34 | $11.87 | $12.72 | $12.91 | $12.50 | $11.89 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .18 | .20 | .20 | .15 | .16 |
| Net realized and unrealized gain (loss) | .60 | .84 | (.41) | .44 | .82 | .70 |
| Total from investment operations | .64 | 1.02 | (.21) | .64 | .97 | .86 |
| Distributions from net investment income | (.03) | (.19) | (.21) | (.22) | (.14) | (.16) |
| Distributions from net realized gain | (.21) | (.36) | (.44) | (.61) | (.42) | (.09) |
| Total distributions | (.24) | (.55) | (.64)B | (.83) | (.56) | (.25) |
| Net asset value, end of period | $12.74 | $12.34 | $11.87 | $12.72 | $12.91 | $12.50 |
| Total ReturnC,D,E | 5.21% | 8.87% | (1.67)% | 5.08% | 7.86% | 7.33% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .60%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .60%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .60%H | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .64%H | 1.45% | 1.63% | 1.55% | 1.15% | 1.33% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $256,210 | $263,496 | $328,232 | $431,498 | $502,834 | $540,980 |
| Portfolio turnover rateF | 19%H | 26% | 21% | 22% | 39% | 26% |
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 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.
Fidelity Advisor Freedom 2010 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.30 | $11.83 | $12.68 | $12.87 | $12.46 | $11.86 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .14 | .17 | .17 | .11 | .13 |
| Net realized and unrealized gain (loss) | .60 | .85 | (.41) | .43 | .83 | .69 |
| Total from investment operations | .62 | .99 | (.24) | .60 | .94 | .82 |
| Distributions from net investment income | (.02) | (.16) | (.18) | (.18) | (.11) | (.13) |
| Distributions from net realized gain | (.21) | (.36) | (.44) | (.61) | (.42) | (.09) |
| Total distributions | (.23) | (.52) | (.61)B | (.79) | (.53) | (.22) |
| Net asset value, end of period | $12.69 | $12.30 | $11.83 | $12.68 | $12.87 | $12.46 |
| Total ReturnC,D,E | 5.08% | 8.63% | (1.92)% | 4.81% | 7.62% | 6.98% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .85%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .85%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .85%H | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .39%H | 1.20% | 1.38% | 1.30% | .90% | 1.08% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $82,535 | $83,881 | $92,543 | $106,189 | $124,997 | $127,353 |
| Portfolio turnover rateF | 19%H | 26% | 21% | 22% | 39% | 26% |
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 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.
Fidelity Advisor Freedom 2010 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.22 | $11.76 | $12.60 | $12.79 | $12.39 | $11.79 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | .08 | .11 | .10 | .05 | .07 |
| Net realized and unrealized gain (loss) | .59 | .84 | (.40) | .44 | .81 | .69 |
| Total from investment operations | .58 | .92 | (.29) | .54 | .86 | .76 |
| Distributions from net investment income | –B | (.10) | (.11) | (.12) | (.05) | (.07) |
| Distributions from net realized gain | (.21) | (.36) | (.44) | (.61) | (.41) | (.09) |
| Total distributions | (.21) | (.46) | (.55) | (.73) | (.46) | (.16) |
| Net asset value, end of period | $12.59 | $12.22 | $11.76 | $12.60 | $12.79 | $12.39 |
| Total ReturnC,D,E | 4.82% | 8.07% | (2.39)% | 4.33% | 7.04% | 6.49% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.35%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.35%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.35%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.11)%H | .70% | .88% | .80% | .40% | .58% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $28,313 | $29,290 | $30,150 | $34,839 | $36,622 | $38,562 |
| Portfolio turnover rateF | 19%H | 26% | 21% | 22% | 39% | 26% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2010 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.40 | $11.92 | $12.77 | $12.96 | $12.55 | $11.94 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .21 | .23 | .23 | .18 | .19 |
| Net realized and unrealized gain (loss) | .59 | .85 | (.40) | .44 | .82 | .70 |
| Total from investment operations | .65 | 1.06 | (.17) | .67 | 1.00 | .89 |
| Distributions from net investment income | (.04) | (.22) | (.24) | (.25) | (.17) | (.19) |
| Distributions from net realized gain | (.21) | (.36) | (.44) | (.61) | (.42) | (.09) |
| Total distributions | (.24)B | (.58) | (.68) | (.86) | (.59) | (.28) |
| Net asset value, end of period | $12.81 | $12.40 | $11.92 | $12.77 | $12.96 | $12.55 |
| Total ReturnC,D | 5.34% | 9.22% | (1.40)% | 5.34% | 8.10% | 7.56% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .35%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .35%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .35%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .89%G | 1.70% | 1.88% | 1.80% | 1.40% | 1.58% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $133,767 | $131,216 | $143,715 | $158,071 | $191,276 | $197,152 |
| Portfolio turnover rateE | 19%G | 26% | 21% | 22% | 39% | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.24 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $.208 per share.
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 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 Annualized
H Amount represents less than .005% per share.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2010 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.50 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .31 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.81 |
| Total ReturnC,D | 2.48% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .40%G |
| Expenses net of fee waivers, if any | .40%G |
| Expenses net of all reductions | .40%G |
| Net investment income (loss) | 1.96%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $271 |
| Portfolio turnover rateE | 19%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 26.6 | 26.7 |
| Fidelity Series Government Money Market Fund 1.09% | 9.3 | 8.7 |
| Fidelity Advisor Series Growth & Income Fund | 6.6 | 4.7 |
| Fidelity Series Emerging Markets Fund | 6.4 | 7.3 |
| Fidelity Series International Value Fund | 5.6 | 5.6 |
| Fidelity Series International Growth Fund | 5.5 | 5.6 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.2 | 4.5 |
| Fidelity Advisor Series Equity Value Fund | 4.2 | 6.7 |
| Fidelity Advisor Series Equity Growth Fund | 3.6 | 3.8 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3.3 | 3.5 |
| | 75.3 | 77.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 35.5% |
| | International Equity Funds | 19.4% |
| | Bond Funds | 33.3% |
| | Short-Term Funds | 11.9% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 37.1% |
| | International Equity Funds | 19.8% |
| | Bond Funds | 31.6% |
| | Short-Term Funds | 11.5% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2015 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 35.5% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 2,886,974 | $42,092,074 |
| Fidelity Advisor Series Equity Value Fund (a) | | 3,659,842 | 49,078,487 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 5,191,166 | 77,763,674 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 2,064,117 | 27,101,850 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 2,083,893 | 38,614,544 |
| Fidelity Advisor Series Small Cap Fund (a) | | 1,715,650 | 21,102,495 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 3,729,445 | 50,235,629 |
| Fidelity Series 100 Index Fund (a) | | 1,303,057 | 21,591,658 |
| Fidelity Series 1000 Value Index Fund (a) | | 661,856 | 8,312,910 |
| Fidelity Series All-Sector Equity Fund (a) | | 2,171,945 | 29,038,905 |
| Fidelity Series Commodity Strategy Fund (a) | | 4,504,235 | 23,557,149 |
| Fidelity Series Real Estate Equity Fund (a) | | 373,983 | 4,828,119 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 1,818,634 | 25,424,498 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $310,918,052) | | | 418,741,992 |
|
| International Equity Funds - 19.4% | | | |
| Fidelity Series Canada Fund (a) | | 621,003 | 6,607,472 |
| Fidelity Series Emerging Markets Fund (a) | | 3,679,129 | 75,790,047 |
| Fidelity Series International Growth Fund (a) | | 4,072,367 | 64,709,905 |
| Fidelity Series International Small Cap Fund (a) | | 879,920 | 15,759,368 |
| Fidelity Series International Value Fund (a) | | 6,177,771 | 66,534,590 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $161,569,309) | | | 229,401,382 |
|
| Bond Funds - 33.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 849,269 | 8,883,353 |
| Fidelity Series Floating Rate High Income Fund (a) | | 298,127 | 2,829,224 |
| Fidelity Series High Income Fund (a) | | 1,802,402 | 17,573,416 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,088,474 | 20,655,012 |
| Fidelity Series International Credit Fund (a) | | 59,798 | 600,972 |
| Fidelity Series Investment Grade Bond Fund (a) | | 27,741,175 | 313,752,693 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 2,544,861 | 22,369,326 |
| Fidelity Series Real Estate Income Fund (a) | | 513,753 | 5,738,616 |
| TOTAL BOND FUNDS | | | |
| (Cost $381,362,433) | | | 392,402,612 |
|
| Short-Term Funds - 11.9% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 3,100,516 | 31,005,157 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 108,883,430 | 108,883,430 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $139,863,450) | | | 139,888,587 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $993,713,244) | | | 1,180,434,573 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (821,757) |
| NET ASSETS - 100% | | | $1,179,612,816 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $45,524,066 | $547,569 | $10,291,915 | $-- | $2,626,735 | $3,685,619 | $42,092,074 |
| Fidelity Advisor Series Equity Value Fund | 81,815,902 | 1,253,906 | 35,199,779(a) | 648,050 | 5,917,970 | (4,709,512) | 49,078,487 |
| Fidelity Advisor Series Growth & Income Fund | 56,487,336 | 26,966,210(a) | 7,735,525 | 245,320 | 404,048 | 1,641,605 | 77,763,674 |
| Fidelity Advisor Series Growth Opportunities Fund | 29,904,426 | 359,283 | 6,819,596 | -- | 1,277,208 | 2,380,529 | 27,101,850 |
| Fidelity Advisor Series Opportunistic Insights Fund | 42,300,151 | 509,727 | 9,319,918 | -- | 3,808,801 | 1,315,783 | 38,614,544 |
| Fidelity Advisor Series Short-Term Credit Fund | 33,790,894 | 715,831 | 3,569,295 | 256,981 | 536 | 67,191 | 31,005,157 |
| Fidelity Advisor Series Small Cap Fund | 22,747,133 | 261,492 | 3,573,871 | -- | 480,142 | 1,187,599 | 21,102,495 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 54,308,043 | 628,172 | 6,757,577 | -- | 1,414,620 | 642,371 | 50,235,629 |
| Fidelity Series 100 Index Fund | 23,471,812 | 282,626 | 3,779,758 | -- | 947,867 | 669,111 | 21,591,658 |
| Fidelity Series 1000 Value Index Fund | 9,072,554 | 104,566 | 1,235,267 | -- | 200,642 | 170,415 | 8,312,910 |
| Fidelity Series All-Sector Equity Fund | 31,808,427 | 372,744 | 5,431,280 | -- | 780,890 | 1,508,124 | 29,038,905 |
| Fidelity Series Canada Fund | -- | 6,496,444 | 26,615 | -- | 181 | 137,462 | 6,607,472 |
| Fidelity Series Commodity Strategy Fund | 19,730,718 | 6,006,437 | 2,105,521 | 36,129 | (715,139) | 640,654 | 23,557,149 |
| Fidelity Series Emerging Markets Debt Fund | 9,038,148 | 362,552 | 716,404 | 270,844 | 7,977 | 191,080 | 8,883,353 |
| Fidelity Series Emerging Markets Fund | 88,257,284 | 1,087,723 | 26,217,357 | -- | 3,788,545 | 8,873,852 | 75,790,047 |
| Fidelity Series Floating Rate High Income Fund | 3,032,156 | 104,582 | 298,500 | 66,373 | (13,051) | 4,037 | 2,829,224 |
| Fidelity Series Government Money Market Fund 1.09% | 105,863,553 | 13,260,617 | 10,240,740 | 483,320 | -- | -- | 108,883,430 |
| Fidelity Series High Income Fund | 18,383,602 | 720,924 | 1,791,008 | 491,654 | (44,270) | 304,168 | 17,573,416 |
| Fidelity Series Inflation-Protected Bond Index Fund | 22,627,640 | 310,176 | 2,328,283 | 12,153 | (63,454) | 108,933 | 20,655,012 |
| Fidelity Series International Credit Fund | -- | 597,982 | -- | -- | -- | 2,990 | 600,972 |
| Fidelity Series International Growth Fund | 67,875,480 | 869,994 | 12,808,305 | -- | 3,961,793 | 4,810,943 | 64,709,905 |
| Fidelity Series International Small Cap Fund | 15,477,302 | 205,899 | 2,391,686 | -- | 720,666 | 1,747,187 | 15,759,368 |
| Fidelity Series International Value Fund | 68,051,945 | 1,049,974 | 9,709,722 | -- | 966,388 | 6,176,005 | 66,534,590 |
| Fidelity Series Investment Grade Bond Fund | 323,226,746 | 16,675,857 | 30,447,535 | 3,939,927 | 63,832 | 4,233,793 | 313,752,693 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 310,205 | 22,629,116 | 485,203 | 89,571 | (32,152) | (52,640) | 22,369,326 |
| Fidelity Series Real Estate Equity Fund | 5,406,610 | 193,590 | 744,095 | 41,416 | 71,831 | (99,817) | 4,828,119 |
| Fidelity Series Real Estate Income Fund | 5,999,051 | 259,670 | 561,627 | 144,439 | 46,020 | (4,498) | 5,738,616 |
| Fidelity Series Small Cap Opportunities Fund | 27,405,880 | 2,120,943 | 3,712,128 | 47,380 | 1,032,685 | (1,422,882) | 25,424,498 |
| Total | $1,211,917,064 | $104,954,606 | $198,298,510 | $6,773,557 | $27,651,311 | $34,210,102 | $1,180,434,573 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $993,713,244) — See accompanying schedule | | $1,180,434,573 |
| Receivable for investments sold | | 1,918,415 |
| Receivable for fund shares sold | | 1,779,460 |
| Total assets | | 1,184,132,448 |
| Liabilities | | |
| Payable for investments purchased | $106 | |
| Payable for fund shares redeemed | 3,699,683 | |
| Accrued management fee | 565,892 | |
| Distribution and service plan fees payable | 253,951 | |
| Total liabilities | | 4,519,632 |
| Net Assets | | $1,179,612,816 |
| Net Assets consist of: | | |
| Paid in capital | | $960,858,468 |
| Undistributed net investment income | | 2,932,745 |
| Accumulated undistributed net realized gain (loss) on investments | | 29,100,274 |
| Net unrealized appreciation (depreciation) on investments | | 186,721,329 |
| Net Assets | | $1,179,612,816 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($617,092,519 ÷ 47,820,374 shares) | | $12.90 |
| Maximum offering price per share (100/94.25 of $12.90) | | $13.69 |
| Class M: | | |
| Net Asset Value and redemption price per share ($177,311,632 ÷ 13,775,384 shares) | | $12.87 |
| Maximum offering price per share (100/96.50 of $12.87) | | $13.34 |
| Class C: | | |
| Net Asset Value and offering price per share ($61,070,771 ÷ 4,784,006 shares)(a) | | $12.77 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($323,381,380 ÷ 24,843,402 shares) | | $13.02 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($756,514 ÷ 58,094 shares) | | $13.02 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $6,773,557 |
| Expenses | | |
| Management fee | $2,276,883 | |
| Distribution and service plan fees | 1,544,379 | |
| Independent trustees' fees and expenses | 2,189 | |
| Total expenses before reductions | 3,823,451 | |
| Expense reductions | (795) | 3,822,656 |
| Net investment income (loss) | | 2,950,901 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 27,651,311 | |
| Capital gain distributions from underlying funds | 4,003,017 | |
| Total net realized gain (loss) | | 31,654,328 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 34,210,102 |
| Net gain (loss) | | 65,864,430 |
| Net increase (decrease) in net assets resulting from operations | | $68,815,331 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $2,950,901 | $18,746,280 |
| Net realized gain (loss) | 31,654,328 | 34,433,131 |
| Change in net unrealized appreciation (depreciation) | 34,210,102 | 71,901,912 |
| Net increase (decrease) in net assets resulting from operations | 68,815,331 | 125,081,323 |
| Distributions to shareholders from net investment income | (2,367,122) | (19,217,331) |
| Distributions to shareholders from net realized gain | (21,902,972) | (39,746,083) |
| Total distributions | (24,270,094) | (58,963,414) |
| Share transactions - net increase (decrease) | (76,580,360) | (212,702,716) |
| Total increase (decrease) in net assets | (32,035,123) | (146,584,807) |
| Net Assets | | |
| Beginning of period | 1,211,647,939 | 1,358,232,746 |
| End of period | $1,179,612,816 | $1,211,647,939 |
| Other Information | | |
| Undistributed net investment income end of period | $2,932,745 | $2,348,966 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2015 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.43 | $11.81 | $12.70 | $12.87 | $12.47 | $11.85 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .18 | .20 | .20 | .15 | .16 |
| Net realized and unrealized gain (loss) | .69 | .99 | (.45) | .49 | .89 | .71 |
| Total from investment operations | .72 | 1.17 | (.25) | .69 | 1.04 | .87 |
| Distributions from net investment income | (.03) | (.19) | (.21) | (.21) | (.15) | (.16) |
| Distributions from net realized gain | (.23) | (.36) | (.43) | (.64) | (.50) | (.09) |
| Total distributions | (.25)B | (.55) | (.64) | (.86)C | (.64)D | (.25) |
| Net asset value, end of period | $12.90 | $12.43 | $11.81 | $12.70 | $12.87 | $12.47 |
| Total ReturnE,F,G | 5.91% | 10.23% | (2.07)% | 5.51% | 8.54% | 7.45% |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | .63%J | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .63%J | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .63%J | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .50%J | 1.46% | 1.64% | 1.58% | 1.19% | 1.36% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $617,093 | $653,982 | $739,929 | $967,164 | $1,086,606 | $1,181,020 |
| Portfolio turnover rateH | 18%J | 22% | 20% | 21% | 37% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.25 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.229 per share.
C 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.
D 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.
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 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.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2015 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.41 | $11.79 | $12.68 | $12.85 | $12.46 | $11.83 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .15 | .17 | .17 | .12 | .13 |
| Net realized and unrealized gain (loss) | .69 | .99 | (.45) | .48 | .88 | .72 |
| Total from investment operations | .71 | 1.14 | (.28) | .65 | 1.00 | .85 |
| Distributions from net investment income | (.02) | (.16) | (.18) | (.18) | (.11) | (.13) |
| Distributions from net realized gain | (.23) | (.36) | (.43) | (.64) | (.50) | (.09) |
| Total distributions | (.25) | (.52) | (.61) | (.82) | (.61) | (.22) |
| Net asset value, end of period | $12.87 | $12.41 | $11.79 | $12.68 | $12.85 | $12.46 |
| Total ReturnB,C,D | 5.77% | 9.98% | (2.32)% | 5.26% | 8.20% | 7.28% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .88%G | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .88%G | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .88%G | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .25%G | 1.21% | 1.39% | 1.33% | .94% | 1.11% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $177,312 | $178,795 | $190,018 | $208,468 | $226,663 | $227,022 |
| Portfolio turnover rateE | 18%G | 22% | 20% | 21% | 37% | 20% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2015 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.32 | $11.72 | $12.60 | $12.77 | $12.39 | $11.77 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .08 | .11 | .11 | .05 | .07 |
| Net realized and unrealized gain (loss) | .70 | .98 | (.45) | .48 | .88 | .71 |
| Total from investment operations | .68 | 1.06 | (.34) | .59 | .93 | .78 |
| Distributions from net investment income | –B | (.10) | (.11) | (.12) | (.06) | (.07) |
| Distributions from net realized gain | (.23) | (.36) | (.43) | (.64) | (.49) | (.09) |
| Total distributions | (.23) | (.46) | (.54) | (.76) | (.55) | (.16) |
| Net asset value, end of period | $12.77 | $12.32 | $11.72 | $12.60 | $12.77 | $12.39 |
| Total ReturnC,D,E | 5.60% | 9.33% | (2.76)% | 4.75% | 7.65% | 6.70% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.38%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.38%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.38%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.25)%H | .71% | .89% | .83% | .44% | .61% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $61,071 | $61,332 | $63,443 | $72,725 | $75,682 | $72,115 |
| Portfolio turnover rateF | 18%H | 22% | 20% | 21% | 37% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2015 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.53 | $11.90 | $12.79 | $12.96 | $12.56 | $11.93 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .21 | .23 | .24 | .18 | .19 |
| Net realized and unrealized gain (loss) | .70 | 1.00 | (.45) | .48 | .90 | .72 |
| Total from investment operations | .75 | 1.21 | (.22) | .72 | 1.08 | .91 |
| Distributions from net investment income | (.03) | (.22) | (.24) | (.25) | (.18) | (.19) |
| Distributions from net realized gain | (.23) | (.36) | (.43) | (.64) | (.50) | (.09) |
| Total distributions | (.26) | (.58) | (.67) | (.89) | (.68) | (.28) |
| Net asset value, end of period | $13.02 | $12.53 | $11.90 | $12.79 | $12.96 | $12.56 |
| Total ReturnB,C | 6.09% | 10.53% | (1.80)% | 5.74% | 8.75% | 7.74% |
| Ratios to Average Net AssetsD,E | | | | | | |
| Expenses before reductions | .38%F | - %G | - %G | - %G | - %G | - %G |
| Expenses net of fee waivers, if any | .38%F | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .38%F | -% | -% | -% | -% | -% |
| Net investment income (loss) | .75%F | 1.71% | 1.89% | 1.83% | 1.44% | 1.61% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $323,381 | $317,539 | $361,722 | $425,176 | $488,611 | $467,604 |
| Portfolio turnover rateD | 18%F | 22% | 20% | 21% | 37% | 20% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2015 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.66 |
| Income from Investment Operations | |
| Net investment income (loss)B | .10 |
| Net realized and unrealized gain (loss) | .26 |
| Total from investment operations | .36 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.02 |
| Total ReturnC,D | 2.84% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .42%G |
| Expenses net of fee waivers, if any | .42%G |
| Expenses net of all reductions | .42%G |
| Net investment income (loss) | 2.46%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $757 |
| Portfolio turnover rateE | 18%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 24.0 | 24.2 |
| Fidelity Advisor Series Growth & Income Fund | 7.5 | 5.2 |
| Fidelity Series Emerging Markets Fund | 6.9 | 7.8 |
| Fidelity Series Government Money Market Fund 1.09% | 6.9 | 6.6 |
| Fidelity Series International Value Fund | 6.3 | 6.2 |
| Fidelity Series International Growth Fund | 6.1 | 6.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.8 | 5.0 |
| Fidelity Advisor Series Equity Value Fund | 4.7 | 7.6 |
| Fidelity Advisor Series Equity Growth Fund | 4.0 | 4.2 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3.7 | 3.9 |
| | 74.9 | 76.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.9% |
| | International Equity Funds | 21.4% |
| | Bond Funds | 29.9% |
| | Short-Term Funds | 8.9% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 41.4% |
| | International Equity Funds | 21.6% |
| | Bond Funds | 28.3% |
| | Short-Term Funds | 8.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2020 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.9% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 7,073,688 | $103,134,371 |
| Fidelity Advisor Series Equity Value Fund (a) | | 8,942,371 | 119,917,199 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 12,713,625 | 190,450,102 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 5,059,252 | 66,427,978 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 5,106,547 | 94,624,316 |
| Fidelity Advisor Series Small Cap Fund (a) | | 4,201,952 | 51,684,014 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 9,133,069 | 123,022,437 |
| Fidelity Series 100 Index Fund (a) | | 3,193,888 | 52,922,719 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,624,196 | 20,399,903 |
| Fidelity Series All-Sector Equity Fund (a) | | 5,322,621 | 71,163,440 |
| Fidelity Series Commodity Strategy Fund (a) | | 9,716,989 | 50,819,855 |
| Fidelity Series Real Estate Equity Fund (a) | | 915,997 | 11,825,517 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 4,456,686 | 62,304,471 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $763,899,127) | | | 1,018,696,322 |
|
| International Equity Funds - 21.4% | | | |
| Fidelity Series Canada Fund (a) | | 1,496,267 | 15,920,276 |
| Fidelity Series Emerging Markets Fund (a) | | 8,596,585 | 177,089,650 |
| Fidelity Series International Growth Fund (a) | | 9,798,947 | 155,705,263 |
| Fidelity Series International Small Cap Fund (a) | | 2,114,352 | 37,868,036 |
| Fidelity Series International Value Fund (a) | | 14,827,062 | 159,687,455 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $394,844,310) | | | 546,270,680 |
|
| Bond Funds - 29.9% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,794,665 | 18,772,196 |
| Fidelity Series Floating Rate High Income Fund (a) | | 633,862 | 6,015,351 |
| Fidelity Series High Income Fund (a) | | 3,874,726 | 37,778,581 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,655,175 | 26,259,682 |
| Fidelity Series International Credit Fund (a) | | 128,527 | 1,291,696 |
| Fidelity Series Investment Grade Bond Fund (a) | | 54,094,957 | 611,813,964 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 5,410,817 | 47,561,080 |
| Fidelity Series Real Estate Income Fund (a) | | 1,099,754 | 12,284,252 |
| TOTAL BOND FUNDS | | | |
| (Cost $754,388,389) | | | 761,776,802 |
|
| Short-Term Funds - 8.9% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 5,037,456 | 50,374,560 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 176,042,700 | 176,042,700 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $226,375,121) | | | 226,417,260 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $2,139,506,947) | | | 2,553,161,064 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (1,834,163) |
| NET ASSETS - 100% | | | $2,551,326,901 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $107,899,662 | $1,388,488 | $21,360,375 | $-- | $5,408,170 | $9,798,426 | $103,134,371 |
| Fidelity Advisor Series Equity Value Fund | 192,890,348 | 3,542,048 | 79,472,656(a) | 1,555,731 | 7,714,036 | (4,756,577) | 119,917,199 |
| Fidelity Advisor Series Growth & Income Fund | 133,562,727 | 65,560,759(a) | 13,591,451 | 595,046 | 617,064 | 4,301,003 | 190,450,102 |
| Fidelity Advisor Series Growth Opportunities Fund | 70,967,317 | 910,529 | 14,274,653 | -- | 2,670,466 | 6,154,319 | 66,427,978 |
| Fidelity Advisor Series Opportunistic Insights Fund | 100,276,958 | 1,291,281 | 19,272,878 | -- | 7,782,455 | 4,546,500 | 94,624,316 |
| Fidelity Advisor Series Short-Term Credit Fund | 53,699,458 | 1,209,978 | 4,643,148 | 414,850 | 3,212 | 105,060 | 50,374,560 |
| Fidelity Advisor Series Small Cap Fund | 53,446,579 | 742,668 | 6,521,496 | -- | 831,745 | 3,184,518 | 51,684,014 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 128,008,473 | 2,071,058 | 12,065,210 | -- | 1,603,659 | 3,404,457 | 123,022,437 |
| Fidelity Series 100 Index Fund | 55,757,975 | 712,507 | 7,462,351 | -- | 1,764,533 | 2,150,055 | 52,922,719 |
| Fidelity Series 1000 Value Index Fund | 21,451,762 | 276,561 | 2,229,404 | -- | 334,038 | 566,946 | 20,399,903 |
| Fidelity Series All-Sector Equity Fund | 75,469,271 | 965,226 | 10,799,441 | -- | 1,020,978 | 4,507,406 | 71,163,440 |
| Fidelity Series Canada Fund | -- | 15,591,528 | 44,829 | -- | 152 | 373,425 | 15,920,276 |
| Fidelity Series Commodity Strategy Fund | 41,695,481 | 12,922,205 | 3,661,648 | 77,877 | (643,492) | 507,309 | 50,819,855 |
| Fidelity Series Emerging Markets Debt Fund | 18,811,124 | 781,933 | 1,238,918 | 569,694 | 9,859 | 408,198 | 18,772,196 |
| Fidelity Series Emerging Markets Fund | 197,902,416 | 2,473,472 | 52,141,045 | -- | 6,582,068 | 22,272,739 | 177,089,650 |
| Fidelity Series Floating Rate High Income Fund | 6,322,119 | 228,716 | 516,215 | 140,284 | (20,967) | 1,698 | 6,015,351 |
| Fidelity Series Government Money Market Fund 1.09% | 168,214,560 | 21,022,595 | 13,194,455 | 778,823 | -- | -- | 176,042,700 |
| Fidelity Series High Income Fund | 38,742,751 | 1,580,751 | 3,097,293 | 1,050,154 | (67,504) | 619,876 | 37,778,581 |
| Fidelity Series Inflation-Protected Bond Index Fund | 28,153,800 | 422,185 | 2,374,576 | 15,410 | (70,364) | 128,637 | 26,259,682 |
| Fidelity Series International Credit Fund | -- | 1,285,270 | -- | -- | -- | 6,426 | 1,291,696 |
| Fidelity Series International Growth Fund | 159,124,886 | 2,140,365 | 26,315,849 | -- | 6,584,953 | 14,170,908 | 155,705,263 |
| Fidelity Series International Small Cap Fund | 36,182,712 | 497,510 | 4,644,214 | -- | 1,107,027 | 4,725,001 | 37,868,036 |
| Fidelity Series International Value Fund | 159,539,367 | 2,748,330 | 19,533,592 | -- | 1,407,778 | 15,525,572 | 159,687,455 |
| Fidelity Series Investment Grade Bond Fund | 617,537,596 | 33,483,524 | 47,482,020 | 7,633,069 | 171,300 | 8,103,564 | 611,813,964 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 578,556 | 48,090,615 | 929,906 | 188,934 | (57,306) | (120,879) | 47,561,080 |
| Fidelity Series Real Estate Equity Fund | 12,783,544 | 479,245 | 1,365,244 | 100,546 | 45,659 | (117,687) | 11,825,517 |
| Fidelity Series Real Estate Income Fund | 12,602,093 | 567,344 | 971,316 | 308,310 | 69,086 | 17,045 | 12,284,252 |
| Fidelity Series Small Cap Opportunities Fund | 64,799,072 | 5,286,484 | 6,826,706 | 116,014 | 1,176,222 | (2,130,601) | 62,304,471 |
| Total | $2,556,420,607 | $228,273,175 | $376,030,889 | $13,544,742 | $46,044,827 | $98,453,344 | $2,553,161,064 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,139,506,947) — See accompanying schedule | | $2,553,161,064 |
| Receivable for investments sold | | 5,797,991 |
| Receivable for fund shares sold | | 4,548,647 |
| Total assets | | 2,563,507,702 |
| Liabilities | | |
| Payable for investments purchased | $3,633 | |
| Payable for fund shares redeemed | 10,349,132 | |
| Accrued management fee | 1,311,895 | |
| Distribution and service plan fees payable | 516,141 | |
| Total liabilities | | 12,180,801 |
| Net Assets | | $2,551,326,901 |
| Net Assets consist of: | | |
| Paid in capital | | $2,082,735,119 |
| Undistributed net investment income | | 5,210,824 |
| Accumulated undistributed net realized gain (loss) on investments | | 49,726,841 |
| Net unrealized appreciation (depreciation) on investments | | 413,654,117 |
| Net Assets | | $2,551,326,901 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,279,774,506 ÷ 91,934,501 shares) | | $13.92 |
| Maximum offering price per share (100/94.25 of $13.92) | | $14.77 |
| Class M: | | |
| Net Asset Value and redemption price per share ($390,703,879 ÷ 28,094,216 shares) | | $13.91 |
| Maximum offering price per share (100/96.50 of $13.91) | | $14.41 |
| Class C: | | |
| Net Asset Value and offering price per share ($102,816,804 ÷ 7,458,570 shares)(a) | | $13.79 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($776,885,067 ÷ 55,340,422 shares) | | $14.04 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($1,146,645 ÷ 81,637 shares) | | $14.05 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $13,544,742 |
| Expenses | | |
| Management fee | $5,261,917 | |
| Distribution and service plan fees | 3,125,482 | |
| Independent trustees' fees and expenses | 4,669 | |
| Total expenses before reductions | 8,392,068 | |
| Expense reductions | (1,678) | 8,390,390 |
| Net investment income (loss) | | 5,154,352 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 46,044,827 | |
| Capital gain distributions from underlying funds | 9,799,116 | |
| Total net realized gain (loss) | | 55,843,943 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 98,453,344 |
| Net gain (loss) | | 154,297,287 |
| Net increase (decrease) in net assets resulting from operations | | $159,451,639 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,154,352 | $38,750,307 |
| Net realized gain (loss) | 55,843,943 | 56,868,315 |
| Change in net unrealized appreciation (depreciation) | 98,453,344 | 182,559,768 |
| Net increase (decrease) in net assets resulting from operations | 159,451,639 | 278,178,390 |
| Distributions to shareholders from net investment income | (4,451,144) | (38,366,807) |
| Distributions to shareholders from net realized gain | (39,249,087) | (76,567,312) |
| Total distributions | (43,700,231) | (114,934,119) |
| Share transactions - net increase (decrease) | (120,324,780) | (325,620,479) |
| Total increase (decrease) in net assets | (4,573,372) | (162,376,208) |
| Net Assets | | |
| Beginning of period | 2,555,900,273 | 2,718,276,481 |
| End of period | $2,551,326,901 | $2,555,900,273 |
| Other Information | | |
| Undistributed net investment income end of period | $5,210,824 | $4,507,616 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2020 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.31 | $12.51 | $13.44 | $13.54 | $13.05 | $12.35 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .19 | .21 | .22 | .16 | .18 |
| Net realized and unrealized gain (loss) | .81 | 1.16 | (.51) | .55 | 1.04 | .78 |
| Total from investment operations | .84 | 1.35 | (.30) | .77 | 1.20 | .96 |
| Distributions from net investment income | (.02) | (.19) | (.21) | (.23) | (.16) | (.18) |
| Distributions from net realized gain | (.21) | (.36) | (.41) | (.64) | (.55) | (.08) |
| Total distributions | (.23) | (.55) | (.63)B | (.87) | (.71) | (.26) |
| Net asset value, end of period | $13.92 | $13.31 | $12.51 | $13.44 | $13.54 | $13.05 |
| Total ReturnC,D,E | 6.38% | 11.17% | (2.35)% | 5.82% | 9.38% | 7.91% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .66%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .66%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .66%H | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .40%H | 1.46% | 1.62% | 1.59% | 1.22% | 1.44% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,279,775 | $1,315,261 | $1,442,826 | $1,775,399 | $1,910,164 | $1,944,691�� |
| Portfolio turnover rateF | 18%H | 19% | 20% | 21% | 40% | 21% |
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 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.
Fidelity Advisor Freedom 2020 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.30 | $12.51 | $13.44 | $13.54 | $13.05 | $12.34 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .15 | .18 | .18 | .13 | .15 |
| Net realized and unrealized gain (loss) | .82 | 1.16 | (.52) | .55 | 1.03 | .79 |
| Total from investment operations | .83 | 1.31 | (.34) | .73 | 1.16 | .94 |
| Distributions from net investment income | (.02) | (.16) | (.18) | (.19) | (.13) | (.15) |
| Distributions from net realized gain | (.21) | (.36) | (.41) | (.64) | (.55) | (.08) |
| Total distributions | (.22)B | (.52) | (.59) | (.83) | (.67)C | (.23) |
| Net asset value, end of period | $13.91 | $13.30 | $12.51 | $13.44 | $13.54 | $13.05 |
| Total ReturnD,E,F | 6.33% | 10.81% | (2.59)% | 5.56% | 9.11% | 7.72% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .91%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .91%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .91%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .15%I | 1.21% | 1.37% | 1.34% | .97% | 1.19% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $390,704 | $396,330 | $394,406 | $440,674 | $465,828 | $430,153 |
| Portfolio turnover rateG | 18%I | 19% | 20% | 21% | 40% | 21% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.22 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.207 per share.
C 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.
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.
Fidelity Advisor Freedom 2020 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.20 | $12.42 | $13.35 | $13.45 | $12.97 | $12.27 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .09 | .11 | .11 | .06 | .09 |
| Net realized and unrealized gain (loss) | .82 | 1.15 | (.51) | .55 | 1.03 | .78 |
| Total from investment operations | .80 | 1.24 | (.40) | .66 | 1.09 | .87 |
| Distributions from net investment income | – | (.10) | (.12) | (.12) | (.07) | (.08) |
| Distributions from net realized gain | (.21) | (.36) | (.41) | (.64) | (.54) | (.08) |
| Total distributions | (.21) | (.46) | (.53) | (.76) | (.61) | (.17)B |
| Net asset value, end of period | $13.79 | $13.20 | $12.42 | $13.35 | $13.45 | $12.97 |
| Total ReturnC,D,E | 6.09% | 10.26% | (3.11)% | 5.07% | 8.57% | 7.13% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.41%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.41%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.41%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.35)%H | .71% | .87% | .84% | .47% | .69% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $102,817 | $101,268 | $105,128 | $112,535 | $113,194 | $102,576 |
| Portfolio turnover rateF | 18%H | 19% | 20% | 21% | 40% | 21% |
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 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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2020 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.41 | $12.61 | $13.54 | $13.63 | $13.14 | $12.42 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .22 | .24 | .25 | .20 | .21 |
| Net realized and unrealized gain (loss) | .83 | 1.16 | (.51) | .56 | 1.03 | .80 |
| Total from investment operations | .87 | 1.38 | (.27) | .81 | 1.23 | 1.01 |
| Distributions from net investment income | (.03) | (.22) | (.25) | (.26) | (.19) | (.21) |
| Distributions from net realized gain | (.21) | (.36) | (.41) | (.64) | (.55) | (.08) |
| Total distributions | (.24) | (.58) | (.66) | (.90) | (.74) | (.29) |
| Net asset value, end of period | $14.04 | $13.41 | $12.61 | $13.54 | $13.63 | $13.14 |
| Total ReturnB,C | 6.56% | 11.36% | (2.07)% | 6.13% | 9.58% | 8.28% |
| Ratios to Average Net AssetsD,E | | | | | | |
| Expenses before reductions | .41%F | - %G | - %G | - %G | - %G | - %G |
| Expenses net of fee waivers, if any | .41%F | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .41%F | -% | -% | -% | -% | -% |
| Net investment income (loss) | .64%F | 1.71% | 1.87% | 1.84% | 1.47% | 1.69% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $776,885 | $743,042 | $767,908 | $836,880 | $875,979 | $777,288 |
| Portfolio turnover rateD | 18%F | 19% | 20% | 21% | 40% | 21% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2020 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.62 |
| Income from Investment Operations | |
| Net investment income (loss)B | .10 |
| Net realized and unrealized gain (loss) | .33 |
| Total from investment operations | .43 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.05 |
| Total ReturnC,D | 3.16% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .44%G |
| Expenses net of fee waivers, if any | .44%G |
| Expenses net of all reductions | .44%G |
| Net investment income (loss) | 2.40%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,147 |
| Portfolio turnover rateE | 18%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 20.6 | 20.8 |
| Fidelity Advisor Series Growth & Income Fund | 8.3 | 5.8 |
| Fidelity Series Emerging Markets Fund | 7.4 | 8.2 |
| Fidelity Series International Growth Fund | 6.8 | 6.8 |
| Fidelity Series International Value Fund | 6.7 | 6.8 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5.4 | 5.5 |
| Fidelity Advisor Series Equity Value Fund | 5.2 | 8.3 |
| Fidelity Series Government Money Market Fund 1.09% | 5.1 | 4.8 |
| Fidelity Advisor Series Equity Growth Fund | 4.5 | 4.7 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4.1 | 4.4 |
| | 74.1 | 76.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 44.2% |
| | International Equity Funds | 23.2% |
| | Bond Funds | 26.1% |
| | Short-Term Funds | 6.6% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 45.7% |
| | International Equity Funds | 23.4% |
| | Bond Funds | 24.5% |
| | Short-Term Funds | 6.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2025 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 44.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 9,230,329 | $134,578,197 |
| Fidelity Advisor Series Equity Value Fund (a) | | 11,657,757 | 156,330,528 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 16,589,933 | 248,517,204 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 6,603,590 | 86,705,131 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 6,664,625 | 123,495,499 |
| Fidelity Advisor Series Small Cap Fund (a) | | 5,483,913 | 67,452,129 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 11,917,241 | 160,525,242 |
| Fidelity Series 100 Index Fund (a) | | 4,168,872 | 69,078,215 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,121,686 | 26,648,377 |
| Fidelity Series All-Sector Equity Fund (a) | | 6,947,371 | 92,886,352 |
| Fidelity Series Commodity Strategy Fund (a) | | 11,375,130 | 59,491,930 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,201,647 | 15,513,264 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 5,810,757 | 81,234,385 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $992,817,465) | | | 1,322,456,453 |
|
| International Equity Funds - 23.2% | | | |
| Fidelity Series Canada Fund (a) | | 1,914,407 | 20,369,286 |
| Fidelity Series Emerging Markets Fund (a) | | 10,729,223 | 221,021,984 |
| Fidelity Series International Growth Fund (a) | | 12,726,316 | 202,221,166 |
| Fidelity Series International Small Cap Fund (a) | | 2,709,448 | 48,526,205 |
| Fidelity Series International Value Fund (a) | | 18,727,201 | 201,691,960 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $511,715,887) | | | 693,830,601 |
|
| Bond Funds - 26.1% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,073,227 | 21,685,957 |
| Fidelity Series Floating Rate High Income Fund (a) | | 736,531 | 6,989,680 |
| Fidelity Series High Income Fund (a) | | 4,449,109 | 43,378,816 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,336,089 | 23,103,919 |
| Fidelity Series International Credit Fund (a) | | 149,010 | 1,497,553 |
| Fidelity Series Investment Grade Bond Fund (a) | | 54,507,338 | 616,477,988 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 6,310,288 | 55,467,435 |
| Fidelity Series Real Estate Income Fund (a) | | 1,272,802 | 14,217,194 |
| TOTAL BOND FUNDS | | | |
| (Cost $779,878,786) | | | 782,818,542 |
|
| Short-Term Funds - 6.6% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 4,319,545 | 43,195,455 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 153,801,309 | 153,801,309 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $196,963,413) | | | 196,996,764 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $2,481,375,551) | | | 2,996,102,360 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (2,215,476) |
| NET ASSETS - 100% | | | $2,993,886,884 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $135,937,851 | $3,626,505 | $24,440,064 | $-- | $5,664,848 | $13,789,057 | $134,578,197 |
| Fidelity Advisor Series Equity Value Fund | 241,941,961 | 7,040,442 | 96,520,656(a) | 1,984,625 | 7,733,075 | (3,864,294) | 156,330,528 |
| Fidelity Advisor Series Growth & Income Fund | 167,651,187 | 88,460,572(a) | 13,957,845 | 762,518 | 352,502 | 6,010,788 | 248,517,204 |
| Fidelity Advisor Series Growth Opportunities Fund | 89,516,164 | 2,377,455 | 16,486,997 | -- | 2,846,756 | 8,451,753 | 86,705,131 |
| Fidelity Advisor Series Opportunistic Insights Fund | 126,356,944 | 3,373,220 | 21,995,674 | -- | 6,843,444 | 8,917,565 | 123,495,499 |
| Fidelity Advisor Series Short-Term Credit Fund | 44,613,993 | 1,683,190 | 3,191,334 | 350,555 | 1,655 | 87,951 | 43,195,455 |
| Fidelity Advisor Series Small Cap Fund | 67,276,031 | 1,899,782 | 6,912,712 | -- | 736,912 | 4,452,116 | 67,452,129 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 160,603,013 | 4,976,020 | 11,547,680 | -- | 461,895 | 6,031,994 | 160,525,242 |
| Fidelity Series 100 Index Fund | 70,010,948 | 1,863,125 | 7,821,924 | -- | 1,568,402 | 3,457,664 | 69,078,215 |
| Fidelity Series 1000 Value Index Fund | 26,963,429 | 725,682 | 2,208,235 | -- | 244,791 | 922,710 | 26,648,377 |
| Fidelity Series All-Sector Equity Fund | 94,923,840 | 2,524,215 | 11,651,300 | -- | 488,964 | 6,600,633 | 92,886,352 |
| Fidelity Series Canada Fund | -- | 19,881,011 | 34,850 | -- | 39 | 523,086 | 20,369,286 |
| Fidelity Series Commodity Strategy Fund | 47,127,023 | 15,775,852 | 3,277,069 | 90,846 | (536,985) | 403,109 | 59,491,930 |
| Fidelity Series Emerging Markets Debt Fund | 21,226,584 | 1,130,275 | 1,145,879 | 650,780 | 6,001 | 468,976 | 21,685,957 |
| Fidelity Series Emerging Markets Fund | 236,992,530 | 6,209,991 | 57,242,002 | -- | 7,340,733 | 27,720,732 | 221,021,984 |
| Fidelity Series Floating Rate High Income Fund | 7,128,727 | 360,461 | 477,448 | 160,676 | (15,369) | (6,691) | 6,989,680 |
| Fidelity Series Government Money Market Fund 1.09% | 139,740,928 | 23,156,837 | 9,096,456 | 668,011 | -- | -- | 153,801,309 |
| Fidelity Series High Income Fund | 43,229,749 | 2,387,902 | 2,864,694 | 1,189,184 | (36,047) | 661,906 | 43,378,816 |
| Fidelity Series Inflation-Protected Bond Index Fund | 23,930,887 | 652,701 | 1,527,826 | 13,395 | (18,458) | 66,615 | 23,103,919 |
| Fidelity Series International Credit Fund | -- | 1,490,102 | -- | -- | -- | 7,451 | 1,497,553 |
| Fidelity Series International Growth Fund | 197,802,750 | 5,469,727 | 27,145,489 | -- | 5,382,836 | 20,711,342 | 202,221,166 |
| Fidelity Series International Small Cap Fund | 44,955,970 | 1,274,624 | 5,037,009 | -- | 994,711 | 6,337,909 | 48,526,205 |
| Fidelity Series International Value Fund | 198,365,131 | 6,238,526 | 24,232,491 | -- | 1,199,213 | 20,121,581 | 201,691,960 |
| Fidelity Series Investment Grade Bond Fund | 601,868,505 | 43,792,448 | 37,296,051 | 7,573,094 | 184,555 | 7,928,531 | 616,477,988 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 541,162 | 55,960,498 | 818,091 | 222,490 | (45,815) | (170,319) | 55,467,435 |
| Fidelity Series Real Estate Equity Fund | 16,067,822 | 839,046 | 1,294,886 | 129,983 | 16,662 | (115,380) | 15,513,264 |
| Fidelity Series Real Estate Income Fund | 14,185,039 | 836,386 | 898,958 | 353,497 | (43) | 94,770 | 14,217,194 |
| Fidelity Series Small Cap Opportunities Fund | 81,447,702 | 7,923,709 | 6,911,016 | 150,734 | 853,903 | (2,079,913) | 81,234,385 |
| Total | $2,900,405,870 | $311,930,304 | $396,034,636 | $14,300,388 | $42,269,180 | $137,531,642 | $2,996,102,360 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,481,375,551) — See accompanying schedule | | $2,996,102,360 |
| Cash | | 8 |
| Receivable for investments sold | | 4,328,469 |
| Receivable for fund shares sold | | 6,612,818 |
| Total assets | | 3,007,043,655 |
| Liabilities | | |
| Payable for investments purchased | $1,453 | |
| Payable for fund shares redeemed | 10,940,681 | |
| Accrued management fee | 1,639,708 | |
| Distribution and service plan fees payable | 574,929 | |
| Total liabilities | | 13,156,771 |
| Net Assets | | $2,993,886,884 |
| Net Assets consist of: | | |
| Paid in capital | | $2,427,946,368 |
| Undistributed net investment income | | 4,347,611 |
| Accumulated undistributed net realized gain (loss) on investments | | 46,866,096 |
| Net unrealized appreciation (depreciation) on investments | | 514,726,809 |
| Net Assets | | $2,993,886,884 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,496,421,543 ÷ 108,099,888 shares) | | $13.84 |
| Maximum offering price per share (100/94.25 of $13.84) | | $14.68 |
| Class M: | | |
| Net Asset Value and redemption price per share ($433,903,653 ÷ 31,305,935 shares) | | $13.86 |
| Maximum offering price per share (100/96.50 of $13.86) | | $14.36 |
| Class C: | | |
| Net Asset Value and offering price per share ($101,004,554 ÷ 7,412,110 shares)(a) | | $13.63 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($960,465,175 ÷ 68,730,550 shares) | | $13.97 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($2,091,959 ÷ 149,583 shares) | | $13.99 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $14,300,388 |
| Expenses | | |
| Management fee | $6,529,719 | |
| Distribution and service plan fees | 3,455,773 | |
| Independent trustees' fees and expenses | 5,359 | |
| Total expenses before reductions | 9,990,851 | |
| Expense reductions | (1,905) | 9,988,946 |
| Net investment income (loss) | | 4,311,442 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 42,269,180 | |
| Capital gain distributions from underlying funds | 12,663,784 | |
| Total net realized gain (loss) | | 54,932,964 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 137,531,642 |
| Net gain (loss) | | 192,464,606 |
| Net increase (decrease) in net assets resulting from operations | | $196,776,048 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,311,442 | $42,192,800 |
| Net realized gain (loss) | 54,932,964 | 57,817,454 |
| Change in net unrealized appreciation (depreciation) | 137,531,642 | 230,075,430 |
| Net increase (decrease) in net assets resulting from operations | 196,776,048 | 330,085,684 |
| Distributions to shareholders from net investment income | (4,303,944) | (41,339,479) |
| Distributions to shareholders from net realized gain | (41,424,345) | (87,305,041) |
| Total distributions | (45,728,289) | (128,644,520) |
| Share transactions - net increase (decrease) | (56,992,736) | (213,146,163) |
| Total increase (decrease) in net assets | 94,055,023 | (11,704,999) |
| Net Assets | | |
| Beginning of period | 2,899,831,861 | 2,911,536,860 |
| End of period | $2,993,886,884 | $2,899,831,861 |
| Other Information | | |
| Undistributed net investment income end of period | $4,347,611 | $4,340,113 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2025 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.16 | $12.29 | $13.25 | $13.33 | $12.72 | $11.91 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .18 | .19 | .21 | .16 | .18 |
| Net realized and unrealized gain (loss) | .87 | 1.24 | (.54) | .60 | 1.26 | .88 |
| Total from investment operations | .89 | 1.42 | (.35) | .81 | 1.42 | 1.06 |
| Distributions from net investment income | (.02) | (.18) | (.20) | (.22) | (.16) | (.18) |
| Distributions from net realized gain | (.19) | (.37) | (.42) | (.67) | (.66) | (.07) |
| Total distributions | (.21) | (.55) | (.61)B | (.89) | (.81)C | (.25) |
| Net asset value, end of period | $13.84 | $13.16 | $12.29 | $13.25 | $13.33 | $12.72 |
| Total ReturnD,E,F | 6.82% | 12.00% | (2.72)% | 6.26% | 11.54% | 9.00% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .69%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .69%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .69%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .28%I | 1.43% | 1.53% | 1.55% | 1.25% | 1.54% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,496,422 | $1,503,384 | $1,543,665 | $1,853,121 | $1,907,797 | $1,806,028 |
| Portfolio turnover rateH | 21%I | 20% | 24% | 23% | 41% | 22% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2025 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.18 | $12.31 | $13.27 | $13.35 | $12.74 | $11.93 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .15 | .16 | .17 | .13 | .15 |
| Net realized and unrealized gain (loss) | .88 | 1.24 | (.54) | .61 | 1.26 | .88 |
| Total from investment operations | .88 | 1.39 | (.38) | .78 | 1.39 | 1.03 |
| Distributions from net investment income | (.01) | (.15) | (.16) | (.19) | (.13) | (.15) |
| Distributions from net realized gain | (.19) | (.37) | (.42) | (.67) | (.66) | (.07) |
| Total distributions | (.20) | (.52) | (.58) | (.86) | (.78)C | (.22) |
| Net asset value, end of period | $13.86 | $13.18 | $12.31 | $13.27 | $13.35 | $12.74 |
| Total ReturnD,E,F | 6.74% | 11.70% | (2.95)% | 6.00% | 11.27% | 8.74% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .94%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .94%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .94%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .03%I | 1.18% | 1.28% | 1.30% | 1.00% | 1.29% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $433,904 | $418,713 | $399,088 | $405,224 | $387,919 | $324,352 |
| Portfolio turnover rateH | 21%I | 20% | 24% | 23% | 41% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2025 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.98 | $12.14 | $13.09 | $13.19 | $12.60 | $11.80 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .08 | .10 | .11 | .06 | .09 |
| Net realized and unrealized gain (loss) | .86 | 1.23 | (.53) | .59 | 1.25 | .87 |
| Total from investment operations | .83 | 1.31 | (.43) | .70 | 1.31 | .96 |
| Distributions from net investment income | – | (.10) | (.11) | (.12) | (.07) | (.10) |
| Distributions from net realized gain | (.18) | (.37) | (.41) | (.67) | (.65) | (.07) |
| Total distributions | (.18) | (.47) | (.52) | (.80)B | (.72) | (.16)C |
| Net asset value, end of period | $13.63 | $12.98 | $12.14 | $13.09 | $13.19 | $12.60 |
| Total ReturnD,E,F | 6.48% | 11.13% | (3.40)% | 5.42% | 10.71% | 8.23% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | 1.44%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.44%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.44%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.47)%I | .68% | .78% | .80% | .50% | .79% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $101,005 | $97,994 | $91,941 | $94,878 | $89,402 | $74,415 |
| Portfolio turnover rateH | 21%I | 20% | 24% | 23% | 41% | 22% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2025 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.27 | $12.39 | $13.35 | $13.43 | $12.81 | $11.99 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .21 | .23 | .24 | .19 | .22 |
| Net realized and unrealized gain (loss) | .88 | 1.26 | (.54) | .60 | 1.28 | .88 |
| Total from investment operations | .92 | 1.47 | (.31) | .84 | 1.47 | 1.10 |
| Distributions from net investment income | (.03) | (.21) | (.23) | (.25) | (.19) | (.21) |
| Distributions from net realized gain | (.19) | (.37) | (.42) | (.67) | (.66) | (.07) |
| Total distributions | (.22) | (.59)B | (.65) | (.92) | (.85) | (.28) |
| Net asset value, end of period | $13.97 | $13.27 | $12.39 | $13.35 | $13.43 | $12.81 |
| Total ReturnC,D | 6.98% | 12.26% | (2.44)% | 6.48% | 11.81% | 9.29% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .44%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .44%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .44%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .53%G | 1.68% | 1.78% | 1.80% | 1.50% | 1.79% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $960,465 | $879,740 | $870,772 | $838,616 | $846,372 | $686,540 |
| Portfolio turnover rateF | 21%G | 20% | 24% | 23% | 41% | 22% |
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 $.212 and distributions from net realized gain of $.373 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2025 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.53 |
| Income from Investment Operations | |
| Net investment income (loss)B | .12 |
| Net realized and unrealized gain (loss) | .34 |
| Total from investment operations | .46 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.99 |
| Total ReturnC,D | 3.40% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G |
| Expenses net of fee waivers, if any | .45%G |
| Expenses net of all reductions | .45%G |
| Net investment income (loss) | 2.88%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,092 |
| Portfolio turnover rateE | 21%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 12.9 | 12.1 |
| Fidelity Advisor Series Growth & Income Fund | 10.1 | 7.1 |
| Fidelity Series Emerging Markets Fund | 8.3 | 9.1 |
| Fidelity Series International Value Fund | 8.2 | 8.3 |
| Fidelity Series International Growth Fund | 7.9 | 8.3 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 6.5 | 6.8 |
| Fidelity Advisor Series Equity Value Fund | 6.4 | 10.2 |
| Fidelity Advisor Series Equity Growth Fund | 5.5 | 5.7 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.0 | 5.3 |
| Fidelity Series All-Sector Equity Fund | 3.8 | 4.0 |
| | 74.6 | 76.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 53.3% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 18.6% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 55.5% |
| | International Equity Funds | 27.6% |
| | Bond Funds | 15.9% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2030 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 53.3% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 11,007,513 | $160,489,546 |
| Fidelity Advisor Series Equity Value Fund (a) | | 13,882,719 | 186,167,257 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 19,777,585 | 296,268,226 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 7,874,916 | 103,397,641 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 7,947,043 | 147,258,714 |
| Fidelity Advisor Series Small Cap Fund (a) | | 6,537,402 | 80,410,049 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 14,207,575 | 191,376,029 |
| Fidelity Series 100 Index Fund (a) | | 4,971,657 | 82,380,362 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,531,073 | 31,790,271 |
| Fidelity Series All-Sector Equity Fund (a) | | 8,284,374 | 110,762,078 |
| Fidelity Series Commodity Strategy Fund (a) | | 10,434,399 | 54,571,907 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,434,014 | 18,513,124 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,930,291 | 96,885,470 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,182,160,319) | | | 1,560,270,674 |
|
| International Equity Funds - 27.1% | | | |
| Fidelity Series Canada Fund (a) | | 2,223,658 | 23,659,719 |
| Fidelity Series Emerging Markets Fund (a) | | 11,841,438 | 243,933,622 |
| Fidelity Series International Growth Fund (a) | | 14,561,350 | 231,379,850 |
| Fidelity Series International Small Cap Fund (a) | | 3,147,973 | 56,380,201 |
| Fidelity Series International Value Fund (a) | | 22,122,373 | 238,257,954 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $595,083,234) | | | 793,611,346 |
|
| Bond Funds - 18.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,983,319 | 20,745,520 |
| Fidelity Series Floating Rate High Income Fund (a) | | 706,350 | 6,703,259 |
| Fidelity Series High Income Fund (a) | | 4,369,838 | 42,605,919 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,467,768 | 24,406,227 |
| Fidelity Series International Credit Fund (a) | | 146,100 | 1,468,301 |
| Fidelity Series Investment Grade Bond Fund (a) | | 33,289,613 | 376,505,524 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 6,439,737 | 56,605,289 |
| Fidelity Series Real Estate Income Fund (a) | | 1,223,801 | 13,669,852 |
| TOTAL BOND FUNDS | | | |
| (Cost $536,824,247) | | | 542,709,891 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 668,725 | 6,687,250 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 24,054,503 | 24,054,503 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $30,727,764) | | | 30,741,753 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $2,344,795,564) | | | 2,927,333,664 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (2,264,794) |
| NET ASSETS - 100% | | | $2,925,068,870 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $162,260,993 | $4,544,918 | $29,593,120 | $-- | $6,862,997 | $16,413,758 | $160,489,546 |
| Fidelity Advisor Series Equity Value Fund | 287,560,469 | 8,895,041 | 114,904,534(a) | 2,370,743 | 8,491,094 | (3,874,813) | 186,167,257 |
| Fidelity Advisor Series Growth & Income Fund | 199,402,635 | 108,118,537(a) | 18,755,428 | 909,231 | 309,198 | 7,193,284 | 296,268,226 |
| Fidelity Advisor Series Growth Opportunities Fund | 106,995,666 | 2,977,951 | 20,117,021 | -- | 3,488,835 | 10,052,210 | 103,397,641 |
| Fidelity Advisor Series Opportunistic Insights Fund | 150,855,127 | 4,225,580 | 26,673,625 | -- | 5,416,239 | 13,435,393 | 147,258,714 |
| Fidelity Advisor Series Short-Term Credit Fund | 6,975,659 | 285,077 | 587,646 | 54,696 | 960 | 13,200 | 6,687,250 |
| Fidelity Advisor Series Small Cap Fund | 80,012,023 | 2,392,331 | 8,171,410 | -- | 830,755 | 5,346,350 | 80,410,049 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 190,903,298 | 6,626,761 | 13,907,090 | -- | 652,761 | 7,100,299 | 191,376,029 |
| Fidelity Series 100 Index Fund | 83,215,061 | 2,308,908 | 9,146,282 | -- | 1,800,386 | 4,202,289 | 82,380,362 |
| Fidelity Series 1000 Value Index Fund | 32,100,022 | 907,066 | 2,609,584 | -- | 269,829 | 1,122,938 | 31,790,271 |
| Fidelity Series All-Sector Equity Fund | 112,891,828 | 3,127,320 | 13,722,980 | -- | 586,007 | 7,879,903 | 110,762,078 |
| Fidelity Series Canada Fund | -- | 22,961,566 | 45,297 | -- | 20 | 743,430 | 23,659,719 |
| Fidelity Series Commodity Strategy Fund | 44,717,598 | 13,744,357 | 3,732,516 | 83,354 | 9,458 | (166,990) | 54,571,907 |
| Fidelity Series Emerging Markets Debt Fund | 20,427,254 | 1,119,116 | 1,259,250 | 625,777 | 10,189 | 448,211 | 20,745,520 |
| Fidelity Series Emerging Markets Fund | 258,234,751 | 7,137,605 | 59,998,008 | -- | 8,116,298 | 30,442,976 | 243,933,622 |
| Fidelity Series Floating Rate High Income Fund | 6,888,450 | 360,802 | 524,686 | 155,105 | (16,505) | (4,802) | 6,703,259 |
| Fidelity Series Government Money Market Fund 1.09% | 21,881,352 | 3,798,894 | 1,625,743 | 106,397 | -- | -- | 24,054,503 |
| Fidelity Series High Income Fund | 42,727,356 | 2,408,987 | 3,148,121 | 1,174,796 | (45,450) | 663,147 | 42,605,919 |
| Fidelity Series Inflation-Protected Bond Index Fund | 25,360,275 | 672,428 | 1,678,984 | 14,206 | (18,639) | 71,147 | 24,406,227 |
| Fidelity Series International Credit Fund | -- | 1,460,996 | -- | -- | -- | 7,305 | 1,468,301 |
| Fidelity Series International Growth Fund | 232,884,065 | 6,699,159 | 38,810,944 | -- | 7,487,745 | 23,119,825 | 231,379,850 |
| Fidelity Series International Small Cap Fund | 53,210,745 | 1,564,086 | 7,027,135 | -- | 909,565 | 7,722,940 | 56,380,201 |
| Fidelity Series International Value Fund | 233,497,432 | 6,774,029 | 27,020,698 | -- | 884,995 | 24,122,196 | 238,257,954 |
| Fidelity Series Investment Grade Bond Fund | 340,730,927 | 55,844,028 | 24,783,973 | 4,499,573 | (70,961) | 4,785,503 | 376,505,524 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 254,284 | 57,588,713 | 979,914 | 220,714 | (30,383) | (227,411) | 56,605,289 |
| Fidelity Series Real Estate Equity Fund | 19,129,170 | 1,027,731 | 1,528,062 | 155,076 | 20,940 | (136,655) | 18,513,124 |
| Fidelity Series Real Estate Income Fund | 13,733,149 | 831,017 | 987,619 | 341,059 | 19,267 | 74,038 | 13,669,852 |
| Fidelity Series Small Cap Opportunities Fund | 96,962,467 | 9,664,753 | 8,286,298 | 179,816 | 705,223 | (2,160,675) | 96,885,470 |
| Total | $2,823,812,056 | $338,067,757 | $439,625,968 | $10,890,543 | $46,690,823 | $158,388,996 | $2,927,333,664 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,344,795,564) — See accompanying schedule | | $2,927,333,664 |
| Receivable for investments sold | | 5,493,355 |
| Receivable for fund shares sold | | 4,446,682 |
| Total assets | | 2,937,273,701 |
| Liabilities | | |
| Payable for investments purchased | $1,479 | |
| Payable for fund shares redeemed | 9,938,301 | |
| Accrued management fee | 1,702,758 | |
| Distribution and service plan fees payable | 562,293 | |
| Total liabilities | | 12,204,831 |
| Net Assets | | $2,925,068,870 |
| Net Assets consist of: | | |
| Paid in capital | | $2,291,133,953 |
| Undistributed net investment income | | 715,979 |
| Accumulated undistributed net realized gain (loss) on investments | | 50,680,838 |
| Net unrealized appreciation (depreciation) on investments | | 582,538,100 |
| Net Assets | | $2,925,068,870 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,421,324,664 ÷ 94,818,339 shares) | | $14.99 |
| Maximum offering price per share (100/94.25 of $14.99) | | $15.90 |
| Class M: | | |
| Net Asset Value and redemption price per share ($452,191,365 ÷ 30,317,550 shares) | | $14.92 |
| Maximum offering price per share (100/96.50 of $14.92) | | $15.46 |
| Class C: | | |
| Net Asset Value and offering price per share ($97,147,324 ÷ 6,594,122 shares)(a) | | $14.73 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($951,758,140 ÷ 63,075,998 shares) | | $15.09 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($2,647,377 ÷ 175,333 shares) | | $15.10 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $10,890,543 |
| Expenses | | |
| Management fee | $6,795,331 | |
| Distribution and service plan fees | 3,376,647 | |
| Independent trustees' fees and expenses | 5,236 | |
| Total expenses before reductions | 10,177,214 | |
| Expense reductions | (1,856) | 10,175,358 |
| Net investment income (loss) | | 715,185 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 46,690,823 | |
| Capital gain distributions from underlying funds | 15,146,307 | |
| Total net realized gain (loss) | | 61,837,130 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 158,388,996 |
| Net gain (loss) | | 220,226,126 |
| Net increase (decrease) in net assets resulting from operations | | $220,941,311 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $715,185 | $38,114,325 |
| Net realized gain (loss) | 61,837,130 | 60,766,692 |
| Change in net unrealized appreciation (depreciation) | 158,388,996 | 270,994,211 |
| Net increase (decrease) in net assets resulting from operations | 220,941,311 | 369,875,228 |
| Distributions to shareholders from net investment income | (2,044,157) | (37,142,497) |
| Distributions to shareholders from net realized gain | (46,653,514) | (94,852,736) |
| Total distributions | (48,697,671) | (131,995,233) |
| Share transactions - net increase (decrease) | (70,429,490) | (203,746,816) |
| Total increase (decrease) in net assets | 101,814,150 | 34,133,179 |
| Net Assets | | |
| Beginning of period | 2,823,254,720 | 2,789,121,541 |
| End of period | $2,925,068,870 | $2,823,254,720 |
| Other Information | | |
| Undistributed net investment income end of period | $715,979 | $2,044,951 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2030 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.12 | $12.99 | $14.13 | $14.15 | $13.36 | $12.48 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .18 | .19 | .20 | .17 | .20 |
| Net realized and unrealized gain (loss) | 1.11 | 1.57 | (.64) | .70 | 1.47 | .94 |
| Total from investment operations | 1.11 | 1.75 | (.45) | .90 | 1.64 | 1.14 |
| Distributions from net investment income | (.01) | (.18) | (.19) | (.21) | (.18) | (.20) |
| Distributions from net realized gain | (.23) | (.44) | (.50) | (.71) | (.67) | (.06) |
| Total distributions | (.24) | (.62) | (.69) | (.92) | (.85) | (.26) |
| Net asset value, end of period | $14.99 | $14.12 | $12.99 | $14.13 | $14.15 | $13.36 |
| Total ReturnC,D,E | 7.97% | 14.02% | (3.36)% | 6.54% | 12.60% | 9.25% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .72%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .72%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .72%H | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .04%H | 1.34% | 1.39% | 1.42% | 1.24% | 1.58% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,421,325 | $1,414,388 | $1,409,909 | $1,704,036 | $1,777,132 | $1,747,549 |
| Portfolio turnover rateF | 23%H | 18% | 22% | 24% | 53% | 23% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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.
Fidelity Advisor Freedom 2030 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.06 | $12.94 | $14.09 | $14.10 | $13.32 | $12.44 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .15 | .15 | .17 | .14 | .17 |
| Net realized and unrealized gain (loss) | 1.12 | 1.56 | (.64) | .71 | 1.46 | .94 |
| Total from investment operations | 1.10 | 1.71 | (.49) | .88 | 1.60 | 1.11 |
| Distributions from net investment income | –B | (.15) | (.16) | (.18) | (.15) | (.17) |
| Distributions from net realized gain | (.23) | (.44) | (.50) | (.71) | (.67) | (.06) |
| Total distributions | (.24)C | (.59) | (.66) | (.89) | (.82) | (.23) |
| Net asset value, end of period | $14.92 | $14.06 | $12.94 | $14.09 | $14.10 | $13.32 |
| Total ReturnD,E,F | 7.88% | 13.74% | (3.67)% | 6.37% | 12.29% | 9.02% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .97%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .97%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .97%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.22)%I | 1.09% | 1.14% | 1.17% | .99% | 1.33% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $452,191 | $442,505 | $423,312 | $453,137 | $453,944 | $387,102 |
| Portfolio turnover rateG | 23%I | 18% | 22% | 24% | 53% | 23% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.24 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.234 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.
Fidelity Advisor Freedom 2030 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.92 | $12.83 | $13.97 | $14.00 | $13.23 | $12.37 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.05) | .08 | .08 | .09 | .07 | .10 |
| Net realized and unrealized gain (loss) | 1.09 | 1.55 | (.63) | .70 | 1.45 | .93 |
| Total from investment operations | 1.04 | 1.63 | (.55) | .79 | 1.52 | 1.03 |
| Distributions from net investment income | – | (.10) | (.11) | (.12) | (.09) | (.11) |
| Distributions from net realized gain | (.23) | (.44) | (.48) | (.70) | (.66) | (.06) |
| Total distributions | (.23) | (.54) | (.59) | (.82) | (.75) | (.17) |
| Net asset value, end of period | $14.73 | $13.92 | $12.83 | $13.97 | $14.00 | $13.23 |
| Total ReturnB,C,D | 7.52% | 13.21% | (4.10)% | 5.76% | 11.77% | 8.39% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | 1.47%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.47%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.47%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.72)%G | .59% | .64% | .67% | .49% | .83% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $97,147 | $94,517 | $87,691 | $91,154 | $87,867 | $75,384 |
| Portfolio turnover rateE | 23%G | 18% | 22% | 24% | 53% | 23% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2030 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.21 | $13.06 | $14.21 | $14.22 | $13.42 | $12.54 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .21 | .22 | .24 | .20 | .23 |
| Net realized and unrealized gain (loss) | 1.11 | 1.59 | (.65) | .71 | 1.48 | .94 |
| Total from investment operations | 1.13 | 1.80 | (.43) | .95 | 1.68 | 1.17 |
| Distributions from net investment income | (.02) | (.21) | (.23) | (.25) | (.21) | (.23) |
| Distributions from net realized gain | (.23) | (.44) | (.50) | (.71) | (.67) | (.06) |
| Total distributions | (.25) | (.65) | (.72)B | (.96) | (.88) | (.29) |
| Net asset value, end of period | $15.09 | $14.21 | $13.06 | $14.21 | $14.22 | $13.42 |
| Total ReturnC,D | 8.06% | 14.38% | (3.16)% | 6.85% | 12.89% | 9.47% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .47%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .47%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .47%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .28%G | 1.59% | 1.64% | 1.67% | 1.49% | 1.83% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $951,758 | $871,845 | $861,408 | $919,561 | $897,398 | $716,715 |
| Portfolio turnover rateE | 23%G | 18% | 22% | 24% | 53% | 23% |
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 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 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 Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2030 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.53 |
| Income from Investment Operations | |
| Net investment income (loss)B | .12 |
| Net realized and unrealized gain (loss) | .45 |
| Total from investment operations | .57 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $15.10 |
| Total ReturnC,D | 3.92% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .47%G |
| Expenses net of fee waivers, if any | .47%G |
| Expenses net of all reductions | .47%G |
| Net investment income (loss) | 2.67%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,647 |
| Portfolio turnover rateE | 23%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.7 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.3 | 10.0 |
| Fidelity Series International Growth Fund | 9.1 | 9.4 |
| Fidelity Series International Value Fund | 9.1 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 7.7 |
| Fidelity Advisor Series Equity Value Fund | 7.3 | 11.6 |
| Fidelity Advisor Series Equity Growth Fund | 6.3 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.8 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.5 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.3 |
| | 74.6 | 77.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.2% |
| | International Equity Funds | 30.6% |
| | Bond Funds | 7.2% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.1% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 5.0% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2035 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 10,052,873 | $146,570,888 |
| Fidelity Advisor Series Equity Value Fund (a) | | 12,680,052 | 170,039,493 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 18,069,834 | 270,686,119 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 7,191,087 | 94,418,974 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 7,258,042 | 134,491,512 |
| Fidelity Advisor Series Small Cap Fund (a) | | 5,974,369 | 73,484,742 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 12,979,601 | 174,835,224 |
| Fidelity Series 100 Index Fund (a) | | 4,539,233 | 75,215,096 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,303,845 | 28,936,289 |
| Fidelity Series All-Sector Equity Fund (a) | | 7,565,297 | 101,148,020 |
| Fidelity Series Commodity Strategy Fund (a) | | 8,486,486 | 44,384,322 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,301,839 | 16,806,737 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,332,368 | 88,526,504 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,084,823,636) | | | 1,419,543,920 |
|
| International Equity Funds - 30.6% | | | |
| Fidelity Series Canada Fund (a) | | 2,005,012 | 21,333,325 |
| Fidelity Series Emerging Markets Fund (a) | | 10,452,563 | 215,322,804 |
| Fidelity Series International Growth Fund (a) | | 13,338,545 | 211,949,484 |
| Fidelity Series International Small Cap Fund (a) | | 2,837,090 | 50,812,286 |
| Fidelity Series International Value Fund (a) | | 19,610,364 | 211,203,624 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $537,931,625) | | | 710,621,523 |
|
| Bond Funds - 7.2% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,535,886 | 16,065,368 |
| Fidelity Series Floating Rate High Income Fund (a) | | 550,066 | 5,220,122 |
| Fidelity Series High Income Fund (a) | | 3,407,939 | 33,227,409 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,909,402 | 18,883,981 |
| Fidelity Series International Credit Fund (a) | | 115,326 | 1,159,022 |
| Fidelity Series Investment Grade Bond Fund (a) | | 3,389,739 | 38,337,953 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 4,813,850 | 42,313,741 |
| Fidelity Series Real Estate Income Fund (a) | | 957,050 | 10,690,243 |
| TOTAL BOND FUNDS | | | |
| (Cost $163,834,455) | | | 165,897,839 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 532,494 | 5,324,937 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 19,137,450 | 19,137,450 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $24,451,208) | | | 24,462,387 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $1,811,040,924) | | | 2,320,525,669 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (1,862,354) |
| NET ASSETS - 100% | | | $2,318,663,315 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $144,428,250 | $4,438,549 | $23,256,147 | $-- | $5,171,419 | $15,788,817 | $146,570,888 |
| Fidelity Advisor Series Equity Value Fund | 256,602,186 | 8,487,293 | 99,287,786(a) | 2,139,755 | 6,507,765 | (2,269,965) | 170,039,493 |
| Fidelity Advisor Series Growth & Income Fund | 178,291,677 | 101,362,566(a) | 15,733,514 | 818,511 | (28,625) | 6,794,015 | 270,686,119 |
| Fidelity Advisor Series Growth Opportunities Fund | 95,127,138 | 2,910,572 | 15,808,930 | -- | 2,615,857 | 9,574,337 | 94,418,974 |
| Fidelity Advisor Series Opportunistic Insights Fund | 134,253,941 | 4,129,227 | 20,845,144 | -- | 3,453,137 | 13,500,351 | 134,491,512 |
| Fidelity Advisor Series Short-Term Credit Fund | 5,502,922 | 238,094 | 427,204 | 43,340 | 624 | 10,501 | 5,324,937 |
| Fidelity Advisor Series Small Cap Fund | 71,314,504 | 2,184,232 | 5,617,712 | -- | 445,299 | 5,158,419 | 73,484,742 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 170,320,861 | 9,118,695 | 11,621,606 | -- | 83,667 | 6,933,607 | 174,835,224 |
| Fidelity Series 100 Index Fund | 73,936,519 | 2,255,153 | 6,400,738 | -- | 1,033,568 | 4,390,594 | 75,215,096 |
| Fidelity Series 1000 Value Index Fund | 28,635,554 | 972,775 | 1,931,420 | -- | 108,733 | 1,150,647 | 28,936,289 |
| Fidelity Series All-Sector Equity Fund | 100,245,505 | 3,053,907 | 9,775,844 | -- | 411,886 | 7,212,566 | 101,148,020 |
| Fidelity Series Canada Fund | -- | 20,638,187 | 44,361 | -- | 26 | 739,473 | 21,333,325 |
| Fidelity Series Commodity Strategy Fund | 34,645,169 | 12,506,125 | 2,685,207 | 67,820 | (312,953) | 231,188 | 44,384,322 |
| Fidelity Series Emerging Markets Debt Fund | 15,727,504 | 900,379 | 915,446 | 483,052 | 3,535 | 349,396 | 16,065,368 |
| Fidelity Series Emerging Markets Fund | 219,674,149 | 6,426,402 | 43,691,921 | -- | 5,027,123 | 27,887,051 | 215,322,804 |
| Fidelity Series Floating Rate High Income Fund | 5,323,980 | 294,172 | 381,434 | 120,280 | (8,166) | (8,430) | 5,220,122 |
| Fidelity Series Government Money Market Fund 1.09% | 17,248,589 | 3,067,907 | 1,179,046 | 84,057 | -- | -- | 19,137,450 |
| Fidelity Series High Income Fund | 33,080,898 | 1,955,779 | 2,288,611 | 912,421 | (30,092) | 509,435 | 33,227,409 |
| Fidelity Series Inflation-Protected Bond Index Fund | 19,497,504 | 567,408 | 1,220,576 | 10,966 | (10,450) | 50,095 | 18,883,981 |
| Fidelity Series International Credit Fund | -- | 1,153,256 | -- | -- | -- | 5,766 | 1,159,022 |
| Fidelity Series International Growth Fund | 206,512,126 | 6,512,040 | 28,314,199 | -- | 3,600,839 | 23,638,678 | 211,949,484 |
| Fidelity Series International Small Cap Fund | 47,185,097 | 1,517,445 | 5,587,397 | -- | 559,576 | 7,137,565 | 50,812,286 |
| Fidelity Series International Value Fund | 207,054,156 | 7,768,011 | 25,869,846 | -- | 584,990 | 21,666,313 | 211,203,624 |
| Fidelity Series Investment Grade Bond Fund | 26,538,767 | 13,753,002 | 2,353,557 | 418,887 | 5,011 | 394,730 | 38,337,953 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 10,602 | 43,200,138 | 715,753 | 173,077 | (1,832) | (179,414) | 42,313,741 |
| Fidelity Series Real Estate Equity Fund | 17,063,755 | 1,000,861 | 1,146,563 | 139,902 | 6,611 | (117,927) | 16,806,737 |
| Fidelity Series Real Estate Income Fund | 10,663,041 | 673,501 | 717,894 | 266,066 | 92 | 71,503 | 10,690,243 |
| Fidelity Series Small Cap Opportunities Fund | 86,495,781 | 9,178,346 | 5,819,596 | 164,366 | 103,538 | (1,431,565) | 88,526,504 |
| Total | $2,205,380,175 | $270,264,022 | $333,637,452 | $5,842,500 | $29,331,178 | $149,187,746 | $2,320,525,669 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,811,040,924) — See accompanying schedule | | $2,320,525,669 |
| Cash | | 9 |
| Receivable for investments sold | | 4,582,236 |
| Receivable for fund shares sold | | 5,596,467 |
| Total assets | | 2,330,704,381 |
| Liabilities | | |
| Payable for investments purchased | $19,101 | |
| Payable for fund shares redeemed | 10,159,555 | |
| Accrued management fee | 1,429,883 | |
| Distribution and service plan fees payable | 432,527 | |
| Total liabilities | | 12,041,066 |
| Net Assets | | $2,318,663,315 |
| Net Assets consist of: | | |
| Paid in capital | | $1,775,325,119 |
| Accumulated net investment loss | | (2,431,219) |
| Accumulated undistributed net realized gain (loss) on investments | | 36,284,670 |
| Net unrealized appreciation (depreciation) on investments | | 509,484,745 |
| Net Assets | | $2,318,663,315 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,124,006,140 ÷ 77,215,082 shares) | | $14.56 |
| Maximum offering price per share (100/94.25 of $14.56) | | $15.45 |
| Class M: | | |
| Net Asset Value and redemption price per share ($352,164,610 ÷ 24,397,073 shares) | | $14.43 |
| Maximum offering price per share (100/96.50 of $14.43) | | $14.95 |
| Class C: | | |
| Net Asset Value and offering price per share ($65,050,117 ÷ 4,583,915 shares)(a) | | $14.19 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($776,159,200 ÷ 52,915,407 shares) | | $14.67 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($1,283,248 ÷ 87,399 shares) | | $14.68 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $5,842,500 |
| Expenses | | |
| Management fee | $5,684,097 | |
| Distribution and service plan fees | 2,586,965 | |
| Independent trustees' fees and expenses | 4,105 | |
| Total expenses before reductions | 8,275,167 | |
| Expense reductions | (1,448) | 8,273,719 |
| Net investment income (loss) | | (2,431,219) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 29,331,178 | |
| Capital gain distributions from underlying funds | 13,800,626 | |
| Total net realized gain (loss) | | 43,131,804 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 149,187,746 |
| Net gain (loss) | | 192,319,550 |
| Net increase (decrease) in net assets resulting from operations | | $189,888,331 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(2,431,219) | $26,987,601 |
| Net realized gain (loss) | 43,131,804 | 44,125,571 |
| Change in net unrealized appreciation (depreciation) | 149,187,746 | 242,801,866 |
| Net increase (decrease) in net assets resulting from operations | 189,888,331 | 313,915,038 |
| Distributions to shareholders from net investment income | – | (26,994,343) |
| Distributions to shareholders from net realized gain | (37,210,060) | (75,983,090) |
| Total distributions | (37,210,060) | (102,977,433) |
| Share transactions - net increase (decrease) | (38,970,876) | (144,664,464) |
| Total increase (decrease) in net assets | 113,707,395 | 66,273,141 |
| Net Assets | | |
| Beginning of period | 2,204,955,920 | 2,138,682,779 |
| End of period | $2,318,663,315 | $2,204,955,920 |
| Other Information | | |
| Accumulated net investment loss end of period | $(2,431,219) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2035 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.61 | $12.37 | $13.51 | $13.54 | $12.74 | $11.80 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .16 | .16 | .19 | .15 | .18 |
| Net realized and unrealized gain (loss) | 1.20 | 1.68 | (.66) | .71 | 1.59 | .97 |
| Total from investment operations | 1.18 | 1.84 | (.50) | .90 | 1.74 | 1.15 |
| Distributions from net investment income | – | (.16) | (.17) | (.19) | (.15) | (.18) |
| Distributions from net realized gain | (.23) | (.44) | (.47) | (.73) | (.79) | (.04) |
| Total distributions | (.23) | (.60) | (.64) | (.93)B | (.94) | (.21)C |
| Net asset value, end of period | $14.56 | $13.61 | $12.37 | $13.51 | $13.54 | $12.74 |
| Total ReturnD,E,F | 8.76% | 15.51% | (3.92)% | 6.81% | 14.15% | 9.89% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .75%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .75%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .75%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.23)%I | 1.22% | 1.28% | 1.36% | 1.13% | 1.54% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,124,006 | $1,117,175 | $1,094,459 | $1,313,452 | $1,348,500 | $1,258,797 |
| Portfolio turnover rateH | 24%I | 18% | 22% | 25% | 48% | 25% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2035 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.51 | $12.29 | $13.42 | $13.46 | $12.68 | $11.74 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .12 | .13 | .15 | .11 | .15 |
| Net realized and unrealized gain (loss) | 1.17 | 1.68 | (.65) | .71 | 1.58 | .97 |
| Total from investment operations | 1.14 | 1.80 | (.52) | .86 | 1.69 | 1.12 |
| Distributions from net investment income | – | (.14) | (.14) | (.16) | (.12) | (.15) |
| Distributions from net realized gain | (.22) | (.44) | (.46) | (.73) | (.79) | (.04) |
| Total distributions | (.22) | (.58) | (.61)B | (.90)C | (.91) | (.18)D |
| Net asset value, end of period | $14.43 | $13.51 | $12.29 | $13.42 | $13.46 | $12.68 |
| Total ReturnE,F,G | 8.53% | 15.24% | (4.08)% | 6.52% | 13.81% | 9.69% |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | 1.00%J | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.00%J | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.00%J | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.49)%J | .97% | 1.03% | 1.11% | .88% | 1.29% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $352,165 | $336,939 | $299,952 | $303,711 | $276,113 | $216,701 |
| Portfolio turnover rateI | 24%J | 18% | 22% | 25% | 48% | 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 $.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 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 Total returns do not include the effect of the sales charges.
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 Amounts do not include the activity of the Underlying Funds.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2035 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.32 | $12.14 | $13.27 | $13.32 | $12.56 | $11.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.07) | .06 | .07 | .08 | .05 | .09 |
| Net realized and unrealized gain (loss) | 1.16 | 1.65 | (.65) | .70 | 1.56 | .95 |
| Total from investment operations | 1.09 | 1.71 | (.58) | .78 | 1.61 | 1.04 |
| Distributions from net investment income | – | (.09) | (.10) | (.11) | (.07) | (.10) |
| Distributions from net realized gain | (.22) | (.44) | (.45) | (.72) | (.78) | (.04) |
| Total distributions | (.22) | (.53) | (.55) | (.83) | (.85) | (.13)B |
| Net asset value, end of period | $14.19 | $13.32 | $12.14 | $13.27 | $13.32 | $12.56 |
| Total ReturnC,D,E | 8.27% | 14.69% | (4.58)% | 6.01% | 13.27% | 9.04% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.99)%H | .47% | .53% | .61% | .38% | .79% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $65,050 | $61,581 | $54,813 | $56,318 | $51,931 | $43,447 |
| Portfolio turnover rateG | 24%H | 18% | 22% | 25% | 48% | 25% |
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 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 contingent deferred sales charge.
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 Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2035 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.71 | $12.45 | $13.59 | $13.61 | $12.80 | $11.86 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .19 | .20 | .22 | .18 | .21 |
| Net realized and unrealized gain (loss) | 1.20 | 1.70 | (.67) | .72 | 1.60 | .97 |
| Total from investment operations | 1.20 | 1.89 | (.47) | .94 | 1.78 | 1.18 |
| Distributions from net investment income | – | (.19) | (.20) | (.23) | (.18) | (.20) |
| Distributions from net realized gain | (.24) | (.44) | (.47) | (.73) | (.79) | (.04) |
| Total distributions | (.24) | (.63) | (.67) | (.96) | (.97) | (.24) |
| Net asset value, end of period | $14.67 | $13.71 | $12.45 | $13.59 | $13.61 | $12.80 |
| Total ReturnC,D | 8.84% | 15.79% | (3.63)% | 7.11% | 14.44% | 10.10% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .50%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .50%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .01%G | 1.47% | 1.53% | 1.61% | 1.38% | 1.79% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $776,159 | $689,261 | $684,976 | $710,667 | $695,092 | $547,049 |
| Portfolio turnover rateF | 24%G | 18% | 22% | 25% | 48% | 25% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2035 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.07 |
| Income from Investment Operations | |
| Net investment income (loss)B | .13 |
| Net realized and unrealized gain (loss) | .48 |
| Total from investment operations | .61 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.68 |
| Total ReturnC,D | 4.34% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.80%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,283 |
| Portfolio turnover rateE | 24%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.8 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.4 | 9.5 |
| Fidelity Series International Growth Fund | 9.1 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.4 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.3 |
| | 75.7 | 78.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.1% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.8% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.6% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.3% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2040 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 9,270,224 | $135,159,863 |
| Fidelity Advisor Series Equity Value Fund (a) | | 11,689,916 | 156,761,768 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 16,664,796 | 249,638,644 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 6,629,359 | 87,043,490 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 6,692,370 | 124,009,617 |
| Fidelity Advisor Series Small Cap Fund (a) | | 5,509,316 | 67,764,589 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 11,969,808 | 161,233,308 |
| Fidelity Series 100 Index Fund (a) | | 4,184,107 | 69,330,654 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,122,316 | 26,656,285 |
| Fidelity Series All-Sector Equity Fund (a) | | 6,974,655 | 93,251,137 |
| Fidelity Series Commodity Strategy Fund (a) | | 7,859,868 | 41,107,111 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,198,319 | 15,470,301 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 5,840,532 | 81,650,631 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,001,184,492) | | | 1,309,077,398 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 1,847,607 | 19,658,535 |
| Fidelity Series Emerging Markets Fund (a) | | 9,740,209 | 200,648,310 |
| Fidelity Series International Growth Fund (a) | | 12,118,228 | 192,558,647 |
| Fidelity Series International Small Cap Fund (a) | | 2,612,721 | 46,793,839 |
| Fidelity Series International Value Fund (a) | | 18,274,709 | 196,818,621 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $494,283,162) | | | 656,477,952 |
|
| Bond Funds - 5.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,397,467 | 14,617,502 |
| Fidelity Series Floating Rate High Income Fund (a) | | 499,225 | 4,737,643 |
| Fidelity Series High Income Fund (a) | | 3,119,473 | 30,414,857 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,745,700 | 17,264,974 |
| Fidelity Series International Credit Fund (a) | | 105,033 | 1,055,577 |
| Fidelity Series Investment Grade Bond Fund (a) | | 884,081 | 9,998,955 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 3,862,666 | 33,952,839 |
| Fidelity Series Real Estate Income Fund (a) | | 870,169 | 9,719,784 |
| TOTAL BOND FUNDS | | | |
| (Cost $120,618,463) | | | 121,762,131 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 493,345 | 4,933,449 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 17,152,793 | 17,152,793 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $22,075,921) | | | 22,086,242 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $1,638,162,038) | | | 2,109,403,723 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (1,710,144) |
| NET ASSETS - 100% | | | $2,107,693,579 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $133,478,332 | $3,869,505 | $21,558,617 | $-- | $4,909,650 | $14,460,993 | $135,159,863 |
| Fidelity Advisor Series Equity Value Fund | 237,148,200 | 7,375,740 | 91,666,225(a) | 1,981,276 | 6,369,258 | (2,465,205) | 156,761,768 |
| Fidelity Advisor Series Growth & Income Fund | 164,302,713 | 95,341,042(a) | 16,172,144 | 753,414 | 32,586 | 6,134,447 | 249,638,644 |
| Fidelity Advisor Series Growth Opportunities Fund | 87,924,291 | 2,526,854 | 14,673,889 | -- | 2,473,001 | 8,793,233 | 87,043,490 |
| Fidelity Advisor Series Opportunistic Insights Fund | 124,077,560 | 3,598,659 | 19,330,951 | -- | 2,974,521 | 12,689,828 | 124,009,617 |
| Fidelity Advisor Series Short-Term Credit Fund | 5,143,136 | 212,706 | 432,856 | 40,323 | 748 | 9,715 | 4,933,449 |
| Fidelity Advisor Series Small Cap Fund | 65,935,430 | 1,932,869 | 5,271,318 | -- | 403,482 | 4,764,126 | 67,764,589 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 157,424,474 | 9,222,244 | 11,864,660 | -- | 161,431 | 6,289,819 | 161,233,308 |
| Fidelity Series 100 Index Fund | 68,211,706 | 2,013,988 | 5,903,262 | -- | 1,005,092 | 4,003,130 | 69,330,654 |
| Fidelity Series 1000 Value Index Fund | 26,459,062 | 1,016,773 | 1,976,227 | -- | 109,844 | 1,046,833 | 26,656,285 |
| Fidelity Series All-Sector Equity Fund | 92,541,193 | 2,691,632 | 9,021,774 | -- | 507,966 | 6,532,120 | 93,251,137 |
| Fidelity Series Canada Fund | -- | 19,006,895 | 23,646 | -- | 33 | 675,253 | 19,658,535 |
| Fidelity Series Commodity Strategy Fund | 31,835,227 | 12,129,184 | 2,793,193 | 62,730 | (468,183) | 404,076 | 41,107,111 |
| Fidelity Series Emerging Markets Debt Fund | 14,411,820 | 810,579 | 927,561 | 441,211 | 6,979 | 315,685 | 14,617,502 |
| Fidelity Series Emerging Markets Fund | 202,031,324 | 5,972,402 | 37,585,228 | -- | 4,276,852 | 25,952,960 | 200,648,310 |
| Fidelity Series Floating Rate High Income Fund | 4,875,701 | 263,604 | 386,482 | 109,703 | (10,775) | (4,405) | 4,737,643 |
| Fidelity Series Government Money Market Fund 1.09% | 16,126,078 | 2,261,163 | 1,234,448 | 76,437 | -- | -- | 17,152,793 |
| Fidelity Series High Income Fund | 30,531,642 | 1,762,429 | 2,318,898 | 838,984 | (35,683) | 475,367 | 30,414,857 |
| Fidelity Series Inflation-Protected Bond Index Fund | 17,962,427 | 502,536 | 1,236,721 | 10,057 | (13,398) | 50,130 | 17,264,974 |
| Fidelity Series International Credit Fund | -- | 1,050,325 | -- | -- | -- | 5,252 | 1,055,577 |
| Fidelity Series International Growth Fund | 190,717,418 | 5,858,824 | 29,113,956 | -- | 5,226,358 | 19,870,003 | 192,558,647 |
| Fidelity Series International Small Cap Fund | 43,576,472 | 1,362,972 | 5,237,218 | -- | 577,667 | 6,513,946 | 46,793,839 |
| Fidelity Series International Value Fund | 191,221,028 | 7,800,512 | 22,736,149 | -- | 942,111 | 19,591,119 | 196,818,621 |
| Fidelity Series Investment Grade Bond Fund | 8,909,130 | 1,890,624 | 923,523 | 121,148 | 1,048 | 121,676 | 9,998,955 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 9,530 | 35,273,228 | 1,174,888 | 150,633 | (7,108) | (147,923) | 33,952,839 |
| Fidelity Series Real Estate Equity Fund | 15,766,650 | 971,370 | 1,165,060 | 128,876 | 6,548 | (109,207) | 15,470,301 |
| Fidelity Series Real Estate Income Fund | 9,775,563 | 605,214 | 727,386 | 242,564 | (1,478) | 67,871 | 9,719,784 |
| Fidelity Series Small Cap Opportunities Fund | 79,919,247 | 8,912,397 | 5,945,362 | 151,406 | 105,104 | (1,340,755) | 81,650,631 |
| Total | $2,020,315,354 | $236,236,270 | $311,401,642 | $5,108,762 | $29,553,654 | $134,700,087 | $2,109,403,723 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,638,162,038) — See accompanying schedule | | $2,109,403,723 |
| Cash | | 7 |
| Receivable for investments sold | | 2,327,506 |
| Receivable for fund shares sold | | 3,000,577 |
| Total assets | | 2,114,731,813 |
| Liabilities | | |
| Payable for investments purchased | $5,230 | |
| Payable for fund shares redeemed | 5,322,828 | |
| Accrued management fee | 1,299,179 | |
| Distribution and service plan fees payable | 410,997 | |
| Total liabilities | | 7,038,234 |
| Net Assets | | $2,107,693,579 |
| Net Assets consist of: | | |
| Paid in capital | | $1,603,533,608 |
| Accumulated net investment loss | | (2,530,293) |
| Accumulated undistributed net realized gain (loss) on investments | | 35,448,579 |
| Net unrealized appreciation (depreciation) on investments | | 471,241,685 |
| Net Assets | | $2,107,693,579 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($969,830,766 ÷ 62,213,383 shares) | | $15.59 |
| Maximum offering price per share (100/94.25 of $15.59) | | $16.54 |
| Class M: | | |
| Net Asset Value and redemption price per share ($339,291,043 ÷ 21,863,464 shares) | | $15.52 |
| Maximum offering price per share (100/96.50 of $15.52) | | $16.08 |
| Class C: | | |
| Net Asset Value and offering price per share ($84,680,708 ÷ 5,562,734 shares)(a) | | $15.22 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($712,976,609 ÷ 45,433,985 shares) | | $15.69 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($914,453 ÷ 58,238 shares) | | $15.70 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $5,108,762 |
| Expenses | | |
| Management fee | $5,182,025 | |
| Distribution and service plan fees | 2,454,603 | |
| Independent trustees' fees and expenses | 3,753 | |
| Total expenses before reductions | 7,640,381 | |
| Expense reductions | (1,326) | 7,639,055 |
| Net investment income (loss) | | (2,530,293) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 29,553,654 | |
| Capital gain distributions from underlying funds | 12,756,661 | |
| Total net realized gain (loss) | | 42,310,315 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 134,700,087 |
| Net gain (loss) | | 177,010,402 |
| Net increase (decrease) in net assets resulting from operations | | $174,480,109 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(2,530,293) | $24,644,915 |
| Net realized gain (loss) | 42,310,315 | 40,972,527 |
| Change in net unrealized appreciation (depreciation) | 134,700,087 | 222,910,520 |
| Net increase (decrease) in net assets resulting from operations | 174,480,109 | 288,527,962 |
| Distributions to shareholders from net investment income | – | (24,918,914) |
| Distributions to shareholders from net realized gain | (33,960,153) | (71,552,200) |
| Total distributions | (33,960,153) | (96,471,114) |
| Share transactions - net increase (decrease) | (52,630,755) | (141,397,501) |
| Total increase (decrease) in net assets | 87,889,201 | 50,659,347 |
| Net Assets | | |
| Beginning of period | 2,019,804,378 | 1,969,145,031 |
| End of period | $2,107,693,579 | $2,019,804,378 |
| Other Information | | |
| Accumulated net investment loss end of period | $(2,530,293) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2040 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.57 | $13.25 | $14.49 | $14.51 | $13.61 | $12.60 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .17 | .17 | .20 | .15 | .19 |
| Net realized and unrealized gain (loss) | 1.28 | 1.80 | (.69) | .76 | 1.74 | 1.05 |
| Total from investment operations | 1.26 | 1.97 | (.52) | .96 | 1.89 | 1.24 |
| Distributions from net investment income | – | (.17) | (.18) | (.21) | (.16) | (.19) |
| Distributions from net realized gain | (.24) | (.48) | (.54) | (.77) | (.83) | (.04) |
| Total distributions | (.24) | (.65) | (.72) | (.98) | (.99) | (.23) |
| Net asset value, end of period | $15.59 | $14.57 | $13.25 | $14.49 | $14.51 | $13.61 |
| Total ReturnB,C,D | 8.77% | 15.53% | (3.82)% | 6.76% | 14.37% | 9.94% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .75%G | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .75%G | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .75%G | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.25)%G | 1.22% | 1.27% | 1.35% | 1.10% | 1.53% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $969,831 | $965,401 | $950,816 | $1,154,277 | $1,195,641 | $1,133,722 |
| Portfolio turnover rateE | 23%G | 18% | 21% | 24% | 47% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2040 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.52 | $13.21 | $14.45 | $14.47 | $13.58 | $12.57 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.04) | .13 | .14 | .16 | .12 | .16 |
| Net realized and unrealized gain (loss) | 1.28 | 1.81 | (.70) | .76 | 1.73 | 1.04 |
| Total from investment operations | 1.24 | 1.94 | (.56) | .92 | 1.85 | 1.20 |
| Distributions from net investment income | – | (.15) | (.15) | (.17) | (.13) | (.16) |
| Distributions from net realized gain | (.24) | (.48) | (.53) | (.77) | (.83) | (.04) |
| Total distributions | (.24) | (.63) | (.68) | (.94) | (.96) | (.19)B |
| Net asset value, end of period | $15.52 | $14.52 | $13.21 | $14.45 | $14.47 | $13.58 |
| Total ReturnC,D,E | 8.62% | 15.26% | (4.07)% | 6.51% | 14.06% | 9.69% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.51)%H | .97% | 1.02% | 1.10% | .85% | 1.28% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $339,291 | $324,990 | $310,107 | $333,069 | $341,608 | $288,886 |
| Portfolio turnover rateF | 23%H | 18% | 21% | 24% | 47% | 26% |
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 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.
Fidelity Advisor Freedom 2040 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.28 | $13.02 | $14.27 | $14.30 | $13.43 | $12.45 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.07) | .06 | .07 | .09 | .05 | .10 |
| Net realized and unrealized gain (loss) | 1.25 | 1.78 | (.70) | .75 | 1.71 | 1.02 |
| Total from investment operations | 1.18 | 1.84 | (.63) | .84 | 1.76 | 1.12 |
| Distributions from net investment income | – | (.10) | (.10) | (.12) | (.07) | (.11) |
| Distributions from net realized gain | (.24) | (.48) | (.52) | (.75) | (.82) | (.04) |
| Total distributions | (.24) | (.58) | (.62) | (.87) | (.89) | (.14)B |
| Net asset value, end of period | $15.22 | $14.28 | $13.02 | $14.27 | $14.30 | $13.43 |
| Total ReturnC,D,E | 8.34% | 14.70% | (4.63)% | 6.01% | 13.57% | 9.09% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (1.01)%H | .48% | .52% | .60% | .35% | .78% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $84,681 | $79,480 | $73,036 | $77,130 | $72,247 | $62,893 |
| Portfolio turnover rateF | 23%H | 18% | 21% | 24% | 47% | 26% |
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 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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2040 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.65 | $13.32 | $14.57 | $14.59 | $13.67 | $12.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .20 | .21 | .23 | .19 | .23 |
| Net realized and unrealized gain (loss) | 1.29 | 1.82 | (.71) | .76 | 1.75 | 1.05 |
| Total from investment operations | 1.29 | 2.02 | (.50) | .99 | 1.94 | 1.28 |
| Distributions from net investment income | – | (.20) | (.22) | (.24) | (.19) | (.22) |
| Distributions from net realized gain | (.25) | (.49) | (.54) | (.77) | (.83) | (.04) |
| Total distributions | (.25) | (.69) | (.75)C | (1.01) | (1.02) | (.26) |
| Net asset value, end of period | $15.69 | $14.65 | $13.32 | $14.57 | $14.59 | $13.67 |
| Total ReturnD,E | 8.93% | 15.82% | (3.62)% | 6.99% | 14.73% | 10.24% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.01)%H | 1.47% | 1.52% | 1.60% | 1.35% | 1.78% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $712,977 | $649,934 | $629,599 | $688,278 | $664,689 | $508,363 |
| Portfolio turnover rateF | 23%H | 18% | 21% | 24% | 47% | 26% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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 Annualized
I Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2040 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.04 |
| Income from Investment Operations | |
| Net investment income (loss)B | .13 |
| Net realized and unrealized gain (loss) | .53 |
| Total from investment operations | .66 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $15.70 |
| Total ReturnC,D | 4.39% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.59%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $914 |
| Portfolio turnover rateE | 23%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.8 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.4 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.4 |
| | 75.7 | 78.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.1% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.8% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2045 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 5,654,821 | $82,447,284 |
| Fidelity Advisor Series Equity Value Fund (a) | | 7,134,265 | 95,670,492 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 10,166,759 | 152,298,045 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 4,044,796 | 53,108,173 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 4,082,075 | 75,640,856 |
| Fidelity Advisor Series Small Cap Fund (a) | | 3,360,977 | 41,340,014 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 7,302,816 | 98,368,933 |
| Fidelity Series 100 Index Fund (a) | | 2,553,022 | 42,303,580 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,296,295 | 16,281,470 |
| Fidelity Series All-Sector Equity Fund (a) | | 4,254,381 | 56,881,071 |
| Fidelity Series Commodity Strategy Fund (a) | | 4,838,932 | 25,307,615 |
| Fidelity Series Real Estate Equity Fund (a) | | 732,513 | 9,456,742 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 3,562,830 | 49,808,365 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $620,706,314) | | | 798,912,640 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 1,126,515 | 11,986,122 |
| Fidelity Series Emerging Markets Fund (a) | | 5,944,311 | 122,452,816 |
| Fidelity Series International Growth Fund (a) | | 7,466,398 | 118,641,069 |
| Fidelity Series International Small Cap Fund (a) | | 1,594,212 | 28,552,339 |
| Fidelity Series International Value Fund (a) | | 11,024,744 | 118,736,488 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $309,834,315) | | | 400,368,834 |
|
| Bond Funds - 5.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 842,597 | 8,813,564 |
| Fidelity Series Floating Rate High Income Fund (a) | | 305,303 | 2,897,327 |
| Fidelity Series High Income Fund (a) | | 1,883,694 | 18,366,016 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,050,801 | 10,392,423 |
| Fidelity Series International Credit Fund (a) | | 63,279 | 635,956 |
| Fidelity Series Investment Grade Bond Fund (a) | | 539,512 | 6,101,880 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 2,364,009 | 20,779,640 |
| Fidelity Series Real Estate Income Fund (a) | | 526,866 | 5,885,090 |
| TOTAL BOND FUNDS | | | |
| (Cost $72,902,749) | | | 73,871,896 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 298,992 | 2,989,924 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 10,491,626 | 10,491,626 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $13,475,313) | | | 13,481,550 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $1,016,918,691) | | | 1,286,634,920 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (1,014,517) |
| NET ASSETS - 100% | | | $1,285,620,403 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $78,675,858 | $3,907,533 | $11,728,636 | $-- | $2,158,799 | $9,433,730 | $82,447,284 |
| Fidelity Advisor Series Equity Value Fund | 139,788,643 | 6,433,299 | 52,926,480(a) | 1,183,319 | 3,386,952 | (1,011,922) | 95,670,492 |
| Fidelity Advisor Series Growth & Income Fund | 96,846,527 | 59,615,325(a) | 7,896,543 | 453,408 | (56,602) | 3,789,338 | 152,298,045 |
| Fidelity Advisor Series Growth Opportunities Fund | 51,821,990 | 2,519,041 | 7,967,662 | -- | 1,105,653 | 5,629,151 | 53,108,173 |
| Fidelity Advisor Series Opportunistic Insights Fund | 73,134,052 | 3,634,170 | 10,495,815 | -- | 1,257,494 | 8,110,955 | 75,640,856 |
| Fidelity Advisor Series Short-Term Credit Fund | 2,997,726 | 194,756 | 208,632 | 23,999 | 184 | 5,890 | 2,989,924 |
| Fidelity Advisor Series Small Cap Fund | 38,859,402 | 1,952,012 | 2,592,528 | -- | 41,209 | 3,079,919 | 41,340,014 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 92,791,862 | 7,421,058 | 5,756,793 | -- | 15,484 | 3,897,322 | 98,368,933 |
| Fidelity Series 100 Index Fund | 40,211,687 | 2,015,895 | 2,935,292 | -- | 267,726 | 2,743,564 | 42,303,580 |
| Fidelity Series 1000 Value Index Fund | 15,597,403 | 942,561 | 958,841 | -- | 2,393 | 697,954 | 16,281,470 |
| Fidelity Series All-Sector Equity Fund | 54,552,620 | 2,683,292 | 4,581,855 | -- | 123,178 | 4,103,836 | 56,881,071 |
| Fidelity Series Canada Fund | -- | 11,583,179 | 4,442 | -- | (6) | 407,391 | 11,986,122 |
| Fidelity Series Commodity Strategy Fund | 19,462,589 | 7,257,167 | 1,366,181 | 38,475 | (35,489) | (10,471) | 25,307,615 |
| Fidelity Series Emerging Markets Debt Fund | 8,441,336 | 628,184 | 447,074 | 262,253 | 2,858 | 188,260 | 8,813,564 |
| Fidelity Series Emerging Markets Fund | 119,033,906 | 5,685,817 | 20,358,838 | -- | 1,939,580 | 16,152,351 | 122,452,816 |
| Fidelity Series Floating Rate High Income Fund | 2,874,378 | 218,355 | 186,281 | 65,855 | (101) | (9,024) | 2,897,327 |
| Fidelity Series Government Money Market Fund 1.09% | 9,394,039 | 1,683,169 | 585,582 | 45,909 | -- | -- | 10,491,626 |
| Fidelity Series High Income Fund | 17,809,902 | 1,412,785 | 1,117,683 | 498,017 | (3,664) | 264,676 | 18,366,016 |
| Fidelity Series Inflation-Protected Bond Index Fund | 10,473,212 | 493,853 | 596,088 | 5,984 | (2,922) | 24,368 | 10,392,423 |
| Fidelity Series International Credit Fund | -- | 632,792 | -- | -- | -- | 3,164 | 635,956 |
| Fidelity Series International Growth Fund | 112,427,130 | 5,741,666 | 14,514,736 | -- | 1,125,536 | 13,861,473 | 118,641,069 |
| Fidelity Series International Small Cap Fund | 25,677,674 | 1,339,908 | 2,702,370 | -- | 197,193 | 4,039,934 | 28,552,339 |
| Fidelity Series International Value Fund | 112,714,207 | 6,842,189 | 13,109,247 | -- | 419,748 | 11,869,591 | 118,736,488 |
| Fidelity Series Investment Grade Bond Fund | 5,242,976 | 1,255,763 | 469,711 | 72,725 | 835 | 72,017 | 6,101,880 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 5,686 | 21,454,398 | 584,319 | 91,015 | (3,934) | (92,191) | 20,779,640 |
| Fidelity Series Real Estate Equity Fund | 9,294,425 | 793,191 | 565,406 | 77,747 | 2,006 | (67,474) | 9,456,742 |
| Fidelity Series Real Estate Income Fund | 5,722,145 | 475,801 | 350,807 | 144,949 | 728 | 37,223 | 5,885,090 |
| Fidelity Series Small Cap Opportunities Fund | 47,112,893 | 6,328,108 | 2,884,466 | 92,022 | (4,646) | (743,524) | 49,808,365 |
| Total | $1,190,964,268 | $165,145,267 | $167,892,308 | $3,055,677 | $11,940,192 | $86,477,501 | $1,286,634,920 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,016,918,691) — See accompanying schedule | | $1,286,634,920 |
| Cash | | 1 |
| Receivable for investments sold | | 438,881 |
| Receivable for fund shares sold | | 2,933,318 |
| Total assets | | 1,290,007,120 |
| Liabilities | | |
| Payable for investments purchased | $2,907 | |
| Payable for fund shares redeemed | 3,369,334 | |
| Accrued management fee | 789,110 | |
| Distribution and service plan fees payable | 225,366 | |
| Total liabilities | | 4,386,717 |
| Net Assets | | $1,285,620,403 |
| Net Assets consist of: | | |
| Paid in capital | | $1,003,351,643 |
| Accumulated net investment loss | | (1,406,323) |
| Accumulated undistributed net realized gain (loss) on investments | | 13,958,854 |
| Net unrealized appreciation (depreciation) on investments | | 269,716,229 |
| Net Assets | | $1,285,620,403 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($574,034,583 ÷ 47,573,608 shares) | | $12.07 |
| Maximum offering price per share (100/94.25 of $12.07) | | $12.81 |
| Class M: | | |
| Net Asset Value and redemption price per share ($201,540,863 ÷ 16,830,621 shares) | | $11.97 |
| Maximum offering price per share (100/96.50 of $11.97) | | $12.40 |
| Class C: | | |
| Net Asset Value and offering price per share ($29,723,117 ÷ 2,513,425 shares)(a) | | $11.83 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($479,645,979 ÷ 39,479,136 shares) | | $12.15 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($675,861 ÷ 55,568 shares) | | $12.16 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $3,055,677 |
| Expenses | | |
| Management fee | $3,123,896 | |
| Distribution and service plan fees | 1,336,648 | |
| Independent trustees' fees and expenses | 2,238 | |
| Total expenses before reductions | 4,462,782 | |
| Expense reductions | (782) | 4,462,000 |
| Net investment income (loss) | | (1,406,323) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 11,940,192 | |
| Capital gain distributions from underlying funds | 7,724,375 | |
| Total net realized gain (loss) | | 19,664,567 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 86,477,501 |
| Net gain (loss) | | 106,142,068 |
| Net increase (decrease) in net assets resulting from operations | | $104,735,745 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(1,406,323) | $14,469,103 |
| Net realized gain (loss) | 19,664,567 | 21,975,953 |
| Change in net unrealized appreciation (depreciation) | 86,477,501 | 130,631,830 |
| Net increase (decrease) in net assets resulting from operations | 104,735,745 | 167,076,886 |
| Distributions to shareholders from net investment income | – | (14,531,898) |
| Distributions to shareholders from net realized gain | (18,793,789) | (39,042,045) |
| Total distributions | (18,793,789) | (53,573,943) |
| Share transactions - net increase (decrease) | 8,930,779 | (28,198,870) |
| Total increase (decrease) in net assets | 94,872,735 | 85,304,073 |
| Net Assets | | |
| Beginning of period | 1,190,747,668 | 1,105,443,595 |
| End of period | $1,285,620,403 | $1,190,747,668 |
| Other Information | | |
| Accumulated net investment loss end of period | $(1,406,323) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2045 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.26 | $10.23 | $11.15 | $11.31 | $10.46 | $9.79 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .13 | .13 | .15 | .12 | .16 |
| Net realized and unrealized gain (loss) | 1.01 | 1.39 | (.54) | .59 | 1.39 | .81 |
| Total from investment operations | .99 | 1.52 | (.41) | .74 | 1.51 | .97 |
| Distributions from net investment income | – | (.13) | (.14) | (.16) | (.12) | (.15) |
| Distributions from net realized gain | (.18) | (.36) | (.37) | (.74) | (.54) | (.15) |
| Total distributions | (.18) | (.49) | (.51) | (.90) | (.66) | (.30) |
| Net asset value, end of period | $12.07 | $11.26 | $10.23 | $11.15 | $11.31 | $10.46 |
| Total ReturnB,C,D | 8.84% | 15.50% | (3.85)% | 6.80% | 14.74% | 10.21% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .75%G | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .75%G | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .75%G | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.26)%G | 1.22% | 1.27% | 1.37% | 1.12% | 1.59% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $574,035 | $556,090 | $531,510 | $623,734 | $612,735 | $527,525 |
| Portfolio turnover rateF | 27%G | 22% | 26% | 27% | 46% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2045 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.19 | $10.17 | $11.09 | $11.26 | $10.42 | $9.75 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .10 | .11 | .13 | .09 | .13 |
| Net realized and unrealized gain (loss) | .98 | 1.39 | (.54) | .57 | 1.39 | .82 |
| Total from investment operations | .95 | 1.49 | (.43) | .70 | 1.48 | .95 |
| Distributions from net investment income | – | (.11) | (.12) | (.13) | (.10) | (.12) |
| Distributions from net realized gain | (.17) | (.36) | (.37) | (.74) | (.54) | (.15) |
| Total distributions | (.17) | (.47) | (.49) | (.87) | (.64) | (.28)B |
| Net asset value, end of period | $11.97 | $11.19 | $10.17 | $11.09 | $11.26 | $10.42 |
| Total ReturnC,D,E | 8.58% | 15.29% | (4.10)% | 6.50% | 14.45% | 10.02% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.51)%H | .97% | 1.02% | 1.12% | .87% | 1.34% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $201,541 | $186,200 | $158,557 | $153,677 | $128,619 | $92,998 |
| Portfolio turnover rateG | 27%H | 22% | 26% | 27% | 46% | 25% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2045 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.08 | $10.09 | $11.01 | $11.19 | $10.36 | $9.71 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.06) | .05 | .05 | .07 | .04 | .08 |
| Net realized and unrealized gain (loss) | .98 | 1.38 | (.53) | .57 | 1.38 | .81 |
| Total from investment operations | .92 | 1.43 | (.48) | .64 | 1.42 | .89 |
| Distributions from net investment income | – | (.08) | (.08) | (.09) | (.06) | (.09) |
| Distributions from net realized gain | (.17) | (.36) | (.36) | (.73) | (.53) | (.15) |
| Total distributions | (.17) | (.44) | (.44) | (.82) | (.59) | (.24) |
| Net asset value, end of period | $11.83 | $11.08 | $10.09 | $11.01 | $11.19 | $10.36 |
| Total ReturnB,C,D | 8.39% | 14.71% | (4.59)% | 5.95% | 13.95% | 9.42% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | 1.50%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.50%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.50%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (1.01)%G | .47% | .53% | .62% | .37% | .84% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $29,723 | $27,491 | $23,423 | $22,493 | $18,457 | $13,415 |
| Portfolio turnover rateF | 27%G | 22% | 26% | 27% | 46% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2045 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.33 | $10.28 | $11.21 | $11.37 | $10.50 | $9.83 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .16 | .16 | .18 | .15 | .18 |
| Net realized and unrealized gain (loss) | 1.00 | 1.40 | (.55) | .59 | 1.41 | .81 |
| Total from investment operations | 1.00 | 1.56 | (.39) | .77 | 1.56 | .99 |
| Distributions from net investment income | – | (.15) | (.17) | (.19) | (.15) | (.17) |
| Distributions from net realized gain | (.18) | (.36) | (.37) | (.74) | (.54) | (.15) |
| Total distributions | (.18) | (.51) | (.54) | (.93) | (.69) | (.32) |
| Net asset value, end of period | $12.15 | $11.33 | $10.28 | $11.21 | $11.37 | $10.50 |
| Total ReturnC,D | 8.94% | 15.83% | (3.66)% | 7.03% | 15.14% | 10.43% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .50%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .50%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.01)%G | 1.47% | 1.52% | 1.62% | 1.37% | 1.84% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $479,646 | $420,967 | $390,675 | $400,667 | $378,776 | $269,633 |
| Portfolio turnover rateF | 27%G | 22% | 26% | 27% | 46% | 25% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2045 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.65 |
| Income from Investment Operations | |
| Net investment income (loss)B | .10 |
| Net realized and unrealized gain (loss) | .41 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.16 |
| Total ReturnC,D | 4.38% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.74%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $676 |
| Portfolio turnover rateE | 27%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.9 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.4 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.3 |
| | 75.8 | 78.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2050 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 4,461,014 | $65,041,577 |
| Fidelity Advisor Series Equity Value Fund (a) | | 5,627,772 | 75,468,422 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 8,019,518 | 120,132,388 |
| Fidelity Advisor Series Growth Opportunities Fund(a) | | 3,189,576 | 41,879,127 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 3,221,219 | 59,689,185 |
| Fidelity Advisor Series Small Cap Fund (a) | | 2,653,493 | 32,637,959 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 5,760,145 | 77,589,159 |
| Fidelity Series 100 Index Fund (a) | | 2,014,461 | 33,379,612 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,022,498 | 12,842,580 |
| Fidelity Series All-Sector Equity Fund (a) | | 3,355,756 | 44,866,459 |
| Fidelity Series Commodity Strategy Fund (a) | | 3,816,702 | 19,961,351 |
| Fidelity Series Real Estate Equity Fund (a) | | 577,757 | 7,458,840 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,810,687 | 39,293,400 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $491,084,701) | | | 630,240,059 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 888,323 | 9,451,755 |
| Fidelity Series Emerging Markets Fund (a) | | 4,690,141 | 96,616,896 |
| Fidelity Series International Growth Fund (a) | | 5,830,354 | 92,644,319 |
| Fidelity Series International Small Cap Fund (a) | | 1,257,720 | 22,525,766 |
| Fidelity Series International Value Fund (a) | | 8,783,277 | 94,595,896 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $244,977,338) | | | 315,834,632 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 663,188 | 6,936,950 |
| Fidelity Series Floating Rate High Income Fund (a) | | 241,134 | 2,288,363 |
| Fidelity Series High Income Fund (a) | | 1,478,860 | 14,418,884 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 821,230 | 8,121,969 |
| Fidelity Series International Credit Fund (a) | | 49,731 | 499,793 |
| Fidelity Series Investment Grade Bond Fund (a) | | 425,558 | 4,813,066 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 1,867,602 | 16,416,221 |
| Fidelity Series Real Estate Income Fund (a) | | 415,258 | 4,638,429 |
| TOTAL BOND FUNDS | | | |
| (Cost $57,617,940) | | | 58,133,675 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 233,351 | 2,333,514 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 8,319,678 | 8,319,678 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $10,648,389) | | | 10,653,192 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $804,328,368) | | | 1,014,861,558 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (798,900) |
| NET ASSETS - 100% | | | $1,014,062,658 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $61,424,250 | $3,716,057 | $9,183,409 | $-- | $1,417,243 | $7,667,436 | $65,041,577 |
| Fidelity Advisor Series Equity Value Fund | 109,137,178 | 5,806,060 | 41,347,823(a) | 925,737 | 2,651,802 | (778,795) | 75,468,422 |
| Fidelity Advisor Series Growth & Income Fund | 75,610,979 | 47,701,164(a) | 6,131,699 | 355,871 | (41,129) | 2,993,073 | 120,132,388 |
| Fidelity Advisor Series Growth Opportunities Fund | 40,458,803 | 2,411,545 | 6,269,580 | -- | 756,146 | 4,522,213 | 41,879,127 |
| Fidelity Advisor Series Opportunistic Insights Fund | 57,097,662 | 3,456,125 | 8,206,167 | -- | 846,852 | 6,494,713 | 59,689,185 |
| Fidelity Advisor Series Short-Term Credit Fund | 2,311,972 | 180,639 | 163,768 | 18,605 | 121 | 4,550 | 2,333,514 |
| Fidelity Advisor Series Small Cap Fund | 30,339,120 | 1,856,392 | 2,016,015 | -- | 27,415 | 2,431,047 | 32,637,959 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 72,445,784 | 6,581,884 | 4,522,869 | -- | 22,881 | 3,061,479 | 77,589,159 |
| Fidelity Series 100 Index Fund | 31,401,616 | 1,916,163 | 2,303,348 | -- | 105,431 | 2,259,750 | 33,379,612 |
| Fidelity Series 1000 Value Index Fund | 12,177,297 | 866,921 | 753,381 | -- | 1,149 | 550,594 | 12,842,580 |
| Fidelity Series All-Sector Equity Fund | 42,590,508 | 2,568,770 | 3,610,416 | -- | 101,754 | 3,215,843 | 44,866,459 |
| Fidelity Series Canada Fund | -- | 9,142,648 | 12,076 | -- | (11) | 321,194 | 9,451,755 |
| Fidelity Series Commodity Strategy Fund | 15,435,424 | 5,632,095 | 1,065,594 | 30,363 | (22,372) | (18,202) | 19,961,351 |
| Fidelity Series Emerging Markets Debt Fund | 6,585,766 | 552,617 | 350,934 | 205,431 | 1,887 | 147,614 | 6,936,950 |
| Fidelity Series Emerging Markets Fund | 92,941,824 | 5,469,747 | 15,977,440 | -- | 1,454,154 | 12,728,611 | 96,616,896 |
| Fidelity Series Floating Rate High Income Fund | 2,245,372 | 196,397 | 146,225 | 51,722 | (143) | (7,038) | 2,288,363 |
| Fidelity Series Government Money Market Fund 1.09% | 7,236,366 | 1,546,991 | 463,679 | 36,043 | -- | -- | 8,319,678 |
| Fidelity Series High Income Fund | 13,835,614 | 1,256,659 | 877,333 | 388,684 | 3,961 | 199,983 | 14,418,884 |
| Fidelity Series Inflation-Protected Bond Index Fund | 8,105,743 | 467,574 | 467,904 | 4,660 | (161) | 16,717 | 8,121,969 |
| Fidelity Series International Credit Fund | -- | 497,306 | -- | -- | -- | 2,487 | 499,793 |
| Fidelity Series International Growth Fund | 87,773,342 | 5,424,784 | 12,285,989 | -- | 858,218 | 10,873,964 | 92,644,319 |
| Fidelity Series International Small Cap Fund | 20,040,723 | 1,278,304 | 2,108,462 | -- | 134,143 | 3,181,058 | 22,525,766 |
| Fidelity Series International Value Fund | 88,005,325 | 6,376,057 | 9,430,583 | -- | 419,042 | 9,226,055 | 94,595,896 |
| Fidelity Series Investment Grade Bond Fund | 4,102,571 | 1,033,065 | 379,556 | 57,089 | 644 | 56,342 | 4,813,066 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 3,056 | 16,954,630 | 464,521 | 71,635 | (3,799) | (73,145) | 16,416,221 |
| Fidelity Series Real Estate Equity Fund | 7,256,365 | 698,655 | 444,219 | 61,097 | 1,158 | (53,119) | 7,458,840 |
| Fidelity Series Real Estate Income Fund | 4,463,958 | 420,651 | 275,440 | 113,778 | (755) | 30,015 | 4,638,429 |
| Fidelity Series Small Cap Opportunities Fund | 36,782,095 | 5,364,473 | 2,265,312 | 72,624 | (9,130) | (578,726) | 39,293,400 |
| Total | $929,808,713 | $139,374,373 | $131,523,742 | $2,393,339 | $8,726,501 | $68,475,713 | $1,014,861,558 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $804,328,368) — See accompanying schedule | | $1,014,861,558 |
| Receivable for investments sold | | 1,152,737 |
| Receivable for fund shares sold | | 2,259,888 |
| Total assets | | 1,018,274,183 |
| Liabilities | | |
| Payable to custodian bank | $28 | |
| Payable for investments purchased | 38,813 | |
| Payable for fund shares redeemed | 3,373,504 | |
| Accrued management fee | 622,392 | |
| Distribution and service plan fees payable | 176,788 | |
| Total liabilities | | 4,211,525 |
| Net Assets | | $1,014,062,658 |
| Net Assets consist of: | | |
| Paid in capital | | $794,657,625 |
| Accumulated net investment loss | | (1,103,553) |
| Accumulated undistributed net realized gain (loss) on investments | | 9,975,396 |
| Net unrealized appreciation (depreciation) on investments | | 210,533,190 |
| Net Assets | | $1,014,062,658 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($415,988,075 ÷ 34,633,089 shares) | | $12.01 |
| Maximum offering price per share (100/94.25 of $12.01) | | $12.74 |
| Class M: | | |
| Net Asset Value and redemption price per share ($159,381,760 ÷ 13,341,371 shares) | | $11.95 |
| Maximum offering price per share (100/96.50 of $11.95) | | $12.38 |
| Class C: | | |
| Net Asset Value and offering price per share ($31,217,394 ÷ 2,643,036 shares)(a) | | $11.81 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($406,379,089 ÷ 33,607,858 shares) | | $12.09 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($1,096,340 ÷ 90,605 shares) | | $12.10 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $2,393,339 |
| Expenses | | |
| Management fee | $2,455,063 | |
| Distribution and service plan fees | 1,040,688 | |
| Independent trustees' fees and expenses | 1,751 | |
| Total expenses before reductions | 3,497,502 | |
| Expense reductions | (610) | 3,496,892 |
| Net investment income (loss) | | (1,103,553) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 8,726,501 | |
| Capital gain distributions from underlying funds | 6,081,338 | |
| Total net realized gain (loss) | | 14,807,839 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 68,475,713 |
| Net gain (loss) | | 83,283,552 |
| Net increase (decrease) in net assets resulting from operations | | $82,179,999 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(1,103,553) | $11,091,001 |
| Net realized gain (loss) | 14,807,839 | 15,876,126 |
| Change in net unrealized appreciation (depreciation) | 68,475,713 | 101,221,499 |
| Net increase (decrease) in net assets resulting from operations | 82,179,999 | 128,188,626 |
| Distributions to shareholders from net investment income | – | (11,189,601) |
| Distributions to shareholders from net realized gain | (13,899,270) | (28,798,024) |
| Total distributions | (13,899,270) | (39,987,625) |
| Share transactions - net increase (decrease) | 16,141,172 | 3,772,240 |
| Total increase (decrease) in net assets | 84,421,901 | 91,973,241 |
| Net Assets | | |
| Beginning of period | 929,640,757 | 837,667,516 |
| End of period | $1,014,062,658 | $929,640,757 |
| Other Information | | |
| Accumulated net investment loss end of period | $(1,103,553) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2050 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.20 | $10.16 | $11.06 | $11.24 | $10.39 | $9.61 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .13 | .13 | .15 | .12 | .15 |
| Net realized and unrealized gain (loss) | 1.00 | 1.39 | (.53) | .58 | 1.40 | .82 |
| Total from investment operations | .98 | 1.52 | (.40) | .73 | 1.52 | .97 |
| Distributions from net investment income | – | (.13) | (.14) | (.16) | (.12) | (.14) |
| Distributions from net realized gain | (.17) | (.34) | (.36) | (.76) | (.55) | (.05) |
| Total distributions | (.17) | (.48)B | (.50) | (.91)C | (.67) | (.19) |
| Net asset value, end of period | $12.01 | $11.20 | $10.16 | $11.06 | $11.24 | $10.39 |
| Total ReturnD,E,F | 8.79% | 15.52% | (3.84)% | 6.77% | 14.91% | 10.23% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .75%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .75%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .75%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.26)%I | 1.22% | 1.28% | 1.37% | 1.10% | 1.56% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $415,988 | $396,373 | $363,199 | $415,103 | $401,589 | $352,814 |
| Portfolio turnover rateH | 27%I | 25% | 24% | 30% | 47% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.48 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.344 per share.
C 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2050 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.15 | $10.12 | $11.02 | $11.20 | $10.36 | $9.58 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .10 | .11 | .12 | .09 | .13 |
| Net realized and unrealized gain (loss) | .99 | 1.38 | (.54) | .58 | 1.39 | .81 |
| Total from investment operations | .96 | 1.48 | (.43) | .70 | 1.48 | .94 |
| Distributions from net investment income | – | (.11) | (.12) | (.13) | (.10) | (.12) |
| Distributions from net realized gain | (.16) | (.34) | (.36) | (.76) | (.55) | (.05) |
| Total distributions | (.16) | (.45) | (.47)B | (.88)C | (.64)D | (.16)E |
| Net asset value, end of period | $11.95 | $11.15 | $10.12 | $11.02 | $11.20 | $10.36 |
| Total ReturnF,G,H | 8.68% | 15.22% | (4.08)% | 6.54% | 14.61% | 9.99% |
| Ratios to Average Net AssetsI,J | | | | | | |
| Expenses before reductions | 1.00%K | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.00%K | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.00%K | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.51)%K | .97% | 1.04% | 1.12% | .85% | 1.31% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $159,382 | $147,601 | $127,842 | $126,987 | $115,391 | $89,196 |
| Portfolio turnover rateJ | 27%K | 25% | 24% | 30% | 47% | 28% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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.
J Amounts do not include the activity of the Underlying Funds.
K Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2050 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.05 | $10.04 | $10.95 | $11.14 | $10.31 | $9.54 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.06) | .05 | .06 | .07 | .04 | .08 |
| Net realized and unrealized gain (loss) | .98 | 1.37 | (.55) | .57 | 1.38 | .82 |
| Total from investment operations | .92 | 1.42 | (.49) | .64 | 1.42 | .90 |
| Distributions from net investment income | – | (.08) | (.08) | (.09) | (.06) | (.08) |
| Distributions from net realized gain | (.16) | (.34) | (.34) | (.74) | (.54) | (.05) |
| Total distributions | (.16) | (.41)B | (.42) | (.83) | (.59)C | (.13) |
| Net asset value, end of period | $11.81 | $11.05 | $10.04 | $10.95 | $11.14 | $10.31 |
| Total ReturnD,E,F | 8.36% | 14.73% | (4.67)% | 6.01% | 14.06% | 9.53% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | 1.50%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.50%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.50%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (1.01)%I | .47% | .54% | .63% | .35% | .81% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $31,217 | $28,268 | $24,460 | $24,652 | $21,190 | $16,188 |
| Portfolio turnover rateH | 27%I | 25% | 24% | 30% | 47% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.41 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.339 per share.
C 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2050 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.27 | $10.22 | $11.13 | $11.30 | $10.44 | $9.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .16 | .16 | .18 | .15 | .18 |
| Net realized and unrealized gain (loss) | .99 | 1.39 | (.55) | .59 | 1.40 | .82 |
| Total from investment operations | .99 | 1.55 | (.39) | .77 | 1.55 | 1.00 |
| Distributions from net investment income | – | (.15) | (.16) | (.18) | (.15) | (.16) |
| Distributions from net realized gain | (.17) | (.35) | (.36) | (.76) | (.55) | (.05) |
| Total distributions | (.17) | (.50) | (.52) | (.94) | (.69)C | (.21) |
| Net asset value, end of period | $12.09 | $11.27 | $10.22 | $11.13 | $11.30 | $10.44 |
| Total ReturnD,E | 8.89% | 15.81% | (3.65)% | 7.10% | 15.20% | 10.55% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.01)%H | 1.47% | 1.53% | 1.62% | 1.35% | 1.81% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $406,379 | $357,398 | $320,449 | $303,017 | $282,594 | $202,208 |
| Portfolio turnover rateG | 27%H | 25% | 24% | 30% | 47% | 28% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
H Annualized
I Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2050 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.59 |
| Income from Investment Operations | |
| Net investment income (loss)B | .11 |
| Net realized and unrealized gain (loss) | .40 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.10 |
| Total ReturnC,D | 4.40% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.94%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,096 |
| Portfolio turnover rateE | 27%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.8 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Growth Fund | 9.3 | 9.4 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.5 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.4 |
| | 75.9 | 78.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.2% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.8% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 0.9% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2055 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 2,109,243 | $30,752,756 |
| Fidelity Advisor Series Equity Value Fund (a) | | 2,663,374 | 35,715,843 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 3,789,867 | 56,772,205 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 1,507,405 | 19,792,234 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 1,523,695 | 28,234,074 |
| Fidelity Advisor Series Small Cap Fund (a) | | 1,253,482 | 15,417,827 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 2,721,692 | 36,661,192 |
| Fidelity Series 100 Index Fund (a) | | 951,056 | 15,758,991 |
| Fidelity Series 1000 Value Index Fund (a) | | 483,240 | 6,069,493 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,585,808 | 21,202,254 |
| Fidelity Series Commodity Strategy Fund (a) | | 1,803,758 | 9,433,655 |
| Fidelity Series Real Estate Equity Fund (a) | | 273,011 | 3,524,568 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 1,328,801 | 18,576,638 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $254,841,099) | | | 297,911,730 |
|
| International Equity Funds - 31.2% | | | |
| Fidelity Series Canada Fund (a) | | 419,499 | 4,463,466 |
| Fidelity Series Emerging Markets Fund (a) | | 2,217,243 | 45,675,196 |
| Fidelity Series International Growth Fund (a) | | 2,785,724 | 44,265,153 |
| Fidelity Series International Small Cap Fund (a) | | 594,865 | 10,654,031 |
| Fidelity Series International Value Fund (a) | | 4,108,876 | 44,252,592 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $125,421,492) | | | 149,310,438 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 303,705 | 3,176,752 |
| Fidelity Series Floating Rate High Income Fund (a) | | 114,682 | 1,088,328 |
| Fidelity Series High Income Fund (a) | | 712,662 | 6,948,452 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 364,994 | 3,609,787 |
| Fidelity Series International Credit Fund (a) | | 22,713 | 228,268 |
| Fidelity Series Investment Grade Bond Fund (a) | | 201,306 | 2,276,774 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 885,137 | 7,780,357 |
| Fidelity Series Real Estate Income Fund (a) | | 193,891 | 2,165,766 |
| TOTAL BOND FUNDS | | | |
| (Cost $27,000,168) | | | 27,274,484 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 102,738 | 1,027,381 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 4,021,447 | 4,021,447 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $5,046,737) | | | 5,048,828 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $412,309,496) | | | 479,545,480 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (368,086) |
| NET ASSETS - 100% | | | $479,177,394 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $26,621,622 | $3,457,630 | $3,420,389 | $-- | $165,190 | $3,928,703 | $30,752,756 |
| Fidelity Advisor Series Equity Value Fund | 47,287,802 | 5,011,751 | 17,460,473(a) | 413,930 | 537,856 | 338,907 | 35,715,843 |
| Fidelity Advisor Series Growth & Income Fund | 32,766,556 | 24,420,115(a) | 1,787,950 | 162,233 | (22,489) | 1,395,973 | 56,772,205 |
| Fidelity Advisor Series Growth Opportunities Fund | 17,540,956 | 2,229,547 | 2,353,070 | -- | 124,696 | 2,250,105 | 19,792,234 |
| Fidelity Advisor Series Opportunistic Insights Fund | 24,747,674 | 3,216,091 | 3,033,690 | -- | 130,830 | 3,173,169 | 28,234,074 |
| Fidelity Advisor Series Short-Term Credit Fund | 911,479 | 160,450 | 46,380 | 7,787 | 63 | 1,769 | 1,027,381 |
| Fidelity Advisor Series Small Cap Fund | 13,158,231 | 1,748,068 | 624,230 | -- | 5,604 | 1,130,154 | 15,417,827 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 31,395,884 | 5,108,030 | 1,277,656 | -- | 5,675 | 1,429,259 | 36,661,192 |
| Fidelity Series 100 Index Fund | 13,600,249 | 1,809,469 | 727,995 | -- | 3,879 | 1,073,389 | 15,758,991 |
| Fidelity Series 1000 Value Index Fund | 5,274,288 | 752,533 | 212,761 | -- | (695) | 256,128 | 6,069,493 |
| Fidelity Series All-Sector Equity Fund | 18,447,051 | 2,403,566 | 1,153,718 | -- | 14,571 | 1,490,784 | 21,202,254 |
| Fidelity Series Canada Fund | -- | 4,313,168 | 761 | -- | -- | 151,059 | 4,463,466 |
| Fidelity Series Commodity Strategy Fund | 6,879,499 | 2,875,277 | 306,722 | 14,239 | (2,403) | (11,996) | 9,433,655 |
| Fidelity Series Emerging Markets Debt Fund | 2,792,749 | 417,793 | 99,386 | 90,637 | 849 | 64,747 | 3,176,752 |
| Fidelity Series Emerging Markets Fund | 40,375,881 | 5,129,072 | 6,244,456 | -- | 361,885 | 6,052,814 | 45,675,196 |
| Fidelity Series Floating Rate High Income Fund | 973,225 | 159,845 | 41,415 | 23,529 | (53) | (3,274) | 1,088,328 |
| Fidelity Series Government Money Market Fund 1.09% | 2,842,030 | 1,312,505 | 133,088 | 16,281 | -- | -- | 4,021,447 |
| Fidelity Series High Income Fund | 6,105,377 | 997,280 | 248,465 | 179,517 | 454 | 93,806 | 6,948,452 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3,297,517 | 438,148 | 132,512 | 2,009 | 439 | 6,195 | 3,609,787 |
| Fidelity Series International Credit Fund | -- | 227,132 | -- | -- | -- | 1,136 | 228,268 |
| Fidelity Series International Growth Fund | 38,016,091 | 5,143,866 | 4,155,641 | -- | 118,245 | 5,142,592 | 44,265,153 |
| Fidelity Series International Small Cap Fund | 8,686,160 | 1,213,350 | 736,114 | -- | 30,727 | 1,459,908 | 10,654,031 |
| Fidelity Series International Value Fund | 38,115,728 | 5,683,676 | 3,905,251 | -- | 114,175 | 4,244,264 | 44,252,592 |
| Fidelity Series Investment Grade Bond Fund | 1,899,804 | 482,696 | 132,196 | 26,415 | 450 | 26,020 | 2,276,774 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,306 | 7,975,248 | 158,553 | 33,077 | (1,412) | (36,232) | 7,780,357 |
| Fidelity Series Real Estate Equity Fund | 3,142,917 | 534,427 | 125,503 | 28,126 | 1,431 | (28,704) | 3,524,568 |
| Fidelity Series Real Estate Income Fund | 1,908,595 | 323,916 | 78,030 | 51,624 | 514 | 10,771 | 2,165,766 |
| Fidelity Series Small Cap Opportunities Fund | 15,931,253 | 3,555,103 | 639,477 | 34,073 | (4,431) | (265,810) | 18,576,638 |
| Total | $402,719,924 | $91,099,752 | $49,235,882 | $1,083,477 | $1,586,050 | $33,375,636 | $479,545,480 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $412,309,496) — See accompanying schedule | | $479,545,480 |
| Receivable for investments sold | | 8,662 |
| Receivable for fund shares sold | | 1,944,612 |
| Total assets | | 481,498,754 |
| Liabilities | | |
| Payable for investments purchased | $158,319 | |
| Payable for fund shares redeemed | 1,795,008 | |
| Accrued management fee | 291,919 | |
| Distribution and service plan fees payable | 76,114 | |
| Total liabilities | | 2,321,360 |
| Net Assets | | $479,177,394 |
| Net Assets consist of: | | |
| Paid in capital | | $410,462,004 |
| Accumulated net investment loss | | (477,396) |
| Accumulated undistributed net realized gain (loss) on investments | | 1,956,802 |
| Net unrealized appreciation (depreciation) on investments | | 67,235,984 |
| Net Assets | | $479,177,394 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($198,321,471 ÷ 15,117,791 shares) | | $13.12 |
| Maximum offering price per share (100/94.25 of $13.12) | | $13.92 |
| Class M: | | |
| Net Asset Value and redemption price per share ($66,803,259 ÷ 5,116,699 shares) | | $13.06 |
| Maximum offering price per share (100/96.50 of $13.06) | | $13.53 |
| Class C: | | |
| Net Asset Value and offering price per share ($9,967,970 ÷ 767,256 shares)(a) | | $12.99 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($203,075,160 ÷ 15,408,722 shares) | | $13.18 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($1,009,534 ÷ 76,560 shares) | | $13.19 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $1,083,477 |
| Expenses | | |
| Management fee | $1,127,847 | |
| Distribution and service plan fees | 433,014 | |
| Independent trustees' fees and expenses | 781 | |
| Total expenses before reductions | 1,561,642 | |
| Expense reductions | (264) | 1,561,378 |
| Net investment income (loss) | | (477,901) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 1,586,050 | |
| Capital gain distributions from underlying funds | 2,826,676 | |
| Total net realized gain (loss) | | 4,412,726 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 33,375,636 |
| Net gain (loss) | | 37,788,362 |
| Net increase (decrease) in net assets resulting from operations | | $37,310,461 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(477,901) | $4,545,316 |
| Net realized gain (loss) | 4,412,726 | 5,298,677 |
| Change in net unrealized appreciation (depreciation) | 33,375,636 | 41,715,023 |
| Net increase (decrease) in net assets resulting from operations | 37,310,461 | 51,559,016 |
| Distributions to shareholders from net investment income | (14,088) | (4,567,082) |
| Distributions to shareholders from net realized gain | (4,661,846) | (9,571,484) |
| Total distributions | (4,675,934) | (14,138,566) |
| Share transactions - net increase (decrease) | 43,889,526 | 67,699,971 |
| Total increase (decrease) in net assets | 76,524,053 | 105,120,421 |
| Net Assets | | |
| Beginning of period | 402,653,341 | 297,532,920 |
| End of period | $479,177,394 | $402,653,341 |
| Other Information | | |
| Undistributed net investment income end of period | $– | $14,593 |
| Accumulated net investment loss end of period | $(477,396) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2055 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.19 | $11.02 | $11.92 | $11.71 | $10.56 | $9.75 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .14 | .15 | .16 | .12 | .18 |
| Net realized and unrealized gain (loss) | 1.09 | 1.51 | (.59) | .62 | 1.49 | .83 |
| Total from investment operations | 1.07 | 1.65 | (.44) | .78 | 1.61 | 1.01 |
| Distributions from net investment income | – | (.14) | (.14) | (.15) | (.11) | (.13) |
| Distributions from net realized gain | (.14) | (.34) | (.31) | (.42) | (.36) | (.07) |
| Total distributions | (.14) | (.48) | (.46)B | (.57) | (.46)C | (.20) |
| Net asset value, end of period | $13.12 | $12.19 | $11.02 | $11.92 | $11.71 | $10.56 |
| Total ReturnD,E,F | 8.81% | 15.49% | (3.89)% | 6.85% | 15.45% | 10.51% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .76%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .76%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .76%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.27)%I | 1.24% | 1.31% | 1.39% | 1.11% | 1.82% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $198,321 | $170,352 | $130,309 | $115,666 | $81,217 | $32,476 |
| Portfolio turnover rateH | 22%I | 24% | 24% | 29% | 43% | 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 $.141 and distributions from net realized gain of $.314 per share.
C 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2055 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.14 | $10.98 | $11.88 | $11.68 | $10.55 | $9.75 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .11 | .12 | .13 | .10 | .16 |
| Net realized and unrealized gain (loss) | 1.08 | 1.51 | (.59) | .62 | 1.47 | .82 |
| Total from investment operations | 1.05 | 1.62 | (.47) | .75 | 1.57 | .98 |
| Distributions from net investment income | – | (.12) | (.12) | (.13) | (.09) | (.11) |
| Distributions from net realized gain | (.13) | (.34) | (.31) | (.42) | (.36) | (.07) |
| Total distributions | (.13) | (.46) | (.43) | (.55) | (.44)B | (.18) |
| Net asset value, end of period | $13.06 | $12.14 | $10.98 | $11.88 | $11.68 | $10.55 |
| Total ReturnC,D,E | 8.69% | 15.27% | (4.11)% | 6.55% | 15.07% | 10.24% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.01%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.01%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.01%H | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.52)%H | .99% | 1.06% | 1.14% | .86% | 1.57% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $66,803 | $58,052 | $41,956 | $33,436 | $19,134 | $7,239 |
| Portfolio turnover rateG | 22%H | 24% | 24% | 29% | 43% | 29% |
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 $.086 and distributions from net realized gain of $.355 per share.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2055 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.11 | $10.98 | $11.88 | $11.69 | $10.57 | $9.74 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.06) | .06 | .06 | .08 | .04 | .10 |
| Net realized and unrealized gain (loss) | 1.07 | 1.49 | (.58) | .61 | 1.47 | .83 |
| Total from investment operations | 1.01 | 1.55 | (.52) | .69 | 1.51 | .93 |
| Distributions from net investment income | – | (.08) | (.08) | (.09) | (.05) | (.03) |
| Distributions from net realized gain | (.13) | (.34) | (.30) | (.41) | (.35) | (.07) |
| Total distributions | (.13) | (.42) | (.38) | (.50) | (.39)B | (.10) |
| Net asset value, end of period | $12.99 | $12.11 | $10.98 | $11.88 | $11.69 | $10.57 |
| Total ReturnC,D,E | 8.38% | 14.62% | (4.53)% | 6.01% | 14.46% | 9.69% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.51%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.51%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.51%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (1.02)%H | .49% | .56% | .65% | .36% | 1.07% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $9,968 | $8,529 | $5,671 | $4,180 | $2,491 | $1,094 |
| Portfolio turnover rateG | 22%H | 24% | 24% | 29% | 43% | 29% |
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 $.048 and distributions from net realized gain of $.345 per share.
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 contingent deferred sales charge.
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 Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2055 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.24 | $11.06 | $11.96 | $11.74 | $10.59 | $9.76 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .17 | .18 | .19 | .15 | .21 |
| Net realized and unrealized gain (loss) | 1.08 | 1.51 | (.60) | .63 | 1.48 | .83 |
| Total from investment operations | 1.08 | 1.68 | (.42) | .82 | 1.63 | 1.04 |
| Distributions from net investment income | –B | (.16) | (.17) | (.18) | (.13) | (.14) |
| Distributions from net realized gain | (.14) | (.34) | (.31) | (.42) | (.36) | (.07) |
| Total distributions | (.14) | (.50) | (.48) | (.60) | (.48)C | (.21) |
| Net asset value, end of period | $13.18 | $12.24 | $11.06 | $11.96 | $11.74 | $10.59 |
| Total ReturnD,E | 8.92% | 15.81% | (3.64)% | 7.15% | 15.61% | 10.84% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .51%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .51%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.02)%H | 1.49% | 1.56% | 1.64% | 1.36% | 2.07% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $203,075 | $165,720 | $119,597 | $87,769 | $54,490 | $18,438 |
| Portfolio turnover rateG | 22%H | 24% | 24% | 29% | 43% | 29% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
H Annualized
I Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2055 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.63 |
| Income from Investment Operations | |
| Net investment income (loss)B | .12 |
| Net realized and unrealized gain (loss) | .44 |
| Total from investment operations | .56 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.19 |
| Total ReturnC,D | 4.43% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 3.05%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,010 |
| Portfolio turnover rateE | 22%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.9 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.6 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.5 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.4 |
| | 75.8 | 78.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.8% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 0.9% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2060 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 307,605 | $4,484,883 |
| Fidelity Advisor Series Equity Value Fund (a) | | 389,248 | 5,219,812 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 553,373 | 8,289,530 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 220,476 | 2,894,848 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 222,409 | 4,121,244 |
| Fidelity Advisor Series Small Cap Fund (a) | | 183,207 | 2,253,442 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 397,251 | 5,350,975 |
| Fidelity Series 100 Index Fund (a) | | 139,070 | 2,304,392 |
| Fidelity Series 1000 Value Index Fund (a) | | 70,571 | 886,366 |
| Fidelity Series All-Sector Equity Fund (a) | | 231,527 | 3,095,515 |
| Fidelity Series Commodity Strategy Fund (a) | | 263,371 | 1,377,431 |
| Fidelity Series Real Estate Equity Fund (a) | | 39,848 | 514,442 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 194,197 | 2,714,874 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $39,287,350) | | | 43,507,754 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 61,227 | 651,452 |
| Fidelity Series Emerging Markets Fund (a) | | 323,435 | 6,662,769 |
| Fidelity Series International Growth Fund (a) | | 406,119 | 6,453,237 |
| Fidelity Series International Small Cap Fund (a) | | 87,015 | 1,558,439 |
| Fidelity Series International Value Fund (a) | | 599,627 | 6,457,987 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $18,744,701) | | | 21,783,884 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 41,562 | 434,741 |
| Fidelity Series Floating Rate High Income Fund (a) | | 17,458 | 165,675 |
| Fidelity Series High Income Fund (a) | | 104,603 | 1,019,882 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 53,682 | 530,913 |
| Fidelity Series International Credit Fund (a) | | 3,023 | 30,377 |
| Fidelity Series Investment Grade Bond Fund (a) | | 29,468 | 333,287 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 128,806 | 1,132,202 |
| Fidelity Series Real Estate Income Fund (a) | | 28,386 | 317,072 |
| TOTAL BOND FUNDS | | | |
| (Cost $3,885,022) | | | 3,964,149 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 15,613 | 156,129 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 585,672 | 585,672 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $741,590) | | | 741,801 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $62,658,663) | | | 69,997,588 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (52,803) |
| NET ASSETS - 100% | | | $69,944,785 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $2,883,602 | $1,410,071 | $322,529 | $-- | $(1,642) | $515,381 | $4,484,883 |
| Fidelity Advisor Series Equity Value Fund | 5,120,357 | 1,967,240 | 1,990,761(a) | 50,816 | 23,781 | 99,195 | 5,219,812 |
| Fidelity Advisor Series Growth & Income Fund | 3,548,790 | 4,672,371(a) | 120,904 | 21,382 | (2,475) | 191,748 | 8,289,530 |
| Fidelity Advisor Series Growth Opportunities Fund | 1,900,912 | 914,695 | 216,663 | -- | 2,582 | 293,322 | 2,894,848 |
| Fidelity Advisor Series Opportunistic Insights Fund | 2,656,409 | 1,317,816 | 263,557 | -- | (215) | 410,791 | 4,121,244 |
| Fidelity Advisor Series Short-Term Credit Fund | 94,907 | 63,958 | 2,920 | 1,026 | 3 | 181 | 156,129 |
| Fidelity Advisor Series Small Cap Fund | 1,426,823 | 711,541 | 38,978 | -- | 196 | 153,860 | 2,253,442 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3,400,620 | 1,830,274 | 79,711 | -- | 2,998 | 196,794 | 5,350,975 |
| Fidelity Series 100 Index Fund | 1,471,465 | 730,977 | 38,437 | -- | (31) | 140,418 | 2,304,392 |
| Fidelity Series 1000 Value Index Fund | 570,779 | 293,854 | 13,270 | -- | (78) | 35,081 | 886,366 |
| Fidelity Series All-Sector Equity Fund | 1,995,788 | 991,469 | 85,063 | -- | 1,034 | 192,287 | 3,095,515 |
| Fidelity Series Canada Fund | -- | 630,165 | 54 | -- | -- | 21,341 | 651,452 |
| Fidelity Series Commodity Strategy Fund | 784,071 | 612,121 | 20,661 | 2,042 | (207) | 2,107 | 1,377,431 |
| Fidelity Series Emerging Markets Debt Fund | 287,447 | 145,850 | 6,257 | 10,996 | 86 | 7,615 | 434,741 |
| Fidelity Series Emerging Markets Fund | 4,363,146 | 2,115,826 | 628,817 | -- | 12,431 | 800,183 | 6,662,769 |
| Fidelity Series Floating Rate High Income Fund | 109,403 | 59,350 | 2,607 | 3,160 | 4 | (475) | 165,675 |
| Fidelity Series Government Money Market Fund 1.09% | 292,135 | 302,012 | 8,475 | 2,096 | -- | -- | 585,672 |
| Fidelity Series High Income Fund | 663,148 | 360,313 | 15,643 | 23,171 | 9 | 12,055 | 1,019,882 |
| Fidelity Series Inflation-Protected Bond Index Fund | 358,487 | 180,077 | 8,343 | 271 | 42 | 650 | 530,913 |
| Fidelity Series International Credit Fund | -- | 30,226 | -- | -- | -- | 151 | 30,377 |
| Fidelity Series International Growth Fund | 4,113,503 | 2,106,389 | 413,204 | -- | 9,290 | 637,259 | 6,453,237 |
| Fidelity Series International Small Cap Fund | 939,884 | 493,708 | 60,043 | -- | 2,787 | 182,103 | 1,558,439 |
| Fidelity Series International Value Fund | 4,124,240 | 2,183,120 | 403,416 | -- | 11,029 | 543,014 | 6,457,987 |
| Fidelity Series Investment Grade Bond Fund | 202,814 | 144,635 | 17,192 | 3,416 | (4) | 3,034 | 333,287 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 177 | 1,147,104 | 9,345 | 4,502 | (54) | (5,680) | 1,132,202 |
| Fidelity Series Real Estate Equity Fund | 340,128 | 187,454 | 7,834 | 3,784 | (237) | (5,069) | 514,442 |
| Fidelity Series Real Estate Income Fund | 206,491 | 114,801 | 4,901 | 6,909 | 81 | 600 | 317,072 |
| Fidelity Series Small Cap Opportunities Fund | 1,724,001 | 1,068,861 | 39,908 | 4,892 | (609) | (37,471) | 2,714,874 |
| Total | $43,579,527 | $26,786,278 | $4,819,493 | $138,463 | $60,801 | $4,390,475 | $69,997,588 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $62,658,663) — See accompanying schedule | | $69,997,588 |
| Cash | | 13 |
| Receivable for investments sold | | 208 |
| Receivable for fund shares sold | | 396,481 |
| Total assets | | 70,394,290 |
| Liabilities | | |
| Payable for investments purchased | $250,387 | |
| Payable for fund shares redeemed | 146,308 | |
| Accrued management fee | 41,728 | |
| Distribution and service plan fees payable | 11,082 | |
| Total liabilities | | 449,505 |
| Net Assets | | $69,944,785 |
| Net Assets consist of: | | |
| Paid in capital | | $62,555,350 |
| Accumulated net investment loss | | (70,506) |
| Accumulated undistributed net realized gain (loss) on investments | | 121,016 |
| Net unrealized appreciation (depreciation) on investments | | 7,338,925 |
| Net Assets | | $69,944,785 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($29,399,828 ÷ 2,533,865 shares) | | $11.60 |
| Maximum offering price per share (100/94.25 of $11.60) | | $12.31 |
| Class M: | | |
| Net Asset Value and redemption price per share ($9,581,346 ÷ 826,321 shares) | | $11.60 |
| Maximum offering price per share (100/96.50 of $11.60) | | $12.02 |
| Class C: | | |
| Net Asset Value and offering price per share ($1,654,702 ÷ 142,452 shares)(a) | | $11.62 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($28,973,917 ÷ 2,488,096 shares) | | $11.65 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($334,992 ÷ 28,751 shares) | | $11.65 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $138,463 |
| Expenses | | |
| Management fee | $151,799 | |
| Distribution and service plan fees | 56,281 | |
| Independent trustees' fees and expenses | 95 | |
| Total expenses before reductions | 208,175 | |
| Expense reductions | (29) | 208,146 |
| Net investment income (loss) | | (69,683) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 60,801 | |
| Capital gain distributions from underlying funds | 395,481 | |
| Total net realized gain (loss) | | 456,282 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 4,390,475 |
| Net gain (loss) | | 4,846,757 |
| Net increase (decrease) in net assets resulting from operations | | $4,777,074 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(69,683) | $374,796 |
| Net realized gain (loss) | 456,282 | 652,819 |
| Change in net unrealized appreciation (depreciation) | 4,390,475 | 3,248,213 |
| Net increase (decrease) in net assets resulting from operations | 4,777,074 | 4,275,828 |
| Distributions to shareholders from net investment income | (1,886) | (374,733) |
| Distributions to shareholders from net realized gain | (455,069) | (451,681) |
| Total distributions | (456,955) | (826,414) |
| Share transactions - net increase (decrease) | 22,052,252 | 20,738,778 |
| Total increase (decrease) in net assets | 26,372,371 | 24,188,192 |
| Net Assets | | |
| Beginning of period | 43,572,414 | 19,384,222 |
| End of period | $69,944,785 | $43,572,414 |
| Other Information | | |
| Undistributed net investment income end of period | $– | $1,063 |
| Accumulated net investment loss end of period | $(70,506) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2060 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.76 | $9.62 | $10.34 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.02) | .13 | .12 | .15 |
| Net realized and unrealized gain (loss) | .96 | 1.33 | (.51) | .37 |
| Total from investment operations | .94 | 1.46 | (.39) | .52 |
| Distributions from net investment income | – | (.12) | (.11) | (.10) |
| Distributions from net realized gain | (.10) | (.20) | (.22) | (.08) |
| Total distributions | (.10) | (.32) | (.33) | (.18) |
| Net asset value, end of period | $11.60 | $10.76 | $9.62 | $10.34 |
| Total ReturnC,D,E | 8.78% | 15.55% | (3.89)% | 5.24% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .78%H | .25% | .25% | .25%H |
| Expenses net of fee waivers, if any | .78%H | .25% | .25% | .25%H |
| Expenses net of all reductions | .78%H | .25% | .25% | .25%H |
| Net investment income (loss) | (.30)%H | 1.30% | 1.29% | 2.24%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $29,400 | $18,482 | $9,058 | $2,267 |
| Portfolio turnover rateG | 17%H | 32% | 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2060 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.77 | $9.63 | $10.33 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.03) | .11 | .10 | .13 |
| Net realized and unrealized gain (loss) | .95 | 1.33 | (.51) | .38 |
| Total from investment operations | .92 | 1.44 | (.41) | .51 |
| Distributions from net investment income | – | (.10) | (.08) | (.09) |
| Distributions from net realized gain | (.09) | (.20) | (.21) | (.08) |
| Total distributions | (.09) | (.30) | (.29) | (.18)C |
| Net asset value, end of period | $11.60 | $10.77 | $9.63 | $10.33 |
| Total ReturnD,E,F | 8.63% | 15.29% | (4.09)% | 5.07% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | 1.03%I | .50% | .50% | .51%I,J |
| Expenses net of fee waivers, if any | 1.03%I | .50% | .50% | .51%I,J |
| Expenses net of all reductions | 1.03%I | .50% | .50% | .51%I,J |
| Net investment income (loss) | (.55)%I | 1.05% | 1.04% | 1.98%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $9,581 | $5,719 | $3,189 | $2,062 |
| Portfolio turnover rateH | 17%I | 32% | 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
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.
Fidelity Advisor Freedom 2060 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.81 | $9.68 | $10.31 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.06) | .06 | .05 | .10 |
| Net realized and unrealized gain (loss) | .96 | 1.33 | (.51) | .38 |
| Total from investment operations | .90 | 1.39 | (.46) | .48 |
| Distributions from net investment income | – | (.06) | – | (.08) |
| Distributions from net realized gain | (.09) | (.20) | (.17) | (.08) |
| Total distributions | (.09) | (.26) | (.17) | (.17)C |
| Net asset value, end of period | $11.62 | $10.81 | $9.68 | $10.31 |
| Total ReturnD,E,F | 8.41% | 14.65% | (4.60)% | 4.77% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | 1.53%I | 1.00% | .99%J | 1.02%I,J |
| Expenses net of fee waivers, if any | 1.53%I | 1.00% | .99%J | 1.02%I,J |
| Expenses net of all reductions | 1.53%I | 1.00% | .99%J | 1.02%I,J |
| Net investment income (loss) | (1.05)%I | .55% | .55% | 1.47%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,655 | $1,209 | $1,292 | $1,322 |
| Portfolio turnover rateH | 17%I | 32% | 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 $.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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
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.
Fidelity Advisor Freedom 2060 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.80 | $9.65 | $10.35 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | –C | .16 | .15 | .17 |
| Net realized and unrealized gain (loss) | .96 | 1.33 | (.50) | .37 |
| Total from investment operations | .96 | 1.49 | (.35) | .54 |
| Distributions from net investment income | –C | (.13) | (.12) | (.10) |
| Distributions from net realized gain | (.10) | (.20) | (.23) | (.08) |
| Total distributions | (.11)D | (.34)E | (.35) | (.19)F |
| Net asset value, end of period | $11.65 | $10.80 | $9.65 | $10.35 |
| Total ReturnG,H | 8.90% | 15.82% | (3.54)% | 5.38% |
| Ratios to Average Net AssetsI,J | | | | |
| Expenses before reductions | .53%K | - %L | - %L | - %K,L |
| Expenses net of fee waivers, if any | .53%K | -% | -% | - %K |
| Expenses net of all reductions | .53%K | -% | -% | - %K |
| Net investment income (loss) | (.05)%K | 1.55% | 1.54% | 2.49%K |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $28,974 | $18,162 | $5,845 | $399 |
| Portfolio turnover rateJ | 17%K | 32% | 64% | 47%K |
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 distributions of $.11 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.104 per share.
E Total distributions of $.34 per share is comprised of distributions from net investment income of $.132 and distributions from net realized gain of $.204 per share.
F 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.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
J Amounts do not include the activity of the Underlying Funds.
K Annualized
L Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2060 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.16 |
| Income from Investment Operations | |
| Net investment income (loss)B | .09 |
| Net realized and unrealized gain (loss) | .40 |
| Total from investment operations | .49 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.65 |
| Total ReturnC,D | 4.39% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.53%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $335 |
| Portfolio turnover rateE | 17%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the 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 (Unaudited)
For the period ended September 30, 2017
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. Each Fund offers Class A, Class M, Class C, Class I and Class Z6 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. Each Fund commenced sale of Class Z6 shares on June 6, 2017. 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). During the period, one of the Underlying Funds changed its name from Fidelity Advisor Series Equity-Income Fund to Fidelity Advisor Series Equity Value Fund.
After the close of business on June 24, 2016, each Fund's outstanding Class B shares were converted to Class A shares. Each Fund's prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period April 1, 2016 through June 24, 2016.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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. 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 and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Advisor Freedom Income | $199,014,117 | $18,735,106 | $(1,363,543) | $17,371,563 |
| Advisor Freedom 2005 | 186,416,969 | 23,335,389 | (1,191,178) | 22,144,211 |
| Advisor Freedom 2010 | 437,161,295 | 66,897,658 | (2,609,846) | 64,287,812 |
| Advisor Freedom 2015 | 995,402,817 | 191,364,638 | (6,332,882) | 185,031,756 |
| Advisor Freedom 2020 | 2,143,460,328 | 425,149,241 | (15,448,505) | 409,700,736 |
| Advisor Freedom 2025 | 2,486,435,922 | 529,798,966 | (20,132,528) | 509,666,438 |
| Advisor Freedom 2030 | 2,350,193,308 | 590,304,529 | (13,164,173) | 577,140,356 |
| Advisor Freedom 2035 | 1,814,438,248 | 515,469,889 | (9,382,468) | 506,087,421 |
| Advisor Freedom 2040 | 1,641,597,374 | 475,960,034 | (8,153,685) | 467,806,349 |
| Advisor Freedom 2045 | 1,020,425,863 | 271,107,859 | (4,898,802) | 266,209,057 |
| Advisor Freedom 2050 | 807,130,165 | 211,480,309 | (3,748,916) | 207,731,393 |
| Advisor Freedom 2055 | 414,079,507 | 67,148,610 | (1,682,637) | 65,465,973 |
| Advisor Freedom 2060 | 62,950,224 | 7,192,624 | (145,260) | 7,047,364 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the underlying fund shares and in-kind transactions are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Advisor Freedom Income | 20,843,594 | 33,703,073 |
| Advisor Freedom 2005 | 20,199,707 | 30,120,733 |
| Advisor Freedom 2010 | 46,804,864 | 75,935,004 |
| Advisor Freedom 2015 | 104,954,606 | 198,298,510 |
| Advisor Freedom 2020 | 228,273,175 | 376,030,889 |
| Advisor Freedom 2025 | 311,930,304 | 396,034,636 |
| Advisor Freedom 2030 | 338,067,757 | 439,625,968 |
| Advisor Freedom 2035 | 270,264,022 | 333,637,452 |
| Advisor Freedom 2040 | 236,236,270 | 311,401,642 |
| Advisor Freedom 2045 | 165,145,267 | 167,892,308 |
| Advisor Freedom 2050 | 139,374,373 | 131,523,742 |
| Advisor Freedom 2055 | 91,099,752 | 49,235,882 |
| Advisor Freedom 2060 | 26,786,278 | 4,819,493 |
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Effective June 1, 2017, under the management contract approved by the Board of Trustees (the Board) and shareholders, FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's target date, indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its target date. In addition, under the management contract, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees.
For the period June 1, 2017 (June 6, 2017 for Class Z6) through September 30, 2017, the total annual management fee rate for each Class of each Fund was as follows:
| | Annual % of Class-Level Average Net Assets
(Classes A, M, C, I) | Annual % of Class-Level Average Net Assets
(Class Z6) |
| Advisor Freedom Income | .465% | .415% |
| Advisor Freedom 2005 | .491% | .435% |
| Advisor Freedom 2010 | .533% | .468% |
| Advisor Freedom 2015 | .576% | .503% |
| Advisor Freedom 2020 | .618% | .538% |
| Advisor Freedom 2025 | .661% | .573% |
| Advisor Freedom 2030 | .703% | .608% |
| Advisor Freedom 2035 | .746% | .643% |
| Advisor Freedom 2040 | .746% | .643% |
| Advisor Freedom 2045 | .746% | .643% |
| Advisor Freedom 2050 | .746% | .643% |
| Advisor Freedom 2055 | .746% | .643% |
| Advisor Freedom 2060 | .746% | .643% |
Effective June 6, 2017, under the expense contract approved by the Board, the investment adviser pays class-level expenses for Class Z6 of each Fund as necessary so that Class Z6 total expenses do not exceed certain amounts of Class Z6 average net assets on an annual basis with certain exceptions, as noted in the following table:
| | Annual % of Class-Level Average Net Assets
(Class Z6) |
| Advisor Freedom Income | .365% |
| Advisor Freedom 2005 | .377% |
| Advisor Freedom 2010 | .396% |
| Advisor Freedom 2015 | .415% |
| Advisor Freedom 2020 | .435% |
| Advisor Freedom 2025 | .454% |
| Advisor Freedom 2030 | .474% |
| Advisor Freedom 2035 | .493% |
| Advisor Freedom 2040 | .493% |
| Advisor Freedom 2045 | .493% |
| Advisor Freedom 2050 | .493% |
| Advisor Freedom 2055 | .493% |
| Advisor Freedom 2060 | .493% |
In addition, the Board and shareholders of each Underlying Fund approved a new management contract, effective June 1, 2017. Under the management contract, each Underlying Fund no longer pays a management fee, and most of each Underlying Fund's ordinary operating expenses are borne by the investment adviser.
Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these 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 plan fees, compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. 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% | $105,230 | $3,440 |
| Class M | .25% | .25% | 96,118 | – |
| Class C | .75% | .25% | 71,383 | 5,158 |
| | | | $272,731 | $8,598 |
| Advisor Freedom 2005 | | | | |
| Class A | -% | .25% | $146,388 | $7,355 |
| Class M | .25% | .25% | 68,221 | 374 |
| Class C | .75% | .25% | 28,225 | 913 |
| | | | $242,834 | $8,642 |
| Advisor Freedom 2010 | | | | |
| Class A | -% | .25% | $325,281 | $15,630 |
| Class M | .25% | .25% | 205,650 | 2,354 |
| Class C | .75% | .25% | 143,980 | 4,036 |
| | | | $674,911 | $22,020 |
| Advisor Freedom 2015 | | | | |
| Class A | -% | .25% | $789,140 | $42,030 |
| Class M | .25% | .25% | 446,846 | 1,937 |
| Class C | .75% | .25% | 308,411 | 16,093 |
| | | | $1,544,397 | $60,060 |
| Advisor Freedom 2020 | | | | |
| Class A | -% | .25% | $1,623,819 | $72,406 |
| Class M | .25% | .25% | 989,404 | 6,205 |
| Class C | .75% | .25% | 512,259 | 35,811 |
| | | | $3,125,482 | $114,422 |
| Advisor Freedom 2025 | | | | |
| Class A | -% | .25% | $1,875,870 | $87,671 |
| Class M | .25% | .25% | 1,077,226 | 4,283 |
| Class C | .75% | .25% | 502,677 | 49,158 |
| | | | $3,455,773 | $141,112 |
| Advisor Freedom 2030 | | | | |
| Class A | -% | .25% | $1,772,980 | $84,401 |
| Class M | .25% | .25% | 1,123,778 | – |
| Class C | .75% | .25% | 479,889 | 48,405 |
| | | | $3,376,647 | $132,806 |
| Advisor Freedom 2035 | | | | |
| Class A | -% | .25% | $1,403,289 | $63,178 |
| Class M | .25% | .25% | 865,112 | 4,149 |
| Class C | .75% | .25% | 318,564 | 36,846 |
| | | | $2,586,965 | $104,173 |
| Advisor Freedom 2040 | | | | |
| Class A | -% | .25% | $1,211,991 | $50,686 |
| Class M | .25% | .25% | 830,388 | 983 |
| Class C | .75% | .25% | 412,224 | 37,515 |
| | | | $2,454,603 | $89,184 |
| Advisor Freedom 2045 | | | | |
| Class A | -% | .25% | $707,635 | $40,674 |
| Class M | .25% | .25% | 486,328 | 1,695 |
| Class C | .75% | .25% | 142,685 | 23,248 |
| | | | $1,336,648 | $65,617 |
| Advisor Freedom 2050 | | | | |
| Class A | -% | .25% | $508,295 | $22,715 |
| Class M | .25% | .25% | 384,018 | 397 |
| Class C | .75% | .25% | 148,375 | 20,701 |
| | | | $1,040,688 | $43,813 |
| Advisor Freedom 2055 | | | | |
| Class A | -% | .25% | $230,705 | $9,532 |
| Class M | .25% | .25% | 156,010 | 144 |
| Class C | .75% | .25% | 46,299 | 12,692 |
| | | | $433,014 | $22,368 |
| Advisor Freedom 2060 | | | | |
| Class A | -% | .25% | $29,853 | $15,683 |
| Class M | .25% | .25% | 19,112 | 145 |
| Class C | .75% | .25% | 7,316 | 3,621 |
| | | | $56,281 | $19,449 |
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 M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained
by FDC |
| Advisor Freedom Income | |
| Class A | $4,790 |
| Class M | 553 |
| Class C(a) | 801 |
| | $6,144 |
| Advisor Freedom 2005 | |
| Class A | $587 |
| Class C(a) | 268 |
| | $855 |
| Advisor Freedom 2010 | |
| Class A | $4,441 |
| Class M | 365 |
| Class C(a) | 481 |
| | $5,287 |
| Advisor Freedom 2015 | |
| Class A | $6,623 |
| Class M | 2,108 |
| Class C(a) | 2,014 |
| | $10,745 |
| Advisor Freedom 2020 | |
| Class A | $16,239 |
| Class M | 3,299 |
| Class C(a) | 5,947 |
| | $25,485 |
| Advisor Freedom 2025 | |
| Class A | $25,492 |
| Class M | 7,519 |
| Class C(a) | 3,682 |
| | $36,693 |
| Advisor Freedom 2030 | |
| Class A | $24,018 |
| Class M | 3,751 |
| Class C(a) | 5,936 |
| | $33,705 |
| Advisor Freedom 2035 | |
| Class A | $18,068 |
| Class M | 3,143 |
| Class C(a) | 3,392 |
| | $24,603 |
| Advisor Freedom 2040 | |
| Class A | $16,643 |
| Class M | 2,144 |
| Class C(a) | 5,722 |
| | $24,509 |
| Advisor Freedom 2045 | |
| Class A | $13,783 |
| Class M | 3,646 |
| Class C(a) | 4,569 |
| | $21,998 |
| Advisor Freedom 2050 | |
| Class A | $11,553 |
| Class M | 1,378 |
| Class C(a) | 2,802 |
| | $15,733 |
| Advisor Freedom 2055 | |
| Class A | $5,207 |
| Class M | 1,673 |
| Class C(a) | 1,720 |
| | $8,600 |
| Advisor Freedom 2060 | |
| Class A | $579 |
| Class M | 1,126 |
| Class C(a) | 335 |
| | $2,040 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Advisor Series Equity Value Fund ("selected Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of Fidelity Advisor Series Growth & Income Fund which is an affiliated investment company managed by FMR. Net realized gain (loss) on the redemptions of the selected Underlying Fund in connection with the reallocation is included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the related net gain (loss) for the Funds are presented in the accompanying table:
| | Value of Investments and Cash reallocated | Net realized Gain (Loss) on redemptions of selected Underlying Funds |
| Advisor Freedom Income | $1,835,460 | $ 263,976 |
| Advisor Freedom 2005 | 2,600,106 | 473,487 |
| Advisor Freedom 2010 | 8,110,167 | 1,996,669 |
| Advisor Freedom 2015 | 23,603,334 | 4,562,791 |
| Advisor Freedom 2020 | 57,172,267 | 5,489,085 |
| Advisor Freedom 2025 | 73,263,952 | 6,487,561 |
| Advisor Freedom 2030 | 87,711,735 | 7,386,714 |
| Advisor Freedom 2035 | 79,733,333 | 5,964,782 |
| Advisor Freedom 2040 | 74,045,368 | 5,798,888 |
| Advisor Freedom 2045 | 44,156,583 | 3,196,466 |
| Advisor Freedom 2050 | 34,515,108 | 2,535,731 |
| Advisor Freedom 2055 | 15,452,315 | 540,986 |
| Advisor Freedom 2060 | 1,885,573 | 23,858 |
5. Expense Reductions.
Prior to June 1, 2017, 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, were excluded from this reimbursement. Effective June 1, 2017, these voluntary reimbursements were discontinued.
The following classes of each applicable Fund were in reimbursement during the period:
| | Expense
Limitations | Reimbursement |
| Advisor Freedom Income | | |
| Class A | .25% | $56 |
| Class M | .50% | 26 |
| Class C | 1.00% | 9 |
| Class I | -% | 55 |
| Advisor Freedom 2005 | | |
| Class A | .25% | $77 |
| Class M | .50% | 18 |
| Class C | 1.00% | 4 |
| Class I | -% | 39 |
| Advisor Freedom 2010 | | |
| Class A | .25% | $173 |
| Class M | .50% | 54 |
| Class C | 1.00% | 19 |
| Class I | -% | 88 |
| Advisor Freedom 2015 | | |
| Class A | .25% | $420 |
| Class M | .50% | 119 |
| Class C | 1.00% | 41 |
| Class I | -% | 215 |
| Advisor Freedom 2020 | | |
| Class A | .25% | $852 |
| Class M | .50% | 260 |
| Class C | 1.00% | 67 |
| Class I | -% | 499 |
| Advisor Freedom 2025 | | |
| Class A | .25% | $968 |
| Class M | .50% | 278 |
| Class C | 1.00% | 65 |
| Class I | -% | 594 |
| Advisor Freedom 2030 | | |
| Class A | .25% | $912 |
| Class M | .50% | 289 |
| Class C | 1.00% | 62 |
| Class I | -% | 593 |
| Advisor Freedom 2035 | | |
| Class A | .25% | $716 |
| Class M | .50% | 221 |
| Class C | 1.00% | 41 |
| Class I | -% | 470 |
| Advisor Freedom 2040 | | |
| Class A | .25% | $621 |
| Class M | .50% | 213 |
| Class C | 1.00% | 53 |
| Class I | -% | 439 |
| Advisor Freedom 2045 | | |
| Class A | .25% | $356 |
| Class M | .50% | 123 |
| Class C | 1.00% | 18 |
| Class I | -% | 285 |
| Advisor Freedom 2050 | | |
| Class A | .25% | $255 |
| Class M | .50% | 96 |
| Class C | 1.00% | 19 |
| Class I | -% | 240 |
| Advisor Freedom 2055 | | |
| Class A | .25% | $110 |
| Class M | .50% | 37 |
| Class C | 1.00% | 6 |
| Class I | -% | 111 |
| Advisor Freedom 2060 | | |
| Class A | .25% | $12 |
| Class M | .50% | 4 |
| Class C | 1.00% | 1 |
| Class I | -% | 12 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended September 30, 2017(a) | Year ended March 31, 2017 |
| Advisor Freedom Income | | |
| From net investment income | | |
| Class A | $381,293 | $1,396,856 |
| Class M | 125,928 | 493,459 |
| Class B | – | 527 |
| Class C | 9,161 | 113,110 |
| Class I | 472,822 | 1,403,708 |
| Class Z6 | 1,038 | – |
| Total | $990,242 | $3,407,660 |
| From net realized gain | | |
| Class A | $595,398 | $1,266,025 |
| Class M | 269,209 | 548,704 |
| Class B | – | 4,869 |
| Class C | 100,171 | 195,946 |
| Class I | 590,715 | 1,092,131 |
| Total | $1,555,493 | $3,107,675 |
| Advisor Freedom 2005 | | |
| From net investment income | | |
| Class A | $245,737 | $1,973,197 |
| Class M | 38,569 | 385,893 |
| Class B | – | 184 |
| Class C | – | 51,825 |
| Class I | 163,440 | 1,130,500 |
| Total | $447,746 | $3,541,599 |
| From net realized gain | | |
| Class A | $1,326,977 | $2,829,723 |
| Class M | 306,284 | 631,717 |
| Class B | – | 4,475 |
| Class C | 64,155 | 134,120 |
| Class I | 668,617 | 1,345,351 |
| Total | $2,366,033 | $4,945,386 |
| Advisor Freedom 2010 | | |
| From net investment income | | |
| Class A | $568,011 | $4,477,860 |
| Class M | 126,073 | 1,130,843 |
| Class B | – | 85 |
| Class C | 9,459 | 252,508 |
| Class I | 377,328 | 2,427,938 |
| Total | $1,080,871 | $8,289,234 |
| From net realized gain | | |
| Class A | $4,375,788 | $9,091,246 |
| Class M | 1,380,168 | 2,666,131 |
| Class B | – | 18,204 |
| Class C | 491,873 | 905,318 |
| Class I | 2,180,115 | 4,087,540 |
| Total | $8,427,944 | $16,768,439 |
| Advisor Freedom 2015 | | |
| From net investment income | | |
| Class A | $1,273,003 | $10,387,191 |
| Class M | 243,229 | 2,380,290 |
| Class C | 9,867 | 497,030 |
| Class I | 841,023 | 5,952,820 |
| Total | $2,367,122 | $19,217,331 |
| From net realized gain | | |
| Class A | $11,660,616 | $21,478,534 |
| Class M | 3,276,438 | 5,718,301 |
| Class B | – | 56,551 |
| Class C | 1,129,734 | 1,897,955 |
| Class I | 5,836,184 | 10,594,742 |
| Total | $21,902,972 | $39,746,083 |
| Advisor Freedom 2020 | | |
| From net investment income | | |
| Class A | $2,229,625 | $19,983,983 |
| Class M | 441,116 | 4,842,366 |
| Class C | – | 767,338 |
| Class I | 1,780,403 | 12,773,120 |
| Total | $4,451,144 | $38,366,807 |
| From net realized gain | | |
| Class A | $20,066,608 | $40,296,263 |
| Class M | 6,087,334 | 11,312,600 |
| Class B | – | 157,930 |
| Class C | 1,578,175 | 2,955,952 |
| Class I | 11,516,970 | 21,844,567 |
| Total | $39,249,087 | $76,567,312 |
| Advisor Freedom 2025 | | |
| From net investment income | | |
| Class A | $2,146,289 | $21,470,705 |
| Class M | 352,858 | 4,782,696 |
| Class C | – | 732,090 |
| Class I | 1,804,797 | 14,353,988 |
| Total | $4,303,944 | $41,339,479 |
| From net realized gain | | |
| Class A | $21,349,940 | $45,815,189 |
| Class M | 6,062,537 | 12,169,386 |
| Class B | – | 136,189 |
| Class C | 1,378,301 | 2,834,506 |
| Class I | 12,633,567 | 26,349,771 |
| Total | $41,424,345 | $87,305,041 |
| Advisor Freedom 2030 | | |
| From net investment income | | |
| Class A | $890,655 | $18,430,435 |
| Class M | 31,582 | 4,678,224 |
| Class C | – | 683,038 |
| Class I | 1,121,920 | 13,350,800 |
| Total | $2,044,157 | $37,142,497 |
| From net realized gain | | |
| Class A | $23,156,998 | $47,411,197 |
| Class M | 7,390,002 | 14,575,332 |
| Class B | – | 181,885 |
| Class C | 1,521,577 | 3,005,327 |
| Class I | 14,584,937 | 29,678,995 |
| Total | $46,653,514 | $94,852,736 |
| Advisor Freedom 2035 | | |
| From net investment income | | |
| Class A | $– | $13,587,492 |
| Class M | – | 3,416,658 |
| Class C | – | 426,644 |
| Class I | – | 9,563,549 |
| Total | $ - | $26,994,343 |
| From net realized gain | | |
| Class A | $18,560,794 | $38,475,348 |
| Class M | 5,466,691 | 10,912,610 |
| Class B | – | 135,368 |
| Class C | 1,022,076 | 1,993,967 |
| Class I | 12,160,499 | 24,465,797 |
| Total | $37,210,060 | $75,983,090 |
| Advisor Freedom 2040 | | |
| From net investment income | | |
| Class A | $– | $11,910,732 |
| Class M | – | 3,348,294 |
| Class C | – | 560,185 |
| Class I | – | 9,099,703 |
| Total | $– | $24,918,914 |
| From net realized gain | | |
| Class A | $15,889,579 | $34,090,941 |
| Class M | 5,327,205 | 11,320,686 |
| Class B | – | 170,019 |
| Class C | 1,326,213 | 2,679,478 |
| Class I | 11,417,156 | 23,291,076 |
| Total | $33,960,153 | $71,552,200 |
| Advisor Freedom 2045 | | |
| From net investment income | | |
| Class A | $– | $6,743,556 |
| Class M | – | 1,906,757 |
| Class C | – | 189,014 |
| Class I | – | 5,692,571 |
| Total | $– | $14,531,898 |
| From net realized gain | | |
| Class A | $8,592,288 | $18,452,182 |
| Class M | 2,875,818 | 5,768,381 |
| Class B | – | 39,187 |
| Class C | 419,922 | 829,711 |
| Class I | 6,905,761 | 13,952,584 |
| Total | $18,793,789 | $39,042,045 |
| Advisor Freedom 2050 | | |
| From net investment income | | |
| Class A | $– | $4,709,123 |
| Class M | – | 1,501,192 |
| Class C | – | 192,567 |
| Class I | – | 4,786,719 |
| Total | $– | $11,189,601 |
| From net realized gain | | |
| Class A | $5,843,566 | $12,279,605 |
| Class M | 2,118,981 | 4,394,815 |
| Class B | – | 48,585 |
| Class C | 399,060 | 839,720 |
| Class I | 5,537,663 | 11,235,299 |
| Total | $13,899,270 | $28,798,024 |
| Advisor Freedom 2055 | | |
| From net investment income | | |
| Class A | $– | $1,870,569 |
| Class M | – | 561,240 |
| Class C | – | 55,815 |
| Class I | 14,088 | 2,079,458 |
| Total | $14,088 | $4,567,082 |
| From net realized gain | | |
| Class A | $1,940,250 | $4,075,271 |
| Class M | 629,701 | 1,364,510 |
| Class C | 91,423 | 180,787 |
| Class I | 2,000,472 | 3,950,916 |
| Total | $4,661,846 | $9,571,484 |
| Advisor Freedom 2060 | | |
| From net investment income | | |
| Class A | $– | $172,576 |
| Class M | – | 37,768 |
| Class C | – | 5,349 |
| Class I | 1,886 | 159,040 |
| Total | $1,886 | $374,733 |
| From net realized gain | | |
| Class A | $191,194 | $226,072 |
| Class M | 56,458 | 57,107 |
| Class C | 11,316 | 18,997 |
| Class I | 196,101 | 149,505 |
| Total | $455,069 | $451,681 |
(a) Amounts for Class Z6 are for the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 |
| | Six months ended September 30, 2017 (a) | Year ended March 31, 2017 | Six months ended September 30, 2017 (a) | Year ended March 31, 2017 |
| Advisor Freedom Income | | | | |
| Class A | | | | |
| Shares sold | 693,930 | 2,494,487 | $7,689,073 | $26,903,908 |
| Reinvestment of distributions | 88,243 | 246,230 | 969,134 | 2,629,753 |
| Shares redeemed | (1,472,947) | (4,027,001) | (16,290,945) | (43,404,632) |
| Net increase (decrease) | (690,774) | (1,286,284) | $(7,632,738) | $(13,870,971) |
| Class M | | | | |
| Shares sold | 570,584 | 1,069,596 | $6,297,677 | $11,534,711 |
| Reinvestment of distributions | 35,399 | 95,143 | 388,481 | 1,014,496 |
| Shares redeemed | (722,554) | (1,678,273) | (7,982,668) | (18,101,104) |
| Net increase (decrease) | (116,571) | (513,534) | $(1,296,510) | $(5,551,897) |
| Class B | | | | |
| Shares sold | – | 1,191 | $– | $12,706 |
| Reinvestment of distributions | – | 508 | – | 5,371 |
| Shares redeemed | – | (62,185) | – | (661,437) |
| Net increase (decrease) | – | (60,486) | $– | $(643,360) |
| Class C | | | | |
| Shares sold | 132,464 | 198,081 | $1,465,025 | $2,132,123 |
| Reinvestment of distributions | 8,796 | 25,254 | 96,200 | 268,554 |
| Shares redeemed | (204,140) | (287,063) | (2,254,683) | (3,096,537) |
| Net increase (decrease) | (62,880) | (63,728) | $(693,458) | $(695,860) |
| Class I | | | | |
| Shares sold | 1,229,456 | 2,592,320 | $13,648,772 | $28,091,075 |
| Reinvestment of distributions | 95,899 | 231,637 | 1,057,385 | 2,482,393 |
| Shares redeemed | (1,566,731) | (3,194,359) | (17,420,987) | (34,573,157) |
| Net increase (decrease) | (241,376) | (370,402) | $(2,714,830) | $(3,999,689) |
| Class Z6 | | | | |
| Shares sold | 59,457 | – | $665,758 | $– |
| Reinvestment of distributions | 93 | – | 1,038 | – |
| Shares redeemed | (4,387) | – | (49,306) | – |
| Net increase (decrease) | 55,163 | – | $617,490 | $– |
| Advisor Freedom 2005 | | | | |
| Class A | | | | |
| Shares sold | 710,449 | 2,248,874 | $8,537,894 | $26,161,114 |
| Reinvestment of distributions | 130,025 | 414,812 | 1,540,794 | 4,716,740 |
| Shares redeemed | (1,362,091) | (4,357,389) | (16,338,484) | (50,652,047) |
| Net increase (decrease) | (521,617) | (1,693,703) | $(6,259,796) | $(19,774,193) |
| Class M | | | | |
| Shares sold | 316,857 | 674,483 | $3,791,961 | $7,841,512 |
| Reinvestment of distributions | 28,637 | 88,172 | 339,057 | 1,002,121 |
| Shares redeemed | (389,748) | (1,039,759) | (4,667,680) | (12,094,590) |
| Net increase (decrease) | (44,254) | (277,104) | $(536,662) | $(3,250,957) |
| Class B | | | | |
| Shares sold | – | 2 | $– | $26 |
| Reinvestment of distributions | – | 408 | – | 4,639 |
| Shares redeemed | – | (29,514) | – | (337,993) |
| Net increase (decrease) | – | (29,104) | $– | $(333,328) |
| Class C | | | | |
| Shares sold | 18,891 | 50,507 | $226,605 | $586,955 |
| Reinvestment of distributions | 5,060 | 15,214 | 59,907 | 172,750 |
| Shares redeemed | (34,430) | (132,932) | (412,072) | (1,546,152) |
| Net increase (decrease) | (10,479) | (67,211) | $(125,560) | $(786,447) |
| Class I | | | | |
| Shares sold | 591,531 | 1,711,139 | $7,148,628 | $20,022,716 |
| Reinvestment of distributions | 69,492 | 215,242 | 829,041 | 2,463,732 |
| Shares redeemed | (797,414) | (2,317,228) | (9,632,035) | (27,091,146) |
| Net increase (decrease) | (136,391) | (390,847) | $(1,654,366) | $(4,604,698) |
| Class Z6 | | | | |
| Shares sold | 8,728 | – | $105,168 | $– |
| Net increase (decrease) | 8,728 | – | $105,168 | $– |
| Advisor Freedom 2010 | | | | |
| Class A | | | | |
| Shares sold | 1,693,014 | 4,202,210 | $21,178,701 | $50,632,735 |
| Reinvestment of distributions | 395,050 | 1,136,991 | 4,867,016 | 13,390,689 |
| Shares redeemed | (3,327,882) | (11,642,884) | (41,611,858) | (140,759,640) |
| Net increase (decrease) | (1,239,818) | (6,303,683) | $(15,566,141) | $(76,736,216) |
| Class M | | | | |
| Shares sold | 673,529 | 1,568,969 | $8,413,146 | $18,878,541 |
| Reinvestment of distributions | 122,196 | 321,077 | 1,500,569 | 3,768,669 |
| Shares redeemed | (1,110,766) | (2,892,565) | (13,838,718) | (34,889,456) |
| Net increase (decrease) | (315,041) | (1,002,519) | $(3,925,003) | $(12,242,246) |
| Class B | | | | |
| Shares sold | – | 493 | $– | $5,909 |
| Reinvestment of distributions | – | 1,445 | – | 16,965 |
| Shares redeemed | – | (97,295) | – | (1,146,600) |
| Net increase (decrease) | – | (95,357) | $– | $(1,123,726) |
| Class C | | | | |
| Shares sold | 51,129 | 162,229 | $631,864 | $1,942,907 |
| Reinvestment of distributions | 38,663 | 92,679 | 472,070 | 1,082,047 |
| Shares redeemed | (237,599) | (421,870) | (2,934,146) | (5,021,203) |
| Net increase (decrease) | (147,807) | (166,962) | $(1,830,212) | $(1,996,249) |
| Class I | | | | |
| Shares sold | 1,753,998 | 2,987,760 | $22,040,064 | $36,241,094 |
| Reinvestment of distributions | 206,079 | 549,470 | 2,549,198 | 6,498,678 |
| Shares redeemed | (2,098,343) | (5,005,652) | (26,337,687) | (60,609,754) |
| Net increase (decrease) | (138,266) | (1,468,422) | $(1,748,425) | $(17,869,982) |
| Class Z6 | | | | |
| Shares sold | 21,185 | – | $267,412 | $– |
| Shares redeemed | – | – | – | – |
| Net increase (decrease) | 21,185 | – | $267,412 | $– |
| Advisor Freedom 2015 | | | | |
| Class A | | | | |
| Shares sold | 3,699,271 | 11,192,220 | $46,659,253 | $134,714,283 |
| Reinvestment of distributions | 1,030,485 | 2,687,681 | 12,788,314 | 31,512,077 |
| Shares redeemed | (9,514,115) | (23,911,759) | (119,805,415) | (287,958,855) |
| Net increase (decrease) | (4,784,359) | (10,031,858) | $(60,357,848) | $(121,732,495) |
| Class M | | | | |
| Shares sold | 1,633,629 | 3,553,783 | $20,579,813 | $42,739,339 |
| Reinvestment of distributions | 281,416 | 680,892 | 3,486,742 | 7,971,907 |
| Shares redeemed | (2,548,721) | (5,938,688) | (32,121,706) | (71,417,477) |
| Net increase (decrease) | (633,676) | (1,704,013) | $(8,055,151) | $(20,706,231) |
| Class B | | | | |
| Shares sold | – | 289 | $– | $3,362 |
| Reinvestment of distributions | – | 4,552 | – | 52,894 |
| Shares redeemed | – | (268,343) | – | (3,136,375) |
| Net increase (decrease) | – | (263,502) | $– | $(3,080,119) |
| Class C | | | | |
| Shares sold | 245,296 | 429,086 | $3,061,315 | $5,148,246 |
| Reinvestment of distributions | 89,895 | 198,520 | 1,107,505 | 2,308,212 |
| Shares redeemed | (527,835) | (1,065,959) | (6,606,626) | (12,720,124) |
| Net increase (decrease) | (192,644) | (438,353) | $(2,437,806) | $(5,263,666) |
| Class I | | | | |
| Shares sold | 3,950,388 | 6,719,861 | $50,176,514 | $81,632,572 |
| Reinvestment of distributions | 531,308 | 1,388,672 | 6,646,667 | 16,411,339 |
| Shares redeemed | (4,979,403) | (13,153,332) | (63,300,915) | (159,964,116) |
| Net increase (decrease) | (497,707) | (5,044,799) | $(6,477,734) | $(61,920,205) |
| Class Z6 | | | | |
| Shares sold | 58,108 | – | $748,361 | $– |
| Shares redeemed | (14) | – | (182) | – |
| Net increase (decrease) | 58,094 | – | $748,179 | $– |
| Advisor Freedom 2020 | | | | |
| Class A | | | | |
| Shares sold | 7,698,385 | 22,259,083 | $104,399,175 | $284,697,924 |
| Reinvestment of distributions | 1,644,482 | 4,781,037 | 21,953,842 | 59,403,628 |
| Shares redeemed | (16,256,050) | (43,489,286) | (220,508,536) | (556,732,167) |
| Net increase (decrease) | (6,913,183) | (16,449,166) | $(94,155,519) | $(212,630,615) |
| Class M | | | | |
| Shares sold | 3,237,179 | 8,239,623 | $43,864,120 | $105,605,312 |
| Reinvestment of distributions | 482,153 | 1,282,077 | 6,436,743 | 15,926,563 |
| Shares redeemed | (5,420,382) | (11,253,403) | (73,536,732) | (144,187,473) |
| Net increase (decrease) | (1,701,050) | (1,731,703) | $(23,235,869) | $(22,655,598) |
| Class B | | | | |
| Shares sold | – | 754 | $– | $9,263 |
| Reinvestment of distributions | – | 12,000 | – | 147,357 |
| Shares redeemed | – | (650,519) | – | (8,037,147) |
| Net increase (decrease) | – | (637,765) | $– | $(7,880,527) |
| Class C | | | | |
| Shares sold | 494,869 | 952,705 | $6,642,473 | $12,091,583 |
| Reinvestment of distributions | 114,973 | 288,834 | 1,524,547 | 3,559,407 |
| Shares redeemed | (820,759) | (2,034,383) | (11,033,406) | (25,901,629) |
| Net increase (decrease) | (210,917) | (792,844) | $(2,866,386) | $(10,250,639) |
| Class I | | | | |
| Shares sold | 9,191,177 | 17,509,622 | $125,711,242 | $225,983,350 |
| Reinvestment of distributions | 984,796 | 2,753,677 | 13,245,502 | 34,489,320 |
| Shares redeemed | (10,249,497) | (25,762,580) | (140,153,699) | (332,675,770) |
| Net increase (decrease) | (73,524) | (5,499,281) | $(1,196,955) | $(72,203,100) |
| Class Z6 | | | | |
| Shares sold | 81,641 | – | $1,130,006 | $– |
| Shares redeemed | (4) | – | (57) | – |
| Net increase (decrease) | 81,637 | – | $1,129,949 | $– |
| Advisor Freedom 2025 | | | | |
| Class A | | | | |
| Shares sold | 10,223,151 | 25,601,574 | $137,596,138 | $322,205,614 |
| Reinvestment of distributions | 1,748,647 | 5,447,622 | 23,152,083 | 66,353,250 |
| Shares redeemed | (18,149,452) | (42,382,865) | (244,123,980) | (533,830,938) |
| Net increase (decrease) | (6,177,654) | (11,333,669) | $(83,375,759) | $(145,272,074) |
| Class M | | | | |
| Shares sold | 4,074,525 | 9,663,460 | $54,871,417 | $121,810,664 |
| Reinvestment of distributions | 475,833 | 1,365,367 | 6,314,307 | 16,658,442 |
| Shares redeemed | (5,013,104) | (11,675,916) | (67,769,724) | (147,231,177) |
| Net increase (decrease) | (462,746) | (647,089) | $(6,584,000) | $(8,762,071) |
| Class B | | | | |
| Shares sold | – | 575 | $– | $6,910 |
| Reinvestment of distributions | – | 10,996 | – | 131,516 |
| Shares redeemed | – | (506,132) | – | (6,082,906) |
| Net increase (decrease) | – | (494,561) | $– | $(5,944,480) |
| Class C | | | | |
| Shares sold | 597,642 | 1,173,292 | $7,924,276 | $14,579,050 |
| Reinvestment of distributions | 102,674 | 285,842 | 1,341,944 | 3,429,289 |
| Shares redeemed | (839,549) | (1,482,837) | (11,167,401) | (18,448,804) |
| Net increase (decrease) | (139,233) | (23,703) | $(1,901,181) | $(440,465) |
| Class I | | | | |
| Shares sold | 12,456,410 | 21,283,507 | $169,072,041 | $270,333,001 |
| Reinvestment of distributions | 1,080,131 | 3,304,105 | 14,419,751 | 40,606,737 |
| Shares redeemed | (11,101,484) | (28,567,674) | (150,688,513) | (363,666,811) |
| Net increase (decrease) | 2,435,057 | (3,980,062) | $32,803,279 | $(52,727,073) |
| Class Z6 | | | | |
| Shares sold | 149,584 | – | $2,064,946 | $– |
| Shares redeemed | (1) | – | (21) | – |
| Net increase (decrease) | 149,583 | – | $2,064,925 | $– |
| Advisor Freedom 2030 | | | | |
| Class A | | | | |
| Shares sold | 9,345,678 | 24,154,997 | $135,385,903 | $322,352,172 |
| Reinvestment of distributions | 1,655,811 | 5,047,646 | 23,578,744 | 64,726,553 |
| Shares redeemed | (16,320,651) | (37,622,901) | (236,419,968) | (502,399,777) |
| Net increase (decrease) | (5,319,162) | (8,420,258) | $(77,455,321) | $(115,321,052) |
| Class M | | | | |
| Shares sold | 3,751,361 | 9,067,980 | $54,095,505 | $120,441,600 |
| Reinvestment of distributions | 516,426 | 1,490,663 | 7,322,915 | 19,010,341 |
| Shares redeemed | (5,412,207) | (11,814,020) | (78,219,567) | (157,007,286) |
| Net increase (decrease) | (1,144,420) | (1,255,377) | $(16,801,147) | $(17,555,345) |
| Class B | | | | |
| Shares sold | – | 806 | $– | $10,114 |
| Reinvestment of distributions | – | 13,509 | – | 169,402 |
| Shares redeemed | – | (539,084) | – | (6,796,686) |
| Net increase (decrease) | – | (524,769) | $– | $(6,617,170) |
| Class C | | | | |
| Shares sold | 468,877 | 1,101,268 | $6,690,797 | $14,505,929 |
| Reinvestment of distributions | 105,240 | 279,157 | 1,476,519 | 3,516,570 |
| Shares redeemed | (769,623) | (1,426,059) | (10,979,510) | (18,791,556) |
| Net increase (decrease) | (195,506) | (45,634) | $(2,812,194) | $(769,057) |
| Class I | | | | |
| Shares sold | 12,332,960 | 18,963,300 | $179,528,799 | $254,803,137 |
| Reinvestment of distributions | 1,095,092 | 3,331,692 | 15,681,718 | 42,991,010 |
| Shares redeemed | (11,717,058) | (26,887,285) | (171,165,196) | (361,278,339) |
| Net increase (decrease) | 1,710,994 | (4,592,293) | $24,045,321 | $(63,484,192) |
| Class Z6 | | | | |
| Shares sold | 183,200 | – | $2,710,153 | $– |
| Shares redeemed | (7,867) | – | (116,302) | – |
| Net increase (decrease) | 175,333 | – | $2,593,851 | $– |
| Advisor Freedom 2035 | | | | |
| Class A | | | | |
| Shares sold | 7,992,002 | 20,964,331 | $112,006,192 | $266,773,952 |
| Reinvestment of distributions | 1,322,102 | 4,215,522 | 18,192,117 | 51,222,283 |
| Shares redeemed | (14,163,041) | (31,584,221) | (198,682,623) | (403,185,266) |
| Net increase (decrease) | (4,848,937) | (6,404,368) | $(68,484,314) | $(85,189,031) |
| Class M | | | | |
| Shares sold | 3,378,859 | 8,015,582 | $47,043,316 | $101,168,617 |
| Reinvestment of distributions | 393,884 | 1,171,573 | 5,376,517 | 14,118,577 |
| Shares redeemed | (4,317,595) | (8,653,016) | (60,273,267) | (109,243,486) |
| Net increase (decrease) | (544,852) | 534,139 | $(7,853,434) | $6,043,708 |
| Class B | | | | |
| Shares sold | – | 387 | $– | $4,628 |
| Reinvestment of distributions | – | 11,097 | – | 130,498 |
| Shares redeemed | – | (378,032) | – | (4,470,318) |
| Net increase (decrease) | – | (366,548) | $– | $(4,335,192) |
| Class C | | | | |
| Shares sold | 363,338 | 820,719 | $4,968,545 | $10,303,416 |
| Reinvestment of distributions | 74,708 | 199,168 | 1,004,845 | 2,358,471 |
| Shares redeemed | (478,252) | (910,537) | (6,554,528) | (11,305,483) |
| Net increase (decrease) | (40,206) | 109,350 | $(581,138) | $1,356,404 |
| Class I | | | | |
| Shares sold | 10,961,543 | 16,521,392 | $154,670,734 | $212,505,868 |
| Reinvestment of distributions | 877,267 | 2,773,266 | 12,150,148 | 33,964,901 |
| Shares redeemed | (9,206,928) | (24,049,130) | (130,128,444) | (309,011,122) |
| Net increase (decrease) | 2,631,882 | (4,754,472) | $36,692,438 | $(62,540,353) |
| Class Z6 | | | | |
| Shares sold | 88,843 | – | $1,276,618 | $– |
| Shares redeemed | (1,444) | – | (21,046) | – |
| Net increase (decrease) | 87,399 | – | $1,255,572 | $– |
| Advisor Freedom 2040 | | | | |
| Class A | | | | |
| Shares sold | 6,464,806 | 17,466,598 | $97,018,052 | $237,762,232 |
| Reinvestment of distributions | 1,059,069 | 3,476,525 | 15,589,489 | 45,294,736 |
| Shares redeemed | (11,582,904) | (26,454,006) | (173,897,525) | (361,822,566) |
| Net increase (decrease) | (4,059,029) | (5,510,883) | $(61,289,984) | $(78,765,598) |
| Class M | | | | |
| Shares sold | 2,837,595 | 7,472,615 | $42,422,281 | $101,507,043 |
| Reinvestment of distributions | 360,060 | 1,120,388 | 5,282,073 | 14,523,730 |
| Shares redeemed | (3,723,018) | (9,684,613) | (55,695,056) | (131,502,202) |
| Net increase (decrease) | (525,363) | (1,091,610) | $(7,990,702) | $(15,471,429) |
| Class B | | | | |
| Shares sold | – | 811 | $– | $10,383 |
| Reinvestment of distributions | – | 12,839 | – | 162,282 |
| Shares redeemed | – | (438,998) | – | (5,572,683) |
| Net increase (decrease) | – | (425,348) | $– | $(5,400,018) |
| Class C | | | | |
| Shares sold | 336,142 | 800,047 | $4,926,421 | $10,704,582 |
| Reinvestment of distributions | 90,429 | 248,578 | 1,303,985 | 3,160,945 |
| Shares redeemed | (430,174) | (1,091,446) | (6,329,691) | (14,671,044) |
| Net increase (decrease) | (3,603) | (42,821) | $(99,285) | $(805,517) |
| Class I | | | | |
| Shares sold | 9,518,985 | 15,829,040 | $143,627,068 | $218,014,568 |
| Reinvestment of distributions | 770,415 | 2,469,110 | 11,409,848 | 32,375,295 |
| Shares redeemed | (9,206,748) | (21,207,635) | (139,180,781) | (291,344,802) |
| Net increase (decrease) | 1,082,652 | (2,909,485) | $15,856,135 | $(40,954,939) |
| Class Z6 | | | | |
| Shares sold | 58,249 | – | $893,250 | $– |
| Shares redeemed | (11) | – | (169) | – |
| Net increase (decrease) | 58,238 | – | $893,081 | $– |
| Advisor Freedom 2045 | | | | |
| Class A | | | | |
| Shares sold | 6,873,772 | 17,252,582 | $79,855,165 | $181,853,072 |
| Reinvestment of distributions | 735,929 | 2,462,232 | 8,389,594 | 24,750,233 |
| Shares redeemed | (9,408,765) | (22,305,034) | (109,315,181) | (235,715,209) |
| Net increase (decrease) | (1,799,064) | (2,590,220) | $(21,070,422) | $(29,111,904) |
| Class M | | | | |
| Shares sold | 2,844,000 | 6,628,910 | $32,793,225 | $69,214,923 |
| Reinvestment of distributions | 252,396 | 764,715 | 2,857,125 | 7,631,868 |
| Shares redeemed | (2,908,844) | (6,339,013) | (33,628,561) | (66,446,041) |
| Net increase (decrease) | 187,552 | 1,054,612 | $2,021,789 | $10,400,750 |
| Class B | | | | |
| Shares sold | – | – | $– | $– |
| Reinvestment of distributions | – | 4,003 | – | 39,186 |
| Shares redeemed | – | (129,611) | – | (1,280,562) |
| Net increase (decrease) | – | (125,608) | $– | $(1,241,376) |
| Class C | | | | |
| Shares sold | 295,463 | 583,548 | $3,368,727 | $6,073,526 |
| Reinvestment of distributions | 37,358 | 102,586 | 418,413 | 1,011,119 |
| Shares redeemed | (300,915) | (525,797) | (3,424,602) | (5,471,361) |
| Net increase (decrease) | 31,906 | 160,337 | $362,538 | $1,613,284 |
| Class I | | | | |
| Shares sold | 9,155,236 | 15,244,964 | $106,980,974 | $162,005,611 |
| Reinvestment of distributions | 602,398 | 1,939,715 | 6,903,478 | 19,643,941 |
| Shares redeemed | (7,425,975) | (18,032,871) | (86,928,475) | (191,509,176) |
| Net increase (decrease) | 2,331,659 | (848,192) | $26,955,977 | $(9,859,624) |
| Class Z6 | | | | |
| Shares sold | 55,570 | – | $660,918 | $– |
| Shares redeemed | (2) | – | (21) | – |
| Net increase (decrease) | 55,568 | – | $660,897 | $– |
| Advisor Freedom 2050 | | | | |
| Class A | | | | |
| Shares sold | 5,829,735 | 13,799,385 | $67,379,254 | $144,640,305 |
| Reinvestment of distributions | 501,280 | 1,662,896 | 5,689,532 | 16,634,412 |
| Shares redeemed | (7,079,295) | (15,826,474) | (81,839,322) | (166,323,863) |
| Net increase (decrease) | (748,280) | (364,193) | $(8,770,536) | $(5,049,146) |
| Class M | | | | |
| Shares sold | 2,410,814 | 5,371,614 | $27,757,252 | $55,898,271 |
| Reinvestment of distributions | 185,932 | 588,794 | 2,099,171 | 5,856,350 |
| Shares redeemed | (2,491,742) | (5,359,307) | (28,733,259) | (55,940,464) |
| Net increase (decrease) | 105,004 | 601,101 | $1,123,164 | $5,814,157 |
| Class B | | | | |
| Shares sold | – | 29 | $– | $284 |
| Reinvestment of distributions | – | 4,919 | – | 47,861 |
| Shares redeemed | – | (174,970) | – | (1,712,712) |
| Net increase (decrease) | – | (170,022) | $– | $(1,664,567) |
| Class C | | | | |
| Shares sold | 280,560 | 567,474 | $3,197,831 | $5,874,580 |
| Reinvestment of distributions | 35,614 | 103,905 | 398,525 | 1,020,402 |
| Shares redeemed | (231,317) | (548,371) | (2,631,081) | (5,674,279) |
| Net increase (decrease) | 84,857 | 123,008 | $965,275 | $1,220,703 |
| Class I | | | | |
| Shares sold | 7,805,936 | 14,138,033 | $90,784,115 | $149,514,359 |
| Reinvestment of distributions | 485,066 | 1,591,607 | 5,534,602 | 16,017,973 |
| Shares redeemed | (6,396,137) | (15,379,922) | (74,568,753) | (162,081,239) |
| Net increase (decrease) | 1,894,865 | 349,718 | $21,749,964 | $3,451,093 |
| Class Z6 | | | | |
| Shares sold | 95,235 | – | $1,128,859 | $– |
| Shares redeemed | (4,630) | – | (55,554) | – |
| Net increase (decrease) | 90,605 | – | $1,073,305 | $– |
| Advisor Freedom 2055 | | | | |
| Class A | | | | |
| Shares sold | 3,584,007 | 7,916,560 | $45,237,715 | $90,375,985 |
| Reinvestment of distributions | 148,594 | 523,156 | 1,841,074 | 5,707,929 |
| Shares redeemed | (2,587,102) | (6,295,906) | (32,703,456) | (72,106,749) |
| Net increase (decrease) | 1,145,499 | 2,143,810 | $14,375,333 | $23,977,165 |
| Class M | | | | |
| Shares sold | 1,281,837 | 2,732,217 | $16,104,448 | $31,007,914 |
| Reinvestment of distributions | 50,863 | 177,026 | 627,648 | 1,922,189 |
| Shares redeemed | (997,121) | (1,948,491) | (12,555,754) | (22,224,779) |
| Net increase (decrease) | 335,579 | 960,752 | $4,176,342 | $10,705,324 |
| Class C | | | | |
| Shares sold | 126,894 | 316,652 | $1,586,213 | $3,576,645 |
| Reinvestment of distributions | 7,427 | 21,848 | 91,423 | 236,075 |
| Shares redeemed | (71,235) | (151,022) | (891,497) | (1,727,417) |
| Net increase (decrease) | 63,086 | 187,478 | $786,139 | $2,085,303 |
| Class I | | | | |
| Shares sold | 4,314,796 | 8,513,386 | $54,705,290 | $97,753,864 |
| Reinvestment of distributions | 161,934 | 550,025 | 2,014,456 | 6,030,191 |
| Shares redeemed | (2,607,573) | (6,340,869) | (33,157,439) | (72,851,876) |
| Net increase (decrease) | 1,869,157 | 2,722,542 | $23,562,307 | $30,932,179 |
| Class Z6 | | | | |
| Shares sold | 76,821 | – | $992,824 | $– |
| Shares redeemed | (261) | – | (3,419) | – |
| Net increase (decrease) | 76,560 | – | $989,405 | $– |
| Advisor Freedom 2060 | | | | |
| Class A | | | | |
| Shares sold | 1,145,344 | 1,725,527 | $12,770,567 | $17,397,251 |
| Reinvestment of distributions | 17,221 | 40,951 | 188,740 | 397,839 |
| Shares redeemed | (345,804) | (990,604) | (3,855,852) | (9,965,288) |
| Net increase (decrease) | 816,761 | 775,874 | $9,103,455 | $7,829,802 |
| Class M | | | | |
| Shares sold | 400,116 | 493,796 | $4,466,292 | $5,040,285 |
| Reinvestment of distributions | 5,151 | 9,778 | 56,458 | 94,875 |
| Shares redeemed | (110,205) | (303,525) | (1,238,012) | (3,017,633) |
| Net increase (decrease) | 295,062 | 200,049 | $3,284,738 | $2,117,527 |
| Class C | | | | |
| Shares sold | 54,667 | 85,955 | $611,222 | $874,633 |
| Reinvestment of distributions | 1,029 | 2,528 | 11,316 | 24,346 |
| Shares redeemed | (25,046) | (110,184) | (282,238) | (1,080,968) |
| Net increase (decrease) | 30,650 | (21,701) | $340,300 | $(181,989) |
| Class I | | | | |
| Shares sold | 1,154,373 | 1,641,454 | $12,928,141 | $16,721,474 |
| Reinvestment of distributions | 18,015 | 31,488 | 197,987 | 308,545 |
| Shares redeemed | (366,727) | (596,496) | (4,129,006) | (6,056,581) |
| Net increase (decrease) | 805,661 | 1,076,446 | $8,997,122 | $10,973,438 |
| Class Z6 | | | | |
| Shares sold | 28,751 | – | $326,639 | $– |
| Shares redeemed | –(b) | – | (2) | – |
| Net increase (decrease) | 28,751 | – | $326,637 | $– |
(a) Amounts for Class Z6 are for the period June 6, 2017 (commencement of sale of shares) to September 30, 2017
(b) Amounts represents less than one share.
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 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 Growth Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Equity Value Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Growth & Income Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Growth Opportunities Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Opportunistic Insights Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Short-Term Credit Fund | 16% | 26% | 23% | –% | –% | –% |
| Fidelity Advisor Series Small Cap Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | –% | 11% | 15% | 17% | 16% | 15% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
| Fund | % of shares held |
| Fidelity Advisor Series Equity Growth Fund | 100% |
| Fidelity Advisor Series Equity Value Fund | 100% |
| Fidelity Advisor Series Growth & Income Fund | 100% |
| Fidelity Advisor Series Growth Opportunities Fund | 100% |
| Fidelity Advisor Series Opportunistic Insights Fund | 100% |
| Fidelity Advisor Series Short-Term Credit Fund | 100% |
| Fidelity Advisor Series Small Cap Fund | 100% |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 100% |
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 Actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 to September 30, 2017) for Class A, Class M, Class C, and Class I and for the period (June 6, 2017 to September 30, 2017) for Class Z6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (April 1, 2017 to September 30, 2017).
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 | Ending
Account Value
September 30, 2017 | Expenses Paid
During Period |
| Advisor Freedom Income | | | | |
| Class A | .56% | | | |
| Actual | | $1,000.00 | $1,035.60 | $2.86-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.26 | $2.84-C,E |
| Class M | .81% | | | |
| Actual | | $1,000.00 | $1,034.40 | $4.13-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.01 | $4.10-C,E |
| Class C | 1.31% | | | |
| Actual | | $1,000.00 | $1,031.70 | $6.67-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.50 | $6.63-C,E |
| Class I | .31% | | | |
| Actual | | $1,000.00 | $1,036.70 | $1.58-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.51 | $1.57-C,E |
| Class Z6 | .37% | | | |
| Actual | | $1,000.00 | $1,016.90 | $1.20-B |
| Hypothetical-D | | $1,000.00 | $1,023.21 | $1.88-E |
| Advisor Freedom 2005 | | | | |
| Class A | .58% | | | |
| Actual | | $1,000.00 | $1,044.30 | $2.97-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.16 | $2.94-C,E |
| Class M | .83% | | | |
| Actual | | $1,000.00 | $1,042.80 | $4.25-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.91 | $4.20-C,E |
| Class C | 1.33% | | | |
| Actual | | $1,000.00 | $1,041.40 | $6.81-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.40 | $6.73-C,E |
| Class I | .33% | | | |
| Actual | | $1,000.00 | $1,045.60 | $1.69-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.41 | $1.67-C,E |
| Class Z6 | .38% | | | |
| Actual | | $1,000.00 | $1,020.80 | $1.23-B |
| Hypothetical-D | | $1,000.00 | $1,023.16 | $1.93-E |
| Advisor Freedom 2010 | | | | |
| Class A | .60% | | | |
| Actual | | $1,000.00 | $1,052.10 | $3.09-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.06 | $3.04-C,E |
| Class M | .85% | | | |
| Actual | | $1,000.00 | $1,050.80 | $4.37-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.81 | $4.31-C,E |
| Class C | 1.35% | | | |
| Actual | | $1,000.00 | $1,048.20 | $6.93-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.30 | $6.83-C,E |
| Class I | .35% | | | |
| Actual | | $1,000.00 | $1,053.40 | $1.80-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.31 | $1.78-C,E |
| Class Z6 | .40% | | | |
| Actual | | $1,000.00 | $1,024.80 | $1.30-B |
| Hypothetical-D | | $1,000.00 | $1,023.06 | $2.03-E |
| Advisor Freedom 2015 | | | | |
| Class A | .63% | | | |
| Actual | | $1,000.00 | $1,059.10 | $3.25-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.91 | $3.19-C,E |
| Class M | .88% | | | |
| Actual | | $1,000.00 | $1,057.70 | $4.54-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.66 | $4.46-C,E |
| Class C | 1.38% | | | |
| Actual | | $1,000.00 | $1,056.00 | $7.11-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.15 | $6.98-C,E |
| Class I | .38% | | | |
| Actual | | $1,000.00 | $1,060.90 | $1.96-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.16 | $1.93-C,E |
| Class Z6 | .42% | | | |
| Actual | | $1,000.00 | $1,028.40 | $1.37-B |
| Hypothetical-D | | $1,000.00 | $1,022.96 | $2.13-E |
| Advisor Freedom 2020 | | | | |
| Class A | .66% | | | |
| Actual | | $1,000.00 | $1,063.80 | $3.41-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.76 | $3.35-C,E |
| Class M | .91% | | | |
| Actual | | $1,000.00 | $1,063.30 | $4.71-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.51 | $4.61-C,E |
| Class C | 1.41% | | | |
| Actual | | $1,000.00 | $1,060.90 | $7.28-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.00 | $7.13-C,E |
| Class I | .41% | | | |
| Actual | | $1,000.00 | $1,065.60 | $2.12-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.01 | $2.08-C,E |
| Class Z6 | .44% | | | |
| Actual | | $1,000.00 | $1,031.60 | $1.43-B |
| Hypothetical-D | | $1,000.00 | $1,022.86 | $2.23-E |
| Advisor Freedom 2025 | | | | |
| Class A | .69% | | | |
| Actual | | $1,000.00 | $1,068.20 | $3.58-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.61 | $3.50-C,E |
| Class M | .94% | | | |
| Actual | | $1,000.00 | $1,067.40 | $4.87-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.36 | $4.76-C,E |
| Class C | 1.44% | | | |
| Actual | | $1,000.00 | $1,064.80 | $7.45-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.85 | $7.28-C,E |
| Class I | .44% | | | |
| Actual | | $1,000.00 | $1,069.80 | $2.28-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.86 | $2.23-C,E |
| Class Z6 | .45% | | | |
| Actual | | $1,000.00 | $1,034.00 | $1.47-B |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-E |
| Advisor Freedom 2030 | | | | |
| Class A | .72% | | | |
| Actual | | $1,000.00 | $1,079.70 | $3.75-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.46 | $3.65-C,E |
| Class M | .97% | | | |
| Actual | | $1,000.00 | $1,078.80 | $5.05-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.21 | $4.91-C,E |
| Class C | 1.47% | | | |
| Actual | | $1,000.00 | $1,075.20 | $7.65-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.70 | $7.44-C,E |
| Class I | .47% | | | |
| Actual | | $1,000.00 | $1,080.60 | $2.45-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-C,E |
| Class Z6 | .47% | | | |
| Actual | | $1,000.00 | $1,039.20 | $1.54-B |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-E |
| Advisor Freedom 2035 | | | | |
| Class A | .75% | | | |
| Actual | | $1,000.00 | $1,087.60 | $3.92-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.31 | $3.80-C,E |
| Class M | 1.00% | | | |
| Actual | | $1,000.00 | $1,085.30 | $5.23-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.05 | $5.06-C,E |
| Class C | 1.50% | | | |
| Actual | | $1,000.00 | $1,082.70 | $7.83-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.55 | $7.59-C,E |
| Class I | .50% | | | |
| Actual | | $1,000.00 | $1,088.40 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,043.40 | $1.60-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2040 | | | | |
| Class A | .75% | | | |
| Actual | | $1,000.00 | $1,087.70 | $3.93-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.31 | $3.80-C,E |
| Class M | 1.00% | | | |
| Actual | | $1,000.00 | $1,086.20 | $5.23-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.05 | $5.06-C,E |
| Class C | 1.50% | | | |
| Actual | | $1,000.00 | $1,083.40 | $7.83-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.55 | $7.59-C,E |
| Class I | .50% | | | |
| Actual | | $1,000.00 | $1,089.30 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,043.90 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2045 | | | | |
| Class A | .75% | | | |
| Actual | | $1,000.00 | $1,088.40 | $3.93-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.31 | $3.80-C,E |
| Class M | 1.00% | | | |
| Actual | | $1,000.00 | $1,085.80 | $5.23-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.05 | $5.06-C,E |
| Class C | 1.50% | | | |
| Actual | | $1,000.00 | $1,083.90 | $7.84-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.55 | $7.59-C,E |
| Class I | .50% | | | |
| Actual | | $1,000.00 | $1,089.40 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,043.80 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2050 | | | | |
| Class A | .75% | | | |
| Actual | | $1,000.00 | $1,087.90 | $3.93-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.31 | $3.80-C,E |
| Class M | 1.00% | | | |
| Actual | | $1,000.00 | $1,086.80 | $5.23-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.05 | $5.06-C,E |
| Class C | 1.50% | | | |
| Actual | | $1,000.00 | $1,083.60 | $7.83-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.55 | $7.59-C,E |
| Class I | .50% | | | |
| Actual | | $1,000.00 | $1,088.90 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.00 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2055 | | | | |
| Class A | .76% | | | |
| Actual | | $1,000.00 | $1,088.10 | $3.98-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.26 | $3.85-C,E |
| Class M | 1.01% | | | |
| Actual | | $1,000.00 | $1,086.90 | $5.28-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.00 | $5.11-C,E |
| Class C | 1.51% | | | |
| Actual | | $1,000.00 | $1,083.80 | $7.89-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.50 | $7.64-C,E |
| Class I | .51% | | | |
| Actual | | $1,000.00 | $1,089.20 | $2.67-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.30 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2060 | | | | |
| Class A | .78% | | | |
| Actual | | $1,000.00 | $1,087.80 | $4.08-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.16 | $3.95-C,E |
| Class M | 1.03% | | | |
| Actual | | $1,000.00 | $1,086.30 | $5.39-B,C |
| Hypothetical-D | | $1,000.00 | $1,019.85 | $5.22-C,E |
| Class C | 1.53% | | | |
| Actual | | $1,000.00 | $1,084.10 | $7.99-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.40 | $7.74-C,E |
| Class I | .53% | | | |
| Actual | | $1,000.00 | $1,089.00 | $2.78-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.41 | $2.69-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,043.90 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period. Multiplied by 183/365 (to reflect the on-half year period) for Class A, Class M, Class C and Class I and multiplied by 117/365 (to reflect the period June 6, 2017 to September 30, 2017) for Class Z6. The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio
C If fees and changes to the class level expense contract and/ or expense cap, effective June 1, 2017, had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
D 5% return per year before expenses
E Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio
| | Annualized Expense Ratio-(a)
| Expenses Paid
|
| Advisor Freedom Income | | |
| Class A | .72% | |
| Actual | | $3.67 |
| Hypothetical-(b) | | $3.65 |
| Class M | .97% | |
| Actual | | $4.94 |
| Hypothetical-(b) | | $4.91 |
| Class C | 1.47% | |
| Actual | | $7.48 |
| Hypothetical-(b) | | $7.44 |
| Class I | .47% | |
| Actual | | $2.40 |
| Hypothetical-(b) | | $2.38 |
| Advisor Freedom 2005 | | |
| Class A | .74% | |
| Actual | | $3.79 |
| Hypothetical-(b) | | $3.75 |
| Class M | .99% | |
| Actual | | $5.07 |
| Hypothetical-(b) | | $5.01 |
| Class C | 1.49% | |
| Actual | | $7.62 |
| Hypothetical-(b) | | $7.54 |
| Class I | .49% | |
| Actual | | $2.51 |
| Hypothetical-(b) | | $2.48 |
| Advisor Freedom 2010 | | |
| Class A | .78% | |
| Actual | | $4.01 |
| Hypothetical-(b) | | $3.95 |
| Class M | 1.03% | |
| Actual | | $5.29 |
| Hypothetical-(b) | | $5.22 |
| Class C | 1.53% | |
| Actual | | $7.85 |
| Hypothetical-(b) | | $7.74 |
| Class I | .53% | |
| Actual | | $2.73 |
| Hypothetical-(b) | | $2.69 |
| Advisor Freedom 2015 | | |
| Class A | .83% | |
| Actual | | $4.28 |
| Hypothetical-(b) | | $4.20 |
| Class M | 1.08% | |
| Actual | | $5.57 |
| Hypothetical-(b) | | $5.47 |
| Class C | 1.58% | |
| Actual | | $8.14 |
| Hypothetical-(b) | | $7.99 |
| Class I | .58% | |
| Actual | | $3.00 |
| Hypothetical-(b) | | $2.94 |
| Advisor Freedom 2020 | | |
| Class A | .87% | |
| Actual | | $4.50 |
| Hypothetical-(b) | | $4.41 |
| Class M | 1.12% | |
| Actual | | $5.79 |
| Hypothetical-(b) | | $5.67 |
| Class C | 1.62% | |
| Actual | | $8.37 |
| Hypothetical-(b) | | $8.19 |
| Class I | .62% | |
| Actual | | $3.21 |
| Hypothetical-(b) | | $3.14 |
| Advisor Freedom 2025 | | |
| Class A | .91% | |
| Actual | | $4.72 |
| Hypothetical-(b) | | $4.61 |
| Class M | 1.16% | |
| Actual | | $6.01 |
| Hypothetical-(b) | | $5.87 |
| Class C | 1.66% | |
| Actual | | $8.59 |
| Hypothetical-(b) | | $8.39 |
| Class I | .66% | |
| Actual | | $3.42 |
| Hypothetical-(b) | | $3.35 |
| Advisor Freedom 2030 | | |
| Class A | .95% | |
| Actual | | $4.95 |
| Hypothetical-(b) | | $4.81 |
| Class M | 1.20% | |
| Actual | | $6.25 |
| Hypothetical-(b) | | $6.07 |
| Class C | 1.70% | |
| Actual | | $8.84 |
| Hypothetical-(b) | | $8.59 |
| Class I | .70% | |
| Actual | | $3.65 |
| Hypothetical-(b) | | $3.55 |
| Advisor Freedom 2035 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.53 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.13 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.92 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2040 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.53 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.13 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2045 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.53 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.14 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2050 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.54 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.14 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.92 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2055 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.54 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.14 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2060 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.53 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.14 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Freedom Funds
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the administration agreement between FMRC and FMR for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts and administration agreements throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract and administration agreement, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts and administration agreements. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2017 meeting, the Board unanimously determined to renew each fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered that the Advisory Contract currently in place for each Freedom fund had become effective on June 1, 2017 after receiving shareholder approval and had implemented a new fee structure whereby each Freedom fund pays an all-inclusive management fee that varies by class and the underlying Fidelity funds in which the Freedom fund invests no longer pay expenses, with certain limited exceptions.
In considering whether to renew the Advisory Contract and administration agreement for each fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMRC, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering administration, transfer agency, and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with representatives of the investment adviser about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses, if any) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods (for the most recent one-year period for Advisor Freedom 2060 Fund).
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board noted that each fund's current Advisory Contract, which imposes a class-level management fee that covers most expenses of the top-level fund and underlying funds, rather than just management services, went into effect on June 1, 2017, after receiving shareholder approval. The Board noted that the new pricing structure will reduce the overall expenses that shareholders pay and provide for less fluctuation in fund expenses. As a result, the Board did not consider competitive management fee comparisons for prior years, when the fund did not pay a top-level management fee.
The Board instead compared each fund's current class-level management fee rate (calculated using Schedule A of the Advisory Contract with 2017 as a base year to derive the "Years to Retirement") relative to the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that each fund's current class-level management fee rate ranks above the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that the majority of peer funds do not have top-level management fees, similar to the funds' fee structure prior to June 1, 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered the fund's current class-level management fee rate under the current Advisory Contract. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board considered the current total expense ratio of each class of each fund compared to the median total expenses for competitor funds (including expenses of underlying funds) based on competitive data for 2016. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that each fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes of each fund vary primarily by the level of their 12b-1 fees.
The Board noted that the current total expense ratio of Class A of 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, and Fidelity Advisor Freedom Income Fund (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio of Class A of each other fund (including expenses of the underlying funds in which each fund invests) ranks equal to the median.
The Board noted that the current total expense ratio of Class M (formerly Class T) of each fund (including expenses of the underlying funds in which each fund invests) ranks above the median total expenses for competitor funds based on the competitive data for 2016. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the current total expense ratio of Class M is above the competitive median primarily because of higher 12b-1 fees on Class M as compared to most competitor funds. Class M has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class M is primarily sold load-waived in the retirement plan market where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans. The Board noted that, when compared with institutional load funds with a 0.50% 12b-1 fee, the total expense ratio of Class M of certain funds is below median and the total expense ratio of Class M of the remaining funds is above median due to small class size.
The Board noted that the current total expense ratio of Class C of Fidelity Advisor Freedom Income Fund (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio of Class C of each other fund (including expenses of the underlying funds in which each fund invests) ranks above the median. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the current total expense ratio of Class C is above the competitive median primarily because of its 1.00% 12b-1 fee. The Board noted that, when compared with competitor funds that charge a 1.00% 12b-1 fee, the total expense ratio of Class C of certain funds is below median and the total expense ratio of Class C of the remaining funds is above the median due to small class size.
The Board noted that the current total expense ratio of Class I of 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, and Fidelity Advisor Freedom Income Fund (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio of Class I of each other fund (including expenses of the underlying funds in which each fund invests) ranks above the median. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that, for each fund for which the current total expense ratio of Class I is above the competitive median, the class is above the competitive median because a number of competitor target date funds that Lipper previously categorized as passive were moved to the active target date mapped group in 2016, even though their underlying holdings are primarily passive. The Board considered that, when the Total Mapped Group is adjusted to remove funds that invest in passive products, the current total expense ratio of Class I of each such fund (had it been in effect for 2016) ranks equal to the competitive median.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although some classes were above the median of the universe presented for comparison, the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which the funds invest.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.
Because the funds only recently began paying management fees, the Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund prior to the change in fee arrangements were not a material factor in its approval of the continuance of each fund's current Advisory Contract. In connection with its future renewal of each fund's Advisory Contract, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to each fund's current contractual arrangements its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contract should be renewed.
Proxy Voting Results
A special meeting of shareholders was held on December 22, 2016. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| | # of
Votes | % of
Votes |
| Elizabeth S. Acton | | |
| Affirmative | 67,962,879,437.90 | 95.738 |
| Withheld | 3,026,199,416.67 | 4.262 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| John Engler | | |
| Affirmative | 67,621,098,922.89 | 95.256 |
| Withheld | 3,367,979,931.68 | 4.744 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Albert R. Gamper, Jr. | | |
| Affirmative | 67,692,979,200.48 | 95.357 |
| Withheld | 3,296,099,654.09 | 4.643 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Robert F. Gartland | | |
| Affirmative | 67,834,076,287.79 | 95.556 |
| Withheld | 3,155,002,566.78 | 4.444 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Abigail P. Johnson | | |
| Affirmative | 67,845,327,470.44 | 95.572 |
| Withheld | 3,143,751,384.13 | 4.428 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Arthur E. Johnson | | |
| Affirmative | 67,698,760,709.29 | 95.366 |
| Withheld | 3,290,318,145.28 | 4.634 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Michael E. Kenneally | | |
| Affirmative | 67,851,407,081.44 | 95.581 |
| Withheld | 3,137,671,773.13 | 4.419 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| James H. Keyes | | |
| Affirmative | 67,741,432,698.10 | 95.426 |
| Withheld | 3,247,646,156.47 | 4.574 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Marie L. Knowles | | |
| Affirmative | 67,825,908,094.48 | 95.545 |
| Withheld | 3,163,170,760.09 | 4.455 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Jennifer Toolin McAuliffe | | |
| Affirmative | 67,916,195,545.89 | 95.672 |
| Withheld | 3,072,883,308.68 | 4.328 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Mark A. Murray | | |
| Affirmative | 67,892,016,830.18 | 95.638 |
| Withheld | 3,097,062,024.39 | 4.362 |
| TOTAL | 70,989,078,854.57 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® Income Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 85,251,884.39 | 69.404 |
| Against | 3,248,153.80 | 2.645 |
| Abstain | 7,651,900.89 | 6.229 |
| Broker Non - Votes | 26,683,531.06 | 21.722 |
| TOTAL | 122,835,470.14 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2005 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 104,918,089.41 | 84.809 |
| Against | 1,185,803.11 | 0.959 |
| Abstain | 6,564,213.11 | 5.306 |
| Broker Non - Votes | 11,043,458.16 | 8.926 |
| TOTAL | 123,711,563.79 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2010 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 232,611,697.84 | 74.922 |
| Against | 11,461,526.43 | 3.692 |
| Abstain | 29,639,214.91 | 9.546 |
| Broker Non - Votes | 36,763,082.82 | 11.840 |
| TOTAL | 310,475,522.00 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2015 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 548,078,311.69 | 78.368 |
| Against | 16,992,566.61 | 2.430 |
| Abstain | 57,952,658.11 | 8.286 |
| Broker Non - Votes | 76,344,954.21 | 10.916 |
| TOTAL | 699,368,490.62 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2020 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,137,261,248.88 | 77.150 |
| Against | 35,533,566.57 | 2.411 |
| Abstain | 136,839,251.72 | 9.283 |
| Broker Non - Votes | 164,457,263.22 | 11.156 |
| TOTAL | 1,474,091,330.39 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2025 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,255,478,449.41 | 78.487 |
| Against | 44,735,339.17 | 2.797 |
| Abstain | 145,469,169.68 | 9.094 |
| Broker Non - Votes | 153,924,578.28 | 9.622 |
| TOTAL | 1,599,607,536.54 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2030 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,226,267,757.60 | 80.351 |
| Against | 31,873,988.50 | 2.088 |
| Abstain | 110,830,250.94 | 7.262 |
| Broker Non - Votes | 157,183,625.59 | 10.299 |
| TOTAL | 1,526,155,622.63 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2035 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 908,985,343.52 | 79.343 |
| Against | 22,941,350.78 | 2.003 |
| Abstain | 97,899,339.75 | 8.545 |
| Broker Non - Votes | 115,819,884.16 | 10.109 |
| TOTAL | 1,145,645,918.21 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2040 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 840,431,151.67 | 78.401 |
| Against | 26,715,584.05 | 2.493 |
| Abstain | 73,602,846.50 | 6.866 |
| Broker Non - Votes | 131,218,047.69 | 12.240 |
| TOTAL | 1,071,967,629.91 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2045 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 476,508,002.95 | 78.867 |
| Against | 13,746,796.22 | 2.276 |
| Abstain | 69,790,004.16 | 11.550 |
| Broker Non - Votes | 44,152,928.00 | 7.307 |
| TOTAL | 604,197,731.33 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2050 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 384,190,657.46 | 78.166 |
| Against | 8,160,289.70 | 1.660 |
| Abstain | 46,850,601.81 | 9.532 |
| Broker Non - Votes | 52,306,732.32 | 10.642 |
| TOTAL | 491,508,281.29 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2055 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 151,140,362.83 | 82.558 |
| Against | 2,733,414.43 | 1.494 |
| Abstain | 17,989,283.33 | 9.826 |
| Broker Non - Votes | 11,209,493.08 | 6.122 |
| TOTAL | 183,072,553.67 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Advisor Freedom® 2060 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 11,372,900.89 | 87.585 |
| Against | 328,975.28 | 2.534 |
| Abstain | 1,024,180.04 | 7.887 |
| Broker Non - Votes | 259,028.49 | 1.994 |
| TOTAL | 12,985,084.70 | 100.000 |
Proposal 1 reflects trust-wide proposal and voting results.
The special meeting of shareholders of Fidelity Advisor Freedom® 2015 Fund reconvened on January 27, 2017 with respect to proposal 2.
The special meeting of shareholders of Fidelity Advisor Freedom® 2020 Fund reconvened on February 24, 2017 with respect to proposal 2.
The special meeting of shareholders of Fidelity Advisor Freedom® 2025 Fund reconvened on March 24, 2017 with respect to proposal 2.
The special meeting of shareholders of 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 reconvened on April 19, 2017 with respect to proposal 2.
AFF-SANN-1117
1.792138.114
Fidelity Advisor Freedom® Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 - Class Z6
Semi-Annual Report September 30, 2017 |
|
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. © 2017 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.institutional.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
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 37.4 | 37.5 |
| Fidelity Series Government Money Market Fund 1.09% | 21.3 | 21.1 |
| Fidelity Advisor Series Short-Term Credit Fund | 6.5 | 6.8 |
| Fidelity Series Emerging Markets Fund | 4.0 | 4.7 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.6 | 3.8 |
| Fidelity Series International Value Fund | 2.8 | 2.7 |
| Fidelity Series International Growth Fund | 2.8 | 2.7 |
| Fidelity Advisor Series Growth & Income Fund | 2.7 | 2.0 |
| Fidelity Series Commodity Strategy Fund | 2.0 | 1.7 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1.8 | 0.0 |
| | 84.9 | 83.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 15.8% |
| | International Equity Funds | 10.6% |
| | Bond Funds | 45.9% |
| | Short-Term Funds | 27.8% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 17.1% |
| | International Equity Funds | 10.7% |
| | Bond Funds | 44.3% |
| | Short-Term Funds | 27.9% |
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 September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 15.8% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 217,979 | $3,178,141 |
| Fidelity Advisor Series Equity Value Fund (a) | | 276,339 | 3,705,708 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 391,938 | 5,871,237 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 155,883 | 2,046,737 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 157,354 | 2,915,770 |
| Fidelity Advisor Series Small Cap Fund (a) | | 129,514 | 1,593,017 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 281,537 | 3,792,298 |
| Fidelity Series 100 Index Fund (a) | | 98,394 | 1,630,382 |
| Fidelity Series 1000 Value Index Fund (a) | | 49,956 | 627,442 |
| Fidelity Series All-Sector Equity Fund (a) | | 164,011 | 2,192,825 |
| Fidelity Series Commodity Strategy Fund (a) | | 835,735 | 4,370,893 |
| Fidelity Series Real Estate Equity Fund (a) | | 28,247 | 364,673 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 137,313 | 1,919,630 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $25,985,333) | | | 34,208,753 |
|
| International Equity Funds - 10.6% | | | |
| Fidelity Series Canada Fund (a) | | 57,403 | 610,767 |
| Fidelity Series Emerging Markets Fund (a) | | 417,377 | 8,597,964 |
| Fidelity Series International Growth Fund (a) | | 377,698 | 6,001,624 |
| Fidelity Series International Small Cap Fund (a) | | 81,377 | 1,457,467 |
| Fidelity Series International Value Fund (a) | | 569,799 | 6,136,732 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $16,329,952) | | | 22,804,554 |
|
| Bond Funds - 45.9% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 162,232 | 1,696,946 |
| Fidelity Series Floating Rate High Income Fund (a) | | 55,842 | 529,944 |
| Fidelity Series High Income Fund (a) | | 323,872 | 3,157,747 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 795,406 | 7,866,570 |
| Fidelity Series International Credit Fund (a) | | 11,000 | 110,548 |
| Fidelity Series Investment Grade Bond Fund (a) | | 7,145,692 | 80,817,777 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 448,523 | 3,942,517 |
| Fidelity Series Real Estate Income Fund (a) | | 97,225 | 1,086,003 |
| TOTAL BOND FUNDS | | | |
| (Cost $96,161,421) | | | 99,208,052 |
|
| Short-Term Funds - 27.8% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 1,418,329 | 14,183,295 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 45,981,026 | 45,981,026 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $60,128,801) | | | 60,164,321 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $198,605,507) | | | 216,385,680 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (131,726) |
| NET ASSETS - 100% | | | $216,253,954 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $3,622,423 | $139,221 | $1,078,342 | $-- | $259,320 | $235,519 | $3,178,141 |
| Fidelity Advisor Series Equity Value Fund | 6,526,095 | 223,757 | 3,134,843(a) | 50,467 | 412,072 | (321,373) | 3,705,708 |
| Fidelity Advisor Series Growth & Income Fund | 4,502,313 | 2,261,870(a) | 1,052,404 | 18,725 | 20,484 | 138,974 | 5,871,237 |
| Fidelity Advisor Series Growth Opportunities Fund | 2,377,485 | 90,322 | 707,428 | -- | 124,801 | 161,557 | 2,046,737 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3,365,394 | 129,645 | 982,303 | -- | 375,700 | 27,334 | 2,915,770 |
| Fidelity Advisor Series Short-Term Credit Fund | 15,074,623 | 792,897 | 1,714,968 | 116,594 | 504 | 30,239 | 14,183,295 |
| Fidelity Advisor Series Small Cap Fund | 1,822,727 | 69,125 | 426,335 | -- | 51,698 | 75,802 | 1,593,017 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4,345,160 | 166,149 | 873,905 | -- | 152,252 | 2,642 | 3,792,298 |
| Fidelity Series 100 Index Fund | 1,864,666 | 71,229 | 430,158 | -- | 98,581 | 26,064 | 1,630,382 |
| Fidelity Series 1000 Value Index Fund | 723,143 | 28,367 | 152,361 | -- | 22,447 | 5,846 | 627,442 |
| Fidelity Series All-Sector Equity Fund | 2,529,199 | 96,165 | 610,313 | -- | 94,386 | 83,388 | 2,192,825 |
| Fidelity Series Canada Fund | -- | 604,725 | 1,392 | -- | -- | 7,434 | 610,767 |
| Fidelity Series Commodity Strategy Fund | 3,784,080 | 1,060,914 | 454,570 | 6,651 | (55,436) | 35,905 | 4,370,893 |
| Fidelity Series Emerging Markets Debt Fund | 1,696,529 | 109,245 | 146,579 | 51,440 | 901 | 36,850 | 1,696,946 |
| Fidelity Series Emerging Markets Fund | 10,546,969 | 388,492 | 3,866,695 | -- | 624,138 | 905,060 | 8,597,964 |
| Fidelity Series Floating Rate High Income Fund | 556,274 | 36,437 | 61,075 | 12,351 | (1,892) | 200 | 529,944 |
| Fidelity Series Government Money Market Fund 1.09% | 47,143,634 | 3,597,194 | 4,759,802 | 208,516 | -- | -- | 45,981,026 |
| Fidelity Series High Income Fund | 3,245,598 | 232,401 | 366,447 | 87,891 | (6,840) | 53,035 | 3,157,747 |
| Fidelity Series Inflation-Protected Bond Index Fund | 8,414,121 | 375,514 | 940,544 | 4,607 | (22,932) | 40,411 | 7,866,570 |
| Fidelity Series International Credit Fund | -- | 109,998 | -- | -- | -- | 550 | 110,548 |
| Fidelity Series International Growth Fund | 5,929,825 | 386,271 | 1,101,251 | -- | 102,218 | 684,561 | 6,001,624 |
| Fidelity Series International Small Cap Fund | 1,335,728 | 102,397 | 199,879 | -- | 13,083 | 206,138 | 1,457,467 |
| Fidelity Series International Value Fund | 5,944,546 | 527,330 | 981,657 | -- | 58,020 | 588,493 | 6,136,732 |
| Fidelity Series Investment Grade Bond Fund | 83,657,371 | 4,903,336 | 8,860,932 | 1,019,729 | 20,963 | 1,097,039 | 80,817,777 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 80,695 | 4,015,409 | 139,445 | 16,299 | (4,349) | (9,793) | 3,942,517 |
| Fidelity Series Real Estate Equity Fund | 430,986 | 26,556 | 90,644 | 3,180 | 7,255 | (9,480) | 364,673 |
| Fidelity Series Real Estate Income Fund | 1,112,586 | 80,669 | 114,902 | 27,197 | 1,667 | 5,983 | 1,086,003 |
| Fidelity Series Small Cap Opportunities Fund | 2,184,630 | 217,959 | 453,899 | 3,549 | 126,014 | (155,074) | 1,919,630 |
| Total | $222,816,800 | $20,843,594 | $33,703,073 | $1,627,196 | $2,475,055 | $3,953,304 | $216,385,680 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $198,605,507) — See accompanying schedule | | $216,385,680 |
| Cash | | 1 |
| Receivable for investments sold | | 245,105 |
| Receivable for fund shares sold | | 220,905 |
| Total assets | | 216,851,691 |
| Liabilities | | |
| Payable for investments purchased | $61,594 | |
| Payable for fund shares redeemed | 407,575 | |
| Accrued management fee | 83,694 | |
| Distribution and service plan fees payable | 44,874 | |
| Total liabilities | | 597,737 |
| Net Assets | | $216,253,954 |
| Net Assets consist of: | | |
| Paid in capital | | $196,129,403 |
| Undistributed net investment income | | 216,533 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,127,845 |
| Net unrealized appreciation (depreciation) on investments | | 17,780,173 |
| Net Assets | | $216,253,954 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($82,342,708 ÷ 7,350,240 shares) | | $11.20 |
| Maximum offering price per share (100/94.25 of $11.20) | | $11.88 |
| Class M: | | |
| Net Asset Value and redemption price per share ($38,127,371 ÷ 3,406,354 shares) | | $11.19 |
| Maximum offering price per share (100/96.50 of $11.19) | | $11.60 |
| Class C: | | |
| Net Asset Value and offering price per share ($14,077,256 ÷ 1,260,129 shares)(a) | | $11.17 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($81,086,796 ÷ 7,215,364 shares) | | $11.24 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($619,823 ÷ 55,163 shares) | | $11.24 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $1,627,196 |
| Expenses | | |
| Management fee | $338,445 | |
| Distribution and service plan fees | 272,717 | |
| Independent trustees' fees and expenses | 403 | |
| Total expenses before reductions | 611,565 | |
| Expense reductions | (146) | 611,419 |
| Net investment income (loss) | | 1,015,777 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 2,475,055 | |
| Capital gain distributions from underlying funds | 305,972 | |
| Total net realized gain (loss) | | 2,781,027 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 3,953,304 |
| Net gain (loss) | | 6,734,331 |
| Net increase (decrease) in net assets resulting from operations | | $7,750,108 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,015,777 | $3,413,880 |
| Net realized gain (loss) | 2,781,027 | 2,794,177 |
| Change in net unrealized appreciation (depreciation) | 3,953,304 | 6,889,975 |
| Net increase (decrease) in net assets resulting from operations | 7,750,108 | 13,098,032 |
| Distributions to shareholders from net investment income | (990,242) | (3,407,660) |
| Distributions to shareholders from net realized gain | (1,555,493) | (3,107,675) |
| Total distributions | (2,545,735) | (6,515,335) |
| Share transactions - net increase (decrease) | (11,720,046) | (24,761,777) |
| Total increase (decrease) in net assets | (6,515,673) | (18,179,080) |
| Net Assets | | |
| Beginning of period | 222,769,627 | 240,948,707 |
| End of period | $216,253,954 | $222,769,627 |
| Other Information | | |
| Undistributed net investment income end of period | $216,533 | $190,998 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom Income Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.94 | $10.64 | $11.07 | $11.20 | $11.21 | $10.98 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .16 | .18 | .16 | .12 | .12 |
| Net realized and unrealized gain (loss) | .34 | .44 | (.25) | .24 | .28 | .37 |
| Total from investment operations | .39 | .60 | (.07) | .40 | .40 | .49 |
| Distributions from net investment income | (.05) | (.16)B | (.18) | (.17) | (.12) | (.12) |
| Distributions from net realized gain | (.08) | (.14)B | (.19) | (.36) | (.29) | (.14) |
| Total distributions | (.13) | (.30) | (.36)C | (.53) | (.41) | (.26) |
| Net asset value, end of period | $11.20 | $10.94 | $10.64 | $11.07 | $11.20 | $11.21 |
| Total ReturnD,E,F | 3.56% | 5.74% | (.59)% | 3.65% | 3.65% | 4.53% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .56%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .56%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .56%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .92%I | 1.47% | 1.63% | 1.48% | 1.10% | 1.08% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $82,343 | $87,983 | $99,211 | $124,755 | $147,818 | $176,876 |
| Portfolio turnover rateG | 19%I | 38% | 30% | 38% | 36% | 17% |
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 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.
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.
Fidelity Advisor Freedom Income Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.93 | $10.62 | $11.06 | $11.19 | $11.20 | $10.96 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .13 | .15 | .14 | .09 | .09 |
| Net realized and unrealized gain (loss) | .33 | .45 | (.25) | .23 | .28 | .38 |
| Total from investment operations | .37 | .58 | (.10) | .37 | .37 | .47 |
| Distributions from net investment income | (.04) | (.13)B | (.15) | (.14) | (.09) | (.09) |
| Distributions from net realized gain | (.08) | (.14)B | (.19) | (.36) | (.29) | (.14) |
| Total distributions | (.11)C | (.27) | (.34) | (.50) | (.38) | (.23) |
| Net asset value, end of period | $11.19 | $10.93 | $10.62 | $11.06 | $11.19 | $11.20 |
| Total ReturnD,E,F | 3.44% | 5.56% | (.93)% | 3.39% | 3.40% | 4.35% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .81%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .81%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .81%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .67%I | 1.22% | 1.38% | 1.23% | .85% | .83% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $38,127 | $38,513 | $42,887 | $47,804 | $53,019 | $53,734 |
| Portfolio turnover rateG | 19%I | 38% | 30% | 38% | 36% | 17% |
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 Total distributions of $.11 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $.077 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.
Fidelity Advisor Freedom Income Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.91 | $10.61 | $11.04 | $11.17 | $11.18 | $10.96 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .08 | .09 | .08 | .04 | .04 |
| Net realized and unrealized gain (loss) | .33 | .44 | (.24) | .24 | .28 | .36 |
| Total from investment operations | .34 | .52 | (.15) | .32 | .32 | .40 |
| Distributions from net investment income | (.01) | (.08)B | (.10) | (.09) | (.04) | (.04) |
| Distributions from net realized gain | (.08) | (.14)B | (.19) | (.36) | (.29) | (.14) |
| Total distributions | (.08)C | (.22) | (.28)D | (.45) | (.33) | (.18) |
| Net asset value, end of period | $11.17 | $10.91 | $10.61 | $11.04 | $11.17 | $11.18 |
| Total ReturnE,F,G | 3.17% | 4.99% | (1.35)% | 2.90% | 2.89% | 3.70% |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | 1.31%J | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.31%J | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.31%J | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .17%J | .72% | .88% | .73% | .35% | .33% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $14,077 | $14,434 | $14,712 | $15,780 | $15,735 | $16,606 |
| Portfolio turnover rateH | 19%J | 38% | 30% | 38% | 36% | 17% |
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 Total distributions of $.08 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.077 per share.
D 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.
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 Total returns do not include the effect of the contingent deferred sales charge.
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.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom Income Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.98 | $10.67 | $11.10 | $11.23 | $11.23 | $11.00 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .19 | .20 | .19 | .15 | .15 |
| Net realized and unrealized gain (loss) | .34 | .45 | (.24) | .24 | .29 | .37 |
| Total from investment operations | .40 | .64 | (.04) | .43 | .44 | .52 |
| Distributions from net investment income | (.06) | (.19)B | (.20) | (.19) | (.15) | (.14) |
| Distributions from net realized gain | (.08) | (.14)B | (.19) | (.36) | (.29) | (.14) |
| Total distributions | (.14) | (.33) | (.39) | (.56)C | (.44) | (.29)D |
| Net asset value, end of period | $11.24 | $10.98 | $10.67 | $11.10 | $11.23 | $11.23 |
| Total ReturnE,F | 3.67% | 6.07% | (.34)% | 3.89% | 3.98% | 4.75% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .31%I | - %J | - %J | - %J | - %J | - %J |
| Expenses net of fee waivers, if any | .31%I | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .31%I | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.17%I | 1.72% | 1.88% | 1.73% | 1.35% | 1.33% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $81,087 | $81,839 | $83,497 | $83,253 | $71,933 | $77,976 |
| Portfolio turnover rateG | 19%I | 38% | 30% | 38% | 36% | 17% |
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 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.
D 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.
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 Annualized
J Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom Income Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.09 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .12 |
| Total from investment operations | .19 |
| Distributions from net investment income | (.04) |
| Distributions from net realized gain | – |
| Total distributions | (.04) |
| Net asset value, end of period | $11.24 |
| Total ReturnC,D | 1.69% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .37%G |
| Expenses net of fee waivers, if any | .37%G |
| Expenses net of all reductions | .37%G |
| Net investment income (loss) | 1.93%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $620 |
| Portfolio turnover rateE | 19%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 33.7 | 33.7 |
| Fidelity Series Government Money Market Fund 1.09% | 16.5 | 16.0 |
| Fidelity Advisor Series Short-Term Credit Fund | 4.9 | 5.1 |
| Fidelity Series Emerging Markets Fund | 4.9 | 5.7 |
| Fidelity Advisor Series Growth & Income Fund | 4.1 | 3.0 |
| Fidelity Series International Value Fund | 3.9 | 3.8 |
| Fidelity Series International Growth Fund | 3.7 | 3.8 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.1 | 3.3 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 2.7 | 2.9 |
| Fidelity Advisor Series Equity Value Fund | 2.6 | 4.4 |
| | 80.1 | 81.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 23.1% |
| | International Equity Funds | 13.8% |
| | Bond Funds | 41.8% |
| | Short-Term Funds | 21.4% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 24.6% |
| | International Equity Funds | 14.2% |
| | Bond Funds | 40.1% |
| | Short-Term Funds | 21.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2005 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 23.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 320,101 | $4,667,068 |
| Fidelity Advisor Series Equity Value Fund (a) | | 405,857 | 5,442,537 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 575,679 | 8,623,665 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 228,902 | 3,005,482 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 231,106 | 4,282,399 |
| Fidelity Advisor Series Small Cap Fund (a) | | 190,262 | 2,340,224 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 413,526 | 5,570,190 |
| Fidelity Series 100 Index Fund (a) | | 144,495 | 2,394,282 |
| Fidelity Series 1000 Value Index Fund (a) | | 73,401 | 921,918 |
| Fidelity Series All-Sector Equity Fund (a) | | 240,844 | 3,220,082 |
| Fidelity Series Commodity Strategy Fund (a) | | 801,836 | 4,193,604 |
| Fidelity Series Real Estate Equity Fund (a) | | 41,475 | 535,436 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 201,730 | 2,820,185 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $36,087,774) | | | 48,017,072 |
|
| International Equity Funds - 13.8% | | | |
| Fidelity Series Canada Fund (a) | | 75,610 | 804,487 |
| Fidelity Series Emerging Markets Fund (a) | | 493,611 | 10,168,393 |
| Fidelity Series International Growth Fund (a) | | 493,538 | 7,842,326 |
| Fidelity Series International Small Cap Fund (a) | | 106,802 | 1,912,816 |
| Fidelity Series International Value Fund (a) | | 750,015 | 8,077,662 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $20,281,078) | | | 28,805,684 |
|
| Bond Funds - 41.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 153,606 | 1,606,717 |
| Fidelity Series Floating Rate High Income Fund (a) | | 53,400 | 506,770 |
| Fidelity Series High Income Fund (a) | | 321,232 | 3,132,008 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 662,573 | 6,552,844 |
| Fidelity Series International Credit Fund (a) | | 10,454 | 105,063 |
| Fidelity Series Investment Grade Bond Fund (a) | | 6,209,616 | 70,230,755 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 450,399 | 3,959,003 |
| Fidelity Series Real Estate Income Fund (a) | | 91,051 | 1,017,043 |
| TOTAL BOND FUNDS | | | |
| (Cost $84,982,152) | | | 87,110,203 |
|
| Short-Term Funds - 21.4% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 1,021,439 | 10,214,390 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 34,413,831 | 34,413,831 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $44,609,072) | | | 44,628,221 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $185,960,076) | | | 208,561,180 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (126,355) |
| NET ASSETS - 100% | | | $208,434,825 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $5,113,587 | $151,352 | $1,302,736 | $-- | $309,429 | $395,436 | $4,667,068 |
| Fidelity Advisor Series Equity Value Fund | 9,212,567 | 276,287 | 4,179,094(a) | 71,824 | 631,883 | (499,106) | 5,442,537 |
| Fidelity Advisor Series Growth & Income Fund | 6,355,742 | 3,110,765(a) | 1,072,276 | 26,896 | 42,032 | 187,402 | 8,623,665 |
| Fidelity Advisor Series Growth Opportunities Fund | 3,356,221 | 95,151 | 853,568 | -- | 149,114 | 258,564 | 3,005,482 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4,750,821 | 140,758 | 1,182,517 | -- | 449,633 | 123,704 | 4,282,399 |
| Fidelity Advisor Series Short-Term Credit Fund | 10,744,581 | 440,202 | 991,883 | 83,244 | (110) | 21,600 | 10,214,390 |
| Fidelity Advisor Series Small Cap Fund | 2,572,982 | 72,678 | 490,297 | -- | 59,099 | 125,762 | 2,340,224 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 6,133,876 | 174,165 | 965,146 | -- | 171,852 | 55,443 | 5,570,190 |
| Fidelity Series 100 Index Fund | 2,632,246 | 74,748 | 492,285 | -- | 111,588 | 67,985 | 2,394,282 |
| Fidelity Series 1000 Value Index Fund | 1,020,866 | 28,971 | 169,320 | -- | 25,054 | 16,347 | 921,918 |
| Fidelity Series All-Sector Equity Fund | 3,570,349 | 101,429 | 706,789 | -- | 101,598 | 153,495 | 3,220,082 |
| Fidelity Series Canada Fund | -- | 796,588 | 3,583 | -- | 23 | 11,459 | 804,487 |
| Fidelity Series Commodity Strategy Fund | 3,530,818 | 1,009,031 | 332,066 | 6,451 | (129,784) | 115,605 | 4,193,604 |
| Fidelity Series Emerging Markets Debt Fund | 1,593,475 | 88,094 | 110,437 | 48,359 | 1,003 | 34,582 | 1,606,717 |
| Fidelity Series Emerging Markets Fund | 12,120,840 | 352,712 | 4,060,425 | -- | 612,670 | 1,142,596 | 10,168,393 |
| Fidelity Series Floating Rate High Income Fund | 526,149 | 28,257 | 46,015 | 11,703 | (1,532) | (89) | 506,770 |
| Fidelity Series Government Money Market Fund 1.09% | 33,687,414 | 3,532,864 | 2,806,447 | 152,778 | -- | -- | 34,413,831 |
| Fidelity Series High Income Fund | 3,176,907 | 185,579 | 276,092 | 86,251 | (4,635) | 50,249 | 3,132,008 |
| Fidelity Series Inflation-Protected Bond Index Fund | 6,934,016 | 228,283 | 623,959 | 3,812 | (14,852) | 29,356 | 6,552,844 |
| Fidelity Series International Credit Fund | -- | 104,540 | -- | -- | -- | 523 | 105,063 |
| Fidelity Series International Growth Fund | 7,950,969 | 255,733 | 1,406,639 | -- | 243,009 | 799,254 | 7,842,326 |
| Fidelity Series International Small Cap Fund | 1,809,980 | 59,543 | 249,341 | -- | 31,309 | 261,325 | 1,912,816 |
| Fidelity Series International Value Fund | 7,971,369 | 354,345 | 1,100,879 | -- | 83,333 | 769,494 | 8,077,662 |
| Fidelity Series Investment Grade Bond Fund | 71,039,111 | 4,174,438 | 5,928,809 | 873,226 | 8,915 | 937,100 | 70,230,755 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 68,945 | 3,978,571 | 73,501 | 15,928 | (3,971) | (11,041) | 3,959,003 |
| Fidelity Series Real Estate Equity Fund | 608,427 | 31,663 | 101,441 | 4,638 | 9,659 | (12,872) | 535,436 |
| Fidelity Series Real Estate Income Fund | 1,032,613 | 64,230 | 86,601 | 25,370 | 4,018 | 2,783 | 1,017,043 |
| Fidelity Series Small Cap Opportunities Fund | 3,083,854 | 288,730 | 508,587 | 5,271 | 145,699 | (189,511) | 2,820,185 |
| Total | $210,598,725 | $20,199,707 | $30,120,733 | $1,415,751 | $3,036,036 | $4,847,445 | $208,561,180 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $185,960,076) — See accompanying schedule | | $208,561,180 |
| Cash | | 9 |
| Receivable for investments sold | | 369,105 |
| Receivable for fund shares sold | | 147,738 |
| Total assets | | 209,078,032 |
| Liabilities | | |
| Payable for investments purchased | $14 | |
| Payable for fund shares redeemed | 517,033 | |
| Accrued management fee | 85,687 | |
| Distribution and service plan fees payable | 40,473 | |
| Total liabilities | | 643,207 |
| Net Assets | | $208,434,825 |
| Net Assets consist of: | | |
| Paid in capital | | $182,130,301 |
| Undistributed net investment income | | 801,622 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,901,798 |
| Net unrealized appreciation (depreciation) on investments | | 22,601,104 |
| Net Assets | | $208,434,825 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($116,187,426 ÷ 9,522,091 shares) | | $12.20 |
| Maximum offering price per share (100/94.25 of $12.20) | | $12.94 |
| Class M: | | |
| Net Asset Value and redemption price per share ($27,367,395 ÷ 2,246,458 shares) | | $12.18 |
| Maximum offering price per share (100/96.50 of $12.18) | | $12.62 |
| Class C: | | |
| Net Asset Value and offering price per share ($5,658,843 ÷ 465,516 shares)(a) | | $12.16 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($59,113,854 ÷ 4,809,593 shares) | | $12.29 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($107,307 ÷ 8,728 shares) | | $12.29 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $1,415,751 |
| Expenses | | |
| Management fee | $341,380 | |
| Distribution and service plan fees | 242,824 | |
| Independent trustees' fees and expenses | 382 | |
| Total expenses before reductions | 584,586 | |
| Expense reductions | (138) | 584,448 |
| Net investment income (loss) | | 831,303 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 3,036,036 | |
| Capital gain distributions from underlying funds | 447,338 | |
| Total net realized gain (loss) | | 3,483,374 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 4,847,445 |
| Net gain (loss) | | 8,330,819 |
| Net increase (decrease) in net assets resulting from operations | | $9,162,122 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $831,303 | $3,297,866 |
| Net realized gain (loss) | 3,483,374 | 4,204,099 |
| Change in net unrealized appreciation (depreciation) | 4,847,445 | 8,708,121 |
| Net increase (decrease) in net assets resulting from operations | 9,162,122 | 16,210,086 |
| Distributions to shareholders from net investment income | (447,746) | (3,541,599) |
| Distributions to shareholders from net realized gain | (2,366,033) | (4,945,386) |
| Total distributions | (2,813,779) | (8,486,985) |
| Share transactions - net increase (decrease) | (8,471,216) | (28,749,623) |
| Total increase (decrease) in net assets | (2,122,873) | (21,026,522) |
| Net Assets | | |
| Beginning of period | 210,557,698 | 231,584,220 |
| End of period | $208,434,825 | $210,557,698 |
| Other Information | | |
| Undistributed net investment income end of period | $801,622 | $418,065 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2005 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.84 | $11.44 | $12.10 | $12.17 | $11.90 | $11.45 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .17 | .19 | .19 | .13 | .13 |
| Net realized and unrealized gain (loss) | .47 | .67 | (.34) | .36 | .57 | .53 |
| Total from investment operations | .52 | .84 | (.15) | .55 | .70 | .66 |
| Distributions from net investment income | (.03) | (.19)B | (.20) | (.19) | (.12) | (.13) |
| Distributions from net realized gain | (.14) | (.25)B | (.32) | (.42) | (.31) | (.07) |
| Total distributions | (.16)C | (.44) | (.51)D | (.62)E | (.43) | (.21)F |
| Net asset value, end of period | $12.20 | $11.84 | $11.44 | $12.10 | $12.17 | $11.90 |
| Total ReturnG,H,I | 4.43% | 7.55% | (1.23)% | 4.60% | 5.98% | 5.79% |
| Ratios to Average Net AssetsJ,K | | | | | | |
| Expenses before reductions | .58%L | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .58%L | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .58%L | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .78%L | 1.46% | 1.62% | 1.54% | 1.10% | 1.16% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $116,187 | $118,902 | $134,262 | $162,069 | $187,224 | $204,418 |
| Portfolio turnover rateJ | 19%L | 32% | 30% | 29% | 49% | 23% |
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 Total distributions of $.16 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.135 per share.
D 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.
E 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.
F 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.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Total returns do not include the effect of the sales charges.
J Amounts do not include the activity of the Underlying Funds.
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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.
L Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2005 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.83 | $11.43 | $12.09 | $12.16 | $11.90 | $11.45 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .14 | .16 | .16 | .10 | .11 |
| Net realized and unrealized gain (loss) | .47 | .67 | (.33) | .35 | .57 | .52 |
| Total from investment operations | .50 | .81 | (.17) | .51 | .67 | .63 |
| Distributions from net investment income | (.02) | (.16)B | (.17) | (.16) | (.10) | (.11) |
| Distributions from net realized gain | (.14) | (.25)B | (.32) | (.42) | (.31) | (.07) |
| Total distributions | (.15)C | (.41) | (.49) | (.58) | (.41) | (.18) |
| Net asset value, end of period | $12.18 | $11.83 | $11.43 | $12.09 | $12.16 | $11.90 |
| Total ReturnD,E,F | 4.28% | 7.29% | (1.45)% | 4.33% | 5.68% | 5.56% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .83%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .83%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .83%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .53%I | 1.21% | 1.37% | 1.29% | .85% | .91% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $27,367 | $27,091 | $29,347 | $29,246 | $29,912 | $26,201 |
| Portfolio turnover rateG | 19%I | 32% | 30% | 29% | 49% | 23% |
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 Total distributions of $.15 per share is comprised of distributions from net investment income of $.017 and distributions from net realized gain of $.135 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.
Fidelity Advisor Freedom 2005 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.81 | $11.41 | $12.06 | $12.14 | $11.87 | $11.42 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | – | .08 | .10 | .10 | .04 | .05 |
| Net realized and unrealized gain (loss) | .49 | .67 | (.33) | .34 | .58 | .52 |
| Total from investment operations | .49 | .75 | (.23) | .44 | .62 | .57 |
| Distributions from net investment income | – | (.10)B | (.10) | (.10) | (.04) | (.05) |
| Distributions from net realized gain | (.14) | (.25)B | (.32) | (.42) | (.31) | (.07) |
| Total distributions | (.14) | (.35) | (.42) | (.52) | (.35) | (.12) |
| Net asset value, end of period | $12.16 | $11.81 | $11.41 | $12.06 | $12.14 | $11.87 |
| Total ReturnC,D,E | 4.14% | 6.75% | (1.98)% | 3.73% | 5.28% | 5.01% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.33%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.33%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.33%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | .03%H | .71% | .87% | .79% | .35% | .41% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $5,659 | $5,623 | $6,200 | $7,410 | $8,910 | $8,118 |
| Portfolio turnover rateF | 19%H | 32% | 30% | 29% | 49% | 23% |
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 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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2005 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.92 | $11.51 | $12.18 | $12.25 | $11.97 | $11.51 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .20 | .22 | .22 | .16 | .16 |
| Net realized and unrealized gain (loss) | .48 | .68 | (.34) | .36 | .58 | .53 |
| Total from investment operations | .54 | .88 | (.12) | .58 | .74 | .69 |
| Distributions from net investment income | (.03) | (.22)B | (.23) | (.23) | (.15) | (.16) |
| Distributions from net realized gain | (.14) | (.25)B | (.32) | (.42) | (.31) | (.07) |
| Total distributions | (.17) | (.47) | (.55) | (.65) | (.46) | (.23) |
| Net asset value, end of period | $12.29 | $11.92 | $11.51 | $12.18 | $12.25 | $11.97 |
| Total ReturnC,D | 4.56% | 7.87% | (1.04)% | 4.85% | 6.29% | 6.11% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .33%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .33%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .33%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.03%G | 1.71% | 1.87% | 1.79% | 1.35% | 1.41% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $59,114 | $58,940 | $61,440 | $66,255 | $67,435 | $70,364 |
| Portfolio turnover rateE | 19%G | 32% | 30% | 29% | 49% | 23% |
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 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 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 Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2005 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.04 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .18 |
| Total from investment operations | .25 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.29 |
| Total ReturnC,D | 2.08% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .38%G |
| Expenses net of fee waivers, if any | .38%G |
| Expenses net of all reductions | .38%G |
| Net investment income (loss) | 1.73%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $107 |
| Portfolio turnover rateE | 19%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 30.2 | 30.3 |
| Fidelity Series Government Money Market Fund 1.09% | 12.8 | 12.2 |
| Fidelity Series Emerging Markets Fund | 5.8 | 6.6 |
| Fidelity Advisor Series Growth & Income Fund | 5.3 | 3.8 |
| Fidelity Series International Value Fund | 4.7 | 4.7 |
| Fidelity Series International Growth Fund | 4.6 | 4.7 |
| Fidelity Advisor Series Short-Term Credit Fund | 3.7 | 3.9 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.5 | 3.7 |
| Fidelity Advisor Series Equity Value Fund | 3.4 | 5.6 |
| Fidelity Advisor Series Equity Growth Fund | 2.9 | 3.1 |
| | 76.9 | 78.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 29.2% |
| | International Equity Funds | 16.7% |
| | Bond Funds | 37.7% |
| | Short-Term Funds | 16.5% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 30.8% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.0% |
| | Short-Term Funds | 16.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2010 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 29.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 996,031 | $14,522,126 |
| Fidelity Advisor Series Equity Value Fund (a) | | 1,263,050 | 16,937,506 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 1,791,419 | 26,835,450 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 712,283 | 9,352,276 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 719,092 | 13,324,769 |
| Fidelity Advisor Series Small Cap Fund (a) | | 592,131 | 7,283,205 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 1,286,867 | 17,334,098 |
| Fidelity Series 100 Index Fund (a) | | 449,620 | 7,450,211 |
| Fidelity Series 1000 Value Index Fund (a) | | 228,399 | 2,868,697 |
| Fidelity Series All-Sector Equity Fund (a) | | 749,497 | 10,020,777 |
| Fidelity Series Commodity Strategy Fund (a) | | 1,920,322 | 10,043,282 |
| Fidelity Series Real Estate Equity Fund (a) | | 129,065 | 1,666,232 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 627,721 | 8,775,534 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $110,203,844) | | | 146,414,163 |
|
| International Equity Funds - 16.7% | | | |
| Fidelity Series Canada Fund (a) | | 222,216 | 2,364,383 |
| Fidelity Series Emerging Markets Fund (a) | | 1,399,703 | 28,833,885 |
| Fidelity Series International Growth Fund (a) | | 1,456,203 | 23,139,070 |
| Fidelity Series International Small Cap Fund (a) | | 314,719 | 5,636,617 |
| Fidelity Series International Value Fund (a) | | 2,207,784 | 23,777,832 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $59,912,128) | | | 83,751,787 |
|
| Bond Funds - 37.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 369,401 | 3,863,933 |
| Fidelity Series Floating Rate High Income Fund (a) | | 127,520 | 1,210,167 |
| Fidelity Series High Income Fund (a) | | 770,604 | 7,513,388 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,272,482 | 12,584,843 |
| Fidelity Series International Credit Fund (a) | | 25,123 | 252,491 |
| Fidelity Series Investment Grade Bond Fund (a) | | 13,393,283 | 151,478,026 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 1,086,008 | 9,546,012 |
| Fidelity Series Real Estate Income Fund (a) | | 217,705 | 2,431,770 |
| TOTAL BOND FUNDS | | | |
| (Cost $183,702,377) | | | 188,880,630 |
|
| Short-Term Funds - 16.5% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 1,859,731 | 18,597,309 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 63,805,218 | 63,805,218 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $82,377,091) | | | 82,402,527 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $436,195,440) | | | 501,449,107 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (353,177) |
| NET ASSETS - 100% | | | $501,095,930 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $15,656,078 | $324,720 | $3,630,673 | $-- | $891,804 | $1,280,197 | $14,522,126 |
| Fidelity Advisor Series Equity Value Fund | 28,203,890 | 627,637 | 12,310,571(a) | 222,473 | 2,850,360 | (2,433,810) | 16,937,506 |
| Fidelity Advisor Series Growth & Income Fund | 19,458,116 | 9,504,196(a) | 2,838,810 | 83,771 | 109,906 | 602,042 | 26,835,450 |
| Fidelity Advisor Series Growth Opportunities Fund | 10,275,629 | 212,690 | 2,393,758 | -- | 431,234 | 826,481 | 9,352,276 |
| Fidelity Advisor Series Opportunistic Insights Fund | 14,545,452 | 301,817 | 3,286,902 | -- | 1,293,155 | 471,247 | 13,324,769 |
| Fidelity Advisor Series Short-Term Credit Fund | 19,797,584 | 621,095 | 1,860,834 | 152,322 | (177) | 39,641 | 18,597,309 |
| Fidelity Advisor Series Small Cap Fund | 7,871,358 | 162,080 | 1,325,728 | -- | 168,119 | 407,376 | 7,283,205 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 18,778,707 | 389,226 | 2,542,836 | -- | 498,920 | 210,081 | 17,334,098 |
| Fidelity Series 100 Index Fund | 8,059,670 | 167,271 | 1,332,232 | -- | 349,439 | 206,063 | 7,450,211 |
| Fidelity Series 1000 Value Index Fund | 3,126,118 | 64,828 | 450,464 | -- | 68,867 | 59,348 | 2,868,697 |
| Fidelity Series All-Sector Equity Fund | 10,931,420 | 226,481 | 1,924,911 | -- | 302,227 | 485,560 | 10,020,777 |
| Fidelity Series Canada Fund | -- | 2,335,678 | 10,834 | -- | 57 | 39,482 | 2,364,383 |
| Fidelity Series Commodity Strategy Fund | 8,363,369 | 2,521,260 | 807,362 | 15,398 | (200,683) | 166,698 | 10,043,282 |
| Fidelity Series Emerging Markets Debt Fund | 3,863,369 | 184,257 | 269,444 | 116,759 | 2,505 | 83,246 | 3,863,933 |
| Fidelity Series Emerging Markets Fund | 33,634,127 | 707,928 | 10,357,864 | -- | 1,663,012 | 3,186,682 | 28,833,885 |
| Fidelity Series Floating Rate High Income Fund | 1,270,072 | 56,209 | 112,268 | 28,084 | (4,147) | 301 | 1,210,167 |
| Fidelity Series Government Money Market Fund 1.09% | 62,061,398 | 7,002,797 | 5,258,977 | 282,555 | -- | -- | 63,805,218 |
| Fidelity Series High Income Fund | 7,700,215 | 376,694 | 673,608 | 207,949 | (13,984) | 124,071 | 7,513,388 |
| Fidelity Series Inflation-Protected Bond Index Fund | 13,476,555 | 316,696 | 1,234,941 | 7,339 | (24,210) | 50,743 | 12,584,843 |
| Fidelity Series International Credit Fund | -- | 251,235 | -- | -- | -- | 1,256 | 252,491 |
| Fidelity Series International Growth Fund | 23,784,996 | 536,208 | 4,282,715 | -- | 1,220,339 | 1,880,242 | 23,139,070 |
| Fidelity Series International Small Cap Fund | 5,424,288 | 127,409 | 787,119 | -- | 208,181 | 663,858 | 5,636,617 |
| Fidelity Series International Value Fund | 23,846,343 | 691,874 | 3,290,710 | -- | 309,325 | 2,221,000 | 23,777,832 |
| Fidelity Series Investment Grade Bond Fund | 153,919,482 | 8,411,976 | 12,897,441 | 1,887,912 | 18,451 | 2,025,558 | 151,478,026 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 155,146 | 9,648,509 | 221,091 | 34,729 | (8,286) | (28,266) | 9,546,012 |
| Fidelity Series Real Estate Equity Fund | 1,862,474 | 83,025 | 269,480 | 14,325 | 31,112 | (40,899) | 1,666,232 |
| Fidelity Series Real Estate Income Fund | 2,494,077 | 132,046 | 211,161 | 60,894 | 14,266 | 2,542 | 2,431,770 |
| Fidelity Series Small Cap Opportunities Fund | 9,440,735 | 819,022 | 1,352,270 | 16,348 | 378,681 | (510,634) | 8,775,534 |
| Total | $508,000,668 | $46,804,864 | $75,935,004 | $3,130,858 | $10,558,473 | $12,020,106 | $501,449,107 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $436,195,440) — See accompanying schedule | | $501,449,107 |
| Cash | | 1 |
| Receivable for investments sold | | 1,509,279 |
| Receivable for fund shares sold | | 451,248 |
| Total assets | | 503,409,635 |
| Liabilities | | |
| Payable for investments purchased | $3,654 | |
| Payable for fund shares redeemed | 1,975,853 | |
| Accrued management fee | 222,698 | |
| Distribution and service plan fees payable | 111,500 | |
| Total liabilities | | 2,313,705 |
| Net Assets | | $501,095,930 |
| Net Assets consist of: | | |
| Paid in capital | | $423,673,081 |
| Undistributed net investment income | | 1,475,449 |
| Accumulated undistributed net realized gain (loss) on investments | | 10,693,733 |
| Net unrealized appreciation (depreciation) on investments | | 65,253,667 |
| Net Assets | | $501,095,930 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($256,210,252 ÷ 20,106,659 shares) | | $12.74 |
| Maximum offering price per share (100/94.25 of $12.74) | | $13.52 |
| Class M: | | |
| Net Asset Value and redemption price per share ($82,534,744 ÷ 6,503,350 shares) | | $12.69 |
| Maximum offering price per share (100/96.50 of $12.69) | | $13.15 |
| Class C: | | |
| Net Asset Value and offering price per share ($28,312,712 ÷ 2,248,620 shares)(a) | | $12.59 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($133,766,822 ÷ 10,446,097 shares) | | $12.81 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($271,400 ÷ 21,185 shares) | | $12.81 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $3,130,858 |
| Expenses | | |
| Management fee | $890,261 | |
| Distribution and service plan fees | 674,907 | |
| Independent trustees' fees and expenses | 921 | |
| Total expenses before reductions | 1,566,089 | |
| Expense reductions | (334) | 1,565,755 |
| Net investment income (loss) | | 1,565,103 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 10,558,473 | |
| Capital gain distributions from underlying funds | 1,379,950 | |
| Total net realized gain (loss) | | 11,938,423 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 12,020,106 |
| Net gain (loss) | | 23,958,529 |
| Net increase (decrease) in net assets resulting from operations | | $25,523,632 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,565,103 | $7,994,033 |
| Net realized gain (loss) | 11,938,423 | 14,958,776 |
| Change in net unrealized appreciation (depreciation) | 12,020,106 | 24,180,114 |
| Net increase (decrease) in net assets resulting from operations | 25,523,632 | 47,132,923 |
| Distributions to shareholders from net investment income | (1,080,871) | (8,289,234) |
| Distributions to shareholders from net realized gain | (8,427,944) | (16,768,439) |
| Total distributions | (9,508,815) | (25,057,673) |
| Share transactions - net increase (decrease) | (22,802,369) | (109,968,419) |
| Total increase (decrease) in net assets | (6,787,552) | (87,893,169) |
| Net Assets | | |
| Beginning of period | 507,883,482 | 595,776,651 |
| End of period | $501,095,930 | $507,883,482 |
| Other Information | | |
| Undistributed net investment income end of period | $1,475,449 | $991,217 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2010 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.34 | $11.87 | $12.72 | $12.91 | $12.50 | $11.89 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .18 | .20 | .20 | .15 | .16 |
| Net realized and unrealized gain (loss) | .60 | .84 | (.41) | .44 | .82 | .70 |
| Total from investment operations | .64 | 1.02 | (.21) | .64 | .97 | .86 |
| Distributions from net investment income | (.03) | (.19) | (.21) | (.22) | (.14) | (.16) |
| Distributions from net realized gain | (.21) | (.36) | (.44) | (.61) | (.42) | (.09) |
| Total distributions | (.24) | (.55) | (.64)B | (.83) | (.56) | (.25) |
| Net asset value, end of period | $12.74 | $12.34 | $11.87 | $12.72 | $12.91 | $12.50 |
| Total ReturnC,D,E | 5.21% | 8.87% | (1.67)% | 5.08% | 7.86% | 7.33% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .60%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .60%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .60%H | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .64%H | 1.45% | 1.63% | 1.55% | 1.15% | 1.33% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $256,210 | $263,496 | $328,232 | $431,498 | $502,834 | $540,980 |
| Portfolio turnover rateF | 19%H | 26% | 21% | 22% | 39% | 26% |
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 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.
Fidelity Advisor Freedom 2010 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.30 | $11.83 | $12.68 | $12.87 | $12.46 | $11.86 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .14 | .17 | .17 | .11 | .13 |
| Net realized and unrealized gain (loss) | .60 | .85 | (.41) | .43 | .83 | .69 |
| Total from investment operations | .62 | .99 | (.24) | .60 | .94 | .82 |
| Distributions from net investment income | (.02) | (.16) | (.18) | (.18) | (.11) | (.13) |
| Distributions from net realized gain | (.21) | (.36) | (.44) | (.61) | (.42) | (.09) |
| Total distributions | (.23) | (.52) | (.61)B | (.79) | (.53) | (.22) |
| Net asset value, end of period | $12.69 | $12.30 | $11.83 | $12.68 | $12.87 | $12.46 |
| Total ReturnC,D,E | 5.08% | 8.63% | (1.92)% | 4.81% | 7.62% | 6.98% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .85%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .85%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .85%H | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .39%H | 1.20% | 1.38% | 1.30% | .90% | 1.08% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $82,535 | $83,881 | $92,543 | $106,189 | $124,997 | $127,353 |
| Portfolio turnover rateF | 19%H | 26% | 21% | 22% | 39% | 26% |
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 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.
Fidelity Advisor Freedom 2010 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.22 | $11.76 | $12.60 | $12.79 | $12.39 | $11.79 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | .08 | .11 | .10 | .05 | .07 |
| Net realized and unrealized gain (loss) | .59 | .84 | (.40) | .44 | .81 | .69 |
| Total from investment operations | .58 | .92 | (.29) | .54 | .86 | .76 |
| Distributions from net investment income | –B | (.10) | (.11) | (.12) | (.05) | (.07) |
| Distributions from net realized gain | (.21) | (.36) | (.44) | (.61) | (.41) | (.09) |
| Total distributions | (.21) | (.46) | (.55) | (.73) | (.46) | (.16) |
| Net asset value, end of period | $12.59 | $12.22 | $11.76 | $12.60 | $12.79 | $12.39 |
| Total ReturnC,D,E | 4.82% | 8.07% | (2.39)% | 4.33% | 7.04% | 6.49% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.35%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.35%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.35%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.11)%H | .70% | .88% | .80% | .40% | .58% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $28,313 | $29,290 | $30,150 | $34,839 | $36,622 | $38,562 |
| Portfolio turnover rateF | 19%H | 26% | 21% | 22% | 39% | 26% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2010 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.40 | $11.92 | $12.77 | $12.96 | $12.55 | $11.94 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .21 | .23 | .23 | .18 | .19 |
| Net realized and unrealized gain (loss) | .59 | .85 | (.40) | .44 | .82 | .70 |
| Total from investment operations | .65 | 1.06 | (.17) | .67 | 1.00 | .89 |
| Distributions from net investment income | (.04) | (.22) | (.24) | (.25) | (.17) | (.19) |
| Distributions from net realized gain | (.21) | (.36) | (.44) | (.61) | (.42) | (.09) |
| Total distributions | (.24)B | (.58) | (.68) | (.86) | (.59) | (.28) |
| Net asset value, end of period | $12.81 | $12.40 | $11.92 | $12.77 | $12.96 | $12.55 |
| Total ReturnC,D | 5.34% | 9.22% | (1.40)% | 5.34% | 8.10% | 7.56% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .35%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .35%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .35%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .89%G | 1.70% | 1.88% | 1.80% | 1.40% | 1.58% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $133,767 | $131,216 | $143,715 | $158,071 | $191,276 | $197,152 |
| Portfolio turnover rateE | 19%G | 26% | 21% | 22% | 39% | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.24 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $.208 per share.
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 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 Annualized
H Amount represents less than .005% per share.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2010 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.50 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .31 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.81 |
| Total ReturnC,D | 2.48% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .40%G |
| Expenses net of fee waivers, if any | .40%G |
| Expenses net of all reductions | .40%G |
| Net investment income (loss) | 1.96%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $271 |
| Portfolio turnover rateE | 19%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 26.6 | 26.7 |
| Fidelity Series Government Money Market Fund 1.09% | 9.3 | 8.7 |
| Fidelity Advisor Series Growth & Income Fund | 6.6 | 4.7 |
| Fidelity Series Emerging Markets Fund | 6.4 | 7.3 |
| Fidelity Series International Value Fund | 5.6 | 5.6 |
| Fidelity Series International Growth Fund | 5.5 | 5.6 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.2 | 4.5 |
| Fidelity Advisor Series Equity Value Fund | 4.2 | 6.7 |
| Fidelity Advisor Series Equity Growth Fund | 3.6 | 3.8 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3.3 | 3.5 |
| | 75.3 | 77.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 35.5% |
| | International Equity Funds | 19.4% |
| | Bond Funds | 33.3% |
| | Short-Term Funds | 11.9% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 37.1% |
| | International Equity Funds | 19.8% |
| | Bond Funds | 31.6% |
| | Short-Term Funds | 11.5% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2015 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 35.5% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 2,886,974 | $42,092,074 |
| Fidelity Advisor Series Equity Value Fund (a) | | 3,659,842 | 49,078,487 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 5,191,166 | 77,763,674 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 2,064,117 | 27,101,850 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 2,083,893 | 38,614,544 |
| Fidelity Advisor Series Small Cap Fund (a) | | 1,715,650 | 21,102,495 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 3,729,445 | 50,235,629 |
| Fidelity Series 100 Index Fund (a) | | 1,303,057 | 21,591,658 |
| Fidelity Series 1000 Value Index Fund (a) | | 661,856 | 8,312,910 |
| Fidelity Series All-Sector Equity Fund (a) | | 2,171,945 | 29,038,905 |
| Fidelity Series Commodity Strategy Fund (a) | | 4,504,235 | 23,557,149 |
| Fidelity Series Real Estate Equity Fund (a) | | 373,983 | 4,828,119 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 1,818,634 | 25,424,498 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $310,918,052) | | | 418,741,992 |
|
| International Equity Funds - 19.4% | | | |
| Fidelity Series Canada Fund (a) | | 621,003 | 6,607,472 |
| Fidelity Series Emerging Markets Fund (a) | | 3,679,129 | 75,790,047 |
| Fidelity Series International Growth Fund (a) | | 4,072,367 | 64,709,905 |
| Fidelity Series International Small Cap Fund (a) | | 879,920 | 15,759,368 |
| Fidelity Series International Value Fund (a) | | 6,177,771 | 66,534,590 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $161,569,309) | | | 229,401,382 |
|
| Bond Funds - 33.3% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 849,269 | 8,883,353 |
| Fidelity Series Floating Rate High Income Fund (a) | | 298,127 | 2,829,224 |
| Fidelity Series High Income Fund (a) | | 1,802,402 | 17,573,416 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,088,474 | 20,655,012 |
| Fidelity Series International Credit Fund (a) | | 59,798 | 600,972 |
| Fidelity Series Investment Grade Bond Fund (a) | | 27,741,175 | 313,752,693 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 2,544,861 | 22,369,326 |
| Fidelity Series Real Estate Income Fund (a) | | 513,753 | 5,738,616 |
| TOTAL BOND FUNDS | | | |
| (Cost $381,362,433) | | | 392,402,612 |
|
| Short-Term Funds - 11.9% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 3,100,516 | 31,005,157 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 108,883,430 | 108,883,430 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $139,863,450) | | | 139,888,587 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $993,713,244) | | | 1,180,434,573 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (821,757) |
| NET ASSETS - 100% | | | $1,179,612,816 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $45,524,066 | $547,569 | $10,291,915 | $-- | $2,626,735 | $3,685,619 | $42,092,074 |
| Fidelity Advisor Series Equity Value Fund | 81,815,902 | 1,253,906 | 35,199,779(a) | 648,050 | 5,917,970 | (4,709,512) | 49,078,487 |
| Fidelity Advisor Series Growth & Income Fund | 56,487,336 | 26,966,210(a) | 7,735,525 | 245,320 | 404,048 | 1,641,605 | 77,763,674 |
| Fidelity Advisor Series Growth Opportunities Fund | 29,904,426 | 359,283 | 6,819,596 | -- | 1,277,208 | 2,380,529 | 27,101,850 |
| Fidelity Advisor Series Opportunistic Insights Fund | 42,300,151 | 509,727 | 9,319,918 | -- | 3,808,801 | 1,315,783 | 38,614,544 |
| Fidelity Advisor Series Short-Term Credit Fund | 33,790,894 | 715,831 | 3,569,295 | 256,981 | 536 | 67,191 | 31,005,157 |
| Fidelity Advisor Series Small Cap Fund | 22,747,133 | 261,492 | 3,573,871 | -- | 480,142 | 1,187,599 | 21,102,495 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 54,308,043 | 628,172 | 6,757,577 | -- | 1,414,620 | 642,371 | 50,235,629 |
| Fidelity Series 100 Index Fund | 23,471,812 | 282,626 | 3,779,758 | -- | 947,867 | 669,111 | 21,591,658 |
| Fidelity Series 1000 Value Index Fund | 9,072,554 | 104,566 | 1,235,267 | -- | 200,642 | 170,415 | 8,312,910 |
| Fidelity Series All-Sector Equity Fund | 31,808,427 | 372,744 | 5,431,280 | -- | 780,890 | 1,508,124 | 29,038,905 |
| Fidelity Series Canada Fund | -- | 6,496,444 | 26,615 | -- | 181 | 137,462 | 6,607,472 |
| Fidelity Series Commodity Strategy Fund | 19,730,718 | 6,006,437 | 2,105,521 | 36,129 | (715,139) | 640,654 | 23,557,149 |
| Fidelity Series Emerging Markets Debt Fund | 9,038,148 | 362,552 | 716,404 | 270,844 | 7,977 | 191,080 | 8,883,353 |
| Fidelity Series Emerging Markets Fund | 88,257,284 | 1,087,723 | 26,217,357 | -- | 3,788,545 | 8,873,852 | 75,790,047 |
| Fidelity Series Floating Rate High Income Fund | 3,032,156 | 104,582 | 298,500 | 66,373 | (13,051) | 4,037 | 2,829,224 |
| Fidelity Series Government Money Market Fund 1.09% | 105,863,553 | 13,260,617 | 10,240,740 | 483,320 | -- | -- | 108,883,430 |
| Fidelity Series High Income Fund | 18,383,602 | 720,924 | 1,791,008 | 491,654 | (44,270) | 304,168 | 17,573,416 |
| Fidelity Series Inflation-Protected Bond Index Fund | 22,627,640 | 310,176 | 2,328,283 | 12,153 | (63,454) | 108,933 | 20,655,012 |
| Fidelity Series International Credit Fund | -- | 597,982 | -- | -- | -- | 2,990 | 600,972 |
| Fidelity Series International Growth Fund | 67,875,480 | 869,994 | 12,808,305 | -- | 3,961,793 | 4,810,943 | 64,709,905 |
| Fidelity Series International Small Cap Fund | 15,477,302 | 205,899 | 2,391,686 | -- | 720,666 | 1,747,187 | 15,759,368 |
| Fidelity Series International Value Fund | 68,051,945 | 1,049,974 | 9,709,722 | -- | 966,388 | 6,176,005 | 66,534,590 |
| Fidelity Series Investment Grade Bond Fund | 323,226,746 | 16,675,857 | 30,447,535 | 3,939,927 | 63,832 | 4,233,793 | 313,752,693 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 310,205 | 22,629,116 | 485,203 | 89,571 | (32,152) | (52,640) | 22,369,326 |
| Fidelity Series Real Estate Equity Fund | 5,406,610 | 193,590 | 744,095 | 41,416 | 71,831 | (99,817) | 4,828,119 |
| Fidelity Series Real Estate Income Fund | 5,999,051 | 259,670 | 561,627 | 144,439 | 46,020 | (4,498) | 5,738,616 |
| Fidelity Series Small Cap Opportunities Fund | 27,405,880 | 2,120,943 | 3,712,128 | 47,380 | 1,032,685 | (1,422,882) | 25,424,498 |
| Total | $1,211,917,064 | $104,954,606 | $198,298,510 | $6,773,557 | $27,651,311 | $34,210,102 | $1,180,434,573 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $993,713,244) — See accompanying schedule | | $1,180,434,573 |
| Receivable for investments sold | | 1,918,415 |
| Receivable for fund shares sold | | 1,779,460 |
| Total assets | | 1,184,132,448 |
| Liabilities | | |
| Payable for investments purchased | $106 | |
| Payable for fund shares redeemed | 3,699,683 | |
| Accrued management fee | 565,892 | |
| Distribution and service plan fees payable | 253,951 | |
| Total liabilities | | 4,519,632 |
| Net Assets | | $1,179,612,816 |
| Net Assets consist of: | | |
| Paid in capital | | $960,858,468 |
| Undistributed net investment income | | 2,932,745 |
| Accumulated undistributed net realized gain (loss) on investments | | 29,100,274 |
| Net unrealized appreciation (depreciation) on investments | | 186,721,329 |
| Net Assets | | $1,179,612,816 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($617,092,519 ÷ 47,820,374 shares) | | $12.90 |
| Maximum offering price per share (100/94.25 of $12.90) | | $13.69 |
| Class M: | | |
| Net Asset Value and redemption price per share ($177,311,632 ÷ 13,775,384 shares) | | $12.87 |
| Maximum offering price per share (100/96.50 of $12.87) | | $13.34 |
| Class C: | | |
| Net Asset Value and offering price per share ($61,070,771 ÷ 4,784,006 shares)(a) | | $12.77 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($323,381,380 ÷ 24,843,402 shares) | | $13.02 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($756,514 ÷ 58,094 shares) | | $13.02 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $6,773,557 |
| Expenses | | |
| Management fee | $2,276,883 | |
| Distribution and service plan fees | 1,544,379 | |
| Independent trustees' fees and expenses | 2,189 | |
| Total expenses before reductions | 3,823,451 | |
| Expense reductions | (795) | 3,822,656 |
| Net investment income (loss) | | 2,950,901 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 27,651,311 | |
| Capital gain distributions from underlying funds | 4,003,017 | |
| Total net realized gain (loss) | | 31,654,328 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 34,210,102 |
| Net gain (loss) | | 65,864,430 |
| Net increase (decrease) in net assets resulting from operations | | $68,815,331 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $2,950,901 | $18,746,280 |
| Net realized gain (loss) | 31,654,328 | 34,433,131 |
| Change in net unrealized appreciation (depreciation) | 34,210,102 | 71,901,912 |
| Net increase (decrease) in net assets resulting from operations | 68,815,331 | 125,081,323 |
| Distributions to shareholders from net investment income | (2,367,122) | (19,217,331) |
| Distributions to shareholders from net realized gain | (21,902,972) | (39,746,083) |
| Total distributions | (24,270,094) | (58,963,414) |
| Share transactions - net increase (decrease) | (76,580,360) | (212,702,716) |
| Total increase (decrease) in net assets | (32,035,123) | (146,584,807) |
| Net Assets | | |
| Beginning of period | 1,211,647,939 | 1,358,232,746 |
| End of period | $1,179,612,816 | $1,211,647,939 |
| Other Information | | |
| Undistributed net investment income end of period | $2,932,745 | $2,348,966 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2015 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.43 | $11.81 | $12.70 | $12.87 | $12.47 | $11.85 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .18 | .20 | .20 | .15 | .16 |
| Net realized and unrealized gain (loss) | .69 | .99 | (.45) | .49 | .89 | .71 |
| Total from investment operations | .72 | 1.17 | (.25) | .69 | 1.04 | .87 |
| Distributions from net investment income | (.03) | (.19) | (.21) | (.21) | (.15) | (.16) |
| Distributions from net realized gain | (.23) | (.36) | (.43) | (.64) | (.50) | (.09) |
| Total distributions | (.25)B | (.55) | (.64) | (.86)C | (.64)D | (.25) |
| Net asset value, end of period | $12.90 | $12.43 | $11.81 | $12.70 | $12.87 | $12.47 |
| Total ReturnE,F,G | 5.91% | 10.23% | (2.07)% | 5.51% | 8.54% | 7.45% |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | .63%J | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .63%J | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .63%J | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .50%J | 1.46% | 1.64% | 1.58% | 1.19% | 1.36% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $617,093 | $653,982 | $739,929 | $967,164 | $1,086,606 | $1,181,020 |
| Portfolio turnover rateH | 18%J | 22% | 20% | 21% | 37% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.25 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.229 per share.
C 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.
D 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.
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 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.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2015 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.41 | $11.79 | $12.68 | $12.85 | $12.46 | $11.83 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .15 | .17 | .17 | .12 | .13 |
| Net realized and unrealized gain (loss) | .69 | .99 | (.45) | .48 | .88 | .72 |
| Total from investment operations | .71 | 1.14 | (.28) | .65 | 1.00 | .85 |
| Distributions from net investment income | (.02) | (.16) | (.18) | (.18) | (.11) | (.13) |
| Distributions from net realized gain | (.23) | (.36) | (.43) | (.64) | (.50) | (.09) |
| Total distributions | (.25) | (.52) | (.61) | (.82) | (.61) | (.22) |
| Net asset value, end of period | $12.87 | $12.41 | $11.79 | $12.68 | $12.85 | $12.46 |
| Total ReturnB,C,D | 5.77% | 9.98% | (2.32)% | 5.26% | 8.20% | 7.28% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .88%G | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .88%G | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .88%G | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .25%G | 1.21% | 1.39% | 1.33% | .94% | 1.11% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $177,312 | $178,795 | $190,018 | $208,468 | $226,663 | $227,022 |
| Portfolio turnover rateE | 18%G | 22% | 20% | 21% | 37% | 20% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2015 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.32 | $11.72 | $12.60 | $12.77 | $12.39 | $11.77 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .08 | .11 | .11 | .05 | .07 |
| Net realized and unrealized gain (loss) | .70 | .98 | (.45) | .48 | .88 | .71 |
| Total from investment operations | .68 | 1.06 | (.34) | .59 | .93 | .78 |
| Distributions from net investment income | –B | (.10) | (.11) | (.12) | (.06) | (.07) |
| Distributions from net realized gain | (.23) | (.36) | (.43) | (.64) | (.49) | (.09) |
| Total distributions | (.23) | (.46) | (.54) | (.76) | (.55) | (.16) |
| Net asset value, end of period | $12.77 | $12.32 | $11.72 | $12.60 | $12.77 | $12.39 |
| Total ReturnC,D,E | 5.60% | 9.33% | (2.76)% | 4.75% | 7.65% | 6.70% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.38%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.38%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.38%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.25)%H | .71% | .89% | .83% | .44% | .61% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $61,071 | $61,332 | $63,443 | $72,725 | $75,682 | $72,115 |
| Portfolio turnover rateF | 18%H | 22% | 20% | 21% | 37% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2015 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.53 | $11.90 | $12.79 | $12.96 | $12.56 | $11.93 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .21 | .23 | .24 | .18 | .19 |
| Net realized and unrealized gain (loss) | .70 | 1.00 | (.45) | .48 | .90 | .72 |
| Total from investment operations | .75 | 1.21 | (.22) | .72 | 1.08 | .91 |
| Distributions from net investment income | (.03) | (.22) | (.24) | (.25) | (.18) | (.19) |
| Distributions from net realized gain | (.23) | (.36) | (.43) | (.64) | (.50) | (.09) |
| Total distributions | (.26) | (.58) | (.67) | (.89) | (.68) | (.28) |
| Net asset value, end of period | $13.02 | $12.53 | $11.90 | $12.79 | $12.96 | $12.56 |
| Total ReturnB,C | 6.09% | 10.53% | (1.80)% | 5.74% | 8.75% | 7.74% |
| Ratios to Average Net AssetsD,E | | | | | | |
| Expenses before reductions | .38%F | - %G | - %G | - %G | - %G | - %G |
| Expenses net of fee waivers, if any | .38%F | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .38%F | -% | -% | -% | -% | -% |
| Net investment income (loss) | .75%F | 1.71% | 1.89% | 1.83% | 1.44% | 1.61% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $323,381 | $317,539 | $361,722 | $425,176 | $488,611 | $467,604 |
| Portfolio turnover rateD | 18%F | 22% | 20% | 21% | 37% | 20% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2015 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.66 |
| Income from Investment Operations | |
| Net investment income (loss)B | .10 |
| Net realized and unrealized gain (loss) | .26 |
| Total from investment operations | .36 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.02 |
| Total ReturnC,D | 2.84% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .42%G |
| Expenses net of fee waivers, if any | .42%G |
| Expenses net of all reductions | .42%G |
| Net investment income (loss) | 2.46%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $757 |
| Portfolio turnover rateE | 18%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 24.0 | 24.2 |
| Fidelity Advisor Series Growth & Income Fund | 7.5 | 5.2 |
| Fidelity Series Emerging Markets Fund | 6.9 | 7.8 |
| Fidelity Series Government Money Market Fund 1.09% | 6.9 | 6.6 |
| Fidelity Series International Value Fund | 6.3 | 6.2 |
| Fidelity Series International Growth Fund | 6.1 | 6.2 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.8 | 5.0 |
| Fidelity Advisor Series Equity Value Fund | 4.7 | 7.6 |
| Fidelity Advisor Series Equity Growth Fund | 4.0 | 4.2 |
| Fidelity Advisor Series Opportunistic Insights Fund | 3.7 | 3.9 |
| | 74.9 | 76.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.9% |
| | International Equity Funds | 21.4% |
| | Bond Funds | 29.9% |
| | Short-Term Funds | 8.9% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 41.4% |
| | International Equity Funds | 21.6% |
| | Bond Funds | 28.3% |
| | Short-Term Funds | 8.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2020 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.9% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 7,073,688 | $103,134,371 |
| Fidelity Advisor Series Equity Value Fund (a) | | 8,942,371 | 119,917,199 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 12,713,625 | 190,450,102 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 5,059,252 | 66,427,978 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 5,106,547 | 94,624,316 |
| Fidelity Advisor Series Small Cap Fund (a) | | 4,201,952 | 51,684,014 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 9,133,069 | 123,022,437 |
| Fidelity Series 100 Index Fund (a) | | 3,193,888 | 52,922,719 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,624,196 | 20,399,903 |
| Fidelity Series All-Sector Equity Fund (a) | | 5,322,621 | 71,163,440 |
| Fidelity Series Commodity Strategy Fund (a) | | 9,716,989 | 50,819,855 |
| Fidelity Series Real Estate Equity Fund (a) | | 915,997 | 11,825,517 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 4,456,686 | 62,304,471 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $763,899,127) | | | 1,018,696,322 |
|
| International Equity Funds - 21.4% | | | |
| Fidelity Series Canada Fund (a) | | 1,496,267 | 15,920,276 |
| Fidelity Series Emerging Markets Fund (a) | | 8,596,585 | 177,089,650 |
| Fidelity Series International Growth Fund (a) | | 9,798,947 | 155,705,263 |
| Fidelity Series International Small Cap Fund (a) | | 2,114,352 | 37,868,036 |
| Fidelity Series International Value Fund (a) | | 14,827,062 | 159,687,455 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $394,844,310) | | | 546,270,680 |
|
| Bond Funds - 29.9% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,794,665 | 18,772,196 |
| Fidelity Series Floating Rate High Income Fund (a) | | 633,862 | 6,015,351 |
| Fidelity Series High Income Fund (a) | | 3,874,726 | 37,778,581 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,655,175 | 26,259,682 |
| Fidelity Series International Credit Fund (a) | | 128,527 | 1,291,696 |
| Fidelity Series Investment Grade Bond Fund (a) | | 54,094,957 | 611,813,964 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 5,410,817 | 47,561,080 |
| Fidelity Series Real Estate Income Fund (a) | | 1,099,754 | 12,284,252 |
| TOTAL BOND FUNDS | | | |
| (Cost $754,388,389) | | | 761,776,802 |
|
| Short-Term Funds - 8.9% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 5,037,456 | 50,374,560 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 176,042,700 | 176,042,700 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $226,375,121) | | | 226,417,260 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $2,139,506,947) | | | 2,553,161,064 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (1,834,163) |
| NET ASSETS - 100% | | | $2,551,326,901 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $107,899,662 | $1,388,488 | $21,360,375 | $-- | $5,408,170 | $9,798,426 | $103,134,371 |
| Fidelity Advisor Series Equity Value Fund | 192,890,348 | 3,542,048 | 79,472,656(a) | 1,555,731 | 7,714,036 | (4,756,577) | 119,917,199 |
| Fidelity Advisor Series Growth & Income Fund | 133,562,727 | 65,560,759(a) | 13,591,451 | 595,046 | 617,064 | 4,301,003 | 190,450,102 |
| Fidelity Advisor Series Growth Opportunities Fund | 70,967,317 | 910,529 | 14,274,653 | -- | 2,670,466 | 6,154,319 | 66,427,978 |
| Fidelity Advisor Series Opportunistic Insights Fund | 100,276,958 | 1,291,281 | 19,272,878 | -- | 7,782,455 | 4,546,500 | 94,624,316 |
| Fidelity Advisor Series Short-Term Credit Fund | 53,699,458 | 1,209,978 | 4,643,148 | 414,850 | 3,212 | 105,060 | 50,374,560 |
| Fidelity Advisor Series Small Cap Fund | 53,446,579 | 742,668 | 6,521,496 | -- | 831,745 | 3,184,518 | 51,684,014 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 128,008,473 | 2,071,058 | 12,065,210 | -- | 1,603,659 | 3,404,457 | 123,022,437 |
| Fidelity Series 100 Index Fund | 55,757,975 | 712,507 | 7,462,351 | -- | 1,764,533 | 2,150,055 | 52,922,719 |
| Fidelity Series 1000 Value Index Fund | 21,451,762 | 276,561 | 2,229,404 | -- | 334,038 | 566,946 | 20,399,903 |
| Fidelity Series All-Sector Equity Fund | 75,469,271 | 965,226 | 10,799,441 | -- | 1,020,978 | 4,507,406 | 71,163,440 |
| Fidelity Series Canada Fund | -- | 15,591,528 | 44,829 | -- | 152 | 373,425 | 15,920,276 |
| Fidelity Series Commodity Strategy Fund | 41,695,481 | 12,922,205 | 3,661,648 | 77,877 | (643,492) | 507,309 | 50,819,855 |
| Fidelity Series Emerging Markets Debt Fund | 18,811,124 | 781,933 | 1,238,918 | 569,694 | 9,859 | 408,198 | 18,772,196 |
| Fidelity Series Emerging Markets Fund | 197,902,416 | 2,473,472 | 52,141,045 | -- | 6,582,068 | 22,272,739 | 177,089,650 |
| Fidelity Series Floating Rate High Income Fund | 6,322,119 | 228,716 | 516,215 | 140,284 | (20,967) | 1,698 | 6,015,351 |
| Fidelity Series Government Money Market Fund 1.09% | 168,214,560 | 21,022,595 | 13,194,455 | 778,823 | -- | -- | 176,042,700 |
| Fidelity Series High Income Fund | 38,742,751 | 1,580,751 | 3,097,293 | 1,050,154 | (67,504) | 619,876 | 37,778,581 |
| Fidelity Series Inflation-Protected Bond Index Fund | 28,153,800 | 422,185 | 2,374,576 | 15,410 | (70,364) | 128,637 | 26,259,682 |
| Fidelity Series International Credit Fund | -- | 1,285,270 | -- | -- | -- | 6,426 | 1,291,696 |
| Fidelity Series International Growth Fund | 159,124,886 | 2,140,365 | 26,315,849 | -- | 6,584,953 | 14,170,908 | 155,705,263 |
| Fidelity Series International Small Cap Fund | 36,182,712 | 497,510 | 4,644,214 | -- | 1,107,027 | 4,725,001 | 37,868,036 |
| Fidelity Series International Value Fund | 159,539,367 | 2,748,330 | 19,533,592 | -- | 1,407,778 | 15,525,572 | 159,687,455 |
| Fidelity Series Investment Grade Bond Fund | 617,537,596 | 33,483,524 | 47,482,020 | 7,633,069 | 171,300 | 8,103,564 | 611,813,964 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 578,556 | 48,090,615 | 929,906 | 188,934 | (57,306) | (120,879) | 47,561,080 |
| Fidelity Series Real Estate Equity Fund | 12,783,544 | 479,245 | 1,365,244 | 100,546 | 45,659 | (117,687) | 11,825,517 |
| Fidelity Series Real Estate Income Fund | 12,602,093 | 567,344 | 971,316 | 308,310 | 69,086 | 17,045 | 12,284,252 |
| Fidelity Series Small Cap Opportunities Fund | 64,799,072 | 5,286,484 | 6,826,706 | 116,014 | 1,176,222 | (2,130,601) | 62,304,471 |
| Total | $2,556,420,607 | $228,273,175 | $376,030,889 | $13,544,742 | $46,044,827 | $98,453,344 | $2,553,161,064 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,139,506,947) — See accompanying schedule | | $2,553,161,064 |
| Receivable for investments sold | | 5,797,991 |
| Receivable for fund shares sold | | 4,548,647 |
| Total assets | | 2,563,507,702 |
| Liabilities | | |
| Payable for investments purchased | $3,633 | |
| Payable for fund shares redeemed | 10,349,132 | |
| Accrued management fee | 1,311,895 | |
| Distribution and service plan fees payable | 516,141 | |
| Total liabilities | | 12,180,801 |
| Net Assets | | $2,551,326,901 |
| Net Assets consist of: | | |
| Paid in capital | | $2,082,735,119 |
| Undistributed net investment income | | 5,210,824 |
| Accumulated undistributed net realized gain (loss) on investments | | 49,726,841 |
| Net unrealized appreciation (depreciation) on investments | | 413,654,117 |
| Net Assets | | $2,551,326,901 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,279,774,506 ÷ 91,934,501 shares) | | $13.92 |
| Maximum offering price per share (100/94.25 of $13.92) | | $14.77 |
| Class M: | | |
| Net Asset Value and redemption price per share ($390,703,879 ÷ 28,094,216 shares) | | $13.91 |
| Maximum offering price per share (100/96.50 of $13.91) | | $14.41 |
| Class C: | | |
| Net Asset Value and offering price per share ($102,816,804 ÷ 7,458,570 shares)(a) | | $13.79 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($776,885,067 ÷ 55,340,422 shares) | | $14.04 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($1,146,645 ÷ 81,637 shares) | | $14.05 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $13,544,742 |
| Expenses | | |
| Management fee | $5,261,917 | |
| Distribution and service plan fees | 3,125,482 | |
| Independent trustees' fees and expenses | 4,669 | |
| Total expenses before reductions | 8,392,068 | |
| Expense reductions | (1,678) | 8,390,390 |
| Net investment income (loss) | | 5,154,352 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 46,044,827 | |
| Capital gain distributions from underlying funds | 9,799,116 | |
| Total net realized gain (loss) | | 55,843,943 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 98,453,344 |
| Net gain (loss) | | 154,297,287 |
| Net increase (decrease) in net assets resulting from operations | | $159,451,639 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,154,352 | $38,750,307 |
| Net realized gain (loss) | 55,843,943 | 56,868,315 |
| Change in net unrealized appreciation (depreciation) | 98,453,344 | 182,559,768 |
| Net increase (decrease) in net assets resulting from operations | 159,451,639 | 278,178,390 |
| Distributions to shareholders from net investment income | (4,451,144) | (38,366,807) |
| Distributions to shareholders from net realized gain | (39,249,087) | (76,567,312) |
| Total distributions | (43,700,231) | (114,934,119) |
| Share transactions - net increase (decrease) | (120,324,780) | (325,620,479) |
| Total increase (decrease) in net assets | (4,573,372) | (162,376,208) |
| Net Assets | | |
| Beginning of period | 2,555,900,273 | 2,718,276,481 |
| End of period | $2,551,326,901 | $2,555,900,273 |
| Other Information | | |
| Undistributed net investment income end of period | $5,210,824 | $4,507,616 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2020 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.31 | $12.51 | $13.44 | $13.54 | $13.05 | $12.35 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .19 | .21 | .22 | .16 | .18 |
| Net realized and unrealized gain (loss) | .81 | 1.16 | (.51) | .55 | 1.04 | .78 |
| Total from investment operations | .84 | 1.35 | (.30) | .77 | 1.20 | .96 |
| Distributions from net investment income | (.02) | (.19) | (.21) | (.23) | (.16) | (.18) |
| Distributions from net realized gain | (.21) | (.36) | (.41) | (.64) | (.55) | (.08) |
| Total distributions | (.23) | (.55) | (.63)B | (.87) | (.71) | (.26) |
| Net asset value, end of period | $13.92 | $13.31 | $12.51 | $13.44 | $13.54 | $13.05 |
| Total ReturnC,D,E | 6.38% | 11.17% | (2.35)% | 5.82% | 9.38% | 7.91% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .66%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .66%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .66%H | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .40%H | 1.46% | 1.62% | 1.59% | 1.22% | 1.44% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,279,775 | $1,315,261 | $1,442,826 | $1,775,399 | $1,910,164 | $1,944,691 |
| Portfolio turnover rateF | 18%H | 19% | 20% | 21% | 40% | 21% |
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 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.
Fidelity Advisor Freedom 2020 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.30 | $12.51 | $13.44 | $13.54 | $13.05 | $12.34 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .15 | .18 | .18 | .13 | .15 |
| Net realized and unrealized gain (loss) | .82 | 1.16 | (.52) | .55 | 1.03 | .79 |
| Total from investment operations | .83 | 1.31 | (.34) | .73 | 1.16 | .94 |
| Distributions from net investment income | (.02) | (.16) | (.18) | (.19) | (.13) | (.15) |
| Distributions from net realized gain | (.21) | (.36) | (.41) | (.64) | (.55) | (.08) |
| Total distributions | (.22)B | (.52) | (.59) | (.83) | (.67)C | (.23) |
| Net asset value, end of period | $13.91 | $13.30 | $12.51 | $13.44 | $13.54 | $13.05 |
| Total ReturnD,E,F | 6.33% | 10.81% | (2.59)% | 5.56% | 9.11% | 7.72% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .91%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .91%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .91%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .15%I | 1.21% | 1.37% | 1.34% | .97% | 1.19% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $390,704 | $396,330 | $394,406 | $440,674 | $465,828 | $430,153 |
| Portfolio turnover rateG | 18%I | 19% | 20% | 21% | 40% | 21% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.22 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.207 per share.
C 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.
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.
Fidelity Advisor Freedom 2020 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.20 | $12.42 | $13.35 | $13.45 | $12.97 | $12.27 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .09 | .11 | .11 | .06 | .09 |
| Net realized and unrealized gain (loss) | .82 | 1.15 | (.51) | .55 | 1.03 | .78 |
| Total from investment operations | .80 | 1.24 | (.40) | .66 | 1.09 | .87 |
| Distributions from net investment income | – | (.10) | (.12) | (.12) | (.07) | (.08) |
| Distributions from net realized gain | (.21) | (.36) | (.41) | (.64) | (.54) | (.08) |
| Total distributions | (.21) | (.46) | (.53) | (.76) | (.61) | (.17)B |
| Net asset value, end of period | $13.79 | $13.20 | $12.42 | $13.35 | $13.45 | $12.97 |
| Total ReturnC,D,E | 6.09% | 10.26% | (3.11)% | 5.07% | 8.57% | 7.13% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.41%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.41%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.41%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.35)%H | .71% | .87% | .84% | .47% | .69% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $102,817 | $101,268 | $105,128 | $112,535 | $113,194 | $102,576 |
| Portfolio turnover rateF | 18%H | 19% | 20% | 21% | 40% | 21% |
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 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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2020 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.41 | $12.61 | $13.54 | $13.63 | $13.14 | $12.42 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .22 | .24 | .25 | .20 | .21 |
| Net realized and unrealized gain (loss) | .83 | 1.16 | (.51) | .56 | 1.03 | .80 |
| Total from investment operations | .87 | 1.38 | (.27) | .81 | 1.23 | 1.01 |
| Distributions from net investment income | (.03) | (.22) | (.25) | (.26) | (.19) | (.21) |
| Distributions from net realized gain | (.21) | (.36) | (.41) | (.64) | (.55) | (.08) |
| Total distributions | (.24) | (.58) | (.66) | (.90) | (.74) | (.29) |
| Net asset value, end of period | $14.04 | $13.41 | $12.61 | $13.54 | $13.63 | $13.14 |
| Total ReturnB,C | 6.56% | 11.36% | (2.07)% | 6.13% | 9.58% | 8.28% |
| Ratios to Average Net AssetsD,E | | | | | | |
| Expenses before reductions | .41%F | - %G | - %G | - %G | - %G | - %G |
| Expenses net of fee waivers, if any | .41%F | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .41%F | -% | -% | -% | -% | -% |
| Net investment income (loss) | .64%F | 1.71% | 1.87% | 1.84% | 1.47% | 1.69% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $776,885 | $743,042 | $767,908 | $836,880 | $875,979 | $777,288 |
| Portfolio turnover rateD | 18%F | 19% | 20% | 21% | 40% | 21% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2020 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.62 |
| Income from Investment Operations | |
| Net investment income (loss)B | .10 |
| Net realized and unrealized gain (loss) | .33 |
| Total from investment operations | .43 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.05 |
| Total ReturnC,D | 3.16% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .44%G |
| Expenses net of fee waivers, if any | .44%G |
| Expenses net of all reductions | .44%G |
| Net investment income (loss) | 2.40%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,147 |
| Portfolio turnover rateE | 18%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 20.6 | 20.8 |
| Fidelity Advisor Series Growth & Income Fund | 8.3 | 5.8 |
| Fidelity Series Emerging Markets Fund | 7.4 | 8.2 |
| Fidelity Series International Growth Fund | 6.8 | 6.8 |
| Fidelity Series International Value Fund | 6.7 | 6.8 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5.4 | 5.5 |
| Fidelity Advisor Series Equity Value Fund | 5.2 | 8.3 |
| Fidelity Series Government Money Market Fund 1.09% | 5.1 | 4.8 |
| Fidelity Advisor Series Equity Growth Fund | 4.5 | 4.7 |
| Fidelity Advisor Series Opportunistic Insights Fund | 4.1 | 4.4 |
| | 74.1 | 76.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 44.2% |
| | International Equity Funds | 23.2% |
| | Bond Funds | 26.1% |
| | Short-Term Funds | 6.6% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 45.7% |
| | International Equity Funds | 23.4% |
| | Bond Funds | 24.5% |
| | Short-Term Funds | 6.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2025 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 44.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 9,230,329 | $134,578,197 |
| Fidelity Advisor Series Equity Value Fund (a) | | 11,657,757 | 156,330,528 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 16,589,933 | 248,517,204 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 6,603,590 | 86,705,131 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 6,664,625 | 123,495,499 |
| Fidelity Advisor Series Small Cap Fund (a) | | 5,483,913 | 67,452,129 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 11,917,241 | 160,525,242 |
| Fidelity Series 100 Index Fund (a) | | 4,168,872 | 69,078,215 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,121,686 | 26,648,377 |
| Fidelity Series All-Sector Equity Fund (a) | | 6,947,371 | 92,886,352 |
| Fidelity Series Commodity Strategy Fund (a) | | 11,375,130 | 59,491,930 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,201,647 | 15,513,264 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 5,810,757 | 81,234,385 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $992,817,465) | | | 1,322,456,453 |
|
| International Equity Funds - 23.2% | | | |
| Fidelity Series Canada Fund (a) | | 1,914,407 | 20,369,286 |
| Fidelity Series Emerging Markets Fund (a) | | 10,729,223 | 221,021,984 |
| Fidelity Series International Growth Fund (a) | | 12,726,316 | 202,221,166 |
| Fidelity Series International Small Cap Fund (a) | | 2,709,448 | 48,526,205 |
| Fidelity Series International Value Fund (a) | | 18,727,201 | 201,691,960 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $511,715,887) | | | 693,830,601 |
|
| Bond Funds - 26.1% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,073,227 | 21,685,957 |
| Fidelity Series Floating Rate High Income Fund (a) | | 736,531 | 6,989,680 |
| Fidelity Series High Income Fund (a) | | 4,449,109 | 43,378,816 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,336,089 | 23,103,919 |
| Fidelity Series International Credit Fund (a) | | 149,010 | 1,497,553 |
| Fidelity Series Investment Grade Bond Fund (a) | | 54,507,338 | 616,477,988 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 6,310,288 | 55,467,435 |
| Fidelity Series Real Estate Income Fund (a) | | 1,272,802 | 14,217,194 |
| TOTAL BOND FUNDS | | | |
| (Cost $779,878,786) | | | 782,818,542 |
|
| Short-Term Funds - 6.6% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 4,319,545 | 43,195,455 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 153,801,309 | 153,801,309 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $196,963,413) | | | 196,996,764 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $2,481,375,551) | | | 2,996,102,360 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (2,215,476) |
| NET ASSETS - 100% | | | $2,993,886,884 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $135,937,851 | $3,626,505 | $24,440,064 | $-- | $5,664,848 | $13,789,057 | $134,578,197 |
| Fidelity Advisor Series Equity Value Fund | 241,941,961 | 7,040,442 | 96,520,656(a) | 1,984,625 | 7,733,075 | (3,864,294) | 156,330,528 |
| Fidelity Advisor Series Growth & Income Fund | 167,651,187 | 88,460,572(a) | 13,957,845 | 762,518 | 352,502 | 6,010,788 | 248,517,204 |
| Fidelity Advisor Series Growth Opportunities Fund | 89,516,164 | 2,377,455 | 16,486,997 | -- | 2,846,756 | 8,451,753 | 86,705,131 |
| Fidelity Advisor Series Opportunistic Insights Fund | 126,356,944 | 3,373,220 | 21,995,674 | -- | 6,843,444 | 8,917,565 | 123,495,499 |
| Fidelity Advisor Series Short-Term Credit Fund | 44,613,993 | 1,683,190 | 3,191,334 | 350,555 | 1,655 | 87,951 | 43,195,455 |
| Fidelity Advisor Series Small Cap Fund | 67,276,031 | 1,899,782 | 6,912,712 | -- | 736,912 | 4,452,116 | 67,452,129 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 160,603,013 | 4,976,020 | 11,547,680 | -- | 461,895 | 6,031,994 | 160,525,242 |
| Fidelity Series 100 Index Fund | 70,010,948 | 1,863,125 | 7,821,924 | -- | 1,568,402 | 3,457,664 | 69,078,215 |
| Fidelity Series 1000 Value Index Fund | 26,963,429 | 725,682 | 2,208,235 | -- | 244,791 | 922,710 | 26,648,377 |
| Fidelity Series All-Sector Equity Fund | 94,923,840 | 2,524,215 | 11,651,300 | -- | 488,964 | 6,600,633 | 92,886,352 |
| Fidelity Series Canada Fund | -- | 19,881,011 | 34,850 | -- | 39 | 523,086 | 20,369,286 |
| Fidelity Series Commodity Strategy Fund | 47,127,023 | 15,775,852 | 3,277,069 | 90,846 | (536,985) | 403,109 | 59,491,930 |
| Fidelity Series Emerging Markets Debt Fund | 21,226,584 | 1,130,275 | 1,145,879 | 650,780 | 6,001 | 468,976 | 21,685,957 |
| Fidelity Series Emerging Markets Fund | 236,992,530 | 6,209,991 | 57,242,002 | -- | 7,340,733 | 27,720,732 | 221,021,984 |
| Fidelity Series Floating Rate High Income Fund | 7,128,727 | 360,461 | 477,448 | 160,676 | (15,369) | (6,691) | 6,989,680 |
| Fidelity Series Government Money Market Fund 1.09% | 139,740,928 | 23,156,837 | 9,096,456 | 668,011 | -- | -- | 153,801,309 |
| Fidelity Series High Income Fund | 43,229,749 | 2,387,902 | 2,864,694 | 1,189,184 | (36,047) | 661,906 | 43,378,816 |
| Fidelity Series Inflation-Protected Bond Index Fund | 23,930,887 | 652,701 | 1,527,826 | 13,395 | (18,458) | 66,615 | 23,103,919 |
| Fidelity Series International Credit Fund | -- | 1,490,102 | -- | -- | -- | 7,451 | 1,497,553 |
| Fidelity Series International Growth Fund | 197,802,750 | 5,469,727 | 27,145,489 | -- | 5,382,836 | 20,711,342 | 202,221,166 |
| Fidelity Series International Small Cap Fund | 44,955,970 | 1,274,624 | 5,037,009 | -- | 994,711 | 6,337,909 | 48,526,205 |
| Fidelity Series International Value Fund | 198,365,131 | 6,238,526 | 24,232,491 | -- | 1,199,213 | 20,121,581 | 201,691,960 |
| Fidelity Series Investment Grade Bond Fund | 601,868,505 | 43,792,448 | 37,296,051 | 7,573,094 | 184,555 | 7,928,531 | 616,477,988 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 541,162 | 55,960,498 | 818,091 | 222,490 | (45,815) | (170,319) | 55,467,435 |
| Fidelity Series Real Estate Equity Fund | 16,067,822 | 839,046 | 1,294,886 | 129,983 | 16,662 | (115,380) | 15,513,264 |
| Fidelity Series Real Estate Income Fund | 14,185,039 | 836,386 | 898,958 | 353,497 | (43) | 94,770 | 14,217,194 |
| Fidelity Series Small Cap Opportunities Fund | 81,447,702 | 7,923,709 | 6,911,016 | 150,734 | 853,903 | (2,079,913) | 81,234,385 |
| Total | $2,900,405,870 | $311,930,304 | $396,034,636 | $14,300,388 | $42,269,180 | $137,531,642 | $2,996,102,360 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,481,375,551) — See accompanying schedule | | $2,996,102,360 |
| Cash | | 8 |
| Receivable for investments sold | | 4,328,469 |
| Receivable for fund shares sold | | 6,612,818 |
| Total assets | | 3,007,043,655 |
| Liabilities | | |
| Payable for investments purchased | $1,453 | |
| Payable for fund shares redeemed | 10,940,681 | |
| Accrued management fee | 1,639,708 | |
| Distribution and service plan fees payable | 574,929 | |
| Total liabilities | | 13,156,771 |
| Net Assets | | $2,993,886,884 |
| Net Assets consist of: | | |
| Paid in capital | | $2,427,946,368 |
| Undistributed net investment income | | 4,347,611 |
| Accumulated undistributed net realized gain (loss) on investments | | 46,866,096 |
| Net unrealized appreciation (depreciation) on investments | | 514,726,809 |
| Net Assets | | $2,993,886,884 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,496,421,543 ÷ 108,099,888 shares) | | $13.84 |
| Maximum offering price per share (100/94.25 of $13.84) | | $14.68 |
| Class M: | | |
| Net Asset Value and redemption price per share ($433,903,653 ÷ 31,305,935 shares) | | $13.86 |
| Maximum offering price per share (100/96.50 of $13.86) | | $14.36 |
| Class C: | | |
| Net Asset Value and offering price per share ($101,004,554 ÷ 7,412,110 shares)(a) | | $13.63 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($960,465,175 ÷ 68,730,550 shares) | | $13.97 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($2,091,959 ÷ 149,583 shares) | | $13.99 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $14,300,388 |
| Expenses | | |
| Management fee | $6,529,719 | |
| Distribution and service plan fees | 3,455,773 | |
| Independent trustees' fees and expenses | 5,359 | |
| Total expenses before reductions | 9,990,851 | |
| Expense reductions | (1,905) | 9,988,946 |
| Net investment income (loss) | | 4,311,442 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 42,269,180 | |
| Capital gain distributions from underlying funds | 12,663,784 | |
| Total net realized gain (loss) | | 54,932,964 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 137,531,642 |
| Net gain (loss) | | 192,464,606 |
| Net increase (decrease) in net assets resulting from operations | | $196,776,048 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,311,442 | $42,192,800 |
| Net realized gain (loss) | 54,932,964 | 57,817,454 |
| Change in net unrealized appreciation (depreciation) | 137,531,642 | 230,075,430 |
| Net increase (decrease) in net assets resulting from operations | 196,776,048 | 330,085,684 |
| Distributions to shareholders from net investment income | (4,303,944) | (41,339,479) |
| Distributions to shareholders from net realized gain | (41,424,345) | (87,305,041) |
| Total distributions | (45,728,289) | (128,644,520) |
| Share transactions - net increase (decrease) | (56,992,736) | (213,146,163) |
| Total increase (decrease) in net assets | 94,055,023 | (11,704,999) |
| Net Assets | | |
| Beginning of period | 2,899,831,861 | 2,911,536,860 |
| End of period | $2,993,886,884 | $2,899,831,861 |
| Other Information | | |
| Undistributed net investment income end of period | $4,347,611 | $4,340,113 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2025 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.16 | $12.29 | $13.25 | $13.33 | $12.72 | $11.91 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .18 | .19 | .21 | .16 | .18 |
| Net realized and unrealized gain (loss) | .87 | 1.24 | (.54) | .60 | 1.26 | .88 |
| Total from investment operations | .89 | 1.42 | (.35) | .81 | 1.42 | 1.06 |
| Distributions from net investment income | (.02) | (.18) | (.20) | (.22) | (.16) | (.18) |
| Distributions from net realized gain | (.19) | (.37) | (.42) | (.67) | (.66) | (.07) |
| Total distributions | (.21) | (.55) | (.61)B | (.89) | (.81)C | (.25) |
| Net asset value, end of period | $13.84 | $13.16 | $12.29 | $13.25 | $13.33 | $12.72 |
| Total ReturnD,E,F | 6.82% | 12.00% | (2.72)% | 6.26% | 11.54% | 9.00% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .69%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .69%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .69%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .28%I | 1.43% | 1.53% | 1.55% | 1.25% | 1.54% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,496,422 | $1,503,384 | $1,543,665 | $1,853,121 | $1,907,797 | $1,806,028 |
| Portfolio turnover rateH | 21%I | 20% | 24% | 23% | 41% | 22% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2025 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.18 | $12.31 | $13.27 | $13.35 | $12.74 | $11.93 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .15 | .16 | .17 | .13 | .15 |
| Net realized and unrealized gain (loss) | .88 | 1.24 | (.54) | .61 | 1.26 | .88 |
| Total from investment operations | .88 | 1.39 | (.38) | .78 | 1.39 | 1.03 |
| Distributions from net investment income | (.01) | (.15) | (.16) | (.19) | (.13) | (.15) |
| Distributions from net realized gain | (.19) | (.37) | (.42) | (.67) | (.66) | (.07) |
| Total distributions | (.20) | (.52) | (.58) | (.86) | (.78)C | (.22) |
| Net asset value, end of period | $13.86 | $13.18 | $12.31 | $13.27 | $13.35 | $12.74 |
| Total ReturnD,E,F | 6.74% | 11.70% | (2.95)% | 6.00% | 11.27% | 8.74% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .94%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .94%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .94%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | .03%I | 1.18% | 1.28% | 1.30% | 1.00% | 1.29% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $433,904 | $418,713 | $399,088 | $405,224 | $387,919 | $324,352 |
| Portfolio turnover rateH | 21%I | 20% | 24% | 23% | 41% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2025 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.98 | $12.14 | $13.09 | $13.19 | $12.60 | $11.80 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .08 | .10 | .11 | .06 | .09 |
| Net realized and unrealized gain (loss) | .86 | 1.23 | (.53) | .59 | 1.25 | .87 |
| Total from investment operations | .83 | 1.31 | (.43) | .70 | 1.31 | .96 |
| Distributions from net investment income | – | (.10) | (.11) | (.12) | (.07) | (.10) |
| Distributions from net realized gain | (.18) | (.37) | (.41) | (.67) | (.65) | (.07) |
| Total distributions | (.18) | (.47) | (.52) | (.80)B | (.72) | (.16)C |
| Net asset value, end of period | $13.63 | $12.98 | $12.14 | $13.09 | $13.19 | $12.60 |
| Total ReturnD,E,F | 6.48% | 11.13% | (3.40)% | 5.42% | 10.71% | 8.23% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | 1.44%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.44%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.44%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.47)%I | .68% | .78% | .80% | .50% | .79% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $101,005 | $97,994 | $91,941 | $94,878 | $89,402 | $74,415 |
| Portfolio turnover rateH | 21%I | 20% | 24% | 23% | 41% | 22% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2025 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.27 | $12.39 | $13.35 | $13.43 | $12.81 | $11.99 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .21 | .23 | .24 | .19 | .22 |
| Net realized and unrealized gain (loss) | .88 | 1.26 | (.54) | .60 | 1.28 | .88 |
| Total from investment operations | .92 | 1.47 | (.31) | .84 | 1.47 | 1.10 |
| Distributions from net investment income | (.03) | (.21) | (.23) | (.25) | (.19) | (.21) |
| Distributions from net realized gain | (.19) | (.37) | (.42) | (.67) | (.66) | (.07) |
| Total distributions | (.22) | (.59)B | (.65) | (.92) | (.85) | (.28) |
| Net asset value, end of period | $13.97 | $13.27 | $12.39 | $13.35 | $13.43 | $12.81 |
| Total ReturnC,D | 6.98% | 12.26% | (2.44)% | 6.48% | 11.81% | 9.29% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .44%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .44%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .44%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .53%G | 1.68% | 1.78% | 1.80% | 1.50% | 1.79% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $960,465 | $879,740 | $870,772 | $838,616 | $846,372 | $686,540 |
| Portfolio turnover rateF | 21%G | 20% | 24% | 23% | 41% | 22% |
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 $.212 and distributions from net realized gain of $.373 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2025 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.53 |
| Income from Investment Operations | |
| Net investment income (loss)B | .12 |
| Net realized and unrealized gain (loss) | .34 |
| Total from investment operations | .46 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.99 |
| Total ReturnC,D | 3.40% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G |
| Expenses net of fee waivers, if any | .45%G |
| Expenses net of all reductions | .45%G |
| Net investment income (loss) | 2.88%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,092 |
| Portfolio turnover rateE | 21%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 12.9 | 12.1 |
| Fidelity Advisor Series Growth & Income Fund | 10.1 | 7.1 |
| Fidelity Series Emerging Markets Fund | 8.3 | 9.1 |
| Fidelity Series International Value Fund | 8.2 | 8.3 |
| Fidelity Series International Growth Fund | 7.9 | 8.3 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 6.5 | 6.8 |
| Fidelity Advisor Series Equity Value Fund | 6.4 | 10.2 |
| Fidelity Advisor Series Equity Growth Fund | 5.5 | 5.7 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.0 | 5.3 |
| Fidelity Series All-Sector Equity Fund | 3.8 | 4.0 |
| | 74.6 | 76.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 53.3% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 18.6% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 55.5% |
| | International Equity Funds | 27.6% |
| | Bond Funds | 15.9% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2030 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 53.3% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 11,007,513 | $160,489,546 |
| Fidelity Advisor Series Equity Value Fund (a) | | 13,882,719 | 186,167,257 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 19,777,585 | 296,268,226 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 7,874,916 | 103,397,641 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 7,947,043 | 147,258,714 |
| Fidelity Advisor Series Small Cap Fund (a) | | 6,537,402 | 80,410,049 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 14,207,575 | 191,376,029 |
| Fidelity Series 100 Index Fund (a) | | 4,971,657 | 82,380,362 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,531,073 | 31,790,271 |
| Fidelity Series All-Sector Equity Fund (a) | | 8,284,374 | 110,762,078 |
| Fidelity Series Commodity Strategy Fund (a) | | 10,434,399 | 54,571,907 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,434,014 | 18,513,124 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,930,291 | 96,885,470 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,182,160,319) | | | 1,560,270,674 |
|
| International Equity Funds - 27.1% | | | |
| Fidelity Series Canada Fund (a) | | 2,223,658 | 23,659,719 |
| Fidelity Series Emerging Markets Fund (a) | | 11,841,438 | 243,933,622 |
| Fidelity Series International Growth Fund (a) | | 14,561,350 | 231,379,850 |
| Fidelity Series International Small Cap Fund (a) | | 3,147,973 | 56,380,201 |
| Fidelity Series International Value Fund (a) | | 22,122,373 | 238,257,954 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $595,083,234) | | | 793,611,346 |
|
| Bond Funds - 18.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,983,319 | 20,745,520 |
| Fidelity Series Floating Rate High Income Fund (a) | | 706,350 | 6,703,259 |
| Fidelity Series High Income Fund (a) | | 4,369,838 | 42,605,919 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,467,768 | 24,406,227 |
| Fidelity Series International Credit Fund (a) | | 146,100 | 1,468,301 |
| Fidelity Series Investment Grade Bond Fund (a) | | 33,289,613 | 376,505,524 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 6,439,737 | 56,605,289 |
| Fidelity Series Real Estate Income Fund (a) | | 1,223,801 | 13,669,852 |
| TOTAL BOND FUNDS | | | |
| (Cost $536,824,247) | | | 542,709,891 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 668,725 | 6,687,250 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 24,054,503 | 24,054,503 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $30,727,764) | | | 30,741,753 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $2,344,795,564) | | | 2,927,333,664 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (2,264,794) |
| NET ASSETS - 100% | | | $2,925,068,870 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $162,260,993 | $4,544,918 | $29,593,120 | $-- | $6,862,997 | $16,413,758 | $160,489,546 |
| Fidelity Advisor Series Equity Value Fund | 287,560,469 | 8,895,041 | 114,904,534(a) | 2,370,743 | 8,491,094 | (3,874,813) | 186,167,257 |
| Fidelity Advisor Series Growth & Income Fund | 199,402,635 | 108,118,537(a) | 18,755,428 | 909,231 | 309,198 | 7,193,284 | 296,268,226 |
| Fidelity Advisor Series Growth Opportunities Fund | 106,995,666 | 2,977,951 | 20,117,021 | -- | 3,488,835 | 10,052,210 | 103,397,641 |
| Fidelity Advisor Series Opportunistic Insights Fund | 150,855,127 | 4,225,580 | 26,673,625 | -- | 5,416,239 | 13,435,393 | 147,258,714 |
| Fidelity Advisor Series Short-Term Credit Fund | 6,975,659 | 285,077 | 587,646 | 54,696 | 960 | 13,200 | 6,687,250 |
| Fidelity Advisor Series Small Cap Fund | 80,012,023 | 2,392,331 | 8,171,410 | -- | 830,755 | 5,346,350 | 80,410,049 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 190,903,298 | 6,626,761 | 13,907,090 | -- | 652,761 | 7,100,299 | 191,376,029 |
| Fidelity Series 100 Index Fund | 83,215,061 | 2,308,908 | 9,146,282 | -- | 1,800,386 | 4,202,289 | 82,380,362 |
| Fidelity Series 1000 Value Index Fund | 32,100,022 | 907,066 | 2,609,584 | -- | 269,829 | 1,122,938 | 31,790,271 |
| Fidelity Series All-Sector Equity Fund | 112,891,828 | 3,127,320 | 13,722,980 | -- | 586,007 | 7,879,903 | 110,762,078 |
| Fidelity Series Canada Fund | -- | 22,961,566 | 45,297 | -- | 20 | 743,430 | 23,659,719 |
| Fidelity Series Commodity Strategy Fund | 44,717,598 | 13,744,357 | 3,732,516 | 83,354 | 9,458 | (166,990) | 54,571,907 |
| Fidelity Series Emerging Markets Debt Fund | 20,427,254 | 1,119,116 | 1,259,250 | 625,777 | 10,189 | 448,211 | 20,745,520 |
| Fidelity Series Emerging Markets Fund | 258,234,751 | 7,137,605 | 59,998,008 | -- | 8,116,298 | 30,442,976 | 243,933,622 |
| Fidelity Series Floating Rate High Income Fund | 6,888,450 | 360,802 | 524,686 | 155,105 | (16,505) | (4,802) | 6,703,259 |
| Fidelity Series Government Money Market Fund 1.09% | 21,881,352 | 3,798,894 | 1,625,743 | 106,397 | -- | -- | 24,054,503 |
| Fidelity Series High Income Fund | 42,727,356 | 2,408,987 | 3,148,121 | 1,174,796 | (45,450) | 663,147 | 42,605,919 |
| Fidelity Series Inflation-Protected Bond Index Fund | 25,360,275 | 672,428 | 1,678,984 | 14,206 | (18,639) | 71,147 | 24,406,227 |
| Fidelity Series International Credit Fund | -- | 1,460,996 | -- | -- | -- | 7,305 | 1,468,301 |
| Fidelity Series International Growth Fund | 232,884,065 | 6,699,159 | 38,810,944 | -- | 7,487,745 | 23,119,825 | 231,379,850 |
| Fidelity Series International Small Cap Fund | 53,210,745 | 1,564,086 | 7,027,135 | -- | 909,565 | 7,722,940 | 56,380,201 |
| Fidelity Series International Value Fund | 233,497,432 | 6,774,029 | 27,020,698 | -- | 884,995 | 24,122,196 | 238,257,954 |
| Fidelity Series Investment Grade Bond Fund | 340,730,927 | 55,844,028 | 24,783,973 | 4,499,573 | (70,961) | 4,785,503 | 376,505,524 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 254,284 | 57,588,713 | 979,914 | 220,714 | (30,383) | (227,411) | 56,605,289 |
| Fidelity Series Real Estate Equity Fund | 19,129,170 | 1,027,731 | 1,528,062 | 155,076 | 20,940 | (136,655) | 18,513,124 |
| Fidelity Series Real Estate Income Fund | 13,733,149 | 831,017 | 987,619 | 341,059 | 19,267 | 74,038 | 13,669,852 |
| Fidelity Series Small Cap Opportunities Fund | 96,962,467 | 9,664,753 | 8,286,298 | 179,816 | 705,223 | (2,160,675) | 96,885,470 |
| Total | $2,823,812,056 | $338,067,757 | $439,625,968 | $10,890,543 | $46,690,823 | $158,388,996 | $2,927,333,664 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,344,795,564) — See accompanying schedule | | $2,927,333,664 |
| Receivable for investments sold | | 5,493,355 |
| Receivable for fund shares sold | | 4,446,682 |
| Total assets | | 2,937,273,701 |
| Liabilities | | |
| Payable for investments purchased | $1,479 | |
| Payable for fund shares redeemed | 9,938,301 | |
| Accrued management fee | 1,702,758 | |
| Distribution and service plan fees payable | 562,293 | |
| Total liabilities | | 12,204,831 |
| Net Assets | | $2,925,068,870 |
| Net Assets consist of: | | |
| Paid in capital | | $2,291,133,953 |
| Undistributed net investment income | | 715,979 |
| Accumulated undistributed net realized gain (loss) on investments | | 50,680,838 |
| Net unrealized appreciation (depreciation) on investments | | 582,538,100 |
| Net Assets | | $2,925,068,870 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,421,324,664 ÷ 94,818,339 shares) | | $14.99 |
| Maximum offering price per share (100/94.25 of $14.99) | | $15.90 |
| Class M: | | |
| Net Asset Value and redemption price per share ($452,191,365 ÷ 30,317,550 shares) | | $14.92 |
| Maximum offering price per share (100/96.50 of $14.92) | | $15.46 |
| Class C: | | |
| Net Asset Value and offering price per share ($97,147,324 ÷ 6,594,122 shares)(a) | | $14.73 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($951,758,140 ÷ 63,075,998 shares) | | $15.09 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($2,647,377 ÷ 175,333 shares) | | $15.10 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $10,890,543 |
| Expenses | | |
| Management fee | $6,795,331 | |
| Distribution and service plan fees | 3,376,647 | |
| Independent trustees' fees and expenses | 5,236 | |
| Total expenses before reductions | 10,177,214 | |
| Expense reductions | (1,856) | 10,175,358 |
| Net investment income (loss) | | 715,185 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 46,690,823 | |
| Capital gain distributions from underlying funds | 15,146,307 | |
| Total net realized gain (loss) | | 61,837,130 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 158,388,996 |
| Net gain (loss) | | 220,226,126 |
| Net increase (decrease) in net assets resulting from operations | | $220,941,311 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $715,185 | $38,114,325 |
| Net realized gain (loss) | 61,837,130 | 60,766,692 |
| Change in net unrealized appreciation (depreciation) | 158,388,996 | 270,994,211 |
| Net increase (decrease) in net assets resulting from operations | 220,941,311 | 369,875,228 |
| Distributions to shareholders from net investment income | (2,044,157) | (37,142,497) |
| Distributions to shareholders from net realized gain | (46,653,514) | (94,852,736) |
| Total distributions | (48,697,671) | (131,995,233) |
| Share transactions - net increase (decrease) | (70,429,490) | (203,746,816) |
| Total increase (decrease) in net assets | 101,814,150 | 34,133,179 |
| Net Assets | | |
| Beginning of period | 2,823,254,720 | 2,789,121,541 |
| End of period | $2,925,068,870 | $2,823,254,720 |
| Other Information | | |
| Undistributed net investment income end of period | $715,979 | $2,044,951 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2030 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.12 | $12.99 | $14.13 | $14.15 | $13.36 | $12.48 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .18 | .19 | .20 | .17 | .20 |
| Net realized and unrealized gain (loss) | 1.11 | 1.57 | (.64) | .70 | 1.47 | .94 |
| Total from investment operations | 1.11 | 1.75 | (.45) | .90 | 1.64 | 1.14 |
| Distributions from net investment income | (.01) | (.18) | (.19) | (.21) | (.18) | (.20) |
| Distributions from net realized gain | (.23) | (.44) | (.50) | (.71) | (.67) | (.06) |
| Total distributions | (.24) | (.62) | (.69) | (.92) | (.85) | (.26) |
| Net asset value, end of period | $14.99 | $14.12 | $12.99 | $14.13 | $14.15 | $13.36 |
| Total ReturnC,D,E | 7.97% | 14.02% | (3.36)% | 6.54% | 12.60% | 9.25% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .72%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .72%H | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .72%H | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | .04%H | 1.34% | 1.39% | 1.42% | 1.24% | 1.58% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,421,325 | $1,414,388 | $1,409,909 | $1,704,036 | $1,777,132 | $1,747,549 |
| Portfolio turnover rateF | 23%H | 18% | 22% | 24% | 53% | 23% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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.
Fidelity Advisor Freedom 2030 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.06 | $12.94 | $14.09 | $14.10 | $13.32 | $12.44 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .15 | .15 | .17 | .14 | .17 |
| Net realized and unrealized gain (loss) | 1.12 | 1.56 | (.64) | .71 | 1.46 | .94 |
| Total from investment operations | 1.10 | 1.71 | (.49) | .88 | 1.60 | 1.11 |
| Distributions from net investment income | –B | (.15) | (.16) | (.18) | (.15) | (.17) |
| Distributions from net realized gain | (.23) | (.44) | (.50) | (.71) | (.67) | (.06) |
| Total distributions | (.24)C | (.59) | (.66) | (.89) | (.82) | (.23) |
| Net asset value, end of period | $14.92 | $14.06 | $12.94 | $14.09 | $14.10 | $13.32 |
| Total ReturnD,E,F | 7.88% | 13.74% | (3.67)% | 6.37% | 12.29% | 9.02% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .97%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .97%I | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | .97%I | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.22)%I | 1.09% | 1.14% | 1.17% | .99% | 1.33% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $452,191 | $442,505 | $423,312 | $453,137 | $453,944 | $387,102 |
| Portfolio turnover rateG | 23%I | 18% | 22% | 24% | 53% | 23% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.24 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.234 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.
Fidelity Advisor Freedom 2030 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.92 | $12.83 | $13.97 | $14.00 | $13.23 | $12.37 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.05) | .08 | .08 | .09 | .07 | .10 |
| Net realized and unrealized gain (loss) | 1.09 | 1.55 | (.63) | .70 | 1.45 | .93 |
| Total from investment operations | 1.04 | 1.63 | (.55) | .79 | 1.52 | 1.03 |
| Distributions from net investment income | – | (.10) | (.11) | (.12) | (.09) | (.11) |
| Distributions from net realized gain | (.23) | (.44) | (.48) | (.70) | (.66) | (.06) |
| Total distributions | (.23) | (.54) | (.59) | (.82) | (.75) | (.17) |
| Net asset value, end of period | $14.73 | $13.92 | $12.83 | $13.97 | $14.00 | $13.23 |
| Total ReturnB,C,D | 7.52% | 13.21% | (4.10)% | 5.76% | 11.77% | 8.39% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | 1.47%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.47%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.47%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.72)%G | .59% | .64% | .67% | .49% | .83% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $97,147 | $94,517 | $87,691 | $91,154 | $87,867 | $75,384 |
| Portfolio turnover rateE | 23%G | 18% | 22% | 24% | 53% | 23% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2030 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.21 | $13.06 | $14.21 | $14.22 | $13.42 | $12.54 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .21 | .22 | .24 | .20 | .23 |
| Net realized and unrealized gain (loss) | 1.11 | 1.59 | (.65) | .71 | 1.48 | .94 |
| Total from investment operations | 1.13 | 1.80 | (.43) | .95 | 1.68 | 1.17 |
| Distributions from net investment income | (.02) | (.21) | (.23) | (.25) | (.21) | (.23) |
| Distributions from net realized gain | (.23) | (.44) | (.50) | (.71) | (.67) | (.06) |
| Total distributions | (.25) | (.65) | (.72)B | (.96) | (.88) | (.29) |
| Net asset value, end of period | $15.09 | $14.21 | $13.06 | $14.21 | $14.22 | $13.42 |
| Total ReturnC,D | 8.06% | 14.38% | (3.16)% | 6.85% | 12.89% | 9.47% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .47%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .47%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .47%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .28%G | 1.59% | 1.64% | 1.67% | 1.49% | 1.83% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $951,758 | $871,845 | $861,408 | $919,561 | $897,398 | $716,715 |
| Portfolio turnover rateE | 23%G | 18% | 22% | 24% | 53% | 23% |
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 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 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 Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2030 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.53 |
| Income from Investment Operations | |
| Net investment income (loss)B | .12 |
| Net realized and unrealized gain (loss) | .45 |
| Total from investment operations | .57 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $15.10 |
| Total ReturnC,D | 3.92% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .47%G |
| Expenses net of fee waivers, if any | .47%G |
| Expenses net of all reductions | .47%G |
| Net investment income (loss) | 2.67%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,647 |
| Portfolio turnover rateE | 23%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.7 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.3 | 10.0 |
| Fidelity Series International Growth Fund | 9.1 | 9.4 |
| Fidelity Series International Value Fund | 9.1 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 7.7 |
| Fidelity Advisor Series Equity Value Fund | 7.3 | 11.6 |
| Fidelity Advisor Series Equity Growth Fund | 6.3 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.8 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.5 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.3 |
| | 74.6 | 77.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.2% |
| | International Equity Funds | 30.6% |
| | Bond Funds | 7.2% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.1% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 5.0% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2035 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 10,052,873 | $146,570,888 |
| Fidelity Advisor Series Equity Value Fund (a) | | 12,680,052 | 170,039,493 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 18,069,834 | 270,686,119 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 7,191,087 | 94,418,974 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 7,258,042 | 134,491,512 |
| Fidelity Advisor Series Small Cap Fund (a) | | 5,974,369 | 73,484,742 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 12,979,601 | 174,835,224 |
| Fidelity Series 100 Index Fund (a) | | 4,539,233 | 75,215,096 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,303,845 | 28,936,289 |
| Fidelity Series All-Sector Equity Fund (a) | | 7,565,297 | 101,148,020 |
| Fidelity Series Commodity Strategy Fund (a) | | 8,486,486 | 44,384,322 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,301,839 | 16,806,737 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 6,332,368 | 88,526,504 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,084,823,636) | | | 1,419,543,920 |
|
| International Equity Funds - 30.6% | | | |
| Fidelity Series Canada Fund (a) | | 2,005,012 | 21,333,325 |
| Fidelity Series Emerging Markets Fund (a) | | 10,452,563 | 215,322,804 |
| Fidelity Series International Growth Fund (a) | | 13,338,545 | 211,949,484 |
| Fidelity Series International Small Cap Fund (a) | | 2,837,090 | 50,812,286 |
| Fidelity Series International Value Fund (a) | | 19,610,364 | 211,203,624 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $537,931,625) | | | 710,621,523 |
|
| Bond Funds - 7.2% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,535,886 | 16,065,368 |
| Fidelity Series Floating Rate High Income Fund (a) | | 550,066 | 5,220,122 |
| Fidelity Series High Income Fund (a) | | 3,407,939 | 33,227,409 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,909,402 | 18,883,981 |
| Fidelity Series International Credit Fund (a) | | 115,326 | 1,159,022 |
| Fidelity Series Investment Grade Bond Fund (a) | | 3,389,739 | 38,337,953 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 4,813,850 | 42,313,741 |
| Fidelity Series Real Estate Income Fund (a) | | 957,050 | 10,690,243 |
| TOTAL BOND FUNDS | | | |
| (Cost $163,834,455) | | | 165,897,839 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 532,494 | 5,324,937 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 19,137,450 | 19,137,450 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $24,451,208) | | | 24,462,387 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $1,811,040,924) | | | 2,320,525,669 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (1,862,354) |
| NET ASSETS - 100% | | | $2,318,663,315 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $144,428,250 | $4,438,549 | $23,256,147 | $-- | $5,171,419 | $15,788,817 | $146,570,888 |
| Fidelity Advisor Series Equity Value Fund | 256,602,186 | 8,487,293 | 99,287,786(a) | 2,139,755 | 6,507,765 | (2,269,965) | 170,039,493 |
| Fidelity Advisor Series Growth & Income Fund | 178,291,677 | 101,362,566(a) | 15,733,514 | 818,511 | (28,625) | 6,794,015 | 270,686,119 |
| Fidelity Advisor Series Growth Opportunities Fund | 95,127,138 | 2,910,572 | 15,808,930 | -- | 2,615,857 | 9,574,337 | 94,418,974 |
| Fidelity Advisor Series Opportunistic Insights Fund | 134,253,941 | 4,129,227 | 20,845,144 | -- | 3,453,137 | 13,500,351 | 134,491,512 |
| Fidelity Advisor Series Short-Term Credit Fund | 5,502,922 | 238,094 | 427,204 | 43,340 | 624 | 10,501 | 5,324,937 |
| Fidelity Advisor Series Small Cap Fund | 71,314,504 | 2,184,232 | 5,617,712 | -- | 445,299 | 5,158,419 | 73,484,742 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 170,320,861 | 9,118,695 | 11,621,606 | -- | 83,667 | 6,933,607 | 174,835,224 |
| Fidelity Series 100 Index Fund | 73,936,519 | 2,255,153 | 6,400,738 | -- | 1,033,568 | 4,390,594 | 75,215,096 |
| Fidelity Series 1000 Value Index Fund | 28,635,554 | 972,775 | 1,931,420 | -- | 108,733 | 1,150,647 | 28,936,289 |
| Fidelity Series All-Sector Equity Fund | 100,245,505 | 3,053,907 | 9,775,844 | -- | 411,886 | 7,212,566 | 101,148,020 |
| Fidelity Series Canada Fund | -- | 20,638,187 | 44,361 | -- | 26 | 739,473 | 21,333,325 |
| Fidelity Series Commodity Strategy Fund | 34,645,169 | 12,506,125 | 2,685,207 | 67,820 | (312,953) | 231,188 | 44,384,322 |
| Fidelity Series Emerging Markets Debt Fund | 15,727,504 | 900,379 | 915,446 | 483,052 | 3,535 | 349,396 | 16,065,368 |
| Fidelity Series Emerging Markets Fund | 219,674,149 | 6,426,402 | 43,691,921 | -- | 5,027,123 | 27,887,051 | 215,322,804 |
| Fidelity Series Floating Rate High Income Fund | 5,323,980 | 294,172 | 381,434 | 120,280 | (8,166) | (8,430) | 5,220,122 |
| Fidelity Series Government Money Market Fund 1.09% | 17,248,589 | 3,067,907 | 1,179,046 | 84,057 | -- | -- | 19,137,450 |
| Fidelity Series High Income Fund | 33,080,898 | 1,955,779 | 2,288,611 | 912,421 | (30,092) | 509,435 | 33,227,409 |
| Fidelity Series Inflation-Protected Bond Index Fund | 19,497,504 | 567,408 | 1,220,576 | 10,966 | (10,450) | 50,095 | 18,883,981 |
| Fidelity Series International Credit Fund | -- | 1,153,256 | -- | -- | -- | 5,766 | 1,159,022 |
| Fidelity Series International Growth Fund | 206,512,126 | 6,512,040 | 28,314,199 | -- | 3,600,839 | 23,638,678 | 211,949,484 |
| Fidelity Series International Small Cap Fund | 47,185,097 | 1,517,445 | 5,587,397 | -- | 559,576 | 7,137,565 | 50,812,286 |
| Fidelity Series International Value Fund | 207,054,156 | 7,768,011 | 25,869,846 | -- | 584,990 | 21,666,313 | 211,203,624 |
| Fidelity Series Investment Grade Bond Fund | 26,538,767 | 13,753,002 | 2,353,557 | 418,887 | 5,011 | 394,730 | 38,337,953 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 10,602 | 43,200,138 | 715,753 | 173,077 | (1,832) | (179,414) | 42,313,741 |
| Fidelity Series Real Estate Equity Fund | 17,063,755 | 1,000,861 | 1,146,563 | 139,902 | 6,611 | (117,927) | 16,806,737 |
| Fidelity Series Real Estate Income Fund | 10,663,041 | 673,501 | 717,894 | 266,066 | 92 | 71,503 | 10,690,243 |
| Fidelity Series Small Cap Opportunities Fund | 86,495,781 | 9,178,346 | 5,819,596 | 164,366 | 103,538 | (1,431,565) | 88,526,504 |
| Total | $2,205,380,175 | $270,264,022 | $333,637,452 | $5,842,500 | $29,331,178 | $149,187,746 | $2,320,525,669 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,811,040,924) — See accompanying schedule | | $2,320,525,669 |
| Cash | | 9 |
| Receivable for investments sold | | 4,582,236 |
| Receivable for fund shares sold | | 5,596,467 |
| Total assets | | 2,330,704,381 |
| Liabilities | | |
| Payable for investments purchased | $19,101 | |
| Payable for fund shares redeemed | 10,159,555 | |
| Accrued management fee | 1,429,883 | |
| Distribution and service plan fees payable | 432,527 | |
| Total liabilities | | 12,041,066 |
| Net Assets | | $2,318,663,315 |
| Net Assets consist of: | | |
| Paid in capital | | $1,775,325,119 |
| Accumulated net investment loss | | (2,431,219) |
| Accumulated undistributed net realized gain (loss) on investments | | 36,284,670 |
| Net unrealized appreciation (depreciation) on investments | | 509,484,745 |
| Net Assets | | $2,318,663,315 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,124,006,140 ÷ 77,215,082 shares) | | $14.56 |
| Maximum offering price per share (100/94.25 of $14.56) | | $15.45 |
| Class M: | | |
| Net Asset Value and redemption price per share ($352,164,610 ÷ 24,397,073 shares) | | $14.43 |
| Maximum offering price per share (100/96.50 of $14.43) | | $14.95 |
| Class C: | | |
| Net Asset Value and offering price per share ($65,050,117 ÷ 4,583,915 shares)(a) | | $14.19 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($776,159,200 ÷ 52,915,407 shares) | | $14.67 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($1,283,248 ÷ 87,399 shares) | | $14.68 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $5,842,500 |
| Expenses | | |
| Management fee | $5,684,097 | |
| Distribution and service plan fees | 2,586,965 | |
| Independent trustees' fees and expenses | 4,105 | |
| Total expenses before reductions | 8,275,167 | |
| Expense reductions | (1,448) | 8,273,719 |
| Net investment income (loss) | | (2,431,219) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 29,331,178 | |
| Capital gain distributions from underlying funds | 13,800,626 | |
| Total net realized gain (loss) | | 43,131,804 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 149,187,746 |
| Net gain (loss) | | 192,319,550 |
| Net increase (decrease) in net assets resulting from operations | | $189,888,331 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(2,431,219) | $26,987,601 |
| Net realized gain (loss) | 43,131,804 | 44,125,571 |
| Change in net unrealized appreciation (depreciation) | 149,187,746 | 242,801,866 |
| Net increase (decrease) in net assets resulting from operations | 189,888,331 | 313,915,038 |
| Distributions to shareholders from net investment income | – | (26,994,343) |
| Distributions to shareholders from net realized gain | (37,210,060) | (75,983,090) |
| Total distributions | (37,210,060) | (102,977,433) |
| Share transactions - net increase (decrease) | (38,970,876) | (144,664,464) |
| Total increase (decrease) in net assets | 113,707,395 | 66,273,141 |
| Net Assets | | |
| Beginning of period | 2,204,955,920 | 2,138,682,779 |
| End of period | $2,318,663,315 | $2,204,955,920 |
| Other Information | | |
| Accumulated net investment loss end of period | $(2,431,219) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2035 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.61 | $12.37 | $13.51 | $13.54 | $12.74 | $11.80 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .16 | .16 | .19 | .15 | .18 |
| Net realized and unrealized gain (loss) | 1.20 | 1.68 | (.66) | .71 | 1.59 | .97 |
| Total from investment operations | 1.18 | 1.84 | (.50) | .90 | 1.74 | 1.15 |
| Distributions from net investment income | – | (.16) | (.17) | (.19) | (.15) | (.18) |
| Distributions from net realized gain | (.23) | (.44) | (.47) | (.73) | (.79) | (.04) |
| Total distributions | (.23) | (.60) | (.64) | (.93)B | (.94) | (.21)C |
| Net asset value, end of period | $14.56 | $13.61 | $12.37 | $13.51 | $13.54 | $12.74 |
| Total ReturnD,E,F | 8.76% | 15.51% | (3.92)% | 6.81% | 14.15% | 9.89% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .75%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .75%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .75%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.23)%I | 1.22% | 1.28% | 1.36% | 1.13% | 1.54% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,124,006 | $1,117,175 | $1,094,459 | $1,313,452 | $1,348,500 | $1,258,797 |
| Portfolio turnover rateH | 24%I | 18% | 22% | 25% | 48% | 25% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2035 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.51 | $12.29 | $13.42 | $13.46 | $12.68 | $11.74 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .12 | .13 | .15 | .11 | .15 |
| Net realized and unrealized gain (loss) | 1.17 | 1.68 | (.65) | .71 | 1.58 | .97 |
| Total from investment operations | 1.14 | 1.80 | (.52) | .86 | 1.69 | 1.12 |
| Distributions from net investment income | – | (.14) | (.14) | (.16) | (.12) | (.15) |
| Distributions from net realized gain | (.22) | (.44) | (.46) | (.73) | (.79) | (.04) |
| Total distributions | (.22) | (.58) | (.61)B | (.90)C | (.91) | (.18)D |
| Net asset value, end of period | $14.43 | $13.51 | $12.29 | $13.42 | $13.46 | $12.68 |
| Total ReturnE,F,G | 8.53% | 15.24% | (4.08)% | 6.52% | 13.81% | 9.69% |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | 1.00%J | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.00%J | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.00%J | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.49)%J | .97% | 1.03% | 1.11% | .88% | 1.29% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $352,165 | $336,939 | $299,952 | $303,711 | $276,113 | $216,701 |
| Portfolio turnover rateI | 24%J | 18% | 22% | 25% | 48% | 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 $.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 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 Total returns do not include the effect of the sales charges.
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 Amounts do not include the activity of the Underlying Funds.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2035 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.32 | $12.14 | $13.27 | $13.32 | $12.56 | $11.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.07) | .06 | .07 | .08 | .05 | .09 |
| Net realized and unrealized gain (loss) | 1.16 | 1.65 | (.65) | .70 | 1.56 | .95 |
| Total from investment operations | 1.09 | 1.71 | (.58) | .78 | 1.61 | 1.04 |
| Distributions from net investment income | – | (.09) | (.10) | (.11) | (.07) | (.10) |
| Distributions from net realized gain | (.22) | (.44) | (.45) | (.72) | (.78) | (.04) |
| Total distributions | (.22) | (.53) | (.55) | (.83) | (.85) | (.13)B |
| Net asset value, end of period | $14.19 | $13.32 | $12.14 | $13.27 | $13.32 | $12.56 |
| Total ReturnC,D,E | 8.27% | 14.69% | (4.58)% | 6.01% | 13.27% | 9.04% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (.99)%H | .47% | .53% | .61% | .38% | .79% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $65,050 | $61,581 | $54,813 | $56,318 | $51,931 | $43,447 |
| Portfolio turnover rateG | 24%H | 18% | 22% | 25% | 48% | 25% |
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 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 contingent deferred sales charge.
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 Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2035 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.71 | $12.45 | $13.59 | $13.61 | $12.80 | $11.86 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .19 | .20 | .22 | .18 | .21 |
| Net realized and unrealized gain (loss) | 1.20 | 1.70 | (.67) | .72 | 1.60 | .97 |
| Total from investment operations | 1.20 | 1.89 | (.47) | .94 | 1.78 | 1.18 |
| Distributions from net investment income | – | (.19) | (.20) | (.23) | (.18) | (.20) |
| Distributions from net realized gain | (.24) | (.44) | (.47) | (.73) | (.79) | (.04) |
| Total distributions | (.24) | (.63) | (.67) | (.96) | (.97) | (.24) |
| Net asset value, end of period | $14.67 | $13.71 | $12.45 | $13.59 | $13.61 | $12.80 |
| Total ReturnC,D | 8.84% | 15.79% | (3.63)% | 7.11% | 14.44% | 10.10% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .50%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .50%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .01%G | 1.47% | 1.53% | 1.61% | 1.38% | 1.79% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $776,159 | $689,261 | $684,976 | $710,667 | $695,092 | $547,049 |
| Portfolio turnover rateF | 24%G | 18% | 22% | 25% | 48% | 25% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2035 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.07 |
| Income from Investment Operations | |
| Net investment income (loss)B | .13 |
| Net realized and unrealized gain (loss) | .48 |
| Total from investment operations | .61 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.68 |
| Total ReturnC,D | 4.34% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.80%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,283 |
| Portfolio turnover rateE | 24%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.8 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.4 | 9.5 |
| Fidelity Series International Growth Fund | 9.1 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.4 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.3 |
| | 75.7 | 78.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.1% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.8% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.6% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.3% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2040 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 9,270,224 | $135,159,863 |
| Fidelity Advisor Series Equity Value Fund (a) | | 11,689,916 | 156,761,768 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 16,664,796 | 249,638,644 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 6,629,359 | 87,043,490 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 6,692,370 | 124,009,617 |
| Fidelity Advisor Series Small Cap Fund (a) | | 5,509,316 | 67,764,589 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 11,969,808 | 161,233,308 |
| Fidelity Series 100 Index Fund (a) | | 4,184,107 | 69,330,654 |
| Fidelity Series 1000 Value Index Fund (a) | | 2,122,316 | 26,656,285 |
| Fidelity Series All-Sector Equity Fund (a) | | 6,974,655 | 93,251,137 |
| Fidelity Series Commodity Strategy Fund (a) | | 7,859,868 | 41,107,111 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,198,319 | 15,470,301 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 5,840,532 | 81,650,631 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,001,184,492) | | | 1,309,077,398 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 1,847,607 | 19,658,535 |
| Fidelity Series Emerging Markets Fund (a) | | 9,740,209 | 200,648,310 |
| Fidelity Series International Growth Fund (a) | | 12,118,228 | 192,558,647 |
| Fidelity Series International Small Cap Fund (a) | | 2,612,721 | 46,793,839 |
| Fidelity Series International Value Fund (a) | | 18,274,709 | 196,818,621 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $494,283,162) | | | 656,477,952 |
|
| Bond Funds - 5.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 1,397,467 | 14,617,502 |
| Fidelity Series Floating Rate High Income Fund (a) | | 499,225 | 4,737,643 |
| Fidelity Series High Income Fund (a) | | 3,119,473 | 30,414,857 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,745,700 | 17,264,974 |
| Fidelity Series International Credit Fund (a) | | 105,033 | 1,055,577 |
| Fidelity Series Investment Grade Bond Fund (a) | | 884,081 | 9,998,955 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 3,862,666 | 33,952,839 |
| Fidelity Series Real Estate Income Fund (a) | | 870,169 | 9,719,784 |
| TOTAL BOND FUNDS | | | |
| (Cost $120,618,463) | | | 121,762,131 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 493,345 | 4,933,449 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 17,152,793 | 17,152,793 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $22,075,921) | | | 22,086,242 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $1,638,162,038) | | | 2,109,403,723 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (1,710,144) |
| NET ASSETS - 100% | | | $2,107,693,579 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $133,478,332 | $3,869,505 | $21,558,617 | $-- | $4,909,650 | $14,460,993 | $135,159,863 |
| Fidelity Advisor Series Equity Value Fund | 237,148,200 | 7,375,740 | 91,666,225(a) | 1,981,276 | 6,369,258 | (2,465,205) | 156,761,768 |
| Fidelity Advisor Series Growth & Income Fund | 164,302,713 | 95,341,042(a) | 16,172,144 | 753,414 | 32,586 | 6,134,447 | 249,638,644 |
| Fidelity Advisor Series Growth Opportunities Fund | 87,924,291 | 2,526,854 | 14,673,889 | -- | 2,473,001 | 8,793,233 | 87,043,490 |
| Fidelity Advisor Series Opportunistic Insights Fund | 124,077,560 | 3,598,659 | 19,330,951 | -- | 2,974,521 | 12,689,828 | 124,009,617 |
| Fidelity Advisor Series Short-Term Credit Fund | 5,143,136 | 212,706 | 432,856 | 40,323 | 748 | 9,715 | 4,933,449 |
| Fidelity Advisor Series Small Cap Fund | 65,935,430 | 1,932,869 | 5,271,318 | -- | 403,482 | 4,764,126 | 67,764,589 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 157,424,474 | 9,222,244 | 11,864,660 | -- | 161,431 | 6,289,819 | 161,233,308 |
| Fidelity Series 100 Index Fund | 68,211,706 | 2,013,988 | 5,903,262 | -- | 1,005,092 | 4,003,130 | 69,330,654 |
| Fidelity Series 1000 Value Index Fund | 26,459,062 | 1,016,773 | 1,976,227 | -- | 109,844 | 1,046,833 | 26,656,285 |
| Fidelity Series All-Sector Equity Fund | 92,541,193 | 2,691,632 | 9,021,774 | -- | 507,966 | 6,532,120 | 93,251,137 |
| Fidelity Series Canada Fund | -- | 19,006,895 | 23,646 | -- | 33 | 675,253 | 19,658,535 |
| Fidelity Series Commodity Strategy Fund | 31,835,227 | 12,129,184 | 2,793,193 | 62,730 | (468,183) | 404,076 | 41,107,111 |
| Fidelity Series Emerging Markets Debt Fund | 14,411,820 | 810,579 | 927,561 | 441,211 | 6,979 | 315,685 | 14,617,502 |
| Fidelity Series Emerging Markets Fund | 202,031,324 | 5,972,402 | 37,585,228 | -- | 4,276,852 | 25,952,960 | 200,648,310 |
| Fidelity Series Floating Rate High Income Fund | 4,875,701 | 263,604 | 386,482 | 109,703 | (10,775) | (4,405) | 4,737,643 |
| Fidelity Series Government Money Market Fund 1.09% | 16,126,078 | 2,261,163 | 1,234,448 | 76,437 | -- | -- | 17,152,793 |
| Fidelity Series High Income Fund | 30,531,642 | 1,762,429 | 2,318,898 | 838,984 | (35,683) | 475,367 | 30,414,857 |
| Fidelity Series Inflation-Protected Bond Index Fund | 17,962,427 | 502,536 | 1,236,721 | 10,057 | (13,398) | 50,130 | 17,264,974 |
| Fidelity Series International Credit Fund | -- | 1,050,325 | -- | -- | -- | 5,252 | 1,055,577 |
| Fidelity Series International Growth Fund | 190,717,418 | 5,858,824 | 29,113,956 | -- | 5,226,358 | 19,870,003 | 192,558,647 |
| Fidelity Series International Small Cap Fund | 43,576,472 | 1,362,972 | 5,237,218 | -- | 577,667 | 6,513,946 | 46,793,839 |
| Fidelity Series International Value Fund | 191,221,028 | 7,800,512 | 22,736,149 | -- | 942,111 | 19,591,119 | 196,818,621 |
| Fidelity Series Investment Grade Bond Fund | 8,909,130 | 1,890,624 | 923,523 | 121,148 | 1,048 | 121,676 | 9,998,955 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 9,530 | 35,273,228 | 1,174,888 | 150,633 | (7,108) | (147,923) | 33,952,839 |
| Fidelity Series Real Estate Equity Fund | 15,766,650 | 971,370 | 1,165,060 | 128,876 | 6,548 | (109,207) | 15,470,301 |
| Fidelity Series Real Estate Income Fund | 9,775,563 | 605,214 | 727,386 | 242,564 | (1,478) | 67,871 | 9,719,784 |
| Fidelity Series Small Cap Opportunities Fund | 79,919,247 | 8,912,397 | 5,945,362 | 151,406 | 105,104 | (1,340,755) | 81,650,631 |
| Total | $2,020,315,354 | $236,236,270 | $311,401,642 | $5,108,762 | $29,553,654 | $134,700,087 | $2,109,403,723 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,638,162,038) — See accompanying schedule | | $2,109,403,723 |
| Cash | | 7 |
| Receivable for investments sold | | 2,327,506 |
| Receivable for fund shares sold | | 3,000,577 |
| Total assets | | 2,114,731,813 |
| Liabilities | | |
| Payable for investments purchased | $5,230 | |
| Payable for fund shares redeemed | 5,322,828 | |
| Accrued management fee | 1,299,179 | |
| Distribution and service plan fees payable | 410,997 | |
| Total liabilities | | 7,038,234 |
| Net Assets | | $2,107,693,579 |
| Net Assets consist of: | | |
| Paid in capital | | $1,603,533,608 |
| Accumulated net investment loss | | (2,530,293) |
| Accumulated undistributed net realized gain (loss) on investments | | 35,448,579 |
| Net unrealized appreciation (depreciation) on investments | | 471,241,685 |
| Net Assets | | $2,107,693,579 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($969,830,766 ÷ 62,213,383 shares) | | $15.59 |
| Maximum offering price per share (100/94.25 of $15.59) | | $16.54 |
| Class M: | | |
| Net Asset Value and redemption price per share ($339,291,043 ÷ 21,863,464 shares) | | $15.52 |
| Maximum offering price per share (100/96.50 of $15.52) | | $16.08 |
| Class C: | | |
| Net Asset Value and offering price per share ($84,680,708 ÷ 5,562,734 shares)(a) | | $15.22 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($712,976,609 ÷ 45,433,985 shares) | | $15.69 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($914,453 ÷ 58,238 shares) | | $15.70 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $5,108,762 |
| Expenses | | |
| Management fee | $5,182,025 | |
| Distribution and service plan fees | 2,454,603 | |
| Independent trustees' fees and expenses | 3,753 | |
| Total expenses before reductions | 7,640,381 | |
| Expense reductions | (1,326) | 7,639,055 |
| Net investment income (loss) | | (2,530,293) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 29,553,654 | |
| Capital gain distributions from underlying funds | 12,756,661 | |
| Total net realized gain (loss) | | 42,310,315 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 134,700,087 |
| Net gain (loss) | | 177,010,402 |
| Net increase (decrease) in net assets resulting from operations | | $174,480,109 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(2,530,293) | $24,644,915 |
| Net realized gain (loss) | 42,310,315 | 40,972,527 |
| Change in net unrealized appreciation (depreciation) | 134,700,087 | 222,910,520 |
| Net increase (decrease) in net assets resulting from operations | 174,480,109 | 288,527,962 |
| Distributions to shareholders from net investment income | – | (24,918,914) |
| Distributions to shareholders from net realized gain | (33,960,153) | (71,552,200) |
| Total distributions | (33,960,153) | (96,471,114) |
| Share transactions - net increase (decrease) | (52,630,755) | (141,397,501) |
| Total increase (decrease) in net assets | 87,889,201 | 50,659,347 |
| Net Assets | | |
| Beginning of period | 2,019,804,378 | 1,969,145,031 |
| End of period | $2,107,693,579 | $2,019,804,378 |
| Other Information | | |
| Accumulated net investment loss end of period | $(2,530,293) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2040 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.57 | $13.25 | $14.49 | $14.51 | $13.61 | $12.60 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .17 | .17 | .20 | .15 | .19 |
| Net realized and unrealized gain (loss) | 1.28 | 1.80 | (.69) | .76 | 1.74 | 1.05 |
| Total from investment operations | 1.26 | 1.97 | (.52) | .96 | 1.89 | 1.24 |
| Distributions from net investment income | – | (.17) | (.18) | (.21) | (.16) | (.19) |
| Distributions from net realized gain | (.24) | (.48) | (.54) | (.77) | (.83) | (.04) |
| Total distributions | (.24) | (.65) | (.72) | (.98) | (.99) | (.23) |
| Net asset value, end of period | $15.59 | $14.57 | $13.25 | $14.49 | $14.51 | $13.61 |
| Total ReturnB,C,D | 8.77% | 15.53% | (3.82)% | 6.76% | 14.37% | 9.94% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .75%G | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .75%G | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .75%G | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.25)%G | 1.22% | 1.27% | 1.35% | 1.10% | 1.53% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $969,831 | $965,401 | $950,816 | $1,154,277 | $1,195,641 | $1,133,722 |
| Portfolio turnover rateE | 23%G | 18% | 21% | 24% | 47% | 26% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2040 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.52 | $13.21 | $14.45 | $14.47 | $13.58 | $12.57 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.04) | .13 | .14 | .16 | .12 | .16 |
| Net realized and unrealized gain (loss) | 1.28 | 1.81 | (.70) | .76 | 1.73 | 1.04 |
| Total from investment operations | 1.24 | 1.94 | (.56) | .92 | 1.85 | 1.20 |
| Distributions from net investment income | – | (.15) | (.15) | (.17) | (.13) | (.16) |
| Distributions from net realized gain | (.24) | (.48) | (.53) | (.77) | (.83) | (.04) |
| Total distributions | (.24) | (.63) | (.68) | (.94) | (.96) | (.19)B |
| Net asset value, end of period | $15.52 | $14.52 | $13.21 | $14.45 | $14.47 | $13.58 |
| Total ReturnC,D,E | 8.62% | 15.26% | (4.07)% | 6.51% | 14.06% | 9.69% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.51)%H | .97% | 1.02% | 1.10% | .85% | 1.28% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $339,291 | $324,990 | $310,107 | $333,069 | $341,608 | $288,886 |
| Portfolio turnover rateF | 23%H | 18% | 21% | 24% | 47% | 26% |
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 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.
Fidelity Advisor Freedom 2040 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.28 | $13.02 | $14.27 | $14.30 | $13.43 | $12.45 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.07) | .06 | .07 | .09 | .05 | .10 |
| Net realized and unrealized gain (loss) | 1.25 | 1.78 | (.70) | .75 | 1.71 | 1.02 |
| Total from investment operations | 1.18 | 1.84 | (.63) | .84 | 1.76 | 1.12 |
| Distributions from net investment income | – | (.10) | (.10) | (.12) | (.07) | (.11) |
| Distributions from net realized gain | (.24) | (.48) | (.52) | (.75) | (.82) | (.04) |
| Total distributions | (.24) | (.58) | (.62) | (.87) | (.89) | (.14)B |
| Net asset value, end of period | $15.22 | $14.28 | $13.02 | $14.27 | $14.30 | $13.43 |
| Total ReturnC,D,E | 8.34% | 14.70% | (4.63)% | 6.01% | 13.57% | 9.09% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.50%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (1.01)%H | .48% | .52% | .60% | .35% | .78% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $84,681 | $79,480 | $73,036 | $77,130 | $72,247 | $62,893 |
| Portfolio turnover rateF | 23%H | 18% | 21% | 24% | 47% | 26% |
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 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 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.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2040 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.65 | $13.32 | $14.57 | $14.59 | $13.67 | $12.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .20 | .21 | .23 | .19 | .23 |
| Net realized and unrealized gain (loss) | 1.29 | 1.82 | (.71) | .76 | 1.75 | 1.05 |
| Total from investment operations | 1.29 | 2.02 | (.50) | .99 | 1.94 | 1.28 |
| Distributions from net investment income | – | (.20) | (.22) | (.24) | (.19) | (.22) |
| Distributions from net realized gain | (.25) | (.49) | (.54) | (.77) | (.83) | (.04) |
| Total distributions | (.25) | (.69) | (.75)C | (1.01) | (1.02) | (.26) |
| Net asset value, end of period | $15.69 | $14.65 | $13.32 | $14.57 | $14.59 | $13.67 |
| Total ReturnD,E | 8.93% | 15.82% | (3.62)% | 6.99% | 14.73% | 10.24% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.01)%H | 1.47% | 1.52% | 1.60% | 1.35% | 1.78% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $712,977 | $649,934 | $629,599 | $688,278 | $664,689 | $508,363 |
| Portfolio turnover rateF | 23%H | 18% | 21% | 24% | 47% | 26% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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 Annualized
I Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2040 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.04 |
| Income from Investment Operations | |
| Net investment income (loss)B | .13 |
| Net realized and unrealized gain (loss) | .53 |
| Total from investment operations | .66 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $15.70 |
| Total ReturnC,D | 4.39% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.59%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $914 |
| Portfolio turnover rateE | 23%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.8 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.4 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.4 |
| | 75.7 | 78.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.1% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.8% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2045 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.1% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 5,654,821 | $82,447,284 |
| Fidelity Advisor Series Equity Value Fund (a) | | 7,134,265 | 95,670,492 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 10,166,759 | 152,298,045 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 4,044,796 | 53,108,173 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 4,082,075 | 75,640,856 |
| Fidelity Advisor Series Small Cap Fund (a) | | 3,360,977 | 41,340,014 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 7,302,816 | 98,368,933 |
| Fidelity Series 100 Index Fund (a) | | 2,553,022 | 42,303,580 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,296,295 | 16,281,470 |
| Fidelity Series All-Sector Equity Fund (a) | | 4,254,381 | 56,881,071 |
| Fidelity Series Commodity Strategy Fund (a) | | 4,838,932 | 25,307,615 |
| Fidelity Series Real Estate Equity Fund (a) | | 732,513 | 9,456,742 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 3,562,830 | 49,808,365 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $620,706,314) | | | 798,912,640 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 1,126,515 | 11,986,122 |
| Fidelity Series Emerging Markets Fund (a) | | 5,944,311 | 122,452,816 |
| Fidelity Series International Growth Fund (a) | | 7,466,398 | 118,641,069 |
| Fidelity Series International Small Cap Fund (a) | | 1,594,212 | 28,552,339 |
| Fidelity Series International Value Fund (a) | | 11,024,744 | 118,736,488 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $309,834,315) | | | 400,368,834 |
|
| Bond Funds - 5.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 842,597 | 8,813,564 |
| Fidelity Series Floating Rate High Income Fund (a) | | 305,303 | 2,897,327 |
| Fidelity Series High Income Fund (a) | | 1,883,694 | 18,366,016 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 1,050,801 | 10,392,423 |
| Fidelity Series International Credit Fund (a) | | 63,279 | 635,956 |
| Fidelity Series Investment Grade Bond Fund (a) | | 539,512 | 6,101,880 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 2,364,009 | 20,779,640 |
| Fidelity Series Real Estate Income Fund (a) | | 526,866 | 5,885,090 |
| TOTAL BOND FUNDS | | | |
| (Cost $72,902,749) | | | 73,871,896 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 298,992 | 2,989,924 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 10,491,626 | 10,491,626 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $13,475,313) | | | 13,481,550 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $1,016,918,691) | | | 1,286,634,920 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (1,014,517) |
| NET ASSETS - 100% | | | $1,285,620,403 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $78,675,858 | $3,907,533 | $11,728,636 | $-- | $2,158,799 | $9,433,730 | $82,447,284 |
| Fidelity Advisor Series Equity Value Fund | 139,788,643 | 6,433,299 | 52,926,480(a) | 1,183,319 | 3,386,952 | (1,011,922) | 95,670,492 |
| Fidelity Advisor Series Growth & Income Fund | 96,846,527 | 59,615,325(a) | 7,896,543 | 453,408 | (56,602) | 3,789,338 | 152,298,045 |
| Fidelity Advisor Series Growth Opportunities Fund | 51,821,990 | 2,519,041 | 7,967,662 | -- | 1,105,653 | 5,629,151 | 53,108,173 |
| Fidelity Advisor Series Opportunistic Insights Fund | 73,134,052 | 3,634,170 | 10,495,815 | -- | 1,257,494 | 8,110,955 | 75,640,856 |
| Fidelity Advisor Series Short-Term Credit Fund | 2,997,726 | 194,756 | 208,632 | 23,999 | 184 | 5,890 | 2,989,924 |
| Fidelity Advisor Series Small Cap Fund | 38,859,402 | 1,952,012 | 2,592,528 | -- | 41,209 | 3,079,919 | 41,340,014 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 92,791,862 | 7,421,058 | 5,756,793 | -- | 15,484 | 3,897,322 | 98,368,933 |
| Fidelity Series 100 Index Fund | 40,211,687 | 2,015,895 | 2,935,292 | -- | 267,726 | 2,743,564 | 42,303,580 |
| Fidelity Series 1000 Value Index Fund | 15,597,403 | 942,561 | 958,841 | -- | 2,393 | 697,954 | 16,281,470 |
| Fidelity Series All-Sector Equity Fund | 54,552,620 | 2,683,292 | 4,581,855 | -- | 123,178 | 4,103,836 | 56,881,071 |
| Fidelity Series Canada Fund | -- | 11,583,179 | 4,442 | -- | (6) | 407,391 | 11,986,122 |
| Fidelity Series Commodity Strategy Fund | 19,462,589 | 7,257,167 | 1,366,181 | 38,475 | (35,489) | (10,471) | 25,307,615 |
| Fidelity Series Emerging Markets Debt Fund | 8,441,336 | 628,184 | 447,074 | 262,253 | 2,858 | 188,260 | 8,813,564 |
| Fidelity Series Emerging Markets Fund | 119,033,906 | 5,685,817 | 20,358,838 | -- | 1,939,580 | 16,152,351 | 122,452,816 |
| Fidelity Series Floating Rate High Income Fund | 2,874,378 | 218,355 | 186,281 | 65,855 | (101) | (9,024) | 2,897,327 |
| Fidelity Series Government Money Market Fund 1.09% | 9,394,039 | 1,683,169 | 585,582 | 45,909 | -- | -- | 10,491,626 |
| Fidelity Series High Income Fund | 17,809,902 | 1,412,785 | 1,117,683 | 498,017 | (3,664) | 264,676 | 18,366,016 |
| Fidelity Series Inflation-Protected Bond Index Fund | 10,473,212 | 493,853 | 596,088 | 5,984 | (2,922) | 24,368 | 10,392,423 |
| Fidelity Series International Credit Fund | -- | 632,792 | -- | -- | -- | 3,164 | 635,956 |
| Fidelity Series International Growth Fund | 112,427,130 | 5,741,666 | 14,514,736 | -- | 1,125,536 | 13,861,473 | 118,641,069 |
| Fidelity Series International Small Cap Fund | 25,677,674 | 1,339,908 | 2,702,370 | -- | 197,193 | 4,039,934 | 28,552,339 |
| Fidelity Series International Value Fund | 112,714,207 | 6,842,189 | 13,109,247 | -- | 419,748 | 11,869,591 | 118,736,488 |
| Fidelity Series Investment Grade Bond Fund | 5,242,976 | 1,255,763 | 469,711 | 72,725 | 835 | 72,017 | 6,101,880 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 5,686 | 21,454,398 | 584,319 | 91,015 | (3,934) | (92,191) | 20,779,640 |
| Fidelity Series Real Estate Equity Fund | 9,294,425 | 793,191 | 565,406 | 77,747 | 2,006 | (67,474) | 9,456,742 |
| Fidelity Series Real Estate Income Fund | 5,722,145 | 475,801 | 350,807 | 144,949 | 728 | 37,223 | 5,885,090 |
| Fidelity Series Small Cap Opportunities Fund | 47,112,893 | 6,328,108 | 2,884,466 | 92,022 | (4,646) | (743,524) | 49,808,365 |
| Total | $1,190,964,268 | $165,145,267 | $167,892,308 | $3,055,677 | $11,940,192 | $86,477,501 | $1,286,634,920 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,016,918,691) — See accompanying schedule | | $1,286,634,920 |
| Cash | | 1 |
| Receivable for investments sold | | 438,881 |
| Receivable for fund shares sold | | 2,933,318 |
| Total assets | | 1,290,007,120 |
| Liabilities | | |
| Payable for investments purchased | $2,907 | |
| Payable for fund shares redeemed | 3,369,334 | |
| Accrued management fee | 789,110 | |
| Distribution and service plan fees payable | 225,366 | |
| Total liabilities | | 4,386,717 |
| Net Assets | | $1,285,620,403 |
| Net Assets consist of: | | |
| Paid in capital | | $1,003,351,643 |
| Accumulated net investment loss | | (1,406,323) |
| Accumulated undistributed net realized gain (loss) on investments | | 13,958,854 |
| Net unrealized appreciation (depreciation) on investments | | 269,716,229 |
| Net Assets | | $1,285,620,403 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($574,034,583 ÷ 47,573,608 shares) | | $12.07 |
| Maximum offering price per share (100/94.25 of $12.07) | | $12.81 |
| Class M: | | |
| Net Asset Value and redemption price per share ($201,540,863 ÷ 16,830,621 shares) | | $11.97 |
| Maximum offering price per share (100/96.50 of $11.97) | | $12.40 |
| Class C: | | |
| Net Asset Value and offering price per share ($29,723,117 ÷ 2,513,425 shares)(a) | | $11.83 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($479,645,979 ÷ 39,479,136 shares) | | $12.15 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($675,861 ÷ 55,568 shares) | | $12.16 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $3,055,677 |
| Expenses | | |
| Management fee | $3,123,896 | |
| Distribution and service plan fees | 1,336,648 | |
| Independent trustees' fees and expenses | 2,238 | |
| Total expenses before reductions | 4,462,782 | |
| Expense reductions | (782) | 4,462,000 |
| Net investment income (loss) | | (1,406,323) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 11,940,192 | |
| Capital gain distributions from underlying funds | 7,724,375 | |
| Total net realized gain (loss) | | 19,664,567 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 86,477,501 |
| Net gain (loss) | | 106,142,068 |
| Net increase (decrease) in net assets resulting from operations | | $104,735,745 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(1,406,323) | $14,469,103 |
| Net realized gain (loss) | 19,664,567 | 21,975,953 |
| Change in net unrealized appreciation (depreciation) | 86,477,501 | 130,631,830 |
| Net increase (decrease) in net assets resulting from operations | 104,735,745 | 167,076,886 |
| Distributions to shareholders from net investment income | – | (14,531,898) |
| Distributions to shareholders from net realized gain | (18,793,789) | (39,042,045) |
| Total distributions | (18,793,789) | (53,573,943) |
| Share transactions - net increase (decrease) | 8,930,779 | (28,198,870) |
| Total increase (decrease) in net assets | 94,872,735 | 85,304,073 |
| Net Assets | | |
| Beginning of period | 1,190,747,668 | 1,105,443,595 |
| End of period | $1,285,620,403 | $1,190,747,668 |
| Other Information | | |
| Accumulated net investment loss end of period | $(1,406,323) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2045 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.26 | $10.23 | $11.15 | $11.31 | $10.46 | $9.79 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .13 | .13 | .15 | .12 | .16 |
| Net realized and unrealized gain (loss) | 1.01 | 1.39 | (.54) | .59 | 1.39 | .81 |
| Total from investment operations | .99 | 1.52 | (.41) | .74 | 1.51 | .97 |
| Distributions from net investment income | – | (.13) | (.14) | (.16) | (.12) | (.15) |
| Distributions from net realized gain | (.18) | (.36) | (.37) | (.74) | (.54) | (.15) |
| Total distributions | (.18) | (.49) | (.51) | (.90) | (.66) | (.30) |
| Net asset value, end of period | $12.07 | $11.26 | $10.23 | $11.15 | $11.31 | $10.46 |
| Total ReturnB,C,D | 8.84% | 15.50% | (3.85)% | 6.80% | 14.74% | 10.21% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .75%G | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .75%G | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .75%G | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.26)%G | 1.22% | 1.27% | 1.37% | 1.12% | 1.59% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $574,035 | $556,090 | $531,510 | $623,734 | $612,735 | $527,525 |
| Portfolio turnover rateF | 27%G | 22% | 26% | 27% | 46% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2045 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.19 | $10.17 | $11.09 | $11.26 | $10.42 | $9.75 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .10 | .11 | .13 | .09 | .13 |
| Net realized and unrealized gain (loss) | .98 | 1.39 | (.54) | .57 | 1.39 | .82 |
| Total from investment operations | .95 | 1.49 | (.43) | .70 | 1.48 | .95 |
| Distributions from net investment income | – | (.11) | (.12) | (.13) | (.10) | (.12) |
| Distributions from net realized gain | (.17) | (.36) | (.37) | (.74) | (.54) | (.15) |
| Total distributions | (.17) | (.47) | (.49) | (.87) | (.64) | (.28)B |
| Net asset value, end of period | $11.97 | $11.19 | $10.17 | $11.09 | $11.26 | $10.42 |
| Total ReturnC,D,E | 8.58% | 15.29% | (4.10)% | 6.50% | 14.45% | 10.02% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.00%H | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.51)%H | .97% | 1.02% | 1.12% | .87% | 1.34% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $201,541 | $186,200 | $158,557 | $153,677 | $128,619 | $92,998 |
| Portfolio turnover rateG | 27%H | 22% | 26% | 27% | 46% | 25% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2045 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.08 | $10.09 | $11.01 | $11.19 | $10.36 | $9.71 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.06) | .05 | .05 | .07 | .04 | .08 |
| Net realized and unrealized gain (loss) | .98 | 1.38 | (.53) | .57 | 1.38 | .81 |
| Total from investment operations | .92 | 1.43 | (.48) | .64 | 1.42 | .89 |
| Distributions from net investment income | – | (.08) | (.08) | (.09) | (.06) | (.09) |
| Distributions from net realized gain | (.17) | (.36) | (.36) | (.73) | (.53) | (.15) |
| Total distributions | (.17) | (.44) | (.44) | (.82) | (.59) | (.24) |
| Net asset value, end of period | $11.83 | $11.08 | $10.09 | $11.01 | $11.19 | $10.36 |
| Total ReturnB,C,D | 8.39% | 14.71% | (4.59)% | 5.95% | 13.95% | 9.42% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | 1.50%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.50%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.50%G | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (1.01)%G | .47% | .53% | .62% | .37% | .84% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $29,723 | $27,491 | $23,423 | $22,493 | $18,457 | $13,415 |
| Portfolio turnover rateF | 27%G | 22% | 26% | 27% | 46% | 25% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2045 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.33 | $10.28 | $11.21 | $11.37 | $10.50 | $9.83 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .16 | .16 | .18 | .15 | .18 |
| Net realized and unrealized gain (loss) | 1.00 | 1.40 | (.55) | .59 | 1.41 | .81 |
| Total from investment operations | 1.00 | 1.56 | (.39) | .77 | 1.56 | .99 |
| Distributions from net investment income | – | (.15) | (.17) | (.19) | (.15) | (.17) |
| Distributions from net realized gain | (.18) | (.36) | (.37) | (.74) | (.54) | (.15) |
| Total distributions | (.18) | (.51) | (.54) | (.93) | (.69) | (.32) |
| Net asset value, end of period | $12.15 | $11.33 | $10.28 | $11.21 | $11.37 | $10.50 |
| Total ReturnC,D | 8.94% | 15.83% | (3.66)% | 7.03% | 15.14% | 10.43% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .50%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .50%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.01)%G | 1.47% | 1.52% | 1.62% | 1.37% | 1.84% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $479,646 | $420,967 | $390,675 | $400,667 | $378,776 | $269,633 |
| Portfolio turnover rateF | 27%G | 22% | 26% | 27% | 46% | 25% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2045 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.65 |
| Income from Investment Operations | |
| Net investment income (loss)B | .10 |
| Net realized and unrealized gain (loss) | .41 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.16 |
| Total ReturnC,D | 4.38% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.74%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $676 |
| Portfolio turnover rateE | 27%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.9 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.4 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.3 |
| | 75.8 | 78.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2050 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 4,461,014 | $65,041,577 |
| Fidelity Advisor Series Equity Value Fund (a) | | 5,627,772 | 75,468,422 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 8,019,518 | 120,132,388 |
| Fidelity Advisor Series Growth Opportunities Fund(a) | | 3,189,576 | 41,879,127 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 3,221,219 | 59,689,185 |
| Fidelity Advisor Series Small Cap Fund (a) | | 2,653,493 | 32,637,959 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 5,760,145 | 77,589,159 |
| Fidelity Series 100 Index Fund (a) | | 2,014,461 | 33,379,612 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,022,498 | 12,842,580 |
| Fidelity Series All-Sector Equity Fund (a) | | 3,355,756 | 44,866,459 |
| Fidelity Series Commodity Strategy Fund (a) | | 3,816,702 | 19,961,351 |
| Fidelity Series Real Estate Equity Fund (a) | | 577,757 | 7,458,840 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,810,687 | 39,293,400 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $491,084,701) | | | 630,240,059 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 888,323 | 9,451,755 |
| Fidelity Series Emerging Markets Fund (a) | | 4,690,141 | 96,616,896 |
| Fidelity Series International Growth Fund (a) | | 5,830,354 | 92,644,319 |
| Fidelity Series International Small Cap Fund (a) | | 1,257,720 | 22,525,766 |
| Fidelity Series International Value Fund (a) | | 8,783,277 | 94,595,896 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $244,977,338) | | | 315,834,632 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 663,188 | 6,936,950 |
| Fidelity Series Floating Rate High Income Fund (a) | | 241,134 | 2,288,363 |
| Fidelity Series High Income Fund (a) | | 1,478,860 | 14,418,884 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 821,230 | 8,121,969 |
| Fidelity Series International Credit Fund (a) | | 49,731 | 499,793 |
| Fidelity Series Investment Grade Bond Fund (a) | | 425,558 | 4,813,066 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 1,867,602 | 16,416,221 |
| Fidelity Series Real Estate Income Fund (a) | | 415,258 | 4,638,429 |
| TOTAL BOND FUNDS | | | |
| (Cost $57,617,940) | | | 58,133,675 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 233,351 | 2,333,514 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 8,319,678 | 8,319,678 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $10,648,389) | | | 10,653,192 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $804,328,368) | | | 1,014,861,558 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (798,900) |
| NET ASSETS - 100% | | | $1,014,062,658 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $61,424,250 | $3,716,057 | $9,183,409 | $-- | $1,417,243 | $7,667,436 | $65,041,577 |
| Fidelity Advisor Series Equity Value Fund | 109,137,178 | 5,806,060 | 41,347,823(a) | 925,737 | 2,651,802 | (778,795) | 75,468,422 |
| Fidelity Advisor Series Growth & Income Fund | 75,610,979 | 47,701,164(a) | 6,131,699 | 355,871 | (41,129) | 2,993,073 | 120,132,388 |
| Fidelity Advisor Series Growth Opportunities Fund | 40,458,803 | 2,411,545 | 6,269,580 | -- | 756,146 | 4,522,213 | 41,879,127 |
| Fidelity Advisor Series Opportunistic Insights Fund | 57,097,662 | 3,456,125 | 8,206,167 | -- | 846,852 | 6,494,713 | 59,689,185 |
| Fidelity Advisor Series Short-Term Credit Fund | 2,311,972 | 180,639 | 163,768 | 18,605 | 121 | 4,550 | 2,333,514 |
| Fidelity Advisor Series Small Cap Fund | 30,339,120 | 1,856,392 | 2,016,015 | -- | 27,415 | 2,431,047 | 32,637,959 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 72,445,784 | 6,581,884 | 4,522,869 | -- | 22,881 | 3,061,479 | 77,589,159 |
| Fidelity Series 100 Index Fund | 31,401,616 | 1,916,163 | 2,303,348 | -- | 105,431 | 2,259,750 | 33,379,612 |
| Fidelity Series 1000 Value Index Fund | 12,177,297 | 866,921 | 753,381 | -- | 1,149 | 550,594 | 12,842,580 |
| Fidelity Series All-Sector Equity Fund | 42,590,508 | 2,568,770 | 3,610,416 | -- | 101,754 | 3,215,843 | 44,866,459 |
| Fidelity Series Canada Fund | -- | 9,142,648 | 12,076 | -- | (11) | 321,194 | 9,451,755 |
| Fidelity Series Commodity Strategy Fund | 15,435,424 | 5,632,095 | 1,065,594 | 30,363 | (22,372) | (18,202) | 19,961,351 |
| Fidelity Series Emerging Markets Debt Fund | 6,585,766 | 552,617 | 350,934 | 205,431 | 1,887 | 147,614 | 6,936,950 |
| Fidelity Series Emerging Markets Fund | 92,941,824 | 5,469,747 | 15,977,440 | -- | 1,454,154 | 12,728,611 | 96,616,896 |
| Fidelity Series Floating Rate High Income Fund | 2,245,372 | 196,397 | 146,225 | 51,722 | (143) | (7,038) | 2,288,363 |
| Fidelity Series Government Money Market Fund 1.09% | 7,236,366 | 1,546,991 | 463,679 | 36,043 | -- | -- | 8,319,678 |
| Fidelity Series High Income Fund | 13,835,614 | 1,256,659 | 877,333 | 388,684 | 3,961 | 199,983 | 14,418,884 |
| Fidelity Series Inflation-Protected Bond Index Fund | 8,105,743 | 467,574 | 467,904 | 4,660 | (161) | 16,717 | 8,121,969 |
| Fidelity Series International Credit Fund | -- | 497,306 | -- | -- | -- | 2,487 | 499,793 |
| Fidelity Series International Growth Fund | 87,773,342 | 5,424,784 | 12,285,989 | -- | 858,218 | 10,873,964 | 92,644,319 |
| Fidelity Series International Small Cap Fund | 20,040,723 | 1,278,304 | 2,108,462 | -- | 134,143 | 3,181,058 | 22,525,766 |
| Fidelity Series International Value Fund | 88,005,325 | 6,376,057 | 9,430,583 | -- | 419,042 | 9,226,055 | 94,595,896 |
| Fidelity Series Investment Grade Bond Fund | 4,102,571 | 1,033,065 | 379,556 | 57,089 | 644 | 56,342 | 4,813,066 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 3,056 | 16,954,630 | 464,521 | 71,635 | (3,799) | (73,145) | 16,416,221 |
| Fidelity Series Real Estate Equity Fund | 7,256,365 | 698,655 | 444,219 | 61,097 | 1,158 | (53,119) | 7,458,840 |
| Fidelity Series Real Estate Income Fund | 4,463,958 | 420,651 | 275,440 | 113,778 | (755) | 30,015 | 4,638,429 |
| Fidelity Series Small Cap Opportunities Fund | 36,782,095 | 5,364,473 | 2,265,312 | 72,624 | (9,130) | (578,726) | 39,293,400 |
| Total | $929,808,713 | $139,374,373 | $131,523,742 | $2,393,339 | $8,726,501 | $68,475,713 | $1,014,861,558 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $804,328,368) — See accompanying schedule | | $1,014,861,558 |
| Receivable for investments sold | | 1,152,737 |
| Receivable for fund shares sold | | 2,259,888 |
| Total assets | | 1,018,274,183 |
| Liabilities | | |
| Payable to custodian bank | $28 | |
| Payable for investments purchased | 38,813 | |
| Payable for fund shares redeemed | 3,373,504 | |
| Accrued management fee | 622,392 | |
| Distribution and service plan fees payable | 176,788 | |
| Total liabilities | | 4,211,525 |
| Net Assets | | $1,014,062,658 |
| Net Assets consist of: | | |
| Paid in capital | | $794,657,625 |
| Accumulated net investment loss | | (1,103,553) |
| Accumulated undistributed net realized gain (loss) on investments | | 9,975,396 |
| Net unrealized appreciation (depreciation) on investments | | 210,533,190 |
| Net Assets | | $1,014,062,658 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($415,988,075 ÷ 34,633,089 shares) | | $12.01 |
| Maximum offering price per share (100/94.25 of $12.01) | | $12.74 |
| Class M: | | |
| Net Asset Value and redemption price per share ($159,381,760 ÷ 13,341,371 shares) | | $11.95 |
| Maximum offering price per share (100/96.50 of $11.95) | | $12.38 |
| Class C: | | |
| Net Asset Value and offering price per share ($31,217,394 ÷ 2,643,036 shares)(a) | | $11.81 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($406,379,089 ÷ 33,607,858 shares) | | $12.09 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($1,096,340 ÷ 90,605 shares) | | $12.10 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $2,393,339 |
| Expenses | | |
| Management fee | $2,455,063 | |
| Distribution and service plan fees | 1,040,688 | |
| Independent trustees' fees and expenses | 1,751 | |
| Total expenses before reductions | 3,497,502 | |
| Expense reductions | (610) | 3,496,892 |
| Net investment income (loss) | | (1,103,553) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 8,726,501 | |
| Capital gain distributions from underlying funds | 6,081,338 | |
| Total net realized gain (loss) | | 14,807,839 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 68,475,713 |
| Net gain (loss) | | 83,283,552 |
| Net increase (decrease) in net assets resulting from operations | | $82,179,999 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(1,103,553) | $11,091,001 |
| Net realized gain (loss) | 14,807,839 | 15,876,126 |
| Change in net unrealized appreciation (depreciation) | 68,475,713 | 101,221,499 |
| Net increase (decrease) in net assets resulting from operations | 82,179,999 | 128,188,626 |
| Distributions to shareholders from net investment income | – | (11,189,601) |
| Distributions to shareholders from net realized gain | (13,899,270) | (28,798,024) |
| Total distributions | (13,899,270) | (39,987,625) |
| Share transactions - net increase (decrease) | 16,141,172 | 3,772,240 |
| Total increase (decrease) in net assets | 84,421,901 | 91,973,241 |
| Net Assets | | |
| Beginning of period | 929,640,757 | 837,667,516 |
| End of period | $1,014,062,658 | $929,640,757 |
| Other Information | | |
| Accumulated net investment loss end of period | $(1,103,553) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2050 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.20 | $10.16 | $11.06 | $11.24 | $10.39 | $9.61 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .13 | .13 | .15 | .12 | .15 |
| Net realized and unrealized gain (loss) | 1.00 | 1.39 | (.53) | .58 | 1.40 | .82 |
| Total from investment operations | .98 | 1.52 | (.40) | .73 | 1.52 | .97 |
| Distributions from net investment income | – | (.13) | (.14) | (.16) | (.12) | (.14) |
| Distributions from net realized gain | (.17) | (.34) | (.36) | (.76) | (.55) | (.05) |
| Total distributions | (.17) | (.48)B | (.50) | (.91)C | (.67) | (.19) |
| Net asset value, end of period | $12.01 | $11.20 | $10.16 | $11.06 | $11.24 | $10.39 |
| Total ReturnD,E,F | 8.79% | 15.52% | (3.84)% | 6.77% | 14.91% | 10.23% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .75%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .75%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .75%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.26)%I | 1.22% | 1.28% | 1.37% | 1.10% | 1.56% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $415,988 | $396,373 | $363,199 | $415,103 | $401,589 | $352,814 |
| Portfolio turnover rateH | 27%I | 25% | 24% | 30% | 47% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.48 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.344 per share.
C 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2050 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.15 | $10.12 | $11.02 | $11.20 | $10.36 | $9.58 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .10 | .11 | .12 | .09 | .13 |
| Net realized and unrealized gain (loss) | .99 | 1.38 | (.54) | .58 | 1.39 | .81 |
| Total from investment operations | .96 | 1.48 | (.43) | .70 | 1.48 | .94 |
| Distributions from net investment income | – | (.11) | (.12) | (.13) | (.10) | (.12) |
| Distributions from net realized gain | (.16) | (.34) | (.36) | (.76) | (.55) | (.05) |
| Total distributions | (.16) | (.45) | (.47)B | (.88)C | (.64)D | (.16)E |
| Net asset value, end of period | $11.95 | $11.15 | $10.12 | $11.02 | $11.20 | $10.36 |
| Total ReturnF,G,H | 8.68% | 15.22% | (4.08)% | 6.54% | 14.61% | 9.99% |
| Ratios to Average Net AssetsI,J | | | | | | |
| Expenses before reductions | 1.00%K | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.00%K | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.00%K | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.51)%K | .97% | 1.04% | 1.12% | .85% | 1.31% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $159,382 | $147,601 | $127,842 | $126,987 | $115,391 | $89,196 |
| Portfolio turnover rateJ | 27%K | 25% | 24% | 30% | 47% | 28% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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.
J Amounts do not include the activity of the Underlying Funds.
K Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2050 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.05 | $10.04 | $10.95 | $11.14 | $10.31 | $9.54 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.06) | .05 | .06 | .07 | .04 | .08 |
| Net realized and unrealized gain (loss) | .98 | 1.37 | (.55) | .57 | 1.38 | .82 |
| Total from investment operations | .92 | 1.42 | (.49) | .64 | 1.42 | .90 |
| Distributions from net investment income | – | (.08) | (.08) | (.09) | (.06) | (.08) |
| Distributions from net realized gain | (.16) | (.34) | (.34) | (.74) | (.54) | (.05) |
| Total distributions | (.16) | (.41)B | (.42) | (.83) | (.59)C | (.13) |
| Net asset value, end of period | $11.81 | $11.05 | $10.04 | $10.95 | $11.14 | $10.31 |
| Total ReturnD,E,F | 8.36% | 14.73% | (4.67)% | 6.01% | 14.06% | 9.53% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | 1.50%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.50%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.50%I | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (1.01)%I | .47% | .54% | .63% | .35% | .81% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $31,217 | $28,268 | $24,460 | $24,652 | $21,190 | $16,188 |
| Portfolio turnover rateH | 27%I | 25% | 24% | 30% | 47% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.41 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.339 per share.
C 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2050 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.27 | $10.22 | $11.13 | $11.30 | $10.44 | $9.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .16 | .16 | .18 | .15 | .18 |
| Net realized and unrealized gain (loss) | .99 | 1.39 | (.55) | .59 | 1.40 | .82 |
| Total from investment operations | .99 | 1.55 | (.39) | .77 | 1.55 | 1.00 |
| Distributions from net investment income | – | (.15) | (.16) | (.18) | (.15) | (.16) |
| Distributions from net realized gain | (.17) | (.35) | (.36) | (.76) | (.55) | (.05) |
| Total distributions | (.17) | (.50) | (.52) | (.94) | (.69)C | (.21) |
| Net asset value, end of period | $12.09 | $11.27 | $10.22 | $11.13 | $11.30 | $10.44 |
| Total ReturnD,E | 8.89% | 15.81% | (3.65)% | 7.10% | 15.20% | 10.55% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.01)%H | 1.47% | 1.53% | 1.62% | 1.35% | 1.81% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $406,379 | $357,398 | $320,449 | $303,017 | $282,594 | $202,208 |
| Portfolio turnover rateG | 27%H | 25% | 24% | 30% | 47% | 28% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
H Annualized
I Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2050 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.59 |
| Income from Investment Operations | |
| Net investment income (loss)B | .11 |
| Net realized and unrealized gain (loss) | .40 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.10 |
| Total ReturnC,D | 4.40% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.94%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,096 |
| Portfolio turnover rateE | 27%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.8 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Growth Fund | 9.3 | 9.4 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.7 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.5 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.4 |
| | 75.9 | 78.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.2% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.0% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.8% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 0.9% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2055 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 2,109,243 | $30,752,756 |
| Fidelity Advisor Series Equity Value Fund (a) | | 2,663,374 | 35,715,843 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 3,789,867 | 56,772,205 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 1,507,405 | 19,792,234 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 1,523,695 | 28,234,074 |
| Fidelity Advisor Series Small Cap Fund (a) | | 1,253,482 | 15,417,827 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 2,721,692 | 36,661,192 |
| Fidelity Series 100 Index Fund (a) | | 951,056 | 15,758,991 |
| Fidelity Series 1000 Value Index Fund (a) | | 483,240 | 6,069,493 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,585,808 | 21,202,254 |
| Fidelity Series Commodity Strategy Fund (a) | | 1,803,758 | 9,433,655 |
| Fidelity Series Real Estate Equity Fund (a) | | 273,011 | 3,524,568 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 1,328,801 | 18,576,638 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $254,841,099) | | | 297,911,730 |
|
| International Equity Funds - 31.2% | | | |
| Fidelity Series Canada Fund (a) | | 419,499 | 4,463,466 |
| Fidelity Series Emerging Markets Fund (a) | | 2,217,243 | 45,675,196 |
| Fidelity Series International Growth Fund (a) | | 2,785,724 | 44,265,153 |
| Fidelity Series International Small Cap Fund (a) | | 594,865 | 10,654,031 |
| Fidelity Series International Value Fund (a) | | 4,108,876 | 44,252,592 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $125,421,492) | | | 149,310,438 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 303,705 | 3,176,752 |
| Fidelity Series Floating Rate High Income Fund (a) | | 114,682 | 1,088,328 |
| Fidelity Series High Income Fund (a) | | 712,662 | 6,948,452 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 364,994 | 3,609,787 |
| Fidelity Series International Credit Fund (a) | | 22,713 | 228,268 |
| Fidelity Series Investment Grade Bond Fund (a) | | 201,306 | 2,276,774 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 885,137 | 7,780,357 |
| Fidelity Series Real Estate Income Fund (a) | | 193,891 | 2,165,766 |
| TOTAL BOND FUNDS | | | |
| (Cost $27,000,168) | | | 27,274,484 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 102,738 | 1,027,381 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 4,021,447 | 4,021,447 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $5,046,737) | | | 5,048,828 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $412,309,496) | | | 479,545,480 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (368,086) |
| NET ASSETS - 100% | | | $479,177,394 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $26,621,622 | $3,457,630 | $3,420,389 | $-- | $165,190 | $3,928,703 | $30,752,756 |
| Fidelity Advisor Series Equity Value Fund | 47,287,802 | 5,011,751 | 17,460,473(a) | 413,930 | 537,856 | 338,907 | 35,715,843 |
| Fidelity Advisor Series Growth & Income Fund | 32,766,556 | 24,420,115(a) | 1,787,950 | 162,233 | (22,489) | 1,395,973 | 56,772,205 |
| Fidelity Advisor Series Growth Opportunities Fund | 17,540,956 | 2,229,547 | 2,353,070 | -- | 124,696 | 2,250,105 | 19,792,234 |
| Fidelity Advisor Series Opportunistic Insights Fund | 24,747,674 | 3,216,091 | 3,033,690 | -- | 130,830 | 3,173,169 | 28,234,074 |
| Fidelity Advisor Series Short-Term Credit Fund | 911,479 | 160,450 | 46,380 | 7,787 | 63 | 1,769 | 1,027,381 |
| Fidelity Advisor Series Small Cap Fund | 13,158,231 | 1,748,068 | 624,230 | -- | 5,604 | 1,130,154 | 15,417,827 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 31,395,884 | 5,108,030 | 1,277,656 | -- | 5,675 | 1,429,259 | 36,661,192 |
| Fidelity Series 100 Index Fund | 13,600,249 | 1,809,469 | 727,995 | -- | 3,879 | 1,073,389 | 15,758,991 |
| Fidelity Series 1000 Value Index Fund | 5,274,288 | 752,533 | 212,761 | -- | (695) | 256,128 | 6,069,493 |
| Fidelity Series All-Sector Equity Fund | 18,447,051 | 2,403,566 | 1,153,718 | -- | 14,571 | 1,490,784 | 21,202,254 |
| Fidelity Series Canada Fund | -- | 4,313,168 | 761 | -- | -- | 151,059 | 4,463,466 |
| Fidelity Series Commodity Strategy Fund | 6,879,499 | 2,875,277 | 306,722 | 14,239 | (2,403) | (11,996) | 9,433,655 |
| Fidelity Series Emerging Markets Debt Fund | 2,792,749 | 417,793 | 99,386 | 90,637 | 849 | 64,747 | 3,176,752 |
| Fidelity Series Emerging Markets Fund | 40,375,881 | 5,129,072 | 6,244,456 | -- | 361,885 | 6,052,814 | 45,675,196 |
| Fidelity Series Floating Rate High Income Fund | 973,225 | 159,845 | 41,415 | 23,529 | (53) | (3,274) | 1,088,328 |
| Fidelity Series Government Money Market Fund 1.09% | 2,842,030 | 1,312,505 | 133,088 | 16,281 | -- | -- | 4,021,447 |
| Fidelity Series High Income Fund | 6,105,377 | 997,280 | 248,465 | 179,517 | 454 | 93,806 | 6,948,452 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3,297,517 | 438,148 | 132,512 | 2,009 | 439 | 6,195 | 3,609,787 |
| Fidelity Series International Credit Fund | -- | 227,132 | -- | -- | -- | 1,136 | 228,268 |
| Fidelity Series International Growth Fund | 38,016,091 | 5,143,866 | 4,155,641 | -- | 118,245 | 5,142,592 | 44,265,153 |
| Fidelity Series International Small Cap Fund | 8,686,160 | 1,213,350 | 736,114 | -- | 30,727 | 1,459,908 | 10,654,031 |
| Fidelity Series International Value Fund | 38,115,728 | 5,683,676 | 3,905,251 | -- | 114,175 | 4,244,264 | 44,252,592 |
| Fidelity Series Investment Grade Bond Fund | 1,899,804 | 482,696 | 132,196 | 26,415 | 450 | 26,020 | 2,276,774 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,306 | 7,975,248 | 158,553 | 33,077 | (1,412) | (36,232) | 7,780,357 |
| Fidelity Series Real Estate Equity Fund | 3,142,917 | 534,427 | 125,503 | 28,126 | 1,431 | (28,704) | 3,524,568 |
| Fidelity Series Real Estate Income Fund | 1,908,595 | 323,916 | 78,030 | 51,624 | 514 | 10,771 | 2,165,766 |
| Fidelity Series Small Cap Opportunities Fund | 15,931,253 | 3,555,103 | 639,477 | 34,073 | (4,431) | (265,810) | 18,576,638 |
| Total | $402,719,924 | $91,099,752 | $49,235,882 | $1,083,477 | $1,586,050 | $33,375,636 | $479,545,480 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $412,309,496) — See accompanying schedule | | $479,545,480 |
| Receivable for investments sold | | 8,662 |
| Receivable for fund shares sold | | 1,944,612 |
| Total assets | | 481,498,754 |
| Liabilities | | |
| Payable for investments purchased | $158,319 | |
| Payable for fund shares redeemed | 1,795,008 | |
| Accrued management fee | 291,919 | |
| Distribution and service plan fees payable | 76,114 | |
| Total liabilities | | 2,321,360 |
| Net Assets | | $479,177,394 |
| Net Assets consist of: | | |
| Paid in capital | | $410,462,004 |
| Accumulated net investment loss | | (477,396) |
| Accumulated undistributed net realized gain (loss) on investments | | 1,956,802 |
| Net unrealized appreciation (depreciation) on investments | | 67,235,984 |
| Net Assets | | $479,177,394 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($198,321,471 ÷ 15,117,791 shares) | | $13.12 |
| Maximum offering price per share (100/94.25 of $13.12) | | $13.92 |
| Class M: | | |
| Net Asset Value and redemption price per share ($66,803,259 ÷ 5,116,699 shares) | | $13.06 |
| Maximum offering price per share (100/96.50 of $13.06) | | $13.53 |
| Class C: | | |
| Net Asset Value and offering price per share ($9,967,970 ÷ 767,256 shares)(a) | | $12.99 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($203,075,160 ÷ 15,408,722 shares) | | $13.18 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($1,009,534 ÷ 76,560 shares) | | $13.19 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $1,083,477 |
| Expenses | | |
| Management fee | $1,127,847 | |
| Distribution and service plan fees | 433,014 | |
| Independent trustees' fees and expenses | 781 | |
| Total expenses before reductions | 1,561,642 | |
| Expense reductions | (264) | 1,561,378 |
| Net investment income (loss) | | (477,901) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 1,586,050 | |
| Capital gain distributions from underlying funds | 2,826,676 | |
| Total net realized gain (loss) | | 4,412,726 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 33,375,636 |
| Net gain (loss) | | 37,788,362 |
| Net increase (decrease) in net assets resulting from operations | | $37,310,461 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(477,901) | $4,545,316 |
| Net realized gain (loss) | 4,412,726 | 5,298,677 |
| Change in net unrealized appreciation (depreciation) | 33,375,636 | 41,715,023 |
| Net increase (decrease) in net assets resulting from operations | 37,310,461 | 51,559,016 |
| Distributions to shareholders from net investment income | (14,088) | (4,567,082) |
| Distributions to shareholders from net realized gain | (4,661,846) | (9,571,484) |
| Total distributions | (4,675,934) | (14,138,566) |
| Share transactions - net increase (decrease) | 43,889,526 | 67,699,971 |
| Total increase (decrease) in net assets | 76,524,053 | 105,120,421 |
| Net Assets | | |
| Beginning of period | 402,653,341 | 297,532,920 |
| End of period | $479,177,394 | $402,653,341 |
| Other Information | | |
| Undistributed net investment income end of period | $– | $14,593 |
| Accumulated net investment loss end of period | $(477,396) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2055 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.19 | $11.02 | $11.92 | $11.71 | $10.56 | $9.75 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.02) | .14 | .15 | .16 | .12 | .18 |
| Net realized and unrealized gain (loss) | 1.09 | 1.51 | (.59) | .62 | 1.49 | .83 |
| Total from investment operations | 1.07 | 1.65 | (.44) | .78 | 1.61 | 1.01 |
| Distributions from net investment income | – | (.14) | (.14) | (.15) | (.11) | (.13) |
| Distributions from net realized gain | (.14) | (.34) | (.31) | (.42) | (.36) | (.07) |
| Total distributions | (.14) | (.48) | (.46)B | (.57) | (.46)C | (.20) |
| Net asset value, end of period | $13.12 | $12.19 | $11.02 | $11.92 | $11.71 | $10.56 |
| Total ReturnD,E,F | 8.81% | 15.49% | (3.89)% | 6.85% | 15.45% | 10.51% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .76%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .76%I | .25% | .25% | .25% | .25% | .25% |
| Expenses net of all reductions | .76%I | .25% | .25% | .25% | .25% | .25% |
| Net investment income (loss) | (.27)%I | 1.24% | 1.31% | 1.39% | 1.11% | 1.82% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $198,321 | $170,352 | $130,309 | $115,666 | $81,217 | $32,476 |
| Portfolio turnover rateH | 22%I | 24% | 24% | 29% | 43% | 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 $.141 and distributions from net realized gain of $.314 per share.
C 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2055 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.14 | $10.98 | $11.88 | $11.68 | $10.55 | $9.75 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.03) | .11 | .12 | .13 | .10 | .16 |
| Net realized and unrealized gain (loss) | 1.08 | 1.51 | (.59) | .62 | 1.47 | .82 |
| Total from investment operations | 1.05 | 1.62 | (.47) | .75 | 1.57 | .98 |
| Distributions from net investment income | – | (.12) | (.12) | (.13) | (.09) | (.11) |
| Distributions from net realized gain | (.13) | (.34) | (.31) | (.42) | (.36) | (.07) |
| Total distributions | (.13) | (.46) | (.43) | (.55) | (.44)B | (.18) |
| Net asset value, end of period | $13.06 | $12.14 | $10.98 | $11.88 | $11.68 | $10.55 |
| Total ReturnC,D,E | 8.69% | 15.27% | (4.11)% | 6.55% | 15.07% | 10.24% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.01%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | 1.01%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of all reductions | 1.01%H | .50% | .50% | .50% | .50% | .50% |
| Net investment income (loss) | (.52)%H | .99% | 1.06% | 1.14% | .86% | 1.57% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $66,803 | $58,052 | $41,956 | $33,436 | $19,134 | $7,239 |
| Portfolio turnover rateG | 22%H | 24% | 24% | 29% | 43% | 29% |
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 $.086 and distributions from net realized gain of $.355 per share.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2055 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.11 | $10.98 | $11.88 | $11.69 | $10.57 | $9.74 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.06) | .06 | .06 | .08 | .04 | .10 |
| Net realized and unrealized gain (loss) | 1.07 | 1.49 | (.58) | .61 | 1.47 | .83 |
| Total from investment operations | 1.01 | 1.55 | (.52) | .69 | 1.51 | .93 |
| Distributions from net investment income | – | (.08) | (.08) | (.09) | (.05) | (.03) |
| Distributions from net realized gain | (.13) | (.34) | (.30) | (.41) | (.35) | (.07) |
| Total distributions | (.13) | (.42) | (.38) | (.50) | (.39)B | (.10) |
| Net asset value, end of period | $12.99 | $12.11 | $10.98 | $11.88 | $11.69 | $10.57 |
| Total ReturnC,D,E | 8.38% | 14.62% | (4.53)% | 6.01% | 14.46% | 9.69% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | 1.51%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of fee waivers, if any | 1.51%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses net of all reductions | 1.51%H | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | (1.02)%H | .49% | .56% | .65% | .36% | 1.07% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $9,968 | $8,529 | $5,671 | $4,180 | $2,491 | $1,094 |
| Portfolio turnover rateG | 22%H | 24% | 24% | 29% | 43% | 29% |
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 $.048 and distributions from net realized gain of $.345 per share.
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 contingent deferred sales charge.
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 Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2055 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.24 | $11.06 | $11.96 | $11.74 | $10.59 | $9.76 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .17 | .18 | .19 | .15 | .21 |
| Net realized and unrealized gain (loss) | 1.08 | 1.51 | (.60) | .63 | 1.48 | .83 |
| Total from investment operations | 1.08 | 1.68 | (.42) | .82 | 1.63 | 1.04 |
| Distributions from net investment income | –B | (.16) | (.17) | (.18) | (.13) | (.14) |
| Distributions from net realized gain | (.14) | (.34) | (.31) | (.42) | (.36) | (.07) |
| Total distributions | (.14) | (.50) | (.48) | (.60) | (.48)C | (.21) |
| Net asset value, end of period | $13.18 | $12.24 | $11.06 | $11.96 | $11.74 | $10.59 |
| Total ReturnD,E | 8.92% | 15.81% | (3.64)% | 7.15% | 15.61% | 10.84% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .51%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .51%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.02)%H | 1.49% | 1.56% | 1.64% | 1.36% | 2.07% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $203,075 | $165,720 | $119,597 | $87,769 | $54,490 | $18,438 |
| Portfolio turnover rateG | 22%H | 24% | 24% | 29% | 43% | 29% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
H Annualized
I Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2055 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.63 |
| Income from Investment Operations | |
| Net investment income (loss)B | .12 |
| Net realized and unrealized gain (loss) | .44 |
| Total from investment operations | .56 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.19 |
| Total ReturnC,D | 4.43% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 3.05%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,010 |
| Portfolio turnover rateE | 22%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Advisor Series Growth & Income Fund | 11.9 | 8.1 |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.6 | 7.8 |
| Fidelity Advisor Series Equity Value Fund | 7.5 | 11.7 |
| Fidelity Advisor Series Equity Growth Fund | 6.4 | 6.6 |
| Fidelity Advisor Series Opportunistic Insights Fund | 5.9 | 6.1 |
| Fidelity Series All-Sector Equity Fund | 4.4 | 4.6 |
| Fidelity Advisor Series Growth Opportunities Fund | 4.1 | 4.4 |
| | 75.8 | 78.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities) * | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.8% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 0.9% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Advisor Freedom® 2060 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Advisor Series Equity Growth Fund (a) | | 307,605 | $4,484,883 |
| Fidelity Advisor Series Equity Value Fund (a) | | 389,248 | 5,219,812 |
| Fidelity Advisor Series Growth & Income Fund (a) | | 553,373 | 8,289,530 |
| Fidelity Advisor Series Growth Opportunities Fund (a) | | 220,476 | 2,894,848 |
| Fidelity Advisor Series Opportunistic Insights Fund (a) | | 222,409 | 4,121,244 |
| Fidelity Advisor Series Small Cap Fund (a) | | 183,207 | 2,253,442 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund (a) | | 397,251 | 5,350,975 |
| Fidelity Series 100 Index Fund (a) | | 139,070 | 2,304,392 |
| Fidelity Series 1000 Value Index Fund (a) | | 70,571 | 886,366 |
| Fidelity Series All-Sector Equity Fund (a) | | 231,527 | 3,095,515 |
| Fidelity Series Commodity Strategy Fund (a) | | 263,371 | 1,377,431 |
| Fidelity Series Real Estate Equity Fund (a) | | 39,848 | 514,442 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 194,197 | 2,714,874 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $39,287,350) | | | 43,507,754 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 61,227 | 651,452 |
| Fidelity Series Emerging Markets Fund (a) | | 323,435 | 6,662,769 |
| Fidelity Series International Growth Fund (a) | | 406,119 | 6,453,237 |
| Fidelity Series International Small Cap Fund (a) | | 87,015 | 1,558,439 |
| Fidelity Series International Value Fund (a) | | 599,627 | 6,457,987 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $18,744,701) | | | 21,783,884 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 41,562 | 434,741 |
| Fidelity Series Floating Rate High Income Fund (a) | | 17,458 | 165,675 |
| Fidelity Series High Income Fund (a) | | 104,603 | 1,019,882 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 53,682 | 530,913 |
| Fidelity Series International Credit Fund (a) | | 3,023 | 30,377 |
| Fidelity Series Investment Grade Bond Fund (a) | | 29,468 | 333,287 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 128,806 | 1,132,202 |
| Fidelity Series Real Estate Income Fund (a) | | 28,386 | 317,072 |
| TOTAL BOND FUNDS | | | |
| (Cost $3,885,022) | | | 3,964,149 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Advisor Series Short-Term Credit Fund (a) | | 15,613 | 156,129 |
| Fidelity Series Government Money Market Fund 1.09% (a)(b) | | 585,672 | 585,672 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $741,590) | | | 741,801 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $62,658,663) | | | 69,997,588 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (52,803) |
| NET ASSETS - 100% | | | $69,944,785 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Advisor Series Equity Growth Fund | $2,883,602 | $1,410,071 | $322,529 | $-- | $(1,642) | $515,381 | $4,484,883 |
| Fidelity Advisor Series Equity Value Fund | 5,120,357 | 1,967,240 | 1,990,761(a) | 50,816 | 23,781 | 99,195 | 5,219,812 |
| Fidelity Advisor Series Growth & Income Fund | 3,548,790 | 4,672,371(a) | 120,904 | 21,382 | (2,475) | 191,748 | 8,289,530 |
| Fidelity Advisor Series Growth Opportunities Fund | 1,900,912 | 914,695 | 216,663 | -- | 2,582 | 293,322 | 2,894,848 |
| Fidelity Advisor Series Opportunistic Insights Fund | 2,656,409 | 1,317,816 | 263,557 | -- | (215) | 410,791 | 4,121,244 |
| Fidelity Advisor Series Short-Term Credit Fund | 94,907 | 63,958 | 2,920 | 1,026 | 3 | 181 | 156,129 |
| Fidelity Advisor Series Small Cap Fund | 1,426,823 | 711,541 | 38,978 | -- | 196 | 153,860 | 2,253,442 |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3,400,620 | 1,830,274 | 79,711 | -- | 2,998 | 196,794 | 5,350,975 |
| Fidelity Series 100 Index Fund | 1,471,465 | 730,977 | 38,437 | -- | (31) | 140,418 | 2,304,392 |
| Fidelity Series 1000 Value Index Fund | 570,779 | 293,854 | 13,270 | -- | (78) | 35,081 | 886,366 |
| Fidelity Series All-Sector Equity Fund | 1,995,788 | 991,469 | 85,063 | -- | 1,034 | 192,287 | 3,095,515 |
| Fidelity Series Canada Fund | -- | 630,165 | 54 | -- | -- | 21,341 | 651,452 |
| Fidelity Series Commodity Strategy Fund | 784,071 | 612,121 | 20,661 | 2,042 | (207) | 2,107 | 1,377,431 |
| Fidelity Series Emerging Markets Debt Fund | 287,447 | 145,850 | 6,257 | 10,996 | 86 | 7,615 | 434,741 |
| Fidelity Series Emerging Markets Fund | 4,363,146 | 2,115,826 | 628,817 | -- | 12,431 | 800,183 | 6,662,769 |
| Fidelity Series Floating Rate High Income Fund | 109,403 | 59,350 | 2,607 | 3,160 | 4 | (475) | 165,675 |
| Fidelity Series Government Money Market Fund 1.09% | 292,135 | 302,012 | 8,475 | 2,096 | -- | -- | 585,672 |
| Fidelity Series High Income Fund | 663,148 | 360,313 | 15,643 | 23,171 | 9 | 12,055 | 1,019,882 |
| Fidelity Series Inflation-Protected Bond Index Fund | 358,487 | 180,077 | 8,343 | 271 | 42 | 650 | 530,913 |
| Fidelity Series International Credit Fund | -- | 30,226 | -- | -- | -- | 151 | 30,377 |
| Fidelity Series International Growth Fund | 4,113,503 | 2,106,389 | 413,204 | -- | 9,290 | 637,259 | 6,453,237 |
| Fidelity Series International Small Cap Fund | 939,884 | 493,708 | 60,043 | -- | 2,787 | 182,103 | 1,558,439 |
| Fidelity Series International Value Fund | 4,124,240 | 2,183,120 | 403,416 | -- | 11,029 | 543,014 | 6,457,987 |
| Fidelity Series Investment Grade Bond Fund | 202,814 | 144,635 | 17,192 | 3,416 | (4) | 3,034 | 333,287 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 177 | 1,147,104 | 9,345 | 4,502 | (54) | (5,680) | 1,132,202 |
| Fidelity Series Real Estate Equity Fund | 340,128 | 187,454 | 7,834 | 3,784 | (237) | (5,069) | 514,442 |
| Fidelity Series Real Estate Income Fund | 206,491 | 114,801 | 4,901 | 6,909 | 81 | 600 | 317,072 |
| Fidelity Series Small Cap Opportunities Fund | 1,724,001 | 1,068,861 | 39,908 | 4,892 | (609) | (37,471) | 2,714,874 |
| Total | $43,579,527 | $26,786,278 | $4,819,493 | $138,463 | $60,801 | $4,390,475 | $69,997,588 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $62,658,663) — See accompanying schedule | | $69,997,588 |
| Cash | | 13 |
| Receivable for investments sold | | 208 |
| Receivable for fund shares sold | | 396,481 |
| Total assets | | 70,394,290 |
| Liabilities | | |
| Payable for investments purchased | $250,387 | |
| Payable for fund shares redeemed | 146,308 | |
| Accrued management fee | 41,728 | |
| Distribution and service plan fees payable | 11,082 | |
| Total liabilities | | 449,505 |
| Net Assets | | $69,944,785 |
| Net Assets consist of: | | |
| Paid in capital | | $62,555,350 |
| Accumulated net investment loss | | (70,506) |
| Accumulated undistributed net realized gain (loss) on investments | | 121,016 |
| Net unrealized appreciation (depreciation) on investments | | 7,338,925 |
| Net Assets | | $69,944,785 |
| Calculation of Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($29,399,828 ÷ 2,533,865 shares) | | $11.60 |
| Maximum offering price per share (100/94.25 of $11.60) | | $12.31 |
| Class M: | | |
| Net Asset Value and redemption price per share ($9,581,346 ÷ 826,321 shares) | | $11.60 |
| Maximum offering price per share (100/96.50 of $11.60) | | $12.02 |
| Class C: | | |
| Net Asset Value and offering price per share ($1,654,702 ÷ 142,452 shares)(a) | | $11.62 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($28,973,917 ÷ 2,488,096 shares) | | $11.65 |
| Class Z6: | | |
| Net Asset Value, offering price and redemption price per share ($334,992 ÷ 28,751 shares) | | $11.65 |
(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
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $138,463 |
| Expenses | | |
| Management fee | $151,799 | |
| Distribution and service plan fees | 56,281 | |
| Independent trustees' fees and expenses | 95 | |
| Total expenses before reductions | 208,175 | |
| Expense reductions | (29) | 208,146 |
| Net investment income (loss) | | (69,683) |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 60,801 | |
| Capital gain distributions from underlying funds | 395,481 | |
| Total net realized gain (loss) | | 456,282 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 4,390,475 |
| Net gain (loss) | | 4,846,757 |
| Net increase (decrease) in net assets resulting from operations | | $4,777,074 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(69,683) | $374,796 |
| Net realized gain (loss) | 456,282 | 652,819 |
| Change in net unrealized appreciation (depreciation) | 4,390,475 | 3,248,213 |
| Net increase (decrease) in net assets resulting from operations | 4,777,074 | 4,275,828 |
| Distributions to shareholders from net investment income | (1,886) | (374,733) |
| Distributions to shareholders from net realized gain | (455,069) | (451,681) |
| Total distributions | (456,955) | (826,414) |
| Share transactions - net increase (decrease) | 22,052,252 | 20,738,778 |
| Total increase (decrease) in net assets | 26,372,371 | 24,188,192 |
| Net Assets | | |
| Beginning of period | 43,572,414 | 19,384,222 |
| End of period | $69,944,785 | $43,572,414 |
| Other Information | | |
| Undistributed net investment income end of period | $– | $1,063 |
| Accumulated net investment loss end of period | $(70,506) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Freedom 2060 Fund Class A
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.76 | $9.62 | $10.34 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.02) | .13 | .12 | .15 |
| Net realized and unrealized gain (loss) | .96 | 1.33 | (.51) | .37 |
| Total from investment operations | .94 | 1.46 | (.39) | .52 |
| Distributions from net investment income | – | (.12) | (.11) | (.10) |
| Distributions from net realized gain | (.10) | (.20) | (.22) | (.08) |
| Total distributions | (.10) | (.32) | (.33) | (.18) |
| Net asset value, end of period | $11.60 | $10.76 | $9.62 | $10.34 |
| Total ReturnC,D,E | 8.78% | 15.55% | (3.89)% | 5.24% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .78%H | .25% | .25% | .25%H |
| Expenses net of fee waivers, if any | .78%H | .25% | .25% | .25%H |
| Expenses net of all reductions | .78%H | .25% | .25% | .25%H |
| Net investment income (loss) | (.30)%H | 1.30% | 1.29% | 2.24%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $29,400 | $18,482 | $9,058 | $2,267 |
| Portfolio turnover rateG | 17%H | 32% | 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2060 Fund Class M
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.77 | $9.63 | $10.33 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.03) | .11 | .10 | .13 |
| Net realized and unrealized gain (loss) | .95 | 1.33 | (.51) | .38 |
| Total from investment operations | .92 | 1.44 | (.41) | .51 |
| Distributions from net investment income | – | (.10) | (.08) | (.09) |
| Distributions from net realized gain | (.09) | (.20) | (.21) | (.08) |
| Total distributions | (.09) | (.30) | (.29) | (.18)C |
| Net asset value, end of period | $11.60 | $10.77 | $9.63 | $10.33 |
| Total ReturnD,E,F | 8.63% | 15.29% | (4.09)% | 5.07% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | 1.03%I | .50% | .50% | .51%I,J |
| Expenses net of fee waivers, if any | 1.03%I | .50% | .50% | .51%I,J |
| Expenses net of all reductions | 1.03%I | .50% | .50% | .51%I,J |
| Net investment income (loss) | (.55)%I | 1.05% | 1.04% | 1.98%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $9,581 | $5,719 | $3,189 | $2,062 |
| Portfolio turnover rateH | 17%I | 32% | 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
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.
Fidelity Advisor Freedom 2060 Fund Class C
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.81 | $9.68 | $10.31 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.06) | .06 | .05 | .10 |
| Net realized and unrealized gain (loss) | .96 | 1.33 | (.51) | .38 |
| Total from investment operations | .90 | 1.39 | (.46) | .48 |
| Distributions from net investment income | – | (.06) | – | (.08) |
| Distributions from net realized gain | (.09) | (.20) | (.17) | (.08) |
| Total distributions | (.09) | (.26) | (.17) | (.17)C |
| Net asset value, end of period | $11.62 | $10.81 | $9.68 | $10.31 |
| Total ReturnD,E,F | 8.41% | 14.65% | (4.60)% | 4.77% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | 1.53%I | 1.00% | .99%J | 1.02%I,J |
| Expenses net of fee waivers, if any | 1.53%I | 1.00% | .99%J | 1.02%I,J |
| Expenses net of all reductions | 1.53%I | 1.00% | .99%J | 1.02%I,J |
| Net investment income (loss) | (1.05)%I | .55% | .55% | 1.47%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,655 | $1,209 | $1,292 | $1,322 |
| Portfolio turnover rateH | 17%I | 32% | 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 $.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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
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.
Fidelity Advisor Freedom 2060 Fund Class I
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.80 | $9.65 | $10.35 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | –C | .16 | .15 | .17 |
| Net realized and unrealized gain (loss) | .96 | 1.33 | (.50) | .37 |
| Total from investment operations | .96 | 1.49 | (.35) | .54 |
| Distributions from net investment income | –C | (.13) | (.12) | (.10) |
| Distributions from net realized gain | (.10) | (.20) | (.23) | (.08) |
| Total distributions | (.11)D | (.34)E | (.35) | (.19)F |
| Net asset value, end of period | $11.65 | $10.80 | $9.65 | $10.35 |
| Total ReturnG,H | 8.90% | 15.82% | (3.54)% | 5.38% |
| Ratios to Average Net AssetsI,J | | | | |
| Expenses before reductions | .53%K | - %L | - %L | - %K,L |
| Expenses net of fee waivers, if any | .53%K | -% | -% | - %K |
| Expenses net of all reductions | .53%K | -% | -% | - %K |
| Net investment income (loss) | (.05)%K | 1.55% | 1.54% | 2.49%K |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $28,974 | $18,162 | $5,845 | $399 |
| Portfolio turnover rateJ | 17%K | 32% | 64% | 47%K |
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 distributions of $.11 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.104 per share.
E Total distributions of $.34 per share is comprised of distributions from net investment income of $.132 and distributions from net realized gain of $.204 per share.
F 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.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
J Amounts do not include the activity of the Underlying Funds.
K Annualized
L Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Freedom 2060 Fund Class Z6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.16 |
| Income from Investment Operations | |
| Net investment income (loss)B | .09 |
| Net realized and unrealized gain (loss) | .40 |
| Total from investment operations | .49 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.65 |
| Total ReturnC,D | 4.39% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | 2.53%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $335 |
| Portfolio turnover rateE | 17%G |
A For the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the 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 (Unaudited)
For the period ended September 30, 2017
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. Each Fund offers Class A, Class M, Class C, Class I and Class Z6 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. Each Fund commenced sale of Class Z6 shares on June 6, 2017. 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). During the period, one of the Underlying Funds changed its name from Fidelity Advisor Series Equity-Income Fund to Fidelity Advisor Series Equity Value Fund.
After the close of business on June 24, 2016, each Fund's outstanding Class B shares were converted to Class A shares. Each Fund's prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period April 1, 2016 through June 24, 2016.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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. 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 and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Advisor Freedom Income | $199,014,117 | $18,735,106 | $(1,363,543) | $17,371,563 |
| Advisor Freedom 2005 | 186,416,969 | 23,335,389 | (1,191,178) | 22,144,211 |
| Advisor Freedom 2010 | 437,161,295 | 66,897,658 | (2,609,846) | 64,287,812 |
| Advisor Freedom 2015 | 995,402,817 | 191,364,638 | (6,332,882) | 185,031,756 |
| Advisor Freedom 2020 | 2,143,460,328 | 425,149,241 | (15,448,505) | 409,700,736 |
| Advisor Freedom 2025 | 2,486,435,922 | 529,798,966 | (20,132,528) | 509,666,438 |
| Advisor Freedom 2030 | 2,350,193,308 | 590,304,529 | (13,164,173) | 577,140,356 |
| Advisor Freedom 2035 | 1,814,438,248 | 515,469,889 | (9,382,468) | 506,087,421 |
| Advisor Freedom 2040 | 1,641,597,374 | 475,960,034 | (8,153,685) | 467,806,349 |
| Advisor Freedom 2045 | 1,020,425,863 | 271,107,859 | (4,898,802) | 266,209,057 |
| Advisor Freedom 2050 | 807,130,165 | 211,480,309 | (3,748,916) | 207,731,393 |
| Advisor Freedom 2055 | 414,079,507 | 67,148,610 | (1,682,637) | 65,465,973 |
| Advisor Freedom 2060 | 62,950,224 | 7,192,624 | (145,260) | 7,047,364 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the underlying fund shares and in-kind transactions are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Advisor Freedom Income | 20,843,594 | 33,703,073 |
| Advisor Freedom 2005 | 20,199,707 | 30,120,733 |
| Advisor Freedom 2010 | 46,804,864 | 75,935,004 |
| Advisor Freedom 2015 | 104,954,606 | 198,298,510 |
| Advisor Freedom 2020 | 228,273,175 | 376,030,889 |
| Advisor Freedom 2025 | 311,930,304 | 396,034,636 |
| Advisor Freedom 2030 | 338,067,757 | 439,625,968 |
| Advisor Freedom 2035 | 270,264,022 | 333,637,452 |
| Advisor Freedom 2040 | 236,236,270 | 311,401,642 |
| Advisor Freedom 2045 | 165,145,267 | 167,892,308 |
| Advisor Freedom 2050 | 139,374,373 | 131,523,742 |
| Advisor Freedom 2055 | 91,099,752 | 49,235,882 |
| Advisor Freedom 2060 | 26,786,278 | 4,819,493 |
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Effective June 1, 2017, under the management contract approved by the Board of Trustees (the Board) and shareholders, FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's target date, indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its target date. In addition, under the management contract, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees.
For the period June 1, 2017 (June 6, 2017 for Class Z6) through September 30, 2017, the total annual management fee rate for each Class of each Fund was as follows:
| | Annual % of Class-Level Average Net Assets
(Classes A, M, C, I) | Annual % of Class-Level Average Net Assets
(Class Z6) |
| Advisor Freedom Income | .465% | .415% |
| Advisor Freedom 2005 | .491% | .435% |
| Advisor Freedom 2010 | .533% | .468% |
| Advisor Freedom 2015 | .576% | .503% |
| Advisor Freedom 2020 | .618% | .538% |
| Advisor Freedom 2025 | .661% | .573% |
| Advisor Freedom 2030 | .703% | .608% |
| Advisor Freedom 2035 | .746% | .643% |
| Advisor Freedom 2040 | .746% | .643% |
| Advisor Freedom 2045 | .746% | .643% |
| Advisor Freedom 2050 | .746% | .643% |
| Advisor Freedom 2055 | .746% | .643% |
| Advisor Freedom 2060 | .746% | .643% |
Effective June 6, 2017, under the expense contract approved by the Board, the investment adviser pays class-level expenses for Class Z6 of each Fund as necessary so that Class Z6 total expenses do not exceed certain amounts of Class Z6 average net assets on an annual basis with certain exceptions, as noted in the following table:
| | Annual % of Class-Level Average Net Assets
(Class Z6) |
| Advisor Freedom Income | .365% |
| Advisor Freedom 2005 | .377% |
| Advisor Freedom 2010 | .396% |
| Advisor Freedom 2015 | .415% |
| Advisor Freedom 2020 | .435% |
| Advisor Freedom 2025 | .454% |
| Advisor Freedom 2030 | .474% |
| Advisor Freedom 2035 | .493% |
| Advisor Freedom 2040 | .493% |
| Advisor Freedom 2045 | .493% |
| Advisor Freedom 2050 | .493% |
| Advisor Freedom 2055 | .493% |
| Advisor Freedom 2060 | .493% |
In addition, the Board and shareholders of each Underlying Fund approved a new management contract, effective June 1, 2017. Under the management contract, each Underlying Fund no longer pays a management fee, and most of each Underlying Fund's ordinary operating expenses are borne by the investment adviser.
Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these 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 plan fees, compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. 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% | $105,230 | $3,440 |
| Class M | .25% | .25% | 96,118 | – |
| Class C | .75% | .25% | 71,383 | 5,158 |
| | | | $272,731 | $8,598 |
| Advisor Freedom 2005 | | | | |
| Class A | -% | .25% | $146,388 | $7,355 |
| Class M | .25% | .25% | 68,221 | 374 |
| Class C | .75% | .25% | 28,225 | 913 |
| | | | $242,834 | $8,642 |
| Advisor Freedom 2010 | | | | |
| Class A | -% | .25% | $325,281 | $15,630 |
| Class M | .25% | .25% | 205,650 | 2,354 |
| Class C | .75% | .25% | 143,980 | 4,036 |
| | | | $674,911 | $22,020 |
| Advisor Freedom 2015 | | | | |
| Class A | -% | .25% | $789,140 | $42,030 |
| Class M | .25% | .25% | 446,846 | 1,937 |
| Class C | .75% | .25% | 308,411 | 16,093 |
| | | | $1,544,397 | $60,060 |
| Advisor Freedom 2020 | | | | |
| Class A | -% | .25% | $1,623,819 | $72,406 |
| Class M | .25% | .25% | 989,404 | 6,205 |
| Class C | .75% | .25% | 512,259 | 35,811 |
| | | | $3,125,482 | $114,422 |
| Advisor Freedom 2025 | | | | |
| Class A | -% | .25% | $1,875,870 | $87,671 |
| Class M | .25% | .25% | 1,077,226 | 4,283 |
| Class C | .75% | .25% | 502,677 | 49,158 |
| | | | $3,455,773 | $141,112 |
| Advisor Freedom 2030 | | | | |
| Class A | -% | .25% | $1,772,980 | $84,401 |
| Class M | .25% | .25% | 1,123,778 | – |
| Class C | .75% | .25% | 479,889 | 48,405 |
| | | | $3,376,647 | $132,806 |
| Advisor Freedom 2035 | | | | |
| Class A | -% | .25% | $1,403,289 | $63,178 |
| Class M | .25% | .25% | 865,112 | 4,149 |
| Class C | .75% | .25% | 318,564 | 36,846 |
| | | | $2,586,965 | $104,173 |
| Advisor Freedom 2040 | | | | |
| Class A | -% | .25% | $1,211,991 | $50,686 |
| Class M | .25% | .25% | 830,388 | 983 |
| Class C | .75% | .25% | 412,224 | 37,515 |
| | | | $2,454,603 | $89,184 |
| Advisor Freedom 2045 | | | | |
| Class A | -% | .25% | $707,635 | $40,674 |
| Class M | .25% | .25% | 486,328 | 1,695 |
| Class C | .75% | .25% | 142,685 | 23,248 |
| | | | $1,336,648 | $65,617 |
| Advisor Freedom 2050 | | | | |
| Class A | -% | .25% | $508,295 | $22,715 |
| Class M | .25% | .25% | 384,018 | 397 |
| Class C | .75% | .25% | 148,375 | 20,701 |
| | | | $1,040,688 | $43,813 |
| Advisor Freedom 2055 | | | | |
| Class A | -% | .25% | $230,705 | $9,532 |
| Class M | .25% | .25% | 156,010 | 144 |
| Class C | .75% | .25% | 46,299 | 12,692 |
| | | | $433,014 | $22,368 |
| Advisor Freedom 2060 | | | | |
| Class A | -% | .25% | $29,853 | $15,683 |
| Class M | .25% | .25% | 19,112 | 145 |
| Class C | .75% | .25% | 7,316 | 3,621 |
| | | | $56,281 | $19,449 |
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 M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained
by FDC |
| Advisor Freedom Income | |
| Class A | $4,790 |
| Class M | 553 |
| Class C(a) | 801 |
| | $6,144 |
| Advisor Freedom 2005 | |
| Class A | $587 |
| Class C(a) | 268 |
| | $855 |
| Advisor Freedom 2010 | |
| Class A | $4,441 |
| Class M | 365 |
| Class C(a) | 481 |
| | $5,287 |
| Advisor Freedom 2015 | |
| Class A | $6,623 |
| Class M | 2,108 |
| Class C(a) | 2,014 |
| | $10,745 |
| Advisor Freedom 2020 | |
| Class A | $16,239 |
| Class M | 3,299 |
| Class C(a) | 5,947 |
| | $25,485 |
| Advisor Freedom 2025 | |
| Class A | $25,492 |
| Class M | 7,519 |
| Class C(a) | 3,682 |
| | $36,693 |
| Advisor Freedom 2030 | |
| Class A | $24,018 |
| Class M | 3,751 |
| Class C(a) | 5,936 |
| | $33,705 |
| Advisor Freedom 2035 | |
| Class A | $18,068 |
| Class M | 3,143 |
| Class C(a) | 3,392 |
| | $24,603 |
| Advisor Freedom 2040 | |
| Class A | $16,643 |
| Class M | 2,144 |
| Class C(a) | 5,722 |
| | $24,509 |
| Advisor Freedom 2045 | |
| Class A | $13,783 |
| Class M | 3,646 |
| Class C(a) | 4,569 |
| | $21,998 |
| Advisor Freedom 2050 | |
| Class A | $11,553 |
| Class M | 1,378 |
| Class C(a) | 2,802 |
| | $15,733 |
| Advisor Freedom 2055 | |
| Class A | $5,207 |
| Class M | 1,673 |
| Class C(a) | 1,720 |
| | $8,600 |
| Advisor Freedom 2060 | |
| Class A | $579 |
| Class M | 1,126 |
| Class C(a) | 335 |
| | $2,040 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Advisor Series Equity Value Fund ("selected Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of Fidelity Advisor Series Growth & Income Fund which is an affiliated investment company managed by FMR. Net realized gain (loss) on the redemptions of the selected Underlying Fund in connection with the reallocation is included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the related net gain (loss) for the Funds are presented in the accompanying table:
| | Value of Investments and Cash reallocated | Net realized Gain (Loss) on redemptions of selected Underlying Funds |
| Advisor Freedom Income | $1,835,460 | $ 263,976 |
| Advisor Freedom 2005 | 2,600,106 | 473,487 |
| Advisor Freedom 2010 | 8,110,167 | 1,996,669 |
| Advisor Freedom 2015 | 23,603,334 | 4,562,791 |
| Advisor Freedom 2020 | 57,172,267 | 5,489,085 |
| Advisor Freedom 2025 | 73,263,952 | 6,487,561 |
| Advisor Freedom 2030 | 87,711,735 | 7,386,714 |
| Advisor Freedom 2035 | 79,733,333 | 5,964,782 |
| Advisor Freedom 2040 | 74,045,368 | 5,798,888 |
| Advisor Freedom 2045 | 44,156,583 | 3,196,466 |
| Advisor Freedom 2050 | 34,515,108 | 2,535,731 |
| Advisor Freedom 2055 | 15,452,315 | 540,986 |
| Advisor Freedom 2060 | 1,885,573 | 23,858 |
5. Expense Reductions.
Prior to June 1, 2017, 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, were excluded from this reimbursement. Effective June 1, 2017, these voluntary reimbursements were discontinued.
The following classes of each applicable Fund were in reimbursement during the period:
| | Expense
Limitations | Reimbursement |
| Advisor Freedom Income | | |
| Class A | .25% | $56 |
| Class M | .50% | 26 |
| Class C | 1.00% | 9 |
| Class I | -% | 55 |
| Advisor Freedom 2005 | | |
| Class A | .25% | $77 |
| Class M | .50% | 18 |
| Class C | 1.00% | 4 |
| Class I | -% | 39 |
| Advisor Freedom 2010 | | |
| Class A | .25% | $173 |
| Class M | .50% | 54 |
| Class C | 1.00% | 19 |
| Class I | -% | 88 |
| Advisor Freedom 2015 | | |
| Class A | .25% | $420 |
| Class M | .50% | 119 |
| Class C | 1.00% | 41 |
| Class I | -% | 215 |
| Advisor Freedom 2020 | | |
| Class A | .25% | $852 |
| Class M | .50% | 260 |
| Class C | 1.00% | 67 |
| Class I | -% | 499 |
| Advisor Freedom 2025 | | |
| Class A | .25% | $968 |
| Class M | .50% | 278 |
| Class C | 1.00% | 65 |
| Class I | -% | 594 |
| Advisor Freedom 2030 | | |
| Class A | .25% | $912 |
| Class M | .50% | 289 |
| Class C | 1.00% | 62 |
| Class I | -% | 593 |
| Advisor Freedom 2035 | | |
| Class A | .25% | $716 |
| Class M | .50% | 221 |
| Class C | 1.00% | 41 |
| Class I | -% | 470 |
| Advisor Freedom 2040 | | |
| Class A | .25% | $621 |
| Class M | .50% | 213 |
| Class C | 1.00% | 53 |
| Class I | -% | 439 |
| Advisor Freedom 2045 | | |
| Class A | .25% | $356 |
| Class M | .50% | 123 |
| Class C | 1.00% | 18 |
| Class I | -% | 285 |
| Advisor Freedom 2050 | | |
| Class A | .25% | $255 |
| Class M | .50% | 96 |
| Class C | 1.00% | 19 |
| Class I | -% | 240 |
| Advisor Freedom 2055 | | |
| Class A | .25% | $110 |
| Class M | .50% | 37 |
| Class C | 1.00% | 6 |
| Class I | -% | 111 |
| Advisor Freedom 2060 | | |
| Class A | .25% | $12 |
| Class M | .50% | 4 |
| Class C | 1.00% | 1 |
| Class I | -% | 12 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended September 30, 2017(a) | Year ended March 31, 2017 |
| Advisor Freedom Income | | |
| From net investment income | | |
| Class A | $381,293 | $1,396,856 |
| Class M | 125,928 | 493,459 |
| Class B | – | 527 |
| Class C | 9,161 | 113,110 |
| Class I | 472,822 | 1,403,708 |
| Class Z6 | 1,038 | – |
| Total | $990,242 | $3,407,660 |
| From net realized gain | | |
| Class A | $595,398 | $1,266,025 |
| Class M | 269,209 | 548,704 |
| Class B | – | 4,869 |
| Class C | 100,171 | 195,946 |
| Class I | 590,715 | 1,092,131 |
| Total | $1,555,493 | $3,107,675 |
| Advisor Freedom 2005 | | |
| From net investment income | | |
| Class A | $245,737 | $1,973,197 |
| Class M | 38,569 | 385,893 |
| Class B | – | 184 |
| Class C | – | 51,825 |
| Class I | 163,440 | 1,130,500 |
| Total | $447,746 | $3,541,599 |
| From net realized gain | | |
| Class A | $1,326,977 | $2,829,723 |
| Class M | 306,284 | 631,717 |
| Class B | – | 4,475 |
| Class C | 64,155 | 134,120 |
| Class I | 668,617 | 1,345,351 |
| Total | $2,366,033 | $4,945,386 |
| Advisor Freedom 2010 | | |
| From net investment income | | |
| Class A | $568,011 | $4,477,860 |
| Class M | 126,073 | 1,130,843 |
| Class B | – | 85 |
| Class C | 9,459 | 252,508 |
| Class I | 377,328 | 2,427,938 |
| Total | $1,080,871 | $8,289,234 |
| From net realized gain | | |
| Class A | $4,375,788 | $9,091,246 |
| Class M | 1,380,168 | 2,666,131 |
| Class B | – | 18,204 |
| Class C | 491,873 | 905,318 |
| Class I | 2,180,115 | 4,087,540 |
| Total | $8,427,944 | $16,768,439 |
| Advisor Freedom 2015 | | |
| From net investment income | | |
| Class A | $1,273,003 | $10,387,191 |
| Class M | 243,229 | 2,380,290 |
| Class C | 9,867 | 497,030 |
| Class I | 841,023 | 5,952,820 |
| Total | $2,367,122 | $19,217,331 |
| From net realized gain | | |
| Class A | $11,660,616 | $21,478,534 |
| Class M | 3,276,438 | 5,718,301 |
| Class B | – | 56,551 |
| Class C | 1,129,734 | 1,897,955 |
| Class I | 5,836,184 | 10,594,742 |
| Total | $21,902,972 | $39,746,083 |
| Advisor Freedom 2020 | | |
| From net investment income | | |
| Class A | $2,229,625 | $19,983,983 |
| Class M | 441,116 | 4,842,366 |
| Class C | – | 767,338 |
| Class I | 1,780,403 | 12,773,120 |
| Total | $4,451,144 | $38,366,807 |
| From net realized gain | | |
| Class A | $20,066,608 | $40,296,263 |
| Class M | 6,087,334 | 11,312,600 |
| Class B | – | 157,930 |
| Class C | 1,578,175 | 2,955,952 |
| Class I | 11,516,970 | 21,844,567 |
| Total | $39,249,087 | $76,567,312 |
| Advisor Freedom 2025 | | |
| From net investment income | | |
| Class A | $2,146,289 | $21,470,705 |
| Class M | 352,858 | 4,782,696 |
| Class C | – | 732,090 |
| Class I | 1,804,797 | 14,353,988 |
| Total | $4,303,944 | $41,339,479 |
| From net realized gain | | |
| Class A | $21,349,940 | $45,815,189 |
| Class M | 6,062,537 | 12,169,386 |
| Class B | – | 136,189 |
| Class C | 1,378,301 | 2,834,506 |
| Class I | 12,633,567 | 26,349,771 |
| Total | $41,424,345 | $87,305,041 |
| Advisor Freedom 2030 | | |
| From net investment income | | |
| Class A | $890,655 | $18,430,435 |
| Class M | 31,582 | 4,678,224 |
| Class C | – | 683,038 |
| Class I | 1,121,920 | 13,350,800 |
| Total | $2,044,157 | $37,142,497 |
| From net realized gain | | |
| Class A | $23,156,998 | $47,411,197 |
| Class M | 7,390,002 | 14,575,332 |
| Class B | – | 181,885 |
| Class C | 1,521,577 | 3,005,327 |
| Class I | 14,584,937 | 29,678,995 |
| Total | $46,653,514 | $94,852,736 |
| Advisor Freedom 2035 | | |
| From net investment income | | |
| Class A | $– | $13,587,492 |
| Class M | – | 3,416,658 |
| Class C | – | 426,644 |
| Class I | – | 9,563,549 |
| Total | $ - | $26,994,343 |
| From net realized gain | | |
| Class A | $18,560,794 | $38,475,348 |
| Class M | 5,466,691 | 10,912,610 |
| Class B | – | 135,368 |
| Class C | 1,022,076 | 1,993,967 |
| Class I | 12,160,499 | 24,465,797 |
| Total | $37,210,060 | $75,983,090 |
| Advisor Freedom 2040 | | |
| From net investment income | | |
| Class A | $– | $11,910,732 |
| Class M | – | 3,348,294 |
| Class C | – | 560,185 |
| Class I | – | 9,099,703 |
| Total | $– | $24,918,914 |
| From net realized gain | | |
| Class A | $15,889,579 | $34,090,941 |
| Class M | 5,327,205 | 11,320,686 |
| Class B | – | 170,019 |
| Class C | 1,326,213 | 2,679,478 |
| Class I | 11,417,156 | 23,291,076 |
| Total | $33,960,153 | $71,552,200 |
| Advisor Freedom 2045 | | |
| From net investment income | | |
| Class A | $– | $6,743,556 |
| Class M | – | 1,906,757 |
| Class C | – | 189,014 |
| Class I | – | 5,692,571 |
| Total | $– | $14,531,898 |
| From net realized gain | | |
| Class A | $8,592,288 | $18,452,182 |
| Class M | 2,875,818 | 5,768,381 |
| Class B | – | 39,187 |
| Class C | 419,922 | 829,711 |
| Class I | 6,905,761 | 13,952,584 |
| Total | $18,793,789 | $39,042,045 |
| Advisor Freedom 2050 | | |
| From net investment income | | |
| Class A | $– | $4,709,123 |
| Class M | – | 1,501,192 |
| Class C | – | 192,567 |
| Class I | – | 4,786,719 |
| Total | $– | $11,189,601 |
| From net realized gain | | |
| Class A | $5,843,566 | $12,279,605 |
| Class M | 2,118,981 | 4,394,815 |
| Class B | – | 48,585 |
| Class C | 399,060 | 839,720 |
| Class I | 5,537,663 | 11,235,299 |
| Total | $13,899,270 | $28,798,024 |
| Advisor Freedom 2055 | | |
| From net investment income | | |
| Class A | $– | $1,870,569 |
| Class M | – | 561,240 |
| Class C | – | 55,815 |
| Class I | 14,088 | 2,079,458 |
| Total | $14,088 | $4,567,082 |
| From net realized gain | | |
| Class A | $1,940,250 | $4,075,271 |
| Class M | 629,701 | 1,364,510 |
| Class C | 91,423 | 180,787 |
| Class I | 2,000,472 | 3,950,916 |
| Total | $4,661,846 | $9,571,484 |
| Advisor Freedom 2060 | | |
| From net investment income | | |
| Class A | $– | $172,576 |
| Class M | – | 37,768 |
| Class C | – | 5,349 |
| Class I | 1,886 | 159,040 |
| Total | $1,886 | $374,733 |
| From net realized gain | | |
| Class A | $191,194 | $226,072 |
| Class M | 56,458 | 57,107 |
| Class C | 11,316 | 18,997 |
| Class I | 196,101 | 149,505 |
| Total | $455,069 | $451,681 |
(a) Amounts for Class Z6 are for the period June 6, 2017 (commencement of sale of shares) to September 30, 2017.
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 |
| | Six months ended September 30, 2017 (a) | Year ended March 31, 2017 | Six months ended September 30, 2017 (a) | Year ended March 31, 2017 |
| Advisor Freedom Income | | | | |
| Class A | | | | |
| Shares sold | 693,930 | 2,494,487 | $7,689,073 | $26,903,908 |
| Reinvestment of distributions | 88,243 | 246,230 | 969,134 | 2,629,753 |
| Shares redeemed | (1,472,947) | (4,027,001) | (16,290,945) | (43,404,632) |
| Net increase (decrease) | (690,774) | (1,286,284) | $(7,632,738) | $(13,870,971) |
| Class M | | | | |
| Shares sold | 570,584 | 1,069,596 | $6,297,677 | $11,534,711 |
| Reinvestment of distributions | 35,399 | 95,143 | 388,481 | 1,014,496 |
| Shares redeemed | (722,554) | (1,678,273) | (7,982,668) | (18,101,104) |
| Net increase (decrease) | (116,571) | (513,534) | $(1,296,510) | $(5,551,897) |
| Class B | | | | |
| Shares sold | – | 1,191 | $– | $12,706 |
| Reinvestment of distributions | – | 508 | – | 5,371 |
| Shares redeemed | – | (62,185) | – | (661,437) |
| Net increase (decrease) | – | (60,486) | $– | $(643,360) |
| Class C | | | | |
| Shares sold | 132,464 | 198,081 | $1,465,025 | $2,132,123 |
| Reinvestment of distributions | 8,796 | 25,254 | 96,200 | 268,554 |
| Shares redeemed | (204,140) | (287,063) | (2,254,683) | (3,096,537) |
| Net increase (decrease) | (62,880) | (63,728) | $(693,458) | $(695,860) |
| Class I | | | | |
| Shares sold | 1,229,456 | 2,592,320 | $13,648,772 | $28,091,075 |
| Reinvestment of distributions | 95,899 | 231,637 | 1,057,385 | 2,482,393 |
| Shares redeemed | (1,566,731) | (3,194,359) | (17,420,987) | (34,573,157) |
| Net increase (decrease) | (241,376) | (370,402) | $(2,714,830) | $(3,999,689) |
| Class Z6 | | | | |
| Shares sold | 59,457 | – | $665,758 | $– |
| Reinvestment of distributions | 93 | – | 1,038 | – |
| Shares redeemed | (4,387) | – | (49,306) | – |
| Net increase (decrease) | 55,163 | – | $617,490 | $– |
| Advisor Freedom 2005 | | | | |
| Class A | | | | |
| Shares sold | 710,449 | 2,248,874 | $8,537,894 | $26,161,114 |
| Reinvestment of distributions | 130,025 | 414,812 | 1,540,794 | 4,716,740 |
| Shares redeemed | (1,362,091) | (4,357,389) | (16,338,484) | (50,652,047) |
| Net increase (decrease) | (521,617) | (1,693,703) | $(6,259,796) | $(19,774,193) |
| Class M | | | | |
| Shares sold | 316,857 | 674,483 | $3,791,961 | $7,841,512 |
| Reinvestment of distributions | 28,637 | 88,172 | 339,057 | 1,002,121 |
| Shares redeemed | (389,748) | (1,039,759) | (4,667,680) | (12,094,590) |
| Net increase (decrease) | (44,254) | (277,104) | $(536,662) | $(3,250,957) |
| Class B | | | | |
| Shares sold | – | 2 | $– | $26 |
| Reinvestment of distributions | – | 408 | – | 4,639 |
| Shares redeemed | – | (29,514) | – | (337,993) |
| Net increase (decrease) | – | (29,104) | $– | $(333,328) |
| Class C | | | | |
| Shares sold | 18,891 | 50,507 | $226,605 | $586,955 |
| Reinvestment of distributions | 5,060 | 15,214 | 59,907 | 172,750 |
| Shares redeemed | (34,430) | (132,932) | (412,072) | (1,546,152) |
| Net increase (decrease) | (10,479) | (67,211) | $(125,560) | $(786,447) |
| Class I | | | | |
| Shares sold | 591,531 | 1,711,139 | $7,148,628 | $20,022,716 |
| Reinvestment of distributions | 69,492 | 215,242 | 829,041 | 2,463,732 |
| Shares redeemed | (797,414) | (2,317,228) | (9,632,035) | (27,091,146) |
| Net increase (decrease) | (136,391) | (390,847) | $(1,654,366) | $(4,604,698) |
| Class Z6 | | | | |
| Shares sold | 8,728 | – | $105,168 | $– |
| Net increase (decrease) | 8,728 | – | $105,168 | $– |
| Advisor Freedom 2010 | | | | |
| Class A | | | | |
| Shares sold | 1,693,014 | 4,202,210 | $21,178,701 | $50,632,735 |
| Reinvestment of distributions | 395,050 | 1,136,991 | 4,867,016 | 13,390,689 |
| Shares redeemed | (3,327,882) | (11,642,884) | (41,611,858) | (140,759,640) |
| Net increase (decrease) | (1,239,818) | (6,303,683) | $(15,566,141) | $(76,736,216) |
| Class M | | | | |
| Shares sold | 673,529 | 1,568,969 | $8,413,146 | $18,878,541 |
| Reinvestment of distributions | 122,196 | 321,077 | 1,500,569 | 3,768,669 |
| Shares redeemed | (1,110,766) | (2,892,565) | (13,838,718) | (34,889,456) |
| Net increase (decrease) | (315,041) | (1,002,519) | $(3,925,003) | $(12,242,246) |
| Class B | | | | |
| Shares sold | – | 493 | $– | $5,909 |
| Reinvestment of distributions | – | 1,445 | – | 16,965 |
| Shares redeemed | – | (97,295) | – | (1,146,600) |
| Net increase (decrease) | – | (95,357) | $– | $(1,123,726) |
| Class C | | | | |
| Shares sold | 51,129 | 162,229 | $631,864 | $1,942,907 |
| Reinvestment of distributions | 38,663 | 92,679 | 472,070 | 1,082,047 |
| Shares redeemed | (237,599) | (421,870) | (2,934,146) | (5,021,203) |
| Net increase (decrease) | (147,807) | (166,962) | $(1,830,212) | $(1,996,249) |
| Class I | | | | |
| Shares sold | 1,753,998 | 2,987,760 | $22,040,064 | $36,241,094 |
| Reinvestment of distributions | 206,079 | 549,470 | 2,549,198 | 6,498,678 |
| Shares redeemed | (2,098,343) | (5,005,652) | (26,337,687) | (60,609,754) |
| Net increase (decrease) | (138,266) | (1,468,422) | $(1,748,425) | $(17,869,982) |
| Class Z6 | | | | |
| Shares sold | 21,185 | – | $267,412 | $– |
| Shares redeemed | – | – | – | – |
| Net increase (decrease) | 21,185 | – | $267,412 | $– |
| Advisor Freedom 2015 | | | | |
| Class A | | | | |
| Shares sold | 3,699,271 | 11,192,220 | $46,659,253 | $134,714,283 |
| Reinvestment of distributions | 1,030,485 | 2,687,681 | 12,788,314 | 31,512,077 |
| Shares redeemed | (9,514,115) | (23,911,759) | (119,805,415) | (287,958,855) |
| Net increase (decrease) | (4,784,359) | (10,031,858) | $(60,357,848) | $(121,732,495) |
| Class M | | | | |
| Shares sold | 1,633,629 | 3,553,783 | $20,579,813 | $42,739,339 |
| Reinvestment of distributions | 281,416 | 680,892 | 3,486,742 | 7,971,907 |
| Shares redeemed | (2,548,721) | (5,938,688) | (32,121,706) | (71,417,477) |
| Net increase (decrease) | (633,676) | (1,704,013) | $(8,055,151) | $(20,706,231) |
| Class B | | | | |
| Shares sold | – | 289 | $– | $3,362 |
| Reinvestment of distributions | – | 4,552 | – | 52,894 |
| Shares redeemed | – | (268,343) | – | (3,136,375) |
| Net increase (decrease) | – | (263,502) | $– | $(3,080,119) |
| Class C | | | | |
| Shares sold | 245,296 | 429,086 | $3,061,315 | $5,148,246 |
| Reinvestment of distributions | 89,895 | 198,520 | 1,107,505 | 2,308,212 |
| Shares redeemed | (527,835) | (1,065,959) | (6,606,626) | (12,720,124) |
| Net increase (decrease) | (192,644) | (438,353) | $(2,437,806) | $(5,263,666) |
| Class I | | | | |
| Shares sold | 3,950,388 | 6,719,861 | $50,176,514 | $81,632,572 |
| Reinvestment of distributions | 531,308 | 1,388,672 | 6,646,667 | 16,411,339 |
| Shares redeemed | (4,979,403) | (13,153,332) | (63,300,915) | (159,964,116) |
| Net increase (decrease) | (497,707) | (5,044,799) | $(6,477,734) | $(61,920,205) |
| Class Z6 | | | | |
| Shares sold | 58,108 | – | $748,361 | $– |
| Shares redeemed | (14) | – | (182) | – |
| Net increase (decrease) | 58,094 | – | $748,179 | $– |
| Advisor Freedom 2020 | | | | |
| Class A | | | | |
| Shares sold | 7,698,385 | 22,259,083 | $104,399,175 | $284,697,924 |
| Reinvestment of distributions | 1,644,482 | 4,781,037 | 21,953,842 | 59,403,628 |
| Shares redeemed | (16,256,050) | (43,489,286) | (220,508,536) | (556,732,167) |
| Net increase (decrease) | (6,913,183) | (16,449,166) | $(94,155,519) | $(212,630,615) |
| Class M | | | | |
| Shares sold | 3,237,179 | 8,239,623 | $43,864,120 | $105,605,312 |
| Reinvestment of distributions | 482,153 | 1,282,077 | 6,436,743 | 15,926,563 |
| Shares redeemed | (5,420,382) | (11,253,403) | (73,536,732) | (144,187,473) |
| Net increase (decrease) | (1,701,050) | (1,731,703) | $(23,235,869) | $(22,655,598) |
| Class B | | | | |
| Shares sold | – | 754 | $– | $9,263 |
| Reinvestment of distributions | – | 12,000 | – | 147,357 |
| Shares redeemed | – | (650,519) | – | (8,037,147) |
| Net increase (decrease) | – | (637,765) | $– | $(7,880,527) |
| Class C | | | | |
| Shares sold | 494,869 | 952,705 | $6,642,473 | $12,091,583 |
| Reinvestment of distributions | 114,973 | 288,834 | 1,524,547 | 3,559,407 |
| Shares redeemed | (820,759) | (2,034,383) | (11,033,406) | (25,901,629) |
| Net increase (decrease) | (210,917) | (792,844) | $(2,866,386) | $(10,250,639) |
| Class I | | | | |
| Shares sold | 9,191,177 | 17,509,622 | $125,711,242 | $225,983,350 |
| Reinvestment of distributions | 984,796 | 2,753,677 | 13,245,502 | 34,489,320 |
| Shares redeemed | (10,249,497) | (25,762,580) | (140,153,699) | (332,675,770) |
| Net increase (decrease) | (73,524) | (5,499,281) | $(1,196,955) | $(72,203,100) |
| Class Z6 | | | | |
| Shares sold | 81,641 | – | $1,130,006 | $– |
| Shares redeemed | (4) | – | (57) | – |
| Net increase (decrease) | 81,637 | – | $1,129,949 | $– |
| Advisor Freedom 2025 | | | | |
| Class A | | | | |
| Shares sold | 10,223,151 | 25,601,574 | $137,596,138 | $322,205,614 |
| Reinvestment of distributions | 1,748,647 | 5,447,622 | 23,152,083 | 66,353,250 |
| Shares redeemed | (18,149,452) | (42,382,865) | (244,123,980) | (533,830,938) |
| Net increase (decrease) | (6,177,654) | (11,333,669) | $(83,375,759) | $(145,272,074) |
| Class M | | | | |
| Shares sold | 4,074,525 | 9,663,460 | $54,871,417 | $121,810,664 |
| Reinvestment of distributions | 475,833 | 1,365,367 | 6,314,307 | 16,658,442 |
| Shares redeemed | (5,013,104) | (11,675,916) | (67,769,724) | (147,231,177) |
| Net increase (decrease) | (462,746) | (647,089) | $(6,584,000) | $(8,762,071) |
| Class B | | | | |
| Shares sold | – | 575 | $– | $6,910 |
| Reinvestment of distributions | – | 10,996 | – | 131,516 |
| Shares redeemed | – | (506,132) | – | (6,082,906) |
| Net increase (decrease) | – | (494,561) | $– | $(5,944,480) |
| Class C | | | | |
| Shares sold | 597,642 | 1,173,292 | $7,924,276 | $14,579,050 |
| Reinvestment of distributions | 102,674 | 285,842 | 1,341,944 | 3,429,289 |
| Shares redeemed | (839,549) | (1,482,837) | (11,167,401) | (18,448,804) |
| Net increase (decrease) | (139,233) | (23,703) | $(1,901,181) | $(440,465) |
| Class I | | | | |
| Shares sold | 12,456,410 | 21,283,507 | $169,072,041 | $270,333,001 |
| Reinvestment of distributions | 1,080,131 | 3,304,105 | 14,419,751 | 40,606,737 |
| Shares redeemed | (11,101,484) | (28,567,674) | (150,688,513) | (363,666,811) |
| Net increase (decrease) | 2,435,057 | (3,980,062) | $32,803,279 | $(52,727,073) |
| Class Z6 | | | | |
| Shares sold | 149,584 | – | $2,064,946 | $– |
| Shares redeemed | (1) | – | (21) | – |
| Net increase (decrease) | 149,583 | – | $2,064,925 | $– |
| Advisor Freedom 2030 | | | | |
| Class A | | | | |
| Shares sold | 9,345,678 | 24,154,997 | $135,385,903 | $322,352,172 |
| Reinvestment of distributions | 1,655,811 | 5,047,646 | 23,578,744 | 64,726,553 |
| Shares redeemed | (16,320,651) | (37,622,901) | (236,419,968) | (502,399,777) |
| Net increase (decrease) | (5,319,162) | (8,420,258) | $(77,455,321) | $(115,321,052) |
| Class M | | | | |
| Shares sold | 3,751,361 | 9,067,980 | $54,095,505 | $120,441,600 |
| Reinvestment of distributions | 516,426 | 1,490,663 | 7,322,915 | 19,010,341 |
| Shares redeemed | (5,412,207) | (11,814,020) | (78,219,567) | (157,007,286) |
| Net increase (decrease) | (1,144,420) | (1,255,377) | $(16,801,147) | $(17,555,345) |
| Class B | | | | |
| Shares sold | – | 806 | $– | $10,114 |
| Reinvestment of distributions | – | 13,509 | – | 169,402 |
| Shares redeemed | – | (539,084) | – | (6,796,686) |
| Net increase (decrease) | – | (524,769) | $– | $(6,617,170) |
| Class C | | | | |
| Shares sold | 468,877 | 1,101,268 | $6,690,797 | $14,505,929 |
| Reinvestment of distributions | 105,240 | 279,157 | 1,476,519 | 3,516,570 |
| Shares redeemed | (769,623) | (1,426,059) | (10,979,510) | (18,791,556) |
| Net increase (decrease) | (195,506) | (45,634) | $(2,812,194) | $(769,057) |
| Class I | | | | |
| Shares sold | 12,332,960 | 18,963,300 | $179,528,799 | $254,803,137 |
| Reinvestment of distributions | 1,095,092 | 3,331,692 | 15,681,718 | 42,991,010 |
| Shares redeemed | (11,717,058) | (26,887,285) | (171,165,196) | (361,278,339) |
| Net increase (decrease) | 1,710,994 | (4,592,293) | $24,045,321 | $(63,484,192) |
| Class Z6 | | | | |
| Shares sold | 183,200 | – | $2,710,153 | $– |
| Shares redeemed | (7,867) | – | (116,302) | – |
| Net increase (decrease) | 175,333 | – | $2,593,851 | $– |
| Advisor Freedom 2035 | | | | |
| Class A | | | | |
| Shares sold | 7,992,002 | 20,964,331 | $112,006,192 | $266,773,952 |
| Reinvestment of distributions | 1,322,102 | 4,215,522 | 18,192,117 | 51,222,283 |
| Shares redeemed | (14,163,041) | (31,584,221) | (198,682,623) | (403,185,266) |
| Net increase (decrease) | (4,848,937) | (6,404,368) | $(68,484,314) | $(85,189,031) |
| Class M | | | | |
| Shares sold | 3,378,859 | 8,015,582 | $47,043,316 | $101,168,617 |
| Reinvestment of distributions | 393,884 | 1,171,573 | 5,376,517 | 14,118,577 |
| Shares redeemed | (4,317,595) | (8,653,016) | (60,273,267) | (109,243,486) |
| Net increase (decrease) | (544,852) | 534,139 | $(7,853,434) | $6,043,708 |
| Class B | | | | |
| Shares sold | – | 387 | $– | $4,628 |
| Reinvestment of distributions | – | 11,097 | – | 130,498 |
| Shares redeemed | – | (378,032) | – | (4,470,318) |
| Net increase (decrease) | – | (366,548) | $– | $(4,335,192) |
| Class C | | | | |
| Shares sold | 363,338 | 820,719 | $4,968,545 | $10,303,416 |
| Reinvestment of distributions | 74,708 | 199,168 | 1,004,845 | 2,358,471 |
| Shares redeemed | (478,252) | (910,537) | (6,554,528) | (11,305,483) |
| Net increase (decrease) | (40,206) | 109,350 | $(581,138) | $1,356,404 |
| Class I | | | | |
| Shares sold | 10,961,543 | 16,521,392 | $154,670,734 | $212,505,868 |
| Reinvestment of distributions | 877,267 | 2,773,266 | 12,150,148 | 33,964,901 |
| Shares redeemed | (9,206,928) | (24,049,130) | (130,128,444) | (309,011,122) |
| Net increase (decrease) | 2,631,882 | (4,754,472) | $36,692,438 | $(62,540,353) |
| Class Z6 | | | | |
| Shares sold | 88,843 | – | $1,276,618 | $– |
| Shares redeemed | (1,444) | – | (21,046) | – |
| Net increase (decrease) | 87,399 | – | $1,255,572 | $– |
| Advisor Freedom 2040 | | | | |
| Class A | | | | |
| Shares sold | 6,464,806 | 17,466,598 | $97,018,052 | $237,762,232 |
| Reinvestment of distributions | 1,059,069 | 3,476,525 | 15,589,489 | 45,294,736 |
| Shares redeemed | (11,582,904) | (26,454,006) | (173,897,525) | (361,822,566) |
| Net increase (decrease) | (4,059,029) | (5,510,883) | $(61,289,984) | $(78,765,598) |
| Class M | | | | |
| Shares sold | 2,837,595 | 7,472,615 | $42,422,281 | $101,507,043 |
| Reinvestment of distributions | 360,060 | 1,120,388 | 5,282,073 | 14,523,730 |
| Shares redeemed | (3,723,018) | (9,684,613) | (55,695,056) | (131,502,202) |
| Net increase (decrease) | (525,363) | (1,091,610) | $(7,990,702) | $(15,471,429) |
| Class B | | | | |
| Shares sold | – | 811 | $– | $10,383 |
| Reinvestment of distributions | – | 12,839 | – | 162,282 |
| Shares redeemed | – | (438,998) | – | (5,572,683) |
| Net increase (decrease) | – | (425,348) | $– | $(5,400,018) |
| Class C | | | | |
| Shares sold | 336,142 | 800,047 | $4,926,421 | $10,704,582 |
| Reinvestment of distributions | 90,429 | 248,578 | 1,303,985 | 3,160,945 |
| Shares redeemed | (430,174) | (1,091,446) | (6,329,691) | (14,671,044) |
| Net increase (decrease) | (3,603) | (42,821) | $(99,285) | $(805,517) |
| Class I | | | | |
| Shares sold | 9,518,985 | 15,829,040 | $143,627,068 | $218,014,568 |
| Reinvestment of distributions | 770,415 | 2,469,110 | 11,409,848 | 32,375,295 |
| Shares redeemed | (9,206,748) | (21,207,635) | (139,180,781) | (291,344,802) |
| Net increase (decrease) | 1,082,652 | (2,909,485) | $15,856,135 | $(40,954,939) |
| Class Z6 | | | | |
| Shares sold | 58,249 | – | $893,250 | $– |
| Shares redeemed | (11) | – | (169) | – |
| Net increase (decrease) | 58,238 | – | $893,081 | $– |
| Advisor Freedom 2045 | | | | |
| Class A | | | | |
| Shares sold | 6,873,772 | 17,252,582 | $79,855,165 | $181,853,072 |
| Reinvestment of distributions | 735,929 | 2,462,232 | 8,389,594 | 24,750,233 |
| Shares redeemed | (9,408,765) | (22,305,034) | (109,315,181) | (235,715,209) |
| Net increase (decrease) | (1,799,064) | (2,590,220) | $(21,070,422) | $(29,111,904) |
| Class M | | | | |
| Shares sold | 2,844,000 | 6,628,910 | $32,793,225 | $69,214,923 |
| Reinvestment of distributions | 252,396 | 764,715 | 2,857,125 | 7,631,868 |
| Shares redeemed | (2,908,844) | (6,339,013) | (33,628,561) | (66,446,041) |
| Net increase (decrease) | 187,552 | 1,054,612 | $2,021,789 | $10,400,750 |
| Class B | | | | |
| Shares sold | – | – | $– | $– |
| Reinvestment of distributions | – | 4,003 | – | 39,186 |
| Shares redeemed | – | (129,611) | – | (1,280,562) |
| Net increase (decrease) | – | (125,608) | $– | $(1,241,376) |
| Class C | | | | |
| Shares sold | 295,463 | 583,548 | $3,368,727 | $6,073,526 |
| Reinvestment of distributions | 37,358 | 102,586 | 418,413 | 1,011,119 |
| Shares redeemed | (300,915) | (525,797) | (3,424,602) | (5,471,361) |
| Net increase (decrease) | 31,906 | 160,337 | $362,538 | $1,613,284 |
| Class I | | | | |
| Shares sold | 9,155,236 | 15,244,964 | $106,980,974 | $162,005,611 |
| Reinvestment of distributions | 602,398 | 1,939,715 | 6,903,478 | 19,643,941 |
| Shares redeemed | (7,425,975) | (18,032,871) | (86,928,475) | (191,509,176) |
| Net increase (decrease) | 2,331,659 | (848,192) | $26,955,977 | $(9,859,624) |
| Class Z6 | | | | |
| Shares sold | 55,570 | – | $660,918 | $– |
| Shares redeemed | (2) | – | (21) | – |
| Net increase (decrease) | 55,568 | – | $660,897 | $– |
| Advisor Freedom 2050 | | | | |
| Class A | | | | |
| Shares sold | 5,829,735 | 13,799,385 | $67,379,254 | $144,640,305 |
| Reinvestment of distributions | 501,280 | 1,662,896 | 5,689,532 | 16,634,412 |
| Shares redeemed | (7,079,295) | (15,826,474) | (81,839,322) | (166,323,863) |
| Net increase (decrease) | (748,280) | (364,193) | $(8,770,536) | $(5,049,146) |
| Class M | | | | |
| Shares sold | 2,410,814 | 5,371,614 | $27,757,252 | $55,898,271 |
| Reinvestment of distributions | 185,932 | 588,794 | 2,099,171 | 5,856,350 |
| Shares redeemed | (2,491,742) | (5,359,307) | (28,733,259) | (55,940,464) |
| Net increase (decrease) | 105,004 | 601,101 | $1,123,164 | $5,814,157 |
| Class B | | | | |
| Shares sold | – | 29 | $– | $284 |
| Reinvestment of distributions | – | 4,919 | – | 47,861 |
| Shares redeemed | – | (174,970) | – | (1,712,712) |
| Net increase (decrease) | – | (170,022) | $– | $(1,664,567) |
| Class C | | | | |
| Shares sold | 280,560 | 567,474 | $3,197,831 | $5,874,580 |
| Reinvestment of distributions | 35,614 | 103,905 | 398,525 | 1,020,402 |
| Shares redeemed | (231,317) | (548,371) | (2,631,081) | (5,674,279) |
| Net increase (decrease) | 84,857 | 123,008 | $965,275 | $1,220,703 |
| Class I | | | | |
| Shares sold | 7,805,936 | 14,138,033 | $90,784,115 | $149,514,359 |
| Reinvestment of distributions | 485,066 | 1,591,607 | 5,534,602 | 16,017,973 |
| Shares redeemed | (6,396,137) | (15,379,922) | (74,568,753) | (162,081,239) |
| Net increase (decrease) | 1,894,865 | 349,718 | $21,749,964 | $3,451,093 |
| Class Z6 | | | | |
| Shares sold | 95,235 | – | $1,128,859 | $– |
| Shares redeemed | (4,630) | – | (55,554) | – |
| Net increase (decrease) | 90,605 | – | $1,073,305 | $– |
| Advisor Freedom 2055 | | | | |
| Class A | | | | |
| Shares sold | 3,584,007 | 7,916,560 | $45,237,715 | $90,375,985 |
| Reinvestment of distributions | 148,594 | 523,156 | 1,841,074 | 5,707,929 |
| Shares redeemed | (2,587,102) | (6,295,906) | (32,703,456) | (72,106,749) |
| Net increase (decrease) | 1,145,499 | 2,143,810 | $14,375,333 | $23,977,165 |
| Class M | | | | |
| Shares sold | 1,281,837 | 2,732,217 | $16,104,448 | $31,007,914 |
| Reinvestment of distributions | 50,863 | 177,026 | 627,648 | 1,922,189 |
| Shares redeemed | (997,121) | (1,948,491) | (12,555,754) | (22,224,779) |
| Net increase (decrease) | 335,579 | 960,752 | $4,176,342 | $10,705,324 |
| Class C | | | | |
| Shares sold | 126,894 | 316,652 | $1,586,213 | $3,576,645 |
| Reinvestment of distributions | 7,427 | 21,848 | 91,423 | 236,075 |
| Shares redeemed | (71,235) | (151,022) | (891,497) | (1,727,417) |
| Net increase (decrease) | 63,086 | 187,478 | $786,139 | $2,085,303 |
| Class I | | | | |
| Shares sold | 4,314,796 | 8,513,386 | $54,705,290 | $97,753,864 |
| Reinvestment of distributions | 161,934 | 550,025 | 2,014,456 | 6,030,191 |
| Shares redeemed | (2,607,573) | (6,340,869) | (33,157,439) | (72,851,876) |
| Net increase (decrease) | 1,869,157 | 2,722,542 | $23,562,307 | $30,932,179 |
| Class Z6 | | | | |
| Shares sold | 76,821 | – | $992,824 | $– |
| Shares redeemed | (261) | – | (3,419) | – |
| Net increase (decrease) | 76,560 | – | $989,405 | $– |
| Advisor Freedom 2060 | | | | |
| Class A | | | | |
| Shares sold | 1,145,344 | 1,725,527 | $12,770,567 | $17,397,251 |
| Reinvestment of distributions | 17,221 | 40,951 | 188,740 | 397,839 |
| Shares redeemed | (345,804) | (990,604) | (3,855,852) | (9,965,288) |
| Net increase (decrease) | 816,761 | 775,874 | $9,103,455 | $7,829,802 |
| Class M | | | | |
| Shares sold | 400,116 | 493,796 | $4,466,292 | $5,040,285 |
| Reinvestment of distributions | 5,151 | 9,778 | 56,458 | 94,875 |
| Shares redeemed | (110,205) | (303,525) | (1,238,012) | (3,017,633) |
| Net increase (decrease) | 295,062 | 200,049 | $3,284,738 | $2,117,527 |
| Class C | | | | |
| Shares sold | 54,667 | 85,955 | $611,222 | $874,633 |
| Reinvestment of distributions | 1,029 | 2,528 | 11,316 | 24,346 |
| Shares redeemed | (25,046) | (110,184) | (282,238) | (1,080,968) |
| Net increase (decrease) | 30,650 | (21,701) | $340,300 | $(181,989) |
| Class I | | | | |
| Shares sold | 1,154,373 | 1,641,454 | $12,928,141 | $16,721,474 |
| Reinvestment of distributions | 18,015 | 31,488 | 197,987 | 308,545 |
| Shares redeemed | (366,727) | (596,496) | (4,129,006) | (6,056,581) |
| Net increase (decrease) | 805,661 | 1,076,446 | $8,997,122 | $10,973,438 |
| Class Z6 | | | | |
| Shares sold | 28,751 | – | $326,639 | $– |
| Shares redeemed | –(b) | – | (2) | – |
| Net increase (decrease) | 28,751 | – | $326,637 | $– |
(a) Amounts for Class Z6 are for the period June 6, 2017 (commencement of sale of shares) to September 30, 2017
(b) Amounts represents less than one share.
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 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 Growth Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Equity Value Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Growth & Income Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Growth Opportunities Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Opportunistic Insights Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Short-Term Credit Fund | 16% | 26% | 23% | –% | –% | –% |
| Fidelity Advisor Series Small Cap Fund | –% | 11% | 15% | 17% | 16% | 15% |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | –% | 11% | 15% | 17% | 16% | 15% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
| Fund | % of shares held |
| Fidelity Advisor Series Equity Growth Fund | 100% |
| Fidelity Advisor Series Equity Value Fund | 100% |
| Fidelity Advisor Series Growth & Income Fund | 100% |
| Fidelity Advisor Series Growth Opportunities Fund | 100% |
| Fidelity Advisor Series Opportunistic Insights Fund | 100% |
| Fidelity Advisor Series Short-Term Credit Fund | 100% |
| Fidelity Advisor Series Small Cap Fund | 100% |
| Fidelity Advisor Series Stock Selector Large Cap Value Fund | 100% |
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 Actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 to September 30, 2017) for Class A, Class M, Class C, and Class I and for the period (June 6, 2017 to September 30, 2017) for Class Z6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (April 1, 2017 to September 30, 2017).
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 | Ending
Account Value
September 30, 2017 | Expenses Paid
During Period |
| Advisor Freedom Income | | | | |
| Class A | .56% | | | |
| Actual | | $1,000.00 | $1,035.60 | $2.86-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.26 | $2.84-C,E |
| Class M | .81% | | | |
| Actual | | $1,000.00 | $1,034.40 | $4.13-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.01 | $4.10-C,E |
| Class C | 1.31% | | | |
| Actual | | $1,000.00 | $1,031.70 | $6.67-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.50 | $6.63-C,E |
| Class I | .31% | | | |
| Actual | | $1,000.00 | $1,036.70 | $1.58-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.51 | $1.57-C,E |
| Class Z6 | .37% | | | |
| Actual | | $1,000.00 | $1,016.90 | $1.20-B |
| Hypothetical-D | | $1,000.00 | $1,023.21 | $1.88-E |
| Advisor Freedom 2005 | | | | |
| Class A | .58% | | | |
| Actual | | $1,000.00 | $1,044.30 | $2.97-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.16 | $2.94-C,E |
| Class M | .83% | | | |
| Actual | | $1,000.00 | $1,042.80 | $4.25-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.91 | $4.20-C,E |
| Class C | 1.33% | | | |
| Actual | | $1,000.00 | $1,041.40 | $6.81-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.40 | $6.73-C,E |
| Class I | .33% | | | |
| Actual | | $1,000.00 | $1,045.60 | $1.69-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.41 | $1.67-C,E |
| Class Z6 | .38% | | | |
| Actual | | $1,000.00 | $1,020.80 | $1.23-B |
| Hypothetical-D | | $1,000.00 | $1,023.16 | $1.93-E |
| Advisor Freedom 2010 | | | | |
| Class A | .60% | | | |
| Actual | | $1,000.00 | $1,052.10 | $3.09-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.06 | $3.04-C,E |
| Class M | .85% | | | |
| Actual | | $1,000.00 | $1,050.80 | $4.37-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.81 | $4.31-C,E |
| Class C | 1.35% | | | |
| Actual | | $1,000.00 | $1,048.20 | $6.93-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.30 | $6.83-C,E |
| Class I | .35% | | | |
| Actual | | $1,000.00 | $1,053.40 | $1.80-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.31 | $1.78-C,E |
| Class Z6 | .40% | | | |
| Actual | | $1,000.00 | $1,024.80 | $1.30-B |
| Hypothetical-D | | $1,000.00 | $1,023.06 | $2.03-E |
| Advisor Freedom 2015 | | | | |
| Class A | .63% | | | |
| Actual | | $1,000.00 | $1,059.10 | $3.25-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.91 | $3.19-C,E |
| Class M | .88% | | | |
| Actual | | $1,000.00 | $1,057.70 | $4.54-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.66 | $4.46-C,E |
| Class C | 1.38% | | | |
| Actual | | $1,000.00 | $1,056.00 | $7.11-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.15 | $6.98-C,E |
| Class I | .38% | | | |
| Actual | | $1,000.00 | $1,060.90 | $1.96-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.16 | $1.93-C,E |
| Class Z6 | .42% | | | |
| Actual | | $1,000.00 | $1,028.40 | $1.37-B |
| Hypothetical-D | | $1,000.00 | $1,022.96 | $2.13-E |
| Advisor Freedom 2020 | | | | |
| Class A | .66% | | | |
| Actual | | $1,000.00 | $1,063.80 | $3.41-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.76 | $3.35-C,E |
| Class M | .91% | | | |
| Actual | | $1,000.00 | $1,063.30 | $4.71-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.51 | $4.61-C,E |
| Class C | 1.41% | | | |
| Actual | | $1,000.00 | $1,060.90 | $7.28-B,C |
| Hypothetical-D | | $1,000.00 | $1,018.00 | $7.13-C,E |
| Class I | .41% | | | |
| Actual | | $1,000.00 | $1,065.60 | $2.12-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.01 | $2.08-C,E |
| Class Z6 | .44% | | | |
| Actual | | $1,000.00 | $1,031.60 | $1.43-B |
| Hypothetical-D | | $1,000.00 | $1,022.86 | $2.23-E |
| Advisor Freedom 2025 | | | | |
| Class A | .69% | | | |
| Actual | | $1,000.00 | $1,068.20 | $3.58-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.61 | $3.50-C,E |
| Class M | .94% | | | |
| Actual | | $1,000.00 | $1,067.40 | $4.87-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.36 | $4.76-C,E |
| Class C | 1.44% | | | |
| Actual | | $1,000.00 | $1,064.80 | $7.45-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.85 | $7.28-C,E |
| Class I | .44% | | | |
| Actual | | $1,000.00 | $1,069.80 | $2.28-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.86 | $2.23-C,E |
| Class Z6 | .45% | | | |
| Actual | | $1,000.00 | $1,034.00 | $1.47-B |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-E |
| Advisor Freedom 2030 | | | | |
| Class A | .72% | | | |
| Actual | | $1,000.00 | $1,079.70 | $3.75-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.46 | $3.65-C,E |
| Class M | .97% | | | |
| Actual | | $1,000.00 | $1,078.80 | $5.05-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.21 | $4.91-C,E |
| Class C | 1.47% | | | |
| Actual | | $1,000.00 | $1,075.20 | $7.65-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.70 | $7.44-C,E |
| Class I | .47% | | | |
| Actual | | $1,000.00 | $1,080.60 | $2.45-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-C,E |
| Class Z6 | .47% | | | |
| Actual | | $1,000.00 | $1,039.20 | $1.54-B |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-E |
| Advisor Freedom 2035 | | | | |
| Class A | .75% | | | |
| Actual | | $1,000.00 | $1,087.60 | $3.92-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.31 | $3.80-C,E |
| Class M | 1.00% | | | |
| Actual | | $1,000.00 | $1,085.30 | $5.23-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.05 | $5.06-C,E |
| Class C | 1.50% | | | |
| Actual | | $1,000.00 | $1,082.70 | $7.83-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.55 | $7.59-C,E |
| Class I | .50% | | | |
| Actual | | $1,000.00 | $1,088.40 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,043.40 | $1.60-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2040 | | | | |
| Class A | .75% | | | |
| Actual | | $1,000.00 | $1,087.70 | $3.93-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.31 | $3.80-C,E |
| Class M | 1.00% | | | |
| Actual | | $1,000.00 | $1,086.20 | $5.23-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.05 | $5.06-C,E |
| Class C | 1.50% | | | |
| Actual | | $1,000.00 | $1,083.40 | $7.83-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.55 | $7.59-C,E |
| Class I | .50% | | | |
| Actual | | $1,000.00 | $1,089.30 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,043.90 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2045 | | | | |
| Class A | .75% | | | |
| Actual | | $1,000.00 | $1,088.40 | $3.93-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.31 | $3.80-C,E |
| Class M | 1.00% | | | |
| Actual | | $1,000.00 | $1,085.80 | $5.23-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.05 | $5.06-C,E |
| Class C | 1.50% | | | |
| Actual | | $1,000.00 | $1,083.90 | $7.84-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.55 | $7.59-C,E |
| Class I | .50% | | | |
| Actual | | $1,000.00 | $1,089.40 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,043.80 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2050 | | | | |
| Class A | .75% | | | |
| Actual | | $1,000.00 | $1,087.90 | $3.93-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.31 | $3.80-C,E |
| Class M | 1.00% | | | |
| Actual | | $1,000.00 | $1,086.80 | $5.23-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.05 | $5.06-C,E |
| Class C | 1.50% | | | |
| Actual | | $1,000.00 | $1,083.60 | $7.83-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.55 | $7.59-C,E |
| Class I | .50% | | | |
| Actual | | $1,000.00 | $1,088.90 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.00 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2055 | | | | |
| Class A | .76% | | | |
| Actual | | $1,000.00 | $1,088.10 | $3.98-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.26 | $3.85-C,E |
| Class M | 1.01% | | | |
| Actual | | $1,000.00 | $1,086.90 | $5.28-B,C |
| Hypothetical-D | | $1,000.00 | $1,020.00 | $5.11-C,E |
| Class C | 1.51% | | | |
| Actual | | $1,000.00 | $1,083.80 | $7.89-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.50 | $7.64-C,E |
| Class I | .51% | | | |
| Actual | | $1,000.00 | $1,089.20 | $2.67-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.30 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Advisor Freedom 2060 | | | | |
| Class A | .78% | | | |
| Actual | | $1,000.00 | $1,087.80 | $4.08-B,C |
| Hypothetical-D | | $1,000.00 | $1,021.16 | $3.95-C,E |
| Class M | 1.03% | | | |
| Actual | | $1,000.00 | $1,086.30 | $5.39-B,C |
| Hypothetical-D | | $1,000.00 | $1,019.85 | $5.22-C,E |
| Class C | 1.53% | | | |
| Actual | | $1,000.00 | $1,084.10 | $7.99-B,C |
| Hypothetical-D | | $1,000.00 | $1,017.40 | $7.74-C,E |
| Class I | .53% | | | |
| Actual | | $1,000.00 | $1,089.00 | $2.78-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.41 | $2.69-C,E |
| Class Z6 | .49% | | | |
| Actual | | $1,000.00 | $1,043.90 | $1.61-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period. Multiplied by 183/365 (to reflect the on-half year period) for Class A, Class M, Class C and Class I and multiplied by 117/365 (to reflect the period June 6, 2017 to September 30, 2017) for Class Z6. The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio
C If fees and changes to the class level expense contract and/ or expense cap, effective June 1, 2017, had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
D 5% return per year before expenses
E Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio
| | Annualized Expense Ratio-(a)
| Expenses Paid
|
| Advisor Freedom Income | | |
| Class A | .72% | |
| Actual | | $3.67 |
| Hypothetical-(b) | | $3.65 |
| Class M | .97% | |
| Actual | | $4.94 |
| Hypothetical-(b) | | $4.91 |
| Class C | 1.47% | |
| Actual | | $7.48 |
| Hypothetical-(b) | | $7.44 |
| Class I | .47% | |
| Actual | | $2.40 |
| Hypothetical-(b) | | $2.38 |
| Advisor Freedom 2005 | | |
| Class A | .74% | |
| Actual | | $3.79 |
| Hypothetical-(b) | | $3.75 |
| Class M | .99% | |
| Actual | | $5.07 |
| Hypothetical-(b) | | $5.01 |
| Class C | 1.49% | |
| Actual | | $7.62 |
| Hypothetical-(b) | | $7.54 |
| Class I | .49% | |
| Actual | | $2.51 |
| Hypothetical-(b) | | $2.48 |
| Advisor Freedom 2010 | | |
| Class A | .78% | |
| Actual | | $4.01 |
| Hypothetical-(b) | | $3.95 |
| Class M | 1.03% | |
| Actual | | $5.29 |
| Hypothetical-(b) | | $5.22 |
| Class C | 1.53% | |
| Actual | | $7.85 |
| Hypothetical-(b) | | $7.74 |
| Class I | .53% | |
| Actual | | $2.73 |
| Hypothetical-(b) | | $2.69 |
| Advisor Freedom 2015 | | |
| Class A | .83% | |
| Actual | | $4.28 |
| Hypothetical-(b) | | $4.20 |
| Class M | 1.08% | |
| Actual | | $5.57 |
| Hypothetical-(b) | | $5.47 |
| Class C | 1.58% | |
| Actual | | $8.14 |
| Hypothetical-(b) | | $7.99 |
| Class I | .58% | |
| Actual | | $3.00 |
| Hypothetical-(b) | | $2.94 |
| Advisor Freedom 2020 | | |
| Class A | .87% | |
| Actual | | $4.50 |
| Hypothetical-(b) | | $4.41 |
| Class M | 1.12% | |
| Actual | | $5.79 |
| Hypothetical-(b) | | $5.67 |
| Class C | 1.62% | |
| Actual | | $8.37 |
| Hypothetical-(b) | | $8.19 |
| Class I | .62% | |
| Actual | | $3.21 |
| Hypothetical-(b) | | $3.14 |
| Advisor Freedom 2025 | | |
| Class A | .91% | |
| Actual | | $4.72 |
| Hypothetical-(b) | | $4.61 |
| Class M | 1.16% | |
| Actual | | $6.01 |
| Hypothetical-(b) | | $5.87 |
| Class C | 1.66% | |
| Actual | | $8.59 |
| Hypothetical-(b) | | $8.39 |
| Class I | .66% | |
| Actual | | $3.42 |
| Hypothetical-(b) | | $3.35 |
| Advisor Freedom 2030 | | |
| Class A | .95% | |
| Actual | | $4.95 |
| Hypothetical-(b) | | $4.81 |
| Class M | 1.20% | |
| Actual | | $6.25 |
| Hypothetical-(b) | | $6.07 |
| Class C | 1.70% | |
| Actual | | $8.84 |
| Hypothetical-(b) | | $8.59 |
| Class I | .70% | |
| Actual | | $3.65 |
| Hypothetical-(b) | | $3.55 |
| Advisor Freedom 2035 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.53 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.13 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.92 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2040 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.53 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.13 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2045 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.53 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.14 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2050 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.54 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.14 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.92 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2055 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.54 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.14 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Advisor Freedom 2060 | | |
| Class A | 1.00% | |
| Actual | | $5.23 |
| Hypothetical-(b) | | $5.06 |
| Class M | 1.25% | |
| Actual | | $6.53 |
| Hypothetical-(b) | | $6.33 |
| Class C | 1.75% | |
| Actual | | $9.14 |
| Hypothetical-(b) | | $8.85 |
| Class I | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Freedom Funds
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the administration agreement between FMRC and FMR for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts and administration agreements throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract and administration agreement, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts and administration agreements. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2017 meeting, the Board unanimously determined to renew each fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered that the Advisory Contract currently in place for each Freedom fund had become effective on June 1, 2017 after receiving shareholder approval and had implemented a new fee structure whereby each Freedom fund pays an all-inclusive management fee that varies by class and the underlying Fidelity funds in which the Freedom fund invests no longer pay expenses, with certain limited exceptions.
In considering whether to renew the Advisory Contract and administration agreement for each fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMRC, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering administration, transfer agency, and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with representatives of the investment adviser about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses, if any) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods (for the most recent one-year period for Advisor Freedom 2060 Fund).
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board noted that each fund's current Advisory Contract, which imposes a class-level management fee that covers most expenses of the top-level fund and underlying funds, rather than just management services, went into effect on June 1, 2017, after receiving shareholder approval. The Board noted that the new pricing structure will reduce the overall expenses that shareholders pay and provide for less fluctuation in fund expenses. As a result, the Board did not consider competitive management fee comparisons for prior years, when the fund did not pay a top-level management fee.
The Board instead compared each fund's current class-level management fee rate (calculated using Schedule A of the Advisory Contract with 2017 as a base year to derive the "Years to Retirement") relative to the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that each fund's current class-level management fee rate ranks above the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that the majority of peer funds do not have top-level management fees, similar to the funds' fee structure prior to June 1, 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered the fund's current class-level management fee rate under the current Advisory Contract. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board considered the current total expense ratio of each class of each fund compared to the median total expenses for competitor funds (including expenses of underlying funds) based on competitive data for 2016. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that each fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes of each fund vary primarily by the level of their 12b-1 fees.
The Board noted that the current total expense ratio of Class A of 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, and Fidelity Advisor Freedom Income Fund (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio of Class A of each other fund (including expenses of the underlying funds in which each fund invests) ranks equal to the median.
The Board noted that the current total expense ratio of Class M (formerly Class T) of each fund (including expenses of the underlying funds in which each fund invests) ranks above the median total expenses for competitor funds based on the competitive data for 2016. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the current total expense ratio of Class M is above the competitive median primarily because of higher 12b-1 fees on Class M as compared to most competitor funds. Class M has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class M is primarily sold load-waived in the retirement plan market where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans. The Board noted that, when compared with institutional load funds with a 0.50% 12b-1 fee, the total expense ratio of Class M of certain funds is below median and the total expense ratio of Class M of the remaining funds is above median due to small class size.
The Board noted that the current total expense ratio of Class C of Fidelity Advisor Freedom Income Fund (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio of Class C of each other fund (including expenses of the underlying funds in which each fund invests) ranks above the median. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the current total expense ratio of Class C is above the competitive median primarily because of its 1.00% 12b-1 fee. The Board noted that, when compared with competitor funds that charge a 1.00% 12b-1 fee, the total expense ratio of Class C of certain funds is below median and the total expense ratio of Class C of the remaining funds is above the median due to small class size.
The Board noted that the current total expense ratio of Class I of 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, and Fidelity Advisor Freedom Income Fund (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio of Class I of each other fund (including expenses of the underlying funds in which each fund invests) ranks above the median. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that, for each fund for which the current total expense ratio of Class I is above the competitive median, the class is above the competitive median because a number of competitor target date funds that Lipper previously categorized as passive were moved to the active target date mapped group in 2016, even though their underlying holdings are primarily passive. The Board considered that, when the Total Mapped Group is adjusted to remove funds that invest in passive products, the current total expense ratio of Class I of each such fund (had it been in effect for 2016) ranks equal to the competitive median.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although some classes were above the median of the universe presented for comparison, the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which the funds invest.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.
Because the funds only recently began paying management fees, the Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund prior to the change in fee arrangements were not a material factor in its approval of the continuance of each fund's current Advisory Contract. In connection with its future renewal of each fund's Advisory Contract, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to each fund's current contractual arrangements its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contract should be renewed.
AFFZ6-SANN-1117
1.9885871.100
Fidelity Flex℠ Freedom Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Semi-Annual Report September 30, 2017 |
|
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.
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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. © 2017 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.institutional.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 Flex℠ Freedom Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Investment Grade Bond Fund | 37.3 |
| Fidelity Series Government Money Market Fund 1.09% | 20.9 |
| Fidelity Series Short-Term Credit Fund | 6.8 |
| Fidelity Series Emerging Markets Fund | 3.9 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.7 |
| Fidelity Series International Value Fund | 2.8 |
| Fidelity Series International Growth Fund | 2.8 |
| Fidelity Series Intrinsic Opportunities Fund | 2.3 |
| Fidelity Series Growth & Income Fund | 2.1 |
| Fidelity Series Commodity Strategy Fund | 2.0 |
| | 84.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 16.0% |
| | International Equity Funds | 10.5% |
| | Bond Funds | 45.8% |
| | Short-Term Funds | 27.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom Income Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 16.0% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 29 | $486 |
| Fidelity Series 1000 Value Index Fund (a) | | 47 | 590 |
| Fidelity Series All-Sector Equity Fund (a) | | 68 | 913 |
| Fidelity Series Blue Chip Growth Fund (a) | | 71 | 935 |
| Fidelity Series Commodity Strategy Fund (a) | | 387 | 2,022 |
| Fidelity Series Growth & Income Fund (a) | | 141 | 2,140 |
| Fidelity Series Growth Company Fund (a) | | 109 | 1,865 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 135 | 2,316 |
| Fidelity Series Opportunistic Insights Fund (a) | | 57 | 1,030 |
| Fidelity Series Real Estate Equity Fund (a) | | 14 | 184 |
| Fidelity Series Small Cap Discovery Fund (a) | | 23 | 274 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 61 | 847 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 120 | 1,594 |
| Fidelity Series Value Discovery Fund (a) | | 83 | 1,109 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $15,938) | | | 16,305 |
|
| International Equity Funds - 10.5% | | | |
| Fidelity Series Canada Fund (a) | | 27 | 288 |
| Fidelity Series Emerging Markets Fund (a) | | 192 | 3,958 |
| Fidelity Series International Growth Fund (a) | | 179 | 2,843 |
| Fidelity Series International Small Cap Fund (a) | | 38 | 686 |
| Fidelity Series International Value Fund (a) | | 267 | 2,871 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $10,101) | | | 10,646 |
|
| Bond Funds - 45.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 75 | 780 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 157 | 1,534 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 384 | 3,798 |
| Fidelity Series International Credit Fund (a) | | 4 | 37 |
| Fidelity Series Investment Grade Bond Fund (a) | | 3,356 | 37,955 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 211 | 1,856 |
| Fidelity Series Real Estate Income Fund (a) | | 43 | 477 |
| TOTAL BOND FUNDS | | | |
| (Cost $46,587) | | | 46,680 |
|
| Short-Term Funds - 27.7% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 21,323 | 21,323 |
| Fidelity Series Short-Term Credit Fund (a) | | 692 | 6,909 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $28,232) | | | 28,232 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $100,858) | | | 101,863 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $101,863 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $520 | $54 | $-- | $-- | $20 | $486 |
| Fidelity Series 1000 Value Index Fund | -- | 620 | 53 | -- | -- | 23 | 590 |
| Fidelity Series All-Sector Equity Fund | -- | 970 | 87 | -- | -- | 30 | 913 |
| Fidelity Series Blue Chip Growth Fund | -- | 1,082 | 99 | 2 | (2) | (46) | 935 |
| Fidelity Series Canada Fund | -- | 279 | -- | -- | -- | 9 | 288 |
| Fidelity Series Commodity Strategy Fund | -- | 2,003 | 35 | 3 | 1 | 53 | 2,022 |
| Fidelity Series Emerging Markets Debt Fund | -- | 775 | -- | 15 | -- | 5 | 780 |
| Fidelity Series Emerging Markets Fund | -- | 4,650 | 1,060 | -- | 82 | 286 | 3,958 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 21,323 | -- | 68 | -- | -- | 21,323 |
| Fidelity Series Growth & Income Fund | -- | 2,290 | 194 | 7 | -- | 44 | 2,140 |
| Fidelity Series Growth Company Fund | -- | 2,000 | 228 | -- | (2) | 95 | 1,865 |
| Fidelity Series High Income Fund | -- | 1,537 | 9 | 27 | -- | 6 | 1,534 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 3,802 | -- | 2 | -- | (4) | 3,798 |
| Fidelity Series International Credit Fund | -- | 37 | -- | -- | -- | -- | 37 |
| Fidelity Series International Growth Fund | -- | 2,932 | 180 | -- | 2 | 89 | 2,843 |
| Fidelity Series International Small Cap Fund | -- | 660 | 5 | -- | -- | 31 | 686 |
| Fidelity Series International Value Fund | -- | 2,890 | 151 | -- | 4 | 128 | 2,871 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 2,280 | -- | 16 | -- | 36 | 2,316 |
| Fidelity Series Investment Grade Bond Fund | -- | 37,955 | 100 | 302 | -- | 100 | 37,955 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,865 | -- | 8 | -- | (9) | 1,856 |
| Fidelity Series Opportunistic Insights Fund | -- | 1,100 | 110 | -- | (2) | 42 | 1,030 |
| Fidelity Series Real Estate Equity Fund | -- | 206 | 19 | 1 | -- | (3) | 184 |
| Fidelity Series Real Estate Income Fund | -- | 490 | 13 | 6 | -- | -- | 477 |
| Fidelity Series Short-Term Credit Fund | -- | 6,909 | -- | 39 | -- | -- | 6,909 |
| Fidelity Series Small Cap Discovery Fund | -- | 291 | 24 | 1 | -- | 7 | 274 |
| Fidelity Series Small Cap Opportunities Fund | -- | 940 | 74 | 2 | -- | (19) | 847 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 1,670 | 142 | -- | 1 | 65 | 1,594 |
| Fidelity Series Value Discovery Fund | -- | 2,171 | 1,088 | 11 | 8 | 18 | 1,109 |
| Total | $-- | $104,491 | $3,725 | $514 | $92 | $1,005 | $101,863 |
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 Flex℠ Freedom Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $100,858) — See accompanying schedule | | $101,863 |
| Total assets | | 101,863 |
| Net Assets | | $101,863 |
| Net Assets consist of: | | |
| Paid in capital | | $100,330 |
| Undistributed net investment income | | 184 |
| Accumulated undistributed net realized gain (loss) on investments | | 344 |
| Net unrealized appreciation (depreciation) on investments | | 1,005 |
| Net Assets, for 10,033 shares outstanding | | $101,863 |
| Net Asset Value, offering price and redemption price per share ($101,863 ÷ 10,033 shares) | | $10.15 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $514 |
| Net investment income (loss) | | 514 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $92 | |
| Capital gain distributions from underlying funds | 252 | |
| Total net realized gain (loss) | | 344 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 1,005 |
| Net gain (loss) | | 1,349 |
| Net increase (decrease) in net assets resulting from operations | | $1,863 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $514 |
| Net realized gain (loss) | 344 |
| Change in net unrealized appreciation (depreciation) | 1,005 |
| Net increase (decrease) in net assets resulting from operations | 1,863 |
| Distributions to shareholders from net investment income | (330) |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Reinvestment of distributions | 330 |
| Net increase (decrease) in net assets resulting from share transactions | 100,330 |
| Total increase (decrease) in net assets | 101,863 |
| Net Assets | |
| Beginning of period | – |
| End of period | $101,863 |
| Other Information | |
| Undistributed net investment income end of period | $184 |
| Shares | |
| Sold | 10,000 |
| Issued in reinvestment of distributions | 33 |
| Net increase (decrease) | 10,033 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom Income Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .13 |
| Total from investment operations | .18 |
| Distributions from net investment income | (.03) |
| Total distributions | (.03) |
| Net asset value, end of period | $10.15 |
| Total ReturnC | 1.83% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | 1.62%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $102 |
| Portfolio turnover rateD | 4%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Investment Grade Bond Fund | 33.6 |
| Fidelity Series Government Money Market Fund 1.09% | 16.2 |
| Fidelity Series Short-Term Credit Fund | 5.1 |
| Fidelity Series Emerging Markets Fund | 4.8 |
| Fidelity Series International Value Fund | 3.8 |
| Fidelity Series International Growth Fund | 3.8 |
| Fidelity Series Intrinsic Opportunities Fund | 3.3 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.3 |
| Fidelity Series Growth & Income Fund | 3.2 |
| Fidelity Series Growth Company Fund | 2.8 |
| | 79.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 23.2% |
| | International Equity Funds | 13.7% |
| | Bond Funds | 41.8% |
| | Short-Term Funds | 21.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2005 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 23.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 45 | $747 |
| Fidelity Series 1000 Value Index Fund (a) | | 72 | 906 |
| Fidelity Series All-Sector Equity Fund (a) | | 104 | 1,397 |
| Fidelity Series Blue Chip Growth Fund (a) | | 108 | 1,430 |
| Fidelity Series Commodity Strategy Fund (a) | | 387 | 2,026 |
| Fidelity Series Growth & Income Fund (a) | | 215 | 3,274 |
| Fidelity Series Growth Company Fund (a) | | 166 | 2,853 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 199 | 3,412 |
| Fidelity Series Opportunistic Insights Fund (a) | | 86 | 1,576 |
| Fidelity Series Real Estate Equity Fund (a) | | 22 | 283 |
| Fidelity Series Small Cap Discovery Fund (a) | | 35 | 420 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 93 | 1,296 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 184 | 2,450 |
| Fidelity Series Value Discovery Fund (a) | | 126 | 1,697 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $23,236) | | | 23,767 |
|
| International Equity Funds - 13.7% | | | |
| Fidelity Series Canada Fund (a) | | 37 | 392 |
| Fidelity Series Emerging Markets Fund (a) | | 237 | 4,877 |
| Fidelity Series International Growth Fund (a) | | 245 | 3,898 |
| Fidelity Series International Small Cap Fund (a) | | 52 | 938 |
| Fidelity Series International Value Fund (a) | | 363 | 3,911 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $13,312) | | | 14,016 |
|
| Bond Funds - 41.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 74 | 769 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 158 | 1,537 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 339 | 3,352 |
| Fidelity Series International Credit Fund (a) | | 5 | 51 |
| Fidelity Series Investment Grade Bond Fund (a) | | 3,036 | 34,339 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 221 | 1,938 |
| Fidelity Series Real Estate Income Fund (a) | | 44 | 490 |
| TOTAL BOND FUNDS | | | |
| (Cost $42,632) | | | 42,719 |
|
| Short-Term Funds - 21.3% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 16,579 | 16,579 |
| Fidelity Series Short-Term Credit Fund (a) | | 521 | 5,209 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $21,788) | | | 21,788 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $100,968) | | | 102,290 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $102,290 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $780 | $63 | $-- | $-- | $30 | $747 |
| Fidelity Series 1000 Value Index Fund | -- | 940 | 69 | -- | -- | 35 | 906 |
| Fidelity Series All-Sector Equity Fund | -- | 1,450 | 100 | -- | -- | 47 | 1,397 |
| Fidelity Series Blue Chip Growth Fund | -- | 1,634 | 131 | 3 | (1) | (72) | 1,430 |
| Fidelity Series Canada Fund | -- | 379 | -- | -- | -- | 13 | 392 |
| Fidelity Series Commodity Strategy Fund | -- | 2,002 | 29 | 3 | -- | 53 | 2,026 |
| Fidelity Series Emerging Markets Debt Fund | -- | 765 | -- | 15 | -- | 4 | 769 |
| Fidelity Series Emerging Markets Fund | -- | 5,630 | 1,197 | -- | 91 | 353 | 4,877 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 16,579 | -- | 52 | -- | -- | 16,579 |
| Fidelity Series Growth & Income Fund | -- | 3,412 | 205 | 11 | -- | 67 | 3,274 |
| Fidelity Series Growth Company Fund | -- | 2,999 | 288 | -- | (3) | 145 | 2,853 |
| Fidelity Series High Income Fund | -- | 1,537 | 6 | 27 | -- | 6 | 1,537 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 3,355 | -- | 2 | -- | (3) | 3,352 |
| Fidelity Series International Credit Fund | -- | 51 | -- | -- | -- | -- | 51 |
| Fidelity Series International Growth Fund | -- | 4,029 | 260 | -- | 6 | 123 | 3,898 |
| Fidelity Series International Small Cap Fund | -- | 920 | 25 | -- | -- | 43 | 938 |
| Fidelity Series International Value Fund | -- | 3,990 | 255 | -- | 2 | 174 | 3,911 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 3,430 | 72 | 24 | 1 | 53 | 3,412 |
| Fidelity Series Investment Grade Bond Fund | -- | 34,249 | -- | 272 | -- | 90 | 34,339 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,947 | -- | 8 | -- | (9) | 1,938 |
| Fidelity Series Opportunistic Insights Fund | -- | 1,650 | 137 | -- | (1) | 64 | 1,576 |
| Fidelity Series Real Estate Equity Fund | -- | 311 | 24 | 2 | -- | (4) | 283 |
| Fidelity Series Real Estate Income Fund | -- | 490 | -- | 7 | -- | -- | 490 |
| Fidelity Series Short-Term Credit Fund | -- | 5,209 | -- | 28 | -- | -- | 5,209 |
| Fidelity Series Small Cap Discovery Fund | -- | 442 | 33 | 2 | -- | 11 | 420 |
| Fidelity Series Small Cap Opportunities Fund | -- | 1,412 | 88 | 3 | -- | (28) | 1,296 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 2,520 | 171 | -- | 1 | 100 | 2,450 |
| Fidelity Series Value Discovery Fund | -- | 3,258 | 1,601 | 16 | 12 | 28 | 1,697 |
| Total | $-- | $105,614 | $4,754 | $479 | $108 | $1,322 | $102,290 |
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 Flex℠ Freedom 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $100,968) — See accompanying schedule | | $102,290 |
| Total assets | | 102,290 |
| Net Assets | | $102,290 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 479 |
| Accumulated undistributed net realized gain (loss) on investments | | 489 |
| Net unrealized appreciation (depreciation) on investments | | 1,322 |
| Net Assets, for 10,000 shares outstanding | | $102,290 |
| Net Asset Value, offering price and redemption price per share ($102,290 ÷ 10,000 shares) | | $10.23 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $479 |
| Net investment income (loss) | | 479 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $108 | |
| Capital gain distributions from underlying funds | 381 | |
| Total net realized gain (loss) | | 489 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 1,322 |
| Net gain (loss) | | 1,811 |
| Net increase (decrease) in net assets resulting from operations | | $2,290 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $479 |
| Net realized gain (loss) | 489 |
| Change in net unrealized appreciation (depreciation) | 1,322 |
| Net increase (decrease) in net assets resulting from operations | 2,290 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 102,290 |
| Net Assets | |
| Beginning of period | – |
| End of period | $102,290 |
| Other Information | |
| Undistributed net investment income end of period | $479 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2005 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .18 |
| Total from investment operations | .23 |
| Net asset value, end of period | $10.23 |
| Total ReturnC | 2.30% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | 1.51%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $102 |
| Portfolio turnover rateD | 5%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Investment Grade Bond Fund | 30.1 |
| Fidelity Series Government Money Market Fund 1.09% | 12.5 |
| Fidelity Series Emerging Markets Fund | 5.7 |
| Fidelity Series International Value Fund | 4.8 |
| Fidelity Series International Growth Fund | 4.6 |
| Fidelity Series Intrinsic Opportunities Fund | 4.2 |
| Fidelity Series Growth & Income Fund | 4.2 |
| Fidelity Series Short-Term Credit Fund | 3.9 |
| Fidelity Series Growth Company Fund | 3.6 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.1 |
| | 76.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 29.4% |
| | International Equity Funds | 16.6% |
| | Bond Funds | 37.6% |
| | Short-Term Funds | 16.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2010 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 29.4% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 58 | $967 |
| Fidelity Series 1000 Value Index Fund (a) | | 93 | 1,173 |
| Fidelity Series All-Sector Equity Fund (a) | | 136 | 1,815 |
| Fidelity Series Blue Chip Growth Fund (a) | | 140 | 1,857 |
| Fidelity Series Commodity Strategy Fund (a) | | 388 | 2,030 |
| Fidelity Series Growth & Income Fund (a) | | 280 | 4,255 |
| Fidelity Series Growth Company Fund (a) | | 216 | 3,706 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 253 | 4,349 |
| Fidelity Series Opportunistic Insights Fund (a) | | 112 | 2,047 |
| Fidelity Series Real Estate Equity Fund (a) | | 28 | 366 |
| Fidelity Series Small Cap Discovery Fund (a) | | 45 | 545 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 120 | 1,683 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 238 | 3,166 |
| Fidelity Series Value Discovery Fund (a) | | 164 | 2,205 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $29,496) | | | 30,164 |
|
| International Equity Funds - 16.6% | | | |
| Fidelity Series Canada Fund (a) | | 35 | 375 |
| Fidelity Series Emerging Markets Fund (a) | | 283 | 5,821 |
| Fidelity Series International Growth Fund (a) | | 298 | 4,738 |
| Fidelity Series International Small Cap Fund (a) | | 64 | 1,154 |
| Fidelity Series International Value Fund (a) | | 462 | 4,977 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $16,206) | | | 17,065 |
|
| Bond Funds - 37.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 73 | 759 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 158 | 1,540 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 271 | 2,681 |
| Fidelity Series International Credit Fund (a) | | 5 | 51 |
| Fidelity Series Investment Grade Bond Fund (a) | | 2,735 | 30,933 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 222 | 1,951 |
| Fidelity Series Real Estate Income Fund (a) | | 43 | 479 |
| TOTAL BOND FUNDS | | | |
| (Cost $38,558) | | | 38,637 |
|
| Short-Term Funds - 16.4% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 12,829 | 12,829 |
| Fidelity Series Short-Term Credit Fund (a) | | 397 | 3,962 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $16,791) | | | 16,791 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,051) | | | 102,657 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $102,657 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $990 | $63 | $-- | $-- | $40 | $967 |
| Fidelity Series 1000 Value Index Fund | -- | 1,200 | 72 | -- | -- | 45 | 1,173 |
| Fidelity Series All-Sector Equity Fund | -- | 1,860 | 106 | -- | -- | 61 | 1,815 |
| Fidelity Series Blue Chip Growth Fund | -- | 2,094 | 143 | 3 | (2) | (92) | 1,857 |
| Fidelity Series Canada Fund | -- | 360 | -- | -- | -- | 15 | 375 |
| Fidelity Series Commodity Strategy Fund | -- | 2,001 | 24 | 3 | 1 | 52 | 2,030 |
| Fidelity Series Emerging Markets Debt Fund | -- | 755 | -- | 15 | -- | 4 | 759 |
| Fidelity Series Emerging Markets Fund | -- | 6,540 | 1,232 | -- | 93 | 420 | 5,821 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 12,829 | -- | 42 | -- | -- | 12,829 |
| Fidelity Series Growth & Income Fund | -- | 4,318 | 150 | 14 | -- | 87 | 4,255 |
| Fidelity Series Growth Company Fund | -- | 3,850 | 328 | -- | (4) | 188 | 3,706 |
| Fidelity Series High Income Fund | -- | 1,537 | 3 | 28 | -- | 6 | 1,540 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 2,683 | -- | 1 | -- | (2) | 2,681 |
| Fidelity Series International Credit Fund | -- | 51 | -- | -- | -- | -- | 51 |
| Fidelity Series International Growth Fund | -- | 4,950 | 364 | -- | 3 | 149 | 4,738 |
| Fidelity Series International Small Cap Fund | -- | 1,140 | 39 | -- | 1 | 52 | 1,154 |
| Fidelity Series International Value Fund | -- | 4,890 | 138 | -- | 3 | 222 | 4,977 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 4,310 | 29 | 31 | -- | 68 | 4,349 |
| Fidelity Series Investment Grade Bond Fund | -- | 30,870 | 16 | 246 | -- | 79 | 30,933 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,960 | -- | 8 | -- | (9) | 1,951 |
| Fidelity Series Opportunistic Insights Fund | -- | 2,110 | 145 | -- | (1) | 83 | 2,047 |
| Fidelity Series Real Estate Equity Fund | -- | 393 | 22 | 1 | -- | (5) | 366 |
| Fidelity Series Real Estate Income Fund | -- | 490 | 11 | 6 | -- | -- | 479 |
| Fidelity Series Short-Term Credit Fund | -- | 3,962 | -- | 22 | -- | -- | 3,962 |
| Fidelity Series Small Cap Discovery Fund | -- | 562 | 32 | 2 | -- | 15 | 545 |
| Fidelity Series Small Cap Opportunities Fund | -- | 1,799 | 79 | 3 | (1) | (36) | 1,683 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 3,220 | 184 | -- | 1 | 129 | 3,166 |
| Fidelity Series Value Discovery Fund | -- | 4,171 | 2,018 | 21 | 16 | 36 | 2,205 |
| Total | $-- | $106,139 | $5,198 | $450 | $110 | $1,606 | $102,657 |
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 Flex℠ Freedom 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,051) — See accompanying schedule | | $102,657 |
| Total assets | | 102,657 |
| Net Assets | | $102,657 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 450 |
| Accumulated undistributed net realized gain (loss) on investments | | 601 |
| Net unrealized appreciation (depreciation) on investments | | 1,606 |
| Net Assets, for 10,000 shares outstanding | | $102,657 |
| Net Asset Value, offering price and redemption price per share ($102,657 ÷ 10,000 shares) | | $10.27 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $450 |
| Net investment income (loss) | | 450 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $110 | |
| Capital gain distributions from underlying funds | 491 | |
| Total net realized gain (loss) | | 601 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 1,606 |
| Net gain (loss) | | 2,207 |
| Net increase (decrease) in net assets resulting from operations | | $2,657 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $450 |
| Net realized gain (loss) | 601 |
| Change in net unrealized appreciation (depreciation) | 1,606 |
| Net increase (decrease) in net assets resulting from operations | 2,657 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 102,657 |
| Net Assets | |
| Beginning of period | – |
| End of period | $102,657 |
| Other Information | |
| Undistributed net investment income end of period | $450 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2010 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .22 |
| Total from investment operations | .27 |
| Net asset value, end of period | $10.27 |
| Total ReturnC | 2.70% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | 1.42%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $103 |
| Portfolio turnover rateD | 5%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Investment Grade Bond Fund | 26.5 |
| Fidelity Series Government Money Market Fund 1.09% | 9.1 |
| Fidelity Series Emerging Markets Fund | 6.3 |
| Fidelity Series International Value Fund | 5.6 |
| Fidelity Series International Growth Fund | 5.5 |
| Fidelity Series Intrinsic Opportunities Fund | 5.1 |
| Fidelity Series Growth & Income Fund | 5.1 |
| Fidelity Series Growth Company Fund | 4.4 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.8 |
| Fidelity Series Short-Term Credit Fund | 2.7 |
| | 74.1 |
Asset Allocation (% of fund's investments)
| Period end |
| | Domestic Equity Funds | 35.7% |
| | International Equity Funds | 19.3% |
| | Bond Funds | 33.2% |
| | Short-Term Funds | 11.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2015 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 35.7% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 72 | $1,199 |
| Fidelity Series 1000 Value Index Fund (a) | | 115 | 1,445 |
| Fidelity Series All-Sector Equity Fund (a) | | 168 | 2,242 |
| Fidelity Series Blue Chip Growth Fund (a) | | 173 | 2,294 |
| Fidelity Series Commodity Strategy Fund (a) | | 393 | 2,053 |
| Fidelity Series Growth & Income Fund (a) | | 346 | 5,257 |
| Fidelity Series Growth Company Fund (a) | | 267 | 4,578 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 308 | 5,300 |
| Fidelity Series Opportunistic Insights Fund (a) | | 139 | 2,528 |
| Fidelity Series Real Estate Equity Fund (a) | | 35 | 452 |
| Fidelity Series Small Cap Discovery Fund (a) | | 56 | 674 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 149 | 2,079 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 294 | 3,912 |
| Fidelity Series Value Discovery Fund (a) | | 203 | 2,725 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $35,924) | | | 36,738 |
|
| International Equity Funds - 19.3% | | | |
| Fidelity Series Canada Fund (a) | | 54 | 576 |
| Fidelity Series Emerging Markets Fund (a) | | 318 | 6,543 |
| Fidelity Series International Growth Fund (a) | | 360 | 5,714 |
| Fidelity Series International Small Cap Fund (a) | | 77 | 1,376 |
| Fidelity Series International Value Fund (a) | | 532 | 5,735 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $18,953) | | | 19,944 |
|
| Bond Funds - 33.2% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 71 | 739 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 157 | 1,533 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 190 | 1,877 |
| Fidelity Series International Credit Fund (a) | | 5 | 51 |
| Fidelity Series Investment Grade Bond Fund (a) | | 2,415 | 27,314 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 221 | 1,947 |
| Fidelity Series Real Estate Income Fund (a) | | 43 | 480 |
| TOTAL BOND FUNDS | | | |
| (Cost $34,115) | | | 34,184 |
|
| Short-Term Funds - 11.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 9,319 | 9,319 |
| Fidelity Series Short-Term Credit Fund (a) | | 283 | 2,826 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $12,145) | | | 12,145 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,137) | | | 103,011 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $103,011 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $1,210 | $60 | $-- | $-- | $49 | $1,199 |
| Fidelity Series 1000 Value Index Fund | -- | 1,460 | 71 | -- | 1 | 55 | 1,445 |
| Fidelity Series All-Sector Equity Fund | -- | 2,270 | 103 | -- | -- | 75 | 2,242 |
| Fidelity Series Blue Chip Growth Fund | -- | 2,561 | 151 | 5 | (2) | (114) | 2,294 |
| Fidelity Series Canada Fund | -- | 555 | -- | -- | -- | 21 | 576 |
| Fidelity Series Commodity Strategy Fund | -- | 2,000 | -- | 3 | -- | 53 | 2,053 |
| Fidelity Series Emerging Markets Debt Fund | -- | 734 | -- | 14 | -- | 5 | 739 |
| Fidelity Series Emerging Markets Fund | -- | 7,200 | 1,222 | -- | 92 | 473 | 6,543 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 9,319 | -- | 29 | -- | -- | 9,319 |
| Fidelity Series Growth & Income Fund | -- | 5,260 | 110 | 18 | -- | 107 | 5,257 |
| Fidelity Series Growth Company Fund | -- | 4,700 | 350 | -- | (4) | 232 | 4,578 |
| Fidelity Series High Income Fund | -- | 1,527 | -- | 27 | -- | 6 | 1,533 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 1,879 | -- | 1 | -- | (2) | 1,877 |
| Fidelity Series International Credit Fund | -- | 51 | -- | -- | -- | -- | 51 |
| Fidelity Series International Growth Fund | -- | 5,900 | 370 | -- | 4 | 180 | 5,714 |
| Fidelity Series International Small Cap Fund | -- | 1,370 | 57 | -- | 1 | 62 | 1,376 |
| Fidelity Series International Value Fund | -- | 5,827 | 350 | -- | 2 | 256 | 5,735 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 5,297 | 81 | 38 | -- | 84 | 5,300 |
| Fidelity Series Investment Grade Bond Fund | -- | 27,245 | -- | 215 | -- | 69 | 27,314 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,956 | -- | 8 | -- | (9) | 1,947 |
| Fidelity Series Opportunistic Insights Fund | -- | 2,580 | 153 | -- | (1) | 102 | 2,528 |
| Fidelity Series Real Estate Equity Fund | -- | 476 | 18 | 2 | -- | (6) | 452 |
| Fidelity Series Real Estate Income Fund | -- | 480 | -- | 6 | -- | -- | 480 |
| Fidelity Series Short-Term Credit Fund | -- | 2,826 | -- | 16 | -- | -- | 2,826 |
| Fidelity Series Small Cap Discovery Fund | -- | 693 | 37 | 3 | -- | 18 | 674 |
| Fidelity Series Small Cap Opportunities Fund | -- | 2,167 | 42 | 4 | -- | (46) | 2,079 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 3,909 | 157 | -- | 1 | 159 | 3,912 |
| Fidelity Series Value Discovery Fund | -- | 5,168 | 2,508 | 26 | 19 | 46 | 2,725 |
| Total | $-- | $106,864 | $5,840 | $419 | $113 | $1,874 | $103,011 |
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 Flex℠ Freedom 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,137) — See accompanying schedule | | $103,011 |
| Total assets | | 103,011 |
| Net Assets | | $103,011 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 419 |
| Accumulated undistributed net realized gain (loss) on investments | | 718 |
| Net unrealized appreciation (depreciation) on investments | | 1,874 |
| Net Assets, for 10,000 shares outstanding | | $103,011 |
| Net Asset Value, offering price and redemption price per share ($103,011 ÷ 10,000 shares) | | $10.30 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $419 |
| Net investment income (loss) | | 419 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $113 | |
| Capital gain distributions from underlying funds | 605 | |
| Total net realized gain (loss) | | 718 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 1,874 |
| Net gain (loss) | | 2,592 |
| Net increase (decrease) in net assets resulting from operations | | $3,011 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $419 |
| Net realized gain (loss) | 718 |
| Change in net unrealized appreciation (depreciation) | 1,874 |
| Net increase (decrease) in net assets resulting from operations | 3,011 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 103,011 |
| Net Assets | |
| Beginning of period | – |
| End of period | $103,011 |
| Other Information | |
| Undistributed net investment income end of period | $419 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2015 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .04 |
| Net realized and unrealized gain (loss) | .26 |
| Total from investment operations | .30 |
| Net asset value, end of period | $10.30 |
| Total ReturnC | 3.00% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | 1.32%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $103 |
| Portfolio turnover rateD | 6%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Investment Grade Bond Fund | 23.9 |
| Fidelity Series Emerging Markets Fund | 6.9 |
| Fidelity Series Government Money Market Fund 1.09% | 6.8 |
| Fidelity Series International Value Fund | 6.2 |
| Fidelity Series International Growth Fund | 6.2 |
| Fidelity Series Growth & Income Fund | 5.8 |
| Fidelity Series Intrinsic Opportunities Fund | 5.7 |
| Fidelity Series Growth Company Fund | 5.0 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.3 |
| Fidelity Series Value Discovery Fund | 3.0 |
| | 73.8 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 40.0% |
| | International Equity Funds | 21.4% |
| | Bond Funds | 29.8% |
| | Short-Term Funds | 8.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2020 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 40.0% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 82 | $1,361 |
| Fidelity Series 1000 Value Index Fund (a) | | 131 | 1,646 |
| Fidelity Series All-Sector Equity Fund (a) | | 190 | 2,544 |
| Fidelity Series Blue Chip Growth Fund (a) | | 197 | 2,604 |
| Fidelity Series Commodity Strategy Fund (a) | | 389 | 2,036 |
| Fidelity Series Growth & Income Fund (a) | | 392 | 5,968 |
| Fidelity Series Growth Company Fund (a) | | 303 | 5,197 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 343 | 5,887 |
| Fidelity Series Opportunistic Insights Fund (a) | | 157 | 2,870 |
| Fidelity Series Real Estate Equity Fund (a) | | 40 | 513 |
| Fidelity Series Small Cap Discovery Fund (a) | | 64 | 765 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 169 | 2,356 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 334 | 4,441 |
| Fidelity Series Value Discovery Fund (a) | | 230 | 3,093 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $40,367) | | | 41,281 |
|
| International Equity Funds - 21.4% | | | |
| Fidelity Series Canada Fund (a) | | 61 | 650 |
| Fidelity Series Emerging Markets Fund (a) | | 346 | 7,133 |
| Fidelity Series International Growth Fund (a) | | 399 | 6,337 |
| Fidelity Series International Small Cap Fund (a) | | 86 | 1,532 |
| Fidelity Series International Value Fund (a) | | 595 | 6,411 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $20,968) | | | 22,063 |
|
| Bond Funds - 29.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 71 | 739 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 157 | 1,533 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 110 | 1,087 |
| Fidelity Series International Credit Fund (a) | | 5 | 51 |
| Fidelity Series Investment Grade Bond Fund (a) | | 2,186 | 24,723 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 218 | 1,918 |
| Fidelity Series Real Estate Income Fund (a) | | 44 | 490 |
| TOTAL BOND FUNDS | | | |
| (Cost $30,719) | | | 30,784 |
|
| Short-Term Funds - 8.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 7,005 | 7,005 |
| Fidelity Series Short-Term Credit Fund (a) | | 213 | 2,132 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $9,137) | | | 9,137 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,191) | | | 103,265 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $103,265 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $1,380 | $75 | $-- | $-- | $56 | $1,361 |
| Fidelity Series 1000 Value Index Fund | -- | 1,640 | 57 | -- | -- | 63 | 1,646 |
| Fidelity Series All-Sector Equity Fund | -- | 2,600 | 141 | -- | (1) | 86 | 2,544 |
| Fidelity Series Blue Chip Growth Fund | -- | 2,936 | 200 | 5 | (2) | (130) | 2,604 |
| Fidelity Series Canada Fund | -- | 622 | -- | -- | -- | 28 | 650 |
| Fidelity Series Commodity Strategy Fund | -- | 1,999 | 16 | 3 | -- | 53 | 2,036 |
| Fidelity Series Emerging Markets Debt Fund | -- | 734 | -- | 14 | -- | 5 | 739 |
| Fidelity Series Emerging Markets Fund | -- | 7,680 | 1,151 | -- | 88 | 516 | 7,133 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 7,005 | -- | 22 | -- | -- | 7,005 |
| Fidelity Series Growth & Income Fund | -- | 5,913 | 66 | 20 | -- | 121 | 5,968 |
| Fidelity Series Growth Company Fund | -- | 5,331 | 392 | -- | (5) | 263 | 5,197 |
| Fidelity Series High Income Fund | -- | 1,527 | -- | 27 | -- | 6 | 1,533 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 1,088 | -- | -- | -- | (1) | 1,087 |
| Fidelity Series International Credit Fund | -- | 51 | -- | -- | -- | -- | 51 |
| Fidelity Series International Growth Fund | -- | 6,530 | 398 | -- | 6 | 199 | 6,337 |
| Fidelity Series International Small Cap Fund | -- | 1,510 | 47 | -- | 1 | 68 | 1,532 |
| Fidelity Series International Value Fund | -- | 6,487 | 363 | -- | 2 | 285 | 6,411 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 5,810 | 15 | 41 | -- | 92 | 5,887 |
| Fidelity Series Investment Grade Bond Fund | -- | 24,658 | -- | 196 | -- | 65 | 24,723 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,927 | -- | 8 | -- | (9) | 1,918 |
| Fidelity Series Opportunistic Insights Fund | -- | 2,950 | 194 | -- | (3) | 117 | 2,870 |
| Fidelity Series Real Estate Equity Fund | -- | 539 | 19 | 3 | -- | (7) | 513 |
| Fidelity Series Real Estate Income Fund | -- | 490 | -- | 7 | -- | -- | 490 |
| Fidelity Series Short-Term Credit Fund | -- | 2,132 | -- | 12 | -- | -- | 2,132 |
| Fidelity Series Small Cap Discovery Fund | -- | 773 | 28 | 3 | -- | 20 | 765 |
| Fidelity Series Small Cap Opportunities Fund | -- | 2,437 | 29 | 5 | -- | (52) | 2,356 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 4,372 | 112 | -- | 1 | 180 | 4,441 |
| Fidelity Series Value Discovery Fund | -- | 5,860 | 2,840 | 30 | 22 | 51 | 3,093 |
| Total | $-- | $107,225 | $6,143 | $400 | $109 | $2,074 | $103,265 |
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 Flex℠ Freedom 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,191) — See accompanying schedule | | $103,265 |
| Total assets | | 103,265 |
| Net Assets | | $103,265 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 400 |
| Accumulated undistributed net realized gain (loss) on investments | | 791 |
| Net unrealized appreciation (depreciation) on investments | | 2,074 |
| Net Assets, for 10,000 shares outstanding | | $103,265 |
| Net Asset Value, offering price and redemption price per share ($103,265 ÷ 10,000 shares) | | $10.33 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $400 |
| Net investment income (loss) | | 400 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $109 | |
| Capital gain distributions from underlying funds | 682 | |
| Total net realized gain (loss) | | 791 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 2,074 |
| Net gain (loss) | | 2,865 |
| Net increase (decrease) in net assets resulting from operations | | $3,265 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $400 |
| Net realized gain (loss) | 791 |
| Change in net unrealized appreciation (depreciation) | 2,074 |
| Net increase (decrease) in net assets resulting from operations | 3,265 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 103,265 |
| Net Assets | |
| Beginning of period | – |
| End of period | $103,265 |
| Other Information | |
| Undistributed net investment income end of period | $400 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2020 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .04 |
| Net realized and unrealized gain (loss) | .29 |
| Total from investment operations | .33 |
| Net asset value, end of period | $10.33 |
| Total ReturnC | 3.30% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | 1.26%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $103 |
| Portfolio turnover rateD | 6%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Investment Grade Bond Fund | 20.6 |
| Fidelity Series Emerging Markets Fund | 7.4 |
| Fidelity Series International Value Fund | 6.8 |
| Fidelity Series International Growth Fund | 6.7 |
| Fidelity Series Growth & Income Fund | 6.4 |
| Fidelity Series Intrinsic Opportunities Fund | 6.3 |
| Fidelity Series Growth Company Fund | 5.6 |
| Fidelity Series Government Money Market Fund 1.09% | 5.1 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.8 |
| Fidelity Series Value Discovery Fund | 3.3 |
| | 73.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 44.1% |
| | International Equity Funds | 23.2% |
| | Bond Funds | 26.1% |
| | Short-Term Funds | 6.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2025 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 44.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 91 | $1,512 |
| Fidelity Series 1000 Value Index Fund (a) | | 145 | 1,822 |
| Fidelity Series All-Sector Equity Fund (a) | | 212 | 2,836 |
| Fidelity Series Blue Chip Growth Fund (a) | | 219 | 2,902 |
| Fidelity Series Commodity Strategy Fund (a) | | 392 | 2,048 |
| Fidelity Series Growth & Income Fund (a) | | 437 | 6,652 |
| Fidelity Series Growth Company Fund (a) | | 337 | 5,791 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 378 | 6,501 |
| Fidelity Series Opportunistic Insights Fund (a) | | 175 | 3,198 |
| Fidelity Series Real Estate Equity Fund (a) | | 44 | 572 |
| Fidelity Series Small Cap Discovery Fund (a) | | 70 | 844 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 188 | 2,622 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 372 | 4,949 |
| Fidelity Series Value Discovery Fund (a) | | 257 | 3,448 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $44,688) | | | 45,697 |
|
| International Equity Funds - 23.2% | | | |
| Fidelity Series Canada Fund (a) | | 66 | 703 |
| Fidelity Series Emerging Markets Fund (a) | | 371 | 7,648 |
| Fidelity Series International Growth Fund (a) | | 435 | 6,910 |
| Fidelity Series International Small Cap Fund (a) | | 94 | 1,677 |
| Fidelity Series International Value Fund (a) | | 653 | 7,034 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $22,790) | | | 23,972 |
|
| Bond Funds - 26.1% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 70 | 728 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 156 | 1,523 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 76 | 750 |
| Fidelity Series International Credit Fund (a) | | 5 | 51 |
| Fidelity Series Investment Grade Bond Fund (a) | | 1,884 | 21,312 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 217 | 1,912 |
| Fidelity Series Real Estate Income Fund (a) | | 43 | 480 |
| TOTAL BOND FUNDS | | | |
| (Cost $26,941) | | | 26,999 |
|
| Short-Term Funds - 6.6% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 5,264 | 5,264 |
| Fidelity Series Short-Term Credit Fund (a) | | 156 | 1,559 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $6,823) | | | 6,823 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,242) | | | 103,491 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $103,491 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $1,530 | $80 | $-- | $-- | $62 | $1,512 |
| Fidelity Series 1000 Value Index Fund | -- | 1,810 | 58 | -- | -- | 70 | 1,822 |
| Fidelity Series All-Sector Equity Fund | -- | 2,901 | 159 | -- | (1) | 95 | 2,836 |
| Fidelity Series Blue Chip Growth Fund | -- | 3,277 | 228 | 6 | (3) | (144) | 2,902 |
| Fidelity Series Canada Fund | -- | 678 | -- | -- | -- | 25 | 703 |
| Fidelity Series Commodity Strategy Fund | -- | 1,998 | 3 | 3 | -- | 53 | 2,048 |
| Fidelity Series Emerging Markets Debt Fund | -- | 724 | -- | 14 | -- | 4 | 728 |
| Fidelity Series Emerging Markets Fund | -- | 8,110 | 1,100 | -- | 85 | 553 | 7,648 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 5,264 | -- | 17 | -- | -- | 5,264 |
| Fidelity Series Growth & Income Fund | -- | 6,567 | 49 | 22 | -- | 134 | 6,652 |
| Fidelity Series Growth Company Fund | -- | 5,930 | 432 | -- | (1) | 294 | 5,791 |
| Fidelity Series High Income Fund | -- | 1,517 | -- | 26 | -- | 6 | 1,523 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 751 | -- | -- | -- | (1) | 750 |
| Fidelity Series International Credit Fund | -- | 51 | -- | -- | -- | -- | 51 |
| Fidelity Series International Growth Fund | -- | 7,135 | 445 | -- | 3 | 217 | 6,910 |
| Fidelity Series International Small Cap Fund | -- | 1,650 | 49 | -- | 1 | 75 | 1,677 |
| Fidelity Series International Value Fund | -- | 7,040 | 324 | -- | 4 | 314 | 7,034 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 6,400 | -- | 45 | -- | 101 | 6,501 |
| Fidelity Series Investment Grade Bond Fund | -- | 21,256 | -- | 169 | -- | 56 | 21,312 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,921 | -- | 8 | -- | (9) | 1,912 |
| Fidelity Series Opportunistic Insights Fund | -- | 3,279 | 209 | -- | (2) | 130 | 3,198 |
| Fidelity Series Real Estate Equity Fund | -- | 593 | 13 | 3 | -- | (8) | 572 |
| Fidelity Series Real Estate Income Fund | -- | 480 | -- | 6 | -- | -- | 480 |
| Fidelity Series Short-Term Credit Fund | -- | 1,559 | -- | 9 | -- | -- | 1,559 |
| Fidelity Series Small Cap Discovery Fund | -- | 854 | 33 | 4 | -- | 23 | 844 |
| Fidelity Series Small Cap Opportunities Fund | -- | 2,725 | 45 | 4 | -- | (58) | 2,622 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 4,866 | 118 | -- | -- | 201 | 4,949 |
| Fidelity Series Value Discovery Fund | -- | 6,510 | 3,143 | 33 | 24 | 57 | 3,448 |
| Total | $-- | $107,620 | $6,488 | $373 | $110 | $2,249 | $103,491 |
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 Flex℠ Freedom 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,242) — See accompanying schedule | | $103,491 |
| Total assets | | 103,491 |
| Net Assets | | $103,491 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 373 |
| Accumulated undistributed net realized gain (loss) on investments | | 869 |
| Net unrealized appreciation (depreciation) on investments | | 2,249 |
| Net Assets, for 10,000 shares outstanding | | $103,491 |
| Net Asset Value, offering price and redemption price per share ($103,491 ÷ 10,000 shares) | | $10.35 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $373 |
| Net investment income (loss) | | 373 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $110 | |
| Capital gain distributions from underlying funds | 759 | |
| Total net realized gain (loss) | | 869 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 2,249 |
| Net gain (loss) | | 3,118 |
| Net increase (decrease) in net assets resulting from operations | | $3,491 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $373 |
| Net realized gain (loss) | 869 |
| Change in net unrealized appreciation (depreciation) | 2,249 |
| Net increase (decrease) in net assets resulting from operations | 3,491 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 103,491 |
| Net Assets | |
| Beginning of period | – |
| End of period | $103,491 |
| Other Information | |
| Undistributed net investment income end of period | $373 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2025 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .04 |
| Net realized and unrealized gain (loss) | .31 |
| Total from investment operations | .35 |
| Net asset value, end of period | $10.35 |
| Total ReturnC | 3.50% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | 1.17%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $103 |
| Portfolio turnover rateD | 6%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Investment Grade Bond Fund | 12.9 |
| Fidelity Series Emerging Markets Fund | 8.3 |
| Fidelity Series International Value Fund | 8.1 |
| Fidelity Series International Growth Fund | 8.0 |
| Fidelity Series Growth & Income Fund | 7.8 |
| Fidelity Series Intrinsic Opportunities Fund | 7.6 |
| Fidelity Series Growth Company Fund | 6.8 |
| Fidelity Series Stock Selector Large Cap Value Fund | 5.9 |
| Fidelity Series Value Discovery Fund | 4.1 |
| Fidelity Series Opportunistic Insights Fund | 3.8 |
| | 73.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 53.4% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 18.5% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2030 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 53.4% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 112 | $1,860 |
| Fidelity Series 1000 Value Index Fund (a) | | 179 | 2,251 |
| Fidelity Series All-Sector Equity Fund (a) | | 260 | 3,477 |
| Fidelity Series Blue Chip Growth Fund (a) | | 269 | 3,559 |
| Fidelity Series Commodity Strategy Fund (a) | | 382 | 1,995 |
| Fidelity Series Growth & Income Fund (a) | | 536 | 8,160 |
| Fidelity Series Growth Company Fund (a) | | 414 | 7,111 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 459 | 7,886 |
| Fidelity Series Opportunistic Insights Fund (a) | | 215 | 3,922 |
| Fidelity Series Real Estate Equity Fund (a) | | 54 | 702 |
| Fidelity Series Small Cap Discovery Fund (a) | | 87 | 1,045 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 230 | 3,216 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 459 | 6,095 |
| Fidelity Series Value Discovery Fund (a) | | 315 | 4,228 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $54,285) | | | 55,507 |
|
| International Equity Funds - 27.1% | | | |
| Fidelity Series Canada Fund (a) | | 80 | 850 |
| Fidelity Series Emerging Markets Fund (a) | | 421 | 8,668 |
| Fidelity Series International Growth Fund (a) | | 521 | 8,285 |
| Fidelity Series International Small Cap Fund (a) | | 112 | 2,005 |
| Fidelity Series International Value Fund (a) | | 779 | 8,385 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $26,803) | | | 28,193 |
|
| Bond Funds - 18.5% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 69 | 718 |
| Fidelity Series Floating Rate High Income Fund (a) | | 24 | 232 |
| Fidelity Series High Income Fund (a) | | 154 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 83 | 817 |
| Fidelity Series International Credit Fund (a) | | 5 | 51 |
| Fidelity Series Investment Grade Bond Fund (a) | | 1,184 | 13,396 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 229 | 2,011 |
| Fidelity Series Real Estate Income Fund (a) | | 43 | 480 |
| TOTAL BOND FUNDS | | | |
| (Cost $19,170) | | | 19,207 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 858 | 858 |
| Fidelity Series Short-Term Credit Fund (a) | | 24 | 241 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,099) | | | 1,099 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,357) | | | 104,006 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (1) |
| NET ASSETS - 100% | | | $104,005 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $1,860 | $76 | $-- | $-- | $76 | $1,860 |
| Fidelity Series 1000 Value Index Fund | -- | 2,206 | 41 | -- | -- | 86 | 2,251 |
| Fidelity Series All-Sector Equity Fund | -- | 3,540 | 180 | -- | -- | 117 | 3,477 |
| Fidelity Series Blue Chip Growth Fund | -- | 4,027 | 287 | 7 | (4) | (177) | 3,559 |
| Fidelity Series Canada Fund | -- | 809 | -- | -- | -- | 41 | 850 |
| Fidelity Series Commodity Strategy Fund | -- | 1,944 | -- | 3 | -- | 51 | 1,995 |
| Fidelity Series Emerging Markets Debt Fund | -- | 714 | -- | 14 | -- | 4 | 718 |
| Fidelity Series Emerging Markets Fund | -- | 9,130 | 1,181 | -- | 92 | 627 | 8,668 |
| Fidelity Series Floating Rate High Income Fund | -- | 233 | -- | 3 | -- | (1) | 232 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 858 | -- | 3 | -- | -- | 858 |
| Fidelity Series Growth & Income Fund | -- | 8,012 | 16 | 27 | -- | 164 | 8,160 |
| Fidelity Series Growth Company Fund | -- | 7,270 | 512 | -- | (7) | 360 | 7,111 |
| Fidelity Series High Income Fund | -- | 1,496 | -- | 26 | -- | 6 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 851 | 33 | -- | -- | (1) | 817 |
| Fidelity Series International Credit Fund | -- | 51 | -- | -- | -- | -- | 51 |
| Fidelity Series International Growth Fund | -- | 8,510 | 489 | -- | 3 | 261 | 8,285 |
| Fidelity Series International Small Cap Fund | -- | 1,961 | 47 | -- | 1 | 90 | 2,005 |
| Fidelity Series International Value Fund | -- | 8,453 | 444 | -- | 3 | 373 | 8,385 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 7,764 | -- | 56 | -- | 122 | 7,886 |
| Fidelity Series Investment Grade Bond Fund | -- | 13,359 | -- | 105 | -- | 37 | 13,396 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 2,021 | -- | 8 | -- | (10) | 2,011 |
| Fidelity Series Opportunistic Insights Fund | -- | 4,040 | 274 | -- | (3) | 159 | 3,922 |
| Fidelity Series Real Estate Equity Fund | -- | 727 | 15 | 3 | -- | (10) | 702 |
| Fidelity Series Real Estate Income Fund | -- | 480 | -- | 6 | -- | -- | 480 |
| Fidelity Series Short-Term Credit Fund | -- | 241 | -- | 1 | -- | -- | 241 |
| Fidelity Series Small Cap Discovery Fund | -- | 1,045 | 28 | 5 | -- | 28 | 1,045 |
| Fidelity Series Small Cap Opportunities Fund | -- | 3,307 | 21 | 6 | -- | (70) | 3,216 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 5,951 | 103 | -- | -- | 247 | 6,095 |
| Fidelity Series Value Discovery Fund | -- | 7,961 | 3,832 | 41 | 30 | 69 | 4,228 |
| Total | $-- | $108,821 | $7,579 | $314 | $115 | $2,649 | $104,006 |
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 Flex℠ Freedom 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,357) — See accompanying schedule | | $104,006 |
| Total assets | | 104,006 |
| Liabilities | | |
| Payable for investments purchased | $1 | |
| Total liabilities | | 1 |
| Net Assets | | $104,005 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 314 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,042 |
| Net unrealized appreciation (depreciation) on investments | | 2,649 |
| Net Assets, for 10,000 shares outstanding | | $104,005 |
| Net Asset Value, offering price and redemption price per share ($104,005 ÷ 10,000 shares) | | $10.40 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $314 |
| Net investment income (loss) | | 314 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $115 | |
| Capital gain distributions from underlying funds | 927 | |
| Total net realized gain (loss) | | 1,042 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 2,649 |
| Net gain (loss) | | 3,691 |
| Net increase (decrease) in net assets resulting from operations | | $4,005 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $314 |
| Net realized gain (loss) | 1,042 |
| Change in net unrealized appreciation (depreciation) | 2,649 |
| Net increase (decrease) in net assets resulting from operations | 4,005 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 104,005 |
| Net Assets | |
| Beginning of period | – |
| End of period | $104,005 |
| Other Information | |
| Undistributed net investment income end of period | $314 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2030 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .37 |
| Total from investment operations | .40 |
| Net asset value, end of period | $10.40 |
| Total ReturnC | 4.00% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | .99%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $104 |
| Portfolio turnover rateD | 7%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Emerging Markets Fund | 9.3 |
| Fidelity Series International Value Fund | 9.2 |
| Fidelity Series International Growth Fund | 9.0 |
| Fidelity Series Growth & Income Fund | 9.0 |
| Fidelity Series Intrinsic Opportunities Fund | 8.7 |
| Fidelity Series Growth Company Fund | 7.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 |
| Fidelity Series Value Discovery Fund | 4.7 |
| Fidelity Series Opportunistic Insights Fund | 4.3 |
| Fidelity Series Blue Chip Growth Fund | 3.9 |
| | 72.8 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.2% |
| | International Equity Funds | 30.6% |
| | Bond Funds | 7.1% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2035 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 130 | $2,147 |
| Fidelity Series 1000 Value Index Fund (a) | | 208 | 2,609 |
| Fidelity Series All-Sector Equity Fund (a) | | 301 | 4,023 |
| Fidelity Series Blue Chip Growth Fund (a) | | 311 | 4,117 |
| Fidelity Series Commodity Strategy Fund (a) | | 388 | 2,031 |
| Fidelity Series Growth & Income Fund (a) | | 619 | 9,415 |
| Fidelity Series Growth Company Fund (a) | | 483 | 8,286 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 530 | 9,111 |
| Fidelity Series Opportunistic Insights Fund (a) | | 249 | 4,543 |
| Fidelity Series Real Estate Equity Fund (a) | | 63 | 812 |
| Fidelity Series Small Cap Discovery Fund (a) | | 101 | 1,209 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 264 | 3,690 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 531 | 7,053 |
| Fidelity Series Value Discovery Fund (a) | | 365 | 4,894 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $62,531) | | | 63,940 |
|
| International Equity Funds - 30.6% | | | |
| Fidelity Series Canada Fund (a) | | 92 | 974 |
| Fidelity Series Emerging Markets Fund (a) | | 470 | 9,687 |
| Fidelity Series International Growth Fund (a) | | 595 | 9,452 |
| Fidelity Series International Small Cap Fund (a) | | 128 | 2,286 |
| Fidelity Series International Value Fund (a) | | 889 | 9,572 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $30,391) | | | 31,971 |
|
| Bond Funds - 7.1% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 68 | 708 |
| Fidelity Series Floating Rate High Income Fund (a) | | 24 | 232 |
| Fidelity Series High Income Fund (a) | | 153 | 1,492 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 82 | 810 |
| Fidelity Series International Credit Fund (a) | | 5 | 51 |
| Fidelity Series Investment Grade Bond Fund (a) | | 154 | 1,738 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 215 | 1,892 |
| Fidelity Series Real Estate Income Fund (a) | | 42 | 470 |
| TOTAL BOND FUNDS | | | |
| (Cost $7,387) | | | 7,393 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 864 | 864 |
| Fidelity Series Short-Term Credit Fund (a) | | 24 | 241 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,105) | | | 1,105 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,414) | | | 104,409 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $104,409 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $2,121 | $62 | $-- | $-- | $88 | $2,147 |
| Fidelity Series 1000 Value Index Fund | -- | 2,515 | 5 | -- | -- | 99 | 2,609 |
| Fidelity Series All-Sector Equity Fund | -- | 4,041 | 152 | -- | (1) | 135 | 4,023 |
| Fidelity Series Blue Chip Growth Fund | -- | 4,698 | 370 | 8 | (6) | (205) | 4,117 |
| Fidelity Series Canada Fund | -- | 919 | -- | -- | -- | 55 | 974 |
| Fidelity Series Commodity Strategy Fund | -- | 1,978 | -- | 3 | -- | 53 | 2,031 |
| Fidelity Series Emerging Markets Debt Fund | -- | 704 | -- | 14 | -- | 4 | 708 |
| Fidelity Series Emerging Markets Fund | -- | 9,927 | 1,024 | -- | 81 | 703 | 9,687 |
| Fidelity Series Floating Rate High Income Fund | -- | 233 | -- | 3 | -- | (1) | 232 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 864 | -- | 3 | -- | -- | 864 |
| Fidelity Series Growth & Income Fund | -- | 9,226 | -- | 31 | -- | 189 | 9,415 |
| Fidelity Series Growth Company Fund | -- | 8,380 | 508 | -- | (6) | 420 | 8,286 |
| Fidelity Series High Income Fund | -- | 1,486 | -- | 26 | -- | 6 | 1,492 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 811 | -- | -- | -- | (1) | 810 |
| Fidelity Series International Credit Fund | -- | 51 | -- | -- | -- | -- | 51 |
| Fidelity Series International Growth Fund | -- | 9,675 | 521 | -- | 1 | 297 | 9,452 |
| Fidelity Series International Small Cap Fund | -- | 2,240 | 57 | -- | 1 | 102 | 2,286 |
| Fidelity Series International Value Fund | -- | 9,660 | 516 | -- | 2 | 426 | 9,572 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 8,971 | -- | 64 | -- | 140 | 9,111 |
| Fidelity Series Investment Grade Bond Fund | -- | 1,733 | -- | 13 | -- | 5 | 1,738 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,901 | -- | 8 | -- | (9) | 1,892 |
| Fidelity Series Opportunistic Insights Fund | -- | 4,690 | 326 | -- | (5) | 184 | 4,543 |
| Fidelity Series Real Estate Equity Fund | -- | 838 | 15 | 4 | -- | (11) | 812 |
| Fidelity Series Real Estate Income Fund | -- | 470 | -- | 7 | -- | -- | 470 |
| Fidelity Series Short-Term Credit Fund | -- | 241 | -- | 1 | -- | -- | 241 |
| Fidelity Series Small Cap Discovery Fund | -- | 1,186 | 9 | 5 | -- | 32 | 1,209 |
| Fidelity Series Small Cap Opportunities Fund | -- | 3,771 | -- | 7 | -- | (81) | 3,690 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 6,812 | 44 | -- | -- | 285 | 7,053 |
| Fidelity Series Value Discovery Fund | -- | 9,258 | 4,478 | 47 | 34 | 80 | 4,894 |
| Total | $-- | $109,400 | $8,087 | $244 | $101 | $2,995 | $104,409 |
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 Flex℠ Freedom 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,414) — See accompanying schedule | | $104,409 |
| Total assets | | 104,409 |
| Net Assets | | $104,409 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 244 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,170 |
| Net unrealized appreciation (depreciation) on investments | | 2,995 |
| Net Assets, for 10,000 shares outstanding | | $104,409 |
| Net Asset Value, offering price and redemption price per share ($104,409 ÷ 10,000 shares) | | $10.44 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $244 |
| Net investment income (loss) | | 244 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $101 | |
| Capital gain distributions from underlying funds | 1,069 | |
| Total net realized gain (loss) | | 1,170 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 2,995 |
| Net gain (loss) | | 4,165 |
| Net increase (decrease) in net assets resulting from operations | | $4,409 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $244 |
| Net realized gain (loss) | 1,170 |
| Change in net unrealized appreciation (depreciation) | 2,995 |
| Net increase (decrease) in net assets resulting from operations | 4,409 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 104,409 |
| Net Assets | |
| Beginning of period | – |
| End of period | $104,409 |
| Other Information | |
| Undistributed net investment income end of period | $244 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2035 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .42 |
| Total from investment operations | .44 |
| Net asset value, end of period | $10.44 |
| Total ReturnC | 4.40% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | .76%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $104 |
| Portfolio turnover rateD | 8%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Emerging Markets Fund | 9.5 |
| Fidelity Series International Value Fund | 9.3 |
| Fidelity Series Growth & Income Fund | 9.2 |
| Fidelity Series International Growth Fund | 9.2 |
| Fidelity Series Intrinsic Opportunities Fund | 8.8 |
| Fidelity Series Growth Company Fund | 8.0 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 |
| Fidelity Series Value Discovery Fund | 4.8 |
| Fidelity Series Opportunistic Insights Fund | 4.4 |
| Fidelity Series Blue Chip Growth Fund | 4.0 |
| | 74.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.1% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2040 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 131 | $2,179 |
| Fidelity Series 1000 Value Index Fund (a) | | 211 | 2,645 |
| Fidelity Series All-Sector Equity Fund (a) | | 305 | 4,084 |
| Fidelity Series Blue Chip Growth Fund (a) | | 316 | 4,180 |
| Fidelity Series Commodity Strategy Fund (a) | | 392 | 2,048 |
| Fidelity Series Growth & Income Fund (a) | | 630 | 9,589 |
| Fidelity Series Growth Company Fund (a) | | 490 | 8,411 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 537 | 9,226 |
| Fidelity Series Opportunistic Insights Fund (a) | | 253 | 4,606 |
| Fidelity Series Real Estate Equity Fund (a) | | 63 | 807 |
| Fidelity Series Small Cap Discovery Fund (a) | | 102 | 1,227 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 271 | 3,787 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 537 | 7,135 |
| Fidelity Series Value Discovery Fund (a) | | 370 | 4,970 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $63,468) | | | 64,894 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 93 | 986 |
| Fidelity Series Emerging Markets Fund (a) | | 483 | 9,944 |
| Fidelity Series International Growth Fund (a) | | 602 | 9,573 |
| Fidelity Series International Small Cap Fund (a) | | 130 | 2,321 |
| Fidelity Series International Value Fund (a) | | 899 | 9,680 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $30,893) | | | 32,504 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 68 | 708 |
| Fidelity Series Floating Rate High Income Fund (a) | | 24 | 232 |
| Fidelity Series High Income Fund (a) | | 155 | 1,512 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 83 | 818 |
| Fidelity Series International Credit Fund (a) | | 3 | 34 |
| Fidelity Series Investment Grade Bond Fund (a) | | 44 | 495 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 192 | 1,690 |
| Fidelity Series Real Estate Income Fund (a) | | 42 | 470 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,958) | | | 5,959 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 843 | 843 |
| Fidelity Series Short-Term Credit Fund (a) | | 25 | 251 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,094) | | | 1,094 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,413) | | | 104,451 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $104,451 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $2,140 | $50 | $-- | $-- | $89 | $2,179 |
| Fidelity Series 1000 Value Index Fund | -- | 2,547 | 2 | -- | -- | 100 | 2,645 |
| Fidelity Series All-Sector Equity Fund | -- | 4,071 | 125 | -- | 1 | 137 | 4,084 |
| Fidelity Series Blue Chip Growth Fund | -- | 4,735 | 341 | 10 | (6) | (208) | 4,180 |
| Fidelity Series Canada Fund | -- | 931 | 1 | -- | -- | 56 | 986 |
| Fidelity Series Commodity Strategy Fund | -- | 1,996 | 1 | 3 | -- | 53 | 2,048 |
| Fidelity Series Emerging Markets Debt Fund | -- | 704 | -- | 14 | -- | 4 | 708 |
| Fidelity Series Emerging Markets Fund | -- | 9,980 | 823 | -- | 67 | 720 | 9,944 |
| Fidelity Series Floating Rate High Income Fund | -- | 233 | -- | 3 | -- | (1) | 232 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 843 | -- | 3 | -- | -- | 843 |
| Fidelity Series Growth & Income Fund | -- | 9,411 | 13 | 32 | -- | 191 | 9,589 |
| Fidelity Series Growth Company Fund | -- | 8,490 | 495 | -- | (10) | 426 | 8,411 |
| Fidelity Series High Income Fund | -- | 1,506 | -- | 26 | -- | 6 | 1,512 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 830 | 11 | -- | -- | (1) | 818 |
| Fidelity Series International Credit Fund | -- | 34 | -- | -- | -- | -- | 34 |
| Fidelity Series International Growth Fund | -- | 9,770 | 498 | -- | -- | 301 | 9,573 |
| Fidelity Series International Small Cap Fund | -- | 2,260 | 44 | -- | 1 | 104 | 2,321 |
| Fidelity Series International Value Fund | -- | 9,717 | 470 | -- | 2 | 431 | 9,680 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 9,085 | -- | 64 | -- | 141 | 9,226 |
| Fidelity Series Investment Grade Bond Fund | -- | 504 | 10 | 4 | -- | 1 | 495 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,710 | 12 | 7 | -- | (8) | 1,690 |
| Fidelity Series Opportunistic Insights Fund | -- | 4,720 | 297 | -- | (4) | 187 | 4,606 |
| Fidelity Series Real Estate Equity Fund | -- | 828 | 10 | 4 | -- | (11) | 807 |
| Fidelity Series Real Estate Income Fund | -- | 470 | -- | 7 | -- | -- | 470 |
| Fidelity Series Short-Term Credit Fund | -- | 251 | -- | 1 | -- | -- | 251 |
| Fidelity Series Small Cap Discovery Fund | -- | 1,194 | -- | 5 | -- | 33 | 1,227 |
| Fidelity Series Small Cap Opportunities Fund | -- | 3,870 | -- | 7 | -- | (83) | 3,787 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 6,888 | 41 | -- | -- | 288 | 7,135 |
| Fidelity Series Value Discovery Fund | -- | 9,550 | 4,698 | 48 | 36 | 82 | 4,970 |
| Total | $-- | $109,268 | $7,942 | $238 | $87 | $3,038 | $104,451 |
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 Flex℠ Freedom 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,413) — See accompanying schedule | | $104,451 |
| Total assets | | 104,451 |
| Net Assets | | $104,451 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 238 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,175 |
| Net unrealized appreciation (depreciation) on investments | | 3,038 |
| Net Assets, for 10,000 shares outstanding | | $104,451 |
| Net Asset Value, offering price and redemption price per share ($104,451 ÷ 10,000 shares) | | $10.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $238 |
| Net investment income (loss) | | 238 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $87 | |
| Capital gain distributions from underlying funds | 1,088 | |
| Total net realized gain (loss) | | 1,175 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 3,038 |
| Net gain (loss) | | 4,213 |
| Net increase (decrease) in net assets resulting from operations | | $4,451 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $238 |
| Net realized gain (loss) | 1,175 |
| Change in net unrealized appreciation (depreciation) | 3,038 |
| Net increase (decrease) in net assets resulting from operations | 4,451 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 104,451 |
| Net Assets | |
| Beginning of period | – |
| End of period | $104,451 |
| Other Information | |
| Undistributed net investment income end of period | $238 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2040 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .45 |
| Net asset value, end of period | $10.45 |
| Total ReturnC | 4.50% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | .75%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $104 |
| Portfolio turnover rateD | 8%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Emerging Markets Fund | 9.5 |
| Fidelity Series International Value Fund | 9.3 |
| Fidelity Series International Growth Fund | 9.2 |
| Fidelity Series Growth & Income Fund | 9.1 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 |
| Fidelity Series Growth Company Fund | 8.1 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 |
| Fidelity Series Value Discovery Fund | 4.7 |
| Fidelity Series Opportunistic Insights Fund | 4.4 |
| Fidelity Series Blue Chip Growth Fund | 4.0 |
| | 74.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.1% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2045 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 132 | $2,179 |
| Fidelity Series 1000 Value Index Fund (a) | | 211 | 2,645 |
| Fidelity Series All-Sector Equity Fund (a) | | 306 | 4,085 |
| Fidelity Series Blue Chip Growth Fund (a) | | 316 | 4,180 |
| Fidelity Series Commodity Strategy Fund (a) | | 389 | 2,034 |
| Fidelity Series Growth & Income Fund (a) | | 628 | 9,556 |
| Fidelity Series Growth Company Fund (a) | | 490 | 8,413 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 541 | 9,295 |
| Fidelity Series Opportunistic Insights Fund (a) | | 253 | 4,606 |
| Fidelity Series Real Estate Equity Fund (a) | | 64 | 825 |
| Fidelity Series Small Cap Discovery Fund (a) | | 102 | 1,228 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 267 | 3,734 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 539 | 7,160 |
| Fidelity Series Value Discovery Fund (a) | | 368 | 4,934 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $63,445) | | | 64,874 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 93 | 987 |
| Fidelity Series Emerging Markets Fund (a) | | 483 | 9,959 |
| Fidelity Series International Growth Fund (a) | | 603 | 9,574 |
| Fidelity Series International Small Cap Fund (a) | | 129 | 2,318 |
| Fidelity Series International Value Fund (a) | | 901 | 9,706 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $30,930) | | | 32,544 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 67 | 697 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 154 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 80 | 790 |
| Fidelity Series International Credit Fund (a) | | 3 | 33 |
| Fidelity Series Investment Grade Bond Fund (a) | | 44 | 495 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 194 | 1,703 |
| Fidelity Series Real Estate Income Fund (a) | | 42 | 470 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,931) | | | 5,933 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 859 | 859 |
| Fidelity Series Short-Term Credit Fund (a) | | 25 | 251 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,110) | | | 1,110 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,416) | | | 104,461 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $104,461 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $2,154 | $64 | $-- | $-- | $89 | $2,179 |
| Fidelity Series 1000 Value Index Fund | -- | 2,560 | 15 | -- | -- | 100 | 2,645 |
| Fidelity Series All-Sector Equity Fund | -- | 4,085 | 136 | -- | (1) | 137 | 4,085 |
| Fidelity Series Blue Chip Growth Fund | -- | 4,744 | 350 | 10 | (6) | (208) | 4,180 |
| Fidelity Series Canada Fund | -- | 932 | 1 | -- | -- | 56 | 987 |
| Fidelity Series Commodity Strategy Fund | -- | 1,981 | -- | 3 | -- | 53 | 2,034 |
| Fidelity Series Emerging Markets Debt Fund | -- | 693 | -- | 13 | -- | 4 | 697 |
| Fidelity Series Emerging Markets Fund | -- | 9,981 | 810 | -- | 68 | 720 | 9,959 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 859 | -- | 3 | -- | -- | 859 |
| Fidelity Series Growth & Income Fund | -- | 9,365 | -- | 31 | -- | 191 | 9,556 |
| Fidelity Series Growth Company Fund | -- | 8,420 | 434 | -- | -- | 427 | 8,413 |
| Fidelity Series High Income Fund | -- | 1,496 | -- | 26 | -- | 6 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 791 | -- | -- | -- | (1) | 790 |
| Fidelity Series International Credit Fund | -- | 33 | -- | -- | -- | -- | 33 |
| Fidelity Series International Growth Fund | -- | 9,770 | 497 | -- | -- | 301 | 9,574 |
| Fidelity Series International Small Cap Fund | -- | 2,259 | 46 | -- | 1 | 104 | 2,318 |
| Fidelity Series International Value Fund | -- | 9,791 | 518 | -- | 1 | 432 | 9,706 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 9,150 | -- | 64 | -- | 145 | 9,295 |
| Fidelity Series Investment Grade Bond Fund | -- | 504 | 10 | 4 | -- | 1 | 495 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,723 | 12 | 7 | -- | (8) | 1,703 |
| Fidelity Series Opportunistic Insights Fund | -- | 4,730 | 306 | -- | (5) | 187 | 4,606 |
| Fidelity Series Real Estate Equity Fund | -- | 846 | 10 | 4 | -- | (11) | 825 |
| Fidelity Series Real Estate Income Fund | -- | 470 | -- | 7 | -- | -- | 470 |
| Fidelity Series Short-Term Credit Fund | -- | 251 | -- | 1 | -- | -- | 251 |
| Fidelity Series Small Cap Discovery Fund | -- | 1,217 | 22 | 5 | -- | 33 | 1,228 |
| Fidelity Series Small Cap Opportunities Fund | -- | 3,816 | -- | 7 | -- | (82) | 3,734 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 6,895 | 24 | -- | -- | 289 | 7,160 |
| Fidelity Series Value Discovery Fund | -- | 9,570 | 4,753 | 47 | 36 | 81 | 4,934 |
| Total | $-- | $109,330 | $8,008 | $236 | $94 | $3,045 | $104,461 |
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 Flex℠ Freedom 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,416) — See accompanying schedule | | $104,461 |
| Total assets | | 104,461 |
| Net Assets | | $104,461 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 236 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,180 |
| Net unrealized appreciation (depreciation) on investments | | 3,045 |
| Net Assets, for 10,000 shares outstanding | | $104,461 |
| Net Asset Value, offering price and redemption price per share ($104,461 ÷ 10,000 shares) | | $10.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $236 |
| Net investment income (loss) | | 236 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $94 | |
| Capital gain distributions from underlying funds | 1,086 | |
| Total net realized gain (loss) | | 1,180 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 3,045 |
| Net gain (loss) | | 4,225 |
| Net increase (decrease) in net assets resulting from operations | | $4,461 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $236 |
| Net realized gain (loss) | 1,180 |
| Change in net unrealized appreciation (depreciation) | 3,045 |
| Net increase (decrease) in net assets resulting from operations | 4,461 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 104,461 |
| Net Assets | |
| Beginning of period | – |
| End of period | $104,461 |
| Other Information | |
| Undistributed net investment income end of period | $236 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2045 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .45 |
| Net asset value, end of period | $10.45 |
| Total ReturnC | 4.50% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | .74%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $104 |
| Portfolio turnover rateD | 8%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Emerging Markets Fund | 9.5 |
| Fidelity Series International Value Fund | 9.3 |
| Fidelity Series Growth & Income Fund | 9.2 |
| Fidelity Series International Growth Fund | 9.2 |
| Fidelity Series Intrinsic Opportunities Fund | 8.8 |
| Fidelity Series Growth Company Fund | 8.0 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 |
| Fidelity Series Value Discovery Fund | 4.7 |
| Fidelity Series Opportunistic Insights Fund | 4.4 |
| Fidelity Series Blue Chip Growth Fund | 4.0 |
| | 73.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.1% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2050 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 132 | $2,179 |
| Fidelity Series 1000 Value Index Fund (a) | | 211 | 2,645 |
| Fidelity Series All-Sector Equity Fund (a) | | 310 | 4,147 |
| Fidelity Series Blue Chip Growth Fund (a) | | 316 | 4,180 |
| Fidelity Series Commodity Strategy Fund (a) | | 392 | 2,048 |
| Fidelity Series Growth & Income Fund (a) | | 630 | 9,589 |
| Fidelity Series Growth Company Fund (a) | | 486 | 8,340 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 538 | 9,250 |
| Fidelity Series Opportunistic Insights Fund (a) | | 253 | 4,606 |
| Fidelity Series Real Estate Equity Fund (a) | | 63 | 807 |
| Fidelity Series Small Cap Discovery Fund (a) | | 102 | 1,227 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 270 | 3,779 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 537 | 7,135 |
| Fidelity Series Value Discovery Fund (a) | | 370 | 4,970 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $63,478) | | | 64,902 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 93 | 986 |
| Fidelity Series Emerging Markets Fund (a) | | 483 | 9,955 |
| Fidelity Series International Growth Fund (a) | | 602 | 9,573 |
| Fidelity Series International Small Cap Fund (a) | | 129 | 2,318 |
| Fidelity Series International Value Fund (a) | | 899 | 9,684 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $30,903) | | | 32,516 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 67 | 697 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 154 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 80 | 790 |
| Fidelity Series International Credit Fund (a) | | 3 | 34 |
| Fidelity Series Investment Grade Bond Fund (a) | | 44 | 495 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 193 | 1,700 |
| Fidelity Series Real Estate Income Fund (a) | | 42 | 470 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,928) | | | 5,931 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 854 | 854 |
| Fidelity Series Short-Term Credit Fund (a) | | 25 | 251 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,105) | | | 1,105 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,414) | | | 104,454 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $104,454 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $2,140 | $50 | $-- | $-- | $89 | $2,179 |
| Fidelity Series 1000 Value Index Fund | -- | 2,548 | 4 | -- | -- | 101 | 2,645 |
| Fidelity Series All-Sector Equity Fund | -- | 4,080 | 72 | -- | (1) | 140 | 4,147 |
| Fidelity Series Blue Chip Growth Fund | -- | 4,721 | 326 | 9 | (7) | (208) | 4,180 |
| Fidelity Series Canada Fund | -- | 931 | 1 | -- | -- | 56 | 986 |
| Fidelity Series Commodity Strategy Fund | -- | 1,996 | 1 | 3 | -- | 53 | 2,048 |
| Fidelity Series Emerging Markets Debt Fund | -- | 693 | -- | 13 | -- | 4 | 697 |
| Fidelity Series Emerging Markets Fund | -- | 9,981 | 813 | -- | 67 | 720 | 9,955 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 854 | -- | 3 | -- | -- | 854 |
| Fidelity Series Growth & Income Fund | -- | 9,411 | 14 | 32 | -- | 192 | 9,589 |
| Fidelity Series Growth Company Fund | -- | 8,379 | 458 | -- | (4) | 423 | 8,340 |
| Fidelity Series High Income Fund | -- | 1,496 | -- | 26 | -- | 6 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 791 | -- | -- | -- | (1) | 790 |
| Fidelity Series International Credit Fund | -- | 34 | -- | -- | -- | -- | 34 |
| Fidelity Series International Growth Fund | -- | 9,770 | 498 | -- | -- | 301 | 9,573 |
| Fidelity Series International Small Cap Fund | -- | 2,259 | 46 | -- | 1 | 104 | 2,318 |
| Fidelity Series International Value Fund | -- | 9,727 | 474 | -- | 2 | 429 | 9,684 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 9,108 | -- | 64 | -- | 142 | 9,250 |
| Fidelity Series Investment Grade Bond Fund | -- | 504 | 10 | 4 | -- | 1 | 495 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,720 | 12 | 7 | -- | (8) | 1,700 |
| Fidelity Series Opportunistic Insights Fund | -- | 4,730 | 306 | -- | (5) | 187 | 4,606 |
| Fidelity Series Real Estate Equity Fund | -- | 828 | 10 | 4 | -- | (11) | 807 |
| Fidelity Series Real Estate Income Fund | -- | 470 | -- | 7 | -- | -- | 470 |
| Fidelity Series Short-Term Credit Fund | -- | 251 | -- | 1 | -- | -- | 251 |
| Fidelity Series Small Cap Discovery Fund | -- | 1,195 | 1 | 5 | -- | 33 | 1,227 |
| Fidelity Series Small Cap Opportunities Fund | -- | 3,862 | -- | 7 | -- | (83) | 3,779 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 6,871 | 25 | -- | -- | 289 | 7,135 |
| Fidelity Series Value Discovery Fund | -- | 9,558 | 4,706 | 48 | 36 | 82 | 4,970 |
| Total | $-- | $109,152 | $7,827 | $237 | $89 | $3,040 | $104,454 |
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 Flex℠ Freedom 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,414) — See accompanying schedule | | $104,454 |
| Total assets | | 104,454 |
| Net Assets | | $104,454 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 237 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,177 |
| Net unrealized appreciation (depreciation) on investments | | 3,040 |
| Net Assets, for 10,000 shares outstanding | | $104,454 |
| Net Asset Value, offering price and redemption price per share ($104,454 ÷ 10,000 shares) | | $10.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $237 |
| Net investment income (loss) | | 237 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $89 | |
| Capital gain distributions from underlying funds | 1,088 | |
| Total net realized gain (loss) | | 1,177 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 3,040 |
| Net gain (loss) | | 4,217 |
| Net increase (decrease) in net assets resulting from operations | | $4,454 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $237 |
| Net realized gain (loss) | 1,177 |
| Change in net unrealized appreciation (depreciation) | 3,040 |
| Net increase (decrease) in net assets resulting from operations | 4,454 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 104,454 |
| Net Assets | |
| Beginning of period | – |
| End of period | $104,454 |
| Other Information | |
| Undistributed net investment income end of period | $237 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2050 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .45 |
| Net asset value, end of period | $10.45 |
| Total ReturnC | 4.50% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | .74%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $104 |
| Portfolio turnover rateD | 8%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Emerging Markets Fund | 9.5 |
| Fidelity Series International Value Fund | 9.3 |
| Fidelity Series Growth & Income Fund | 9.2 |
| Fidelity Series International Growth Fund | 9.2 |
| Fidelity Series Intrinsic Opportunities Fund | 8.8 |
| Fidelity Series Growth Company Fund | 8.0 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 |
| Fidelity Series Value Discovery Fund | 4.8 |
| Fidelity Series Opportunistic Insights Fund | 4.4 |
| Fidelity Series Blue Chip Growth Fund | 4.0 |
| | 74.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.1% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Flex℠ Freedom 2055 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 132 | $2,179 |
| Fidelity Series 1000 Value Index Fund (a) | | 211 | 2,645 |
| Fidelity Series All-Sector Equity Fund (a) | | 306 | 4,085 |
| Fidelity Series Blue Chip Growth Fund (a) | | 316 | 4,180 |
| Fidelity Series Commodity Strategy Fund (a) | | 392 | 2,048 |
| Fidelity Series Growth & Income Fund (a) | | 630 | 9,589 |
| Fidelity Series Growth Company Fund (a) | | 490 | 8,412 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 538 | 9,250 |
| Fidelity Series Opportunistic Insights Fund (a) | | 253 | 4,606 |
| Fidelity Series Real Estate Equity Fund (a) | | 64 | 825 |
| Fidelity Series Small Cap Discovery Fund (a) | | 102 | 1,227 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 270 | 3,770 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 537 | 7,135 |
| Fidelity Series Value Discovery Fund (a) | | 370 | 4,970 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $63,494) | | | 64,921 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 93 | 988 |
| Fidelity Series Emerging Markets Fund (a) | | 483 | 9,960 |
| Fidelity Series International Growth Fund (a) | | 603 | 9,574 |
| Fidelity Series International Small Cap Fund (a) | | 129 | 2,318 |
| Fidelity Series International Value Fund (a) | | 899 | 9,683 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $30,909) | | | 32,523 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 66 | 687 |
| Fidelity Series Floating Rate High Income Fund (a) | | 26 | 243 |
| Fidelity Series High Income Fund (a) | | 154 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 78 | 770 |
| Fidelity Series International Credit Fund (a) | | 3 | 33 |
| Fidelity Series Investment Grade Bond Fund (a) | | 44 | 495 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 194 | 1,703 |
| Fidelity Series Real Estate Income Fund (a) | | 42 | 470 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,902) | | | 5,903 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 872 | 872 |
| Fidelity Series Short-Term Credit Fund (a) | | 24 | 241 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,113) | | | 1,113 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,418) | | | 104,460 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $104,460 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $2,150 | $60 | $-- | $-- | $89 | $2,179 |
| Fidelity Series 1000 Value Index Fund | -- | 2,548 | 4 | -- | -- | 101 | 2,645 |
| Fidelity Series All-Sector Equity Fund | -- | 4,091 | 143 | -- | -- | 137 | 4,085 |
| Fidelity Series Blue Chip Growth Fund | -- | 4,754 | 360 | 9 | (6) | (208) | 4,180 |
| Fidelity Series Canada Fund | -- | 932 | -- | -- | -- | 56 | 988 |
| Fidelity Series Commodity Strategy Fund | -- | 1,996 | 1 | 3 | -- | 53 | 2,048 |
| Fidelity Series Emerging Markets Debt Fund | -- | 683 | -- | 13 | -- | 4 | 687 |
| Fidelity Series Emerging Markets Fund | -- | 9,984 | 810 | -- | 66 | 720 | 9,960 |
| Fidelity Series Floating Rate High Income Fund | -- | 244 | -- | 4 | -- | (1) | 243 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 872 | -- | 3 | -- | -- | 872 |
| Fidelity Series Growth & Income Fund | -- | 9,420 | 23 | 32 | -- | 192 | 9,589 |
| Fidelity Series Growth Company Fund | -- | 8,180 | 191 | -- | (3) | 426 | 8,412 |
| Fidelity Series High Income Fund | -- | 1,496 | -- | 26 | -- | 6 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 771 | -- | -- | -- | (1) | 770 |
| Fidelity Series International Credit Fund | -- | 33 | -- | -- | -- | -- | 33 |
| Fidelity Series International Growth Fund | -- | 9,771 | 498 | -- | -- | 301 | 9,574 |
| Fidelity Series International Small Cap Fund | -- | 2,259 | 46 | -- | 1 | 104 | 2,318 |
| Fidelity Series International Value Fund | -- | 9,769 | 519 | -- | 2 | 431 | 9,683 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 9,108 | -- | 64 | -- | 142 | 9,250 |
| Fidelity Series Investment Grade Bond Fund | -- | 504 | 10 | 4 | -- | 1 | 495 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,723 | 12 | 7 | -- | (8) | 1,703 |
| Fidelity Series Opportunistic Insights Fund | -- | 4,749 | 327 | -- | (3) | 187 | 4,606 |
| Fidelity Series Real Estate Equity Fund | -- | 847 | 11 | 4 | -- | (11) | 825 |
| Fidelity Series Real Estate Income Fund | -- | 470 | -- | 7 | -- | -- | 470 |
| Fidelity Series Short-Term Credit Fund | -- | 241 | -- | 1 | -- | -- | 241 |
| Fidelity Series Small Cap Discovery Fund | -- | 1,195 | 1 | 5 | -- | 33 | 1,227 |
| Fidelity Series Small Cap Opportunities Fund | -- | 3,853 | -- | 7 | -- | (83) | 3,770 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 6,904 | 58 | -- | -- | 289 | 7,135 |
| Fidelity Series Value Discovery Fund | -- | 9,568 | 4,716 | 48 | 36 | 82 | 4,970 |
| Total | $-- | $109,115 | $7,790 | $237 | $93 | $3,042 | $104,460 |
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 Flex℠ Freedom 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,418) — See accompanying schedule | | $104,460 |
| Total assets | | 104,460 |
| Net Assets | | $104,460 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 237 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,181 |
| Net unrealized appreciation (depreciation) on investments | | 3,042 |
| Net Assets, for 10,000 shares outstanding | | $104,460 |
| Net Asset Value, offering price and redemption price per share ($104,460 ÷ 10,000 shares) | | $10.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $237 |
| Net investment income (loss) | | 237 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $93 | |
| Capital gain distributions from underlying funds | 1,088 | |
| Total net realized gain (loss) | | 1,181 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 3,042 |
| Net gain (loss) | | 4,223 |
| Net increase (decrease) in net assets resulting from operations | | $4,460 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $237 |
| Net realized gain (loss) | 1,181 |
| Change in net unrealized appreciation (depreciation) | 3,042 |
| Net increase (decrease) in net assets resulting from operations | 4,460 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 104,460 |
| Net Assets | |
| Beginning of period | – |
| End of period | $104,460 |
| Other Information | |
| Undistributed net investment income end of period | $237 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2055 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .45 |
| Net asset value, end of period | $10.45 |
| Total ReturnC | 4.50% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | .74%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $104 |
| Portfolio turnover rateD | 8%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Flex℠ Freedom 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets |
| Fidelity Series Emerging Markets Fund | 9.5 |
| Fidelity Series International Value Fund | 9.3 |
| Fidelity Series Growth & Income Fund | 9.2 |
| Fidelity Series International Growth Fund | 9.2 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 |
| Fidelity Series Growth Company Fund | 8.0 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 |
| Fidelity Series Value Discovery Fund | 4.7 |
| Fidelity Series Opportunistic Insights Fund | 4.4 |
| Fidelity Series Blue Chip Growth Fund | 4.0 |
| | 74.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | 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.
Fidelity Flex℠ Freedom 2060 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 132 | $2,182 |
| Fidelity Series 1000 Value Index Fund (a) | | 211 | 2,645 |
| Fidelity Series All-Sector Equity Fund (a) | | 311 | 4,159 |
| Fidelity Series Blue Chip Growth Fund (a) | | 316 | 4,180 |
| Fidelity Series Commodity Strategy Fund (a) | | 392 | 2,048 |
| Fidelity Series Growth & Income Fund (a) | | 630 | 9,590 |
| Fidelity Series Growth Company Fund (a) | | 485 | 8,316 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 539 | 9,264 |
| Fidelity Series Opportunistic Insights Fund (a) | | 253 | 4,606 |
| Fidelity Series Real Estate Equity Fund (a) | | 64 | 829 |
| Fidelity Series Small Cap Discovery Fund (a) | | 102 | 1,227 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 271 | 3,785 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 537 | 7,136 |
| Fidelity Series Value Discovery Fund (a) | | 370 | 4,970 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $63,513) | | | 64,937 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 93 | 988 |
| Fidelity Series Emerging Markets Fund (a) | | 483 | 9,961 |
| Fidelity Series International Growth Fund (a) | | 603 | 9,574 |
| Fidelity Series International Small Cap Fund (a) | | 129 | 2,318 |
| Fidelity Series International Value Fund (a) | | 899 | 9,687 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $30,915) | | | 32,528 |
|
| Bond Funds - 5.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 62 | 646 |
| Fidelity Series Floating Rate High Income Fund (a) | | 24 | 232 |
| Fidelity Series High Income Fund (a) | | 154 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 79 | 780 |
| Fidelity Series International Credit Fund (a) | | 5 | 49 |
| Fidelity Series Investment Grade Bond Fund (a) | | 44 | 498 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 194 | 1,702 |
| Fidelity Series Real Estate Income Fund (a) | | 42 | 470 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,877) | | | 5,879 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 876 | 876 |
| Fidelity Series Short-Term Credit Fund (a) | | 24 | 241 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,117) | | | 1,117 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $101,422) | | | 104,461 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 0 |
| NET ASSETS - 100% | | | $104,461 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $-- | $2,180 | $88 | $-- | $-- | $90 | $2,182 |
| Fidelity Series 1000 Value Index Fund | -- | 2,582 | 38 | -- | -- | 101 | 2,645 |
| Fidelity Series All-Sector Equity Fund | -- | 4,140 | 120 | -- | (1) | 140 | 4,159 |
| Fidelity Series Blue Chip Growth Fund | -- | 4,796 | 401 | 11 | (7) | (208) | 4,180 |
| Fidelity Series Canada Fund | -- | 932 | -- | -- | -- | 56 | 988 |
| Fidelity Series Commodity Strategy Fund | -- | 1,997 | 2 | 3 | -- | 53 | 2,048 |
| Fidelity Series Emerging Markets Debt Fund | -- | 642 | -- | 12 | -- | 4 | 646 |
| Fidelity Series Emerging Markets Fund | -- | 10,012 | 840 | -- | 69 | 720 | 9,961 |
| Fidelity Series Floating Rate High Income Fund | -- | 233 | -- | 3 | -- | (1) | 232 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 876 | -- | 3 | -- | -- | 876 |
| Fidelity Series Growth & Income Fund | -- | 9,489 | 93 | 32 | -- | 194 | 9,590 |
| Fidelity Series Growth Company Fund | -- | 7,901 | -- | -- | -- | 415 | 8,316 |
| Fidelity Series High Income Fund | -- | 1,496 | -- | 26 | -- | 6 | 1,502 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 781 | -- | -- | -- | (1) | 780 |
| Fidelity Series International Credit Fund | -- | 49 | -- | -- | -- | -- | 49 |
| Fidelity Series International Growth Fund | -- | 9,780 | 507 | -- | -- | 301 | 9,574 |
| Fidelity Series International Small Cap Fund | -- | 2,269 | 56 | -- | 1 | 104 | 2,318 |
| Fidelity Series International Value Fund | -- | 9,724 | 469 | -- | 1 | 431 | 9,687 |
| Fidelity Series Intrinsic Opportunities Fund | -- | 9,120 | -- | 64 | -- | 144 | 9,264 |
| Fidelity Series Investment Grade Bond Fund | -- | 504 | 7 | 4 | -- | 1 | 498 |
| Fidelity Series Long-Term Treasury Bond Index Fund | -- | 1,722 | 12 | 7 | -- | (8) | 1,702 |
| Fidelity Series Opportunistic Insights Fund | -- | 4,790 | 365 | -- | (6) | 187 | 4,606 |
| Fidelity Series Real Estate Equity Fund | -- | 881 | 40 | 4 | -- | (12) | 829 |
| Fidelity Series Real Estate Income Fund | -- | 470 | -- | 7 | -- | -- | 470 |
| Fidelity Series Short-Term Credit Fund | -- | 241 | -- | 1 | -- | -- | 241 |
| Fidelity Series Small Cap Discovery Fund | -- | 1,215 | 21 | 5 | -- | 33 | 1,227 |
| Fidelity Series Small Cap Opportunities Fund | -- | 3,868 | -- | 7 | -- | (83) | 3,785 |
| Fidelity Series Stock Selector Large Cap Value Fund | -- | 6,930 | 85 | -- | 1 | 290 | 7,136 |
| Fidelity Series Value Discovery Fund | -- | 9,610 | 4,759 | 49 | 37 | 82 | 4,970 |
| Total | $-- | $109,230 | $7,903 | $238 | $95 | $3,039 | $104,461 |
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 Flex℠ Freedom 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $101,422) — See accompanying schedule | | $104,461 |
| Total assets | | 104,461 |
| Net Assets | | $104,461 |
| Net Assets consist of: | | |
| Paid in capital | | $100,000 |
| Undistributed net investment income | | 238 |
| Accumulated undistributed net realized gain (loss) on investments | | 1,184 |
| Net unrealized appreciation (depreciation) on investments | | 3,039 |
| Net Assets, for 10,000 shares outstanding | | $104,461 |
| Net Asset Value, offering price and redemption price per share ($104,461 ÷ 10,000 shares) | | $10.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $238 |
| Net investment income (loss) | | 238 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | $95 | |
| Capital gain distributions from underlying funds | 1,089 | |
| Total net realized gain (loss) | | 1,184 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 3,039 |
| Net gain (loss) | | 4,223 |
| Net increase (decrease) in net assets resulting from operations | | $4,461 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 8, 2017 (commencement of operations) to
September 30, 2017 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $238 |
| Net realized gain (loss) | 1,184 |
| Change in net unrealized appreciation (depreciation) | 3,039 |
| Net increase (decrease) in net assets resulting from operations | 4,461 |
| Share transactions | |
| Proceeds from sales of shares | 100,000 |
| Net increase (decrease) in net assets resulting from share transactions | 100,000 |
| Total increase (decrease) in net assets | 104,461 |
| Net Assets | |
| Beginning of period | – |
| End of period | $104,461 |
| Other Information | |
| Undistributed net investment income end of period | $238 |
| Shares | |
| Sold | 10,000 |
| Net increase (decrease) | 10,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Freedom 2060 Fund
| | Six months ended (Unaudited) |
| | September 30, 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .45 |
| Net asset value, end of period | $10.45 |
| Total ReturnC | 4.50% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductions | - %F |
| Expenses net of fee waivers, if any | - %F |
| Expenses net of all reductions | - %F |
| Net investment income (loss) | .75%F |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $104 |
| Portfolio turnover rateD | 8%G |
A For the period June 8, 2017 (commencement of operations) to September 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 Annualized
G Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended September 30, 2017
1. Organization.
Fidelity Flex Freedom Income Fund, Fidelity Flex Freedom 2005 Fund, Fidelity Flex Freedom 2010 Fund, Fidelity Flex Freedom 2015 Fund, Fidelity Flex Freedom 2020 Fund, Fidelity Flex Freedom 2025 Fund, Fidelity Flex Freedom 2030 Fund, Fidelity Flex Freedom 2035 Fund, Fidelity Flex Freedom 2040 Fund, Fidelity Freedom Flex 2045 Fund, Fidelity Freedom Flex 2050 Fund, Fidelity Freedom Flex 2055 Fund and Fidelity Freedom Flex 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 are available only to certain fee-based accounts offered by Fidelity. 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). During the period, one of the Underlying Funds changed its name from Fidelity Series Equity-Income Fund to Fidelity Series Value Discovery Fund.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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. 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Fidelity Flex Freedom Income Fund | $100,858 | $1,090 | $(85) | $1,005 |
| Fidelity Flex Freedom 2005 Fund | 100,968 | 1,443 | (121) | 1,322 |
| Fidelity Flex Freedom 2010 Fund | 101,051 | 1,759 | (153) | 1,606 |
| Fidelity Flex Freedom 2015 Fund | 101,137 | 2,058 | (184) | 1,874 |
| Fidelity Flex Freedom 2020 Fund | 101,191 | 2,281 | (207) | 2,074 |
| Fidelity Flex Freedom 2025 Fund | 101,242 | 2,477 | (228) | 2,249 |
| Fidelity Flex Freedom 2030 Fund | 101,357 | 2,928 | (279) | 2,649 |
| Fidelity Flex Freedom 2035 Fund | 101,414 | 3,314 | (319) | 2,995 |
| Fidelity Flex Freedom 2040 Fund | 101,413 | 3,362 | (324) | 3,038 |
| Fidelity Flex Freedom 2045 Fund | 101,417 | 3,366 | (322) | 3,044 |
| Fidelity Flex Freedom 2050 Fund | 101,414 | 3,364 | (324) | 3,040 |
| Fidelity Flex Freedom 2055 Fund | 101,418 | 3,366 | (324) | 3,042 |
| Fidelity Flex Freedom 2060 Fund | 101,422 | 3,362 | (323) | 3,039 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Flex Freedom Income Fund | 104,491 | 3,725 |
| Fidelity Flex Freedom 2005 Fund | 105,614 | 4,754 |
| Fidelity Flex Freedom 2010 Fund | 106,139 | 5,198 |
| Fidelity Flex Freedom 2015 Fund | 106,864 | 5,840 |
| Fidelity Flex Freedom 2020 Fund | 107,225 | 6,143 |
| Fidelity Flex Freedom 2025 Fund | 107,620 | 6,488 |
| Fidelity Flex Freedom 2030 Fund | 108,821 | 7,579 |
| Fidelity Flex Freedom 2035 Fund | 109,400 | 8,087 |
| Fidelity Flex Freedom 2040 Fund | 109,268 | 7,942 |
| Fidelity Flex Freedom 2045 Fund | 109,330 | 8,008 |
| Fidelity Flex Freedom 2050 Fund | 109,152 | 7,827 |
| Fidelity Flex Freedom 2055 Fund | 109,115 | 7,790 |
| Fidelity Flex Freedom 2060 Fund | 109,230 | 7,903 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services and the Funds do not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Funds, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
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 miscellaneous expenses such as proxy and shareholder meeting expenses. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund.
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.
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares of the following Funds:
| | Affiliated % |
| Fidelity Flex Freedom Income Fund | 100% |
| Fidelity Flex Freedom 2005 Fund | 100% |
| Fidelity Flex Freedom 2010 Fund | 100% |
| Fidelity Flex Freedom 2015 Fund | 100% |
| Fidelity Flex Freedom 2020 Fund | 100% |
| Fidelity Flex Freedom 2025 Fund | 100% |
| Fidelity Flex Freedom 2030 Fund | 100% |
| Fidelity Flex Freedom 2035 Fund | 100% |
| Fidelity Flex Freedom 2040 Fund | 100% |
| Fidelity Flex Freedom 2045 Fund | 100% |
| Fidelity Flex Freedom 2050 Fund | 100% |
| Fidelity Flex Freedom 2055 Fund | 100% |
| Fidelity Flex Freedom 2060 Fund | 100% |
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 8, 2017 to September 30, 2017). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (April 1, 2017 to September 30, 2017).
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 | Ending
Account Value
September 30, 2017 | Expenses Paid
During Period
|
| Fidelity Flex Freedom Income Fund | - % | | | |
| Actual | | $1,000.00 | $1,018.30 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2005 Fund | - % | | | |
| Actual | | $1,000.00 | $1,023.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2010 Fund | - % | | | |
| Actual | | $1,000.00 | $1,027.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2015 Fund | - % | | | |
| Actual | | $1,000.00 | $1,030.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2020 Fund | - % | | | |
| Actual | | $1,000.00 | $1,033.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2025 Fund | - % | | | |
| Actual | | $1,000.00 | $1,035.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2030 Fund | - % | | | |
| Actual | | $1,000.00 | $1,040.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2035 Fund | - % | | | |
| Actual | | $1,000.00 | $1,044.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2040 Fund | - % | | | |
| Actual | | $1,000.00 | $1,045.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2045 Fund | - % | | | |
| Actual | | $1,000.00 | $1,045.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2050 Fund | - % | | | |
| Actual | | $1,000.00 | $1,045.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2055 Fund | - % | | | |
| Actual | | $1,000.00 | $1,045.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
| Fidelity Flex Freedom 2060 Fund | - % | | | |
| Actual | | $1,000.00 | $1,045.00 | $--B |
| Hypothetical-C | | $1,000.00 | $1,025.07 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 115/365 (to reflect the period June 8, 2017 to September 30, 2017).
C 5% return per year before expenses
D Hypothetical expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex Freedom 2005 Fund
Fidelity Flex Freedom 2010 Fund
Fidelity Flex Freedom 2015 Fund
Fidelity Flex Freedom 2020 Fund
Fidelity Flex Freedom 2025 Fund
Fidelity Flex Freedom 2030 Fund
Fidelity Flex Freedom 2035 Fund
Fidelity Flex Freedom 2040 Fund
Fidelity Flex Freedom 2045 Fund
Fidelity Flex Freedom 2050 Fund
Fidelity Flex Freedom 2055 Fund
Fidelity Flex Freedom 2060 Fund
Fidelity Flex Freedom Income Fund
On January 18, 2017 the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the administration agreement with FMR for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMRC, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by Fidelity under the Advisory Contract and under separate agreements covering administration, transfer agency, and pricing and bookkeeping services for each fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment Performance. Each fund is a new fund and therefore had no historical performance for the Board to review at the time it approved each fund's Advisory Contract. The Board considered the Investment Adviser's strength in managing asset allocation funds, which the Board is familiar with through its supervision of other target date funds.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to each fund under the Advisory Contract should benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board noted that each fund is available exclusively to retirement plans offered through certain Fidelity fee-based programs. The Board considered that while each fund does not pay a management fee, FMRC is indirectly compensated for its services out of the program fee. The Board noted that FMRC pays all operating expenses, with certain limited exceptions, on behalf of each fund. Based on its review, the Board concluded that each fund's fee structure was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. Each fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contract. In connection with its future renewal of each fund's Advisory Contract, the Board will consider the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which each fund invests.
Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted, however, that because each fund pays no advisory fees and FMRC bears most expenses of each fund, economies of scale cannot be realized by each fund.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contract should be approved.
XFC-SANN-1117
1.9884227.100
Fidelity Freedom® Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 - Class K
Semi-Annual Report September 30, 2017 |
|
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. © 2017 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.institutional.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
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 37.2 | 37.5 |
| Fidelity Series Government Money Market Fund 1.09% | 20.9 | 21.0 |
| Fidelity Series Short-Term Credit Fund | 6.8 | 7.0 |
| Fidelity Series Emerging Markets Fund | 3.9 | 4.7 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.7 | 3.8 |
| Fidelity Series International Value Fund | 2.8 | 2.7 |
| Fidelity Series International Growth Fund | 2.8 | 2.6 |
| Fidelity Series Intrinsic Opportunities Fund | 2.3 | 1.6 |
| Fidelity Series Growth & Income Fund | 2.1 | 1.7 |
| Fidelity Series Commodity Strategy Fund | 2.0 | 1.7 |
| | 84.5 | 84.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 16.0% |
| | International Equity Funds | 10.5% |
| | Bond Funds | 45.8% |
| | Short-Term Funds | 27.7% |
| Six months ago |
| | Domestic Equity Funds | 17.1% |
| | International Equity Funds | 10.6% |
| | Bond Funds | 44.3% |
| | Short-Term Funds | 28.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® Income Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 16.0% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 1,097,721 | $18,189,233 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,750,446 | 21,985,604 |
| Fidelity Series All-Sector Equity Fund (a) | | 2,543,358 | 34,004,694 |
| Fidelity Series Blue Chip Growth Fund (a) | | 2,628,701 | 34,804,005 |
| Fidelity Series Commodity Strategy Fund (a) | | 14,524,047 | 75,960,766 |
| Fidelity Series Growth & Income Fund (a) | | 5,237,803 | 79,666,988 |
| Fidelity Series Growth Company Fund (a) | | 4,046,410 | 69,436,388 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 5,033,828 | 86,481,157 |
| Fidelity Series Opportunistic Insights Fund (a) | | 2,103,613 | 38,348,857 |
| Fidelity Series Real Estate Equity Fund (a) | | 533,556 | 6,888,212 |
| Fidelity Series Small Cap Discovery Fund (a) | | 851,107 | 10,213,284 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,252,764 | 31,493,635 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 4,460,971 | 59,286,306 |
| Fidelity Series Value Discovery Fund (a) | | 3,064,195 | 41,121,502 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $462,104,633) | | | 607,880,631 |
|
| International Equity Funds - 10.5% | | | |
| Fidelity Series Canada Fund (a) | | 1,007,068 | 10,715,205 |
| Fidelity Series Emerging Markets Fund (a) | | 7,142,065 | 147,126,541 |
| Fidelity Series International Growth Fund (a) | | 6,629,991 | 105,350,554 |
| Fidelity Series International Small Cap Fund (a) | | 1,430,281 | 25,616,337 |
| Fidelity Series International Value Fund (a) | | 10,013,085 | 107,840,926 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $291,292,591) | | | 396,649,563 |
|
| Bond Funds - 45.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,788,270 | 29,165,303 |
| Fidelity Series Floating Rate High Income Fund (a) | | 969,267 | 9,198,349 |
| Fidelity Series High Income Fund (a) | | 5,853,671 | 57,073,291 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 14,278,214 | 141,211,540 |
| Fidelity Series International Credit Fund (a) | | 185,006 | 1,859,314 |
| Fidelity Series Investment Grade Bond Fund (a) | | 125,032,062 | 1,414,112,620 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 7,901,291 | 69,452,350 |
| Fidelity Series Real Estate Income Fund (a) | | 1,622,870 | 18,127,453 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,694,337,831) | | | 1,740,200,220 |
|
| Short-Term Funds - 27.7% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 795,402,632 | 795,402,632 |
| Fidelity Series Short-Term Credit Fund (a) | | 25,760,047 | 257,342,870 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,052,532,048) | | | 1,052,745,502 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $3,500,267,103) | | | 3,797,475,916 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (752,950) |
| NET ASSETS - 100% | | | $3,796,722,966 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $11,491,675 | $313,457 | $2,142,067 | $-- | $648,035 | $302,183 | $18,189,233 |
| Fidelity Series 1000 Value Index Fund | 14,043,610 | 447,702 | 2,436,371 | -- | 86,404 | 784,566 | 21,985,604 |
| Fidelity Series All-Sector Equity Fund | 21,673,165 | 592,813 | 4,284,785 | -- | 761,679 | 1,080,380 | 34,004,694 |
| Fidelity Series Blue Chip Growth Fund | 22,111,317 | 3,620,117 | 5,486,124 | 67,377 | 1,369,186 | (1,409,835 ) | 34,804,005 |
| Fidelity Series Canada Fund | -- | 10,397,641 | 22,598 | -- | 120 | 121,242 | 10,715,205 |
| Fidelity Series Commodity Strategy Fund | 35,467,629 | 10,495,842 | 2,307,390 | 116,191 | (1,009,411) | 683,046 | 75,960,766 |
| Fidelity Series Emerging Markets Debt Fund | 16,127,912 | 996,647 | 629,285 | 538,710 | 2,684 | 287,386 | 29,165,303 |
| Fidelity Series Emerging Markets Fund | 100,230,776 | 3,041,873 | 48,021,112 | -- | 7,869,246 | 6,888,906 | 147,126,541 |
| Fidelity Series Floating Rate High Income Fund | 5,291,055 | 286,762 | 259,241 | 130,257 | (5,430) | (11,146 ) | 9,198,349 |
| Fidelity Series Government Money Market Fund 1.09% | 449,183,508 | 29,176,806 | 21,244,310 | 2,225,820 | -- | -- | 795,402,632 |
| Fidelity Series Growth & Income Fund | 37,258,926 | 13,807,062 (a) | 6,804,790 | 193,065 | 96,090 | 2,655,144 | 79,666,988 |
| Fidelity Series Growth Company Fund | 43,774,948 | 1,015,728 | 11,297,735 | -- | 4,004,153 | 2,928,174 | 69,436,388 |
| Fidelity Series High Income Fund | 32,354,262 | 1,819,776 | 1,713,805 | 965,604 | (21,219) | 663,612 | 57,073,291 |
| Fidelity Series Inflation-Protected Bond Index Fund | 80,976,154 | 3,835,263 | 3,994,363 | 51,511 | (97,886) | (418,778 ) | 141,211,540 |
| Fidelity Series International Credit Fund | -- | 1,046,127 | 409 | -- | -- | 1,207 | 1,859,314 |
| Fidelity Series International Growth Fund | 56,577,829 | 3,398,403 | 9,445,556 | -- | 836,813 | 7,083,462 | 105,350,554 |
| Fidelity Series International Small Cap Fund | 12,490,172 | 1,050,900 | 927,387 | -- | 17,541 | 2,175,890 | 25,616,337 |
| Fidelity Series International Value Fund | 56,718,964 | 4,744,118 | 7,775,798 | -- | 275,768 | 7,082,273 | 107,840,926 |
| Fidelity Series Intrinsic Opportunities Fund | 34,027,643 | 15,005,333 (a) | 711,307 | 603,421 | 13,103 | 2,151,197 | 86,481,157 |
| Fidelity Series Investment Grade Bond Fund | 801,856,863 | 40,887,391 | 39,531,927 | 10,836,622 | 86,271 | 5,740,953 | 1,414,112,620 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 751,776 | 54,474,403 | 476,221 | 195,181 | (19,255) | (764,094 ) | 69,452,350 |
| Fidelity Series Opportunistic Insights Fund | 24,263,870 | 667,013 | 5,750,287 | -- | 2,241,273 | 868,680 | 38,348,857 |
| Fidelity Series Real Estate Equity Fund | 4,491,516 | 294,075 | 742,857 | 33,609 | 138,226 | (192,606 ) | 6,888,212 |
| Fidelity Series Real Estate Income Fund | 10,269,443 | 771,880 | 629,507 | 255,916 | 15,237 | 50,792 | 18,127,453 |
| Fidelity Series Short-Term Credit Fund | 149,257,239 | 5,722,390 | 7,281,948 | 1,287,011 | (5,196) | (31,413 ) | 257,342,870 |
| Fidelity Series Small Cap Discovery Fund | 6,625,176 | 204,186 | 1,212,021 | 28,183 | 149,823 | 348,527 | 10,213,284 |
| Fidelity Series Small Cap Opportunities Fund | 19,807,202 | 2,764,109 | 3,288,910 | 58,561 | 467,937 | (985,063 ) | 31,493,635 |
| Fidelity Series Stock Selector Large Cap Value Fund | 37,719,914 | 1,181,044 | 6,271,687 | -- | 1,036,718 | 1,152,314 | 59,286,306 |
| Fidelity Series Value Discovery Fund | 52,910,613 | 1,137,092 | 31,136,204 (a) | 388,337 | 6,370,055 | (5,186,817 ) | 41,121,502 |
| Total | $2,137,753,157 | $ 213,195,953 | $ 225,826,002 | $17,975,376 | $ 25,327,965 | $34,050,182 | $3,797,475,916 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $3,500,267,103) — See accompanying schedule | | $3,797,475,916 |
| Cash | | 13 |
| Receivable for investments sold | | 601,884 |
| Receivable for fund shares sold | | 6,403,068 |
| Dividends receivable | | 672,850 |
| Total assets | | 3,805,153,731 |
| Liabilities | | |
| Payable for fund shares redeemed | $7,035,650 | |
| Accrued management fee | 1,395,115 | |
| Total liabilities | | 8,430,765 |
| Net Assets | | $3,796,722,966 |
| Net Assets consist of: | | |
| Paid in capital | | $3,466,779,086 |
| Undistributed net investment income | | 4,462,550 |
| Accumulated undistributed net realized gain (loss) on investments | | 28,272,517 |
| Net unrealized appreciation (depreciation) on investments | | 297,208,813 |
| Net Assets | | $3,796,722,966 |
| Fidelity Freedom Income Fund: | | |
| Net Asset Value, offering price and redemption price per share ($2,141,916,796 ÷ 180,750,083 shares) | | $11.85 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($1,648,136,293 ÷ 139,222,585 shares) | | $11.84 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($6,669,877 ÷ 563,115 shares) | | $11.84 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $17,975,376 |
| Expenses | | |
| Management fee | $3,739,557 | |
| Independent trustees' fees and expenses | 3,897 | |
| Total expenses before reductions | 3,743,454 | |
| Expense reductions | (1,400) | 3,742,054 |
| Net investment income (loss) | | 14,233,322 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 25,327,965 | |
| Capital gain distributions from underlying funds | 8,504,511 | |
| Total net realized gain (loss) | | 33,832,476 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 34,050,182 |
| Net gain (loss) | | 67,882,658 |
| Net increase (decrease) in net assets resulting from operations | | $82,115,980 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,233,322 | $36,768,529 |
| Net realized gain (loss) | 33,832,476 | 31,357,348 |
| Change in net unrealized appreciation (depreciation) | 34,050,182 | 59,659,034 |
| Net increase (decrease) in net assets resulting from operations | 82,115,980 | 127,784,911 |
| Distributions to shareholders from net investment income | (12,627,158) | (37,016,596) |
| Distributions to shareholders from net realized gain | (14,993,579) | (32,674,118) |
| Total distributions | (27,620,737) | (69,690,714) |
| Share transactions - net increase (decrease) | 1,604,475,573 | (105,335,895) |
| Total increase (decrease) in net assets | 1,658,970,816 | (47,241,698) |
| Net Assets | | |
| Beginning of period | 2,137,752,150 | 2,184,993,848 |
| End of period | $3,796,722,966 | $2,137,752,150 |
| Other Information | | |
| Undistributed net investment income end of period | $4,462,550 | $2,856,386 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Income Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.57 | $11.26 | $11.75 | $11.86 | $11.91 | $11.60 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .19 | .21 | .21 | .16 | .15 |
| Net realized and unrealized gain (loss) | .37 | .49 | (.27) | .28 | .30 | .40 |
| Total from investment operations | .43 | .68 | (.06) | .49 | .46 | .55 |
| Distributions from net investment income | (.07) | (.20)B | (.21) | (.20) | (.16) | (.16) |
| Distributions from net realized gain | (.08) | (.17)B | (.22) | (.40) | (.35) | (.08) |
| Total distributions | (.15) | (.37) | (.43) | (.60) | (.51) | (.24) |
| Net asset value, end of period | $11.85 | $11.57 | $11.26 | $11.75 | $11.86 | $11.91 |
| Total ReturnC,D | 3.76% | 6.16% | (.45)% | 4.31% | 3.95% | 4.79% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .31%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .31%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .31%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.06%G | 1.70% | 1.86% | 1.77% | 1.37% | 1.32% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $2,141,917 | $2,137,752 | $2,184,994 | $2,483,848 | $1,935,210 | $2,191,666 |
| Portfolio turnover rateE | 20 %G,I | 31% | 20% | 26%I | 31% | 14% |
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 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 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 Annualized
H Amount represents less than $.005%
I 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 Income Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.76 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .05 |
| Total from investment operations | .11 |
| Distributions from net investment income | (.03) |
| Distributions from net realized gain | – |
| Total distributions | (.03) |
| Net asset value, end of period | $11.84 |
| Total ReturnC,D | .93% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .46%G,H |
| Expenses net of fee waivers, if any | .46%G,H |
| Expenses net of all reductions | .46%G,H |
| Net investment income (loss) | 3.13%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,648,136 |
| Portfolio turnover rateE | 20%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 Income Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.68 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .14 |
| Total from investment operations | .20 |
| Distributions from net investment income | (.04) |
| Distributions from net realized gain | – |
| Total distributions | (.04) |
| Net asset value, end of period | $11.84 |
| Total ReturnC,D | 1.69% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .37%G |
| Expenses net of fee waivers, if any | .37%G |
| Expenses net of all reductions | .37%G |
| Net investment income (loss) | 1.74%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $6,670 |
| Portfolio turnover rateE | 20%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 33.6 | 33.7 |
| Fidelity Series Government Money Market Fund 1.09% | 16.2 | 15.9 |
| Fidelity Series Short-Term Credit Fund | 5.1 | 5.3 |
| Fidelity Series Emerging Markets Fund | 4.7 | 5.7 |
| Fidelity Series International Value Fund | 3.9 | 3.8 |
| Fidelity Series International Growth Fund | 3.8 | 3.8 |
| Fidelity Series Intrinsic Opportunities Fund | 3.4 | 2.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.3 | 3.3 |
| Fidelity Series Growth & Income Fund | 3.2 | 2.6 |
| Fidelity Series Growth Company Fund | 2.8 | 3.1 |
| | 80.0 | 79.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 23.3% |
| | International Equity Funds | 13.7% |
| | Bond Funds | 41.7% |
| | Short-Term Funds | 21.3% |
| Six months ago |
| | Domestic Equity Funds | 24.7% |
| | International Equity Funds | 14.1% |
| | Bond Funds | 40.0% |
| | Short-Term Funds | 21.2% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2005 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 23.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 451,702 | $7,484,705 |
| Fidelity Series 1000 Value Index Fund (a) | | 722,615 | 9,076,045 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,046,567 | 13,992,598 |
| Fidelity Series Blue Chip Growth Fund (a) | | 1,081,621 | 14,320,657 |
| Fidelity Series Commodity Strategy Fund (a) | | 3,932,099 | 20,564,880 |
| Fidelity Series Growth & Income Fund (a) | | 2,161,904 | 32,882,555 |
| Fidelity Series Growth Company Fund (a) | | 1,665,186 | 28,574,590 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 2,014,148 | 34,603,056 |
| Fidelity Series Opportunistic Insights Fund (a) | | 865,632 | 15,780,478 |
| Fidelity Series Real Estate Equity Fund (a) | | 219,906 | 2,838,988 |
| Fidelity Series Small Cap Discovery Fund (a) | | 350,312 | 4,203,750 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 928,294 | 12,977,544 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 1,843,274 | 24,497,105 |
| Fidelity Series Value Discovery Fund (a) | | 1,266,763 | 16,999,960 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $187,374,093) | | | 238,796,911 |
|
| International Equity Funds - 13.7% | | | |
| Fidelity Series Canada Fund (a) | | 370,327 | 3,940,275 |
| Fidelity Series Emerging Markets Fund (a) | | 2,369,544 | 48,812,600 |
| Fidelity Series International Growth Fund (a) | | 2,429,282 | 38,601,291 |
| Fidelity Series International Small Cap Fund (a) | | 526,012 | 9,420,877 |
| Fidelity Series International Value Fund (a) | | 3,693,836 | 39,782,609 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $106,946,186) | | | 140,557,652 |
|
| Bond Funds - 41.7% | | | |
| Fidelity Series Emerging Markets Debt Fund(a) | | 737,180 | 7,710,904 |
| Fidelity Series Floating Rate High Income Fund (a) | | 259,457 | 2,462,249 |
| Fidelity Series High Income Fund (a) | | 1,578,873 | 15,394,010 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 3,395,739 | 33,583,861 |
| Fidelity Series International Credit Fund (a) | | 50,583 | 508,355 |
| Fidelity Series Investment Grade Bond Fund (a) | | 30,439,533 | 344,271,121 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 2,225,299 | 19,560,374 |
| Fidelity Series Real Estate Income Fund (a) | | 439,887 | 4,913,536 |
| TOTAL BOND FUNDS | | | |
| (Cost $431,303,789) | | | 428,404,410 |
|
| Short-Term Funds - 21.3% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 166,368,100 | 166,368,100 |
| Fidelity Series Short-Term Credit Fund (a) | | 5,227,091 | 52,218,642 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $218,566,386) | | | 218,586,742 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $944,190,454) | | | 1,026,345,715 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (396,450) |
| NET ASSETS - 100% | | | $1,025,949,265 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $4,687,350 | $220,852 | $777,002 | $-- | $272,312 | $123,563 | $7,484,705 |
| Fidelity Series 1000 Value Index Fund | 5,728,190 | 268,370 | 829,602 | -- | 27,589 | 333,353 | 9,076,045 |
| Fidelity Series All-Sector Equity Fund | 8,840,190 | 415,126 | 1,565,228 | -- | 40,239 | 724,961 | 13,992,598 |
| Fidelity Series Blue Chip Growth Fund | 9,019,055 | 1,669,043 | 2,060,775 | 27,780 | 472,549 | (479,236 ) | 14,320,657 |
| Fidelity Series Canada Fund | -- | 3,458,266 | 9,966 | -- | 63 | 54,172 | 3,940,275 |
| Fidelity Series Commodity Strategy Fund | 9,618,952 | 3,245,576 | 606,135 | 31,506 | (34,317) | (47,638 ) | 20,564,880 |
| Fidelity Series Emerging Markets Debt Fund | 4,351,269 | 342,939 | 179,538 | 140,359 | 1,345 | 78,601 | 7,710,904 |
| Fidelity Series Emerging Markets Fund | 33,214,881 | 1,673,278 | 14,713,102 | -- | 1,832,799 | 3,091,704 | 48,812,600 |
| Fidelity Series Floating Rate High Income Fund | 1,443,737 | 107,949 | 73,862 | 34,343 | (590) | (3,963 ) | 2,462,249 |
| Fidelity Series Government Money Market Fund 1.09% | 93,037,687 | 10,890,184 | 4,614,642 | 452,112 | -- | -- | 166,368,100 |
| Fidelity Series Growth & Income Fund | 15,197,493 | 6,046,260 (a) | 2,280,940 | 81,582 | 16,646 | 1,108,344 | 32,882,555 |
| Fidelity Series Growth Company Fund | 17,856,033 | 588,531 | 4,076,629 | -- | 1,401,123 | 1,477,803 | 28,574,590 |
| Fidelity Series High Income Fund | 8,842,210 | 690,361 | 443,871 | 256,024 | 317 | 173,909 | 15,394,010 |
| Fidelity Series Inflation-Protected Bond Index Fund | 19,379,371 | 1,516,183 | 1,002,280 | 11,831 | (67,673) | (48,673 ) | 33,583,861 |
| Fidelity Series International Credit Fund | -- | 298,759 | 431 | -- | -- | 454 | 508,355 |
| Fidelity Series International Growth Fund | 21,908,894 | 1,150,957 | 3,693,439 | -- | 449,461 | 2,601,049 | 38,601,291 |
| Fidelity Series International Small Cap Fund | 4,894,618 | 363,966 | 458,751 | -- | 26,076 | 825,565 | 9,420,877 |
| Fidelity Series International Value Fund | 21,965,189 | 1,673,294 | 2,777,920 | -- | 46,254 | 2,750,566 | 39,782,609 |
| Fidelity Series Intrinsic Opportunities Fund | 13,804,364 | 6,563,982 (a) | 348,265 | 241,221 | 5,815 | 888,066 | 34,603,056 |
| Fidelity Series Investment Grade Bond Fund | 196,594,195 | 16,213,511 | 9,723,475 | 2,583,153 | (12,266) | 1,525,258 | 344,271,121 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 181,407 | 15,768,264 | 141,002 | 51,423 | (4,398) | (205,421 ) | 19,560,374 |
| Fidelity Series Opportunistic Insights Fund | 9,897,007 | 469,692 | 2,148,014 | -- | 766,962 | 525,846 | 15,780,478 |
| Fidelity Series Real Estate Equity Fund | 1,819,013 | 157,860 | 248,715 | 14,239 | 10,819 | (32,662 ) | 2,838,988 |
| Fidelity Series Real Estate Income Fund | 2,851,782 | 268,873 | 167,895 | 72,252 | 736 | 16,929 | 4,913,536 |
| Fidelity Series Short-Term Credit Fund | 30,870,409 | 1,822,169 | 1,594,554 | 256,695 | (540) | (2,863 ) | 52,218,642 |
| Fidelity Series Small Cap Discovery Fund | 2,702,182 | 135,693 | 438,482 | 11,750 | 48,101 | 155,583 | 4,203,750 |
| Fidelity Series Small Cap Opportunities Fund | 8,077,116 | 1,296,722 | 1,153,982 | 24,180 | 74,066 | (285,950 ) | 12,977,544 |
| Fidelity Series Stock Selector Large Cap Value Fund | 15,385,439 | 722,964 | 2,123,481 | -- | 64,284 | 845,955 | 24,497,105 |
| Fidelity Series Value Discovery Fund | 21,581,521 | 691,803 | 12,423,519(a) | 162,799 | 1,024,666 | (537,382 ) | 16,999,960 |
| Total | $583,749,554 | $78,731,427 | $70,675,497 | $4,453,249 | $6,462,438 | $15,657,893 | $1,026,345,715 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $944,190,454) — See accompanying schedule | | $1,026,345,715 |
| Cash | | 12 |
| Receivable for investments sold | | 8 |
| Receivable for fund shares sold | | 1,639,541 |
| Total assets | | 1,027,985,276 |
| Liabilities | | |
| Payable for investments purchased | $259,400 | |
| Payable for fund shares redeemed | 1,378,936 | |
| Accrued management fee | 397,675 | |
| Total liabilities | | 2,036,011 |
| Net Assets | | $1,025,949,265 |
| Net Assets consist of: | | |
| Paid in capital | | $932,726,964 |
| Undistributed net investment income | | 3,333,274 |
| Accumulated undistributed net realized gain (loss) on investments | | 7,733,766 |
| Net unrealized appreciation (depreciation) on investments | | 82,155,261 |
| Net Assets | | $1,025,949,265 |
| Fidelity Freedom 2005 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($595,517,477 ÷ 47,173,970 shares) | | $12.62 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($428,058,469 ÷ 33,916,786 shares) | | $12.62 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($2,373,319 ÷ 187,944 shares) | | $12.63 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $4,453,249 |
| Expenses | | |
| Management fee | $1,088,388 | |
| Independent trustees' fees and expenses | 1,076 | |
| Total expenses before reductions | 1,089,464 | |
| Expense reductions | (383) | 1,089,081 |
| Net investment income (loss) | | 3,364,168 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 6,462,438 | |
| Capital gain distributions from underlying funds | 3,485,211 | |
| Total net realized gain (loss) | | 9,947,649 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 15,657,893 |
| Net gain (loss) | | 25,605,542 |
| Net increase (decrease) in net assets resulting from operations | | $28,969,710 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,364,168 | $9,931,239 |
| Net realized gain (loss) | 9,947,649 | 8,364,571 |
| Change in net unrealized appreciation (depreciation) | 15,657,893 | 26,065,382 |
| Net increase (decrease) in net assets resulting from operations | 28,969,710 | 44,361,192 |
| Distributions to shareholders from net investment income | (1,620,929) | (10,200,069) |
| Distributions to shareholders from net realized gain | (5,291,856) | (7,369,706) |
| Total distributions | (6,912,785) | (17,569,775) |
| Share transactions - net increase (decrease) | 420,138,654 | (23,764,200) |
| Total increase (decrease) in net assets | 442,195,579 | 3,027,217 |
| Net Assets | | |
| Beginning of period | 583,753,686 | 580,726,469 |
| End of period | $1,025,949,265 | $583,753,686 |
| Other Information | | |
| Undistributed net investment income end of period | $3,333,274 | $1,590,035 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2005 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.20 | $11.66 | $12.24 | $12.01 | $11.53 | $11.11 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .20 | .22 | .22 | .16 | .15 |
| Net realized and unrealized gain (loss) | .52 | .71 | (.34) | .40 | .58 | .51 |
| Total from investment operations | .57 | .91 | (.12) | .62 | .74 | .66 |
| Distributions from net investment income | (.03) | (.22)B | (.22) | (.23) | (.15) | (.17) |
| Distributions from net realized gain | (.11) | (.15)B | (.23) | (.17) | (.10) | (.07) |
| Total distributions | (.15)C | (.37) | (.46)D | (.39)E | (.26)F | (.24) |
| Net asset value, end of period | $12.62 | $12.20 | $11.66 | $12.24 | $12.01 | $11.53 |
| Total ReturnG,H | 4.67% | 7.91% | (1.01)% | 5.26% | 6.43% | 5.99% |
| Ratios to Average Net AssetsI,J | | | | | | |
| Expenses before reductions | .33%K | - %L | - %L | - %L | - %L | - %L |
| Expenses net of fee waivers, if any | .33%K | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .33%K | -% | -% | -% | -% | -% |
| Net investment income (loss) | .86%K | 1.70% | 1.87% | 1.79% | 1.38% | 1.38% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $595,517 | $583,754 | $580,726 | $639,723 | $668,987 | $704,183 |
| Portfolio turnover rateI | 24%K,M | 31% | 22% | 23% | 44% | 22% |
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 Total distributions of $.15 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.111 per share.
D 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.
E 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.
F 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.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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
L Amount represents less than $.005%
M 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 Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.48 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .06 |
| Total from investment operations | .14 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.62 |
| Total ReturnC,D | 1.12% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G,H |
| Expenses net of fee waivers, if any | .45%G,H |
| Expenses net of all reductions | .45%G,H |
| Net investment income (loss) | 3.20%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $428,058 |
| Portfolio turnover rateE | 24%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.36 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .21 |
| Total from investment operations | .27 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.63 |
| Total ReturnC,D | 2.18% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .38%G |
| Expenses net of fee waivers, if any | .38%G |
| Expenses net of all reductions | .38%G |
| Net investment income (loss) | 1.61%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,373 |
| Portfolio turnover rateE | 24%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 30.1 | 30.3 |
| Fidelity Series Government Money Market Fund 1.09% | 12.5 | 12.2 |
| Fidelity Series Emerging Markets Fund | 5.7 | 6.5 |
| Fidelity Series International Value Fund | 4.7 | 4.7 |
| Fidelity Series International Growth Fund | 4.6 | 4.7 |
| Fidelity Series Intrinsic Opportunities Fund | 4.3 | 3.0 |
| Fidelity Series Growth & Income Fund | 4.1 | 3.3 |
| Fidelity Series Short-Term Credit Fund | 3.9 | 4.0 |
| Fidelity Series Growth Company Fund | 3.6 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.1 | 3.3 |
| | 76.6 | 75.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 29.4% |
| | International Equity Funds | 16.6% |
| | Bond Funds | 37.6% |
| | Short-Term Funds | 16.4% |
| Six months ago |
| | Domestic Equity Funds | 30.9% |
| | International Equity Funds | 16.9% |
| | Bond Funds | 36.0% |
| | Short-Term Funds | 16.2% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2010 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 29.4% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 3,867,315 | $64,081,403 |
| Fidelity Series 1000 Value Index Fund (a) | | 6,175,372 | 77,562,670 |
| Fidelity Series All-Sector Equity Fund (a) | | 8,959,938 | 119,794,371 |
| Fidelity Series Blue Chip Growth Fund (a) | | 9,260,377 | 122,607,396 |
| Fidelity Series Commodity Strategy Fund (a) | | 25,892,028 | 135,415,305 |
| Fidelity Series Growth & Income Fund (a) | | 18,464,744 | 280,848,758 |
| Fidelity Series Growth Company Fund (a) | | 14,255,793 | 244,629,402 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 16,965,860 | 291,473,483 |
| Fidelity Series Opportunistic Insights Fund (a) | | 7,411,484 | 135,111,362 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,880,314 | 24,274,848 |
| Fidelity Series Small Cap Discovery Fund (a) | | 2,998,064 | 35,976,770 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 7,945,661 | 111,080,342 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 15,726,506 | 209,005,264 |
| Fidelity Series Value Discovery Fund (a) | | 10,828,562 | 145,319,309 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,504,391,456) | | | 1,997,180,683 |
|
| International Equity Funds - 16.6% | | | |
| Fidelity Series Canada Fund (a) | | 3,006,314 | 31,987,182 |
| Fidelity Series Emerging Markets Fund (a) | | 18,646,287 | 384,113,521 |
| Fidelity Series International Growth Fund (a) | | 19,727,323 | 313,467,163 |
| Fidelity Series International Small Cap Fund (a) | | 4,264,215 | 76,372,083 |
| Fidelity Series International Value Fund (a) | | 29,930,090 | 322,347,065 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $841,379,615) | | | 1,128,287,014 |
|
| Bond Funds - 37.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 4,864,914 | 50,887,001 |
| Fidelity Series Floating Rate High Income Fund (a) | | 1,700,968 | 16,142,182 |
| Fidelity Series High Income Fund (a) | | 10,399,179 | 101,391,999 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 17,981,992 | 177,841,897 |
| Fidelity Series International Credit Fund (a) | | 339,098 | 3,407,930 |
| Fidelity Series Investment Grade Bond Fund (a) | | 180,765,791 | 2,044,461,096 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 14,780,740 | 129,922,702 |
| Fidelity Series Real Estate Income Fund (a) | | 2,890,295 | 32,284,597 |
| TOTAL BOND FUNDS | | | |
| (Cost $2,567,035,060) | | | 2,556,339,404 |
|
| Short-Term Funds - 16.4% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 848,385,738 | 848,385,738 |
| Fidelity Series Short-Term Credit Fund (a) | | 26,205,575 | 261,793,698 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,110,132,571) | | | 1,110,179,436 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $6,022,938,702) | | | 6,791,986,537 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (2,046,304) |
| NET ASSETS - 100% | | | $6,789,940,233 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $42,164,646 | $946,226 | $6,186,963 | $-- | $2,447,671 | $1,036,305 | $64,081,403 |
| Fidelity Series 1000 Value Index Fund | 51,526,879 | 1,136,565 | 6,541,629 | -- | 239,011 | 2,871,499 | 77,562,670 |
| Fidelity Series All-Sector Equity Fund | 79,520,284 | 1,773,206 | 12,561,684 | -- | 684,229 | 6,057,140 | 119,794,371 |
| Fidelity Series Blue Chip Growth Fund | 81,130,669 | 12,460,782 | 16,958,620 | 238,046 | 4,094,263 | (3,747,514 ) | 122,607,396 |
| Fidelity Series Canada Fund | -- | 26,648,022 | 112,409 | -- | 757 | 507,716 | 31,987,182 |
| Fidelity Series Commodity Strategy Fund | 66,580,114 | 22,430,735 | 4,809,191 | 207,671 | (2,643,966) | 2,152,458 | 135,415,305 |
| Fidelity Series Emerging Markets Debt Fund | 30,964,719 | 1,718,371 | 1,451,036 | 1,013,754 | 7,230 | 575,474 | 50,887,001 |
| Fidelity Series Emerging Markets Fund | 271,438,238 | 6,573,919 | 104,144,607 | -- | 13,853,391 | 26,035,900 | 384,113,521 |
| Fidelity Series Floating Rate High Income Fund | 10,226,318 | 486,733 | 597,965 | 246,420 | (15,389) | (16,446 ) | 16,142,182 |
| Fidelity Series Government Money Market Fund 1.09% | 504,760,496 | 52,805,422 | 29,121,121 | 2,513,350 | -- | -- | 848,385,738 |
| Fidelity Series Growth & Income Fund | 136,706,954 | 50,627,998 (a) | 18,091,583 | 737,825 | 501,106 | 8,984,064 | 280,848,758 |
| Fidelity Series Growth Company Fund | 160,622,872 | 3,309,113 | 35,614,170 | -- | 12,203,015 | 13,437,494 | 244,629,402 |
| Fidelity Series High Income Fund | 62,714,112 | 3,319,569 | 3,592,571 | 1,839,959 | (47,590) | 1,225,802 | 101,391,999 |
| Fidelity Series Inflation-Protected Bond Index Fund | 110,955,952 | 5,785,823 | 6,577,841 | 69,038 | (618,985) | 85,304 | 177,841,897 |
| Fidelity Series International Credit Fund | -- | 2,089,683 | 787 | -- | -- | 3,934 | 3,407,930 |
| Fidelity Series International Growth Fund | 192,889,582 | 4,799,241 | 32,464,612 | -- | 7,285,665 | 19,013,277 | 313,467,163 |
| Fidelity Series International Small Cap Fund | 43,404,977 | 1,108,945 | 4,065,057 | -- | 717,397 | 6,644,500 | 76,372,083 |
| Fidelity Series International Value Fund | 193,388,884 | 7,539,475 | 23,786,322 | -- | 783,356 | 22,908,673 | 322,347,065 |
| Fidelity Series Intrinsic Opportunities Fund | 123,853,701 | 54,514,180 (a) | 2,482,706 | 2,034,963 | 30,821 | 8,098,284 | 291,473,483 |
| Fidelity Series Investment Grade Bond Fund | 1,251,611,176 | 77,918,734 | 71,402,565 | 16,753,535 | 129,742 | 10,377,411 | 2,044,461,096 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,150,158 | 106,826,037 | 1,205,855 | 370,756 | (48,263) | (1,271,978 ) | 129,922,702 |
| Fidelity Series Opportunistic Insights Fund | 89,027,558 | 2,000,638 | 17,580,099 | -- | 6,644,175 | 4,832,134 | 135,111,362 |
| Fidelity Series Real Estate Equity Fund | 16,232,403 | 980,005 | 1,819,482 | 127,978 | 259,220 | (441,421 ) | 24,274,848 |
| Fidelity Series Real Estate Income Fund | 20,314,432 | 1,327,936 | 1,601,740 | 500,538 | 58,479 | 75,729 | 32,284,597 |
| Fidelity Series Short-Term Credit Fund | 167,320,535 | 5,342,134 | 9,908,315 | 1,410,053 | (4,951) | 39,109 | 261,793,698 |
| Fidelity Series Small Cap Discovery Fund | 24,305,650 | 627,547 | 3,486,852 | 105,199 | 417,263 | 1,307,943 | 35,976,770 |
| Fidelity Series Small Cap Opportunities Fund | 72,102,603 | 9,489,640 | 8,480,906 | 207,143 | 842,163 | (2,639,034 ) | 111,080,342 |
| Fidelity Series Stock Selector Large Cap Value Fund | 138,322,291 | 3,130,694 | 16,819,000 | -- | 3,023,129 | 4,819,266 | 209,005,264 |
| Fidelity Series Value Discovery Fund | 194,132,279 | 3,631,141 | 109,795,378(a) | 1,469,911 | 20,019,291 | (15,861,274 ) | 145,319,309 |
| Total | $4,137,368,482 | $471,348,514 | $551,261,066 | $29,846,139 | $70,862,230 | $117,111,749 | $6,791,986,537 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $6,022,938,702) — See accompanying schedule | | $6,791,986,537 |
| Cash | | 145 |
| Receivable for investments sold | | 4,859,805 |
| Receivable for fund shares sold | | 6,884,600 |
| Dividends receivable | | 835,765 |
| Other receivables | | 81,154 |
| Total assets | | 6,804,648,006 |
| Liabilities | | |
| Payable for fund shares redeemed | $11,763,850 | |
| Accrued management fee | 2,862,770 | |
| Other payables and accrued expenses | 81,153 | |
| Total liabilities | | 14,707,773 |
| Net Assets | | $6,789,940,233 |
| Net Assets consist of: | | |
| Paid in capital | | $5,909,739,386 |
| Undistributed net investment income | | 21,491,398 |
| Accumulated undistributed net realized gain (loss) on investments | | 89,661,614 |
| Net unrealized appreciation (depreciation) on investments | | 769,047,835 |
| Net Assets | | $6,789,940,233 |
| Fidelity Freedom 2010 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($4,166,501,440 ÷ 257,670,054 shares) | | $16.17 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($2,610,006,365 ÷ 161,367,296 shares) | | $16.17 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($13,432,428 ÷ 830,434 shares) | | $16.18 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $29,846,139 |
| Expenses | | |
| Management fee | $8,148,129 | |
| Independent trustees' fees and expenses | 8,448 | |
| Total expenses before reductions | 8,156,577 | |
| Expense reductions | (3,152) | 8,153,425 |
| Net investment income (loss) | | 21,692,714 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 70,862,230 | |
| Capital gain distributions from underlying funds | 29,951,597 | |
| Total net realized gain (loss) | | 100,813,827 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 117,111,749 |
| Net gain (loss) | | 217,925,576 |
| Net increase (decrease) in net assets resulting from operations | | $239,618,290 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,692,714 | $71,245,001 |
| Net realized gain (loss) | 100,813,827 | 79,597,248 |
| Change in net unrealized appreciation (depreciation) | 117,111,749 | 221,525,569 |
| Net increase (decrease) in net assets resulting from operations | 239,618,290 | 372,367,818 |
| Distributions to shareholders from net investment income | (11,553,873) | (71,220,043) |
| Distributions to shareholders from net realized gain | (49,891,727) | (73,776,491) |
| Total distributions | (61,445,600) | (144,996,534) |
| Share transactions - net increase (decrease) | 2,474,407,932 | (361,162,304) |
| Total increase (decrease) in net assets | 2,652,580,622 | (133,791,020) |
| Net Assets | | |
| Beginning of period | 4,137,359,611 | 4,271,150,631 |
| End of period | $6,789,940,233 | $4,137,359,611 |
| Other Information | | |
| Undistributed net investment income end of period | $21,491,398 | $11,352,557 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2010 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $15.56 | $14.75 | $15.75 | $15.51 | $14.67 | $13.99 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .26 | .28 | .28 | .22 | .22 |
| Net realized and unrealized gain (loss) | .78 | 1.08 | (.50) | .62 | .99 | .80 |
| Total from investment operations | .84 | 1.34 | (.22) | .90 | 1.21 | 1.02 |
| Distributions from net investment income | (.04) | (.26) | (.29) | (.29) | (.21) | (.24) |
| Distributions from net realized gain | (.19) | (.26) | (.49) | (.36) | (.16) | (.10) |
| Total distributions | (.23) | (.53)B | (.78) | (.66)C | (.37) | (.34) |
| Net asset value, end of period | $16.17 | $15.56 | $14.75 | $15.75 | $15.51 | $14.67 |
| Total ReturnD,E | 5.48% | 9.27% | (1.42)% | 5.91% | 8.31% | 7.43% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .36%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .36%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .36%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .78%H | 1.69% | 1.86% | 1.81% | 1.43% | 1.54% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $4,166,501 | $4,137,360 | $4,271,151 | $4,940,590 | $5,419,921 | $5,879,292 |
| Portfolio turnover rateF | 22%H,J | 23% | 17% | 18% | 35% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.53 per share is comprised of distributions from net investment income of $.262 and distributions from net realized gain of $.264 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2010 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.96 |
| Income from Investment Operations | |
| Net investment income (loss)B | .11 |
| Net realized and unrealized gain (loss) | .10 |
| Total from investment operations | .21 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.17 |
| Total ReturnC,D | 1.32% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G,H |
| Expenses net of fee waivers, if any | .49%G,H |
| Expenses net of all reductions | .49%G,H |
| Net investment income (loss) | 3.54%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,610,006 |
| Portfolio turnover rateE | 22%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2010 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.77 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .33 |
| Total from investment operations | .41 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.18 |
| Total ReturnC,D | 2.60% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .39%G,H |
| Expenses net of fee waivers, if any | .39%G,H |
| Expenses net of all reductions | .39%G,H |
| Net investment income (loss) | 1.69%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $13,432 |
| Portfolio turnover rateE | 22%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 26.5 | 26.6 |
| Fidelity Series Government Money Market Fund 1.09% | 9.1 | 8.8 |
| Fidelity Series Emerging Markets Fund | 6.3 | 7.2 |
| Fidelity Series International Growth Fund | 5.6 | 5.6 |
| Fidelity Series International Value Fund | 5.5 | 5.6 |
| Fidelity Series Intrinsic Opportunities Fund | 5.3 | 3.6 |
| Fidelity Series Growth & Income Fund | 5.1 | 4.0 |
| Fidelity Series Growth Company Fund | 4.4 | 4.7 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.8 | 4.1 |
| Fidelity Series Short-Term Credit Fund | 2.7 | 2.9 |
| | 74.3 | 73.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 35.7% |
| | International Equity Funds | 19.3% |
| | Bond Funds | 33.2% |
| | Short-Term Funds | 11.8% |
| Six months ago |
| | Domestic Equity Funds | 37.1% |
| | International Equity Funds | 19.7% |
| | Bond Funds | 31.5% |
| | Short-Term Funds | 11.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2015 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 35.7% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 7,294,547 | $120,870,641 |
| Fidelity Series 1000 Value Index Fund (a) | | 11,655,244 | 146,389,861 |
| Fidelity Series All-Sector Equity Fund (a) | | 16,899,431 | 225,945,398 |
| Fidelity Series Blue Chip Growth Fund (a) | | 17,466,339 | 231,254,326 |
| Fidelity Series Commodity Strategy Fund (a) | | 39,588,244 | 207,046,518 |
| Fidelity Series Growth & Income Fund (a) | | 34,836,360 | 529,861,041 |
| Fidelity Series Growth Company Fund (a) | | 26,887,935 | 461,396,963 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 31,884,522 | 547,776,090 |
| Fidelity Series Opportunistic Insights Fund (a) | | 13,978,758 | 254,832,760 |
| Fidelity Series Real Estate Equity Fund (a) | | 3,536,311 | 45,653,777 |
| Fidelity Series Small Cap Discovery Fund (a) | | 5,647,270 | 67,767,243 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 14,961,004 | 209,154,835 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 29,673,054 | 394,354,885 |
| Fidelity Series Value Discovery Fund (a) | | 20,387,461 | 273,599,727 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,777,048,514) | | | 3,715,904,065 |
|
| International Equity Funds - 19.3% | | | |
| Fidelity Series Canada Fund (a) | | 5,474,885 | 58,252,772 |
| Fidelity Series Emerging Markets Fund (a) | | 32,032,751 | 659,874,662 |
| Fidelity Series International Growth Fund (a) | | 36,556,856 | 580,888,445 |
| Fidelity Series International Small Cap Fund (a) | | 7,768,717 | 139,137,720 |
| Fidelity Series International Value Fund (a) | | 53,595,885 | 577,227,685 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,491,775,626) | | | 2,015,381,284 |
|
| Bond Funds - 33.2% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 7,241,058 | 75,741,469 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,585,492 | 24,536,321 |
| Fidelity Series High Income Fund (a) | | 15,854,373 | 154,580,134 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 19,319,887 | 191,073,685 |
| Fidelity Series International Credit Fund (a) | | 520,794 | 5,233,977 |
| Fidelity Series Investment Grade Bond Fund (a) | | 243,823,247 | 2,757,640,917 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 22,560,204 | 198,304,190 |
| Fidelity Series Real Estate Income Fund (a) | | 4,347,397 | 48,560,420 |
| TOTAL BOND FUNDS | | | |
| (Cost $3,438,697,548) | | | 3,455,671,113 |
|
| Short-Term Funds - 11.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 941,466,548 | 941,466,548 |
| Fidelity Series Short-Term Credit Fund (a) | | 28,542,134 | 285,135,918 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,226,630,992) | | | 1,226,602,466 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $8,934,152,680) | | | 10,413,558,928 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (3,338,855) |
| NET ASSETS - 100% | | | $10,410,220,073 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $66,076,673 | $3,658,856 | $9,238,060 | $-- | $2,140,470 | $3,826,733 | $120,870,641 |
| Fidelity Series 1000 Value Index Fund | 80,656,571 | 4,432,421 | 9,522,999 | -- | 300,476 | 5,418,975 | 146,389,861 |
| Fidelity Series All-Sector Equity Fund | 124,616,586 | 6,891,607 | 18,838,611 | -- | 859,021 | 10,589,101 | 225,945,398 |
| Fidelity Series Blue Chip Growth Fund | 127,141,191 | 27,250,215 | 25,838,564 | 449,176 | 5,569,060 | (7,704,198 ) | 231,254,326 |
| Fidelity Series Canada Fund | -- | 43,714,617 | 296,406 | -- | 1,660 | 1,065,725 | 58,252,772 |
| Fidelity Series Commodity Strategy Fund | 86,815,524 | 31,424,975 | 6,593,467 | 317,632 | (1,785,543) | 928,215 | 207,046,518 |
| Fidelity Series Emerging Markets Debt Fund | 39,502,649 | 3,530,377 | 2,165,930 | 1,334,852 | 9,416 | 678,553 | 75,741,469 |
| Fidelity Series Emerging Markets Fund | 385,531,580 | 22,753,341 | 155,887,829 | -- | 20,440,485 | 36,290,590 | 659,874,662 |
| Fidelity Series Floating Rate High Income Fund | 13,161,870 | 1,083,837 | 890,104 | 328,677 | (17,494) | (23,964 ) | 24,536,321 |
| Fidelity Series Government Money Market Fund 1.09% | 465,951,336 | 74,442,393 | 31,461,673 | 2,445,086 | -- | -- | 941,466,548 |
| Fidelity Series Growth & Income Fund | 214,234,599 | 90,085,479 (a) | 27,309,155 | 1,173,703 | 603,167 | 17,520,594 | 529,861,041 |
| Fidelity Series Growth Company Fund | 251,720,311 | 12,525,176 | 53,138,053 | -- | 16,906,231 | 25,080,249 | 461,396,963 |
| Fidelity Series High Income Fund | 80,807,497 | 7,085,943 | 5,349,212 | 2,454,800 | (55,992) | 1,741,061 | 154,580,134 |
| Fidelity Series Inflation-Protected Bond Index Fund | 100,136,299 | 8,595,263 | 6,945,280 | 65,418 | (213,553) | (597,173 ) | 191,073,685 |
| Fidelity Series International Credit Fund | -- | 2,725,054 | 1,593 | -- | -- | 1,195 | 5,233,977 |
| Fidelity Series International Growth Fund | 297,558,345 | 17,699,151 | 44,986,739 | -- | 6,632,755 | 34,724,425 | 580,888,445 |
| Fidelity Series International Small Cap Fund | 67,362,639 | 4,133,626 | 7,427,961 | -- | 1,150,769 | 10,516,966 | 139,137,720 |
| Fidelity Series International Value Fund | 298,332,821 | 20,464,327 | 48,428,562 | -- | 1,511,866 | 37,036,899 | 577,227,685 |
| Fidelity Series Intrinsic Opportunities Fund | 192,372,784 | 98,647,716 (a) | 1,704,395 | 3,823,770 | (5,598) | 11,758,847 | 547,776,090 |
| Fidelity Series Investment Grade Bond Fund | 1,419,019,666 | 148,413,447 | 93,816,686 | 19,770,738 | (114,624) | 8,782,887 | 2,757,640,917 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,278,499 | 155,717,243 | 1,916,202 | 511,695 | (81,544) | (2,220,250 ) | 198,304,190 |
| Fidelity Series Opportunistic Insights Fund | 139,516,224 | 7,767,337 | 26,613,754 | -- | 9,035,590 | 9,817,475 | 254,832,760 |
| Fidelity Series Real Estate Equity Fund | 25,334,235 | 2,603,365 | 2,694,981 | 206,902 | 50,077 | (420,142 ) | 45,653,777 |
| Fidelity Series Real Estate Income Fund | 26,101,304 | 2,587,536 | 2,148,323 | 654,615 | 121,461 | 37,231 | 48,560,420 |
| Fidelity Series Short-Term Credit Fund | 154,330,220 | 10,162,475 | 10,654,959 | 1,350,190 | (3,750) | (94,505 ) | 285,135,918 |
| Fidelity Series Small Cap Discovery Fund | 38,011,077 | 2,200,249 | 5,147,297 | 168,300 | 539,249 | 2,823,589 | 67,767,243 |
| Fidelity Series Small Cap Opportunities Fund | 112,505,917 | 21,072,338 | 12,015,733 | 390,215 | 935,362 | (4,364,704 ) | 209,154,835 |
| Fidelity Series Stock Selector Large Cap Value Fund | 215,817,782 | 11,917,131 | 23,721,293 | -- | 1,831,301 | 12,605,472 | 394,354,885 |
| Fidelity Series Value Discovery Fund | 303,444,086 | 10,770,749 | 170,304,601(a) | 2,329,667 | 29,494,897 | (21,567,872 ) | 273,599,727 |
| Total | $5,327,338,285 | $854,356,244 | $805,058,422 | $37,775,436 | $95,855,215 | $194,251,974 | $10,413,558,928 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $8,934,152,680) — See accompanying schedule | | $10,413,558,928 |
| Cash | | 261 |
| Receivable for investments sold | | 1,769,504 |
| Receivable for fund shares sold | | 11,075,836 |
| Dividends receivable | | 1,359,589 |
| Total assets | | 10,427,764,118 |
| Liabilities | | |
| Payable for fund shares redeemed | $12,876,849 | |
| Accrued management fee | 4,667,196 | |
| Total liabilities | | 17,544,045 |
| Net Assets | | $10,410,220,073 |
| Net Assets consist of: | | |
| Paid in capital | | $8,766,379,397 |
| Undistributed net investment income | | 25,763,063 |
| Accumulated undistributed net realized gain (loss) on investments | | 138,671,365 |
| Net unrealized appreciation (depreciation) on investments | | 1,479,406,248 |
| Net Assets | | $10,410,220,073 |
| Fidelity Freedom 2015 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($5,432,013,739 ÷ 405,061,495 shares) | | $13.41 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($4,936,256,589 ÷ 368,158,182 shares) | | $13.41 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($41,949,745 ÷ 3,127,342 shares) | | $13.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $37,775,436 |
| Expenses | | |
| Management fee | $11,922,536 | |
| Independent trustees' fees and expenses | 9,786 | |
| Total expenses before reductions | 11,932,322 | |
| Expense reductions | (3,493) | 11,928,829 |
| Net investment income (loss) | | 25,846,607 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 95,855,215 | |
| Capital gain distributions from underlying funds | 55,140,091 | |
| Total net realized gain (loss) | | 150,995,306 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 194,251,974 |
| Net gain (loss) | | 345,247,280 |
| Net increase (decrease) in net assets resulting from operations | | $371,093,887 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $25,846,607 | $89,650,009 |
| Net realized gain (loss) | 150,995,306 | 106,292,644 |
| Change in net unrealized appreciation (depreciation) | 194,251,974 | 338,617,512 |
| Net increase (decrease) in net assets resulting from operations | 371,093,887 | 534,560,165 |
| Distributions to shareholders from net investment income | (13,537,555) | (89,847,108) |
| Distributions to shareholders from net realized gain | (71,790,066) | (104,826,159) |
| Total distributions | (85,327,621) | (194,673,267) |
| Share transactions - net increase (decrease) | 4,797,140,364 | (366,715,793) |
| Total increase (decrease) in net assets | 5,082,906,630 | (26,828,895) |
| Net Assets | | |
| Beginning of period | 5,327,313,443 | 5,354,142,338 |
| End of period | $10,410,220,073 | $5,327,313,443 |
| Other Information | | |
| Undistributed net investment income end of period | $25,763,063 | $13,454,011 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2015 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.82 | $12.03 | $12.92 | $12.91 | $12.28 | $11.69 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .21 | .23 | .23 | .18 | .18 |
| Net realized and unrealized gain (loss) | .76 | 1.04 | (.46) | .57 | .91 | .69 |
| Total from investment operations | .80 | 1.25 | (.23) | .80 | 1.09 | .87 |
| Distributions from net investment income | (.03) | (.21) | (.23) | (.25) | (.18) | (.20) |
| Distributions from net realized gain | (.18) | (.24) | (.43) | (.54) | (.28) | (.08) |
| Total distributions | (.21) | (.46)B | (.66) | (.79) | (.46) | (.28) |
| Net asset value, end of period | $13.41 | $12.82 | $12.03 | $12.92 | $12.91 | $12.28 |
| Total ReturnC,D | 6.29% | 10.63% | (1.83)% | 6.42% | 8.95% | 7.60% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .39%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .39%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .39%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .59%G | 1.69% | 1.87% | 1.83% | 1.47% | 1.57% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $5,432,014 | $5,327,313 | $5,354,142 | $6,056,161 | $6,388,485 | $6,507,169 |
| Portfolio turnover rateE | 29%G,I | 21% | 17% | 18% | 39% | 23% |
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 $.214 and distributions from net realized gain of $.243 per share.
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 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 Annualized
H Amount represents less than $.005%
I 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 2015 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.21 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .12 |
| Total from investment operations | .20 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 1.51% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .53%G,H |
| Expenses net of fee waivers, if any | .53%G,H |
| Expenses net of all reductions | .53%G,H |
| Net investment income (loss) | 3.35%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $4,936,257 |
| Portfolio turnover rateE | 29%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2015 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.03 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .32 |
| Total from investment operations | .38 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 2.92% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .41%G,H |
| Expenses net of fee waivers, if any | .41%G,H |
| Expenses net of all reductions | .41%G,H |
| Net investment income (loss) | 1.51%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $41,950 |
| Portfolio turnover rateE | 29%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 23.9 | 24.2 |
| Fidelity Series Emerging Markets Fund | 6.9 | 7.7 |
| Fidelity Series Government Money Market Fund 1.09% | 6.8 | 6.6 |
| Fidelity Series International Value Fund | 6.2 | 6.3 |
| Fidelity Series International Growth Fund | 6.1 | 6.2 |
| Fidelity Series Intrinsic Opportunities Fund | 5.8 | 4.0 |
| Fidelity Series Growth & Income Fund | 5.8 | 4.5 |
| Fidelity Series Growth Company Fund | 5.0 | 5.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.3 | 4.6 |
| Fidelity Series Value Discovery Fund | 3.0 | 6.4 |
| | 73.8 | 75.8 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 40.1% |
| | International Equity Funds | 21.3% |
| | Bond Funds | 29.8% |
| | Short-Term Funds | 8.8% |
| Six months ago |
| | Domestic Equity Funds | 41.4% |
| | International Equity Funds | 21.6% |
| | Bond Funds | 28.2% |
| | Short-Term Funds | 8.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2020 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 40.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 23,764,418 | $393,776,399 |
| Fidelity Series 1000 Value Index Fund (a) | | 37,970,318 | 476,907,194 |
| Fidelity Series All-Sector Equity Fund (a) | | 55,060,752 | 736,162,260 |
| Fidelity Series Blue Chip Growth Fund (a) | | 56,905,430 | 753,427,895 |
| Fidelity Series Commodity Strategy Fund (a) | | 113,632,510 | 594,298,026 |
| Fidelity Series Growth & Income Fund (a) | | 113,430,079 | 1,725,271,497 |
| Fidelity Series Growth Company Fund (a) | | 87,604,274 | 1,503,289,346 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 101,182,512 | 1,738,315,556 |
| Fidelity Series Opportunistic Insights Fund (a) | | 45,539,608 | 830,187,061 |
| Fidelity Series Real Estate Equity Fund (a) | | 11,516,962 | 148,683,977 |
| Fidelity Series Small Cap Discovery Fund (a) | | 18,424,189 | 221,090,266 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 48,834,105 | 682,700,791 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 96,708,103 | 1,285,250,693 |
| Fidelity Series Value Discovery Fund (a) | | 66,489,652 | 892,291,132 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $9,105,127,336) | | | 11,981,652,093 |
|
| International Equity Funds - 21.3% | | | |
| Fidelity Series Canada Fund (a) | | 17,481,540 | 186,003,582 |
| Fidelity Series Emerging Markets Fund (a) | | 99,889,352 | 2,057,720,656 |
| Fidelity Series International Growth Fund (a) | | 114,805,830 | 1,824,264,644 |
| Fidelity Series International Small Cap Fund (a) | | 24,791,803 | 444,021,196 |
| Fidelity Series International Value Fund (a) | | 173,804,680 | 1,871,876,401 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,828,186,164) | | | 6,383,886,479 |
|
| Bond Funds - 29.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 20,436,300 | 213,763,699 |
| Fidelity Series Floating Rate High Income Fund (a) | | 7,357,514 | 69,822,812 |
| Fidelity Series High Income Fund (a) | | 45,217,567 | 440,871,281 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 31,250,423 | 309,066,680 |
| Fidelity Series International Credit Fund (a) | | 1,771,433 | 17,802,898 |
| Fidelity Series Investment Grade Bond Fund (a) | | 631,789,674 | 7,145,541,215 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 63,660,848 | 559,578,857 |
| Fidelity Series Real Estate Income Fund (a) | | 12,643,636 | 141,229,415 |
| TOTAL BOND FUNDS | | | |
| (Cost $8,925,756,292) | | | 8,897,676,857 |
|
| Short-Term Funds - 8.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 2,028,402,920 | 2,028,402,920 |
| Fidelity Series Short-Term Credit Fund (a) | | 61,531,510 | 614,699,784 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $2,643,195,260) | | | 2,643,102,704 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $25,502,265,052) | | | 29,906,318,133 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (9,956,030) |
| NET ASSETS - 100% | | | $29,896,362,103 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $170,750,619 | $11,809,119 | $18,184,161 | $-- | $4,130,809 | $13,299,103 | $393,776,399 |
| Fidelity Series 1000 Value Index Fund | 207,961,357 | 14,200,488 | 17,062,228 | -- | 481,296 | 17,566,332 | 476,907,194 |
| Fidelity Series All-Sector Equity Fund | 322,024,207 | 22,194,444 | 37,962,130 | -- | 1,467,705 | 31,642,478 | 736,162,260 |
| Fidelity Series Blue Chip Growth Fund | 328,551,300 | 88,776,692 | 56,546,879 | 1,459,710 | 12,326,698 | (28,192,417 ) | 753,427,895 |
| Fidelity Series Canada Fund | -- | 126,123,705 | 601,503 | -- | 2,546 | 3,578,974 | 186,003,582 |
| Fidelity Series Commodity Strategy Fund | 200,800,153 | 77,745,506 | 10,820,323 | 909,720 | (4,711,453) | 2,137,770 | 594,298,026 |
| Fidelity Series Emerging Markets Debt Fund | 88,753,315 | 9,328,475 | 3,513,279 | 3,173,778 | (19,430) | 1,344,170 | 213,763,699 |
| Fidelity Series Emerging Markets Fund | 948,146,671 | 69,296,644 | 390,924,187 | -- | 45,693,424 | 95,563,383 | 2,057,720,656 |
| Fidelity Series Floating Rate High Income Fund | 30,322,371 | 2,930,330 | 1,432,945 | 800,992 | (8,318) | (88,720 ) | 69,822,812 |
| Fidelity Series Government Money Market Fund 1.09% | 809,950,560 | 142,025,549 | 38,042,964 | 4,532,837 | -- | -- | 2,028,402,920 |
| Fidelity Series Growth & Income Fund | 552,716,408 | 246,080,924 (a) | 46,880,943 | 3,097,389 | 541,100 | 59,294,136 | 1,725,271,497 |
| Fidelity Series Growth Company Fund | 649,984,509 | 39,646,954 | 114,084,490 | -- | 37,533,769 | 78,448,179 | 1,503,289,346 |
| Fidelity Series High Income Fund | 186,345,032 | 19,049,912 | 8,635,671 | 5,979,230 | (57,600) | 4,547,539 | 440,871,281 |
| Fidelity Series Inflation-Protected Bond Index Fund | 134,445,865 | 10,622,766 | 6,589,548 | 93,226 | (182,030) | (1,485,207 ) | 309,066,680 |
| Fidelity Series International Credit Fund | -- | 7,694,671 | 1,585 | -- | -- | (11,641 ) | 17,802,898 |
| Fidelity Series International Growth Fund | 763,723,461 | 56,043,064 | 130,632,859 | -- | 16,426,602 | 93,247,021 | 1,824,264,644 |
| Fidelity Series International Small Cap Fund | 172,981,588 | 13,010,160 | 15,075,820 | -- | 1,773,718 | 29,313,454 | 444,021,196 |
| Fidelity Series International Value Fund | 765,710,516 | 62,357,236 | 86,319,291 | -- | 1,105,041 | 107,246,512 | 1,871,876,401 |
| Fidelity Series Intrinsic Opportunities Fund | 495,457,872 | 281,448,881 (a) | 3,336,376 | 12,134,357 | (13,061) | 27,090,074 | 1,738,315,556 |
| Fidelity Series Investment Grade Bond Fund | 2,965,065,514 | 356,128,097 | 137,553,735 | 43,758,417 | (727,961) | 8,698,875 | 7,145,541,215 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 2,611,672 | 412,095,912 | 3,464,380 | 1,302,506 | (140,410) | (7,253,968 ) | 559,578,857 |
| Fidelity Series Opportunistic Insights Fund | 360,528,573 | 25,018,163 | 56,968,572 | -- | 19,484,826 | 32,835,942 | 830,187,061 |
| Fidelity Series Real Estate Equity Fund | 65,271,789 | 8,261,159 | 4,158,885 | 551,982 | 31,444 | (1,313,116 ) | 148,683,977 |
| Fidelity Series Real Estate Income Fund | 60,042,005 | 7,593,341 | 2,715,471 | 1,553,742 | 2,371 | 324,156 | 141,229,415 |
| Fidelity Series Short-Term Credit Fund | 268,102,615 | 21,121,158 | 12,926,613 | 2,491,237 | 2,886 | (514,639 ) | 614,699,784 |
| Fidelity Series Small Cap Discovery Fund | 97,945,381 | 6,927,310 | 9,710,526 | 438,166 | 945,721 | 10,321,406 | 221,090,266 |
| Fidelity Series Small Cap Opportunities Fund | 290,999,903 | 68,329,532 | 21,407,678 | 1,270,431 | 952,308 | (12,215,007 ) | 682,700,791 |
| Fidelity Series Stock Selector Large Cap Value Fund | 557,188,889 | 38,303,571 | 41,290,458 | -- | 1,181,455 | 44,568,905 | 1,285,250,693 |
| Fidelity Series Value Discovery Fund | 782,895,867 | 33,425,098 | 426,707,728(a) | 6,119,016 | 60,789,162 | (34,679,214 ) | 892,291,132 |
| Total | $12,279,278,012 | $2,277,588,861 | $1,703,551,228 | $89,666,736 | $199,012,618 | $575,314,480 | $29,906,318,133 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $25,502,265,052) — See accompanying schedule | | $29,906,318,133 |
| Cash | | 139 |
| Receivable for investments sold | | 4,969,733 |
| Receivable for fund shares sold | | 40,864,387 |
| Dividends receivable | | 4,160,193 |
| Other receivables | | 161,902 |
| Total assets | | 29,956,474,487 |
| Liabilities | | |
| Payable for fund shares redeemed | $45,838,195 | |
| Accrued management fee | 14,112,290 | |
| Other payables and accrued expenses | 161,899 | |
| Total liabilities | | 60,112,384 |
| Net Assets | | $29,896,362,103 |
| Net Assets consist of: | | |
| Paid in capital | | $25,090,417,528 |
| Undistributed net investment income | | 57,089,551 |
| Accumulated undistributed net realized gain (loss) on investments | | 344,801,943 |
| Net unrealized appreciation (depreciation) on investments | | 4,404,053,081 |
| Net Assets | | $29,896,362,103 |
| Fidelity Freedom 2020 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($12,797,571,194 ÷ 775,569,064 shares) | | $16.50 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($16,952,477,039 ÷ 1,027,235,890 shares) | | $16.50 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($146,313,870 ÷ 8,859,976 shares) | | $16.51 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $89,666,736 |
| Expenses | | |
| Management fee | $31,772,443 | |
| Independent trustees' fees and expenses | 24,150 | |
| Total expenses before reductions | 31,796,593 | |
| Expense reductions | (8,733) | 31,787,860 |
| Net investment income (loss) | | 57,878,876 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 199,012,618 | |
| Capital gain distributions from underlying funds | 174,019,579 | |
| Total net realized gain (loss) | | 373,032,197 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 575,314,480 |
| Net gain (loss) | | 948,346,677 |
| Net increase (decrease) in net assets resulting from operations | | $1,006,225,553 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $57,878,876 | $201,004,333 |
| Net realized gain (loss) | 373,032,197 | 242,145,200 |
| Change in net unrealized appreciation (depreciation) | 575,314,480 | 856,403,668 |
| Net increase (decrease) in net assets resulting from operations | 1,006,225,553 | 1,299,553,201 |
| Distributions to shareholders from net investment income | (28,799,746) | (200,026,428) |
| Distributions to shareholders from net realized gain | (168,906,642) | (252,757,975) |
| Total distributions | (197,706,388) | (452,784,403) |
| Share transactions - net increase (decrease) | 16,808,602,611 | (300,508,340) |
| Total increase (decrease) in net assets | 17,617,121,776 | 546,260,458 |
| Net Assets | | |
| Beginning of period | 12,279,240,327 | 11,732,979,869 |
| End of period | $29,896,362,103 | $12,279,240,327 |
| Other Information | | |
| Undistributed net investment income end of period | $57,089,551 | $28,010,421 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2020 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $15.70 | $14.63 | $15.76 | $15.81 | $14.94 | $14.16 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .25 | .28 | .28 | .23 | .24 |
| Net realized and unrealized gain (loss) | 1.01 | 1.40 | (.60) | .73 | 1.22 | .89 |
| Total from investment operations | 1.05 | 1.65 | (.32) | 1.01 | 1.45 | 1.13 |
| Distributions from net investment income | (.04) | (.26) | (.28) | (.29) | (.23) | (.25) |
| Distributions from net realized gain | (.22) | (.32) | (.53) | (.77) | (.36) | (.10) |
| Total distributions | (.25)B | (.58) | (.81) | (1.06) | (.58)C | (.35) |
| Net asset value, end of period | $16.50 | $15.70 | $14.63 | $15.76 | $15.81 | $14.94 |
| Total ReturnD,E | 6.79% | 11.57% | (2.10)% | 6.71% | 9.83% | 8.12% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .41%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .41%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .41%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .44%H | 1.69% | 1.83% | 1.83% | 1.49% | 1.65% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $12,797,571 | $12,279,240 | $11,732,980 | $12,868,898 | $13,343,983 | $13,579,950 |
| Portfolio turnover rateF | 26 %H,J | 19% | 17% | 17% | 39% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.25 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.217 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2020 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.24 |
| Income from Investment Operations | |
| Net investment income (loss)B | .09 |
| Net realized and unrealized gain (loss) | .17 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.50 |
| Total ReturnC,D | 1.60% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .56%G,H |
| Expenses net of fee waivers, if any | .56%G,H |
| Expenses net of all reductions | .56%G,H |
| Net investment income (loss) | 3.02%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $16,952,477 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2020 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .44 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.51 |
| Total ReturnC,D | 3.19% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .43%G,H |
| Expenses net of fee waivers, if any | .43%G,H |
| Expenses net of all reductions | .43%G,H |
| Net investment income (loss) | 1.32%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $146,314 |
| Portfolio turnover rateE | 26%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 20.5 | 20.7 |
| Fidelity Series Emerging Markets Fund | 7.3 | 8.1 |
| Fidelity Series International Growth Fund | 6.8 | 6.8 |
| Fidelity Series International Value Fund | 6.7 | 6.8 |
| Fidelity Series Growth & Income Fund | 6.4 | 5.0 |
| Fidelity Series Intrinsic Opportunities Fund | 6.4 | 4.4 |
| Fidelity Series Growth Company Fund | 5.6 | 5.9 |
| Fidelity Series Government Money Market Fund 1.09% | 5.1 | 4.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.8 | 5.0 |
| Fidelity Series Value Discovery Fund | 3.3 | 7.1 |
| | 72.9 | 74.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 44.3% |
| | International Equity Funds | 23.1% |
| | Bond Funds | 26.0% |
| | Short-Term Funds | 6.6% |
| Six months ago |
| | Domestic Equity Funds | 45.7% |
| | International Equity Funds | 23.3% |
| | Bond Funds | 24.5% |
| | Short-Term Funds | 6.5% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2025 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 44.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 23,106,225 | $382,870,153 |
| Fidelity Series 1000 Value Index Fund (a) | | 36,938,973 | 463,953,504 |
| Fidelity Series All-Sector Equity Fund (a) | | 53,538,839 | 715,814,282 |
| Fidelity Series Blue Chip Growth Fund (a) | | 55,331,943 | 732,594,922 |
| Fidelity Series Commodity Strategy Fund (a) | | 99,275,045 | 519,208,484 |
| Fidelity Series Growth & Income Fund (a) | | 110,309,342 | 1,677,805,086 |
| Fidelity Series Growth Company Fund (a) | | 85,184,554 | 1,461,766,943 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 96,710,147 | 1,661,480,323 |
| Fidelity Series Opportunistic Insights Fund (a) | | 44,278,993 | 807,206,048 |
| Fidelity Series Real Estate Equity Fund (a) | | 11,199,954 | 144,591,402 |
| Fidelity Series Small Cap Discovery Fund (a) | | 17,918,354 | 215,020,248 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 47,489,050 | 663,896,923 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 94,062,171 | 1,250,086,253 |
| Fidelity Series Value Discovery Fund (a) | | 64,679,962 | 868,005,093 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $8,934,969,528) | | | 11,564,299,664 |
|
| International Equity Funds - 23.1% | | | |
| Fidelity Series Canada Fund (a) | | 16,680,509 | 177,480,614 |
| Fidelity Series Emerging Markets Fund (a) | | 93,283,795 | 1,921,646,175 |
| Fidelity Series International Growth Fund (a) | | 111,095,498 | 1,765,307,455 |
| Fidelity Series International Small Cap Fund (a) | | 23,655,045 | 423,661,858 |
| Fidelity Series International Value Fund (a) | | 163,408,109 | 1,759,905,336 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,667,777,751) | | | 6,048,001,438 |
|
| Bond Funds - 26.0% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 17,488,986 | 182,934,794 |
| Fidelity Series Floating Rate High Income Fund (a) | | 6,374,794 | 60,496,791 |
| Fidelity Series High Income Fund (a) | | 39,078,710 | 381,017,421 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 19,453,558 | 192,395,691 |
| Fidelity Series International Credit Fund (a) | | 1,531,359 | 15,390,157 |
| Fidelity Series Investment Grade Bond Fund (a) | | 474,669,815 | 5,368,515,603 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 55,246,249 | 485,614,528 |
| Fidelity Series Real Estate Income Fund (a) | | 10,930,829 | 122,097,358 |
| TOTAL BOND FUNDS | | | |
| (Cost $6,821,415,837) | | | 6,808,462,343 |
|
| Short-Term Funds - 6.6% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 1,325,218,039 | 1,325,218,039 |
| Fidelity Series Short-Term Credit Fund (a) | | 39,320,942 | 392,816,213 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,718,177,848) | | | 1,718,034,252 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $22,142,340,964) | | | 26,138,797,697 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (13,034,569) |
| NET ASSETS - 100% | | | $26,125,763,128 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $150,442,258 | $17,770,108 | $13,926,515 | $-- | $2,580,063 | $13,685,127 | $382,870,153 |
| Fidelity Series 1000 Value Index Fund | 182,904,928 | 21,400,938 | 12,071,856 | -- | 192,582 | 17,095,739 | 463,953,504 |
| Fidelity Series All-Sector Equity Fund | 283,721,155 | 33,373,903 | 29,530,763 | -- | 1,295,271 | 29,454,693 | 715,814,282 |
| Fidelity Series Blue Chip Growth Fund | 289,473,741 | 97,752,438 | 45,555,331 | 1,415,194 | 9,286,374 | (27,583,711) | 732,594,922 |
| Fidelity Series Canada Fund | -- | 114,695,640 | 585,619 | -- | 1,646 | 3,587,816 | 177,480,614 |
| Fidelity Series Commodity Strategy Fund | 160,807,201 | 71,816,731 | 7,328,290 | 792,490 | (396,156) | (1,877,440) | 519,208,484 |
| Fidelity Series Emerging Markets Debt Fund | 70,309,321 | 10,649,918 | 2,362,410 | 2,409,201 | 7,641 | 1,007,194 | 182,934,794 |
| Fidelity Series Emerging Markets Fund | 795,230,582 | 96,529,103 | 320,854,275 | -- | 27,798,589 | 92,361,573 | 1,921,646,175 |
| Fidelity Series Floating Rate High Income Fund | 23,882,508 | 3,472,533 | 954,171 | 605,940 | 314 | (80,041) | 60,496,791 |
| Fidelity Series Government Money Market Fund 1.09% | 474,107,523 | 119,798,762 | 18,851,996 | 2,560,346 | -- | -- | 1,325,218,039 |
| Fidelity Series Growth & Income Fund | 486,185,498 | 250,615,763(a) | 32,538,807 | 2,769,141 | (72,825) | 57,994,298 | 1,677,805,086 |
| Fidelity Series Growth Company Fund | 572,602,766 | 57,675,218 | 87,445,893 | -- | 28,584,635 | 77,091,162 | 1,461,766,943 |
| Fidelity Series High Income Fund | 146,512,107 | 22,408,747 | 5,763,981 | 4,522,030 | 14,067 | 3,739,826 | 381,017,421 |
| Fidelity Series Inflation-Protected Bond Index Fund | 79,763,875 | 9,190,354 | 3,050,563 | 52,145 | 2,353 | (1,061,431) | 192,395,691 |
| Fidelity Series International Credit Fund | -- | 6,324,674 | 261 | -- | -- | (13,324) | 15,390,157 |
| Fidelity Series International Growth Fund | 665,002,902 | 81,689,934 | 84,870,358 | -- | 3,322,578 | 94,245,504 | 1,765,307,455 |
| Fidelity Series International Small Cap Fund | 151,128,896 | 19,101,564 | 12,225,981 | -- | 941,536 | 26,783,666 | 423,661,858 |
| Fidelity Series International Value Fund | 666,738,770 | 88,903,699 | 96,127,364 | -- | 2,224,988 | 95,866,122 | 1,759,905,336 |
| Fidelity Series Intrinsic Opportunities Fund | 433,865,637 | 283,785,598(a) | 3,098,961 | 11,568,988 | (9,731) | 22,752,207 | 1,661,480,323 |
| Fidelity Series Investment Grade Bond Fund | 2,024,582,252 | 359,039,654 | 79,054,902 | 28,761,243 | (253,596) | 2,837,534 | 5,368,515,603 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,635,459 | 353,041,427 | 2,247,932 | 1,002,894 | (105,485) | (6,485,847) | 485,614,528 |
| Fidelity Series Opportunistic Insights Fund | 317,647,343 | 37,629,326 | 45,931,118 | -- | 14,465,801 | 33,350,217 | 807,206,048 |
| Fidelity Series Real Estate Equity Fund | 57,575,442 | 10,421,048 | 2,961,889 | 505,120 | (53,272) | (1,247,988) | 144,591,402 |
| Fidelity Series Real Estate Income Fund | 47,340,033 | 8,758,997 | 1,813,230 | 1,266,465 | (2,134) | 224,601 | 122,097,358 |
| Fidelity Series Short-Term Credit Fund | 156,027,873 | 20,068,448 | 6,405,256 | 1,400,011 | 477 | (388,377) | 392,816,213 |
| Fidelity Series Small Cap Discovery Fund | 86,218,504 | 10,252,279 | 7,258,323 | 390,598 | 339,665 | 10,637,027 | 215,020,248 |
| Fidelity Series Small Cap Opportunities Fund | 257,643,145 | 76,921,465 | 16,424,281 | 1,231,852 | (57,643) | (10,894,038) | 663,896,923 |
| Fidelity Series Stock Selector Large Cap Value Fund | 492,174,859 | 57,783,134 | 30,733,524 | -- | 159,754 | 43,760,183 | 1,250,086,253 |
| Fidelity Series Value Discovery Fund | 691,035,348 | 48,648,009 | 374,607,703(a) | 5,458,763 | 39,081,853 | (13,797,798) | 868,005,093 |
| Total | $9,764,559,926 | $2,389,519,412 | $1,344,581,553 | $66,712,421 | $129,349,345 | $563,044,494 | $26,138,797,697 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $22,142,340,964) — See accompanying schedule | | $26,138,797,697 |
| Receivable for investments sold | | 497,474 |
| Receivable for fund shares sold | | 35,222,359 |
| Total assets | | 26,174,517,530 |
| Liabilities | | |
| Payable for investments purchased | $7,713,559 | |
| Payable for fund shares redeemed | 27,991,541 | |
| Accrued management fee | 13,049,302 | |
| Total liabilities | | 48,754,402 |
| Net Assets | | $26,125,763,128 |
| Net Assets consist of: | | |
| Paid in capital | | $21,817,679,164 |
| Undistributed net investment income | | 37,809,658 |
| Accumulated undistributed net realized gain (loss) on investments | | 273,817,573 |
| Net unrealized appreciation (depreciation) on investments | | 3,996,456,733 |
| Net Assets | | $26,125,763,128 |
| Fidelity Freedom 2025 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($10,446,711,490 ÷ 732,481,783 shares) | | $14.26 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($15,401,033,369 ÷ 1,079,987,759 shares) | | $14.26 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($278,018,269 ÷ 19,475,830 shares) | | $14.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $66,712,421 |
| Expenses | | |
| Management fee | $28,191,618 | |
| Independent trustees' fees and expenses | 18,324 | |
| Total expenses before reductions | 28,209,942 | |
| Expense reductions | (6,404) | 28,203,538 |
| Net investment income (loss) | | 38,508,883 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 129,349,345 | |
| Capital gain distributions from underlying funds | 166,947,018 | |
| Total net realized gain (loss) | | 296,296,363 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 563,044,494 |
| Net gain (loss) | | 859,340,857 |
| Net increase (decrease) in net assets resulting from operations | | $897,849,740 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $38,508,883 | $151,298,835 |
| Net realized gain (loss) | 296,296,363 | 179,330,142 |
| Change in net unrealized appreciation (depreciation) | 563,044,494 | 740,586,840 |
| Net increase (decrease) in net assets resulting from operations | 897,849,740 | 1,071,215,817 |
| Distributions to shareholders from net investment income | (20,288,985) | (147,758,780) |
| Distributions to shareholders from net realized gain | (126,806,087) | (204,066,897) |
| Total distributions | (147,095,072) | (351,825,677) |
| Share transactions - net increase (decrease) | 15,610,461,159 | 327,589,461 |
| Total increase (decrease) in net assets | 16,361,215,827 | 1,046,979,601 |
| Net Assets | | |
| Beginning of period | 9,764,547,301 | 8,717,567,700 |
| End of period | $26,125,763,128 | $9,764,547,301 |
| Other Information | | |
| Undistributed net investment income end of period | $37,809,658 | $19,589,760 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2025 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.50 | $12.49 | $13.51 | $13.49 | $12.58 | $11.81 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .21 | .22 | .24 | .20 | .21 |
| Net realized and unrealized gain (loss) | .94 | 1.30 | (.54) | .69 | 1.30 | .84 |
| Total from investment operations | .96 | 1.51 | (.32) | .93 | 1.50 | 1.05 |
| Distributions from net investment income | (.03) | (.21) | (.23) | (.25) | (.20) | (.22) |
| Distributions from net realized gain | (.18) | (.29) | (.47) | (.66) | (.39) | (.06) |
| Total distributions | (.20)B | (.50) | (.70) | (.91) | (.59) | (.28) |
| Net asset value, end of period | $14.26 | $13.50 | $12.49 | $13.51 | $13.49 | $12.58 |
| Total ReturnC,D | 7.21% | 12.46% | (2.50)% | 7.23% | 12.08% | 9.03% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .45%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .45%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .45%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .28%G | 1.66% | 1.75% | 1.81% | 1.53% | 1.73% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $10,446,711 | $9,764,547 | $8,717,568 | $9,054,681 | $8,865,153 | $8,229,885 |
| Portfolio turnover rateF | 25%G,I | 19% | 17% | 19% | 46% | 31% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.20 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.175 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
I 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 2025 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.02 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .17 |
| Total from investment operations | .24 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.26 |
| Total ReturnC,D | 1.71% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .60%G,H |
| Expenses net of fee waivers, if any | .60%G,H |
| Expenses net of all reductions | .60%G,H |
| Net investment income (loss) | 2.62%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $15,401,033 |
| Portfolio turnover rateE | 25%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2025 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.80 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .48 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.28 |
| Total ReturnC,D | 3.48% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G |
| Expenses net of fee waivers, if any | .45%G |
| Expenses net of all reductions | .45%G |
| Net investment income (loss) | 1.10%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $278,018 |
| Portfolio turnover rateE | 25%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 12.8 | 12.1 |
| Fidelity Series Emerging Markets Fund | 8.3 | 9.2 |
| Fidelity Series International Value Fund | 8.1 | 8.3 |
| Fidelity Series International Growth Fund | 8.0 | 8.2 |
| Fidelity Series Growth & Income Fund | 7.8 | 6.1 |
| Fidelity Series Intrinsic Opportunities Fund | 7.7 | 5.4 |
| Fidelity Series Growth Company Fund | 6.8 | 7.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 5.9 | 6.2 |
| Fidelity Series Value Discovery Fund | 4.0 | 8.7 |
| Fidelity Series Opportunistic Insights Fund | 3.8 | 4.0 |
| | 73.2 | 75.4 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 53.5% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 18.4% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 55.5% |
| | International Equity Funds | 27.6% |
| | Bond Funds | 15.9% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2030 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 53.5% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 33,011,459 | $546,999,877 |
| Fidelity Series 1000 Value Index Fund (a) | | 52,669,817 | 661,532,902 |
| Fidelity Series All-Sector Equity Fund (a) | | 76,462,043 | 1,022,297,520 |
| Fidelity Series Blue Chip Growth Fund (a) | | 79,024,332 | 1,046,282,159 |
| Fidelity Series Commodity Strategy Fund (a) | | 114,721,890 | 599,995,484 |
| Fidelity Series Growth & Income Fund (a) | | 157,617,115 | 2,397,356,321 |
| Fidelity Series Growth Company Fund (a) | | 121,635,719 | 2,087,268,939 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 137,166,404 | 2,356,518,816 |
| Fidelity Series Opportunistic Insights Fund (a) | | 63,234,666 | 1,152,767,965 |
| Fidelity Series Real Estate Equity Fund (a) | | 15,960,991 | 206,056,391 |
| Fidelity Series Small Cap Discovery Fund (a) | | 25,614,110 | 307,369,323 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 67,573,854 | 944,682,480 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 134,477,716 | 1,787,208,852 |
| Fidelity Series Value Discovery Fund (a) | | 91,942,953 | 1,233,874,433 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $12,618,949,993) | | | 16,350,211,462 |
|
| International Equity Funds - 27.1% | | | |
| Fidelity Series Canada Fund (a) | | 23,175,007 | 246,582,079 |
| Fidelity Series Emerging Markets Fund (a) | | 123,414,039 | 2,542,329,208 |
| Fidelity Series International Growth Fund (a) | | 153,929,291 | 2,445,936,434 |
| Fidelity Series International Small Cap Fund (a) | | 32,919,734 | 589,592,441 |
| Fidelity Series International Value Fund (a) | | 228,573,280 | 2,461,734,226 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $6,487,947,253) | | | 8,286,174,388 |
|
| Bond Funds - 18.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 20,064,580 | 209,875,508 |
| Fidelity Series Floating Rate High Income Fund (a) | | 7,277,303 | 69,061,607 |
| Fidelity Series High Income Fund (a) | | 45,086,473 | 439,593,113 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 24,283,674 | 240,165,531 |
| Fidelity Series International Credit Fund (a) | | 1,490,851 | 14,983,057 |
| Fidelity Series Investment Grade Bond Fund (a) | | 347,173,705 | 3,926,534,608 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 67,286,236 | 591,446,015 |
| Fidelity Series Real Estate Income Fund (a) | | 12,602,356 | 140,768,319 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,607,118,317) | | | 5,632,427,758 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 250,372,725 | 250,372,725 |
| Fidelity Series Short-Term Credit Fund (a) | | 7,102,241 | 70,951,385 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $321,208,253) | | | 321,324,110 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $25,035,223,816) | | | 30,590,137,718 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (16,181,965) |
| NET ASSETS - 100% | | | $30,573,955,753 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $213,000,452 | $21,692,560 | $16,325,500 | $-- | $3,812,277 | $19,335,306 | $546,999,877 |
| Fidelity Series 1000 Value Index Fund | 258,439,164 | 26,478,796 | 13,375,483 | -- | 216,212 | 24,370,225 | 661,532,902 |
| Fidelity Series All-Sector Equity Fund | 401,700,789 | 40,655,742 | 35,764,416 | -- | 1,758,398 | 41,974,050 | 1,022,297,520 |
| Fidelity Series Blue Chip Growth Fund | 409,846,594 | 132,790,534 | 58,565,935 | 2,023,938 | 12,448,991 | (39,069,447 ) | 1,046,282,159 |
| Fidelity Series Canada Fund | -- | 146,697,407 | 795,528 | -- | 2,717 | 5,694,458 | 246,582,079 |
| Fidelity Series Commodity Strategy Fund | 181,305,844 | 84,155,693 | 7,359,092 | 917,038 | (676,017) | (1,868,533 ) | 599,995,484 |
| Fidelity Series Emerging Markets Debt Fund | 79,431,440 | 10,909,906 | 2,377,066 | 2,723,928 | 22,223 | 1,107,979 | 209,875,508 |
| Fidelity Series Emerging Markets Fund | 1,036,984,669 | 108,636,109 | 393,397,067 | -- | 37,006,559 | 120,264,472 | 2,542,329,208 |
| Fidelity Series Floating Rate High Income Fund | 27,384,693 | 3,531,146 | 966,728 | 693,651 | (424 ) | (91,512 ) | 69,061,607 |
| Fidelity Series Government Money Market Fund 1.09% | 86,241,591 | 24,257,840 | 3,118,202 | 487,883 | -- | -- | 250,372,725 |
| Fidelity Series Growth & Income Fund | 688,738,261 | 346,802,406 (a) | 38,076,989 | 3,932,932 | (132,722 ) | 82,574,226 | 2,397,356,321 |
| Fidelity Series Growth Company Fund | 811,270,155 | 72,934,600 | 117,608,255 | -- | 39,260,168 | 111,076,841 | 2,087,268,939 |
| Fidelity Series High Income Fund | 170,348,294 | 22,990,323 | 5,823,640 | 5,248,071 | 10,513 | 4,329,082 | 439,593,113 |
| Fidelity Series Inflation-Protected Bond Index Fund | 100,796,632 | 6,505,475 | 4,522,867 | 64,468 | (42,668) | (1,317,983 ) | 240,165,531 |
| Fidelity Series International Credit Fund | -- | 6,160,029 | 166 | -- | -- | (12,944 ) | 14,983,057 |
| Fidelity Series International Growth Fund | 933,125,645 | 97,816,457 | 126,987,816 | -- | 5,039,439 | 130,891,960 | 2,445,936,434 |
| Fidelity Series International Small Cap Fund | 212,846,304 | 22,838,989 | 18,628,686 | -- | 1,656,338 | 37,079,991 | 589,592,441 |
| Fidelity Series International Value Fund | 935,212,029 | 100,123,420 | 111,202,171 | -- | 561,861 | 136,021,605 | 2,461,734,226 |
| Fidelity Series Intrinsic Opportunities Fund | 613,420,497 | 388,543,479 (a) | 2,974,630 | 16,427,077 | (8,953) | 31,890,043 | 2,356,518,816 |
| Fidelity Series Investment Grade Bond Fund | 1,367,569,367 | 350,649,953 | 49,895,086 | 20,423,289 | (258,499) | 984,124 | 3,926,534,608 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 940,915 | 435,836,830 | 2,155,676 | 1,191,327 | (98,995) | (8,086,965 ) | 591,446,015 |
| Fidelity Series Opportunistic Insights Fund | 449,735,472 | 45,823,236 | 58,331,289 | -- | 19,400,784 | 48,508,852 | 1,152,767,965 |
| Fidelity Series Real Estate Equity Fund | 81,538,943 | 13,761,115 | 3,176,864 | 714,512 | (21,612) | (1,824,237 ) | 206,056,391 |
| Fidelity Series Real Estate Income Fund | 54,581,853 | 9,204,785 | 1,833,281 | 1,449,568 | (1,263) | 269,338 | 140,768,319 |
| Fidelity Series Short-Term Credit Fund | 28,157,403 | 3,172,315 | 1,075,839 | 250,545 | (542) | (69,797 ) | 70,951,385 |
| Fidelity Series Small Cap Discovery Fund | 121,760,717 | 12,643,054 | 7,897,473 | 549,507 | 416,932 | 15,220,598 | 307,369,323 |
| Fidelity Series Small Cap Opportunities Fund | 365,212,608 | 104,100,121 | 19,315,643 | 1,755,251 | (118,073) | (15,583,796 ) | 944,682,480 |
| Fidelity Series Stock Selector Large Cap Value Fund | 697,267,883 | 74,714,039 | 35,904,425 | -- | 199,098 | 62,475,294 | 1,787,208,852 |
| Fidelity Series Value Discovery Fund | 978,820,033 | 60,098,789 | 524,500,801 (a) | 7,744,137 | 49,586,936 | (13,693,257 ) | 1,233,874,433 |
| Total | $11,305,678,247 | $2,774,525,148 | $1,661,956,614 | $66,597,122 | $170,039,678 | $792,449,973 | $30,590,137,718 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $25,035,223,816) — See accompanying schedule | | $30,590,137,718 |
| Cash | | 1 |
| Receivable for investments sold | | 188,357 |
| Receivable for fund shares sold | | 66,408,761 |
| Other receivables | | 123,544 |
| Total assets | | 30,656,858,381 |
| Liabilities | | |
| Payable for investments purchased | $9,090,502 | |
| Payable for fund shares redeemed | 57,504,461 | |
| Accrued management fee | 16,184,120 | |
| Other payables and accrued expenses | 123,545 | |
| Total liabilities | | 82,902,628 |
| Net Assets | | $30,573,955,753 |
| Net Assets consist of: | | |
| Paid in capital | | $24,609,884,915 |
| Undistributed net investment income | | 31,504,426 |
| Accumulated undistributed net realized gain (loss) on investments | | 377,652,510 |
| Net unrealized appreciation (depreciation) on investments | | 5,554,913,902 |
| Net Assets | | $30,573,955,753 |
| Fidelity Freedom 2030 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($12,138,738,094 ÷ 681,184,984 shares) | | $17.82 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($18,037,948,241 ÷ 1,011,919,732 shares) | | $17.83 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($397,269,418 ÷ 22,274,462 shares) | | $17.84 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $66,597,122 |
| Expenses | | |
| Management fee | $34,907,467 | |
| Independent trustees' fees and expenses | 22,209 | |
| Total expenses before reductions | 34,929,676 | |
| Expense reductions | (7,879) | 34,921,797 |
| Net investment income (loss) | | 31,675,325 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 170,039,678 | |
| Capital gain distributions from underlying funds | 238,044,467 | |
| Total net realized gain (loss) | | 408,084,145 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 792,449,973 |
| Net gain (loss) | | 1,200,534,118 |
| Net increase (decrease) in net assets resulting from operations | | $1,232,209,443 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $31,675,325 | $165,707,982 |
| Net realized gain (loss) | 408,084,145 | 222,767,932 |
| Change in net unrealized appreciation (depreciation) | 792,449,973 | 1,056,666,897 |
| Net increase (decrease) in net assets resulting from operations | 1,232,209,443 | 1,445,142,811 |
| Distributions to shareholders from net investment income | (14,875,007) | (163,120,493) |
| Distributions to shareholders from net realized gain | (177,823,710) | (254,968,549) |
| Total distributions | (192,698,717) | (418,089,042) |
| Share transactions - net increase (decrease) | 18,228,776,530 | 128,477,357 |
| Total increase (decrease) in net assets | 19,268,287,256 | 1,155,531,126 |
| Net Assets | | |
| Beginning of period | 11,305,668,497 | 10,150,137,371 |
| End of period | $30,573,955,753 | $11,305,668,497 |
| Other Information | | |
| Undistributed net investment income end of period | $31,504,426 | $14,704,108 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2030 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $16.72 | $15.20 | $16.62 | $16.47 | $15.02 | $14.07 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .25 | .25 | .27 | .24 | .25 |
| Net realized and unrealized gain (loss) | 1.38 | 1.90 | (.75) | .95 | 1.71 | 1.04 |
| Total from investment operations | 1.39 | 2.15 | (.50) | 1.22 | 1.95 | 1.29 |
| Distributions from net investment income | (.02) | (.25) | (.26) | (.28) | (.25) | (.27) |
| Distributions from net realized gain | (.26) | (.38) | (.67) | (.79) | (.25) | (.07) |
| Total distributions | (.29)B | (.63) | (.92)C | (1.07) | (.50) | (.34) |
| Net asset value, end of period | $17.82 | $16.72 | $15.20 | $16.62 | $16.47 | $15.02 |
| Total ReturnD,E | 8.38% | 14.58% | (3.17)% | 7.76% | 13.08% | 9.30% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .47%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .47%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .47%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .12%H | 1.57% | 1.59% | 1.68% | 1.50% | 1.77% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $12,138,738 | $11,305,668 | $10,150,137 | $10,883,658 | $10,933,549 | $10,636,397 |
| Portfolio turnover rateF | 27%H,J | 17% | 16% | 17% | 54% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.29 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.263 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2030 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $17.47 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .28 |
| Total from investment operations | .36 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $17.83 |
| Total ReturnC,D | 2.06% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .63%G,H |
| Expenses net of fee waivers, if any | .63%G,H |
| Expenses net of all reductions | .63%G,H |
| Net investment income (loss) | 2.29%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $18,037,948 |
| Portfolio turnover rateE | 27%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2030 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $17.15 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .64 |
| Total from investment operations | .69 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $17.84 |
| Total ReturnC,D | 4.02% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .47%G |
| Expenses net of fee waivers, if any | .47%G |
| Expenses net of all reductions | .47%G |
| Net investment income (loss) | .89%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $397,269 |
| Portfolio turnover rateE | 27%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.3 | 10.0 |
| Fidelity Series International Value Fund | 9.2 | 9.4 |
| Fidelity Series International Growth Fund | 9.1 | 9.4 |
| Fidelity Series Growth & Income Fund | 9.0 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 8.8 | 6.2 |
| Fidelity Series Growth Company Fund | 7.9 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.7 | 7.0 |
| Fidelity Series Value Discovery Fund | 4.6 | 9.9 |
| Fidelity Series Opportunistic Insights Fund | 4.3 | 4.5 |
| Fidelity Series Blue Chip Growth Fund | 3.9 | 4.1 |
| | 72.8 | 75.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.3% |
| | International Equity Funds | 30.6% |
| | Bond Funds | 7.1% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.1% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 5.0% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2035 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 25,655,385 | $425,109,723 |
| Fidelity Series 1000 Value Index Fund (a) | | 40,805,277 | 512,514,279 |
| Fidelity Series All-Sector Equity Fund (a) | | 59,303,925 | 792,893,476 |
| Fidelity Series Blue Chip Growth Fund (a) | | 61,288,409 | 811,458,532 |
| Fidelity Series Commodity Strategy Fund (a) | | 77,143,693 | 403,461,514 |
| Fidelity Series Growth & Income Fund (a) | | 122,037,474 | 1,856,189,986 |
| Fidelity Series Growth Company Fund (a) | | 94,227,706 | 1,616,947,431 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 105,119,666 | 1,805,955,864 |
| Fidelity Series Opportunistic Insights Fund (a) | | 49,031,237 | 893,839,444 |
| Fidelity Series Real Estate Equity Fund (a) | | 12,383,831 | 159,875,264 |
| Fidelity Series Small Cap Discovery Fund (a) | | 19,931,775 | 239,181,297 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 52,459,415 | 733,382,623 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 104,215,933 | 1,385,029,747 |
| Fidelity Series Value Discovery Fund (a) | | 71,061,857 | 953,650,114 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $9,875,548,042) | | | 12,589,489,294 |
|
| International Equity Funds - 30.6% | | | |
| Fidelity Series Canada Fund (a) | | 15,480,840 | 164,716,136 |
| Fidelity Series Emerging Markets Fund (a) | | 92,390,678 | 1,903,247,968 |
| Fidelity Series International Growth Fund (a) | | 117,501,670 | 1,867,101,540 |
| Fidelity Series International Small Cap Fund (a) | | 25,120,504 | 449,908,223 |
| Fidelity Series International Value Fund (a) | | 176,398,349 | 1,899,810,218 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,980,759,594) | | | 6,284,784,085 |
|
| Bond Funds - 7.1% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 13,271,954 | 138,824,643 |
| Fidelity Series Floating Rate High Income Fund (a) | | 4,841,251 | 45,943,471 |
| Fidelity Series High Income Fund (a) | | 30,027,893 | 292,771,952 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 16,173,749 | 159,958,380 |
| Fidelity Series International Credit Fund (a) | | 995,750 | 10,007,288 |
| Fidelity Series Investment Grade Bond Fund (a) | | 29,922,396 | 338,422,301 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 42,417,270 | 372,847,806 |
| Fidelity Series Real Estate Income Fund (a) | | 8,330,056 | 93,046,723 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,438,412,258) | | | 1,451,822,564 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 168,014,506 | 168,014,506 |
| Fidelity Series Short-Term Credit Fund (a) | | 4,752,182 | 47,474,303 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $215,412,721) | | | 215,488,809 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $16,510,132,615) | | | 20,541,584,752 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (11,413,915) |
| NET ASSETS - 100% | | | $20,530,170,837 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $148,282,227 | $24,290,086 | $9,153,915 | $-- | $252,554 | $16,944,394 | $425,109,723 |
| Fidelity Series 1000 Value Index Fund | 179,592,513 | 30,800,026 | 8,279,340 | -- | 21,453 | 18,738,744 | 512,514,279 |
| Fidelity Series All-Sector Equity Fund | 279,645,931 | 45,579,647 | 21,338,224 | -- | 377,646 | 31,889,503 | 792,893,476 |
| Fidelity Series Blue Chip Growth Fund | 285,318,640 | 116,906,770 | 36,950,441 | 1,566,976 | 6,493,604 | (30,467,954) | 811,458,532 |
| Fidelity Series Canada Fund | -- | 82,579,118 | 673,413 | -- | 1,869 | 4,360,392 | 164,716,136 |
| Fidelity Series Commodity Strategy Fund | 111,388,669 | 59,937,856 | 5,054,287 | 615,569 | (631,469) | (1,054,675) | 403,461,514 |
| Fidelity Series Emerging Markets Debt Fund | 48,645,752 | 9,503,790 | 1,653,875 | 1,701,372 | 38,797 | 619,773 | 138,824,643 |
| Fidelity Series Emerging Markets Fund | 685,552,413 | 115,382,357 | 231,797,110 | -- | 13,049,819 | 91,893,452 | 1,903,247,968 |
| Fidelity Series Floating Rate High Income Fund | 16,615,127 | 3,177,380 | 669,269 | 430,693 | (18,316) | (39,370) | 45,943,471 |
| Fidelity Series Government Money Market Fund 1.09% | 53,467,356 | 17,661,349 | 2,171,270 | 312,922 | -- | -- | 168,014,506 |
| Fidelity Series Growth & Income Fund | 479,148,645 | 287,947,372(a) | 25,967,579 | 2,771,304 | (106,084) | 63,746,464 | 1,856,189,986 |
| Fidelity Series Growth Company Fund | 564,837,431 | 78,752,144 | 68,789,161 | -- | 21,816,312 | 86,917,429 | 1,616,947,431 |
| Fidelity Series High Income Fund | 103,635,702 | 20,321,065 | 4,036,318 | 3,265,733 | 14,665 | 2,791,745 | 292,771,952 |
| Fidelity Series Inflation-Protected Bond Index Fund | 61,194,766 | 7,033,278 | 2,163,747 | 40,706 | 428 | (954,151) | 159,958,380 |
| Fidelity Series International Credit Fund | -- | 3,865,025 | 14 | -- | -- | (11,137) | 10,007,288 |
| Fidelity Series International Growth Fund | 645,735,531 | 107,439,406 | 84,413,122 | -- | 1,735,708 | 94,342,956 | 1,867,101,540 |
| Fidelity Series International Small Cap Fund | 147,541,592 | 25,109,060 | 12,509,149 | -- | 859,497 | 26,627,500 | 449,908,223 |
| Fidelity Series International Value Fund | 647,425,663 | 114,586,418 | 59,732,114 | -- | (802,386) | 100,080,061 | 1,899,810,218 |
| Fidelity Series Intrinsic Opportunities Fund | 425,390,545 | 323,847,229(a) | 3,027,047 | 12,566,957 | 29,685 | 20,942,431 | 1,805,955,864 |
| Fidelity Series Investment Grade Bond Fund | 81,635,475 | 60,890,451 | 4,468,836 | 1,522,719 | 2,847 | (395,533) | 338,422,301 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 31,462 | 262,679,047 | 1,368,983 | 740,275 | (5,443) | (5,491,845) | 372,847,806 |
| Fidelity Series Opportunistic Insights Fund | 313,087,328 | 51,537,583 | 37,015,203 | -- | 4,272,813 | 44,966,426 | 893,839,444 |
| Fidelity Series Real Estate Equity Fund | 57,029,392 | 14,191,306 | 2,481,849 | 519,519 | (6,158) | (1,489,353) | 159,875,264 |
| Fidelity Series Real Estate Income Fund | 32,984,692 | 7,799,936 | 1,268,950 | 902,471 | (9,074) | 143,261 | 93,046,723 |
| Fidelity Series Short-Term Credit Fund | 17,120,293 | 3,003,768 | 743,475 | 156,440 | (415) | (54,035) | 47,474,303 |
| Fidelity Series Small Cap Discovery Fund | 84,431,775 | 13,954,536 | 3,822,092 | 383,283 | 14,056 | 12,174,573 | 239,181,297 |
| Fidelity Series Small Cap Opportunities Fund | 253,917,431 | 94,095,745 | 11,243,602 | 1,360,288 | (135,745) | (12,082,179) | 733,382,623 |
| Fidelity Series Stock Selector Large Cap Value Fund | 485,084,612 | 84,891,208 | 22,569,330 | -- | 41,668 | 47,897,214 | 1,385,029,747 |
| Fidelity Series Value Discovery Fund | 681,088,437 | 64,633,599 | 364,190,699(a) | 5,456,161 | 26,490,209 | 1,271,333 | 953,650,114 |
| Total | $6,889,829,400 | $2,132,396,555 | $1,027,552,414 | $34,313,388 | $73,798,540 | $614,307,419 | $20,541,584,752 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $16,510,132,615) — See accompanying schedule | | $20,541,584,752 |
| Cash | | 5 |
| Receivable for investments sold | | 316,985 |
| Receivable for fund shares sold | | 33,622,988 |
| Total assets | | 20,575,524,730 |
| Liabilities | | |
| Payable for investments purchased | $17,185,962 | |
| Payable for fund shares redeemed | 16,755,141 | |
| Accrued management fee | 11,412,790 | |
| Total liabilities | | 45,353,893 |
| Net Assets | | $20,530,170,837 |
| Net Assets consist of: | | |
| Paid in capital | | $16,249,233,931 |
| Undistributed net investment income | | 10,428,637 |
| Accumulated undistributed net realized gain (loss) on investments | | 239,056,132 |
| Net unrealized appreciation (depreciation) on investments | | 4,031,452,137 |
| Net Assets | | $20,530,170,837 |
| Fidelity Freedom 2035 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($7,579,411,779 ÷ 507,969,968 shares) | | $14.92 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($12,587,792,858 ÷ 843,667,834 shares) | | $14.92 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($362,966,200 ÷ 24,303,379 shares) | | $14.93 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $34,313,388 |
| Expenses | | |
| Management fee | $23,530,218 | |
| Independent trustees' fees and expenses | 13,085 | |
| Total expenses before reductions | 23,543,303 | |
| Expense reductions | (4,521) | 23,538,782 |
| Net investment income (loss) | | 10,774,606 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 73,798,540 | |
| Capital gain distributions from underlying funds | 182,525,796 | |
| Total net realized gain (loss) | | 256,324,336 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 614,307,419 |
| Net gain (loss) | | 870,631,755 |
| Net increase (decrease) in net assets resulting from operations | | $881,406,361 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,774,606 | $91,212,153 |
| Net realized gain (loss) | 256,324,336 | 136,198,233 |
| Change in net unrealized appreciation (depreciation) | 614,307,419 | 720,467,700 |
| Net increase (decrease) in net assets resulting from operations | 881,406,361 | 947,878,086 |
| Distributions to shareholders from net investment income | (4,477,894) | (88,507,344) |
| Distributions to shareholders from net realized gain | (104,484,046) | (162,354,536) |
| Total distributions | (108,961,940) | (250,861,880) |
| Share transactions - net increase (decrease) | 12,867,898,287 | 231,724,174 |
| Total increase (decrease) in net assets | 13,640,342,708 | 928,740,380 |
| Net Assets | | |
| Beginning of period | 6,889,828,129 | 5,961,087,749 |
| End of period | $20,530,170,837 | $6,889,828,129 |
| Other Information | | |
| Undistributed net investment income end of period | $10,428,637 | $4,131,925 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2035 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.88 | $12.46 | $13.67 | $13.62 | $12.57 | $11.68 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .19 | .19 | .22 | .18 | .20 |
| Net realized and unrealized gain (loss) | 1.26 | 1.75 | (.65) | .80 | 1.63 | .93 |
| Total from investment operations | 1.26 | 1.94 | (.46) | 1.02 | 1.81 | 1.13 |
| Distributions from net investment income | (.01) | (.18) | (.20) | (.23) | (.19) | (.21) |
| Distributions from net realized gain | (.21) | (.34) | (.55) | (.75) | (.57) | (.03) |
| Total distributions | (.22) | (.52) | (.75) | (.97)C | (.76) | (.24) |
| Net asset value, end of period | $14.92 | $13.88 | $12.46 | $13.67 | $13.62 | $12.57 |
| Total ReturnD,E | 9.17% | 16.09% | (3.59)% | 7.90% | 14.76% | 9.85% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.06)%H | 1.45% | 1.48% | 1.62% | 1.42% | 1.70% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $7,579,412 | $6,889,828 | $5,961,088 | $6,289,345 | $6,183,144 | $5,648,531 |
| Portfolio turnover rateF | 26%H,J | 16% | 15% | 18% | 54% | 36% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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 Annualized
I Amount represents less than .005%.
J 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 2035 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.60 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .27 |
| Total from investment operations | .32 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.92 |
| Total ReturnC,D | 2.19% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.72%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $12,587,793 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2035 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.30 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .60 |
| Total from investment operations | .63 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.93 |
| Total ReturnC,D | 4.41% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .60%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $362,966 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.2 |
| Fidelity Series Growth Company Fund | 8.0 | 8.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.6% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.3% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2040 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 26,948,665 | $446,539,376 |
| Fidelity Series 1000 Value Index Fund (a) | | 43,015,926 | 540,280,025 |
| Fidelity Series All-Sector Equity Fund (a) | | 62,404,218 | 834,344,401 |
| Fidelity Series Blue Chip Growth Fund (a) | | 64,495,068 | 853,914,703 |
| Fidelity Series Commodity Strategy Fund (a) | | 80,192,540 | 419,406,986 |
| Fidelity Series Growth & Income Fund (a) | | 128,740,284 | 1,958,139,712 |
| Fidelity Series Growth Company Fund (a) | | 99,256,140 | 1,703,235,363 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 111,037,824 | 1,907,629,810 |
| Fidelity Series Opportunistic Insights Fund (a) | | 51,606,409 | 940,784,833 |
| Fidelity Series Real Estate Equity Fund (a) | | 13,045,379 | 168,415,844 |
| Fidelity Series Small Cap Discovery Fund (a) | | 20,884,915 | 250,618,985 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 55,269,556 | 772,668,395 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 109,905,481 | 1,460,643,846 |
| Fidelity Series Value Discovery Fund (a) | | 74,958,702 | 1,005,945,781 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $10,325,393,148) | | | 13,262,568,060 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 18,676,475 | 198,717,690 |
| Fidelity Series Emerging Markets Fund (a) | | 98,594,196 | 2,031,040,425 |
| Fidelity Series International Growth Fund (a) | | 122,638,260 | 1,948,721,951 |
| Fidelity Series International Small Cap Fund (a) | | 26,452,360 | 473,761,763 |
| Fidelity Series International Value Fund (a) | | 184,607,211 | 1,988,219,665 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $5,243,081,022) | | | 6,640,461,494 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 13,801,206 | 144,360,611 |
| Fidelity Series Floating Rate High Income Fund (a) | | 5,029,440 | 47,729,389 |
| Fidelity Series High Income Fund (a) | | 31,460,072 | 306,735,702 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 16,909,044 | 167,230,440 |
| Fidelity Series International Credit Fund (a) | | 966,922 | 9,717,570 |
| Fidelity Series Investment Grade Bond Fund (a) | | 8,930,985 | 101,009,446 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 39,190,102 | 344,480,997 |
| Fidelity Series Real Estate Income Fund (a) | | 8,765,882 | 97,914,903 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,207,681,389) | | | 1,219,179,058 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 172,634,935 | 172,634,935 |
| Fidelity Series Short-Term Credit Fund (a) | | 5,078,567 | 50,734,882 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $223,287,248) | | | 223,369,817 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $16,999,442,807) | | | 21,345,578,429 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (11,871,179) |
| NET ASSETS - 100% | | | $21,333,707,250 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $157,353,366 | $20,068,447 | $7,972,064 | $-- | $513,868 | $17,658,576 | $446,539,376 |
| Fidelity Series 1000 Value Index Fund | 191,170,503 | 26,255,270 | 7,352,788 | -- | 25,495 | 19,797,190 | 540,280,025 |
| Fidelity Series All-Sector Equity Fund | 296,575,515 | 37,652,444 | 18,775,322 | -- | 305,502 | 33,817,057 | 834,344,401 |
| Fidelity Series Blue Chip Growth Fund | 303,451,828 | 112,332,197 | 35,918,107 | 1,649,837 | 7,062,344 | (32,057,731 ) | 853,914,703 |
| Fidelity Series Canada Fund | -- | 112,542,030 | 557,772 | -- | 1,427 | 4,723,942 | 198,717,690 |
| Fidelity Series Commodity Strategy Fund | 115,949,172 | 77,572,779 | 23,035,322 | 640,283 | (1,199,202) | (536,582 ) | 419,406,986 |
| Fidelity Series Emerging Markets Debt Fund | 51,381,271 | 8,226,756 | 1,535,506 | 1,779,220 | (20,330) | 708,518 | 144,360,611 |
| Fidelity Series Emerging Markets Fund | 727,479,065 | 95,150,590 | 201,974,439 | -- | 11,431,327 | 99,093,026 | 2,031,040,425 |
| Fidelity Series Floating Rate High Income Fund | 17,557,187 | 2,689,338 | 624,941 | 450,020 | (8,552) | (50,648 ) | 47,729,389 |
| Fidelity Series Government Money Market Fund 1.09% | 56,452,877 | 15,577,500 | 1,998,410 | 317,998 | -- | -- | 172,634,935 |
| Fidelity Series Growth & Income Fund | 509,763,605 | 285,830,023 (a) | 24,404,265 | 2,944,146 | (57,253) | 67,461,207 | 1,958,139,712 |
| Fidelity Series Growth Company Fund | 600,472,029 | 67,963,481 | 72,405,245 | -- | 23,562,991 | 91,749,400 | 1,703,235,363 |
| Fidelity Series High Income Fund | 110,141,929 | 17,447,466 | 3,767,729 | 3,434,955 | 8,512 | 2,953,745 | 306,735,702 |
| Fidelity Series Inflation-Protected Bond Index Fund | 65,384,074 | 5,377,550 | 2,959,785 | 42,682 | (31,233) | (974,190 ) | 167,230,440 |
| Fidelity Series International Credit Fund | -- | 3,616,415 | 45 | -- | -- | (12,182 ) | 9,717,570 |
| Fidelity Series International Growth Fund | 686,373,633 | 89,432,506 | 99,413,926 | -- | 2,540,338 | 98,957,720 | 1,948,721,951 |
| Fidelity Series International Small Cap Fund | 156,827,013 | 20,808,471 | 11,605,410 | -- | 826,971 | 28,225,343 | 473,761,763 |
| Fidelity Series International Value Fund | 688,167,886 | 98,521,299 | 69,798,103 | -- | 141,355 | 104,555,074 | 1,988,219,665 |
| Fidelity Series Intrinsic Opportunities Fund | 451,625,015 | 327,548,221 (a) | 2,307,182 | 13,287,175 | (6,477) | 22,210,925 | 1,907,629,810 |
| Fidelity Series Investment Grade Bond Fund | 31,065,292 | 11,482,102 | 1,836,647 | 496,726 | 6,849 | (63,664 ) | 101,009,446 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 30,159 | 235,184,465 | 2,048,907 | 731,791 | (17,648) | (5,348,594 ) | 344,480,997 |
| Fidelity Series Opportunistic Insights Fund | 332,984,066 | 42,470,270 | 35,684,826 | -- | 6,482,021 | 45,685,637 | 940,784,833 |
| Fidelity Series Real Estate Equity Fund | 60,193,847 | 13,514,848 | 2,347,976 | 541,555 | (1,991) | (1,562,903 ) | 168,415,844 |
| Fidelity Series Real Estate Income Fund | 34,859,596 | 6,855,141 | 1,185,902 | 935,133 | 4,180 | 153,943 | 97,914,903 |
| Fidelity Series Short-Term Credit Fund | 18,743,753 | 2,516,694 | 695,388 | 168,919 | (363) | (56,684 ) | 50,734,882 |
| Fidelity Series Small Cap Discovery Fund | 89,631,440 | 11,551,085 | 3,436,609 | 404,042 | 14,184 | 12,790,343 | 250,618,985 |
| Fidelity Series Small Cap Opportunities Fund | 270,216,572 | 91,265,040 | 10,334,488 | 1,433,916 | (128,030) | (12,767,861 ) | 772,668,395 |
| Fidelity Series Stock Selector Large Cap Value Fund | 516,075,449 | 73,091,638 | 19,782,016 | -- | 61,700 | 50,596,167 | 1,460,643,846 |
| Fidelity Series Value Discovery Fund | 724,534,607 | 53,995,910 | 380,779,458(a) | 5,814,090 | 34,705,461 | (5,156,134 ) | 1,005,945,781 |
| Total | $7,264,460,749 | $1,966,539,976 | $1,044,538,578 | $35,072,488 | $86,223,446 | $642,550,640 | $21,345,578,429 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $16,999,442,807) — See accompanying schedule | | $21,345,578,429 |
| Cash | | 16 |
| Receivable for investments sold | | 240,582 |
| Receivable for fund shares sold | | 60,311,653 |
| Total assets | | 21,406,130,680 |
| Liabilities | | |
| Payable for investments purchased | $13,747,670 | |
| Payable for fund shares redeemed | 46,802,133 | |
| Accrued management fee | 11,873,627 | |
| Total liabilities | | 72,423,430 |
| Net Assets | | $21,333,707,250 |
| Net Assets consist of: | | |
| Paid in capital | | $16,718,059,994 |
| Undistributed net investment income | | 10,488,031 |
| Accumulated undistributed net realized gain (loss) on investments | | 259,023,603 |
| Net unrealized appreciation (depreciation) on investments | | 4,346,135,622 |
| Net Assets | | $21,333,707,250 |
| Fidelity Freedom 2040 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($7,864,541,579 ÷ 750,772,549 shares) | | $10.48 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($13,178,772,483 ÷ 1,257,433,086 shares) | | $10.48 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($290,393,188 ÷ 27,709,216 shares) | | $10.48 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $35,072,488 |
| Expenses | | |
| Management fee | $24,524,866 | |
| Independent trustees' fees and expenses | 13,711 | |
| Total expenses before reductions | 24,538,577 | |
| Expense reductions | (4,763) | 24,533,814 |
| Net investment income (loss) | | 10,538,674 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 86,223,446 | |
| Capital gain distributions from underlying funds | 192,356,208 | |
| Total net realized gain (loss) | | 278,579,654 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 642,550,640 |
| Net gain (loss) | | 921,130,294 |
| Net increase (decrease) in net assets resulting from operations | | $931,668,968 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,538,674 | $96,980,348 |
| Net realized gain (loss) | 278,579,654 | 144,536,452 |
| Change in net unrealized appreciation (depreciation) | 642,550,640 | 768,804,398 |
| Net increase (decrease) in net assets resulting from operations | 931,668,968 | 1,010,321,198 |
| Distributions to shareholders from net investment income | (3,727,463) | (96,859,849) |
| Distributions to shareholders from net realized gain | (114,805,801) | (178,085,083) |
| Total distributions | (118,533,264) | (274,944,932) |
| Share transactions - net increase (decrease) | 13,256,112,838 | 140,516,333 |
| Total increase (decrease) in net assets | 14,069,248,542 | 875,892,599 |
| Net Assets | | |
| Beginning of period | 7,264,458,708 | 6,388,566,109 |
| End of period | $21,333,707,250 | $7,264,458,708 |
| Other Information | | |
| Undistributed net investment income end of period | $10,488,031 | $3,676,820 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2040 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $9.74 | $8.75 | $9.63 | $9.62 | $8.78 | $8.15 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .13 | .13 | .15 | .13 | .14 |
| Net realized and unrealized gain (loss) | .90 | 1.24 | (.46) | .57 | 1.17 | .66 |
| Total from investment operations | .90 | 1.37 | (.33) | .72 | 1.30 | .80 |
| Distributions from net investment income | (.01) | (.13) | (.14) | (.16) | (.13) | (.15) |
| Distributions from net realized gain | (.15) | (.24) | (.41) | (.55) | (.33) | (.02) |
| Total distributions | (.16) | (.38)C | (.55) | (.71) | (.46) | (.17) |
| Net asset value, end of period | $10.48 | $9.74 | $8.75 | $9.63 | $9.62 | $8.78 |
| Total ReturnD,E | 9.33% | 16.14% | (3.62)% | 7.86% | 15.08% | 9.94% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.07)%H | 1.44% | 1.47% | 1.61% | 1.40% | 1.70% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $7,864,542 | $7,264,459 | $6,388,566 | $6,901,191 | $7,016,128 | $6,758,570 |
| Portfolio turnover rateF | 26%H,J | 15% | 16% | 17% | 49% | 33% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.38 per share is comprised of distributions from net investment income of $.132 and distributions from net realized gain of $.244 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 Annualized
I Amount represents less than $.005%
J 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 2040 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.25 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .20 |
| Total from investment operations | .23 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $10.48 |
| Total ReturnC,D | 2.24% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.69%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $13,178,772 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
I 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 2040 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.03 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .45 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $10.48 |
| Total ReturnC,D | 4.49% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .58%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $290,393 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.2 |
| Fidelity Series Growth Company Fund | 8.0 | 8.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2045 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 15,824,921 | $262,218,944 |
| Fidelity Series 1000 Value Index Fund (a) | | 25,168,054 | 316,110,754 |
| Fidelity Series All-Sector Equity Fund (a) | | 36,586,872 | 489,166,476 |
| Fidelity Series Blue Chip Growth Fund (a) | | 37,811,178 | 500,619,999 |
| Fidelity Series Commodity Strategy Fund (a) | | 46,906,379 | 245,320,361 |
| Fidelity Series Growth & Income Fund (a) | | 75,302,215 | 1,145,346,684 |
| Fidelity Series Growth Company Fund (a) | | 58,138,885 | 997,663,275 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 64,887,494 | 1,114,767,147 |
| Fidelity Series Opportunistic Insights Fund (a) | | 30,248,518 | 551,430,481 |
| Fidelity Series Real Estate Equity Fund (a) | | 7,627,776 | 98,474,590 |
| Fidelity Series Small Cap Discovery Fund (a) | | 12,292,223 | 147,506,676 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 32,372,486 | 452,567,355 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 64,191,572 | 853,105,990 |
| Fidelity Series Value Discovery Fund (a) | | 43,868,470 | 588,714,863 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $6,137,120,899) | | | 7,763,013,595 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 10,927,622 | 116,269,903 |
| Fidelity Series Emerging Markets Fund (a) | | 57,715,454 | 1,188,938,353 |
| Fidelity Series International Growth Fund (a) | | 71,764,721 | 1,140,341,423 |
| Fidelity Series International Small Cap Fund (a) | | 15,479,910 | 277,245,194 |
| Fidelity Series International Value Fund (a) | | 108,121,099 | 1,164,464,232 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $3,105,221,356) | | | 3,887,259,105 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 7,975,700 | 83,425,827 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,965,961 | 28,146,973 |
| Fidelity Series High Income Fund (a) | | 18,320,332 | 178,623,240 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 9,666,662 | 95,603,288 |
| Fidelity Series International Credit Fund (a) | | 579,768 | 5,826,665 |
| Fidelity Series Investment Grade Bond Fund (a) | | 5,226,191 | 59,108,218 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 22,985,978 | 202,046,743 |
| Fidelity Series Real Estate Income Fund (a) | | 5,039,902 | 56,295,707 |
| TOTAL BOND FUNDS | | | |
| (Cost $701,361,755) | | | 709,076,661 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 101,949,693 | 101,949,693 |
| Fidelity Series Short-Term Credit Fund (a) | | 2,961,074 | 29,581,130 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $131,483,660) | | | 131,530,823 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $10,075,187,670) | | | 12,490,880,184 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (6,869,305) |
| NET ASSETS - 100% | | | $12,484,010,879 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $75,910,943 | $15,524,569 | $4,575,896 | $-- | $59,827 | $9,780,884 | $262,218,944 |
| Fidelity Series 1000 Value Index Fund | 91,992,048 | 19,528,867 | 4,136,527 | -- | 566 | 11,383,461 | 316,110,754 |
| Fidelity Series All-Sector Equity Fund | 143,160,656 | 29,113,923 | 10,579,518 | -- | 145,430 | 18,197,132 | 489,166,476 |
| Fidelity Series Blue Chip Growth Fund | 146,065,471 | 73,063,984 | 18,563,103 | 965,380 | 2,920,088 | (21,067,499) | 500,619,999 |
| Fidelity Series Canada Fund | -- | 61,535,924 | 303,806 | -- | 843 | 2,654,351 | 116,269,903 |
| Fidelity Series Commodity Strategy Fund | 57,174,624 | 32,615,921 | 2,597,468 | 373,800 | (3,989) | (1,122,435) | 245,320,361 |
| Fidelity Series Emerging Markets Debt Fund | 24,524,403 | 5,720,470 | 861,336 | 882,902 | (2,456) | 259,605 | 83,425,827 |
| Fidelity Series Emerging Markets Fund | 350,211,750 | 72,670,439 | 114,595,361 | -- | 5,578,476 | 48,013,874 | 1,188,938,353 |
| Fidelity Series Floating Rate High Income Fund | 8,373,059 | 1,952,667 | 351,830 | 224,557 | (12,022) | (16,789) | 28,146,973 |
| Fidelity Series Government Money Market Fund 1.09% | 27,106,980 | 10,126,396 | 1,134,308 | 164,845 | -- | -- | 101,949,693 |
| Fidelity Series Growth & Income Fund | 245,345,533 | 162,385,118(a) | 13,692,503 | 1,428,780 | (70,874) | 39,997,159 | 1,145,346,684 |
| Fidelity Series Growth Company Fund | 287,954,017 | 49,990,692 | 30,835,241 | -- | 8,315,631 | 50,655,647 | 997,663,275 |
| Fidelity Series High Income Fund | 52,683,359 | 12,436,997 | 2,118,931 | 1,711,089 | 7,137 | 1,634,471 | 178,623,240 |
| Fidelity Series Inflation-Protected Bond Index Fund | 30,442,561 | 5,275,619 | 1,131,698 | 21,029 | (4,577) | (636,851) | 95,603,288 |
| Fidelity Series International Credit Fund | -- | 1,831,987 | 54 | -- | -- | (10,669) | 5,826,665 |
| Fidelity Series International Growth Fund | 330,326,316 | 68,184,653 | 53,684,155 | -- | 978,354 | 49,849,064 | 1,140,341,423 |
| Fidelity Series International Small Cap Fund | 75,475,113 | 15,991,173 | 6,048,968 | -- | 343,000 | 14,258,130 | 277,245,194 |
| Fidelity Series International Value Fund | 331,188,904 | 73,252,616 | 37,429,922 | -- | (33,346) | 55,510,949 | 1,164,464,232 |
| Fidelity Series Intrinsic Opportunities Fund | 217,564,424 | 186,038,547(a) | 1,180,175 | 7,751,637 | 18,709 | 8,878,747 | 1,114,767,147 |
| Fidelity Series Investment Grade Bond Fund | 15,221,209 | 6,596,393 | 993,434 | 250,430 | (302) | (101,500) | 59,108,218 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 15,326 | 132,127,369 | 948,655 | 380,584 | (8,089) | (3,350,717) | 202,046,743 |
| Fidelity Series Opportunistic Insights Fund | 160,281,094 | 32,888,902 | 18,540,631 | -- | 1,861,676 | 25,067,641 | 551,430,481 |
| Fidelity Series Real Estate Equity Fund | 29,201,655 | 8,835,464 | 1,320,435 | 270,487 | 404 | (935,695) | 98,474,590 |
| Fidelity Series Real Estate Income Fund | 16,661,979 | 4,749,877 | 666,290 | 462,005 | (3,211) | 62,150 | 56,295,707 |
| Fidelity Series Short-Term Credit Fund | 8,971,211 | 1,910,121 | 391,720 | 84,627 | (146) | (42,382) | 29,581,130 |
| Fidelity Series Small Cap Discovery Fund | 43,182,271 | 8,881,763 | 1,934,578 | 195,855 | 9,642 | 7,679,804 | 147,506,676 |
| Fidelity Series Small Cap Opportunities Fund | 130,040,169 | 59,288,923 | 5,814,805 | 838,254 | (74,040) | (7,487,537) | 452,567,355 |
| Fidelity Series Stock Selector Large Cap Value Fund | 248,384,564 | 53,318,083 | 11,127,391 | -- | 69,299 | 28,991,227 | 853,105,990 |
| Fidelity Series Value Discovery Fund | 348,724,861 | 40,767,058 | 186,528,060(a) | 2,807,877 | 13,434,268 | 3,929,915 | 588,714,863 |
| Total | $3,496,184,500 | $1,246,604,515 | $532,086,799 | $18,814,138 | $33,530,298 | $342,032,137 | $12,490,880,184 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $10,075,187,670) — See accompanying schedule | | $12,490,880,184 |
| Cash | | 20 |
| Receivable for investments sold | | 149,235 |
| Receivable for fund shares sold | | 26,128,182 |
| Total assets | | 12,517,157,621 |
| Liabilities | | |
| Payable for investments purchased | $15,304,485 | |
| Payable for fund shares redeemed | 10,972,835 | |
| Accrued management fee | 6,869,422 | |
| Total liabilities | | 33,146,742 |
| Net Assets | | $12,484,010,879 |
| Net Assets consist of: | | |
| Paid in capital | | $9,931,266,174 |
| Undistributed net investment income | | 5,850,931 |
| Accumulated undistributed net realized gain (loss) on investments | | 131,201,260 |
| Net unrealized appreciation (depreciation) on investments | | 2,415,692,514 |
| Net Assets | | $12,484,010,879 |
| Fidelity Freedom 2045 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($3,868,175,971 ÷ 326,577,664 shares) | | $11.84 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($8,453,836,734 ÷ 713,576,844 shares) | | $11.85 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($161,998,174 ÷ 13,671,032 shares) | | $11.85 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $18,814,138 |
| Expenses | | |
| Management fee | $12,762,851 | |
| Independent trustees' fees and expenses | 6,641 | |
| Total expenses before reductions | 12,769,492 | |
| Expense reductions | (2,292) | 12,767,200 |
| Net investment income (loss) | | 6,046,938 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 33,530,298 | |
| Capital gain distributions from underlying funds | 110,645,377 | |
| Total net realized gain (loss) | | 144,175,675 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 342,032,137 |
| Net gain (loss) | | 486,207,812 |
| Net increase (decrease) in net assets resulting from operations | | $492,254,750 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $6,046,938 | $45,505,718 |
| Net realized gain (loss) | 144,175,675 | 70,221,421 |
| Change in net unrealized appreciation (depreciation) | 342,032,137 | 358,042,833 |
| Net increase (decrease) in net assets resulting from operations | 492,254,750 | 473,769,972 |
| Distributions to shareholders from net investment income | (1,914,156) | (45,424,022) |
| Distributions to shareholders from net realized gain | (50,405,841) | (83,790,283) |
| Total distributions | (52,319,997) | (129,214,305) |
| Share transactions - net increase (decrease) | 8,547,892,172 | 238,655,834 |
| Total increase (decrease) in net assets | 8,987,826,925 | 583,211,501 |
| Net Assets | | |
| Beginning of period | 3,496,183,954 | 2,912,972,453 |
| End of period | $12,484,010,879 | $3,496,183,954 |
| Other Information | | |
| Undistributed net investment income end of period | $5,850,931 | $1,718,149 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2045 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.00 | $9.89 | $10.84 | $11.09 | $10.42 | $9.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | .15 | .15 | .17 | .15 | .17 |
| Net realized and unrealized gain (loss) | 1.01 | 1.39 | (.52) | .64 | 1.39 | .79 |
| Total from investment operations | 1.00 | 1.54 | (.37) | .81 | 1.54 | .96 |
| Distributions from net investment income | (.01) | (.15) | (.16) | (.18) | (.15) | (.17) |
| Distributions from net realized gain | (.16) | (.28) | (.43) | (.89) | (.72) | (.02) |
| Total distributions | (.16)B | (.43) | (.58)C | (1.06)D | (.87) | (.19) |
| Net asset value, end of period | $11.84 | $11.00 | $9.89 | $10.84 | $11.09 | $10.42 |
| Total ReturnE,F | 9.22% | 16.08% | (3.59)% | 7.93% | 15.38% | 10.14% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .51%I | - %J | - %J | - %J | - %J | - %J |
| Expenses net of fee waivers, if any | .51%I | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%I | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.10)%I | 1.45% | 1.48% | 1.62% | 1.42% | 1.75% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $3,868,176 | $3,496,184 | $2,912,972 | $2,993,926 | $2,885,106 | $2,480,465 |
| Portfolio turnover rateG | 26%I,K | 15% | 17% | 21% | 53% | 45% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.16 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.158 per share.
C 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.
D 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.
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 Annualized
J Amount represents less than .005%.
K 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 2045 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.59 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.85 |
| Total ReturnC,D | 2.24% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.56%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $8,453,837 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2045 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.34 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.85 |
| Total ReturnC,D | 4.50% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .54%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $161,998 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 9.0 | 6.3 |
| Fidelity Series Growth Company Fund | 8.0 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2050 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 13,194,889 | $218,639,307 |
| Fidelity Series 1000 Value Index Fund (a) | | 21,037,705 | 264,233,573 |
| Fidelity Series All-Sector Equity Fund (a) | | 30,556,373 | 408,538,710 |
| Fidelity Series Blue Chip Growth Fund (a) | | 31,579,785 | 418,116,349 |
| Fidelity Series Commodity Strategy Fund (a) | | 39,251,020 | 205,282,834 |
| Fidelity Series Growth & Income Fund (a) | | 63,008,121 | 958,353,519 |
| Fidelity Series Growth Company Fund (a) | | 48,600,881 | 833,991,113 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 54,603,690 | 938,091,395 |
| Fidelity Series Opportunistic Insights Fund (a) | | 25,266,629 | 460,610,651 |
| Fidelity Series Real Estate Equity Fund (a) | | 6,364,761 | 82,169,066 |
| Fidelity Series Small Cap Discovery Fund (a) | | 10,236,031 | 122,832,369 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 27,035,045 | 377,949,923 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 53,736,884 | 714,163,189 |
| Fidelity Series Value Discovery Fund (a) | | 36,646,359 | 491,794,132 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $5,148,727,253) | | | 6,494,766,130 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 9,142,401 | 97,275,145 |
| Fidelity Series Emerging Markets Fund (a) | | 48,291,266 | 994,800,073 |
| Fidelity Series International Growth Fund (a) | | 60,659,120 | 963,873,414 |
| Fidelity Series International Small Cap Fund (a) | | 12,952,376 | 231,977,054 |
| Fidelity Series International Value Fund (a) | | 89,553,646 | 964,492,768 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $2,600,154,410) | | | 3,252,418,454 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 6,663,727 | 69,702,580 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,498,615 | 23,711,860 |
| Fidelity Series High Income Fund (a) | | 15,317,454 | 149,345,174 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 8,038,454 | 79,500,314 |
| Fidelity Series International Credit Fund (a) | | 487,949 | 4,903,889 |
| Fidelity Series Investment Grade Bond Fund (a) | | 4,373,641 | 49,465,874 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 19,241,832 | 169,135,703 |
| Fidelity Series Real Estate Income Fund (a) | | 4,214,266 | 47,073,355 |
| TOTAL BOND FUNDS | | | |
| (Cost $587,050,259) | | | 592,838,749 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 85,557,687 | 85,557,687 |
| Fidelity Series Short-Term Credit Fund (a) | | 2,475,825 | 24,733,489 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $110,250,251) | | | 110,291,176 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $8,446,182,173) | | | 10,450,314,509 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (5,750,134) |
| NET ASSETS - 100% | | | $10,444,564,375 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $62,638,976 | $12,282,357 | $3,783,364 | $-- | $34,519 | $8,139,096 | $218,639,307 |
| Fidelity Series 1000 Value Index Fund | 75,814,592 | 15,531,621 | 3,400,562 | -- | 2,971 | 9,502,464 | 264,233,573 |
| Fidelity Series All-Sector Equity Fund | 118,131,044 | 23,048,673 | 8,776,540 | -- | 101,928 | 15,150,411 | 408,538,710 |
| Fidelity Series Blue Chip Growth Fund | 120,528,023 | 59,680,665 | 15,381,631 | 805,607 | 2,207,328 | (17,484,005) | 418,116,349 |
| Fidelity Series Canada Fund | -- | 50,850,109 | 276,844 | -- | 594 | 2,215,194 | 97,275,145 |
| Fidelity Series Commodity Strategy Fund | 47,433,910 | 26,121,015 | 2,126,321 | 312,526 | (4,679) | (936,150) | 205,282,834 |
| Fidelity Series Emerging Markets Debt Fund | 20,222,367 | 4,523,355 | 711,950 | 729,494 | 8,926 | 196,724 | 69,702,580 |
| Fidelity Series Emerging Markets Fund | 288,955,854 | 56,574,977 | 95,045,263 | -- | 5,138,809 | 39,119,867 | 994,800,073 |
| Fidelity Series Floating Rate High Income Fund | 6,949,953 | 1,558,126 | 289,928 | 186,842 | (3,634) | (20,130) | 23,711,860 |
| Fidelity Series Government Money Market Fund 1.09% | 22,353,640 | 8,246,193 | 944,372 | 133,767 | -- | -- | 85,557,687 |
| Fidelity Series Growth & Income Fund | 202,356,403 | 131,379,387(a) | 10,973,399 | 1,182,460 | (49,312) | 33,506,253 | 958,353,519 |
| Fidelity Series Growth Company Fund | 237,459,962 | 38,340,093 | 24,465,424 | -- | 6,115,700 | 42,748,239 | 833,991,113 |
| Fidelity Series High Income Fund | 43,407,771 | 9,901,489 | 1,747,123 | 1,413,369 | 5,414 | 1,363,970 | 149,345,174 |
| Fidelity Series Inflation-Protected Bond Index Fund | 24,822,064 | 4,444,949 | 932,092 | 17,286 | (2,451) | (533,869) | 79,500,314 |
| Fidelity Series International Credit Fund | -- | 1,535,600 | 29 | -- | -- | (9,042) | 4,903,889 |
| Fidelity Series International Growth Fund | 272,563,530 | 53,444,391 | 34,372,528 | -- | 613,646 | 41,422,447 | 963,873,414 |
| Fidelity Series International Small Cap Fund | 62,277,109 | 12,597,480 | 4,978,948 | -- | 274,164 | 11,800,905 | 231,977,054 |
| Fidelity Series International Value Fund | 273,275,108 | 57,754,520 | 40,352,377 | -- | (203,081) | 46,132,200 | 964,492,768 |
| Fidelity Series Intrinsic Opportunities Fund | 180,016,043 | 151,326,605(a) | 1,132,968 | 6,517,021 | 18,524 | 7,207,931 | 938,091,395 |
| Fidelity Series Investment Grade Bond Fund | 12,708,969 | 5,171,238 | 819,573 | 207,740 | (1,904) | (85,868) | 49,465,874 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 12,932 | 109,848,564 | 719,576 | 318,403 | (6,383) | (2,820,811) | 169,135,703 |
| Fidelity Series Opportunistic Insights Fund | 132,258,253 | 26,029,887 | 15,361,707 | -- | 1,357,652 | 20,979,842 | 460,610,651 |
| Fidelity Series Real Estate Equity Fund | 24,159,960 | 7,017,073 | 1,085,813 | 221,767 | (3,879) | (768,790) | 82,169,066 |
| Fidelity Series Real Estate Income Fund | 13,720,923 | 3,813,337 | 550,271 | 378,017 | (856) | 53,567 | 47,073,355 |
| Fidelity Series Short-Term Credit Fund | 7,399,416 | 1,523,960 | 322,501 | 70,011 | (95) | (35,867) | 24,733,489 |
| Fidelity Series Small Cap Discovery Fund | 35,628,306 | 7,041,529 | 1,588,083 | 161,670 | 1,067 | 6,405,605 | 122,832,369 |
| Fidelity Series Small Cap Opportunities Fund | 107,210,344 | 48,367,869 | 4,778,945 | 699,459 | (67,524) | (6,235,610) | 377,949,923 |
| Fidelity Series Stock Selector Large Cap Value Fund | 204,864,144 | 42,067,402 | 9,149,875 | -- | 88,713 | 24,218,430 | 714,163,189 |
| Fidelity Series Value Discovery Fund | 287,661,234 | 33,066,268 | 154,494,028(a) | 2,321,098 | 10,916,415 | 3,593,354 | 491,794,132 |
| Total | $2,884,830,830 | $1,003,088,732 | $438,562,035 | $15,676,537 | $26,542,572 | $284,826,357 | $10,450,314,509 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $8,446,182,173) — See accompanying schedule | | $10,450,314,509 |
| Cash | | 2 |
| Receivable for investments sold | | 103,924 |
| Receivable for fund shares sold | | 32,206,962 |
| Total assets | | 10,482,625,397 |
| Liabilities | | |
| Payable for investments purchased | $15,053,079 | |
| Payable for fund shares redeemed | 17,253,958 | |
| Accrued management fee | 5,753,985 | |
| Total liabilities | | 38,061,022 |
| Net Assets | | $10,444,564,375 |
| Net Assets consist of: | | |
| Paid in capital | | $8,326,774,806 |
| Undistributed net investment income | | 4,995,384 |
| Accumulated undistributed net realized gain (loss) on investments | | 108,661,849 |
| Net unrealized appreciation (depreciation) on investments | | 2,004,132,336 |
| Net Assets | | $10,444,564,375 |
| Fidelity Freedom 2050 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($3,198,263,270 ÷ 268,584,185 shares) | | $11.91 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($7,126,047,761 ÷ 598,418,626 shares) | | $11.91 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($120,253,344 ÷ 10,094,895 shares) | | $11.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $15,676,537 |
| Expenses | | |
| Management fee | $10,595,742 | |
| Independent trustees' fees and expenses | 5,482 | |
| Total expenses before reductions | 10,601,224 | |
| Expense reductions | (1,891) | 10,599,333 |
| Net investment income (loss) | | 5,077,204 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 26,542,572 | |
| Capital gain distributions from underlying funds | 92,403,402 | |
| Total net realized gain (loss) | | 118,945,974 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 284,826,357 |
| Net gain (loss) | | 403,772,331 |
| Net increase (decrease) in net assets resulting from operations | | $408,849,535 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,077,204 | $37,285,493 |
| Net realized gain (loss) | 118,945,974 | 56,748,247 |
| Change in net unrealized appreciation (depreciation) | 284,826,357 | 294,641,485 |
| Net increase (decrease) in net assets resulting from operations | 408,849,535 | 388,675,225 |
| Distributions to shareholders from net investment income | (1,573,575) | (36,871,772) |
| Distributions to shareholders from net realized gain | (40,897,550) | (67,884,342) |
| Total distributions | (42,471,125) | (104,756,114) |
| Share transactions - net increase (decrease) | 7,193,355,581 | 237,530,130 |
| Total increase (decrease) in net assets | 7,559,733,991 | 521,449,241 |
| Net Assets | | |
| Beginning of period | 2,884,830,384 | 2,363,381,143 |
| End of period | $10,444,564,375 | $2,884,830,384 |
| Other Information | | |
| Undistributed net investment income end of period | $4,995,384 | $1,491,755 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2050 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.05 | $9.93 | $10.90 | $11.15 | $10.28 | $9.51 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | .15 | .15 | .17 | .15 | .16 |
| Net realized and unrealized gain (loss) | 1.03 | 1.40 | (.52) | .65 | 1.41 | .79 |
| Total from investment operations | 1.02 | 1.55 | (.37) | .82 | 1.56 | .95 |
| Distributions from net investment income | (.01) | (.15) | (.16) | (.18) | (.15) | (.17) |
| Distributions from net realized gain | (.16) | (.28) | (.44) | (.89) | (.54) | (.02) |
| Total distributions | (.16)B | (.43) | (.60) | (1.07) | (.69) | (.18)C |
| Net asset value, end of period | $11.91 | $11.05 | $9.93 | $10.90 | $11.15 | $10.28 |
| Total ReturnD,E | 9.34% | 16.11% | (3.65)% | 7.91% | 15.53% | 10.18% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .51%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .51%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.10)%H | 1.45% | 1.49% | 1.62% | 1.41% | 1.71% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $3,198,263 | $2,884,830 | $2,363,381 | $2,375,308 | $2,297,832 | $2,069,745 |
| Portfolio turnover rateF | 26%H,J | 15% | 17% | 23% | 57% | 44% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.16 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.156 per share.
C 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.
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 Annualized
I Amount represents less than .005%.
J 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 2050 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.65 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 2.23% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.55%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $7,126,048 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2050 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.40 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 4.47% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .56%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $120,253 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Growth Fund | 9.3 | 9.4 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.3 |
| Fidelity Series Growth Company Fund | 8.0 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.2 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.2% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2055 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 4,820,754 | $79,879,889 |
| Fidelity Series 1000 Value Index Fund (a) | | 7,694,094 | 96,637,819 |
| Fidelity Series All-Sector Equity Fund (a) | | 11,158,425 | 149,188,136 |
| Fidelity Series Blue Chip Growth Fund (a) | | 11,532,238 | 152,686,832 |
| Fidelity Series Commodity Strategy Fund (a) | | 14,309,370 | 74,838,008 |
| Fidelity Series Growth & Income Fund (a) | | 23,001,679 | 349,855,533 |
| Fidelity Series Growth Company Fund (a) | | 17,730,994 | 304,263,854 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 19,719,876 | 338,787,461 |
| Fidelity Series Opportunistic Insights Fund (a) | | 9,225,596 | 168,182,611 |
| Fidelity Series Real Estate Equity Fund (a) | | 2,338,460 | 30,189,516 |
| Fidelity Series Small Cap Discovery Fund (a) | | 3,750,399 | 45,004,794 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 9,888,231 | 138,237,467 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 19,641,936 | 261,041,325 |
| Fidelity Series Value Discovery Fund (a) | | 13,419,371 | 180,087,962 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,036,471,704) | | | 2,368,881,207 |
|
| International Equity Funds - 31.2% | | | |
| Fidelity Series Canada Fund (a) | | 3,333,695 | 35,470,518 |
| Fidelity Series Emerging Markets Fund (a) | | 17,616,212 | 362,893,972 |
| Fidelity Series International Growth Fund (a) | | 22,134,998 | 351,725,112 |
| Fidelity Series International Small Cap Fund (a) | | 4,725,848 | 84,639,931 |
| Fidelity Series International Value Fund (a) | | 32,655,536 | 351,700,125 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,004,313,811) | | | 1,186,429,658 |
|
| Bond Funds - 5.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,369,281 | 24,782,682 |
| Fidelity Series Floating Rate High Income Fund (a) | | 923,215 | 8,761,308 |
| Fidelity Series High Income Fund (a) | | 5,590,770 | 54,510,003 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,854,465 | 28,230,654 |
| Fidelity Series International Credit Fund (a) | | 164,923 | 1,657,481 |
| Fidelity Series Investment Grade Bond Fund (a) | | 1,595,553 | 18,045,704 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 7,033,790 | 61,827,018 |
| Fidelity Series Real Estate Income Fund (a) | | 1,546,605 | 17,275,577 |
| TOTAL BOND FUNDS | | | |
| (Cost $212,813,460) | | | 215,090,427 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 31,734,244 | 31,734,244 |
| Fidelity Series Short-Term Credit Fund (a) | | 887,316 | 8,864,288 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $40,584,864) | | | 40,598,532 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $3,294,183,839) | | | 3,810,999,824 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (2,066,170) |
| NET ASSETS - 100% | | | $3,808,933,654 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $20,033,106 | $6,773,756 | $1,203,986 | $-- | $549 | $2,852,860 | $79,879,889 |
| Fidelity Series 1000 Value Index Fund | 24,255,513 | 8,292,616 | 859,745 | -- | (861) | 3,419,185 | 96,637,819 |
| Fidelity Series All-Sector Equity Fund | 37,780,585 | 12,717,461 | 2,766,774 | -- | (27,018) | 5,330,484 | 149,188,136 |
| Fidelity Series Blue Chip Growth Fund | 38,547,010 | 26,122,634 | 4,952,444 | 291,927 | 244,136 | (6,265,142) | 152,686,832 |
| Fidelity Series Canada Fund | -- | 18,499,468 | 47,314 | -- | (126) | 794,182 | 35,470,518 |
| Fidelity Series Commodity Strategy Fund | 15,750,440 | 10,434,694 | 545,402 | 113,080 | (6,060) | (343,122) | 74,838,008 |
| Fidelity Series Emerging Markets Debt Fund | 6,351,178 | 2,234,903 | 181,029 | 240,218 | 2,412 | 54,726 | 24,782,682 |
| Fidelity Series Emerging Markets Fund | 92,291,452 | 30,325,461 | 31,985,843 | -- | 799,138 | 13,797,875 | 362,893,972 |
| Fidelity Series Floating Rate High Income Fund | 2,277,567 | 821,013 | 73,614 | 64,548 | (320) | (7,988) | 8,761,308 |
| Fidelity Series Government Money Market Fund 1.09% | 7,128,818 | 3,968,860 | 243,531 | 46,022 | -- | -- | 31,734,244 |
| Fidelity Series Growth & Income Fund | 64,757,517 | 54,481,112(a) | 3,076,635 | 389,581 | (11,267) | 12,133,704 | 349,855,533 |
| Fidelity Series Growth Company Fund | 75,561,673 | 19,733,140 | 3,946,656 | -- | 180,471 | 16,260,914 | 304,263,854 |
| Fidelity Series High Income Fund | 13,866,939 | 5,124,786 | 444,105 | 476,917 | 2,052 | 480,862 | 54,510,003 |
| Fidelity Series Inflation-Protected Bond Index Fund | 7,439,777 | 2,442,490 | 236,532 | 5,617 | 613 | (200,281) | 28,230,654 |
| Fidelity Series International Credit Fund | -- | 522,470 | 12 | -- | -- | (3,022) | 1,657,481 |
| Fidelity Series International Growth Fund | 87,135,142 | 29,062,848 | 10,441,328 | -- | 227,003 | 13,822,692 | 351,725,112 |
| Fidelity Series International Small Cap Fund | 19,909,249 | 6,898,800 | 1,426,222 | -- | 69,217 | 3,979,314 | 84,639,931 |
| Fidelity Series International Value Fund | 87,362,038 | 30,607,178 | 13,204,306 | -- | 52,105 | 15,786,113 | 351,700,125 |
| Fidelity Series Intrinsic Opportunities Fund | 58,119,244 | 60,605,986(a) | 358,817 | 2,339,436 | (1,814) | 2,143,625 | 338,787,461 |
| Fidelity Series Investment Grade Bond Fund | 4,305,047 | 2,084,346 | 254,401 | 71,208 | (587) | (37,446) | 18,045,704 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 4,445 | 39,936,618 | 168,027 | 110,999 | (959) | (1,044,150) | 61,827,018 |
| Fidelity Series Opportunistic Insights Fund | 42,298,882 | 14,342,523 | 4,905,731 | -- | 176,551 | 7,422,789 | 168,182,611 |
| Fidelity Series Real Estate Equity Fund | 7,780,471 | 3,418,595 | 318,532 | 76,043 | (9,248) | (283,484) | 30,189,516 |
| Fidelity Series Real Estate Income Fund | 4,370,535 | 1,906,144 | 140,182 | 128,506 | 559 | 10,319 | 17,275,577 |
| Fidelity Series Short-Term Credit Fund | 2,301,275 | 836,350 | 81,737 | 23,156 | 120 | (14,087) | 8,864,288 |
| Fidelity Series Small Cap Discovery Fund | 11,402,903 | 3,866,105 | 506,399 | 53,223 | (1,347) | 2,345,546 | 45,004,794 |
| Fidelity Series Small Cap Opportunities Fund | 34,103,264 | 21,430,438 | 1,207,900 | 253,866 | (8,839) | (2,265,854) | 138,237,467 |
| Fidelity Series Stock Selector Large Cap Value Fund | 65,335,056 | 22,780,771 | 2,313,289 | -- | (17,198) | 8,762,307 | 261,041,325 |
| Fidelity Series Value Discovery Fund | 91,815,328 | 18,042,088 | 50,047,988(a) | 757,944 | 2,761,314 | 2,502,843 | 180,087,962 |
| Total | $922,284,454 | $458,313,654 | $135,938,481 | $5,442,291 | $4,430,596 | $101,435,764 | $3,810,999,824 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $3,294,183,839) — See accompanying schedule | | $3,810,999,824 |
| Receivable for investments sold | | 5,791 |
| Receivable for fund shares sold | | 13,893,189 |
| Total assets | | 3,824,898,804 |
| Liabilities | | |
| Payable for investments purchased | $10,813,212 | |
| Payable for fund shares redeemed | 3,089,347 | |
| Accrued management fee | 2,062,591 | |
| Total liabilities | | 15,965,150 |
| Net Assets | | $3,808,933,654 |
| Net Assets consist of: | | |
| Paid in capital | | $3,257,624,672 |
| Undistributed net investment income | | 1,713,090 |
| Accumulated undistributed net realized gain (loss) on investments | | 32,779,907 |
| Net unrealized appreciation (depreciation) on investments | | 516,815,985 |
| Net Assets | | $3,808,933,654 |
| Fidelity Freedom 2055 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($1,101,424,421 ÷ 82,197,274 shares) | | $13.40 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($2,656,024,805 ÷ 198,110,607 shares) | | $13.41 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($51,484,428 ÷ 3,840,166 shares) | | $13.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $5,442,291 |
| Expenses | | |
| Management fee | $3,658,260 | |
| Independent trustees' fees and expenses | 1,796 | |
| Total expenses before reductions | 3,660,056 | |
| Expense reductions | (605) | 3,659,451 |
| Net investment income (loss) | | 1,782,840 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 4,430,596 | |
| Capital gain distributions from underlying funds | 33,251,525 | |
| Total net realized gain (loss) | | 37,682,121 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 101,435,764 |
| Net gain (loss) | | 139,117,885 |
| Net increase (decrease) in net assets resulting from operations | | $140,900,725 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,782,840 | $11,233,935 |
| Net realized gain (loss) | 37,682,121 | 11,661,308 |
| Change in net unrealized appreciation (depreciation) | 101,435,764 | 93,927,353 |
| Net increase (decrease) in net assets resulting from operations | 140,900,725 | 116,822,596 |
| Distributions to shareholders from net investment income | (530,888) | (11,091,790) |
| Distributions to shareholders from net realized gain | (10,617,722) | (15,197,673) |
| Total distributions | (11,148,610) | (26,289,463) |
| Share transactions - net increase (decrease) | 2,756,897,234 | 182,129,905 |
| Total increase (decrease) in net assets | 2,886,649,349 | 272,663,038 |
| Net Assets | | |
| Beginning of period | 922,284,305 | 649,621,267 |
| End of period | $3,808,933,654 | $922,284,305 |
| Other Information | | |
| Undistributed net investment income end of period | $1,713,090 | $461,138 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2055 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.41 | $11.08 | $12.06 | $11.73 | $10.56 | $9.77 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .17 | .17 | .19 | .16 | .20 |
| Net realized and unrealized gain (loss) | 1.13 | 1.57 | (.59) | .72 | 1.51 | .80 |
| Total from investment operations | 1.14 | 1.74 | (.42) | .91 | 1.67 | 1.00 |
| Distributions from net investment income | (.01) | (.16) | (.17) | (.18) | (.14) | (.14) |
| Distributions from net realized gain | (.14) | (.25) | (.39) | (.39) | (.36) | (.06) |
| Total distributions | (.15) | (.41) | (.56) | (.58)B | (.50) | (.21)C |
| Net asset value, end of period | $13.40 | $12.41 | $11.08 | $12.06 | $11.73 | $10.56 |
| Total ReturnD,E | 9.24% | 16.17% | (3.69)% | 7.98% | 16.00% | 10.39% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .51%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .51%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .15%H | 1.46% | 1.51% | 1.64% | 1.40% | 1.99% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,101,424 | $922,284 | $649,621 | $527,231 | $350,647 | $155,142 |
| Portfolio turnover rateF | 25%H,J | 18% | 20% | 21% | 47% | 45% |
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 $.184 and distributions from net realized gain of $.394 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.141 and distributions from net realized gain of $.064 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 Annualized
I Amount represents less than .005%.
J 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 2055 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.11 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .28 |
| Total from investment operations | .30 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 2.29% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | .64%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,656,025 |
| Portfolio turnover rateE | 25%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2055 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.83 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .56 |
| Total from investment operations | .58 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 4.52% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .53%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $51,484 |
| Portfolio turnover rateE | 25%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.4 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.5 |
| Fidelity Series Growth Company Fund | 8.0 | 7.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.8 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.2 | 76.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.2% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.1% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2060 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 716,690 | $11,875,550 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,146,318 | 14,397,760 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,661,654 | 22,216,310 |
| Fidelity Series Blue Chip Growth Fund (a) | | 1,717,008 | 22,733,186 |
| Fidelity Series Commodity Strategy Fund (a) | | 2,133,067 | 11,155,940 |
| Fidelity Series Growth & Income Fund (a) | | 3,422,682 | 52,058,995 |
| Fidelity Series Growth Company Fund (a) | | 2,634,983 | 45,216,308 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 2,956,620 | 50,794,737 |
| Fidelity Series Opportunistic Insights Fund (a) | | 1,373,410 | 25,037,262 |
| Fidelity Series Real Estate Equity Fund (a) | | 347,002 | 4,479,799 |
| Fidelity Series Small Cap Discovery Fund (a) | | 557,266 | 6,687,194 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 1,475,430 | 20,626,518 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 2,919,085 | 38,794,636 |
| Fidelity Series Value Discovery Fund (a) | | 2,015,970 | 27,054,319 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $319,390,268) | | | 353,128,514 |
|
| International Equity Funds - 31.2% | | | |
| Fidelity Series Canada Fund (a) | | 496,709 | 5,284,980 |
| Fidelity Series Emerging Markets Fund (a) | | 2,625,559 | 54,086,525 |
| Fidelity Series International Growth Fund (a) | | 3,262,803 | 51,845,943 |
| Fidelity Series International Small Cap Fund (a) | | 705,327 | 12,632,405 |
| Fidelity Series International Value Fund (a) | | 4,919,757 | 52,985,787 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $151,800,814) | | | 176,835,640 |
|
| Bond Funds - 5.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 333,953 | 3,493,150 |
| Fidelity Series Floating Rate High Income Fund (a) | | 135,929 | 1,289,963 |
| Fidelity Series High Income Fund (a) | | 833,478 | 8,126,407 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 428,194 | 4,234,840 |
| Fidelity Series International Credit Fund (a) | | 24,159 | 242,794 |
| Fidelity Series Investment Grade Bond Fund (a) | | 238,771 | 2,700,504 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 1,048,994 | 9,220,655 |
| Fidelity Series Real Estate Income Fund (a) | | 229,627 | 2,564,932 |
| TOTAL BOND FUNDS | | | |
| (Cost $31,230,028) | | | 31,873,245 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 4,742,579 | 4,742,579 |
| Fidelity Series Short-Term Credit Fund (a) | | 136,950 | 1,368,131 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $6,109,168) | | | 6,110,710 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $508,530,278) | | | 567,948,109 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (303,713) |
| NET ASSETS - 100% | | | $567,644,396 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $2,525,417 | $1,827,785 | $197,745 | $-- | $1,431 | $411,346 | $11,875,550 |
| Fidelity Series 1000 Value Index Fund | 3,069,993 | 2,232,285 | 165,576 | -- | (697) | 499,116 | 14,397,760 |
| Fidelity Series All-Sector Equity Fund | 4,762,745 | 3,440,290 | 433,862 | -- | 4,411 | 759,105 | 22,216,310 |
| Fidelity Series Blue Chip Growth Fund | 4,859,349 | 5,421,507 | 714,997 | 42,757 | 1,586 | (921,949) | 22,733,186 |
| Fidelity Series Canada Fund | -- | 2,854,967 | 3,071 | -- | (14) | 117,921 | 5,284,980 |
| Fidelity Series Commodity Strategy Fund | 1,964,660 | 2,227,062 | 54,186 | 16,582 | (427) | (40,531) | 11,155,940 |
| Fidelity Series Emerging Markets Debt Fund | 762,854 | 543,708 | 17,534 | 32,662 | 128 | 7,184 | 3,493,150 |
| Fidelity Series Emerging Markets Fund | 11,652,982 | 7,695,526 | 4,030,300 | -- | 33,600 | 2,024,802 | 54,086,525 |
| Fidelity Series Floating Rate High Income Fund | 280,209 | 213,477 | 7,163 | 9,127 | 37 | (1,263) | 1,289,963 |
| Fidelity Series Government Money Market Fund 1.09% | 921,937 | 855,542 | 23,983 | 6,774 | -- | -- | 4,742,579 |
| Fidelity Series Growth & Income Fund | 8,185,945 | 11,165,649(a) | 587,509 | 55,146 | (2,508) | 1,761,391 | 52,058,995 |
| Fidelity Series Growth Company Fund | 9,226,869 | 6,114,410 | 263,706 | -- | 9,105 | 2,210,830 | 45,216,308 |
| Fidelity Series High Income Fund | 1,737,800 | 1,311,129 | 43,242 | 68,102 | 290 | 68,818 | 8,126,407 |
| Fidelity Series Inflation-Protected Bond Index Fund | 936,424 | 658,241 | 23,070 | 828 | 104 | (29,294) | 4,234,840 |
| Fidelity Series International Credit Fund | -- | 79,514 | -- | -- | -- | (413) | 242,794 |
| Fidelity Series International Growth Fund | 10,972,971 | 7,741,787 | 1,866,233 | -- | 31,035 | 1,920,332 | 51,845,943 |
| Fidelity Series International Small Cap Fund | 2,507,199 | 1,836,581 | 157,567 | -- | 7,898 | 558,512 | 12,632,405 |
| Fidelity Series International Value Fund | 11,001,344 | 8,012,108 | 1,218,589 | -- | 16,701 | 2,245,089 | 52,985,787 |
| Fidelity Series Intrinsic Opportunities Fund | 7,535,524 | 11,974,736(a) | 280,851 | 345,381 | (676) | 290,690 | 50,794,737 |
| Fidelity Series Investment Grade Bond Fund | 520,788 | 515,258 | 36,788 | 10,175 | 243 | (6,624) | 2,700,504 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 370 | 6,089,525 | 15,206 | 16,281 | (32) | (152,235) | 9,220,655 |
| Fidelity Series Opportunistic Insights Fund | 5,332,374 | 3,863,975 | 726,912 | -- | 3,021 | 1,076,080 | 25,037,262 |
| Fidelity Series Real Estate Equity Fund | 988,977 | 817,012 | 62,493 | 11,178 | (4,040) | (41,399) | 4,479,799 |
| Fidelity Series Real Estate Income Fund | 550,371 | 449,660 | 13,625 | 18,718 | 28 | 280 | 2,564,932 |
| Fidelity Series Short-Term Credit Fund | 297,090 | 228,344 | 7,947 | 3,466 | 9 | (2,195) | 1,368,131 |
| Fidelity Series Small Cap Discovery Fund | 1,441,817 | 1,046,298 | 102,260 | 7,476 | (214) | 341,552 | 6,687,194 |
| Fidelity Series Small Cap Opportunities Fund | 4,306,667 | 4,559,614 | 208,441 | 37,264 | (131) | (324,286) | 20,626,518 |
| Fidelity Series Stock Selector Large Cap Value Fund | 8,247,099 | 5,984,437 | 375,136 | -- | (883) | 1,278,097 | 38,794,636 |
| Fidelity Series Value Discovery Fund | 11,565,215 | 4,968,308 | 6,759,113(a) | 105,468 | 134,204 | 640,618 | 27,054,319 |
| Total | $116,154,990 | $104,728,735 | $18,397,105 | $787,385 | $234,209 | $14,691,574 | $567,948,109 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $508,530,278) — See accompanying schedule | | $567,948,109 |
| Cash | | 6 |
| Receivable for fund shares sold | | 3,742,930 |
| Total assets | | 571,691,045 |
| Liabilities | | |
| Payable for investments purchased | $3,336,577 | |
| Payable for fund shares redeemed | 406,680 | |
| Accrued management fee | 303,392 | |
| Total liabilities | | 4,046,649 |
| Net Assets | | $567,644,396 |
| Net Assets consist of: | | |
| Paid in capital | | $503,252,558 |
| Undistributed net investment income | | 251,669 |
| Accumulated undistributed net realized gain (loss) on investments | | 4,722,338 |
| Net unrealized appreciation (depreciation) on investments | | 59,417,831 |
| Net Assets | | $567,644,396 |
| Fidelity Freedom 2060 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($172,758,482 ÷ 14,509,360 shares) | | $11.91 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($385,223,899 ÷ 32,348,653 shares) | | $11.91 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($9,662,015 ÷ 811,056 shares) | | $11.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $787,385 |
| Expenses | | |
| Management fee | $535,309 | |
| Independent trustees' fees and expenses | 245 | |
| Total expenses before reductions | 535,554 | |
| Expense reductions | (75) | 535,479 |
| Net investment income (loss) | | 251,906 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 234,209 | |
| Capital gain distributions from underlying funds | 4,889,391 | |
| Total net realized gain (loss) | | 5,123,600 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 14,691,574 |
| Net gain (loss) | | 19,815,174 |
| Net increase (decrease) in net assets resulting from operations | | $20,067,080 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $251,906 | $1,154,087 |
| Net realized gain (loss) | 5,123,600 | 1,463,110 |
| Change in net unrealized appreciation (depreciation) | 14,691,574 | 9,155,957 |
| Net increase (decrease) in net assets resulting from operations | 20,067,080 | 11,773,154 |
| Distributions to shareholders from net investment income | (57,327) | (1,119,481) |
| Distributions to shareholders from net realized gain | (1,284,107) | (924,001) |
| Total distributions | (1,341,434) | (2,043,482) |
| Share transactions - net increase (decrease) | 432,763,762 | 59,406,386 |
| Total increase (decrease) in net assets | 451,489,408 | 69,136,058 |
| Net Assets | | |
| Beginning of period | 116,154,988 | 47,018,930 |
| End of period | $567,644,396 | $116,154,988 |
| Other Information | | |
| Undistributed net investment income end of period | $251,669 | $57,090 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2060 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.01 | $9.78 | $10.45 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.01) | .16 | .16 | .10 |
| Net realized and unrealized gain (loss) | 1.03 | 1.37 | (.53) | .52 |
| Total from investment operations | 1.02 | 1.53 | (.37) | .62 |
| Distributions from net investment income | (.01) | (.13) | (.12) | (.10) |
| Distributions from net realized gain | (.11) | (.17) | (.17) | (.07) |
| Total distributions | (.12) | (.30) | (.30)C | (.17) |
| Net asset value, end of period | $11.91 | $11.01 | $9.78 | $10.45 |
| Total ReturnD,E | 9.30% | 16.01% | (3.67)% | 6.22% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .53%H | - %I | - %I | - %H,I |
| Expenses net of fee waivers, if any | .53%H | -% | -% | - %H |
| Expenses net of all reductions | .53%H | -% | -% | - %H |
| Net investment income (loss) | (.11)%H | 1.54% | 1.67% | 1.54%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $172,758 | $116,155 | $47,019 | $8,968 |
| Portfolio turnover rateF | 23%H,J | 21% | 31% | 28%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 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 class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount represents less than .005%.
J 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 2060 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.65 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 2.23% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.44%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $385,224 |
| Portfolio turnover rateE | 23%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2060 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.40 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 4.47% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .51%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $9,662 |
| Portfolio turnover rateE | 23%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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.
Notes to Financial Statements (Unaudited)
For the period ended September 30, 2017
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. Each Fund offers Fidelity Freedom, Class K and Class K6 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. Each Fund commenced sale of Class K and Class K6 shares on July 20, 2017 and June 7, 2017, respectively. 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). During the period, one of the Underlying Funds changed its name from Fidelity Series Equity-Income Fund to Fidelity Series Value Discovery Fund.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Fidelity Freedom 2010 Fund, Fidelity Freedom 2020 Fund and Fidelity 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. 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, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable for federal income tax purposes were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Fidelity Freedom Income Fund | $3,509,154,457 | $315,867,892 | $(27,546,433) | $288,321,459 |
| Fidelity Freedom 2005 Fund | 947,189,030 | 91,280,373 | (12,123,688) | 79,156,685 |
| Fidelity Freedom 2010 Fund | 6,034,606,035 | 821,208,345 | (63,827,843) | 757,380,502 |
| Fidelity Freedom 2015 Fund | 8,950,334,565 | 1,532,474,549 | (69,250,186) | 1,463,224,363 |
| Fidelity Freedom 2020 Fund | 25,545,099,708 | 4,588,748,340 | (227,529,915) | 4,361,218,425 |
| Fidelity Freedom 2025 Fund | 22,180,838,968 | 4,110,914,450 | (152,955,721) | 3,957,958,729 |
| Fidelity Freedom 2030 Fund | 25,090,910,423 | 5,633,485,990 | (134,258,695) | 5,499,227,295 |
| Fidelity Freedom 2035 Fund | 16,544,223,229 | 4,068,269,188 | (70,907,665) | 3,997,361,523 |
| Fidelity Freedom 2040 Fund | 17,035,567,723 | 4,383,587,954 | (73,577,248) | 4,310,010,706 |
| Fidelity Freedom 2045 Fund | 10,092,445,846 | 2,437,436,592 | (39,002,254) | 2,398,434,338 |
| Fidelity Freedom 2050 Fund | 8,459,132,296 | 2,020,888,764 | (29,706,551) | 1,991,182,213 |
| Fidelity Freedom 2055 Fund | 3,303,655,673 | 520,012,483 | (12,668,332) | 507,344,151 |
| Fidelity Freedom 2060 Fund | 509,484,539 | 59,521,935 | (1,058,365) | 58,463,570 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares and in-kind transactions, other than securities acquired in the merger, are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Freedom Income Fund | $213,195,953 | $225,826,002 |
| Fidelity Freedom 2005 Fund | 78,731,427 | 70,675,497 |
| Fidelity Freedom 2010 Fund | 471,348,514 | 551,261,066 |
| Fidelity Freedom 2015 Fund | 854,356,244 | 805,058,422 |
| Fidelity Freedom 2020 Fund | 2,277,588,861 | 1,703,551,228 |
| Fidelity Freedom 2025 Fund | 2,389,519,412 | 1,344,581,553 |
| Fidelity Freedom 2030 Fund | 2,774,525,148 | 1,661,956,614 |
| Fidelity Freedom 2035 Fund | 2,132,396,555 | 1,027,552,414 |
| Fidelity Freedom 2040 Fund | 1,966,539,976 | 1,044,538,578 |
| Fidelity Freedom 2045 Fund | 1,246,604,515 | 532,086,799 |
| Fidelity Freedom 2050 Fund | 1,003,088,732 | 438,562,035 |
| Fidelity Freedom 2055 Fund | 458,313,654 | 135,938,481 |
| Fidelity Freedom 2060 Fund | 104,728,735 | 18,397,105 |
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Effective June 1, 2017, under the management contract approved by the Board of Trustees (the Board) and shareholders, FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's target date, indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its target date. In addition, under the management contract, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees.
For the period, June 1, 2017 (July 20, 2017 and June 7, 2017 for Class K and Class K6, respectively) through September 30, 2017, the total annual management fee rate for each Class of each Fund was as follows:
| | Annual % of Class-Level Average Net Assets (Fidelity Freedom Class) | Annual % of Class-Level Average Net Assets
(Classes K and K6) |
| Fidelity Freedom Income Fund | .465% | .415% |
| Fidelity Freedom 2005 Fund | .491% | .435% |
| Fidelity Freedom 2010 Fund | .533% | .468% |
| Fidelity Freedom 2015 Fund | .576% | .503% |
| Fidelity Freedom 2020 Fund | .618% | .538% |
| Fidelity Freedom 2025 Fund | .661% | .573% |
| Fidelity Freedom 2030 Fund | .703% | .608% |
| Fidelity Freedom 2035 Fund | .746% | .643% |
| Fidelity Freedom 2040 Fund | .746% | .643% |
| Fidelity Freedom 2045 Fund | .746% | .643% |
| Fidelity Freedom 2050 Fund | .746% | .643% |
| Fidelity Freedom 2055 Fund | .746% | .643% |
| Fidelity Freedom 2060 Fund | .746% | .643% |
Effective June 7, 2017, under the expense contract approved by the Board, the investment adviser pays class-level expenses for Class K6 of each Fund as necessary so that Class K6 total expenses do not exceed certain amounts of Class K6 average net assets on an annual basis with certain exceptions, as noted in the following table:
| | Annual % of Class-Level Average Net Assets
(Class K6) |
| Fidelity Freedom Income Fund | .365% |
| Fidelity Freedom 2005 Fund | .377% |
| Fidelity Freedom 2010 Fund | .396% |
| Fidelity Freedom 2015 Fund | .415% |
| Fidelity Freedom 2020 Fund | .435% |
| Fidelity Freedom 2025 Fund | .454% |
| Fidelity Freedom 2030 Fund | .474% |
| Fidelity Freedom 2035 Fund | .493% |
| Fidelity Freedom 2040 Fund | .493% |
| Fidelity Freedom 2045 Fund | .493% |
| Fidelity Freedom 2050 Fund | .493% |
| Fidelity Freedom 2055 Fund | .493% |
| Fidelity Freedom 2060 Fund | .493% |
In addition, the Board and shareholders of each Underlying Fund approved a new management contract, effective June 1, 2017. Under the management contract, each Underlying Fund no longer pays a management fee, and most of each Underlying Fund's ordinary operating expenses are borne by the investment adviser.
Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these 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 miscellaneous expenses such as proxy and shareholder meeting expenses. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Series Value Discovery Fund, ("selected Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of Fidelity Series Intrinsic Opportunities Fund and Fidelity Series Growth & Income Fund which are affiliated investment companies managed by FMR. Net realized gain (loss) on the redemptions of the selected Underlying Fund in connection with the reallocation is included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the net related gain (loss) for the Funds are presented in the accompanying table:
| | Value of Investments and Cash reallocated | Net realized Gain (Loss) on redemptions of selected Underlying Fund |
| Fidelity Freedom Income | $ 21,943,732 | $ 5,248,386 |
| Fidelity Freedom 2005 | 9,132,913 | 818,016 |
| Fidelity Freedom 2010 | 82,938,352 | 17,423,248 |
| Fidelity Freedom 2015 | 132,300,852 | 26,218,924 |
| Fidelity Freedom 2020 | 349,185,809 | 55,046,914 |
| Fidelity Freedom 2025 | 312,149,126 | 36,476,750 |
| Fidelity Freedom 2030 | 443,448,822 | 45,658,987 |
| Fidelity Freedom 2035 | 315,567,651 | 25,385,650 |
| Fidelity Freedom 2040 | 341,654,429 | 31,022,107 |
| Fidelity Freedom 2045 | 165,214,747 | 12,941,012 |
| Fidelity Freedom 2050 | 136,449,649 | 10,462,773 |
| Fidelity Freedom 2055 | 44,625,815 | 2,684,111 |
| Fidelity Freedom 2060 | 6,196,209 | 137,579 |
5. Expense Reductions.
Prior to June 1, 2017, FMR voluntarily agreed to reimburse each Fund's operating expenses. Some expenses, for example interest expense, were excluded from this reimbursement. Effective June 1, 2017, these voluntary reimbursements were discontinued.
The following classes of each applicable Fund were in reimbursement during the period:
| Fidelity Freedom Income Fund | $1,400 |
| Fidelity Freedom 2005 Fund | 383 |
| Fidelity Freedom 2010 Fund | 3,152 |
| Fidelity Freedom 2015 Fund | 3,493 |
| Fidelity Freedom 2020 Fund | 8,733 |
| Fidelity Freedom 2025 Fund | 6,404 |
| Fidelity Freedom 2030 Fund | 7,879 |
| Fidelity Freedom 2035 Fund | 4,521 |
| Fidelity Freedom 2040 Fund | 4,763 |
| Fidelity Freedom 2045 Fund | 2,292 |
| Fidelity Freedom 2050 Fund | 1,891 |
| Fidelity Freedom 2055 Fund | 605 |
| Fidelity Freedom 2060 Fund | 75 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended
September 30, 2017(a) | Year ended
March 31, 2017 |
| Fidelity Freedom Income Fund | | |
| From net investment income | | |
| Fidelity Freedom Income Fund | $12,608,956 | $37,016,596 |
| Class K | 1,471 | – |
| Class K6 | 16,731 | – |
| Total | $12,627,158 | $37,016,596 |
| From net realized gain | | |
| Fidelity Freedom Income Fund | $14,993,579 | $32,674,118 |
| Total | $14,993,579 | $ 32,674,118 |
| Fidelity Freedom 2005 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2005 Fund | $1,620,929 | $10,200,069 |
| Total | $1,620,929 | $ 10,200,069 |
| From net realized gain | | |
| Fidelity Freedom 2005 Fund | $5,291,856 | $7,369,706 |
| Total | $5,291,856 | $ 7,369,706 |
| Fidelity Freedom 2010 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2010 Fund | $11,553,873 | $71,220,043 |
| Total | $11,553,873 | $ 71,220,043 |
| From net realized gain | | |
| Fidelity Freedom 2010 Fund | $49,891,727 | $73,776,491 |
| Total | $49,891,727 | $ 73,776,491 |
| Fidelity Freedom 2015 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2015 Fund | $13,537,555 | $89,847,108 |
| Total | $13,537,555 | $ 89,847,108 |
| From net realized gain | | |
| Fidelity Freedom 2015 Fund | $71,790,066 | $104,826,159 |
| Total | $71,790,066 | $ 104,826,159 |
| Fidelity Freedom 2020 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2020 Fund | $28,799,746 | $200,026,428 |
| Total | $28,799,746 | $200,026,428 |
| From net realized gain | | |
| Fidelity Freedom 2020 Fund | $168,906,642 | $252,757,975 |
| Total | $168,906,642 | $ 252,757,975 |
| Fidelity Freedom 2025 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2025 Fund | $20,288,985 | $147,758,780 |
| Total | $20,288,985 | $147,758,780 |
| From net realized gain | | |
| Fidelity Freedom 2025 Fund | $126,806,087 | $204,066,897 |
| Total | $126,806,087 | $ 204,066,897 |
| Fidelity Freedom 2030 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2030 Fund | $14,875,007 | $163,120,493 |
| Total | $14,875,007 | $ 163,120,493 |
| From net realized gain | | |
| Fidelity Freedom 2030 Fund | $177,823,710 | $254,968,549 |
| Total | $177,823,710 | $ 254,968,549 |
| Fidelity Freedom 2035 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2035 Fund | $4,477,894 | $88,507,344 |
| Total | $4,477,894 | $ 88,507,344 |
| From net realized gain | | |
| Fidelity Freedom 2035 Fund | $104,484,046 | $162,354,536 |
| Total | $104,484,046 | $ 162,354,536 |
| Fidelity Freedom 2040 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2040 Fund | $3,727,463 | $96,859,849 |
| Total | $3,727,463 | $96,859,849 |
| From net realized gain | | |
| Fidelity Freedom 2040 Fund | $114,805,801 | $178,085,083 |
| Total | $114,805,801 | $ 178,085,083 |
| Fidelity Freedom 2045 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2045 Fund | $1,914,156 | $45,424,022 |
| Total | $1,914,156 | $ 45,424,022 |
| From net realized gain | | |
| Fidelity Freedom 2045 Fund | $50,405,841 | $83,790,283 |
| Total | $50,405,841 | $ 83,790,283 |
| Fidelity Freedom 2050 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2050 Fund | $1,573,575 | $36,871,772 |
| Total | $1,573,575 | $ 36,871,772 |
| From net realized gain | | |
| Fidelity Freedom 2050 Fund | $40,897,550 | $67,884,342 |
| Total | $40,897,550 | $ 67,884,342 |
| Fidelity Freedom 2055 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2055 Fund | $530,888 | $11,091,790 |
| Total | $530,888 | $ 11,091,790 |
| From net realized gain | | |
| Fidelity Freedom 2055 Fund | $10,617,722 | $15,197,673 |
| Total | $10,617,722 | $ 15,197,673 |
| Fidelity Freedom 2060 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2060 Fund | $57,327 | $1,119,481 |
| Total | $57,327 | $ 1,119,481 |
| From net realized gain | | |
| Fidelity Freedom 2060 Fund | $1,284,107 | $924,001 |
| Total | $1,284,107 | $ 924,001 |
(a) Amounts for Class K and Class K6 are for the period July 20, 2017 and June 7, 2017, respectively, (commencement of sale of shares) to September 30, 2017.
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 |
| | Six months ended September 30, 2017(a) | Year ended
March 31, 2017 | Six months ended
September 30, 2017(a) | Year ended
March 31, 2017 |
| Fidelity Freedom Income Fund | | | | |
| Fidelity Freedom Income Fund | | | | |
| Shares sold | 11,865,158 | 27,891,079 | $138,935,467 | $318,995,628 |
| Reinvestment of distributions | 2,328,579 | 6,036,813 | 27,038,983 | 68,285,524 |
| Shares redeemed | (18,267,957) | (43,107,568) | (213,720,791) | (492,617,047) |
| Net increase (decrease) | (4,074,220) | (9,179,676) | $(47,746,341) | $(105,335,895) |
| Class K | | | | |
| Shares sold | 5,399,525 | - | $63,845,031 | $- |
| Issued in exchange for the shares of Fidelity Freedom K Income Fund | 136,520,990 | | 1,613,678,107 | |
| Reinvestment of distributions | 124 | - | 1,462 | - |
| Shares redeemed | (2,698,054) | - | (31,925,890) | - |
| Net increase (decrease) | 139,222,585 | - | $1,645,598,710 | $- |
| Class K6 | | | | |
| Shares sold | 673,305 | - | $7,927,709 | $- |
| Reinvestment of distributions | 1,420 | - | 16,731 | - |
| Shares redeemed | (111,610) | - | (1,321,236) | - |
| Net increase (decrease) | 563,115 | - | $6,623,204 | $- |
| Fidelity Freedom 2005 Fund | | | | |
| Fidelity Freedom 2005 Fund | | | | |
| Shares sold | 3,171,508 | 8,370,565 | $39,311,961 | $99,885,293 |
| Reinvestment of distributions | 559,542 | 1,487,696 | 6,848,797 | 17,425,187 |
| Shares redeemed | (4,408,162) | (11,808,557) | (54,690,573) | (141,074,680) |
| Net increase (decrease) | (677,112) | (1,950,296) | $(8,529,815) | $(23,764,200) |
| Class K | | | | |
| Shares sold | 1,838,065 | - | $23,119,343 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2005 Fund | 32,823,330 | - | 412,589,249 | - |
| Shares redeemed | (744,609) | - | (9,387,938) | - |
| Net increase (decrease) | 33,916,786 | - | $426,320,654 | $- |
| Class K6 | | | | |
| Shares sold | 199,610 | - | $2,494,426 | $- |
| Shares redeemed | (11,666) | - | (146,611) | - |
| Net increase (decrease) | 187,944 | - | $2,347,815 | $- |
| Fidelity Freedom 2010 Fund | | | | |
| Fidelity Freedom 2010 Fund | | | | |
| Shares sold | 10,940,205 | 29,730,777 | $173,302,869 | $450,240,426 |
| Reinvestment of distributions | 3,880,855 | 9,654,368 | 60,541,342 | 142,971,004 |
| Shares redeemed | (23,112,839) | (63,066,784) | (365,719,461) | (954,373,734) |
| Net increase (decrease) | (8,291,779) | (23,681,639) | $(131,875,250) | $(361,162,304) |
| Class K | | | | |
| Shares sold | 5,535,906 | - | $88,997,581 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2010 Fund | 158,527,428 | | 2,547,535,809 | |
| Shares redeemed | (2,696,038) | - | (43,510,785) | - |
| Net increase (decrease) | 161,367,296 | - | $2,593,022,605 | $- |
| Class K6 | | | | |
| Shares sold | 869,976 | - | $13,897,456 | $- |
| Shares redeemed | (39,542) | - | (636,879) | - |
| Net increase (decrease) | 830,434 | - | $13,260,577 | $- |
| Fidelity Freedom 2015 Fund | | | | |
| Fidelity Freedom 2015 Fund | | | | |
| Shares sold | 35,171,234 | 86,891,690 | $460,507,427 | $1,077,815,896 |
| Reinvestment of distributions | 6,567,635 | 15,956,683 | 84,525,456 | 192,945,931 |
| Shares redeemed | (52,108,046) | (132,326,360) | (681,551,786) | (1,637,477,620) |
| Net increase (decrease) | (10,369,177) | (29,477,987) | $(136,518,903) | $(366,715,793) |
| Class K | | | | |
| Shares sold | 19,084,988 | - | $253,716,164 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2015 Fund | 357,299,109 | | 4,748,505,056 | |
| Shares redeemed | (8,225,915) | - | (109,900,682) | - |
| Net increase (decrease) | 368,158,182 | - | $4,892,320,538 | $- |
| Class K6 | | | | |
| Shares sold | 3,733,869 | - | $49,367,640 | $- |
| Shares redeemed | (606,527) | - | (8,028,911) | - |
| Net increase (decrease) | 3,127,342 | - | $41,338,729 | $- |
| Fidelity Freedom 2020 Fund | | | | |
| Fidelity Freedom 2020 Fund | | | | |
| Shares sold | 72,329,584 | 159,336,775 | $1,161,107,270 | $2,409,581,355 |
| Reinvestment of distributions | 12,408,959 | 30,520,001 | 195,813,364 | 448,509,541 |
| Shares redeemed | (91,306,664) | (209,463,411) | (1,466,243,011) | (3,158,599,236) |
| Net increase (decrease) | (6,568,121) | (19,606,635) | $(109,322,377) | $(300,508,340) |
| Class K | | | | |
| Shares sold | 46,814,954 | - | $765,360,981 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2020 Fund | 997,191,746 | | 16,284,141,352 | |
| Shares redeemed | (16,770,810) | - | (275,686,957) | - |
| Net increase (decrease) | 1,027,235,890 | - | $16,773,815,376 | $- |
| Class K6 | | | | |
| Shares sold | 9,313,811 | - | $151,461,322 | $- |
| Shares redeemed | (453,835) | - | (7,351,710) | - |
| Net increase (decrease) | 8,859,976 | - | $144,109,612 | $- |
| Fidelity Freedom 2025 Fund | | | | |
| Fidelity Freedom 2025 Fund | | | | |
| Shares sold | 72,880,365 | 161,205,087 | $1,008,671,416 | $2,085,995,325 |
| Reinvestment of distributions | 10,738,033 | 27,865,215 | 146,037,168 | 349,406,296 |
| Shares redeemed | (74,673,353) | (163,515,141) | (1,034,063,327) | (2,107,812,160) |
| Net increase (decrease) | 8,945,045 | 25,555,161 | $120,645,257 | $327,589,461 |
| Class K | | | | |
| Shares sold | 57,633,659 | - | $813,061,899 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2025 Fund | 1,039,138,058 | | 14,641,455,337 | |
| Shares redeemed | (16,783,958) | - | (238,208,206) | - |
| Net increase (decrease) | 1,079,987,759 | - | $15,216,309,030 | $- |
| Class K6 | | | | |
| Shares sold | 20,536,369 | - | $288,380,992 | $- |
| Shares redeemed | (1,060,539) | - | (14,874,120) | - |
| Net increase (decrease) | 19,475,830 | - | $273,506,872 | $- |
| Fidelity Freedom 2030 Fund | | | | |
| Fidelity Freedom 2030 Fund | | | | |
| Shares sold | 57,960,612 | 123,540,563 | $997,329,320 | $1,957,712,162 |
| Reinvestment of distributions | 11,324,574 | 27,198,687 | 191,158,810 | 414,813,441 |
| Shares redeemed | (64,314,572) | (142,359,984) | (1,108,159,949) | (2,244,048,246) |
| Net increase (decrease) | 4,970,614 | 8,379,266 | $80,328,181 | $128,477,357 |
| Class K | | | | |
| Shares sold | 44,280,210 | - | $779,026,021 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2030 Fund | 980,848,240 | | 17,213,886,716 | |
| Shares redeemed | (13,208,718) | - | (234,109,768) | - |
| Net increase (decrease) | 1,011,919,732 | - | $17,758,802,969 | $- |
| Class K6 | | | | |
| Shares sold | 22,664,641 | - | $396,475,122 | $- |
| Shares redeemed | (390,179) | - | (6,829,742) | - |
| Net increase (decrease) | 22,274,462 | - | $389,645,380 | $- |
| Fidelity Freedom 2035 Fund | | | | |
| Fidelity Freedom 2035 Fund | | | | |
| Shares sold | 53,960,721 | 107,335,106 | $773,676,885 | $1,399,007,407 |
| Reinvestment of distributions | 7,707,044 | 19,960,664 | 108,361,033 | 249,452,344 |
| Shares redeemed | (50,242,072) | (109,251,957) | (720,419,683) | (1,416,735,577) |
| Net increase (decrease) | 11,425,693 | 18,043,813 | $161,618,235 | $231,724,174 |
| Class K | | | | |
| Shares sold | 45,464,097 | - | $667,162,259 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2035 Fund | 810,190,579 | | 11,861,189,816 | |
| Shares redeemed | (11,986,842) | - | (177,495,766) | - |
| Net increase (decrease) | 843,667,834 | - | $12,350,856,309 | $- |
| Class K6 | | | | |
| Shares sold | 24,573,312 | - | $359,395,098 | $- |
| Shares redeemed | (269,933) | - | (3,971,355) | - |
| Net increase (decrease) | 24,303,379 | - | $355,423,743 | $- |
| Fidelity Freedom 2040 Fund | | | | |
| Fidelity Freedom 2040 Fund | | | | |
| Shares sold | 64,602,548 | 140,785,303 | $649,838,406 | $1,286,757,447 |
| Reinvestment of distributions | 11,920,030 | 31,075,048 | 117,531,506 | 272,618,946 |
| Shares redeemed | (71,623,015) | (155,935,498) | (721,941,439) | (1,418,860,060) |
| Net increase (decrease) | 4,899,563 | 15,924,853 | $45,428,473 | $140,516,333 |
| Class K | | | | |
| Shares sold | 63,797,242 | - | $657,722,352 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2040 Fund | 1,209,417,175 | - | 12,432,808,583 | |
| Shares redeemed | (15,781,331) | - | (164,224,789) | - |
| Net increase (decrease) | 1,257,433,086 | - | $12,926,306,146 | $- |
| Class K6 | | | | |
| Shares sold | 28,132,546 | - | $288,723,775 | $- |
| Shares redeemed | (423,330) | - | (4,345,556) | - |
| Net increase (decrease) | 27,709,216 | - | $284,378,219 | $- |
| Fidelity Freedom 2045 Fund | | | | |
| Fidelity Freedom 2045 Fund | | | | |
| Shares sold | 41,090,957 | 88,251,156 | $467,297,955 | $911,294,661 |
| Reinvestment of distributions | 4,656,358 | 12,918,827 | 51,918,394 | 128,307,737 |
| Shares redeemed | (37,086,347) | (77,904,384) | (421,882,357) | (800,946,564) |
| Net increase (decrease) | 8,660,968 | 23,265,599 | $97,333,992 | $238,655,834 |
| Class K | | | | |
| Shares sold | 42,260,753 | - | $492,513,065 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2045 Fund | 680,392,245 | | 7,906,157,717 | |
| Shares redeemed | (9,076,154) | - | (106,789,024) | - |
| Net increase (decrease) | 713,576,844 | - | $8,291,881,758 | $- |
| Class K6 | | | | |
| Shares sold | 13,954,184 | - | $161,962,332 | $- |
| Shares redeemed | (283,152) | - | (3,285,910) | - |
| Net increase (decrease) | 13,671,032 | - | $158,676,422 | $- |
| Fidelity Freedom 2050 Fund | | | | |
| Fidelity Freedom 2050 Fund | | | | |
| Shares sold | 36,717,117 | 78,016,417 | $419,862,089 | $809,711,740 |
| Reinvestment of distributions | 3,742,099 | 10,380,386 | 41,948,867 | 103,566,059 |
| Shares redeemed | (32,864,607) | (65,322,506) | (376,269,064) | (675,747,669) |
| Net increase (decrease) | 7,594,609 | 23,074,297 | $85,541,892 | $237,530,130 |
| Class K | | | | |
| Shares sold | 33,641,299 | - | $394,560,746 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2050 Fund | 572,849,516 | | 6,690,882,218 | |
| Shares redeemed | (8,072,189) | - | (95,443,272) | - |
| Net increase (decrease) | 598,418,626 | - | $6,989,999,692 | $- |
| Class K6 | | | | |
| Shares sold | 10,312,301 | - | $120,357,091 | $- |
| Shares redeemed | (217,406) | - | (2,543,094) | - |
| Net increase (decrease) | 10,094,895 | - | $117,813,997 | $- |
| Fidelity Freedom 2055 Fund | | | | |
| Fidelity Freedom 2055 Fund | | | | |
| Shares sold | 17,985,895 | 35,961,184 | $231,580,697 | $417,830,315 |
| Reinvestment of distributions | 868,710 | 2,322,949 | 10,963,123 | 25,903,357 |
| Shares redeemed | (11,004,595) | (22,547,740) | (141,637,598) | (261,603,767) |
| Net increase (decrease) | 7,850,010 | 15,736,393 | $100,906,222 | $182,129,905 |
| Class K | | | | |
| Shares sold | 13,692,184 | - | $180,899,760 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2055 Fund | 187,145,598 | | 2,460,964,568 | |
| Shares redeemed | (2,727,175) | - | (36,304,593) | - |
| Net increase (decrease) | 198,110,607 | - | $2,605,559,735 | $- |
| Class K6 | | | | |
| Shares sold | 3,946,449 | - | $51,830,284 | $- |
| Shares redeemed | (106,283) | - | (1,399,007) | - |
| Net increase (decrease) | 3,840,166 | - | $50,431,277 | $- |
| Fidelity Freedom 2060 Fund | | | | |
| Fidelity Freedom 2060 Fund | | | | |
| Shares sold | 5,677,772 | 8,574,369 | $64,924,145 | $88,938,893 |
| Reinvestment of distributions | 116,343 | 198,281 | 1,304,209 | 1,984,387 |
| Shares redeemed | (1,830,620) | (3,035,221) | (20,942,812) | (31,516,894) |
| Net increase (decrease) | 3,963,495 | 5,737,429 | $45,285,542 | $59,406,386 |
| Class K | | | | |
| Shares sold | 2,846,451 | - | $33,501,456 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2060 Fund | 30,017,564 | | 350,605,136 | |
| Shares redeemed | (515,362) | - | (6,093,232) | - |
| Net increase (decrease) | 32,348,653 | - | $378,013,360 | $- |
| Class K6 | | | | |
| Shares sold | 839,499 | - | $9,798,536 | $- |
| Shares redeemed | (28,443) | - | (333,676) | - |
| Net increase (decrease) | 811,056 | - | $9,464,860 | $- |
(a) Amounts for Class K and Class K6 are for the period July 20, 2017 and June 7, 2017, respectively, (commencement of sale of shares) to September 30, 2017.
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 Freedom Income 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 Series 100 Index Fund | –% | –% | –% | 11% | 11% | 16% | 12% | 13% |
| Fidelity Series 1000 Value Index Fund | –% | –% | –% | 13% | 12% | 17% | 14% | 14% |
| Fidelity Series All-Sector Equity Fund | –% | –% | –% | 12% | 12% | 16% | 13% | 13% |
| Fidelity Series Blue Chip Growth Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Canada Fund | –% | –% | –% | 13% | 12% | 17% | 11% | 14% |
| Fidelity Series Commodity Strategy Fund | –% | –% | –% | 15% | 13% | 16% | 10% | 11% |
| Fidelity Series Emerging Markets Debt Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Emerging Markets Fund | –% | –% | –% | 13% | 12% | 16% | 12% | 13% |
| Fidelity Series Floating Rate High Income Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Government Money Market Fund | –% | 10% | 11% | 24% | 16% | –% | –% | –% |
| Fidelity Series Growth & Income Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Growth Company Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series High Income Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Inflation-Protected Bond Index Fund | –% | –% | –% | 14% | –% | 11% | –% | –% |
| Fidelity Series International Credit Fund | –% | –% | –% | 18% | 15% | 15% | –% | –% |
| Fidelity Series International Growth Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 13% |
| Fidelity Series International Small Cap Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 13% |
| Fidelity Series International Value Fund | –% | –% | –% | 13% | 12% | 16% | 13% | 13% |
| Fidelity Series Intrinsic Opportunities Fund | –% | –% | –% | 14% | 13% | 18% | 14% | 15% |
| Fidelity Series Investment Grade Bond Fund | –% | –% | 11% | 28% | 21% | 15% | –% | –% |
| Fidelity Series Long-Term Treasury Bond Index Fund | –% | –% | –% | 16% | 14% | 17% | 11% | –% |
| Fidelity Series Opportunistic Insights Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Real Estate Equity Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 14% |
| Fidelity Series Real Estate Income Fund | –% | –% | –% | 16% | 13% | 16% | 10% | 11% |
| Fidelity Series Short-Term Credit Fund | 12% | 12% | 14% | 29% | 19% | –% | –% | –% |
| Fidelity Series Small Cap Discovery Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Small Cap Opportunities Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 14% |
| Fidelity Series Stock Selector Large Cap Value Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Value Discovery Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
| Fund | % of shares held |
| Fidelity Series 100 Index Fund | 86% |
| Fidelity Series 1000 Value Index Fund | 95% |
| Fidelity Series All-Sector Equity Fund | 90% |
| Fidelity Series Blue Chip Growth Fund | 100% |
| Fidelity Series Canada Fund | 91% |
| Fidelity Series Commodity Strategy Fund | 91% |
| Fidelity Series Emerging Markets Debt Fund | 91% |
| Fidelity Series Emerging Markets Fund | 91% |
| Fidelity Series Floating Rate High Income Fund | 91% |
| Fidelity Series Government Money Market Fund | 82% |
| Fidelity Series Growth & Income Fund | 100% |
| Fidelity Series Growth Company Fund | 100% |
| Fidelity Series High Income Fund | 91% |
| Fidelity Series Inflation-Protected Bond Index Fund | 80% |
| Fidelity Series International Credit Fund | 91% |
| Fidelity Series International Growth Fund | 91% |
| Fidelity Series International Small Cap Fund | 91% |
| Fidelity Series International Value Fund | 91% |
| Fidelity Series Intrinsic Opportunities Fund | 100% |
| Fidelity Series Investment Grade Bond Fund | 91% |
| Fidelity Series Long-Term Treasury Bond Index Fund | 91% |
| Fidelity Series Opportunistic Insights Fund | 100% |
| Fidelity Series Real Estate Equity Fund | 91% |
| Fidelity Series Real Estate Income Fund | 91% |
| Fidelity Series Short-Term Credit Fund | 100% |
| Fidelity Series Small Cap Discovery Fund | 100% |
| Fidelity Series Small Cap Opportunities Fund | 90% |
| Fidelity Series Stock Selector Large Cap Value Fund | 100% |
| Fidelity Series Value Discovery Fund | 100% |
9. Merger Information.
On September 8, 2017, each Surviving Fund acquired all of the assets and assumed all of the liabilities of each Target Fund pursuant to each Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). Each acquisition was accomplished by an exchange of Class K shares of each Surviving Fund for corresponding shares then outstanding of each Target Fund, at their respective net asset value on the acquisition date. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on July 20, 2017. The reorganization provided shareholders of each Target Fund access to a larger portfolio with a similar investment objective and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
Combined total net assets after the acquisition are as follows:
| Target Funds | Securities $ | Unrealized appreciation (depreciation)$ | Net Assets $ | Surviving Funds | Net assets $ | Total net assets after the acquisition $ |
| Fidelity Freedom K 2005 Fund | 412,419,889 | 40,449,279 | 412,589,249 | Fidelity Freedom 2005 Fund | 610,614,214 | 1,023,203,463 |
| Fidelity Freedom K 2010 Fund | 2,546,556,623 | 329,226,460 | 2,547,535,809 | Fidelity Freedom 2010 Fund | 4,238,458,400 | 6,785,994,209 |
| Fidelity Freedom K 2015 Fund | 4,746,815,623 | 696,286,166 | 4,748,505,056 | Fidelity Freedom 2015 Fund | 5,645,731,933 | 10,394,236,989 |
| Fidelity Freedom K 2020 Fund | 16,278,675,415 | 2,424,773,804 | 16,284,141,352 | Fidelity Freedom 2020 Fund | 13,414,449,646 | 29,698,590,998 |
| Fidelity Freedom K 2025 Fund | 14,636,906,056 | 2,237,270,202 | 14,641,455,337 | Fidelity Freedom 2025 Fund | 11,194,758,422 | 25,836,213,759 |
| Fidelity Freedom K 2030 Fund | 17,209,401,290 | 3,150,938,702 | 17,213,886,716 | Fidelity Freedom 2030 Fund | 12,912,345,253 | 30,126,231,969 |
| Fidelity Freedom K 2035 Fund | 11,858,805,237 | 2,326,083,837 | 11,861,189,816 | Fidelity Freedom 2035 Fund | 8,269,361,979 | 20,130,551,795 |
| Fidelity Freedom K 2040 Fund | 12,430,342,176 | 2,512,607,175 | 12,432,808,583 | Fidelity Freedom 2040 Fund | 8,489,396,048 | 20,922,204,631 |
| Fidelity Freedom K 2045 Fund | 7,904,615,516 | 1,469,965,780 | 7,906,157,717 | Fidelity Freedom 2045 Fund | 4,301,147,363 | 12,207,305,080 |
| Fidelity Freedom K 2050 Fund | 6,689,588,035 | 1,219,930,995 | 6,690,882,218 | Fidelity Freedom 2050 Fund | 3,509,123,170 | 10,200,005,388 |
| Fidelity Freedom K 2055 Fund | 2,460,473,831 | 326,647,894 | 2,460,964,568 | Fidelity Freedom 2055 Fund | 1,221,516,226 | 3,682,480,794 |
| Fidelity Freedom K 2060 Fund | 350,535,702 | 37,076,005 | 350,605,136 | Fidelity Freedom 2060 Fund | 184,982,168 | 535,587,304 |
| Fidelity Freedom K Income Fund | 1,612,974,652 | 111,654,038 | 1,613,678,107 | Fidelity Freedom Income Fund | 2,180,776,091 | 3,794,454,198 |
Pro forma results of operations of the combined entity for the entire period ended September 30, 2017, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Surviving Funds | Net investment income (loss) $ | Total net realized gain (loss) $ | Total change in net unrealized appreciation (depreciation)$ | Net increase (decrease) in net assets resulting from operations $ |
| Fidelity Freedom 2005 Fund | 5,353,527 | 14,711,664 | 26,248,239 | 46,313,430 |
| Fidelity Freedom 2010 Fund | 32,859,458 | 154,454,859 | 175,971,594 | 363,285,911 |
| Fidelity Freedom 2015 Fund | 44,248,033 | 273,459,392 | 313,836,336 | 631,543,761 |
| Fidelity Freedom 2020 Fund | 112,466,405 | 657,988,197 | 1,159,430,903 | 1,929,885,505 |
| Fidelity Freedom 2025 Fund | 79,970,323 | 497,770,499 | 1,188,538,128 | 1,766,278,950 |
| Fidelity Freedom 2030 Fund | 62,137,483 | 681,469,895 | 1,628,581,595 | 2,372,188,973 |
| Fidelity Freedom 2035 Fund | 18,028,787 | 444,589,484 | 1,261,734,915 | 1,724,353,186 |
| Fidelity Freedom 2040 Fund | 17,016,387 | 479,188,132 | 1,322,596,465 | 1,818,800,984 |
| Fidelity Freedom 2045 Fund | 10,028,180 | 240,341,634 | 800,066,479 | 1,050,436,293 |
| Fidelity Freedom 2050 Fund | 8,440,866 | 201,234,537 | 676,620,622 | 886,296,025 |
| Fidelity Freedom 2055 Fund | 2,879,332 | 50,646,769 | 247,646,407 | 301,172,508 |
| Fidelity Freedom 2060 Fund | 376,623 | 6,300,604 | 34,223,936 | 40,901,163 |
| Fidelity Freedom Income Fund | 23,043,909 | 47,888,756 | 69,055,343 | 139,988,008 |
Because each combined investment portfolio have been managed as a single portfolio since each acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Target Fund that have been included in the Surviving Fund's accompanying Statement of Operations since September 8, 2017.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 to September 30, 2017)for Fidelity Freedom and for the period (July 20, 2017 to September 30, 2017) for Class K and for the period (June 7, 2017 to September 30, 2017) for Class K6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (April 1, 2017 to September 30, 2017).
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. 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 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. 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
| Ending
Account Value
September 30, 2017 | Expenses Paid
During Period
|
| Fidelity Freedom Income Fund | | | | |
| Fidelity Freedom Income Fund | .31% | | | |
| Actual | | $1,000.00 | $1,037.60 | $1.58-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.51 | $1.57-C,E |
| Class K | .46% | | | |
| Actual | | $1,000.00 | $1,009.30 | $.92-B |
| Hypothetical-D | | $1,000.00 | $1,022.76 | $2.33-E |
| Class K6 | .37% | | | |
| Actual | | $1,000.00 | $1,016.90 | $1.19-B |
| Hypothetical-D | | $1,000.00 | $1,023.21 | $1.88-E |
| Fidelity Freedom 2005 Fund | | | | |
| Fidelity Freedom 2005 Fund | .33% | | | |
| Actual | | $1,000.00 | $1,046.70 | $1.69-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.41 | $1.67-C,E |
| Class K | .45% | | | |
| Actual | | $1,000.00 | $1,011.20 | $.91-B |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-E |
| Class K6 | .38% | | | |
| Actual | | $1,000.00 | $1,021.80 | $1.22-B |
| Hypothetical-D | | $1,000.00 | $1,023.16 | $1.93-E |
| Fidelity Freedom 2010 Fund | | | | |
| Fidelity Freedom 2010 Fund | .36% | | | |
| Actual | | $1,000.00 | $1,054.80 | $1.85-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.26 | $1.83-C,E |
| Class K | .49% | | | |
| Actual | | $1,000.00 | $1,013.20 | $.99-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Class K6 | .39% | | | |
| Actual | | $1,000.00 | $1,026.00 | $1.26-B |
| Hypothetical-D | | $1,000.00 | $1,023.11 | $1.98-E |
| Fidelity Freedom 2015 Fund | | | | |
| Fidelity Freedom 2015 Fund | .39% | | | |
| Actual | | $1,000.00 | $1,062.90 | $2.02-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.11 | $1.98-C,E |
| Class K | .53% | | | |
| Actual | | $1,000.00 | $1,015.10 | $1.07-B |
| Hypothetical-D | | $1,000.00 | $1,022.41 | $2.69-E |
| Class K6 | .41% | | | |
| Actual | | $1,000.00 | $1,029.20 | $1.32-B |
| Hypothetical-D | | $1,000.00 | $1,023.01 | $2.08-E |
| Fidelity Freedom 2020 Fund | | | | |
| Fidelity Freedom 2020 Fund | .41% | | | |
| Actual | | $1,000.00 | $1,067.90 | $2.13-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.01 | $2.08-C,E |
| Class K | .56% | | | |
| Actual | | $1,000.00 | $1,016.00 | $1.13-B |
| Hypothetical-D | | $1,000.00 | $1,022.26 | $2.84-E |
| Class K6 | .43% | | | |
| Actual | | $1,000.00 | $1,031.90 | $1.39-B |
| Hypothetical-D | | $1,000.00 | $1,022.91 | $2.18-E |
| Fidelity Freedom 2025 Fund | | | | |
| Fidelity Freedom 2025 Fund | .45% | | | |
| Actual | | $1,000.00 | $1,072.10 | $2.34-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-C,E |
| Class K | .60% | | | |
| Actual | | $1,000.00 | $1,017.10 | $1.21-B |
| Hypothetical-D | | $1,000.00 | $1,022.06 | $3.04-E |
| Class K6 | .45% | | | |
| Actual | | $1,000.00 | $1,034.80 | $1.46-B |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-E |
| Fidelity Freedom 2030 Fund | | | | |
| Fidelity Freedom 2030 Fund | .47% | | | |
| Actual | | $1,000.00 | $1,083.80 | $2.46-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-C,E |
| Class K | .63% | | | |
| Actual | | $1,000.00 | $1,020.60 | $1.27-B |
| Hypothetical-D | | $1,000.00 | $1,021.91 | $3.19-E |
| Class K6 | .47% | | | |
| Actual | | $1,000.00 | $1,040.20 | $1.52-B |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-E |
| Fidelity Freedom 2035 Fund | | | | |
| Fidelity Freedom 2035 Fund | .50% | | | |
| Actual | | $1,000.00 | $1,091.70 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,021.90 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.10 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2040 Fund | | | | |
| Fidelity Freedom 2040 Fund | .50% | | | |
| Actual | | $1,000.00 | $1,093.30 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.40 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.90 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2045 Fund | | | | |
| Fidelity Freedom 2045 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,092.20 | $2.67-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.40 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,045.00 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2050 Fund | | | | |
| Fidelity Freedom 2050 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,093.40 | $2.68-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.30 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.70 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2055 Fund | | | | |
| Fidelity Freedom 2055 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,092.40 | $2.68-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.90 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,045.20 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2060 Fund | | | | |
| Fidelity Freedom 2060 Fund | .53% | | | |
| Actual | | $1,000.00 | $1,093.00 | $2.78-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.41 | $2.69-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.30 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.70 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period) for Fidelity Freedom and multiplied by 73/ 365 (to reflect the period July 20, 2017 to September 30, 2017) for Class K and multiplied by 116/365(to reflect the period June 7, 2017 to September 30, 2017) for Class K6.
C If fees and changes to the class level expense contract and/or expense cap, effective June 1, 2017, had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below.
D 5% return per year before expenses
E Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
| | Annualized Expense Ratio-(a)
| Expenses Paid
|
| Fidelity Freedom Income Fund | | |
| Fidelity Freedom Income Fund | .47% | |
| Actual | | $2.40 |
| Hypothetical-(b) | | $2.38 |
| Fidelity Freedom 2005 Fund | | |
| Fidelity Freedom 2005 Fund | .49% | |
| Actual | | $2.51 |
| Hypothetical-(b) | | $2.48 |
| Fidelity Freedom 2010 Fund | | |
| Fidelity Freedom 2010 Fund | .53% | |
| Actual | | $2.73 |
| Hypothetical-(b) | | $2.69 |
| Fidelity Freedom 2015 Fund | | |
| Fidelity Freedom 2015 Fund | .58% | |
| Actual | | $3.00 |
| Hypothetical-(b) | | $2.94 |
| Fidelity Freedom 2020 Fund | | |
| Fidelity Freedom 2020 Fund | .62% | |
| Actual | | $3.21 |
| Hypothetical-(b) | | $3.14 |
| Fidelity Freedom 2025 Fund | | |
| Fidelity Freedom 2025 Fund | .66% | |
| Actual | | $3.43 |
| Hypothetical-(b) | | $3.35 |
| Fidelity Freedom 2030 Fund | | |
| Fidelity Freedom 2030 Fund | .70% | |
| Actual | | $3.65 |
| Hypothetical-(b) | | $3.55 |
| Fidelity Freedom 2035 Fund | | |
| Fidelity Freedom 2035 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2040 Fund | | |
| Fidelity Freedom 2040 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2045 Fund | | |
| Fidelity Freedom 2045 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2050 Fund | | |
| Fidelity Freedom 2050 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2055 Fund | | |
| Fidelity Freedom 2055 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2060 Fund | | |
| Fidelity Freedom 2060 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Freedom Funds
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the administration agreement between FMRC and FMR for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts and administration agreements throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract and administration agreement, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts and administration agreements. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2017 meeting, the Board unanimously determined to renew each fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered that the Advisory Contract currently in place for each Freedom fund had become effective on June 1, 2017 after receiving shareholder approval and had implemented a new fee structure whereby each Freedom fund pays an all-inclusive management fee that varies by class and the underlying Fidelity funds in which the Freedom fund invests no longer pay expenses, with certain limited exceptions.
In considering whether to renew the Advisory Contract and administration agreement for each fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMRC, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering administration, transfer agency, and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with representatives of the investment adviser about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses, if any) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods (for the most recent one-year period for Freedom 2060 Fund).
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board noted that each fund's current Advisory Contract, which imposes a class-level management fee that covers most expenses of the top-level fund and underlying funds, rather than just management services, went into effect on June 1, 2017, after receiving shareholder approval. The Board noted that the new pricing structure will reduce the overall expenses that shareholders pay and provide for less fluctuation in fund expenses. As a result, the Board did not consider competitive management fee comparisons for prior years, when the fund did not pay a top-level management fee.
The Board instead compared each fund's current class-level management fee rate (calculated using Schedule A of the Advisory Contract with 2017 as a base year to derive the "Years to Retirement") relative to the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that each fund's current class-level management fee rate ranks above the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that the majority of peer funds do not have top-level management fees, similar to the funds' fee structure prior to June 1, 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's current class-level management fee rate under the current Advisory Contract. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board considered the current total expense ratio of each fund compared to the median total expenses for competitor funds (including expenses of underlying funds) based on competitive data for 2016. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the current total expense ratio of each fund (except Freedom 2020 Fund) (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio for Freedom 2020 Fund (including expenses of the underlying funds in which the fund invests) ranks above the median. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that Freedom 2020 Fund's current total expense ratio is above the competitive median because a number of competitor target date funds that Lipper previously categorized as passive were moved to the active target date mapped group in 2016, even though their underlying holdings are primarily passive. The Board considered that, when the Total Mapped Group is adjusted to remove funds that invest in passive products, Freedom 2020 Fund's current total expense ratio (had it been in effect for 2016) ranks equal to the competitive median.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Freedom 2020 Fund was above the median of the universe presented for comparison, each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which the funds invest.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.
Because the funds only recently began paying management fees, the Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund prior to the change in fee arrangements were not a material factor in its approval of the continuance of each fund's current Advisory Contract. In connection with its future renewal of each fund's Advisory Contract, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to each fund's current contractual arrangements its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contract should be renewed.
Proxy Voting Results
A special meeting of shareholders was held on December 22, 2016. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| | # of
Votes | % of
Votes |
| Elizabeth S. Acton | | |
| Affirmative | 67,962,879,437.90 | 95.738 |
| Withheld | 3,026,199,416.67 | 4.262 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| John Engler | | |
| Affirmative | 67,621,098,922.89 | 95.256 |
| Withheld | 3,367,979,931.68 | 4.744 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Albert R. Gamper, Jr. | | |
| Affirmative | 67,692,979,200.48 | 95.357 |
| Withheld | 3,296,099,654.09 | 4.643 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Robert F. Gartland | | |
| Affirmative | 67,834,076,287.79 | 95.556 |
| Withheld | 3,155,002,566.78 | 4.444 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Abigail P. Johnson | | |
| Affirmative | 67,845,327,470.44 | 95.572 |
| Withheld | 3,143,751,384.13 | 4.428 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Arthur E. Johnson | | |
| Affirmative | 67,698,760,709.29 | 95.366 |
| Withheld | 3,290,318,145.28 | 4.634 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Michael E. Kenneally | | |
| Affirmative | 67,851,407,081.44 | 95.581 |
| Withheld | 3,137,671,773.13 | 4.419 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| James H. Keyes | | |
| Affirmative | 67,741,432,698.10 | 95.426 |
| Withheld | 3,247,646,156.47 | 4.574 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Marie L. Knowles | | |
| Affirmative | 67,825,908,094.48 | 95.545 |
| Withheld | 3,163,170,760.09 | 4.455 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Jennifer Toolin McAuliffe | | |
| Affirmative | 67,916,195,545.89 | 95.672 |
| Withheld | 3,072,883,308.68 | 4.328 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Mark A. Murray | | |
| Affirmative | 67,892,016,830.18 | 95.638 |
| Withheld | 3,097,062,024.39 | 4.362 |
| TOTAL | 70,989,078,854.57 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® Income Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,317,725,808.91 | 85.452 |
| Against | 57,209,301.81 | 3.710 |
| Abstain | 139,752,421.36 | 9.063 |
| Broker Non - Votes | 27,380,033.54 | 1.775 |
| TOTAL | 1,542,067,565.62 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2005 Fund and FMR Co., Inc. (FMRC).
| | | |
| | # of
Votes | % of
Votes |
| Affirmative | 388,274,134.37 | 87.344 |
| Against | 13,463,802.33 | 3.029 |
| Abstain | 37,902,359.85 | 8.526 |
| Broker Non - Votes | 4,897,062.03 | 1.101 |
| TOTAL | 444,537,358.58 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2010 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 2,894,055,622.85 | 87.706 |
| Against | 104,012,980.85 | 3.152 |
| Abstain | 245,808,272.57 | 7.449 |
| Broker Non - Votes | 55,875,837.65 | 1.693 |
| TOTAL | 3,299,752,713.92 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2015 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 3,113,584,816.65 | 87.813 |
| Against | 119,264,314.90 | 3.363 |
| Abstain | 263,279,480.29 | 7.425 |
| Broker Non - Votes | 49,610,493.35 | 1.399 |
| TOTAL | 3,545,739,105.19 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2020 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 6,025,459,912.49 | 86.695 |
| Against | 267,999,712.00 | 3.857 |
| Abstain | 516,809,630.88 | 7.435 |
| Broker Non - Votes | 139,922,497.86 | 2.013 |
| TOTAL | 6,950,191,753.23 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2025 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 4,230,187,161.45 | 87.910 |
| Against | 160,635,672.08 | 3.339 |
| Abstain | 324,990,750.24 | 6.753 |
| Broker Non - Votes | 96,181,985.59 | 1.998 |
| TOTAL | 4,811,995,569.36 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2030 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 5,129,410,373.39 | 87.329 |
| Against | 265,860,179.11 | 4.527 |
| Abstain | 352,198,671.47 | 5.996 |
| Broker Non - Votes | 126,211,770.57 | 2.148 |
| TOTAL | 5,873,680,994.54 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2035 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 2,847,204,408.78 | 87.443 |
| Against | 177,346,742.35 | 5.447 |
| Abstain | 176,248,564.92 | 5.412 |
| Broker Non - Votes | 55,292,814.44 | 1.698 |
| TOTAL | 3,256,092,530.49 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2040 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 3,150,340,778.51 | 85.921 |
| Against | 192,086,025.33 | 5.239 |
| Abstain | 232,983,406.13 | 6.354 |
| Broker Non - Votes | 91,156,325.31 | 2.486 |
| TOTAL | 3,666,566,535.28 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2045 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,317,538,632.19 | 81.312 |
| Against | 120,626,001.56 | 7.444 |
| Abstain | 151,330,394.95 | 9.339 |
| Broker Non - Votes | 30,868,166.30 | 1.905 |
| TOTAL | 1,620,363,195.00 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2050 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,101,712,738.67 | 83.074 |
| Against | 61,795,036.11 | 4.660 |
| Abstain | 128,516,950.87 | 9.690 |
| Broker Non - Votes | 34,162,694.66 | 2.576 |
| TOTAL | 1,326,187,420.31 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2055 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 317,070,106.59 | 81.637 |
| Against | 13,109,509.54 | 3.376 |
| Abstain | 46,988,431.20 | 12.098 |
| Broker Non - Votes | 11,222,182.33 | 2.889 |
| TOTAL | 388,390,229.66 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2060 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 28,199,563.81 | 79.727 |
| Against | 2,245,306.30 | 6.349 |
| Abstain | 2,904,387.30 | 8.211 |
| Broker Non - Votes | 2,020,954.26 | 5.713 |
| TOTAL | 35,370,211.67 | 100.000 |
| |
| Proposal 1 reflects trust-wide proposal and voting results. |
The special meeting of shareholders of Fidelity® Freedom 2045 Fund and Fidelity® Freedom 2050 Fund reconvened on January 27, 2017 with respect to proposal 2.
The special meeting of shareholders of Fidelity® Freedom 2055 Fund and Fidelity® Freedom 2060 Fund reconvened on April 19, 2017 with respect to proposal 2. |
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| |
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| |
FF-K2-SANN-1117
1.9885892.100
Fidelity Freedom® Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 - Class K6
Semi-Annual Report September 30, 2017 |
|
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. © 2017 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.institutional.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
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 37.2 | 37.5 |
| Fidelity Series Government Money Market Fund 1.09% | 20.9 | 21.0 |
| Fidelity Series Short-Term Credit Fund | 6.8 | 7.0 |
| Fidelity Series Emerging Markets Fund | 3.9 | 4.7 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.7 | 3.8 |
| Fidelity Series International Value Fund | 2.8 | 2.7 |
| Fidelity Series International Growth Fund | 2.8 | 2.6 |
| Fidelity Series Intrinsic Opportunities Fund | 2.3 | 1.6 |
| Fidelity Series Growth & Income Fund | 2.1 | 1.7 |
| Fidelity Series Commodity Strategy Fund | 2.0 | 1.7 |
| | 84.5 | 84.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 16.0% |
| | International Equity Funds | 10.5% |
| | Bond Funds | 45.8% |
| | Short-Term Funds | 27.7% |
| Six months ago |
| | Domestic Equity Funds | 17.1% |
| | International Equity Funds | 10.6% |
| | Bond Funds | 44.3% |
| | Short-Term Funds | 28.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® Income Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 16.0% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 1,097,721 | $18,189,233 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,750,446 | 21,985,604 |
| Fidelity Series All-Sector Equity Fund (a) | | 2,543,358 | 34,004,694 |
| Fidelity Series Blue Chip Growth Fund (a) | | 2,628,701 | 34,804,005 |
| Fidelity Series Commodity Strategy Fund (a) | | 14,524,047 | 75,960,766 |
| Fidelity Series Growth & Income Fund (a) | | 5,237,803 | 79,666,988 |
| Fidelity Series Growth Company Fund (a) | | 4,046,410 | 69,436,388 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 5,033,828 | 86,481,157 |
| Fidelity Series Opportunistic Insights Fund (a) | | 2,103,613 | 38,348,857 |
| Fidelity Series Real Estate Equity Fund (a) | | 533,556 | 6,888,212 |
| Fidelity Series Small Cap Discovery Fund (a) | | 851,107 | 10,213,284 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,252,764 | 31,493,635 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 4,460,971 | 59,286,306 |
| Fidelity Series Value Discovery Fund (a) | | 3,064,195 | 41,121,502 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $462,104,633) | | | 607,880,631 |
|
| International Equity Funds - 10.5% | | | |
| Fidelity Series Canada Fund (a) | | 1,007,068 | 10,715,205 |
| Fidelity Series Emerging Markets Fund (a) | | 7,142,065 | 147,126,541 |
| Fidelity Series International Growth Fund (a) | | 6,629,991 | 105,350,554 |
| Fidelity Series International Small Cap Fund (a) | | 1,430,281 | 25,616,337 |
| Fidelity Series International Value Fund (a) | | 10,013,085 | 107,840,926 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $291,292,591) | | | 396,649,563 |
|
| Bond Funds - 45.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,788,270 | 29,165,303 |
| Fidelity Series Floating Rate High Income Fund (a) | | 969,267 | 9,198,349 |
| Fidelity Series High Income Fund (a) | | 5,853,671 | 57,073,291 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 14,278,214 | 141,211,540 |
| Fidelity Series International Credit Fund (a) | | 185,006 | 1,859,314 |
| Fidelity Series Investment Grade Bond Fund (a) | | 125,032,062 | 1,414,112,620 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 7,901,291 | 69,452,350 |
| Fidelity Series Real Estate Income Fund (a) | | 1,622,870 | 18,127,453 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,694,337,831) | | | 1,740,200,220 |
|
| Short-Term Funds - 27.7% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 795,402,632 | 795,402,632 |
| Fidelity Series Short-Term Credit Fund (a) | | 25,760,047 | 257,342,870 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,052,532,048) | | | 1,052,745,502 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $3,500,267,103) | | | 3,797,475,916 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (752,950) |
| NET ASSETS - 100% | | | $3,796,722,966 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $11,491,675 | $313,457 | $2,142,067 | $-- | $648,035 | $302,183 | $18,189,233 |
| Fidelity Series 1000 Value Index Fund | 14,043,610 | 447,702 | 2,436,371 | -- | 86,404 | 784,566 | 21,985,604 |
| Fidelity Series All-Sector Equity Fund | 21,673,165 | 592,813 | 4,284,785 | -- | 761,679 | 1,080,380 | 34,004,694 |
| Fidelity Series Blue Chip Growth Fund | 22,111,317 | 3,620,117 | 5,486,124 | 67,377 | 1,369,186 | (1,409,835 ) | 34,804,005 |
| Fidelity Series Canada Fund | -- | 10,397,641 | 22,598 | -- | 120 | 121,242 | 10,715,205 |
| Fidelity Series Commodity Strategy Fund | 35,467,629 | 10,495,842 | 2,307,390 | 116,191 | (1,009,411) | 683,046 | 75,960,766 |
| Fidelity Series Emerging Markets Debt Fund | 16,127,912 | 996,647 | 629,285 | 538,710 | 2,684 | 287,386 | 29,165,303 |
| Fidelity Series Emerging Markets Fund | 100,230,776 | 3,041,873 | 48,021,112 | -- | 7,869,246 | 6,888,906 | 147,126,541 |
| Fidelity Series Floating Rate High Income Fund | 5,291,055 | 286,762 | 259,241 | 130,257 | (5,430) | (11,146 ) | 9,198,349 |
| Fidelity Series Government Money Market Fund 1.09% | 449,183,508 | 29,176,806 | 21,244,310 | 2,225,820 | -- | -- | 795,402,632 |
| Fidelity Series Growth & Income Fund | 37,258,926 | 13,807,062 (a) | 6,804,790 | 193,065 | 96,090 | 2,655,144 | 79,666,988 |
| Fidelity Series Growth Company Fund | 43,774,948 | 1,015,728 | 11,297,735 | -- | 4,004,153 | 2,928,174 | 69,436,388 |
| Fidelity Series High Income Fund | 32,354,262 | 1,819,776 | 1,713,805 | 965,604 | (21,219) | 663,612 | 57,073,291 |
| Fidelity Series Inflation-Protected Bond Index Fund | 80,976,154 | 3,835,263 | 3,994,363 | 51,511 | (97,886) | (418,778 ) | 141,211,540 |
| Fidelity Series International Credit Fund | -- | 1,046,127 | 409 | -- | -- | 1,207 | 1,859,314 |
| Fidelity Series International Growth Fund | 56,577,829 | 3,398,403 | 9,445,556 | -- | 836,813 | 7,083,462 | 105,350,554 |
| Fidelity Series International Small Cap Fund | 12,490,172 | 1,050,900 | 927,387 | -- | 17,541 | 2,175,890 | 25,616,337 |
| Fidelity Series International Value Fund | 56,718,964 | 4,744,118 | 7,775,798 | -- | 275,768 | 7,082,273 | 107,840,926 |
| Fidelity Series Intrinsic Opportunities Fund | 34,027,643 | 15,005,333 (a) | 711,307 | 603,421 | 13,103 | 2,151,197 | 86,481,157 |
| Fidelity Series Investment Grade Bond Fund | 801,856,863 | 40,887,391 | 39,531,927 | 10,836,622 | 86,271 | 5,740,953 | 1,414,112,620 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 751,776 | 54,474,403 | 476,221 | 195,181 | (19,255) | (764,094 ) | 69,452,350 |
| Fidelity Series Opportunistic Insights Fund | 24,263,870 | 667,013 | 5,750,287 | -- | 2,241,273 | 868,680 | 38,348,857 |
| Fidelity Series Real Estate Equity Fund | 4,491,516 | 294,075 | 742,857 | 33,609 | 138,226 | (192,606 ) | 6,888,212 |
| Fidelity Series Real Estate Income Fund | 10,269,443 | 771,880 | 629,507 | 255,916 | 15,237 | 50,792 | 18,127,453 |
| Fidelity Series Short-Term Credit Fund | 149,257,239 | 5,722,390 | 7,281,948 | 1,287,011 | (5,196) | (31,413 ) | 257,342,870 |
| Fidelity Series Small Cap Discovery Fund | 6,625,176 | 204,186 | 1,212,021 | 28,183 | 149,823 | 348,527 | 10,213,284 |
| Fidelity Series Small Cap Opportunities Fund | 19,807,202 | 2,764,109 | 3,288,910 | 58,561 | 467,937 | (985,063 ) | 31,493,635 |
| Fidelity Series Stock Selector Large Cap Value Fund | 37,719,914 | 1,181,044 | 6,271,687 | -- | 1,036,718 | 1,152,314 | 59,286,306 |
| Fidelity Series Value Discovery Fund | 52,910,613 | 1,137,092 | 31,136,204 (a) | 388,337 | 6,370,055 | (5,186,817 ) | 41,121,502 |
| Total | $2,137,753,157 | $ 213,195,953 | $ 225,826,002 | $17,975,376 | $ 25,327,965 | $34,050,182 | $3,797,475,916 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $3,500,267,103) — See accompanying schedule | | $3,797,475,916 |
| Cash | | 13 |
| Receivable for investments sold | | 601,884 |
| Receivable for fund shares sold | | 6,403,068 |
| Dividends receivable | | 672,850 |
| Total assets | | 3,805,153,731 |
| Liabilities | | |
| Payable for fund shares redeemed | $7,035,650 | |
| Accrued management fee | 1,395,115 | |
| Total liabilities | | 8,430,765 |
| Net Assets | | $3,796,722,966 |
| Net Assets consist of: | | |
| Paid in capital | | $3,466,779,086 |
| Undistributed net investment income | | 4,462,550 |
| Accumulated undistributed net realized gain (loss) on investments | | 28,272,517 |
| Net unrealized appreciation (depreciation) on investments | | 297,208,813 |
| Net Assets | | $3,796,722,966 |
| Fidelity Freedom Income Fund: | | |
| Net Asset Value, offering price and redemption price per share ($2,141,916,796 ÷ 180,750,083 shares) | | $11.85 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($1,648,136,293 ÷ 139,222,585 shares) | | $11.84 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($6,669,877 ÷ 563,115 shares) | | $11.84 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $17,975,376 |
| Expenses | | |
| Management fee | $3,739,557 | |
| Independent trustees' fees and expenses | 3,897 | |
| Total expenses before reductions | 3,743,454 | |
| Expense reductions | (1,400) | 3,742,054 |
| Net investment income (loss) | | 14,233,322 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 25,327,965 | |
| Capital gain distributions from underlying funds | 8,504,511 | |
| Total net realized gain (loss) | | 33,832,476 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 34,050,182 |
| Net gain (loss) | | 67,882,658 |
| Net increase (decrease) in net assets resulting from operations | | $82,115,980 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,233,322 | $36,768,529 |
| Net realized gain (loss) | 33,832,476 | 31,357,348 |
| Change in net unrealized appreciation (depreciation) | 34,050,182 | 59,659,034 |
| Net increase (decrease) in net assets resulting from operations | 82,115,980 | 127,784,911 |
| Distributions to shareholders from net investment income | (12,627,158) | (37,016,596) |
| Distributions to shareholders from net realized gain | (14,993,579) | (32,674,118) |
| Total distributions | (27,620,737) | (69,690,714) |
| Share transactions - net increase (decrease) | 1,604,475,573 | (105,335,895) |
| Total increase (decrease) in net assets | 1,658,970,816 | (47,241,698) |
| Net Assets | | |
| Beginning of period | 2,137,752,150 | 2,184,993,848 |
| End of period | $3,796,722,966 | $2,137,752,150 |
| Other Information | | |
| Undistributed net investment income end of period | $4,462,550 | $2,856,386 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Income Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.57 | $11.26 | $11.75 | $11.86 | $11.91 | $11.60 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .19 | .21 | .21 | .16 | .15 |
| Net realized and unrealized gain (loss) | .37 | .49 | (.27) | .28 | .30 | .40 |
| Total from investment operations | .43 | .68 | (.06) | .49 | .46 | .55 |
| Distributions from net investment income | (.07) | (.20)B | (.21) | (.20) | (.16) | (.16) |
| Distributions from net realized gain | (.08) | (.17)B | (.22) | (.40) | (.35) | (.08) |
| Total distributions | (.15) | (.37) | (.43) | (.60) | (.51) | (.24) |
| Net asset value, end of period | $11.85 | $11.57 | $11.26 | $11.75 | $11.86 | $11.91 |
| Total ReturnC,D | 3.76% | 6.16% | (.45)% | 4.31% | 3.95% | 4.79% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .31%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .31%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .31%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.06%G | 1.70% | 1.86% | 1.77% | 1.37% | 1.32% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $2,141,917 | $2,137,752 | $2,184,994 | $2,483,848 | $1,935,210 | $2,191,666 |
| Portfolio turnover rateE | 20 %G,I | 31% | 20% | 26%I | 31% | 14% |
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 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 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 Annualized
H Amount represents less than $.005%
I 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 Income Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.76 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .05 |
| Total from investment operations | .11 |
| Distributions from net investment income | (.03) |
| Distributions from net realized gain | – |
| Total distributions | (.03) |
| Net asset value, end of period | $11.84 |
| Total ReturnC,D | .93% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .46%G,H |
| Expenses net of fee waivers, if any | .46%G,H |
| Expenses net of all reductions | .46%G,H |
| Net investment income (loss) | 3.13%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,648,136 |
| Portfolio turnover rateE | 20%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 Income Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.68 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .14 |
| Total from investment operations | .20 |
| Distributions from net investment income | (.04) |
| Distributions from net realized gain | – |
| Total distributions | (.04) |
| Net asset value, end of period | $11.84 |
| Total ReturnC,D | 1.69% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .37%G |
| Expenses net of fee waivers, if any | .37%G |
| Expenses net of all reductions | .37%G |
| Net investment income (loss) | 1.74%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $6,670 |
| Portfolio turnover rateE | 20%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 33.6 | 33.7 |
| Fidelity Series Government Money Market Fund 1.09% | 16.2 | 15.9 |
| Fidelity Series Short-Term Credit Fund | 5.1 | 5.3 |
| Fidelity Series Emerging Markets Fund | 4.7 | 5.7 |
| Fidelity Series International Value Fund | 3.9 | 3.8 |
| Fidelity Series International Growth Fund | 3.8 | 3.8 |
| Fidelity Series Intrinsic Opportunities Fund | 3.4 | 2.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.3 | 3.3 |
| Fidelity Series Growth & Income Fund | 3.2 | 2.6 |
| Fidelity Series Growth Company Fund | 2.8 | 3.1 |
| | 80.0 | 79.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 23.3% |
| | International Equity Funds | 13.7% |
| | Bond Funds | 41.7% |
| | Short-Term Funds | 21.3% |
| Six months ago |
| | Domestic Equity Funds | 24.7% |
| | International Equity Funds | 14.1% |
| | Bond Funds | 40.0% |
| | Short-Term Funds | 21.2% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2005 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 23.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 451,702 | $7,484,705 |
| Fidelity Series 1000 Value Index Fund (a) | | 722,615 | 9,076,045 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,046,567 | 13,992,598 |
| Fidelity Series Blue Chip Growth Fund (a) | | 1,081,621 | 14,320,657 |
| Fidelity Series Commodity Strategy Fund (a) | | 3,932,099 | 20,564,880 |
| Fidelity Series Growth & Income Fund (a) | | 2,161,904 | 32,882,555 |
| Fidelity Series Growth Company Fund (a) | | 1,665,186 | 28,574,590 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 2,014,148 | 34,603,056 |
| Fidelity Series Opportunistic Insights Fund (a) | | 865,632 | 15,780,478 |
| Fidelity Series Real Estate Equity Fund (a) | | 219,906 | 2,838,988 |
| Fidelity Series Small Cap Discovery Fund (a) | | 350,312 | 4,203,750 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 928,294 | 12,977,544 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 1,843,274 | 24,497,105 |
| Fidelity Series Value Discovery Fund (a) | | 1,266,763 | 16,999,960 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $187,374,093) | | | 238,796,911 |
|
| International Equity Funds - 13.7% | | | |
| Fidelity Series Canada Fund (a) | | 370,327 | 3,940,275 |
| Fidelity Series Emerging Markets Fund (a) | | 2,369,544 | 48,812,600 |
| Fidelity Series International Growth Fund (a) | | 2,429,282 | 38,601,291 |
| Fidelity Series International Small Cap Fund (a) | | 526,012 | 9,420,877 |
| Fidelity Series International Value Fund (a) | | 3,693,836 | 39,782,609 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $106,946,186) | | | 140,557,652 |
|
| Bond Funds - 41.7% | | | |
| Fidelity Series Emerging Markets Debt Fund(a) | | 737,180 | 7,710,904 |
| Fidelity Series Floating Rate High Income Fund (a) | | 259,457 | 2,462,249 |
| Fidelity Series High Income Fund (a) | | 1,578,873 | 15,394,010 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 3,395,739 | 33,583,861 |
| Fidelity Series International Credit Fund (a) | | 50,583 | 508,355 |
| Fidelity Series Investment Grade Bond Fund (a) | | 30,439,533 | 344,271,121 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 2,225,299 | 19,560,374 |
| Fidelity Series Real Estate Income Fund (a) | | 439,887 | 4,913,536 |
| TOTAL BOND FUNDS | | | |
| (Cost $431,303,789) | | | 428,404,410 |
|
| Short-Term Funds - 21.3% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 166,368,100 | 166,368,100 |
| Fidelity Series Short-Term Credit Fund (a) | | 5,227,091 | 52,218,642 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $218,566,386) | | | 218,586,742 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $944,190,454) | | | 1,026,345,715 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (396,450) |
| NET ASSETS - 100% | | | $1,025,949,265 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $4,687,350 | $220,852 | $777,002 | $-- | $272,312 | $123,563 | $7,484,705 |
| Fidelity Series 1000 Value Index Fund | 5,728,190 | 268,370 | 829,602 | -- | 27,589 | 333,353 | 9,076,045 |
| Fidelity Series All-Sector Equity Fund | 8,840,190 | 415,126 | 1,565,228 | -- | 40,239 | 724,961 | 13,992,598 |
| Fidelity Series Blue Chip Growth Fund | 9,019,055 | 1,669,043 | 2,060,775 | 27,780 | 472,549 | (479,236 ) | 14,320,657 |
| Fidelity Series Canada Fund | -- | 3,458,266 | 9,966 | -- | 63 | 54,172 | 3,940,275 |
| Fidelity Series Commodity Strategy Fund | 9,618,952 | 3,245,576 | 606,135 | 31,506 | (34,317) | (47,638 ) | 20,564,880 |
| Fidelity Series Emerging Markets Debt Fund | 4,351,269 | 342,939 | 179,538 | 140,359 | 1,345 | 78,601 | 7,710,904 |
| Fidelity Series Emerging Markets Fund | 33,214,881 | 1,673,278 | 14,713,102 | -- | 1,832,799 | 3,091,704 | 48,812,600 |
| Fidelity Series Floating Rate High Income Fund | 1,443,737 | 107,949 | 73,862 | 34,343 | (590) | (3,963 ) | 2,462,249 |
| Fidelity Series Government Money Market Fund 1.09% | 93,037,687 | 10,890,184 | 4,614,642 | 452,112 | -- | -- | 166,368,100 |
| Fidelity Series Growth & Income Fund | 15,197,493 | 6,046,260 (a) | 2,280,940 | 81,582 | 16,646 | 1,108,344 | 32,882,555 |
| Fidelity Series Growth Company Fund | 17,856,033 | 588,531 | 4,076,629 | -- | 1,401,123 | 1,477,803 | 28,574,590 |
| Fidelity Series High Income Fund | 8,842,210 | 690,361 | 443,871 | 256,024 | 317 | 173,909 | 15,394,010 |
| Fidelity Series Inflation-Protected Bond Index Fund | 19,379,371 | 1,516,183 | 1,002,280 | 11,831 | (67,673) | (48,673 ) | 33,583,861 |
| Fidelity Series International Credit Fund | -- | 298,759 | 431 | -- | -- | 454 | 508,355 |
| Fidelity Series International Growth Fund | 21,908,894 | 1,150,957 | 3,693,439 | -- | 449,461 | 2,601,049 | 38,601,291 |
| Fidelity Series International Small Cap Fund | 4,894,618 | 363,966 | 458,751 | -- | 26,076 | 825,565 | 9,420,877 |
| Fidelity Series International Value Fund | 21,965,189 | 1,673,294 | 2,777,920 | -- | 46,254 | 2,750,566 | 39,782,609 |
| Fidelity Series Intrinsic Opportunities Fund | 13,804,364 | 6,563,982 (a) | 348,265 | 241,221 | 5,815 | 888,066 | 34,603,056 |
| Fidelity Series Investment Grade Bond Fund | 196,594,195 | 16,213,511 | 9,723,475 | 2,583,153 | (12,266) | 1,525,258 | 344,271,121 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 181,407 | 15,768,264 | 141,002 | 51,423 | (4,398) | (205,421 ) | 19,560,374 |
| Fidelity Series Opportunistic Insights Fund | 9,897,007 | 469,692 | 2,148,014 | -- | 766,962 | 525,846 | 15,780,478 |
| Fidelity Series Real Estate Equity Fund | 1,819,013 | 157,860 | 248,715 | 14,239 | 10,819 | (32,662 ) | 2,838,988 |
| Fidelity Series Real Estate Income Fund | 2,851,782 | 268,873 | 167,895 | 72,252 | 736 | 16,929 | 4,913,536 |
| Fidelity Series Short-Term Credit Fund | 30,870,409 | 1,822,169 | 1,594,554 | 256,695 | (540) | (2,863 ) | 52,218,642 |
| Fidelity Series Small Cap Discovery Fund | 2,702,182 | 135,693 | 438,482 | 11,750 | 48,101 | 155,583 | 4,203,750 |
| Fidelity Series Small Cap Opportunities Fund | 8,077,116 | 1,296,722 | 1,153,982 | 24,180 | 74,066 | (285,950 ) | 12,977,544 |
| Fidelity Series Stock Selector Large Cap Value Fund | 15,385,439 | 722,964 | 2,123,481 | -- | 64,284 | 845,955 | 24,497,105 |
| Fidelity Series Value Discovery Fund | 21,581,521 | 691,803 | 12,423,519(a) | 162,799 | 1,024,666 | (537,382 ) | 16,999,960 |
| Total | $583,749,554 | $78,731,427 | $70,675,497 | $4,453,249 | $6,462,438 | $15,657,893 | $1,026,345,715 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $944,190,454) — See accompanying schedule | | $1,026,345,715 |
| Cash | | 12 |
| Receivable for investments sold | | 8 |
| Receivable for fund shares sold | | 1,639,541 |
| Total assets | | 1,027,985,276 |
| Liabilities | | |
| Payable for investments purchased | $259,400 | |
| Payable for fund shares redeemed | 1,378,936 | |
| Accrued management fee | 397,675 | |
| Total liabilities | | 2,036,011 |
| Net Assets | | $1,025,949,265 |
| Net Assets consist of: | | |
| Paid in capital | | $932,726,964 |
| Undistributed net investment income | | 3,333,274 |
| Accumulated undistributed net realized gain (loss) on investments | | 7,733,766 |
| Net unrealized appreciation (depreciation) on investments | | 82,155,261 |
| Net Assets | | $1,025,949,265 |
| Fidelity Freedom 2005 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($595,517,477 ÷ 47,173,970 shares) | | $12.62 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($428,058,469 ÷ 33,916,786 shares) | | $12.62 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($2,373,319 ÷ 187,944 shares) | | $12.63 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $4,453,249 |
| Expenses | | |
| Management fee | $1,088,388 | |
| Independent trustees' fees and expenses | 1,076 | |
| Total expenses before reductions | 1,089,464 | |
| Expense reductions | (383) | 1,089,081 |
| Net investment income (loss) | | 3,364,168 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 6,462,438 | |
| Capital gain distributions from underlying funds | 3,485,211 | |
| Total net realized gain (loss) | | 9,947,649 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 15,657,893 |
| Net gain (loss) | | 25,605,542 |
| Net increase (decrease) in net assets resulting from operations | | $28,969,710 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,364,168 | $9,931,239 |
| Net realized gain (loss) | 9,947,649 | 8,364,571 |
| Change in net unrealized appreciation (depreciation) | 15,657,893 | 26,065,382 |
| Net increase (decrease) in net assets resulting from operations | 28,969,710 | 44,361,192 |
| Distributions to shareholders from net investment income | (1,620,929) | (10,200,069) |
| Distributions to shareholders from net realized gain | (5,291,856) | (7,369,706) |
| Total distributions | (6,912,785) | (17,569,775) |
| Share transactions - net increase (decrease) | 420,138,654 | (23,764,200) |
| Total increase (decrease) in net assets | 442,195,579 | 3,027,217 |
| Net Assets | | |
| Beginning of period | 583,753,686 | 580,726,469 |
| End of period | $1,025,949,265 | $583,753,686 |
| Other Information | | |
| Undistributed net investment income end of period | $3,333,274 | $1,590,035 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2005 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.20 | $11.66 | $12.24 | $12.01 | $11.53 | $11.11 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .20 | .22 | .22 | .16 | .15 |
| Net realized and unrealized gain (loss) | .52 | .71 | (.34) | .40 | .58 | .51 |
| Total from investment operations | .57 | .91 | (.12) | .62 | .74 | .66 |
| Distributions from net investment income | (.03) | (.22)B | (.22) | (.23) | (.15) | (.17) |
| Distributions from net realized gain | (.11) | (.15)B | (.23) | (.17) | (.10) | (.07) |
| Total distributions | (.15)C | (.37) | (.46)D | (.39)E | (.26)F | (.24) |
| Net asset value, end of period | $12.62 | $12.20 | $11.66 | $12.24 | $12.01 | $11.53 |
| Total ReturnG,H | 4.67% | 7.91% | (1.01)% | 5.26% | 6.43% | 5.99% |
| Ratios to Average Net AssetsI,J | | | | | | |
| Expenses before reductions | .33%K | - %L | - %L | - %L | - %L | - %L |
| Expenses net of fee waivers, if any | .33%K | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .33%K | -% | -% | -% | -% | -% |
| Net investment income (loss) | .86%K | 1.70% | 1.87% | 1.79% | 1.38% | 1.38% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $595,517 | $583,754 | $580,726 | $639,723 | $668,987 | $704,183 |
| Portfolio turnover rateI | 24%K,M | 31% | 22% | 23% | 44% | 22% |
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 Total distributions of $.15 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.111 per share.
D 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.
E 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.
F 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.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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
L Amount represents less than $.005%
M 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 Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.48 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .06 |
| Total from investment operations | .14 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.62 |
| Total ReturnC,D | 1.12% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G,H |
| Expenses net of fee waivers, if any | .45%G,H |
| Expenses net of all reductions | .45%G,H |
| Net investment income (loss) | 3.20%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $428,058 |
| Portfolio turnover rateE | 24%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.36 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .21 |
| Total from investment operations | .27 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.63 |
| Total ReturnC,D | 2.18% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .38%G |
| Expenses net of fee waivers, if any | .38%G |
| Expenses net of all reductions | .38%G |
| Net investment income (loss) | 1.61%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,373 |
| Portfolio turnover rateE | 24%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 30.1 | 30.3 |
| Fidelity Series Government Money Market Fund 1.09% | 12.5 | 12.2 |
| Fidelity Series Emerging Markets Fund | 5.7 | 6.5 |
| Fidelity Series International Value Fund | 4.7 | 4.7 |
| Fidelity Series International Growth Fund | 4.6 | 4.7 |
| Fidelity Series Intrinsic Opportunities Fund | 4.3 | 3.0 |
| Fidelity Series Growth & Income Fund | 4.1 | 3.3 |
| Fidelity Series Short-Term Credit Fund | 3.9 | 4.0 |
| Fidelity Series Growth Company Fund | 3.6 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.1 | 3.3 |
| | 76.6 | 75.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 29.4% |
| | International Equity Funds | 16.6% |
| | Bond Funds | 37.6% |
| | Short-Term Funds | 16.4% |
| Six months ago |
| | Domestic Equity Funds | 30.9% |
| | International Equity Funds | 16.9% |
| | Bond Funds | 36.0% |
| | Short-Term Funds | 16.2% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2010 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 29.4% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 3,867,315 | $64,081,403 |
| Fidelity Series 1000 Value Index Fund (a) | | 6,175,372 | 77,562,670 |
| Fidelity Series All-Sector Equity Fund (a) | | 8,959,938 | 119,794,371 |
| Fidelity Series Blue Chip Growth Fund (a) | | 9,260,377 | 122,607,396 |
| Fidelity Series Commodity Strategy Fund (a) | | 25,892,028 | 135,415,305 |
| Fidelity Series Growth & Income Fund (a) | | 18,464,744 | 280,848,758 |
| Fidelity Series Growth Company Fund (a) | | 14,255,793 | 244,629,402 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 16,965,860 | 291,473,483 |
| Fidelity Series Opportunistic Insights Fund (a) | | 7,411,484 | 135,111,362 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,880,314 | 24,274,848 |
| Fidelity Series Small Cap Discovery Fund (a) | | 2,998,064 | 35,976,770 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 7,945,661 | 111,080,342 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 15,726,506 | 209,005,264 |
| Fidelity Series Value Discovery Fund (a) | | 10,828,562 | 145,319,309 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,504,391,456) | | | 1,997,180,683 |
|
| International Equity Funds - 16.6% | | | |
| Fidelity Series Canada Fund (a) | | 3,006,314 | 31,987,182 |
| Fidelity Series Emerging Markets Fund (a) | | 18,646,287 | 384,113,521 |
| Fidelity Series International Growth Fund (a) | | 19,727,323 | 313,467,163 |
| Fidelity Series International Small Cap Fund (a) | | 4,264,215 | 76,372,083 |
| Fidelity Series International Value Fund (a) | | 29,930,090 | 322,347,065 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $841,379,615) | | | 1,128,287,014 |
|
| Bond Funds - 37.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 4,864,914 | 50,887,001 |
| Fidelity Series Floating Rate High Income Fund (a) | | 1,700,968 | 16,142,182 |
| Fidelity Series High Income Fund (a) | | 10,399,179 | 101,391,999 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 17,981,992 | 177,841,897 |
| Fidelity Series International Credit Fund (a) | | 339,098 | 3,407,930 |
| Fidelity Series Investment Grade Bond Fund (a) | | 180,765,791 | 2,044,461,096 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 14,780,740 | 129,922,702 |
| Fidelity Series Real Estate Income Fund (a) | | 2,890,295 | 32,284,597 |
| TOTAL BOND FUNDS | | | |
| (Cost $2,567,035,060) | | | 2,556,339,404 |
|
| Short-Term Funds - 16.4% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 848,385,738 | 848,385,738 |
| Fidelity Series Short-Term Credit Fund (a) | | 26,205,575 | 261,793,698 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,110,132,571) | | | 1,110,179,436 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $6,022,938,702) | | | 6,791,986,537 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (2,046,304) |
| NET ASSETS - 100% | | | $6,789,940,233 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $42,164,646 | $946,226 | $6,186,963 | $-- | $2,447,671 | $1,036,305 | $64,081,403 |
| Fidelity Series 1000 Value Index Fund | 51,526,879 | 1,136,565 | 6,541,629 | -- | 239,011 | 2,871,499 | 77,562,670 |
| Fidelity Series All-Sector Equity Fund | 79,520,284 | 1,773,206 | 12,561,684 | -- | 684,229 | 6,057,140 | 119,794,371 |
| Fidelity Series Blue Chip Growth Fund | 81,130,669 | 12,460,782 | 16,958,620 | 238,046 | 4,094,263 | (3,747,514 ) | 122,607,396 |
| Fidelity Series Canada Fund | -- | 26,648,022 | 112,409 | -- | 757 | 507,716 | 31,987,182 |
| Fidelity Series Commodity Strategy Fund | 66,580,114 | 22,430,735 | 4,809,191 | 207,671 | (2,643,966) | 2,152,458 | 135,415,305 |
| Fidelity Series Emerging Markets Debt Fund | 30,964,719 | 1,718,371 | 1,451,036 | 1,013,754 | 7,230 | 575,474 | 50,887,001 |
| Fidelity Series Emerging Markets Fund | 271,438,238 | 6,573,919 | 104,144,607 | -- | 13,853,391 | 26,035,900 | 384,113,521 |
| Fidelity Series Floating Rate High Income Fund | 10,226,318 | 486,733 | 597,965 | 246,420 | (15,389) | (16,446 ) | 16,142,182 |
| Fidelity Series Government Money Market Fund 1.09% | 504,760,496 | 52,805,422 | 29,121,121 | 2,513,350 | -- | -- | 848,385,738 |
| Fidelity Series Growth & Income Fund | 136,706,954 | 50,627,998 (a) | 18,091,583 | 737,825 | 501,106 | 8,984,064 | 280,848,758 |
| Fidelity Series Growth Company Fund | 160,622,872 | 3,309,113 | 35,614,170 | -- | 12,203,015 | 13,437,494 | 244,629,402 |
| Fidelity Series High Income Fund | 62,714,112 | 3,319,569 | 3,592,571 | 1,839,959 | (47,590) | 1,225,802 | 101,391,999 |
| Fidelity Series Inflation-Protected Bond Index Fund | 110,955,952 | 5,785,823 | 6,577,841 | 69,038 | (618,985) | 85,304 | 177,841,897 |
| Fidelity Series International Credit Fund | -- | 2,089,683 | 787 | -- | -- | 3,934 | 3,407,930 |
| Fidelity Series International Growth Fund | 192,889,582 | 4,799,241 | 32,464,612 | -- | 7,285,665 | 19,013,277 | 313,467,163 |
| Fidelity Series International Small Cap Fund | 43,404,977 | 1,108,945 | 4,065,057 | -- | 717,397 | 6,644,500 | 76,372,083 |
| Fidelity Series International Value Fund | 193,388,884 | 7,539,475 | 23,786,322 | -- | 783,356 | 22,908,673 | 322,347,065 |
| Fidelity Series Intrinsic Opportunities Fund | 123,853,701 | 54,514,180 (a) | 2,482,706 | 2,034,963 | 30,821 | 8,098,284 | 291,473,483 |
| Fidelity Series Investment Grade Bond Fund | 1,251,611,176 | 77,918,734 | 71,402,565 | 16,753,535 | 129,742 | 10,377,411 | 2,044,461,096 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,150,158 | 106,826,037 | 1,205,855 | 370,756 | (48,263) | (1,271,978 ) | 129,922,702 |
| Fidelity Series Opportunistic Insights Fund | 89,027,558 | 2,000,638 | 17,580,099 | -- | 6,644,175 | 4,832,134 | 135,111,362 |
| Fidelity Series Real Estate Equity Fund | 16,232,403 | 980,005 | 1,819,482 | 127,978 | 259,220 | (441,421 ) | 24,274,848 |
| Fidelity Series Real Estate Income Fund | 20,314,432 | 1,327,936 | 1,601,740 | 500,538 | 58,479 | 75,729 | 32,284,597 |
| Fidelity Series Short-Term Credit Fund | 167,320,535 | 5,342,134 | 9,908,315 | 1,410,053 | (4,951) | 39,109 | 261,793,698 |
| Fidelity Series Small Cap Discovery Fund | 24,305,650 | 627,547 | 3,486,852 | 105,199 | 417,263 | 1,307,943 | 35,976,770 |
| Fidelity Series Small Cap Opportunities Fund | 72,102,603 | 9,489,640 | 8,480,906 | 207,143 | 842,163 | (2,639,034 ) | 111,080,342 |
| Fidelity Series Stock Selector Large Cap Value Fund | 138,322,291 | 3,130,694 | 16,819,000 | -- | 3,023,129 | 4,819,266 | 209,005,264 |
| Fidelity Series Value Discovery Fund | 194,132,279 | 3,631,141 | 109,795,378(a) | 1,469,911 | 20,019,291 | (15,861,274 ) | 145,319,309 |
| Total | $4,137,368,482 | $471,348,514 | $551,261,066 | $29,846,139 | $70,862,230 | $117,111,749 | $6,791,986,537 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $6,022,938,702) — See accompanying schedule | | $6,791,986,537 |
| Cash | | 145 |
| Receivable for investments sold | | 4,859,805 |
| Receivable for fund shares sold | | 6,884,600 |
| Dividends receivable | | 835,765 |
| Other receivables | | 81,154 |
| Total assets | | 6,804,648,006 |
| Liabilities | | |
| Payable for fund shares redeemed | $11,763,850 | |
| Accrued management fee | 2,862,770 | |
| Other payables and accrued expenses | 81,153 | |
| Total liabilities | | 14,707,773 |
| Net Assets | | $6,789,940,233 |
| Net Assets consist of: | | |
| Paid in capital | | $5,909,739,386 |
| Undistributed net investment income | | 21,491,398 |
| Accumulated undistributed net realized gain (loss) on investments | | 89,661,614 |
| Net unrealized appreciation (depreciation) on investments | | 769,047,835 |
| Net Assets | | $6,789,940,233 |
| Fidelity Freedom 2010 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($4,166,501,440 ÷ 257,670,054 shares) | | $16.17 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($2,610,006,365 ÷ 161,367,296 shares) | | $16.17 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($13,432,428 ÷ 830,434 shares) | | $16.18 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $29,846,139 |
| Expenses | | |
| Management fee | $8,148,129 | |
| Independent trustees' fees and expenses | 8,448 | |
| Total expenses before reductions | 8,156,577 | |
| Expense reductions | (3,152) | 8,153,425 |
| Net investment income (loss) | | 21,692,714 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 70,862,230 | |
| Capital gain distributions from underlying funds | 29,951,597 | |
| Total net realized gain (loss) | | 100,813,827 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 117,111,749 |
| Net gain (loss) | | 217,925,576 |
| Net increase (decrease) in net assets resulting from operations | | $239,618,290 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,692,714 | $71,245,001 |
| Net realized gain (loss) | 100,813,827 | 79,597,248 |
| Change in net unrealized appreciation (depreciation) | 117,111,749 | 221,525,569 |
| Net increase (decrease) in net assets resulting from operations | 239,618,290 | 372,367,818 |
| Distributions to shareholders from net investment income | (11,553,873) | (71,220,043) |
| Distributions to shareholders from net realized gain | (49,891,727) | (73,776,491) |
| Total distributions | (61,445,600) | (144,996,534) |
| Share transactions - net increase (decrease) | 2,474,407,932 | (361,162,304) |
| Total increase (decrease) in net assets | 2,652,580,622 | (133,791,020) |
| Net Assets | | |
| Beginning of period | 4,137,359,611 | 4,271,150,631 |
| End of period | $6,789,940,233 | $4,137,359,611 |
| Other Information | | |
| Undistributed net investment income end of period | $21,491,398 | $11,352,557 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2010 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $15.56 | $14.75 | $15.75 | $15.51 | $14.67 | $13.99 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .26 | .28 | .28 | .22 | .22 |
| Net realized and unrealized gain (loss) | .78 | 1.08 | (.50) | .62 | .99 | .80 |
| Total from investment operations | .84 | 1.34 | (.22) | .90 | 1.21 | 1.02 |
| Distributions from net investment income | (.04) | (.26) | (.29) | (.29) | (.21) | (.24) |
| Distributions from net realized gain | (.19) | (.26) | (.49) | (.36) | (.16) | (.10) |
| Total distributions | (.23) | (.53)B | (.78) | (.66)C | (.37) | (.34) |
| Net asset value, end of period | $16.17 | $15.56 | $14.75 | $15.75 | $15.51 | $14.67 |
| Total ReturnD,E | 5.48% | 9.27% | (1.42)% | 5.91% | 8.31% | 7.43% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .36%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .36%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .36%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .78%H | 1.69% | 1.86% | 1.81% | 1.43% | 1.54% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $4,166,501 | $4,137,360 | $4,271,151 | $4,940,590 | $5,419,921 | $5,879,292 |
| Portfolio turnover rateF | 22%H,J | 23% | 17% | 18% | 35% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.53 per share is comprised of distributions from net investment income of $.262 and distributions from net realized gain of $.264 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2010 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.96 |
| Income from Investment Operations | |
| Net investment income (loss)B | .11 |
| Net realized and unrealized gain (loss) | .10 |
| Total from investment operations | .21 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.17 |
| Total ReturnC,D | 1.32% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G,H |
| Expenses net of fee waivers, if any | .49%G,H |
| Expenses net of all reductions | .49%G,H |
| Net investment income (loss) | 3.54%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,610,006 |
| Portfolio turnover rateE | 22%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2010 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.77 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .33 |
| Total from investment operations | .41 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.18 |
| Total ReturnC,D | 2.60% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .39%G,H |
| Expenses net of fee waivers, if any | .39%G,H |
| Expenses net of all reductions | .39%G,H |
| Net investment income (loss) | 1.69%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $13,432 |
| Portfolio turnover rateE | 22%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 26.5 | 26.6 |
| Fidelity Series Government Money Market Fund 1.09% | 9.1 | 8.8 |
| Fidelity Series Emerging Markets Fund | 6.3 | 7.2 |
| Fidelity Series International Growth Fund | 5.6 | 5.6 |
| Fidelity Series International Value Fund | 5.5 | 5.6 |
| Fidelity Series Intrinsic Opportunities Fund | 5.3 | 3.6 |
| Fidelity Series Growth & Income Fund | 5.1 | 4.0 |
| Fidelity Series Growth Company Fund | 4.4 | 4.7 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.8 | 4.1 |
| Fidelity Series Short-Term Credit Fund | 2.7 | 2.9 |
| | 74.3 | 73.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 35.7% |
| | International Equity Funds | 19.3% |
| | Bond Funds | 33.2% |
| | Short-Term Funds | 11.8% |
| Six months ago |
| | Domestic Equity Funds | 37.1% |
| | International Equity Funds | 19.7% |
| | Bond Funds | 31.5% |
| | Short-Term Funds | 11.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2015 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 35.7% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 7,294,547 | $120,870,641 |
| Fidelity Series 1000 Value Index Fund (a) | | 11,655,244 | 146,389,861 |
| Fidelity Series All-Sector Equity Fund (a) | | 16,899,431 | 225,945,398 |
| Fidelity Series Blue Chip Growth Fund (a) | | 17,466,339 | 231,254,326 |
| Fidelity Series Commodity Strategy Fund (a) | | 39,588,244 | 207,046,518 |
| Fidelity Series Growth & Income Fund (a) | | 34,836,360 | 529,861,041 |
| Fidelity Series Growth Company Fund (a) | | 26,887,935 | 461,396,963 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 31,884,522 | 547,776,090 |
| Fidelity Series Opportunistic Insights Fund (a) | | 13,978,758 | 254,832,760 |
| Fidelity Series Real Estate Equity Fund (a) | | 3,536,311 | 45,653,777 |
| Fidelity Series Small Cap Discovery Fund (a) | | 5,647,270 | 67,767,243 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 14,961,004 | 209,154,835 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 29,673,054 | 394,354,885 |
| Fidelity Series Value Discovery Fund (a) | | 20,387,461 | 273,599,727 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,777,048,514) | | | 3,715,904,065 |
|
| International Equity Funds - 19.3% | | | |
| Fidelity Series Canada Fund (a) | | 5,474,885 | 58,252,772 |
| Fidelity Series Emerging Markets Fund (a) | | 32,032,751 | 659,874,662 |
| Fidelity Series International Growth Fund (a) | | 36,556,856 | 580,888,445 |
| Fidelity Series International Small Cap Fund (a) | | 7,768,717 | 139,137,720 |
| Fidelity Series International Value Fund (a) | | 53,595,885 | 577,227,685 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,491,775,626) | | | 2,015,381,284 |
|
| Bond Funds - 33.2% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 7,241,058 | 75,741,469 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,585,492 | 24,536,321 |
| Fidelity Series High Income Fund (a) | | 15,854,373 | 154,580,134 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 19,319,887 | 191,073,685 |
| Fidelity Series International Credit Fund (a) | | 520,794 | 5,233,977 |
| Fidelity Series Investment Grade Bond Fund (a) | | 243,823,247 | 2,757,640,917 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 22,560,204 | 198,304,190 |
| Fidelity Series Real Estate Income Fund (a) | | 4,347,397 | 48,560,420 |
| TOTAL BOND FUNDS | | | |
| (Cost $3,438,697,548) | | | 3,455,671,113 |
|
| Short-Term Funds - 11.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 941,466,548 | 941,466,548 |
| Fidelity Series Short-Term Credit Fund (a) | | 28,542,134 | 285,135,918 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,226,630,992) | | | 1,226,602,466 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $8,934,152,680) | | | 10,413,558,928 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (3,338,855) |
| NET ASSETS - 100% | | | $10,410,220,073 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $66,076,673 | $3,658,856 | $9,238,060 | $-- | $2,140,470 | $3,826,733 | $120,870,641 |
| Fidelity Series 1000 Value Index Fund | 80,656,571 | 4,432,421 | 9,522,999 | -- | 300,476 | 5,418,975 | 146,389,861 |
| Fidelity Series All-Sector Equity Fund | 124,616,586 | 6,891,607 | 18,838,611 | -- | 859,021 | 10,589,101 | 225,945,398 |
| Fidelity Series Blue Chip Growth Fund | 127,141,191 | 27,250,215 | 25,838,564 | 449,176 | 5,569,060 | (7,704,198 ) | 231,254,326 |
| Fidelity Series Canada Fund | -- | 43,714,617 | 296,406 | -- | 1,660 | 1,065,725 | 58,252,772 |
| Fidelity Series Commodity Strategy Fund | 86,815,524 | 31,424,975 | 6,593,467 | 317,632 | (1,785,543) | 928,215 | 207,046,518 |
| Fidelity Series Emerging Markets Debt Fund | 39,502,649 | 3,530,377 | 2,165,930 | 1,334,852 | 9,416 | 678,553 | 75,741,469 |
| Fidelity Series Emerging Markets Fund | 385,531,580 | 22,753,341 | 155,887,829 | -- | 20,440,485 | 36,290,590 | 659,874,662 |
| Fidelity Series Floating Rate High Income Fund | 13,161,870 | 1,083,837 | 890,104 | 328,677 | (17,494) | (23,964 ) | 24,536,321 |
| Fidelity Series Government Money Market Fund 1.09% | 465,951,336 | 74,442,393 | 31,461,673 | 2,445,086 | -- | -- | 941,466,548 |
| Fidelity Series Growth & Income Fund | 214,234,599 | 90,085,479 (a) | 27,309,155 | 1,173,703 | 603,167 | 17,520,594 | 529,861,041 |
| Fidelity Series Growth Company Fund | 251,720,311 | 12,525,176 | 53,138,053 | -- | 16,906,231 | 25,080,249 | 461,396,963 |
| Fidelity Series High Income Fund | 80,807,497 | 7,085,943 | 5,349,212 | 2,454,800 | (55,992) | 1,741,061 | 154,580,134 |
| Fidelity Series Inflation-Protected Bond Index Fund | 100,136,299 | 8,595,263 | 6,945,280 | 65,418 | (213,553) | (597,173 ) | 191,073,685 |
| Fidelity Series International Credit Fund | -- | 2,725,054 | 1,593 | -- | -- | 1,195 | 5,233,977 |
| Fidelity Series International Growth Fund | 297,558,345 | 17,699,151 | 44,986,739 | -- | 6,632,755 | 34,724,425 | 580,888,445 |
| Fidelity Series International Small Cap Fund | 67,362,639 | 4,133,626 | 7,427,961 | -- | 1,150,769 | 10,516,966 | 139,137,720 |
| Fidelity Series International Value Fund | 298,332,821 | 20,464,327 | 48,428,562 | -- | 1,511,866 | 37,036,899 | 577,227,685 |
| Fidelity Series Intrinsic Opportunities Fund | 192,372,784 | 98,647,716 (a) | 1,704,395 | 3,823,770 | (5,598) | 11,758,847 | 547,776,090 |
| Fidelity Series Investment Grade Bond Fund | 1,419,019,666 | 148,413,447 | 93,816,686 | 19,770,738 | (114,624) | 8,782,887 | 2,757,640,917 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,278,499 | 155,717,243 | 1,916,202 | 511,695 | (81,544) | (2,220,250 ) | 198,304,190 |
| Fidelity Series Opportunistic Insights Fund | 139,516,224 | 7,767,337 | 26,613,754 | -- | 9,035,590 | 9,817,475 | 254,832,760 |
| Fidelity Series Real Estate Equity Fund | 25,334,235 | 2,603,365 | 2,694,981 | 206,902 | 50,077 | (420,142 ) | 45,653,777 |
| Fidelity Series Real Estate Income Fund | 26,101,304 | 2,587,536 | 2,148,323 | 654,615 | 121,461 | 37,231 | 48,560,420 |
| Fidelity Series Short-Term Credit Fund | 154,330,220 | 10,162,475 | 10,654,959 | 1,350,190 | (3,750) | (94,505 ) | 285,135,918 |
| Fidelity Series Small Cap Discovery Fund | 38,011,077 | 2,200,249 | 5,147,297 | 168,300 | 539,249 | 2,823,589 | 67,767,243 |
| Fidelity Series Small Cap Opportunities Fund | 112,505,917 | 21,072,338 | 12,015,733 | 390,215 | 935,362 | (4,364,704 ) | 209,154,835 |
| Fidelity Series Stock Selector Large Cap Value Fund | 215,817,782 | 11,917,131 | 23,721,293 | -- | 1,831,301 | 12,605,472 | 394,354,885 |
| Fidelity Series Value Discovery Fund | 303,444,086 | 10,770,749 | 170,304,601(a) | 2,329,667 | 29,494,897 | (21,567,872 ) | 273,599,727 |
| Total | $5,327,338,285 | $854,356,244 | $805,058,422 | $37,775,436 | $95,855,215 | $194,251,974 | $10,413,558,928 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $8,934,152,680) — See accompanying schedule | | $10,413,558,928 |
| Cash | | 261 |
| Receivable for investments sold | | 1,769,504 |
| Receivable for fund shares sold | | 11,075,836 |
| Dividends receivable | | 1,359,589 |
| Total assets | | 10,427,764,118 |
| Liabilities | | |
| Payable for fund shares redeemed | $12,876,849 | |
| Accrued management fee | 4,667,196 | |
| Total liabilities | | 17,544,045 |
| Net Assets | | $10,410,220,073 |
| Net Assets consist of: | | |
| Paid in capital | | $8,766,379,397 |
| Undistributed net investment income | | 25,763,063 |
| Accumulated undistributed net realized gain (loss) on investments | | 138,671,365 |
| Net unrealized appreciation (depreciation) on investments | | 1,479,406,248 |
| Net Assets | | $10,410,220,073 |
| Fidelity Freedom 2015 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($5,432,013,739 ÷ 405,061,495 shares) | | $13.41 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($4,936,256,589 ÷ 368,158,182 shares) | | $13.41 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($41,949,745 ÷ 3,127,342 shares) | | $13.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $37,775,436 |
| Expenses | | |
| Management fee | $11,922,536 | |
| Independent trustees' fees and expenses | 9,786 | |
| Total expenses before reductions | 11,932,322 | |
| Expense reductions | (3,493) | 11,928,829 |
| Net investment income (loss) | | 25,846,607 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 95,855,215 | |
| Capital gain distributions from underlying funds | 55,140,091 | |
| Total net realized gain (loss) | | 150,995,306 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 194,251,974 |
| Net gain (loss) | | 345,247,280 |
| Net increase (decrease) in net assets resulting from operations | | $371,093,887 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $25,846,607 | $89,650,009 |
| Net realized gain (loss) | 150,995,306 | 106,292,644 |
| Change in net unrealized appreciation (depreciation) | 194,251,974 | 338,617,512 |
| Net increase (decrease) in net assets resulting from operations | 371,093,887 | 534,560,165 |
| Distributions to shareholders from net investment income | (13,537,555) | (89,847,108) |
| Distributions to shareholders from net realized gain | (71,790,066) | (104,826,159) |
| Total distributions | (85,327,621) | (194,673,267) |
| Share transactions - net increase (decrease) | 4,797,140,364 | (366,715,793) |
| Total increase (decrease) in net assets | 5,082,906,630 | (26,828,895) |
| Net Assets | | |
| Beginning of period | 5,327,313,443 | 5,354,142,338 |
| End of period | $10,410,220,073 | $5,327,313,443 |
| Other Information | | |
| Undistributed net investment income end of period | $25,763,063 | $13,454,011 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2015 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.82 | $12.03 | $12.92 | $12.91 | $12.28 | $11.69 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .21 | .23 | .23 | .18 | .18 |
| Net realized and unrealized gain (loss) | .76 | 1.04 | (.46) | .57 | .91 | .69 |
| Total from investment operations | .80 | 1.25 | (.23) | .80 | 1.09 | .87 |
| Distributions from net investment income | (.03) | (.21) | (.23) | (.25) | (.18) | (.20) |
| Distributions from net realized gain | (.18) | (.24) | (.43) | (.54) | (.28) | (.08) |
| Total distributions | (.21) | (.46)B | (.66) | (.79) | (.46) | (.28) |
| Net asset value, end of period | $13.41 | $12.82 | $12.03 | $12.92 | $12.91 | $12.28 |
| Total ReturnC,D | 6.29% | 10.63% | (1.83)% | 6.42% | 8.95% | 7.60% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .39%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .39%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .39%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .59%G | 1.69% | 1.87% | 1.83% | 1.47% | 1.57% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $5,432,014 | $5,327,313 | $5,354,142 | $6,056,161 | $6,388,485 | $6,507,169 |
| Portfolio turnover rateE | 29%G,I | 21% | 17% | 18% | 39% | 23% |
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 $.214 and distributions from net realized gain of $.243 per share.
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 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 Annualized
H Amount represents less than $.005%
I 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 2015 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.21 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .12 |
| Total from investment operations | .20 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 1.51% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .53%G,H |
| Expenses net of fee waivers, if any | .53%G,H |
| Expenses net of all reductions | .53%G,H |
| Net investment income (loss) | 3.35%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $4,936,257 |
| Portfolio turnover rateE | 29%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2015 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.03 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .32 |
| Total from investment operations | .38 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 2.92% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .41%G,H |
| Expenses net of fee waivers, if any | .41%G,H |
| Expenses net of all reductions | .41%G,H |
| Net investment income (loss) | 1.51%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $41,950 |
| Portfolio turnover rateE | 29%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 23.9 | 24.2 |
| Fidelity Series Emerging Markets Fund | 6.9 | 7.7 |
| Fidelity Series Government Money Market Fund 1.09% | 6.8 | 6.6 |
| Fidelity Series International Value Fund | 6.2 | 6.3 |
| Fidelity Series International Growth Fund | 6.1 | 6.2 |
| Fidelity Series Intrinsic Opportunities Fund | 5.8 | 4.0 |
| Fidelity Series Growth & Income Fund | 5.8 | 4.5 |
| Fidelity Series Growth Company Fund | 5.0 | 5.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.3 | 4.6 |
| Fidelity Series Value Discovery Fund | 3.0 | 6.4 |
| | 73.8 | 75.8 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 40.1% |
| | International Equity Funds | 21.3% |
| | Bond Funds | 29.8% |
| | Short-Term Funds | 8.8% |
| Six months ago |
| | Domestic Equity Funds | 41.4% |
| | International Equity Funds | 21.6% |
| | Bond Funds | 28.2% |
| | Short-Term Funds | 8.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2020 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 40.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 23,764,418 | $393,776,399 |
| Fidelity Series 1000 Value Index Fund (a) | | 37,970,318 | 476,907,194 |
| Fidelity Series All-Sector Equity Fund (a) | | 55,060,752 | 736,162,260 |
| Fidelity Series Blue Chip Growth Fund (a) | | 56,905,430 | 753,427,895 |
| Fidelity Series Commodity Strategy Fund (a) | | 113,632,510 | 594,298,026 |
| Fidelity Series Growth & Income Fund (a) | | 113,430,079 | 1,725,271,497 |
| Fidelity Series Growth Company Fund (a) | | 87,604,274 | 1,503,289,346 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 101,182,512 | 1,738,315,556 |
| Fidelity Series Opportunistic Insights Fund (a) | | 45,539,608 | 830,187,061 |
| Fidelity Series Real Estate Equity Fund (a) | | 11,516,962 | 148,683,977 |
| Fidelity Series Small Cap Discovery Fund (a) | | 18,424,189 | 221,090,266 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 48,834,105 | 682,700,791 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 96,708,103 | 1,285,250,693 |
| Fidelity Series Value Discovery Fund (a) | | 66,489,652 | 892,291,132 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $9,105,127,336) | | | 11,981,652,093 |
|
| International Equity Funds - 21.3% | | | |
| Fidelity Series Canada Fund (a) | | 17,481,540 | 186,003,582 |
| Fidelity Series Emerging Markets Fund (a) | | 99,889,352 | 2,057,720,656 |
| Fidelity Series International Growth Fund (a) | | 114,805,830 | 1,824,264,644 |
| Fidelity Series International Small Cap Fund (a) | | 24,791,803 | 444,021,196 |
| Fidelity Series International Value Fund (a) | | 173,804,680 | 1,871,876,401 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,828,186,164) | | | 6,383,886,479 |
|
| Bond Funds - 29.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 20,436,300 | 213,763,699 |
| Fidelity Series Floating Rate High Income Fund (a) | | 7,357,514 | 69,822,812 |
| Fidelity Series High Income Fund (a) | | 45,217,567 | 440,871,281 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 31,250,423 | 309,066,680 |
| Fidelity Series International Credit Fund (a) | | 1,771,433 | 17,802,898 |
| Fidelity Series Investment Grade Bond Fund (a) | | 631,789,674 | 7,145,541,215 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 63,660,848 | 559,578,857 |
| Fidelity Series Real Estate Income Fund (a) | | 12,643,636 | 141,229,415 |
| TOTAL BOND FUNDS | | | |
| (Cost $8,925,756,292) | | | 8,897,676,857 |
|
| Short-Term Funds - 8.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 2,028,402,920 | 2,028,402,920 |
| Fidelity Series Short-Term Credit Fund (a) | | 61,531,510 | 614,699,784 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $2,643,195,260) | | | 2,643,102,704 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $25,502,265,052) | | | 29,906,318,133 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (9,956,030) |
| NET ASSETS - 100% | | | $29,896,362,103 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $170,750,619 | $11,809,119 | $18,184,161 | $-- | $4,130,809 | $13,299,103 | $393,776,399 |
| Fidelity Series 1000 Value Index Fund | 207,961,357 | 14,200,488 | 17,062,228 | -- | 481,296 | 17,566,332 | 476,907,194 |
| Fidelity Series All-Sector Equity Fund | 322,024,207 | 22,194,444 | 37,962,130 | -- | 1,467,705 | 31,642,478 | 736,162,260 |
| Fidelity Series Blue Chip Growth Fund | 328,551,300 | 88,776,692 | 56,546,879 | 1,459,710 | 12,326,698 | (28,192,417 ) | 753,427,895 |
| Fidelity Series Canada Fund | -- | 126,123,705 | 601,503 | -- | 2,546 | 3,578,974 | 186,003,582 |
| Fidelity Series Commodity Strategy Fund | 200,800,153 | 77,745,506 | 10,820,323 | 909,720 | (4,711,453) | 2,137,770 | 594,298,026 |
| Fidelity Series Emerging Markets Debt Fund | 88,753,315 | 9,328,475 | 3,513,279 | 3,173,778 | (19,430) | 1,344,170 | 213,763,699 |
| Fidelity Series Emerging Markets Fund | 948,146,671 | 69,296,644 | 390,924,187 | -- | 45,693,424 | 95,563,383 | 2,057,720,656 |
| Fidelity Series Floating Rate High Income Fund | 30,322,371 | 2,930,330 | 1,432,945 | 800,992 | (8,318) | (88,720 ) | 69,822,812 |
| Fidelity Series Government Money Market Fund 1.09% | 809,950,560 | 142,025,549 | 38,042,964 | 4,532,837 | -- | -- | 2,028,402,920 |
| Fidelity Series Growth & Income Fund | 552,716,408 | 246,080,924 (a) | 46,880,943 | 3,097,389 | 541,100 | 59,294,136 | 1,725,271,497 |
| Fidelity Series Growth Company Fund | 649,984,509 | 39,646,954 | 114,084,490 | -- | 37,533,769 | 78,448,179 | 1,503,289,346 |
| Fidelity Series High Income Fund | 186,345,032 | 19,049,912 | 8,635,671 | 5,979,230 | (57,600) | 4,547,539 | 440,871,281 |
| Fidelity Series Inflation-Protected Bond Index Fund | 134,445,865 | 10,622,766 | 6,589,548 | 93,226 | (182,030) | (1,485,207 ) | 309,066,680 |
| Fidelity Series International Credit Fund | -- | 7,694,671 | 1,585 | -- | -- | (11,641 ) | 17,802,898 |
| Fidelity Series International Growth Fund | 763,723,461 | 56,043,064 | 130,632,859 | -- | 16,426,602 | 93,247,021 | 1,824,264,644 |
| Fidelity Series International Small Cap Fund | 172,981,588 | 13,010,160 | 15,075,820 | -- | 1,773,718 | 29,313,454 | 444,021,196 |
| Fidelity Series International Value Fund | 765,710,516 | 62,357,236 | 86,319,291 | -- | 1,105,041 | 107,246,512 | 1,871,876,401 |
| Fidelity Series Intrinsic Opportunities Fund | 495,457,872 | 281,448,881 (a) | 3,336,376 | 12,134,357 | (13,061) | 27,090,074 | 1,738,315,556 |
| Fidelity Series Investment Grade Bond Fund | 2,965,065,514 | 356,128,097 | 137,553,735 | 43,758,417 | (727,961) | 8,698,875 | 7,145,541,215 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 2,611,672 | 412,095,912 | 3,464,380 | 1,302,506 | (140,410) | (7,253,968 ) | 559,578,857 |
| Fidelity Series Opportunistic Insights Fund | 360,528,573 | 25,018,163 | 56,968,572 | -- | 19,484,826 | 32,835,942 | 830,187,061 |
| Fidelity Series Real Estate Equity Fund | 65,271,789 | 8,261,159 | 4,158,885 | 551,982 | 31,444 | (1,313,116 ) | 148,683,977 |
| Fidelity Series Real Estate Income Fund | 60,042,005 | 7,593,341 | 2,715,471 | 1,553,742 | 2,371 | 324,156 | 141,229,415 |
| Fidelity Series Short-Term Credit Fund | 268,102,615 | 21,121,158 | 12,926,613 | 2,491,237 | 2,886 | (514,639 ) | 614,699,784 |
| Fidelity Series Small Cap Discovery Fund | 97,945,381 | 6,927,310 | 9,710,526 | 438,166 | 945,721 | 10,321,406 | 221,090,266 |
| Fidelity Series Small Cap Opportunities Fund | 290,999,903 | 68,329,532 | 21,407,678 | 1,270,431 | 952,308 | (12,215,007 ) | 682,700,791 |
| Fidelity Series Stock Selector Large Cap Value Fund | 557,188,889 | 38,303,571 | 41,290,458 | -- | 1,181,455 | 44,568,905 | 1,285,250,693 |
| Fidelity Series Value Discovery Fund | 782,895,867 | 33,425,098 | 426,707,728(a) | 6,119,016 | 60,789,162 | (34,679,214 ) | 892,291,132 |
| Total | $12,279,278,012 | $2,277,588,861 | $1,703,551,228 | $89,666,736 | $199,012,618 | $575,314,480 | $29,906,318,133 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $25,502,265,052) — See accompanying schedule | | $29,906,318,133 |
| Cash | | 139 |
| Receivable for investments sold | | 4,969,733 |
| Receivable for fund shares sold | | 40,864,387 |
| Dividends receivable | | 4,160,193 |
| Other receivables | | 161,902 |
| Total assets | | 29,956,474,487 |
| Liabilities | | |
| Payable for fund shares redeemed | $45,838,195 | |
| Accrued management fee | 14,112,290 | |
| Other payables and accrued expenses | 161,899 | |
| Total liabilities | | 60,112,384 |
| Net Assets | | $29,896,362,103 |
| Net Assets consist of: | | |
| Paid in capital | | $25,090,417,528 |
| Undistributed net investment income | | 57,089,551 |
| Accumulated undistributed net realized gain (loss) on investments | | 344,801,943 |
| Net unrealized appreciation (depreciation) on investments | | 4,404,053,081 |
| Net Assets | | $29,896,362,103 |
| Fidelity Freedom 2020 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($12,797,571,194 ÷ 775,569,064 shares) | | $16.50 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($16,952,477,039 ÷ 1,027,235,890 shares) | | $16.50 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($146,313,870 ÷ 8,859,976 shares) | | $16.51 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $89,666,736 |
| Expenses | | |
| Management fee | $31,772,443 | |
| Independent trustees' fees and expenses | 24,150 | |
| Total expenses before reductions | 31,796,593 | |
| Expense reductions | (8,733) | 31,787,860 |
| Net investment income (loss) | | 57,878,876 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 199,012,618 | |
| Capital gain distributions from underlying funds | 174,019,579 | |
| Total net realized gain (loss) | | 373,032,197 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 575,314,480 |
| Net gain (loss) | | 948,346,677 |
| Net increase (decrease) in net assets resulting from operations | | $1,006,225,553 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $57,878,876 | $201,004,333 |
| Net realized gain (loss) | 373,032,197 | 242,145,200 |
| Change in net unrealized appreciation (depreciation) | 575,314,480 | 856,403,668 |
| Net increase (decrease) in net assets resulting from operations | 1,006,225,553 | 1,299,553,201 |
| Distributions to shareholders from net investment income | (28,799,746) | (200,026,428) |
| Distributions to shareholders from net realized gain | (168,906,642) | (252,757,975) |
| Total distributions | (197,706,388) | (452,784,403) |
| Share transactions - net increase (decrease) | 16,808,602,611 | (300,508,340) |
| Total increase (decrease) in net assets | 17,617,121,776 | 546,260,458 |
| Net Assets | | |
| Beginning of period | 12,279,240,327 | 11,732,979,869 |
| End of period | $29,896,362,103 | $12,279,240,327 |
| Other Information | | |
| Undistributed net investment income end of period | $57,089,551 | $28,010,421 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2020 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $15.70 | $14.63 | $15.76 | $15.81 | $14.94 | $14.16 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .25 | .28 | .28 | .23 | .24 |
| Net realized and unrealized gain (loss) | 1.01 | 1.40 | (.60) | .73 | 1.22 | .89 |
| Total from investment operations | 1.05 | 1.65 | (.32) | 1.01 | 1.45 | 1.13 |
| Distributions from net investment income | (.04) | (.26) | (.28) | (.29) | (.23) | (.25) |
| Distributions from net realized gain | (.22) | (.32) | (.53) | (.77) | (.36) | (.10) |
| Total distributions | (.25)B | (.58) | (.81) | (1.06) | (.58)C | (.35) |
| Net asset value, end of period | $16.50 | $15.70 | $14.63 | $15.76 | $15.81 | $14.94 |
| Total ReturnD,E | 6.79% | 11.57% | (2.10)% | 6.71% | 9.83% | 8.12% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .41%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .41%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .41%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .44%H | 1.69% | 1.83% | 1.83% | 1.49% | 1.65% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $12,797,571 | $12,279,240 | $11,732,980 | $12,868,898 | $13,343,983 | $13,579,950 |
| Portfolio turnover rateF | 26 %H,J | 19% | 17% | 17% | 39% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.25 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.217 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2020 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.24 |
| Income from Investment Operations | |
| Net investment income (loss)B | .09 |
| Net realized and unrealized gain (loss) | .17 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.50 |
| Total ReturnC,D | 1.60% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .56%G,H |
| Expenses net of fee waivers, if any | .56%G,H |
| Expenses net of all reductions | .56%G,H |
| Net investment income (loss) | 3.02%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $16,952,477 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2020 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .44 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.51 |
| Total ReturnC,D | 3.19% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .43%G,H |
| Expenses net of fee waivers, if any | .43%G,H |
| Expenses net of all reductions | .43%G,H |
| Net investment income (loss) | 1.32%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $146,314 |
| Portfolio turnover rateE | 26%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 20.5 | 20.7 |
| Fidelity Series Emerging Markets Fund | 7.3 | 8.1 |
| Fidelity Series International Growth Fund | 6.8 | 6.8 |
| Fidelity Series International Value Fund | 6.7 | 6.8 |
| Fidelity Series Growth & Income Fund | 6.4 | 5.0 |
| Fidelity Series Intrinsic Opportunities Fund | 6.4 | 4.4 |
| Fidelity Series Growth Company Fund | 5.6 | 5.9 |
| Fidelity Series Government Money Market Fund 1.09% | 5.1 | 4.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.8 | 5.0 |
| Fidelity Series Value Discovery Fund | 3.3 | 7.1 |
| | 72.9 | 74.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 44.3% |
| | International Equity Funds | 23.1% |
| | Bond Funds | 26.0% |
| | Short-Term Funds | 6.6% |
| Six months ago |
| | Domestic Equity Funds | 45.7% |
| | International Equity Funds | 23.3% |
| | Bond Funds | 24.5% |
| | Short-Term Funds | 6.5% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2025 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 44.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 23,106,225 | $382,870,153 |
| Fidelity Series 1000 Value Index Fund (a) | | 36,938,973 | 463,953,504 |
| Fidelity Series All-Sector Equity Fund (a) | | 53,538,839 | 715,814,282 |
| Fidelity Series Blue Chip Growth Fund (a) | | 55,331,943 | 732,594,922 |
| Fidelity Series Commodity Strategy Fund (a) | | 99,275,045 | 519,208,484 |
| Fidelity Series Growth & Income Fund (a) | | 110,309,342 | 1,677,805,086 |
| Fidelity Series Growth Company Fund (a) | | 85,184,554 | 1,461,766,943 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 96,710,147 | 1,661,480,323 |
| Fidelity Series Opportunistic Insights Fund (a) | | 44,278,993 | 807,206,048 |
| Fidelity Series Real Estate Equity Fund (a) | | 11,199,954 | 144,591,402 |
| Fidelity Series Small Cap Discovery Fund (a) | | 17,918,354 | 215,020,248 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 47,489,050 | 663,896,923 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 94,062,171 | 1,250,086,253 |
| Fidelity Series Value Discovery Fund (a) | | 64,679,962 | 868,005,093 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $8,934,969,528) | | | 11,564,299,664 |
|
| International Equity Funds - 23.1% | | | |
| Fidelity Series Canada Fund (a) | | 16,680,509 | 177,480,614 |
| Fidelity Series Emerging Markets Fund (a) | | 93,283,795 | 1,921,646,175 |
| Fidelity Series International Growth Fund (a) | | 111,095,498 | 1,765,307,455 |
| Fidelity Series International Small Cap Fund (a) | | 23,655,045 | 423,661,858 |
| Fidelity Series International Value Fund (a) | | 163,408,109 | 1,759,905,336 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,667,777,751) | | | 6,048,001,438 |
|
| Bond Funds - 26.0% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 17,488,986 | 182,934,794 |
| Fidelity Series Floating Rate High Income Fund (a) | | 6,374,794 | 60,496,791 |
| Fidelity Series High Income Fund (a) | | 39,078,710 | 381,017,421 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 19,453,558 | 192,395,691 |
| Fidelity Series International Credit Fund (a) | | 1,531,359 | 15,390,157 |
| Fidelity Series Investment Grade Bond Fund (a) | | 474,669,815 | 5,368,515,603 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 55,246,249 | 485,614,528 |
| Fidelity Series Real Estate Income Fund (a) | | 10,930,829 | 122,097,358 |
| TOTAL BOND FUNDS | | | |
| (Cost $6,821,415,837) | | | 6,808,462,343 |
|
| Short-Term Funds - 6.6% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 1,325,218,039 | 1,325,218,039 |
| Fidelity Series Short-Term Credit Fund (a) | | 39,320,942 | 392,816,213 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,718,177,848) | | | 1,718,034,252 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $22,142,340,964) | | | 26,138,797,697 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (13,034,569) |
| NET ASSETS - 100% | | | $26,125,763,128 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $150,442,258 | $17,770,108 | $13,926,515 | $-- | $2,580,063 | $13,685,127 | $382,870,153 |
| Fidelity Series 1000 Value Index Fund | 182,904,928 | 21,400,938 | 12,071,856 | -- | 192,582 | 17,095,739 | 463,953,504 |
| Fidelity Series All-Sector Equity Fund | 283,721,155 | 33,373,903 | 29,530,763 | -- | 1,295,271 | 29,454,693 | 715,814,282 |
| Fidelity Series Blue Chip Growth Fund | 289,473,741 | 97,752,438 | 45,555,331 | 1,415,194 | 9,286,374 | (27,583,711) | 732,594,922 |
| Fidelity Series Canada Fund | -- | 114,695,640 | 585,619 | -- | 1,646 | 3,587,816 | 177,480,614 |
| Fidelity Series Commodity Strategy Fund | 160,807,201 | 71,816,731 | 7,328,290 | 792,490 | (396,156) | (1,877,440) | 519,208,484 |
| Fidelity Series Emerging Markets Debt Fund | 70,309,321 | 10,649,918 | 2,362,410 | 2,409,201 | 7,641 | 1,007,194 | 182,934,794 |
| Fidelity Series Emerging Markets Fund | 795,230,582 | 96,529,103 | 320,854,275 | -- | 27,798,589 | 92,361,573 | 1,921,646,175 |
| Fidelity Series Floating Rate High Income Fund | 23,882,508 | 3,472,533 | 954,171 | 605,940 | 314 | (80,041) | 60,496,791 |
| Fidelity Series Government Money Market Fund 1.09% | 474,107,523 | 119,798,762 | 18,851,996 | 2,560,346 | -- | -- | 1,325,218,039 |
| Fidelity Series Growth & Income Fund | 486,185,498 | 250,615,763(a) | 32,538,807 | 2,769,141 | (72,825) | 57,994,298 | 1,677,805,086 |
| Fidelity Series Growth Company Fund | 572,602,766 | 57,675,218 | 87,445,893 | -- | 28,584,635 | 77,091,162 | 1,461,766,943 |
| Fidelity Series High Income Fund | 146,512,107 | 22,408,747 | 5,763,981 | 4,522,030 | 14,067 | 3,739,826 | 381,017,421 |
| Fidelity Series Inflation-Protected Bond Index Fund | 79,763,875 | 9,190,354 | 3,050,563 | 52,145 | 2,353 | (1,061,431) | 192,395,691 |
| Fidelity Series International Credit Fund | -- | 6,324,674 | 261 | -- | -- | (13,324) | 15,390,157 |
| Fidelity Series International Growth Fund | 665,002,902 | 81,689,934 | 84,870,358 | -- | 3,322,578 | 94,245,504 | 1,765,307,455 |
| Fidelity Series International Small Cap Fund | 151,128,896 | 19,101,564 | 12,225,981 | -- | 941,536 | 26,783,666 | 423,661,858 |
| Fidelity Series International Value Fund | 666,738,770 | 88,903,699 | 96,127,364 | -- | 2,224,988 | 95,866,122 | 1,759,905,336 |
| Fidelity Series Intrinsic Opportunities Fund | 433,865,637 | 283,785,598(a) | 3,098,961 | 11,568,988 | (9,731) | 22,752,207 | 1,661,480,323 |
| Fidelity Series Investment Grade Bond Fund | 2,024,582,252 | 359,039,654 | 79,054,902 | 28,761,243 | (253,596) | 2,837,534 | 5,368,515,603 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,635,459 | 353,041,427 | 2,247,932 | 1,002,894 | (105,485) | (6,485,847) | 485,614,528 |
| Fidelity Series Opportunistic Insights Fund | 317,647,343 | 37,629,326 | 45,931,118 | -- | 14,465,801 | 33,350,217 | 807,206,048 |
| Fidelity Series Real Estate Equity Fund | 57,575,442 | 10,421,048 | 2,961,889 | 505,120 | (53,272) | (1,247,988) | 144,591,402 |
| Fidelity Series Real Estate Income Fund | 47,340,033 | 8,758,997 | 1,813,230 | 1,266,465 | (2,134) | 224,601 | 122,097,358 |
| Fidelity Series Short-Term Credit Fund | 156,027,873 | 20,068,448 | 6,405,256 | 1,400,011 | 477 | (388,377) | 392,816,213 |
| Fidelity Series Small Cap Discovery Fund | 86,218,504 | 10,252,279 | 7,258,323 | 390,598 | 339,665 | 10,637,027 | 215,020,248 |
| Fidelity Series Small Cap Opportunities Fund | 257,643,145 | 76,921,465 | 16,424,281 | 1,231,852 | (57,643) | (10,894,038) | 663,896,923 |
| Fidelity Series Stock Selector Large Cap Value Fund | 492,174,859 | 57,783,134 | 30,733,524 | -- | 159,754 | 43,760,183 | 1,250,086,253 |
| Fidelity Series Value Discovery Fund | 691,035,348 | 48,648,009 | 374,607,703(a) | 5,458,763 | 39,081,853 | (13,797,798) | 868,005,093 |
| Total | $9,764,559,926 | $2,389,519,412 | $1,344,581,553 | $66,712,421 | $129,349,345 | $563,044,494 | $26,138,797,697 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $22,142,340,964) — See accompanying schedule | | $26,138,797,697 |
| Receivable for investments sold | | 497,474 |
| Receivable for fund shares sold | | 35,222,359 |
| Total assets | | 26,174,517,530 |
| Liabilities | | |
| Payable for investments purchased | $7,713,559 | |
| Payable for fund shares redeemed | 27,991,541 | |
| Accrued management fee | 13,049,302 | |
| Total liabilities | | 48,754,402 |
| Net Assets | | $26,125,763,128 |
| Net Assets consist of: | | |
| Paid in capital | | $21,817,679,164 |
| Undistributed net investment income | | 37,809,658 |
| Accumulated undistributed net realized gain (loss) on investments | | 273,817,573 |
| Net unrealized appreciation (depreciation) on investments | | 3,996,456,733 |
| Net Assets | | $26,125,763,128 |
| Fidelity Freedom 2025 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($10,446,711,490 ÷ 732,481,783 shares) | | $14.26 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($15,401,033,369 ÷ 1,079,987,759 shares) | | $14.26 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($278,018,269 ÷ 19,475,830 shares) | | $14.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $66,712,421 |
| Expenses | | |
| Management fee | $28,191,618 | |
| Independent trustees' fees and expenses | 18,324 | |
| Total expenses before reductions | 28,209,942 | |
| Expense reductions | (6,404) | 28,203,538 |
| Net investment income (loss) | | 38,508,883 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 129,349,345 | |
| Capital gain distributions from underlying funds | 166,947,018 | |
| Total net realized gain (loss) | | 296,296,363 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 563,044,494 |
| Net gain (loss) | | 859,340,857 |
| Net increase (decrease) in net assets resulting from operations | | $897,849,740 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $38,508,883 | $151,298,835 |
| Net realized gain (loss) | 296,296,363 | 179,330,142 |
| Change in net unrealized appreciation (depreciation) | 563,044,494 | 740,586,840 |
| Net increase (decrease) in net assets resulting from operations | 897,849,740 | 1,071,215,817 |
| Distributions to shareholders from net investment income | (20,288,985) | (147,758,780) |
| Distributions to shareholders from net realized gain | (126,806,087) | (204,066,897) |
| Total distributions | (147,095,072) | (351,825,677) |
| Share transactions - net increase (decrease) | 15,610,461,159 | 327,589,461 |
| Total increase (decrease) in net assets | 16,361,215,827 | 1,046,979,601 |
| Net Assets | | |
| Beginning of period | 9,764,547,301 | 8,717,567,700 |
| End of period | $26,125,763,128 | $9,764,547,301 |
| Other Information | | |
| Undistributed net investment income end of period | $37,809,658 | $19,589,760 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2025 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.50 | $12.49 | $13.51 | $13.49 | $12.58 | $11.81 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .21 | .22 | .24 | .20 | .21 |
| Net realized and unrealized gain (loss) | .94 | 1.30 | (.54) | .69 | 1.30 | .84 |
| Total from investment operations | .96 | 1.51 | (.32) | .93 | 1.50 | 1.05 |
| Distributions from net investment income | (.03) | (.21) | (.23) | (.25) | (.20) | (.22) |
| Distributions from net realized gain | (.18) | (.29) | (.47) | (.66) | (.39) | (.06) |
| Total distributions | (.20)B | (.50) | (.70) | (.91) | (.59) | (.28) |
| Net asset value, end of period | $14.26 | $13.50 | $12.49 | $13.51 | $13.49 | $12.58 |
| Total ReturnC,D | 7.21% | 12.46% | (2.50)% | 7.23% | 12.08% | 9.03% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .45%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .45%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .45%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .28%G | 1.66% | 1.75% | 1.81% | 1.53% | 1.73% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $10,446,711 | $9,764,547 | $8,717,568 | $9,054,681 | $8,865,153 | $8,229,885 |
| Portfolio turnover rateF | 25%G,I | 19% | 17% | 19% | 46% | 31% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.20 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.175 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
I 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 2025 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.02 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .17 |
| Total from investment operations | .24 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.26 |
| Total ReturnC,D | 1.71% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .60%G,H |
| Expenses net of fee waivers, if any | .60%G,H |
| Expenses net of all reductions | .60%G,H |
| Net investment income (loss) | 2.62%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $15,401,033 |
| Portfolio turnover rateE | 25%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2025 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.80 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .48 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.28 |
| Total ReturnC,D | 3.48% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G |
| Expenses net of fee waivers, if any | .45%G |
| Expenses net of all reductions | .45%G |
| Net investment income (loss) | 1.10%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $278,018 |
| Portfolio turnover rateE | 25%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 12.8 | 12.1 |
| Fidelity Series Emerging Markets Fund | 8.3 | 9.2 |
| Fidelity Series International Value Fund | 8.1 | 8.3 |
| Fidelity Series International Growth Fund | 8.0 | 8.2 |
| Fidelity Series Growth & Income Fund | 7.8 | 6.1 |
| Fidelity Series Intrinsic Opportunities Fund | 7.7 | 5.4 |
| Fidelity Series Growth Company Fund | 6.8 | 7.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 5.9 | 6.2 |
| Fidelity Series Value Discovery Fund | 4.0 | 8.7 |
| Fidelity Series Opportunistic Insights Fund | 3.8 | 4.0 |
| | 73.2 | 75.4 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 53.5% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 18.4% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 55.5% |
| | International Equity Funds | 27.6% |
| | Bond Funds | 15.9% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2030 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 53.5% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 33,011,459 | $546,999,877 |
| Fidelity Series 1000 Value Index Fund (a) | | 52,669,817 | 661,532,902 |
| Fidelity Series All-Sector Equity Fund (a) | | 76,462,043 | 1,022,297,520 |
| Fidelity Series Blue Chip Growth Fund (a) | | 79,024,332 | 1,046,282,159 |
| Fidelity Series Commodity Strategy Fund (a) | | 114,721,890 | 599,995,484 |
| Fidelity Series Growth & Income Fund (a) | | 157,617,115 | 2,397,356,321 |
| Fidelity Series Growth Company Fund (a) | | 121,635,719 | 2,087,268,939 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 137,166,404 | 2,356,518,816 |
| Fidelity Series Opportunistic Insights Fund (a) | | 63,234,666 | 1,152,767,965 |
| Fidelity Series Real Estate Equity Fund (a) | | 15,960,991 | 206,056,391 |
| Fidelity Series Small Cap Discovery Fund (a) | | 25,614,110 | 307,369,323 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 67,573,854 | 944,682,480 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 134,477,716 | 1,787,208,852 |
| Fidelity Series Value Discovery Fund (a) | | 91,942,953 | 1,233,874,433 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $12,618,949,993) | | | 16,350,211,462 |
|
| International Equity Funds - 27.1% | | | |
| Fidelity Series Canada Fund (a) | | 23,175,007 | 246,582,079 |
| Fidelity Series Emerging Markets Fund (a) | | 123,414,039 | 2,542,329,208 |
| Fidelity Series International Growth Fund (a) | | 153,929,291 | 2,445,936,434 |
| Fidelity Series International Small Cap Fund (a) | | 32,919,734 | 589,592,441 |
| Fidelity Series International Value Fund (a) | | 228,573,280 | 2,461,734,226 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $6,487,947,253) | | | 8,286,174,388 |
|
| Bond Funds - 18.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 20,064,580 | 209,875,508 |
| Fidelity Series Floating Rate High Income Fund (a) | | 7,277,303 | 69,061,607 |
| Fidelity Series High Income Fund (a) | | 45,086,473 | 439,593,113 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 24,283,674 | 240,165,531 |
| Fidelity Series International Credit Fund (a) | | 1,490,851 | 14,983,057 |
| Fidelity Series Investment Grade Bond Fund (a) | | 347,173,705 | 3,926,534,608 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 67,286,236 | 591,446,015 |
| Fidelity Series Real Estate Income Fund (a) | | 12,602,356 | 140,768,319 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,607,118,317) | | | 5,632,427,758 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 250,372,725 | 250,372,725 |
| Fidelity Series Short-Term Credit Fund (a) | | 7,102,241 | 70,951,385 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $321,208,253) | | | 321,324,110 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $25,035,223,816) | | | 30,590,137,718 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (16,181,965) |
| NET ASSETS - 100% | | | $30,573,955,753 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $213,000,452 | $21,692,560 | $16,325,500 | $-- | $3,812,277 | $19,335,306 | $546,999,877 |
| Fidelity Series 1000 Value Index Fund | 258,439,164 | 26,478,796 | 13,375,483 | -- | 216,212 | 24,370,225 | 661,532,902 |
| Fidelity Series All-Sector Equity Fund | 401,700,789 | 40,655,742 | 35,764,416 | -- | 1,758,398 | 41,974,050 | 1,022,297,520 |
| Fidelity Series Blue Chip Growth Fund | 409,846,594 | 132,790,534 | 58,565,935 | 2,023,938 | 12,448,991 | (39,069,447 ) | 1,046,282,159 |
| Fidelity Series Canada Fund | -- | 146,697,407 | 795,528 | -- | 2,717 | 5,694,458 | 246,582,079 |
| Fidelity Series Commodity Strategy Fund | 181,305,844 | 84,155,693 | 7,359,092 | 917,038 | (676,017) | (1,868,533 ) | 599,995,484 |
| Fidelity Series Emerging Markets Debt Fund | 79,431,440 | 10,909,906 | 2,377,066 | 2,723,928 | 22,223 | 1,107,979 | 209,875,508 |
| Fidelity Series Emerging Markets Fund | 1,036,984,669 | 108,636,109 | 393,397,067 | -- | 37,006,559 | 120,264,472 | 2,542,329,208 |
| Fidelity Series Floating Rate High Income Fund | 27,384,693 | 3,531,146 | 966,728 | 693,651 | (424 ) | (91,512 ) | 69,061,607 |
| Fidelity Series Government Money Market Fund 1.09% | 86,241,591 | 24,257,840 | 3,118,202 | 487,883 | -- | -- | 250,372,725 |
| Fidelity Series Growth & Income Fund | 688,738,261 | 346,802,406 (a) | 38,076,989 | 3,932,932 | (132,722 ) | 82,574,226 | 2,397,356,321 |
| Fidelity Series Growth Company Fund | 811,270,155 | 72,934,600 | 117,608,255 | -- | 39,260,168 | 111,076,841 | 2,087,268,939 |
| Fidelity Series High Income Fund | 170,348,294 | 22,990,323 | 5,823,640 | 5,248,071 | 10,513 | 4,329,082 | 439,593,113 |
| Fidelity Series Inflation-Protected Bond Index Fund | 100,796,632 | 6,505,475 | 4,522,867 | 64,468 | (42,668) | (1,317,983 ) | 240,165,531 |
| Fidelity Series International Credit Fund | -- | 6,160,029 | 166 | -- | -- | (12,944 ) | 14,983,057 |
| Fidelity Series International Growth Fund | 933,125,645 | 97,816,457 | 126,987,816 | -- | 5,039,439 | 130,891,960 | 2,445,936,434 |
| Fidelity Series International Small Cap Fund | 212,846,304 | 22,838,989 | 18,628,686 | -- | 1,656,338 | 37,079,991 | 589,592,441 |
| Fidelity Series International Value Fund | 935,212,029 | 100,123,420 | 111,202,171 | -- | 561,861 | 136,021,605 | 2,461,734,226 |
| Fidelity Series Intrinsic Opportunities Fund | 613,420,497 | 388,543,479 (a) | 2,974,630 | 16,427,077 | (8,953) | 31,890,043 | 2,356,518,816 |
| Fidelity Series Investment Grade Bond Fund | 1,367,569,367 | 350,649,953 | 49,895,086 | 20,423,289 | (258,499) | 984,124 | 3,926,534,608 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 940,915 | 435,836,830 | 2,155,676 | 1,191,327 | (98,995) | (8,086,965 ) | 591,446,015 |
| Fidelity Series Opportunistic Insights Fund | 449,735,472 | 45,823,236 | 58,331,289 | -- | 19,400,784 | 48,508,852 | 1,152,767,965 |
| Fidelity Series Real Estate Equity Fund | 81,538,943 | 13,761,115 | 3,176,864 | 714,512 | (21,612) | (1,824,237 ) | 206,056,391 |
| Fidelity Series Real Estate Income Fund | 54,581,853 | 9,204,785 | 1,833,281 | 1,449,568 | (1,263) | 269,338 | 140,768,319 |
| Fidelity Series Short-Term Credit Fund | 28,157,403 | 3,172,315 | 1,075,839 | 250,545 | (542) | (69,797 ) | 70,951,385 |
| Fidelity Series Small Cap Discovery Fund | 121,760,717 | 12,643,054 | 7,897,473 | 549,507 | 416,932 | 15,220,598 | 307,369,323 |
| Fidelity Series Small Cap Opportunities Fund | 365,212,608 | 104,100,121 | 19,315,643 | 1,755,251 | (118,073) | (15,583,796 ) | 944,682,480 |
| Fidelity Series Stock Selector Large Cap Value Fund | 697,267,883 | 74,714,039 | 35,904,425 | -- | 199,098 | 62,475,294 | 1,787,208,852 |
| Fidelity Series Value Discovery Fund | 978,820,033 | 60,098,789 | 524,500,801 (a) | 7,744,137 | 49,586,936 | (13,693,257 ) | 1,233,874,433 |
| Total | $11,305,678,247 | $2,774,525,148 | $1,661,956,614 | $66,597,122 | $170,039,678 | $792,449,973 | $30,590,137,718 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $25,035,223,816) — See accompanying schedule | | $30,590,137,718 |
| Cash | | 1 |
| Receivable for investments sold | | 188,357 |
| Receivable for fund shares sold | | 66,408,761 |
| Other receivables | | 123,544 |
| Total assets | | 30,656,858,381 |
| Liabilities | | |
| Payable for investments purchased | $9,090,502 | |
| Payable for fund shares redeemed | 57,504,461 | |
| Accrued management fee | 16,184,120 | |
| Other payables and accrued expenses | 123,545 | |
| Total liabilities | | 82,902,628 |
| Net Assets | | $30,573,955,753 |
| Net Assets consist of: | | |
| Paid in capital | | $24,609,884,915 |
| Undistributed net investment income | | 31,504,426 |
| Accumulated undistributed net realized gain (loss) on investments | | 377,652,510 |
| Net unrealized appreciation (depreciation) on investments | | 5,554,913,902 |
| Net Assets | | $30,573,955,753 |
| Fidelity Freedom 2030 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($12,138,738,094 ÷ 681,184,984 shares) | | $17.82 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($18,037,948,241 ÷ 1,011,919,732 shares) | | $17.83 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($397,269,418 ÷ 22,274,462 shares) | | $17.84 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $66,597,122 |
| Expenses | | |
| Management fee | $34,907,467 | |
| Independent trustees' fees and expenses | 22,209 | |
| Total expenses before reductions | 34,929,676 | |
| Expense reductions | (7,879) | 34,921,797 |
| Net investment income (loss) | | 31,675,325 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 170,039,678 | |
| Capital gain distributions from underlying funds | 238,044,467 | |
| Total net realized gain (loss) | | 408,084,145 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 792,449,973 |
| Net gain (loss) | | 1,200,534,118 |
| Net increase (decrease) in net assets resulting from operations | | $1,232,209,443 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $31,675,325 | $165,707,982 |
| Net realized gain (loss) | 408,084,145 | 222,767,932 |
| Change in net unrealized appreciation (depreciation) | 792,449,973 | 1,056,666,897 |
| Net increase (decrease) in net assets resulting from operations | 1,232,209,443 | 1,445,142,811 |
| Distributions to shareholders from net investment income | (14,875,007) | (163,120,493) |
| Distributions to shareholders from net realized gain | (177,823,710) | (254,968,549) |
| Total distributions | (192,698,717) | (418,089,042) |
| Share transactions - net increase (decrease) | 18,228,776,530 | 128,477,357 |
| Total increase (decrease) in net assets | 19,268,287,256 | 1,155,531,126 |
| Net Assets | | |
| Beginning of period | 11,305,668,497 | 10,150,137,371 |
| End of period | $30,573,955,753 | $11,305,668,497 |
| Other Information | | |
| Undistributed net investment income end of period | $31,504,426 | $14,704,108 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2030 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $16.72 | $15.20 | $16.62 | $16.47 | $15.02 | $14.07 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .25 | .25 | .27 | .24 | .25 |
| Net realized and unrealized gain (loss) | 1.38 | 1.90 | (.75) | .95 | 1.71 | 1.04 |
| Total from investment operations | 1.39 | 2.15 | (.50) | 1.22 | 1.95 | 1.29 |
| Distributions from net investment income | (.02) | (.25) | (.26) | (.28) | (.25) | (.27) |
| Distributions from net realized gain | (.26) | (.38) | (.67) | (.79) | (.25) | (.07) |
| Total distributions | (.29)B | (.63) | (.92)C | (1.07) | (.50) | (.34) |
| Net asset value, end of period | $17.82 | $16.72 | $15.20 | $16.62 | $16.47 | $15.02 |
| Total ReturnD,E | 8.38% | 14.58% | (3.17)% | 7.76% | 13.08% | 9.30% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .47%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .47%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .47%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .12%H | 1.57% | 1.59% | 1.68% | 1.50% | 1.77% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $12,138,738 | $11,305,668 | $10,150,137 | $10,883,658 | $10,933,549 | $10,636,397 |
| Portfolio turnover rateF | 27%H,J | 17% | 16% | 17% | 54% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.29 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.263 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2030 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $17.47 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .28 |
| Total from investment operations | .36 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $17.83 |
| Total ReturnC,D | 2.06% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .63%G,H |
| Expenses net of fee waivers, if any | .63%G,H |
| Expenses net of all reductions | .63%G,H |
| Net investment income (loss) | 2.29%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $18,037,948 |
| Portfolio turnover rateE | 27%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2030 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $17.15 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .64 |
| Total from investment operations | .69 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $17.84 |
| Total ReturnC,D | 4.02% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .47%G |
| Expenses net of fee waivers, if any | .47%G |
| Expenses net of all reductions | .47%G |
| Net investment income (loss) | .89%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $397,269 |
| Portfolio turnover rateE | 27%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.3 | 10.0 |
| Fidelity Series International Value Fund | 9.2 | 9.4 |
| Fidelity Series International Growth Fund | 9.1 | 9.4 |
| Fidelity Series Growth & Income Fund | 9.0 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 8.8 | 6.2 |
| Fidelity Series Growth Company Fund | 7.9 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.7 | 7.0 |
| Fidelity Series Value Discovery Fund | 4.6 | 9.9 |
| Fidelity Series Opportunistic Insights Fund | 4.3 | 4.5 |
| Fidelity Series Blue Chip Growth Fund | 3.9 | 4.1 |
| | 72.8 | 75.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.3% |
| | International Equity Funds | 30.6% |
| | Bond Funds | 7.1% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.1% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 5.0% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2035 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 25,655,385 | $425,109,723 |
| Fidelity Series 1000 Value Index Fund (a) | | 40,805,277 | 512,514,279 |
| Fidelity Series All-Sector Equity Fund (a) | | 59,303,925 | 792,893,476 |
| Fidelity Series Blue Chip Growth Fund (a) | | 61,288,409 | 811,458,532 |
| Fidelity Series Commodity Strategy Fund (a) | | 77,143,693 | 403,461,514 |
| Fidelity Series Growth & Income Fund (a) | | 122,037,474 | 1,856,189,986 |
| Fidelity Series Growth Company Fund (a) | | 94,227,706 | 1,616,947,431 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 105,119,666 | 1,805,955,864 |
| Fidelity Series Opportunistic Insights Fund (a) | | 49,031,237 | 893,839,444 |
| Fidelity Series Real Estate Equity Fund (a) | | 12,383,831 | 159,875,264 |
| Fidelity Series Small Cap Discovery Fund (a) | | 19,931,775 | 239,181,297 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 52,459,415 | 733,382,623 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 104,215,933 | 1,385,029,747 |
| Fidelity Series Value Discovery Fund (a) | | 71,061,857 | 953,650,114 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $9,875,548,042) | | | 12,589,489,294 |
|
| International Equity Funds - 30.6% | | | |
| Fidelity Series Canada Fund (a) | | 15,480,840 | 164,716,136 |
| Fidelity Series Emerging Markets Fund (a) | | 92,390,678 | 1,903,247,968 |
| Fidelity Series International Growth Fund (a) | | 117,501,670 | 1,867,101,540 |
| Fidelity Series International Small Cap Fund (a) | | 25,120,504 | 449,908,223 |
| Fidelity Series International Value Fund (a) | | 176,398,349 | 1,899,810,218 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,980,759,594) | | | 6,284,784,085 |
|
| Bond Funds - 7.1% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 13,271,954 | 138,824,643 |
| Fidelity Series Floating Rate High Income Fund (a) | | 4,841,251 | 45,943,471 |
| Fidelity Series High Income Fund (a) | | 30,027,893 | 292,771,952 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 16,173,749 | 159,958,380 |
| Fidelity Series International Credit Fund (a) | | 995,750 | 10,007,288 |
| Fidelity Series Investment Grade Bond Fund (a) | | 29,922,396 | 338,422,301 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 42,417,270 | 372,847,806 |
| Fidelity Series Real Estate Income Fund (a) | | 8,330,056 | 93,046,723 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,438,412,258) | | | 1,451,822,564 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 168,014,506 | 168,014,506 |
| Fidelity Series Short-Term Credit Fund (a) | | 4,752,182 | 47,474,303 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $215,412,721) | | | 215,488,809 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $16,510,132,615) | | | 20,541,584,752 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (11,413,915) |
| NET ASSETS - 100% | | | $20,530,170,837 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $148,282,227 | $24,290,086 | $9,153,915 | $-- | $252,554 | $16,944,394 | $425,109,723 |
| Fidelity Series 1000 Value Index Fund | 179,592,513 | 30,800,026 | 8,279,340 | -- | 21,453 | 18,738,744 | 512,514,279 |
| Fidelity Series All-Sector Equity Fund | 279,645,931 | 45,579,647 | 21,338,224 | -- | 377,646 | 31,889,503 | 792,893,476 |
| Fidelity Series Blue Chip Growth Fund | 285,318,640 | 116,906,770 | 36,950,441 | 1,566,976 | 6,493,604 | (30,467,954) | 811,458,532 |
| Fidelity Series Canada Fund | -- | 82,579,118 | 673,413 | -- | 1,869 | 4,360,392 | 164,716,136 |
| Fidelity Series Commodity Strategy Fund | 111,388,669 | 59,937,856 | 5,054,287 | 615,569 | (631,469) | (1,054,675) | 403,461,514 |
| Fidelity Series Emerging Markets Debt Fund | 48,645,752 | 9,503,790 | 1,653,875 | 1,701,372 | 38,797 | 619,773 | 138,824,643 |
| Fidelity Series Emerging Markets Fund | 685,552,413 | 115,382,357 | 231,797,110 | -- | 13,049,819 | 91,893,452 | 1,903,247,968 |
| Fidelity Series Floating Rate High Income Fund | 16,615,127 | 3,177,380 | 669,269 | 430,693 | (18,316) | (39,370) | 45,943,471 |
| Fidelity Series Government Money Market Fund 1.09% | 53,467,356 | 17,661,349 | 2,171,270 | 312,922 | -- | -- | 168,014,506 |
| Fidelity Series Growth & Income Fund | 479,148,645 | 287,947,372(a) | 25,967,579 | 2,771,304 | (106,084) | 63,746,464 | 1,856,189,986 |
| Fidelity Series Growth Company Fund | 564,837,431 | 78,752,144 | 68,789,161 | -- | 21,816,312 | 86,917,429 | 1,616,947,431 |
| Fidelity Series High Income Fund | 103,635,702 | 20,321,065 | 4,036,318 | 3,265,733 | 14,665 | 2,791,745 | 292,771,952 |
| Fidelity Series Inflation-Protected Bond Index Fund | 61,194,766 | 7,033,278 | 2,163,747 | 40,706 | 428 | (954,151) | 159,958,380 |
| Fidelity Series International Credit Fund | -- | 3,865,025 | 14 | -- | -- | (11,137) | 10,007,288 |
| Fidelity Series International Growth Fund | 645,735,531 | 107,439,406 | 84,413,122 | -- | 1,735,708 | 94,342,956 | 1,867,101,540 |
| Fidelity Series International Small Cap Fund | 147,541,592 | 25,109,060 | 12,509,149 | -- | 859,497 | 26,627,500 | 449,908,223 |
| Fidelity Series International Value Fund | 647,425,663 | 114,586,418 | 59,732,114 | -- | (802,386) | 100,080,061 | 1,899,810,218 |
| Fidelity Series Intrinsic Opportunities Fund | 425,390,545 | 323,847,229(a) | 3,027,047 | 12,566,957 | 29,685 | 20,942,431 | 1,805,955,864 |
| Fidelity Series Investment Grade Bond Fund | 81,635,475 | 60,890,451 | 4,468,836 | 1,522,719 | 2,847 | (395,533) | 338,422,301 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 31,462 | 262,679,047 | 1,368,983 | 740,275 | (5,443) | (5,491,845) | 372,847,806 |
| Fidelity Series Opportunistic Insights Fund | 313,087,328 | 51,537,583 | 37,015,203 | -- | 4,272,813 | 44,966,426 | 893,839,444 |
| Fidelity Series Real Estate Equity Fund | 57,029,392 | 14,191,306 | 2,481,849 | 519,519 | (6,158) | (1,489,353) | 159,875,264 |
| Fidelity Series Real Estate Income Fund | 32,984,692 | 7,799,936 | 1,268,950 | 902,471 | (9,074) | 143,261 | 93,046,723 |
| Fidelity Series Short-Term Credit Fund | 17,120,293 | 3,003,768 | 743,475 | 156,440 | (415) | (54,035) | 47,474,303 |
| Fidelity Series Small Cap Discovery Fund | 84,431,775 | 13,954,536 | 3,822,092 | 383,283 | 14,056 | 12,174,573 | 239,181,297 |
| Fidelity Series Small Cap Opportunities Fund | 253,917,431 | 94,095,745 | 11,243,602 | 1,360,288 | (135,745) | (12,082,179) | 733,382,623 |
| Fidelity Series Stock Selector Large Cap Value Fund | 485,084,612 | 84,891,208 | 22,569,330 | -- | 41,668 | 47,897,214 | 1,385,029,747 |
| Fidelity Series Value Discovery Fund | 681,088,437 | 64,633,599 | 364,190,699(a) | 5,456,161 | 26,490,209 | 1,271,333 | 953,650,114 |
| Total | $6,889,829,400 | $2,132,396,555 | $1,027,552,414 | $34,313,388 | $73,798,540 | $614,307,419 | $20,541,584,752 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $16,510,132,615) — See accompanying schedule | | $20,541,584,752 |
| Cash | | 5 |
| Receivable for investments sold | | 316,985 |
| Receivable for fund shares sold | | 33,622,988 |
| Total assets | | 20,575,524,730 |
| Liabilities | | |
| Payable for investments purchased | $17,185,962 | |
| Payable for fund shares redeemed | 16,755,141 | |
| Accrued management fee | 11,412,790 | |
| Total liabilities | | 45,353,893 |
| Net Assets | | $20,530,170,837 |
| Net Assets consist of: | | |
| Paid in capital | | $16,249,233,931 |
| Undistributed net investment income | | 10,428,637 |
| Accumulated undistributed net realized gain (loss) on investments | | 239,056,132 |
| Net unrealized appreciation (depreciation) on investments | | 4,031,452,137 |
| Net Assets | | $20,530,170,837 |
| Fidelity Freedom 2035 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($7,579,411,779 ÷ 507,969,968 shares) | | $14.92 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($12,587,792,858 ÷ 843,667,834 shares) | | $14.92 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($362,966,200 ÷ 24,303,379 shares) | | $14.93 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $34,313,388 |
| Expenses | | |
| Management fee | $23,530,218 | |
| Independent trustees' fees and expenses | 13,085 | |
| Total expenses before reductions | 23,543,303 | |
| Expense reductions | (4,521) | 23,538,782 |
| Net investment income (loss) | | 10,774,606 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 73,798,540 | |
| Capital gain distributions from underlying funds | 182,525,796 | |
| Total net realized gain (loss) | | 256,324,336 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 614,307,419 |
| Net gain (loss) | | 870,631,755 |
| Net increase (decrease) in net assets resulting from operations | | $881,406,361 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,774,606 | $91,212,153 |
| Net realized gain (loss) | 256,324,336 | 136,198,233 |
| Change in net unrealized appreciation (depreciation) | 614,307,419 | 720,467,700 |
| Net increase (decrease) in net assets resulting from operations | 881,406,361 | 947,878,086 |
| Distributions to shareholders from net investment income | (4,477,894) | (88,507,344) |
| Distributions to shareholders from net realized gain | (104,484,046) | (162,354,536) |
| Total distributions | (108,961,940) | (250,861,880) |
| Share transactions - net increase (decrease) | 12,867,898,287 | 231,724,174 |
| Total increase (decrease) in net assets | 13,640,342,708 | 928,740,380 |
| Net Assets | | |
| Beginning of period | 6,889,828,129 | 5,961,087,749 |
| End of period | $20,530,170,837 | $6,889,828,129 |
| Other Information | | |
| Undistributed net investment income end of period | $10,428,637 | $4,131,925 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2035 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.88 | $12.46 | $13.67 | $13.62 | $12.57 | $11.68 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .19 | .19 | .22 | .18 | .20 |
| Net realized and unrealized gain (loss) | 1.26 | 1.75 | (.65) | .80 | 1.63 | .93 |
| Total from investment operations | 1.26 | 1.94 | (.46) | 1.02 | 1.81 | 1.13 |
| Distributions from net investment income | (.01) | (.18) | (.20) | (.23) | (.19) | (.21) |
| Distributions from net realized gain | (.21) | (.34) | (.55) | (.75) | (.57) | (.03) |
| Total distributions | (.22) | (.52) | (.75) | (.97)C | (.76) | (.24) |
| Net asset value, end of period | $14.92 | $13.88 | $12.46 | $13.67 | $13.62 | $12.57 |
| Total ReturnD,E | 9.17% | 16.09% | (3.59)% | 7.90% | 14.76% | 9.85% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.06)%H | 1.45% | 1.48% | 1.62% | 1.42% | 1.70% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $7,579,412 | $6,889,828 | $5,961,088 | $6,289,345 | $6,183,144 | $5,648,531 |
| Portfolio turnover rateF | 26%H,J | 16% | 15% | 18% | 54% | 36% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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 Annualized
I Amount represents less than .005%.
J 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 2035 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.60 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .27 |
| Total from investment operations | .32 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.92 |
| Total ReturnC,D | 2.19% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.72%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $12,587,793 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2035 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.30 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .60 |
| Total from investment operations | .63 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.93 |
| Total ReturnC,D | 4.41% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .60%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $362,966 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.2 |
| Fidelity Series Growth Company Fund | 8.0 | 8.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.6% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.3% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2040 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 26,948,665 | $446,539,376 |
| Fidelity Series 1000 Value Index Fund (a) | | 43,015,926 | 540,280,025 |
| Fidelity Series All-Sector Equity Fund (a) | | 62,404,218 | 834,344,401 |
| Fidelity Series Blue Chip Growth Fund (a) | | 64,495,068 | 853,914,703 |
| Fidelity Series Commodity Strategy Fund (a) | | 80,192,540 | 419,406,986 |
| Fidelity Series Growth & Income Fund (a) | | 128,740,284 | 1,958,139,712 |
| Fidelity Series Growth Company Fund (a) | | 99,256,140 | 1,703,235,363 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 111,037,824 | 1,907,629,810 |
| Fidelity Series Opportunistic Insights Fund (a) | | 51,606,409 | 940,784,833 |
| Fidelity Series Real Estate Equity Fund (a) | | 13,045,379 | 168,415,844 |
| Fidelity Series Small Cap Discovery Fund (a) | | 20,884,915 | 250,618,985 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 55,269,556 | 772,668,395 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 109,905,481 | 1,460,643,846 |
| Fidelity Series Value Discovery Fund (a) | | 74,958,702 | 1,005,945,781 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $10,325,393,148) | | | 13,262,568,060 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 18,676,475 | 198,717,690 |
| Fidelity Series Emerging Markets Fund (a) | | 98,594,196 | 2,031,040,425 |
| Fidelity Series International Growth Fund (a) | | 122,638,260 | 1,948,721,951 |
| Fidelity Series International Small Cap Fund (a) | | 26,452,360 | 473,761,763 |
| Fidelity Series International Value Fund (a) | | 184,607,211 | 1,988,219,665 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $5,243,081,022) | | | 6,640,461,494 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 13,801,206 | 144,360,611 |
| Fidelity Series Floating Rate High Income Fund (a) | | 5,029,440 | 47,729,389 |
| Fidelity Series High Income Fund (a) | | 31,460,072 | 306,735,702 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 16,909,044 | 167,230,440 |
| Fidelity Series International Credit Fund (a) | | 966,922 | 9,717,570 |
| Fidelity Series Investment Grade Bond Fund (a) | | 8,930,985 | 101,009,446 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 39,190,102 | 344,480,997 |
| Fidelity Series Real Estate Income Fund (a) | | 8,765,882 | 97,914,903 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,207,681,389) | | | 1,219,179,058 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 172,634,935 | 172,634,935 |
| Fidelity Series Short-Term Credit Fund (a) | | 5,078,567 | 50,734,882 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $223,287,248) | | | 223,369,817 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $16,999,442,807) | | | 21,345,578,429 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (11,871,179) |
| NET ASSETS - 100% | | | $21,333,707,250 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $157,353,366 | $20,068,447 | $7,972,064 | $-- | $513,868 | $17,658,576 | $446,539,376 |
| Fidelity Series 1000 Value Index Fund | 191,170,503 | 26,255,270 | 7,352,788 | -- | 25,495 | 19,797,190 | 540,280,025 |
| Fidelity Series All-Sector Equity Fund | 296,575,515 | 37,652,444 | 18,775,322 | -- | 305,502 | 33,817,057 | 834,344,401 |
| Fidelity Series Blue Chip Growth Fund | 303,451,828 | 112,332,197 | 35,918,107 | 1,649,837 | 7,062,344 | (32,057,731 ) | 853,914,703 |
| Fidelity Series Canada Fund | -- | 112,542,030 | 557,772 | -- | 1,427 | 4,723,942 | 198,717,690 |
| Fidelity Series Commodity Strategy Fund | 115,949,172 | 77,572,779 | 23,035,322 | 640,283 | (1,199,202) | (536,582 ) | 419,406,986 |
| Fidelity Series Emerging Markets Debt Fund | 51,381,271 | 8,226,756 | 1,535,506 | 1,779,220 | (20,330) | 708,518 | 144,360,611 |
| Fidelity Series Emerging Markets Fund | 727,479,065 | 95,150,590 | 201,974,439 | -- | 11,431,327 | 99,093,026 | 2,031,040,425 |
| Fidelity Series Floating Rate High Income Fund | 17,557,187 | 2,689,338 | 624,941 | 450,020 | (8,552) | (50,648 ) | 47,729,389 |
| Fidelity Series Government Money Market Fund 1.09% | 56,452,877 | 15,577,500 | 1,998,410 | 317,998 | -- | -- | 172,634,935 |
| Fidelity Series Growth & Income Fund | 509,763,605 | 285,830,023 (a) | 24,404,265 | 2,944,146 | (57,253) | 67,461,207 | 1,958,139,712 |
| Fidelity Series Growth Company Fund | 600,472,029 | 67,963,481 | 72,405,245 | -- | 23,562,991 | 91,749,400 | 1,703,235,363 |
| Fidelity Series High Income Fund | 110,141,929 | 17,447,466 | 3,767,729 | 3,434,955 | 8,512 | 2,953,745 | 306,735,702 |
| Fidelity Series Inflation-Protected Bond Index Fund | 65,384,074 | 5,377,550 | 2,959,785 | 42,682 | (31,233) | (974,190 ) | 167,230,440 |
| Fidelity Series International Credit Fund | -- | 3,616,415 | 45 | -- | -- | (12,182 ) | 9,717,570 |
| Fidelity Series International Growth Fund | 686,373,633 | 89,432,506 | 99,413,926 | -- | 2,540,338 | 98,957,720 | 1,948,721,951 |
| Fidelity Series International Small Cap Fund | 156,827,013 | 20,808,471 | 11,605,410 | -- | 826,971 | 28,225,343 | 473,761,763 |
| Fidelity Series International Value Fund | 688,167,886 | 98,521,299 | 69,798,103 | -- | 141,355 | 104,555,074 | 1,988,219,665 |
| Fidelity Series Intrinsic Opportunities Fund | 451,625,015 | 327,548,221 (a) | 2,307,182 | 13,287,175 | (6,477) | 22,210,925 | 1,907,629,810 |
| Fidelity Series Investment Grade Bond Fund | 31,065,292 | 11,482,102 | 1,836,647 | 496,726 | 6,849 | (63,664 ) | 101,009,446 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 30,159 | 235,184,465 | 2,048,907 | 731,791 | (17,648) | (5,348,594 ) | 344,480,997 |
| Fidelity Series Opportunistic Insights Fund | 332,984,066 | 42,470,270 | 35,684,826 | -- | 6,482,021 | 45,685,637 | 940,784,833 |
| Fidelity Series Real Estate Equity Fund | 60,193,847 | 13,514,848 | 2,347,976 | 541,555 | (1,991) | (1,562,903 ) | 168,415,844 |
| Fidelity Series Real Estate Income Fund | 34,859,596 | 6,855,141 | 1,185,902 | 935,133 | 4,180 | 153,943 | 97,914,903 |
| Fidelity Series Short-Term Credit Fund | 18,743,753 | 2,516,694 | 695,388 | 168,919 | (363) | (56,684 ) | 50,734,882 |
| Fidelity Series Small Cap Discovery Fund | 89,631,440 | 11,551,085 | 3,436,609 | 404,042 | 14,184 | 12,790,343 | 250,618,985 |
| Fidelity Series Small Cap Opportunities Fund | 270,216,572 | 91,265,040 | 10,334,488 | 1,433,916 | (128,030) | (12,767,861 ) | 772,668,395 |
| Fidelity Series Stock Selector Large Cap Value Fund | 516,075,449 | 73,091,638 | 19,782,016 | -- | 61,700 | 50,596,167 | 1,460,643,846 |
| Fidelity Series Value Discovery Fund | 724,534,607 | 53,995,910 | 380,779,458(a) | 5,814,090 | 34,705,461 | (5,156,134 ) | 1,005,945,781 |
| Total | $7,264,460,749 | $1,966,539,976 | $1,044,538,578 | $35,072,488 | $86,223,446 | $642,550,640 | $21,345,578,429 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $16,999,442,807) — See accompanying schedule | | $21,345,578,429 |
| Cash | | 16 |
| Receivable for investments sold | | 240,582 |
| Receivable for fund shares sold | | 60,311,653 |
| Total assets | | 21,406,130,680 |
| Liabilities | | |
| Payable for investments purchased | $13,747,670 | |
| Payable for fund shares redeemed | 46,802,133 | |
| Accrued management fee | 11,873,627 | |
| Total liabilities | | 72,423,430 |
| Net Assets | | $21,333,707,250 |
| Net Assets consist of: | | |
| Paid in capital | | $16,718,059,994 |
| Undistributed net investment income | | 10,488,031 |
| Accumulated undistributed net realized gain (loss) on investments | | 259,023,603 |
| Net unrealized appreciation (depreciation) on investments | | 4,346,135,622 |
| Net Assets | | $21,333,707,250 |
| Fidelity Freedom 2040 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($7,864,541,579 ÷ 750,772,549 shares) | | $10.48 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($13,178,772,483 ÷ 1,257,433,086 shares) | | $10.48 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($290,393,188 ÷ 27,709,216 shares) | | $10.48 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $35,072,488 |
| Expenses | | |
| Management fee | $24,524,866 | |
| Independent trustees' fees and expenses | 13,711 | |
| Total expenses before reductions | 24,538,577 | |
| Expense reductions | (4,763) | 24,533,814 |
| Net investment income (loss) | | 10,538,674 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 86,223,446 | |
| Capital gain distributions from underlying funds | 192,356,208 | |
| Total net realized gain (loss) | | 278,579,654 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 642,550,640 |
| Net gain (loss) | | 921,130,294 |
| Net increase (decrease) in net assets resulting from operations | | $931,668,968 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,538,674 | $96,980,348 |
| Net realized gain (loss) | 278,579,654 | 144,536,452 |
| Change in net unrealized appreciation (depreciation) | 642,550,640 | 768,804,398 |
| Net increase (decrease) in net assets resulting from operations | 931,668,968 | 1,010,321,198 |
| Distributions to shareholders from net investment income | (3,727,463) | (96,859,849) |
| Distributions to shareholders from net realized gain | (114,805,801) | (178,085,083) |
| Total distributions | (118,533,264) | (274,944,932) |
| Share transactions - net increase (decrease) | 13,256,112,838 | 140,516,333 |
| Total increase (decrease) in net assets | 14,069,248,542 | 875,892,599 |
| Net Assets | | |
| Beginning of period | 7,264,458,708 | 6,388,566,109 |
| End of period | $21,333,707,250 | $7,264,458,708 |
| Other Information | | |
| Undistributed net investment income end of period | $10,488,031 | $3,676,820 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2040 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $9.74 | $8.75 | $9.63 | $9.62 | $8.78 | $8.15 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .13 | .13 | .15 | .13 | .14 |
| Net realized and unrealized gain (loss) | .90 | 1.24 | (.46) | .57 | 1.17 | .66 |
| Total from investment operations | .90 | 1.37 | (.33) | .72 | 1.30 | .80 |
| Distributions from net investment income | (.01) | (.13) | (.14) | (.16) | (.13) | (.15) |
| Distributions from net realized gain | (.15) | (.24) | (.41) | (.55) | (.33) | (.02) |
| Total distributions | (.16) | (.38)C | (.55) | (.71) | (.46) | (.17) |
| Net asset value, end of period | $10.48 | $9.74 | $8.75 | $9.63 | $9.62 | $8.78 |
| Total ReturnD,E | 9.33% | 16.14% | (3.62)% | 7.86% | 15.08% | 9.94% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.07)%H | 1.44% | 1.47% | 1.61% | 1.40% | 1.70% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $7,864,542 | $7,264,459 | $6,388,566 | $6,901,191 | $7,016,128 | $6,758,570 |
| Portfolio turnover rateF | 26%H,J | 15% | 16% | 17% | 49% | 33% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.38 per share is comprised of distributions from net investment income of $.132 and distributions from net realized gain of $.244 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 Annualized
I Amount represents less than $.005%
J 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 2040 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.25 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .20 |
| Total from investment operations | .23 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $10.48 |
| Total ReturnC,D | 2.24% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.69%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $13,178,772 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
I 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 2040 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.03 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .45 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $10.48 |
| Total ReturnC,D | 4.49% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .58%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $290,393 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.2 |
| Fidelity Series Growth Company Fund | 8.0 | 8.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2045 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 15,824,921 | $262,218,944 |
| Fidelity Series 1000 Value Index Fund (a) | | 25,168,054 | 316,110,754 |
| Fidelity Series All-Sector Equity Fund (a) | | 36,586,872 | 489,166,476 |
| Fidelity Series Blue Chip Growth Fund (a) | | 37,811,178 | 500,619,999 |
| Fidelity Series Commodity Strategy Fund (a) | | 46,906,379 | 245,320,361 |
| Fidelity Series Growth & Income Fund (a) | | 75,302,215 | 1,145,346,684 |
| Fidelity Series Growth Company Fund (a) | | 58,138,885 | 997,663,275 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 64,887,494 | 1,114,767,147 |
| Fidelity Series Opportunistic Insights Fund (a) | | 30,248,518 | 551,430,481 |
| Fidelity Series Real Estate Equity Fund (a) | | 7,627,776 | 98,474,590 |
| Fidelity Series Small Cap Discovery Fund (a) | | 12,292,223 | 147,506,676 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 32,372,486 | 452,567,355 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 64,191,572 | 853,105,990 |
| Fidelity Series Value Discovery Fund (a) | | 43,868,470 | 588,714,863 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $6,137,120,899) | | | 7,763,013,595 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 10,927,622 | 116,269,903 |
| Fidelity Series Emerging Markets Fund (a) | | 57,715,454 | 1,188,938,353 |
| Fidelity Series International Growth Fund (a) | | 71,764,721 | 1,140,341,423 |
| Fidelity Series International Small Cap Fund (a) | | 15,479,910 | 277,245,194 |
| Fidelity Series International Value Fund (a) | | 108,121,099 | 1,164,464,232 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $3,105,221,356) | | | 3,887,259,105 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 7,975,700 | 83,425,827 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,965,961 | 28,146,973 |
| Fidelity Series High Income Fund (a) | | 18,320,332 | 178,623,240 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 9,666,662 | 95,603,288 |
| Fidelity Series International Credit Fund (a) | | 579,768 | 5,826,665 |
| Fidelity Series Investment Grade Bond Fund (a) | | 5,226,191 | 59,108,218 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 22,985,978 | 202,046,743 |
| Fidelity Series Real Estate Income Fund (a) | | 5,039,902 | 56,295,707 |
| TOTAL BOND FUNDS | | | |
| (Cost $701,361,755) | | | 709,076,661 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 101,949,693 | 101,949,693 |
| Fidelity Series Short-Term Credit Fund (a) | | 2,961,074 | 29,581,130 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $131,483,660) | | | 131,530,823 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $10,075,187,670) | | | 12,490,880,184 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (6,869,305) |
| NET ASSETS - 100% | | | $12,484,010,879 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $75,910,943 | $15,524,569 | $4,575,896 | $-- | $59,827 | $9,780,884 | $262,218,944 |
| Fidelity Series 1000 Value Index Fund | 91,992,048 | 19,528,867 | 4,136,527 | -- | 566 | 11,383,461 | 316,110,754 |
| Fidelity Series All-Sector Equity Fund | 143,160,656 | 29,113,923 | 10,579,518 | -- | 145,430 | 18,197,132 | 489,166,476 |
| Fidelity Series Blue Chip Growth Fund | 146,065,471 | 73,063,984 | 18,563,103 | 965,380 | 2,920,088 | (21,067,499) | 500,619,999 |
| Fidelity Series Canada Fund | -- | 61,535,924 | 303,806 | -- | 843 | 2,654,351 | 116,269,903 |
| Fidelity Series Commodity Strategy Fund | 57,174,624 | 32,615,921 | 2,597,468 | 373,800 | (3,989) | (1,122,435) | 245,320,361 |
| Fidelity Series Emerging Markets Debt Fund | 24,524,403 | 5,720,470 | 861,336 | 882,902 | (2,456) | 259,605 | 83,425,827 |
| Fidelity Series Emerging Markets Fund | 350,211,750 | 72,670,439 | 114,595,361 | -- | 5,578,476 | 48,013,874 | 1,188,938,353 |
| Fidelity Series Floating Rate High Income Fund | 8,373,059 | 1,952,667 | 351,830 | 224,557 | (12,022) | (16,789) | 28,146,973 |
| Fidelity Series Government Money Market Fund 1.09% | 27,106,980 | 10,126,396 | 1,134,308 | 164,845 | -- | -- | 101,949,693 |
| Fidelity Series Growth & Income Fund | 245,345,533 | 162,385,118(a) | 13,692,503 | 1,428,780 | (70,874) | 39,997,159 | 1,145,346,684 |
| Fidelity Series Growth Company Fund | 287,954,017 | 49,990,692 | 30,835,241 | -- | 8,315,631 | 50,655,647 | 997,663,275 |
| Fidelity Series High Income Fund | 52,683,359 | 12,436,997 | 2,118,931 | 1,711,089 | 7,137 | 1,634,471 | 178,623,240 |
| Fidelity Series Inflation-Protected Bond Index Fund | 30,442,561 | 5,275,619 | 1,131,698 | 21,029 | (4,577) | (636,851) | 95,603,288 |
| Fidelity Series International Credit Fund | -- | 1,831,987 | 54 | -- | -- | (10,669) | 5,826,665 |
| Fidelity Series International Growth Fund | 330,326,316 | 68,184,653 | 53,684,155 | -- | 978,354 | 49,849,064 | 1,140,341,423 |
| Fidelity Series International Small Cap Fund | 75,475,113 | 15,991,173 | 6,048,968 | -- | 343,000 | 14,258,130 | 277,245,194 |
| Fidelity Series International Value Fund | 331,188,904 | 73,252,616 | 37,429,922 | -- | (33,346) | 55,510,949 | 1,164,464,232 |
| Fidelity Series Intrinsic Opportunities Fund | 217,564,424 | 186,038,547(a) | 1,180,175 | 7,751,637 | 18,709 | 8,878,747 | 1,114,767,147 |
| Fidelity Series Investment Grade Bond Fund | 15,221,209 | 6,596,393 | 993,434 | 250,430 | (302) | (101,500) | 59,108,218 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 15,326 | 132,127,369 | 948,655 | 380,584 | (8,089) | (3,350,717) | 202,046,743 |
| Fidelity Series Opportunistic Insights Fund | 160,281,094 | 32,888,902 | 18,540,631 | -- | 1,861,676 | 25,067,641 | 551,430,481 |
| Fidelity Series Real Estate Equity Fund | 29,201,655 | 8,835,464 | 1,320,435 | 270,487 | 404 | (935,695) | 98,474,590 |
| Fidelity Series Real Estate Income Fund | 16,661,979 | 4,749,877 | 666,290 | 462,005 | (3,211) | 62,150 | 56,295,707 |
| Fidelity Series Short-Term Credit Fund | 8,971,211 | 1,910,121 | 391,720 | 84,627 | (146) | (42,382) | 29,581,130 |
| Fidelity Series Small Cap Discovery Fund | 43,182,271 | 8,881,763 | 1,934,578 | 195,855 | 9,642 | 7,679,804 | 147,506,676 |
| Fidelity Series Small Cap Opportunities Fund | 130,040,169 | 59,288,923 | 5,814,805 | 838,254 | (74,040) | (7,487,537) | 452,567,355 |
| Fidelity Series Stock Selector Large Cap Value Fund | 248,384,564 | 53,318,083 | 11,127,391 | -- | 69,299 | 28,991,227 | 853,105,990 |
| Fidelity Series Value Discovery Fund | 348,724,861 | 40,767,058 | 186,528,060(a) | 2,807,877 | 13,434,268 | 3,929,915 | 588,714,863 |
| Total | $3,496,184,500 | $1,246,604,515 | $532,086,799 | $18,814,138 | $33,530,298 | $342,032,137 | $12,490,880,184 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $10,075,187,670) — See accompanying schedule | | $12,490,880,184 |
| Cash | | 20 |
| Receivable for investments sold | | 149,235 |
| Receivable for fund shares sold | | 26,128,182 |
| Total assets | | 12,517,157,621 |
| Liabilities | | |
| Payable for investments purchased | $15,304,485 | |
| Payable for fund shares redeemed | 10,972,835 | |
| Accrued management fee | 6,869,422 | |
| Total liabilities | | 33,146,742 |
| Net Assets | | $12,484,010,879 |
| Net Assets consist of: | | |
| Paid in capital | | $9,931,266,174 |
| Undistributed net investment income | | 5,850,931 |
| Accumulated undistributed net realized gain (loss) on investments | | 131,201,260 |
| Net unrealized appreciation (depreciation) on investments | | 2,415,692,514 |
| Net Assets | | $12,484,010,879 |
| Fidelity Freedom 2045 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($3,868,175,971 ÷ 326,577,664 shares) | | $11.84 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($8,453,836,734 ÷ 713,576,844 shares) | | $11.85 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($161,998,174 ÷ 13,671,032 shares) | | $11.85 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $18,814,138 |
| Expenses | | |
| Management fee | $12,762,851 | |
| Independent trustees' fees and expenses | 6,641 | |
| Total expenses before reductions | 12,769,492 | |
| Expense reductions | (2,292) | 12,767,200 |
| Net investment income (loss) | | 6,046,938 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 33,530,298 | |
| Capital gain distributions from underlying funds | 110,645,377 | |
| Total net realized gain (loss) | | 144,175,675 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 342,032,137 |
| Net gain (loss) | | 486,207,812 |
| Net increase (decrease) in net assets resulting from operations | | $492,254,750 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $6,046,938 | $45,505,718 |
| Net realized gain (loss) | 144,175,675 | 70,221,421 |
| Change in net unrealized appreciation (depreciation) | 342,032,137 | 358,042,833 |
| Net increase (decrease) in net assets resulting from operations | 492,254,750 | 473,769,972 |
| Distributions to shareholders from net investment income | (1,914,156) | (45,424,022) |
| Distributions to shareholders from net realized gain | (50,405,841) | (83,790,283) |
| Total distributions | (52,319,997) | (129,214,305) |
| Share transactions - net increase (decrease) | 8,547,892,172 | 238,655,834 |
| Total increase (decrease) in net assets | 8,987,826,925 | 583,211,501 |
| Net Assets | | |
| Beginning of period | 3,496,183,954 | 2,912,972,453 |
| End of period | $12,484,010,879 | $3,496,183,954 |
| Other Information | | |
| Undistributed net investment income end of period | $5,850,931 | $1,718,149 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2045 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.00 | $9.89 | $10.84 | $11.09 | $10.42 | $9.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | .15 | .15 | .17 | .15 | .17 |
| Net realized and unrealized gain (loss) | 1.01 | 1.39 | (.52) | .64 | 1.39 | .79 |
| Total from investment operations | 1.00 | 1.54 | (.37) | .81 | 1.54 | .96 |
| Distributions from net investment income | (.01) | (.15) | (.16) | (.18) | (.15) | (.17) |
| Distributions from net realized gain | (.16) | (.28) | (.43) | (.89) | (.72) | (.02) |
| Total distributions | (.16)B | (.43) | (.58)C | (1.06)D | (.87) | (.19) |
| Net asset value, end of period | $11.84 | $11.00 | $9.89 | $10.84 | $11.09 | $10.42 |
| Total ReturnE,F | 9.22% | 16.08% | (3.59)% | 7.93% | 15.38% | 10.14% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .51%I | - %J | - %J | - %J | - %J | - %J |
| Expenses net of fee waivers, if any | .51%I | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%I | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.10)%I | 1.45% | 1.48% | 1.62% | 1.42% | 1.75% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $3,868,176 | $3,496,184 | $2,912,972 | $2,993,926 | $2,885,106 | $2,480,465 |
| Portfolio turnover rateG | 26%I,K | 15% | 17% | 21% | 53% | 45% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.16 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.158 per share.
C 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.
D 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.
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 Annualized
J Amount represents less than .005%.
K 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 2045 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.59 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.85 |
| Total ReturnC,D | 2.24% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.56%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $8,453,837 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2045 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.34 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.85 |
| Total ReturnC,D | 4.50% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .54%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $161,998 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 9.0 | 6.3 |
| Fidelity Series Growth Company Fund | 8.0 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2050 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 13,194,889 | $218,639,307 |
| Fidelity Series 1000 Value Index Fund (a) | | 21,037,705 | 264,233,573 |
| Fidelity Series All-Sector Equity Fund (a) | | 30,556,373 | 408,538,710 |
| Fidelity Series Blue Chip Growth Fund (a) | | 31,579,785 | 418,116,349 |
| Fidelity Series Commodity Strategy Fund (a) | | 39,251,020 | 205,282,834 |
| Fidelity Series Growth & Income Fund (a) | | 63,008,121 | 958,353,519 |
| Fidelity Series Growth Company Fund (a) | | 48,600,881 | 833,991,113 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 54,603,690 | 938,091,395 |
| Fidelity Series Opportunistic Insights Fund (a) | | 25,266,629 | 460,610,651 |
| Fidelity Series Real Estate Equity Fund (a) | | 6,364,761 | 82,169,066 |
| Fidelity Series Small Cap Discovery Fund (a) | | 10,236,031 | 122,832,369 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 27,035,045 | 377,949,923 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 53,736,884 | 714,163,189 |
| Fidelity Series Value Discovery Fund (a) | | 36,646,359 | 491,794,132 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $5,148,727,253) | | | 6,494,766,130 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 9,142,401 | 97,275,145 |
| Fidelity Series Emerging Markets Fund (a) | | 48,291,266 | 994,800,073 |
| Fidelity Series International Growth Fund (a) | | 60,659,120 | 963,873,414 |
| Fidelity Series International Small Cap Fund (a) | | 12,952,376 | 231,977,054 |
| Fidelity Series International Value Fund (a) | | 89,553,646 | 964,492,768 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $2,600,154,410) | | | 3,252,418,454 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 6,663,727 | 69,702,580 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,498,615 | 23,711,860 |
| Fidelity Series High Income Fund (a) | | 15,317,454 | 149,345,174 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 8,038,454 | 79,500,314 |
| Fidelity Series International Credit Fund (a) | | 487,949 | 4,903,889 |
| Fidelity Series Investment Grade Bond Fund (a) | | 4,373,641 | 49,465,874 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 19,241,832 | 169,135,703 |
| Fidelity Series Real Estate Income Fund (a) | | 4,214,266 | 47,073,355 |
| TOTAL BOND FUNDS | | | |
| (Cost $587,050,259) | | | 592,838,749 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 85,557,687 | 85,557,687 |
| Fidelity Series Short-Term Credit Fund (a) | | 2,475,825 | 24,733,489 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $110,250,251) | | | 110,291,176 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $8,446,182,173) | | | 10,450,314,509 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (5,750,134) |
| NET ASSETS - 100% | | | $10,444,564,375 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $62,638,976 | $12,282,357 | $3,783,364 | $-- | $34,519 | $8,139,096 | $218,639,307 |
| Fidelity Series 1000 Value Index Fund | 75,814,592 | 15,531,621 | 3,400,562 | -- | 2,971 | 9,502,464 | 264,233,573 |
| Fidelity Series All-Sector Equity Fund | 118,131,044 | 23,048,673 | 8,776,540 | -- | 101,928 | 15,150,411 | 408,538,710 |
| Fidelity Series Blue Chip Growth Fund | 120,528,023 | 59,680,665 | 15,381,631 | 805,607 | 2,207,328 | (17,484,005) | 418,116,349 |
| Fidelity Series Canada Fund | -- | 50,850,109 | 276,844 | -- | 594 | 2,215,194 | 97,275,145 |
| Fidelity Series Commodity Strategy Fund | 47,433,910 | 26,121,015 | 2,126,321 | 312,526 | (4,679) | (936,150) | 205,282,834 |
| Fidelity Series Emerging Markets Debt Fund | 20,222,367 | 4,523,355 | 711,950 | 729,494 | 8,926 | 196,724 | 69,702,580 |
| Fidelity Series Emerging Markets Fund | 288,955,854 | 56,574,977 | 95,045,263 | -- | 5,138,809 | 39,119,867 | 994,800,073 |
| Fidelity Series Floating Rate High Income Fund | 6,949,953 | 1,558,126 | 289,928 | 186,842 | (3,634) | (20,130) | 23,711,860 |
| Fidelity Series Government Money Market Fund 1.09% | 22,353,640 | 8,246,193 | 944,372 | 133,767 | -- | -- | 85,557,687 |
| Fidelity Series Growth & Income Fund | 202,356,403 | 131,379,387(a) | 10,973,399 | 1,182,460 | (49,312) | 33,506,253 | 958,353,519 |
| Fidelity Series Growth Company Fund | 237,459,962 | 38,340,093 | 24,465,424 | -- | 6,115,700 | 42,748,239 | 833,991,113 |
| Fidelity Series High Income Fund | 43,407,771 | 9,901,489 | 1,747,123 | 1,413,369 | 5,414 | 1,363,970 | 149,345,174 |
| Fidelity Series Inflation-Protected Bond Index Fund | 24,822,064 | 4,444,949 | 932,092 | 17,286 | (2,451) | (533,869) | 79,500,314 |
| Fidelity Series International Credit Fund | -- | 1,535,600 | 29 | -- | -- | (9,042) | 4,903,889 |
| Fidelity Series International Growth Fund | 272,563,530 | 53,444,391 | 34,372,528 | -- | 613,646 | 41,422,447 | 963,873,414 |
| Fidelity Series International Small Cap Fund | 62,277,109 | 12,597,480 | 4,978,948 | -- | 274,164 | 11,800,905 | 231,977,054 |
| Fidelity Series International Value Fund | 273,275,108 | 57,754,520 | 40,352,377 | -- | (203,081) | 46,132,200 | 964,492,768 |
| Fidelity Series Intrinsic Opportunities Fund | 180,016,043 | 151,326,605(a) | 1,132,968 | 6,517,021 | 18,524 | 7,207,931 | 938,091,395 |
| Fidelity Series Investment Grade Bond Fund | 12,708,969 | 5,171,238 | 819,573 | 207,740 | (1,904) | (85,868) | 49,465,874 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 12,932 | 109,848,564 | 719,576 | 318,403 | (6,383) | (2,820,811) | 169,135,703 |
| Fidelity Series Opportunistic Insights Fund | 132,258,253 | 26,029,887 | 15,361,707 | -- | 1,357,652 | 20,979,842 | 460,610,651 |
| Fidelity Series Real Estate Equity Fund | 24,159,960 | 7,017,073 | 1,085,813 | 221,767 | (3,879) | (768,790) | 82,169,066 |
| Fidelity Series Real Estate Income Fund | 13,720,923 | 3,813,337 | 550,271 | 378,017 | (856) | 53,567 | 47,073,355 |
| Fidelity Series Short-Term Credit Fund | 7,399,416 | 1,523,960 | 322,501 | 70,011 | (95) | (35,867) | 24,733,489 |
| Fidelity Series Small Cap Discovery Fund | 35,628,306 | 7,041,529 | 1,588,083 | 161,670 | 1,067 | 6,405,605 | 122,832,369 |
| Fidelity Series Small Cap Opportunities Fund | 107,210,344 | 48,367,869 | 4,778,945 | 699,459 | (67,524) | (6,235,610) | 377,949,923 |
| Fidelity Series Stock Selector Large Cap Value Fund | 204,864,144 | 42,067,402 | 9,149,875 | -- | 88,713 | 24,218,430 | 714,163,189 |
| Fidelity Series Value Discovery Fund | 287,661,234 | 33,066,268 | 154,494,028(a) | 2,321,098 | 10,916,415 | 3,593,354 | 491,794,132 |
| Total | $2,884,830,830 | $1,003,088,732 | $438,562,035 | $15,676,537 | $26,542,572 | $284,826,357 | $10,450,314,509 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $8,446,182,173) — See accompanying schedule | | $10,450,314,509 |
| Cash | | 2 |
| Receivable for investments sold | | 103,924 |
| Receivable for fund shares sold | | 32,206,962 |
| Total assets | | 10,482,625,397 |
| Liabilities | | |
| Payable for investments purchased | $15,053,079 | |
| Payable for fund shares redeemed | 17,253,958 | |
| Accrued management fee | 5,753,985 | |
| Total liabilities | | 38,061,022 |
| Net Assets | | $10,444,564,375 |
| Net Assets consist of: | | |
| Paid in capital | | $8,326,774,806 |
| Undistributed net investment income | | 4,995,384 |
| Accumulated undistributed net realized gain (loss) on investments | | 108,661,849 |
| Net unrealized appreciation (depreciation) on investments | | 2,004,132,336 |
| Net Assets | | $10,444,564,375 |
| Fidelity Freedom 2050 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($3,198,263,270 ÷ 268,584,185 shares) | | $11.91 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($7,126,047,761 ÷ 598,418,626 shares) | | $11.91 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($120,253,344 ÷ 10,094,895 shares) | | $11.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $15,676,537 |
| Expenses | | |
| Management fee | $10,595,742 | |
| Independent trustees' fees and expenses | 5,482 | |
| Total expenses before reductions | 10,601,224 | |
| Expense reductions | (1,891) | 10,599,333 |
| Net investment income (loss) | | 5,077,204 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 26,542,572 | |
| Capital gain distributions from underlying funds | 92,403,402 | |
| Total net realized gain (loss) | | 118,945,974 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 284,826,357 |
| Net gain (loss) | | 403,772,331 |
| Net increase (decrease) in net assets resulting from operations | | $408,849,535 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,077,204 | $37,285,493 |
| Net realized gain (loss) | 118,945,974 | 56,748,247 |
| Change in net unrealized appreciation (depreciation) | 284,826,357 | 294,641,485 |
| Net increase (decrease) in net assets resulting from operations | 408,849,535 | 388,675,225 |
| Distributions to shareholders from net investment income | (1,573,575) | (36,871,772) |
| Distributions to shareholders from net realized gain | (40,897,550) | (67,884,342) |
| Total distributions | (42,471,125) | (104,756,114) |
| Share transactions - net increase (decrease) | 7,193,355,581 | 237,530,130 |
| Total increase (decrease) in net assets | 7,559,733,991 | 521,449,241 |
| Net Assets | | |
| Beginning of period | 2,884,830,384 | 2,363,381,143 |
| End of period | $10,444,564,375 | $2,884,830,384 |
| Other Information | | |
| Undistributed net investment income end of period | $4,995,384 | $1,491,755 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2050 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.05 | $9.93 | $10.90 | $11.15 | $10.28 | $9.51 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | .15 | .15 | .17 | .15 | .16 |
| Net realized and unrealized gain (loss) | 1.03 | 1.40 | (.52) | .65 | 1.41 | .79 |
| Total from investment operations | 1.02 | 1.55 | (.37) | .82 | 1.56 | .95 |
| Distributions from net investment income | (.01) | (.15) | (.16) | (.18) | (.15) | (.17) |
| Distributions from net realized gain | (.16) | (.28) | (.44) | (.89) | (.54) | (.02) |
| Total distributions | (.16)B | (.43) | (.60) | (1.07) | (.69) | (.18)C |
| Net asset value, end of period | $11.91 | $11.05 | $9.93 | $10.90 | $11.15 | $10.28 |
| Total ReturnD,E | 9.34% | 16.11% | (3.65)% | 7.91% | 15.53% | 10.18% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .51%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .51%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.10)%H | 1.45% | 1.49% | 1.62% | 1.41% | 1.71% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $3,198,263 | $2,884,830 | $2,363,381 | $2,375,308 | $2,297,832 | $2,069,745 |
| Portfolio turnover rateF | 26%H,J | 15% | 17% | 23% | 57% | 44% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.16 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.156 per share.
C 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.
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 Annualized
I Amount represents less than .005%.
J 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 2050 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.65 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 2.23% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.55%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $7,126,048 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2050 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.40 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 4.47% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .56%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $120,253 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Growth Fund | 9.3 | 9.4 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.3 |
| Fidelity Series Growth Company Fund | 8.0 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.2 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.2% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2055 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 4,820,754 | $79,879,889 |
| Fidelity Series 1000 Value Index Fund (a) | | 7,694,094 | 96,637,819 |
| Fidelity Series All-Sector Equity Fund (a) | | 11,158,425 | 149,188,136 |
| Fidelity Series Blue Chip Growth Fund (a) | | 11,532,238 | 152,686,832 |
| Fidelity Series Commodity Strategy Fund (a) | | 14,309,370 | 74,838,008 |
| Fidelity Series Growth & Income Fund (a) | | 23,001,679 | 349,855,533 |
| Fidelity Series Growth Company Fund (a) | | 17,730,994 | 304,263,854 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 19,719,876 | 338,787,461 |
| Fidelity Series Opportunistic Insights Fund (a) | | 9,225,596 | 168,182,611 |
| Fidelity Series Real Estate Equity Fund (a) | | 2,338,460 | 30,189,516 |
| Fidelity Series Small Cap Discovery Fund (a) | | 3,750,399 | 45,004,794 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 9,888,231 | 138,237,467 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 19,641,936 | 261,041,325 |
| Fidelity Series Value Discovery Fund (a) | | 13,419,371 | 180,087,962 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,036,471,704) | | | 2,368,881,207 |
|
| International Equity Funds - 31.2% | | | |
| Fidelity Series Canada Fund (a) | | 3,333,695 | 35,470,518 |
| Fidelity Series Emerging Markets Fund (a) | | 17,616,212 | 362,893,972 |
| Fidelity Series International Growth Fund (a) | | 22,134,998 | 351,725,112 |
| Fidelity Series International Small Cap Fund (a) | | 4,725,848 | 84,639,931 |
| Fidelity Series International Value Fund (a) | | 32,655,536 | 351,700,125 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,004,313,811) | | | 1,186,429,658 |
|
| Bond Funds - 5.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,369,281 | 24,782,682 |
| Fidelity Series Floating Rate High Income Fund (a) | | 923,215 | 8,761,308 |
| Fidelity Series High Income Fund (a) | | 5,590,770 | 54,510,003 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,854,465 | 28,230,654 |
| Fidelity Series International Credit Fund (a) | | 164,923 | 1,657,481 |
| Fidelity Series Investment Grade Bond Fund (a) | | 1,595,553 | 18,045,704 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 7,033,790 | 61,827,018 |
| Fidelity Series Real Estate Income Fund (a) | | 1,546,605 | 17,275,577 |
| TOTAL BOND FUNDS | | | |
| (Cost $212,813,460) | | | 215,090,427 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 31,734,244 | 31,734,244 |
| Fidelity Series Short-Term Credit Fund (a) | | 887,316 | 8,864,288 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $40,584,864) | | | 40,598,532 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $3,294,183,839) | | | 3,810,999,824 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (2,066,170) |
| NET ASSETS - 100% | | | $3,808,933,654 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $20,033,106 | $6,773,756 | $1,203,986 | $-- | $549 | $2,852,860 | $79,879,889 |
| Fidelity Series 1000 Value Index Fund | 24,255,513 | 8,292,616 | 859,745 | -- | (861) | 3,419,185 | 96,637,819 |
| Fidelity Series All-Sector Equity Fund | 37,780,585 | 12,717,461 | 2,766,774 | -- | (27,018) | 5,330,484 | 149,188,136 |
| Fidelity Series Blue Chip Growth Fund | 38,547,010 | 26,122,634 | 4,952,444 | 291,927 | 244,136 | (6,265,142) | 152,686,832 |
| Fidelity Series Canada Fund | -- | 18,499,468 | 47,314 | -- | (126) | 794,182 | 35,470,518 |
| Fidelity Series Commodity Strategy Fund | 15,750,440 | 10,434,694 | 545,402 | 113,080 | (6,060) | (343,122) | 74,838,008 |
| Fidelity Series Emerging Markets Debt Fund | 6,351,178 | 2,234,903 | 181,029 | 240,218 | 2,412 | 54,726 | 24,782,682 |
| Fidelity Series Emerging Markets Fund | 92,291,452 | 30,325,461 | 31,985,843 | -- | 799,138 | 13,797,875 | 362,893,972 |
| Fidelity Series Floating Rate High Income Fund | 2,277,567 | 821,013 | 73,614 | 64,548 | (320) | (7,988) | 8,761,308 |
| Fidelity Series Government Money Market Fund 1.09% | 7,128,818 | 3,968,860 | 243,531 | 46,022 | -- | -- | 31,734,244 |
| Fidelity Series Growth & Income Fund | 64,757,517 | 54,481,112(a) | 3,076,635 | 389,581 | (11,267) | 12,133,704 | 349,855,533 |
| Fidelity Series Growth Company Fund | 75,561,673 | 19,733,140 | 3,946,656 | -- | 180,471 | 16,260,914 | 304,263,854 |
| Fidelity Series High Income Fund | 13,866,939 | 5,124,786 | 444,105 | 476,917 | 2,052 | 480,862 | 54,510,003 |
| Fidelity Series Inflation-Protected Bond Index Fund | 7,439,777 | 2,442,490 | 236,532 | 5,617 | 613 | (200,281) | 28,230,654 |
| Fidelity Series International Credit Fund | -- | 522,470 | 12 | -- | -- | (3,022) | 1,657,481 |
| Fidelity Series International Growth Fund | 87,135,142 | 29,062,848 | 10,441,328 | -- | 227,003 | 13,822,692 | 351,725,112 |
| Fidelity Series International Small Cap Fund | 19,909,249 | 6,898,800 | 1,426,222 | -- | 69,217 | 3,979,314 | 84,639,931 |
| Fidelity Series International Value Fund | 87,362,038 | 30,607,178 | 13,204,306 | -- | 52,105 | 15,786,113 | 351,700,125 |
| Fidelity Series Intrinsic Opportunities Fund | 58,119,244 | 60,605,986(a) | 358,817 | 2,339,436 | (1,814) | 2,143,625 | 338,787,461 |
| Fidelity Series Investment Grade Bond Fund | 4,305,047 | 2,084,346 | 254,401 | 71,208 | (587) | (37,446) | 18,045,704 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 4,445 | 39,936,618 | 168,027 | 110,999 | (959) | (1,044,150) | 61,827,018 |
| Fidelity Series Opportunistic Insights Fund | 42,298,882 | 14,342,523 | 4,905,731 | -- | 176,551 | 7,422,789 | 168,182,611 |
| Fidelity Series Real Estate Equity Fund | 7,780,471 | 3,418,595 | 318,532 | 76,043 | (9,248) | (283,484) | 30,189,516 |
| Fidelity Series Real Estate Income Fund | 4,370,535 | 1,906,144 | 140,182 | 128,506 | 559 | 10,319 | 17,275,577 |
| Fidelity Series Short-Term Credit Fund | 2,301,275 | 836,350 | 81,737 | 23,156 | 120 | (14,087) | 8,864,288 |
| Fidelity Series Small Cap Discovery Fund | 11,402,903 | 3,866,105 | 506,399 | 53,223 | (1,347) | 2,345,546 | 45,004,794 |
| Fidelity Series Small Cap Opportunities Fund | 34,103,264 | 21,430,438 | 1,207,900 | 253,866 | (8,839) | (2,265,854) | 138,237,467 |
| Fidelity Series Stock Selector Large Cap Value Fund | 65,335,056 | 22,780,771 | 2,313,289 | -- | (17,198) | 8,762,307 | 261,041,325 |
| Fidelity Series Value Discovery Fund | 91,815,328 | 18,042,088 | 50,047,988(a) | 757,944 | 2,761,314 | 2,502,843 | 180,087,962 |
| Total | $922,284,454 | $458,313,654 | $135,938,481 | $5,442,291 | $4,430,596 | $101,435,764 | $3,810,999,824 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $3,294,183,839) — See accompanying schedule | | $3,810,999,824 |
| Receivable for investments sold | | 5,791 |
| Receivable for fund shares sold | | 13,893,189 |
| Total assets | | 3,824,898,804 |
| Liabilities | | |
| Payable for investments purchased | $10,813,212 | |
| Payable for fund shares redeemed | 3,089,347 | |
| Accrued management fee | 2,062,591 | |
| Total liabilities | | 15,965,150 |
| Net Assets | | $3,808,933,654 |
| Net Assets consist of: | | |
| Paid in capital | | $3,257,624,672 |
| Undistributed net investment income | | 1,713,090 |
| Accumulated undistributed net realized gain (loss) on investments | | 32,779,907 |
| Net unrealized appreciation (depreciation) on investments | | 516,815,985 |
| Net Assets | | $3,808,933,654 |
| Fidelity Freedom 2055 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($1,101,424,421 ÷ 82,197,274 shares) | | $13.40 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($2,656,024,805 ÷ 198,110,607 shares) | | $13.41 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($51,484,428 ÷ 3,840,166 shares) | | $13.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $5,442,291 |
| Expenses | | |
| Management fee | $3,658,260 | |
| Independent trustees' fees and expenses | 1,796 | |
| Total expenses before reductions | 3,660,056 | |
| Expense reductions | (605) | 3,659,451 |
| Net investment income (loss) | | 1,782,840 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 4,430,596 | |
| Capital gain distributions from underlying funds | 33,251,525 | |
| Total net realized gain (loss) | | 37,682,121 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 101,435,764 |
| Net gain (loss) | | 139,117,885 |
| Net increase (decrease) in net assets resulting from operations | | $140,900,725 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,782,840 | $11,233,935 |
| Net realized gain (loss) | 37,682,121 | 11,661,308 |
| Change in net unrealized appreciation (depreciation) | 101,435,764 | 93,927,353 |
| Net increase (decrease) in net assets resulting from operations | 140,900,725 | 116,822,596 |
| Distributions to shareholders from net investment income | (530,888) | (11,091,790) |
| Distributions to shareholders from net realized gain | (10,617,722) | (15,197,673) |
| Total distributions | (11,148,610) | (26,289,463) |
| Share transactions - net increase (decrease) | 2,756,897,234 | 182,129,905 |
| Total increase (decrease) in net assets | 2,886,649,349 | 272,663,038 |
| Net Assets | | |
| Beginning of period | 922,284,305 | 649,621,267 |
| End of period | $3,808,933,654 | $922,284,305 |
| Other Information | | |
| Undistributed net investment income end of period | $1,713,090 | $461,138 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2055 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.41 | $11.08 | $12.06 | $11.73 | $10.56 | $9.77 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .17 | .17 | .19 | .16 | .20 |
| Net realized and unrealized gain (loss) | 1.13 | 1.57 | (.59) | .72 | 1.51 | .80 |
| Total from investment operations | 1.14 | 1.74 | (.42) | .91 | 1.67 | 1.00 |
| Distributions from net investment income | (.01) | (.16) | (.17) | (.18) | (.14) | (.14) |
| Distributions from net realized gain | (.14) | (.25) | (.39) | (.39) | (.36) | (.06) |
| Total distributions | (.15) | (.41) | (.56) | (.58)B | (.50) | (.21)C |
| Net asset value, end of period | $13.40 | $12.41 | $11.08 | $12.06 | $11.73 | $10.56 |
| Total ReturnD,E | 9.24% | 16.17% | (3.69)% | 7.98% | 16.00% | 10.39% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .51%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .51%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .15%H | 1.46% | 1.51% | 1.64% | 1.40% | 1.99% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,101,424 | $922,284 | $649,621 | $527,231 | $350,647 | $155,142 |
| Portfolio turnover rateF | 25%H,J | 18% | 20% | 21% | 47% | 45% |
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 $.184 and distributions from net realized gain of $.394 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.141 and distributions from net realized gain of $.064 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 Annualized
I Amount represents less than .005%.
J 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 2055 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.11 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .28 |
| Total from investment operations | .30 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 2.29% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | .64%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,656,025 |
| Portfolio turnover rateE | 25%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2055 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.83 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .56 |
| Total from investment operations | .58 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 4.52% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .53%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $51,484 |
| Portfolio turnover rateE | 25%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.4 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.5 |
| Fidelity Series Growth Company Fund | 8.0 | 7.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.8 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.2 | 76.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.2% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.1% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2060 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 716,690 | $11,875,550 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,146,318 | 14,397,760 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,661,654 | 22,216,310 |
| Fidelity Series Blue Chip Growth Fund (a) | | 1,717,008 | 22,733,186 |
| Fidelity Series Commodity Strategy Fund (a) | | 2,133,067 | 11,155,940 |
| Fidelity Series Growth & Income Fund (a) | | 3,422,682 | 52,058,995 |
| Fidelity Series Growth Company Fund (a) | | 2,634,983 | 45,216,308 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 2,956,620 | 50,794,737 |
| Fidelity Series Opportunistic Insights Fund (a) | | 1,373,410 | 25,037,262 |
| Fidelity Series Real Estate Equity Fund (a) | | 347,002 | 4,479,799 |
| Fidelity Series Small Cap Discovery Fund (a) | | 557,266 | 6,687,194 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 1,475,430 | 20,626,518 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 2,919,085 | 38,794,636 |
| Fidelity Series Value Discovery Fund (a) | | 2,015,970 | 27,054,319 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $319,390,268) | | | 353,128,514 |
|
| International Equity Funds - 31.2% | | | |
| Fidelity Series Canada Fund (a) | | 496,709 | 5,284,980 |
| Fidelity Series Emerging Markets Fund (a) | | 2,625,559 | 54,086,525 |
| Fidelity Series International Growth Fund (a) | | 3,262,803 | 51,845,943 |
| Fidelity Series International Small Cap Fund (a) | | 705,327 | 12,632,405 |
| Fidelity Series International Value Fund (a) | | 4,919,757 | 52,985,787 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $151,800,814) | | | 176,835,640 |
|
| Bond Funds - 5.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 333,953 | 3,493,150 |
| Fidelity Series Floating Rate High Income Fund (a) | | 135,929 | 1,289,963 |
| Fidelity Series High Income Fund (a) | | 833,478 | 8,126,407 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 428,194 | 4,234,840 |
| Fidelity Series International Credit Fund (a) | | 24,159 | 242,794 |
| Fidelity Series Investment Grade Bond Fund (a) | | 238,771 | 2,700,504 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 1,048,994 | 9,220,655 |
| Fidelity Series Real Estate Income Fund (a) | | 229,627 | 2,564,932 |
| TOTAL BOND FUNDS | | | |
| (Cost $31,230,028) | | | 31,873,245 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 4,742,579 | 4,742,579 |
| Fidelity Series Short-Term Credit Fund (a) | | 136,950 | 1,368,131 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $6,109,168) | | | 6,110,710 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $508,530,278) | | | 567,948,109 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (303,713) |
| NET ASSETS - 100% | | | $567,644,396 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $2,525,417 | $1,827,785 | $197,745 | $-- | $1,431 | $411,346 | $11,875,550 |
| Fidelity Series 1000 Value Index Fund | 3,069,993 | 2,232,285 | 165,576 | -- | (697) | 499,116 | 14,397,760 |
| Fidelity Series All-Sector Equity Fund | 4,762,745 | 3,440,290 | 433,862 | -- | 4,411 | 759,105 | 22,216,310 |
| Fidelity Series Blue Chip Growth Fund | 4,859,349 | 5,421,507 | 714,997 | 42,757 | 1,586 | (921,949) | 22,733,186 |
| Fidelity Series Canada Fund | -- | 2,854,967 | 3,071 | -- | (14) | 117,921 | 5,284,980 |
| Fidelity Series Commodity Strategy Fund | 1,964,660 | 2,227,062 | 54,186 | 16,582 | (427) | (40,531) | 11,155,940 |
| Fidelity Series Emerging Markets Debt Fund | 762,854 | 543,708 | 17,534 | 32,662 | 128 | 7,184 | 3,493,150 |
| Fidelity Series Emerging Markets Fund | 11,652,982 | 7,695,526 | 4,030,300 | -- | 33,600 | 2,024,802 | 54,086,525 |
| Fidelity Series Floating Rate High Income Fund | 280,209 | 213,477 | 7,163 | 9,127 | 37 | (1,263) | 1,289,963 |
| Fidelity Series Government Money Market Fund 1.09% | 921,937 | 855,542 | 23,983 | 6,774 | -- | -- | 4,742,579 |
| Fidelity Series Growth & Income Fund | 8,185,945 | 11,165,649(a) | 587,509 | 55,146 | (2,508) | 1,761,391 | 52,058,995 |
| Fidelity Series Growth Company Fund | 9,226,869 | 6,114,410 | 263,706 | -- | 9,105 | 2,210,830 | 45,216,308 |
| Fidelity Series High Income Fund | 1,737,800 | 1,311,129 | 43,242 | 68,102 | 290 | 68,818 | 8,126,407 |
| Fidelity Series Inflation-Protected Bond Index Fund | 936,424 | 658,241 | 23,070 | 828 | 104 | (29,294) | 4,234,840 |
| Fidelity Series International Credit Fund | -- | 79,514 | -- | -- | -- | (413) | 242,794 |
| Fidelity Series International Growth Fund | 10,972,971 | 7,741,787 | 1,866,233 | -- | 31,035 | 1,920,332 | 51,845,943 |
| Fidelity Series International Small Cap Fund | 2,507,199 | 1,836,581 | 157,567 | -- | 7,898 | 558,512 | 12,632,405 |
| Fidelity Series International Value Fund | 11,001,344 | 8,012,108 | 1,218,589 | -- | 16,701 | 2,245,089 | 52,985,787 |
| Fidelity Series Intrinsic Opportunities Fund | 7,535,524 | 11,974,736(a) | 280,851 | 345,381 | (676) | 290,690 | 50,794,737 |
| Fidelity Series Investment Grade Bond Fund | 520,788 | 515,258 | 36,788 | 10,175 | 243 | (6,624) | 2,700,504 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 370 | 6,089,525 | 15,206 | 16,281 | (32) | (152,235) | 9,220,655 |
| Fidelity Series Opportunistic Insights Fund | 5,332,374 | 3,863,975 | 726,912 | -- | 3,021 | 1,076,080 | 25,037,262 |
| Fidelity Series Real Estate Equity Fund | 988,977 | 817,012 | 62,493 | 11,178 | (4,040) | (41,399) | 4,479,799 |
| Fidelity Series Real Estate Income Fund | 550,371 | 449,660 | 13,625 | 18,718 | 28 | 280 | 2,564,932 |
| Fidelity Series Short-Term Credit Fund | 297,090 | 228,344 | 7,947 | 3,466 | 9 | (2,195) | 1,368,131 |
| Fidelity Series Small Cap Discovery Fund | 1,441,817 | 1,046,298 | 102,260 | 7,476 | (214) | 341,552 | 6,687,194 |
| Fidelity Series Small Cap Opportunities Fund | 4,306,667 | 4,559,614 | 208,441 | 37,264 | (131) | (324,286) | 20,626,518 |
| Fidelity Series Stock Selector Large Cap Value Fund | 8,247,099 | 5,984,437 | 375,136 | -- | (883) | 1,278,097 | 38,794,636 |
| Fidelity Series Value Discovery Fund | 11,565,215 | 4,968,308 | 6,759,113(a) | 105,468 | 134,204 | 640,618 | 27,054,319 |
| Total | $116,154,990 | $104,728,735 | $18,397,105 | $787,385 | $234,209 | $14,691,574 | $567,948,109 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $508,530,278) — See accompanying schedule | | $567,948,109 |
| Cash | | 6 |
| Receivable for fund shares sold | | 3,742,930 |
| Total assets | | 571,691,045 |
| Liabilities | | |
| Payable for investments purchased | $3,336,577 | |
| Payable for fund shares redeemed | 406,680 | |
| Accrued management fee | 303,392 | |
| Total liabilities | | 4,046,649 |
| Net Assets | | $567,644,396 |
| Net Assets consist of: | | |
| Paid in capital | | $503,252,558 |
| Undistributed net investment income | | 251,669 |
| Accumulated undistributed net realized gain (loss) on investments | | 4,722,338 |
| Net unrealized appreciation (depreciation) on investments | | 59,417,831 |
| Net Assets | | $567,644,396 |
| Fidelity Freedom 2060 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($172,758,482 ÷ 14,509,360 shares) | | $11.91 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($385,223,899 ÷ 32,348,653 shares) | | $11.91 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($9,662,015 ÷ 811,056 shares) | | $11.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $787,385 |
| Expenses | | |
| Management fee | $535,309 | |
| Independent trustees' fees and expenses | 245 | |
| Total expenses before reductions | 535,554 | |
| Expense reductions | (75) | 535,479 |
| Net investment income (loss) | | 251,906 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 234,209 | |
| Capital gain distributions from underlying funds | 4,889,391 | |
| Total net realized gain (loss) | | 5,123,600 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 14,691,574 |
| Net gain (loss) | | 19,815,174 |
| Net increase (decrease) in net assets resulting from operations | | $20,067,080 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $251,906 | $1,154,087 |
| Net realized gain (loss) | 5,123,600 | 1,463,110 |
| Change in net unrealized appreciation (depreciation) | 14,691,574 | 9,155,957 |
| Net increase (decrease) in net assets resulting from operations | 20,067,080 | 11,773,154 |
| Distributions to shareholders from net investment income | (57,327) | (1,119,481) |
| Distributions to shareholders from net realized gain | (1,284,107) | (924,001) |
| Total distributions | (1,341,434) | (2,043,482) |
| Share transactions - net increase (decrease) | 432,763,762 | 59,406,386 |
| Total increase (decrease) in net assets | 451,489,408 | 69,136,058 |
| Net Assets | | |
| Beginning of period | 116,154,988 | 47,018,930 |
| End of period | $567,644,396 | $116,154,988 |
| Other Information | | |
| Undistributed net investment income end of period | $251,669 | $57,090 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2060 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.01 | $9.78 | $10.45 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.01) | .16 | .16 | .10 |
| Net realized and unrealized gain (loss) | 1.03 | 1.37 | (.53) | .52 |
| Total from investment operations | 1.02 | 1.53 | (.37) | .62 |
| Distributions from net investment income | (.01) | (.13) | (.12) | (.10) |
| Distributions from net realized gain | (.11) | (.17) | (.17) | (.07) |
| Total distributions | (.12) | (.30) | (.30)C | (.17) |
| Net asset value, end of period | $11.91 | $11.01 | $9.78 | $10.45 |
| Total ReturnD,E | 9.30% | 16.01% | (3.67)% | 6.22% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .53%H | - %I | - %I | - %H,I |
| Expenses net of fee waivers, if any | .53%H | -% | -% | - %H |
| Expenses net of all reductions | .53%H | -% | -% | - %H |
| Net investment income (loss) | (.11)%H | 1.54% | 1.67% | 1.54%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $172,758 | $116,155 | $47,019 | $8,968 |
| Portfolio turnover rateF | 23%H,J | 21% | 31% | 28%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 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 class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount represents less than .005%.
J 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 2060 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.65 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 2.23% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.44%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $385,224 |
| Portfolio turnover rateE | 23%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2060 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.40 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 4.47% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .51%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $9,662 |
| Portfolio turnover rateE | 23%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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.
Notes to Financial Statements (Unaudited)
For the period ended September 30, 2017
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. Each Fund offers Fidelity Freedom, Class K and Class K6 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. Each Fund commenced sale of Class K and Class K6 shares on July 20, 2017 and June 7, 2017, respectively. 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). During the period, one of the Underlying Funds changed its name from Fidelity Series Equity-Income Fund to Fidelity Series Value Discovery Fund.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Fidelity Freedom 2010 Fund, Fidelity Freedom 2020 Fund and Fidelity 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. 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, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable for federal income tax purposes were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Fidelity Freedom Income Fund | $3,509,154,457 | $315,867,892 | $(27,546,433) | $288,321,459 |
| Fidelity Freedom 2005 Fund | 947,189,030 | 91,280,373 | (12,123,688) | 79,156,685 |
| Fidelity Freedom 2010 Fund | 6,034,606,035 | 821,208,345 | (63,827,843) | 757,380,502 |
| Fidelity Freedom 2015 Fund | 8,950,334,565 | 1,532,474,549 | (69,250,186) | 1,463,224,363 |
| Fidelity Freedom 2020 Fund | 25,545,099,708 | 4,588,748,340 | (227,529,915) | 4,361,218,425 |
| Fidelity Freedom 2025 Fund | 22,180,838,968 | 4,110,914,450 | (152,955,721) | 3,957,958,729 |
| Fidelity Freedom 2030 Fund | 25,090,910,423 | 5,633,485,990 | (134,258,695) | 5,499,227,295 |
| Fidelity Freedom 2035 Fund | 16,544,223,229 | 4,068,269,188 | (70,907,665) | 3,997,361,523 |
| Fidelity Freedom 2040 Fund | 17,035,567,723 | 4,383,587,954 | (73,577,248) | 4,310,010,706 |
| Fidelity Freedom 2045 Fund | 10,092,445,846 | 2,437,436,592 | (39,002,254) | 2,398,434,338 |
| Fidelity Freedom 2050 Fund | 8,459,132,296 | 2,020,888,764 | (29,706,551) | 1,991,182,213 |
| Fidelity Freedom 2055 Fund | 3,303,655,673 | 520,012,483 | (12,668,332) | 507,344,151 |
| Fidelity Freedom 2060 Fund | 509,484,539 | 59,521,935 | (1,058,365) | 58,463,570 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares and in-kind transactions, other than securities acquired in the merger, are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Freedom Income Fund | $213,195,953 | $225,826,002 |
| Fidelity Freedom 2005 Fund | 78,731,427 | 70,675,497 |
| Fidelity Freedom 2010 Fund | 471,348,514 | 551,261,066 |
| Fidelity Freedom 2015 Fund | 854,356,244 | 805,058,422 |
| Fidelity Freedom 2020 Fund | 2,277,588,861 | 1,703,551,228 |
| Fidelity Freedom 2025 Fund | 2,389,519,412 | 1,344,581,553 |
| Fidelity Freedom 2030 Fund | 2,774,525,148 | 1,661,956,614 |
| Fidelity Freedom 2035 Fund | 2,132,396,555 | 1,027,552,414 |
| Fidelity Freedom 2040 Fund | 1,966,539,976 | 1,044,538,578 |
| Fidelity Freedom 2045 Fund | 1,246,604,515 | 532,086,799 |
| Fidelity Freedom 2050 Fund | 1,003,088,732 | 438,562,035 |
| Fidelity Freedom 2055 Fund | 458,313,654 | 135,938,481 |
| Fidelity Freedom 2060 Fund | 104,728,735 | 18,397,105 |
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Effective June 1, 2017, under the management contract approved by the Board of Trustees (the Board) and shareholders, FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's target date, indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its target date. In addition, under the management contract, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees.
For the period, June 1, 2017 (July 20, 2017 and June 7, 2017 for Class K and Class K6, respectively) through September 30, 2017, the total annual management fee rate for each Class of each Fund was as follows:
| | Annual % of Class-Level Average Net Assets (Fidelity Freedom Class) | Annual % of Class-Level Average Net Assets
(Classes K and K6) |
| Fidelity Freedom Income Fund | .465% | .415% |
| Fidelity Freedom 2005 Fund | .491% | .435% |
| Fidelity Freedom 2010 Fund | .533% | .468% |
| Fidelity Freedom 2015 Fund | .576% | .503% |
| Fidelity Freedom 2020 Fund | .618% | .538% |
| Fidelity Freedom 2025 Fund | .661% | .573% |
| Fidelity Freedom 2030 Fund | .703% | .608% |
| Fidelity Freedom 2035 Fund | .746% | .643% |
| Fidelity Freedom 2040 Fund | .746% | .643% |
| Fidelity Freedom 2045 Fund | .746% | .643% |
| Fidelity Freedom 2050 Fund | .746% | .643% |
| Fidelity Freedom 2055 Fund | .746% | .643% |
| Fidelity Freedom 2060 Fund | .746% | .643% |
Effective June 7, 2017, under the expense contract approved by the Board, the investment adviser pays class-level expenses for Class K6 of each Fund as necessary so that Class K6 total expenses do not exceed certain amounts of Class K6 average net assets on an annual basis with certain exceptions, as noted in the following table:
| | Annual % of Class-Level Average Net Assets
(Class K6) |
| Fidelity Freedom Income Fund | .365% |
| Fidelity Freedom 2005 Fund | .377% |
| Fidelity Freedom 2010 Fund | .396% |
| Fidelity Freedom 2015 Fund | .415% |
| Fidelity Freedom 2020 Fund | .435% |
| Fidelity Freedom 2025 Fund | .454% |
| Fidelity Freedom 2030 Fund | .474% |
| Fidelity Freedom 2035 Fund | .493% |
| Fidelity Freedom 2040 Fund | .493% |
| Fidelity Freedom 2045 Fund | .493% |
| Fidelity Freedom 2050 Fund | .493% |
| Fidelity Freedom 2055 Fund | .493% |
| Fidelity Freedom 2060 Fund | .493% |
In addition, the Board and shareholders of each Underlying Fund approved a new management contract, effective June 1, 2017. Under the management contract, each Underlying Fund no longer pays a management fee, and most of each Underlying Fund's ordinary operating expenses are borne by the investment adviser.
Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these 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 miscellaneous expenses such as proxy and shareholder meeting expenses. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Series Value Discovery Fund, ("selected Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of Fidelity Series Intrinsic Opportunities Fund and Fidelity Series Growth & Income Fund which are affiliated investment companies managed by FMR. Net realized gain (loss) on the redemptions of the selected Underlying Fund in connection with the reallocation is included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the net related gain (loss) for the Funds are presented in the accompanying table:
| | Value of Investments and Cash reallocated | Net realized Gain (Loss) on redemptions of selected Underlying Fund |
| Fidelity Freedom Income | $ 21,943,732 | $ 5,248,386 |
| Fidelity Freedom 2005 | 9,132,913 | 818,016 |
| Fidelity Freedom 2010 | 82,938,352 | 17,423,248 |
| Fidelity Freedom 2015 | 132,300,852 | 26,218,924 |
| Fidelity Freedom 2020 | 349,185,809 | 55,046,914 |
| Fidelity Freedom 2025 | 312,149,126 | 36,476,750 |
| Fidelity Freedom 2030 | 443,448,822 | 45,658,987 |
| Fidelity Freedom 2035 | 315,567,651 | 25,385,650 |
| Fidelity Freedom 2040 | 341,654,429 | 31,022,107 |
| Fidelity Freedom 2045 | 165,214,747 | 12,941,012 |
| Fidelity Freedom 2050 | 136,449,649 | 10,462,773 |
| Fidelity Freedom 2055 | 44,625,815 | 2,684,111 |
| Fidelity Freedom 2060 | 6,196,209 | 137,579 |
5. Expense Reductions.
Prior to June 1, 2017, FMR voluntarily agreed to reimburse each Fund's operating expenses. Some expenses, for example interest expense, were excluded from this reimbursement. Effective June 1, 2017, these voluntary reimbursements were discontinued.
The following classes of each applicable Fund were in reimbursement during the period:
| Fidelity Freedom Income Fund | $1,400 |
| Fidelity Freedom 2005 Fund | 383 |
| Fidelity Freedom 2010 Fund | 3,152 |
| Fidelity Freedom 2015 Fund | 3,493 |
| Fidelity Freedom 2020 Fund | 8,733 |
| Fidelity Freedom 2025 Fund | 6,404 |
| Fidelity Freedom 2030 Fund | 7,879 |
| Fidelity Freedom 2035 Fund | 4,521 |
| Fidelity Freedom 2040 Fund | 4,763 |
| Fidelity Freedom 2045 Fund | 2,292 |
| Fidelity Freedom 2050 Fund | 1,891 |
| Fidelity Freedom 2055 Fund | 605 |
| Fidelity Freedom 2060 Fund | 75 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended
September 30, 2017(a) | Year ended
March 31, 2017 |
| Fidelity Freedom Income Fund | | |
| From net investment income | | |
| Fidelity Freedom Income Fund | $12,608,956 | $37,016,596 |
| Class K | 1,471 | – |
| Class K6 | 16,731 | – |
| Total | $12,627,158 | $37,016,596 |
| From net realized gain | | |
| Fidelity Freedom Income Fund | $14,993,579 | $32,674,118 |
| Total | $14,993,579 | $ 32,674,118 |
| Fidelity Freedom 2005 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2005 Fund | $1,620,929 | $10,200,069 |
| Total | $1,620,929 | $ 10,200,069 |
| From net realized gain | | |
| Fidelity Freedom 2005 Fund | $5,291,856 | $7,369,706 |
| Total | $5,291,856 | $ 7,369,706 |
| Fidelity Freedom 2010 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2010 Fund | $11,553,873 | $71,220,043 |
| Total | $11,553,873 | $ 71,220,043 |
| From net realized gain | | |
| Fidelity Freedom 2010 Fund | $49,891,727 | $73,776,491 |
| Total | $49,891,727 | $ 73,776,491 |
| Fidelity Freedom 2015 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2015 Fund | $13,537,555 | $89,847,108 |
| Total | $13,537,555 | $ 89,847,108 |
| From net realized gain | | |
| Fidelity Freedom 2015 Fund | $71,790,066 | $104,826,159 |
| Total | $71,790,066 | $ 104,826,159 |
| Fidelity Freedom 2020 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2020 Fund | $28,799,746 | $200,026,428 |
| Total | $28,799,746 | $200,026,428 |
| From net realized gain | | |
| Fidelity Freedom 2020 Fund | $168,906,642 | $252,757,975 |
| Total | $168,906,642 | $ 252,757,975 |
| Fidelity Freedom 2025 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2025 Fund | $20,288,985 | $147,758,780 |
| Total | $20,288,985 | $147,758,780 |
| From net realized gain | | |
| Fidelity Freedom 2025 Fund | $126,806,087 | $204,066,897 |
| Total | $126,806,087 | $ 204,066,897 |
| Fidelity Freedom 2030 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2030 Fund | $14,875,007 | $163,120,493 |
| Total | $14,875,007 | $ 163,120,493 |
| From net realized gain | | |
| Fidelity Freedom 2030 Fund | $177,823,710 | $254,968,549 |
| Total | $177,823,710 | $ 254,968,549 |
| Fidelity Freedom 2035 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2035 Fund | $4,477,894 | $88,507,344 |
| Total | $4,477,894 | $ 88,507,344 |
| From net realized gain | | |
| Fidelity Freedom 2035 Fund | $104,484,046 | $162,354,536 |
| Total | $104,484,046 | $ 162,354,536 |
| Fidelity Freedom 2040 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2040 Fund | $3,727,463 | $96,859,849 |
| Total | $3,727,463 | $96,859,849 |
| From net realized gain | | |
| Fidelity Freedom 2040 Fund | $114,805,801 | $178,085,083 |
| Total | $114,805,801 | $ 178,085,083 |
| Fidelity Freedom 2045 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2045 Fund | $1,914,156 | $45,424,022 |
| Total | $1,914,156 | $ 45,424,022 |
| From net realized gain | | |
| Fidelity Freedom 2045 Fund | $50,405,841 | $83,790,283 |
| Total | $50,405,841 | $ 83,790,283 |
| Fidelity Freedom 2050 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2050 Fund | $1,573,575 | $36,871,772 |
| Total | $1,573,575 | $ 36,871,772 |
| From net realized gain | | |
| Fidelity Freedom 2050 Fund | $40,897,550 | $67,884,342 |
| Total | $40,897,550 | $ 67,884,342 |
| Fidelity Freedom 2055 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2055 Fund | $530,888 | $11,091,790 |
| Total | $530,888 | $ 11,091,790 |
| From net realized gain | | |
| Fidelity Freedom 2055 Fund | $10,617,722 | $15,197,673 |
| Total | $10,617,722 | $ 15,197,673 |
| Fidelity Freedom 2060 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2060 Fund | $57,327 | $1,119,481 |
| Total | $57,327 | $ 1,119,481 |
| From net realized gain | | |
| Fidelity Freedom 2060 Fund | $1,284,107 | $924,001 |
| Total | $1,284,107 | $ 924,001 |
(a) Amounts for Class K and Class K6 are for the period July 20, 2017 and June 7, 2017, respectively, (commencement of sale of shares) to September 30, 2017.
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 |
| | Six months ended September 30, 2017(a) | Year ended
March 31, 2017 | Six months ended
September 30, 2017(a) | Year ended
March 31, 2017 |
| Fidelity Freedom Income Fund | | | | |
| Fidelity Freedom Income Fund | | | | |
| Shares sold | 11,865,158 | 27,891,079 | $138,935,467 | $318,995,628 |
| Reinvestment of distributions | 2,328,579 | 6,036,813 | 27,038,983 | 68,285,524 |
| Shares redeemed | (18,267,957) | (43,107,568) | (213,720,791) | (492,617,047) |
| Net increase (decrease) | (4,074,220) | (9,179,676) | $(47,746,341) | $(105,335,895) |
| Class K | | | | |
| Shares sold | 5,399,525 | - | $63,845,031 | $- |
| Issued in exchange for the shares of Fidelity Freedom K Income Fund | 136,520,990 | | 1,613,678,107 | |
| Reinvestment of distributions | 124 | - | 1,462 | - |
| Shares redeemed | (2,698,054) | - | (31,925,890) | - |
| Net increase (decrease) | 139,222,585 | - | $1,645,598,710 | $- |
| Class K6 | | | | |
| Shares sold | 673,305 | - | $7,927,709 | $- |
| Reinvestment of distributions | 1,420 | - | 16,731 | - |
| Shares redeemed | (111,610) | - | (1,321,236) | - |
| Net increase (decrease) | 563,115 | - | $6,623,204 | $- |
| Fidelity Freedom 2005 Fund | | | | |
| Fidelity Freedom 2005 Fund | | | | |
| Shares sold | 3,171,508 | 8,370,565 | $39,311,961 | $99,885,293 |
| Reinvestment of distributions | 559,542 | 1,487,696 | 6,848,797 | 17,425,187 |
| Shares redeemed | (4,408,162) | (11,808,557) | (54,690,573) | (141,074,680) |
| Net increase (decrease) | (677,112) | (1,950,296) | $(8,529,815) | $(23,764,200) |
| Class K | | | | |
| Shares sold | 1,838,065 | - | $23,119,343 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2005 Fund | 32,823,330 | - | 412,589,249 | - |
| Shares redeemed | (744,609) | - | (9,387,938) | - |
| Net increase (decrease) | 33,916,786 | - | $426,320,654 | $- |
| Class K6 | | | | |
| Shares sold | 199,610 | - | $2,494,426 | $- |
| Shares redeemed | (11,666) | - | (146,611) | - |
| Net increase (decrease) | 187,944 | - | $2,347,815 | $- |
| Fidelity Freedom 2010 Fund | | | | |
| Fidelity Freedom 2010 Fund | | | | |
| Shares sold | 10,940,205 | 29,730,777 | $173,302,869 | $450,240,426 |
| Reinvestment of distributions | 3,880,855 | 9,654,368 | 60,541,342 | 142,971,004 |
| Shares redeemed | (23,112,839) | (63,066,784) | (365,719,461) | (954,373,734) |
| Net increase (decrease) | (8,291,779) | (23,681,639) | $(131,875,250) | $(361,162,304) |
| Class K | | | | |
| Shares sold | 5,535,906 | - | $88,997,581 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2010 Fund | 158,527,428 | | 2,547,535,809 | |
| Shares redeemed | (2,696,038) | - | (43,510,785) | - |
| Net increase (decrease) | 161,367,296 | - | $2,593,022,605 | $- |
| Class K6 | | | | |
| Shares sold | 869,976 | - | $13,897,456 | $- |
| Shares redeemed | (39,542) | - | (636,879) | - |
| Net increase (decrease) | 830,434 | - | $13,260,577 | $- |
| Fidelity Freedom 2015 Fund | | | | |
| Fidelity Freedom 2015 Fund | | | | |
| Shares sold | 35,171,234 | 86,891,690 | $460,507,427 | $1,077,815,896 |
| Reinvestment of distributions | 6,567,635 | 15,956,683 | 84,525,456 | 192,945,931 |
| Shares redeemed | (52,108,046) | (132,326,360) | (681,551,786) | (1,637,477,620) |
| Net increase (decrease) | (10,369,177) | (29,477,987) | $(136,518,903) | $(366,715,793) |
| Class K | | | | |
| Shares sold | 19,084,988 | - | $253,716,164 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2015 Fund | 357,299,109 | | 4,748,505,056 | |
| Shares redeemed | (8,225,915) | - | (109,900,682) | - |
| Net increase (decrease) | 368,158,182 | - | $4,892,320,538 | $- |
| Class K6 | | | | |
| Shares sold | 3,733,869 | - | $49,367,640 | $- |
| Shares redeemed | (606,527) | - | (8,028,911) | - |
| Net increase (decrease) | 3,127,342 | - | $41,338,729 | $- |
| Fidelity Freedom 2020 Fund | | | | |
| Fidelity Freedom 2020 Fund | | | | |
| Shares sold | 72,329,584 | 159,336,775 | $1,161,107,270 | $2,409,581,355 |
| Reinvestment of distributions | 12,408,959 | 30,520,001 | 195,813,364 | 448,509,541 |
| Shares redeemed | (91,306,664) | (209,463,411) | (1,466,243,011) | (3,158,599,236) |
| Net increase (decrease) | (6,568,121) | (19,606,635) | $(109,322,377) | $(300,508,340) |
| Class K | | | | |
| Shares sold | 46,814,954 | - | $765,360,981 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2020 Fund | 997,191,746 | | 16,284,141,352 | |
| Shares redeemed | (16,770,810) | - | (275,686,957) | - |
| Net increase (decrease) | 1,027,235,890 | - | $16,773,815,376 | $- |
| Class K6 | | | | |
| Shares sold | 9,313,811 | - | $151,461,322 | $- |
| Shares redeemed | (453,835) | - | (7,351,710) | - |
| Net increase (decrease) | 8,859,976 | - | $144,109,612 | $- |
| Fidelity Freedom 2025 Fund | | | | |
| Fidelity Freedom 2025 Fund | | | | |
| Shares sold | 72,880,365 | 161,205,087 | $1,008,671,416 | $2,085,995,325 |
| Reinvestment of distributions | 10,738,033 | 27,865,215 | 146,037,168 | 349,406,296 |
| Shares redeemed | (74,673,353) | (163,515,141) | (1,034,063,327) | (2,107,812,160) |
| Net increase (decrease) | 8,945,045 | 25,555,161 | $120,645,257 | $327,589,461 |
| Class K | | | | |
| Shares sold | 57,633,659 | - | $813,061,899 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2025 Fund | 1,039,138,058 | | 14,641,455,337 | |
| Shares redeemed | (16,783,958) | - | (238,208,206) | - |
| Net increase (decrease) | 1,079,987,759 | - | $15,216,309,030 | $- |
| Class K6 | | | | |
| Shares sold | 20,536,369 | - | $288,380,992 | $- |
| Shares redeemed | (1,060,539) | - | (14,874,120) | - |
| Net increase (decrease) | 19,475,830 | - | $273,506,872 | $- |
| Fidelity Freedom 2030 Fund | | | | |
| Fidelity Freedom 2030 Fund | | | | |
| Shares sold | 57,960,612 | 123,540,563 | $997,329,320 | $1,957,712,162 |
| Reinvestment of distributions | 11,324,574 | 27,198,687 | 191,158,810 | 414,813,441 |
| Shares redeemed | (64,314,572) | (142,359,984) | (1,108,159,949) | (2,244,048,246) |
| Net increase (decrease) | 4,970,614 | 8,379,266 | $80,328,181 | $128,477,357 |
| Class K | | | | |
| Shares sold | 44,280,210 | - | $779,026,021 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2030 Fund | 980,848,240 | | 17,213,886,716 | |
| Shares redeemed | (13,208,718) | - | (234,109,768) | - |
| Net increase (decrease) | 1,011,919,732 | - | $17,758,802,969 | $- |
| Class K6 | | | | |
| Shares sold | 22,664,641 | - | $396,475,122 | $- |
| Shares redeemed | (390,179) | - | (6,829,742) | - |
| Net increase (decrease) | 22,274,462 | - | $389,645,380 | $- |
| Fidelity Freedom 2035 Fund | | | | |
| Fidelity Freedom 2035 Fund | | | | |
| Shares sold | 53,960,721 | 107,335,106 | $773,676,885 | $1,399,007,407 |
| Reinvestment of distributions | 7,707,044 | 19,960,664 | 108,361,033 | 249,452,344 |
| Shares redeemed | (50,242,072) | (109,251,957) | (720,419,683) | (1,416,735,577) |
| Net increase (decrease) | 11,425,693 | 18,043,813 | $161,618,235 | $231,724,174 |
| Class K | | | | |
| Shares sold | 45,464,097 | - | $667,162,259 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2035 Fund | 810,190,579 | | 11,861,189,816 | |
| Shares redeemed | (11,986,842) | - | (177,495,766) | - |
| Net increase (decrease) | 843,667,834 | - | $12,350,856,309 | $- |
| Class K6 | | | | |
| Shares sold | 24,573,312 | - | $359,395,098 | $- |
| Shares redeemed | (269,933) | - | (3,971,355) | - |
| Net increase (decrease) | 24,303,379 | - | $355,423,743 | $- |
| Fidelity Freedom 2040 Fund | | | | |
| Fidelity Freedom 2040 Fund | | | | |
| Shares sold | 64,602,548 | 140,785,303 | $649,838,406 | $1,286,757,447 |
| Reinvestment of distributions | 11,920,030 | 31,075,048 | 117,531,506 | 272,618,946 |
| Shares redeemed | (71,623,015) | (155,935,498) | (721,941,439) | (1,418,860,060) |
| Net increase (decrease) | 4,899,563 | 15,924,853 | $45,428,473 | $140,516,333 |
| Class K | | | | |
| Shares sold | 63,797,242 | - | $657,722,352 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2040 Fund | 1,209,417,175 | - | 12,432,808,583 | |
| Shares redeemed | (15,781,331) | - | (164,224,789) | - |
| Net increase (decrease) | 1,257,433,086 | - | $12,926,306,146 | $- |
| Class K6 | | | | |
| Shares sold | 28,132,546 | - | $288,723,775 | $- |
| Shares redeemed | (423,330) | - | (4,345,556) | - |
| Net increase (decrease) | 27,709,216 | - | $284,378,219 | $- |
| Fidelity Freedom 2045 Fund | | | | |
| Fidelity Freedom 2045 Fund | | | | |
| Shares sold | 41,090,957 | 88,251,156 | $467,297,955 | $911,294,661 |
| Reinvestment of distributions | 4,656,358 | 12,918,827 | 51,918,394 | 128,307,737 |
| Shares redeemed | (37,086,347) | (77,904,384) | (421,882,357) | (800,946,564) |
| Net increase (decrease) | 8,660,968 | 23,265,599 | $97,333,992 | $238,655,834 |
| Class K | | | | |
| Shares sold | 42,260,753 | - | $492,513,065 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2045 Fund | 680,392,245 | | 7,906,157,717 | |
| Shares redeemed | (9,076,154) | - | (106,789,024) | - |
| Net increase (decrease) | 713,576,844 | - | $8,291,881,758 | $- |
| Class K6 | | | | |
| Shares sold | 13,954,184 | - | $161,962,332 | $- |
| Shares redeemed | (283,152) | - | (3,285,910) | - |
| Net increase (decrease) | 13,671,032 | - | $158,676,422 | $- |
| Fidelity Freedom 2050 Fund | | | | |
| Fidelity Freedom 2050 Fund | | | | |
| Shares sold | 36,717,117 | 78,016,417 | $419,862,089 | $809,711,740 |
| Reinvestment of distributions | 3,742,099 | 10,380,386 | 41,948,867 | 103,566,059 |
| Shares redeemed | (32,864,607) | (65,322,506) | (376,269,064) | (675,747,669) |
| Net increase (decrease) | 7,594,609 | 23,074,297 | $85,541,892 | $237,530,130 |
| Class K | | | | |
| Shares sold | 33,641,299 | - | $394,560,746 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2050 Fund | 572,849,516 | | 6,690,882,218 | |
| Shares redeemed | (8,072,189) | - | (95,443,272) | - |
| Net increase (decrease) | 598,418,626 | - | $6,989,999,692 | $- |
| Class K6 | | | | |
| Shares sold | 10,312,301 | - | $120,357,091 | $- |
| Shares redeemed | (217,406) | - | (2,543,094) | - |
| Net increase (decrease) | 10,094,895 | - | $117,813,997 | $- |
| Fidelity Freedom 2055 Fund | | | | |
| Fidelity Freedom 2055 Fund | | | | |
| Shares sold | 17,985,895 | 35,961,184 | $231,580,697 | $417,830,315 |
| Reinvestment of distributions | 868,710 | 2,322,949 | 10,963,123 | 25,903,357 |
| Shares redeemed | (11,004,595) | (22,547,740) | (141,637,598) | (261,603,767) |
| Net increase (decrease) | 7,850,010 | 15,736,393 | $100,906,222 | $182,129,905 |
| Class K | | | | |
| Shares sold | 13,692,184 | - | $180,899,760 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2055 Fund | 187,145,598 | | 2,460,964,568 | |
| Shares redeemed | (2,727,175) | - | (36,304,593) | - |
| Net increase (decrease) | 198,110,607 | - | $2,605,559,735 | $- |
| Class K6 | | | | |
| Shares sold | 3,946,449 | - | $51,830,284 | $- |
| Shares redeemed | (106,283) | - | (1,399,007) | - |
| Net increase (decrease) | 3,840,166 | - | $50,431,277 | $- |
| Fidelity Freedom 2060 Fund | | | | |
| Fidelity Freedom 2060 Fund | | | | |
| Shares sold | 5,677,772 | 8,574,369 | $64,924,145 | $88,938,893 |
| Reinvestment of distributions | 116,343 | 198,281 | 1,304,209 | 1,984,387 |
| Shares redeemed | (1,830,620) | (3,035,221) | (20,942,812) | (31,516,894) |
| Net increase (decrease) | 3,963,495 | 5,737,429 | $45,285,542 | $59,406,386 |
| Class K | | | | |
| Shares sold | 2,846,451 | - | $33,501,456 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2060 Fund | 30,017,564 | | 350,605,136 | |
| Shares redeemed | (515,362) | - | (6,093,232) | - |
| Net increase (decrease) | 32,348,653 | - | $378,013,360 | $- |
| Class K6 | | | | |
| Shares sold | 839,499 | - | $9,798,536 | $- |
| Shares redeemed | (28,443) | - | (333,676) | - |
| Net increase (decrease) | 811,056 | - | $9,464,860 | $- |
(a) Amounts for Class K and Class K6 are for the period July 20, 2017 and June 7, 2017, respectively, (commencement of sale of shares) to September 30, 2017.
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 Freedom Income 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 Series 100 Index Fund | –% | –% | –% | 11% | 11% | 16% | 12% | 13% |
| Fidelity Series 1000 Value Index Fund | –% | –% | –% | 13% | 12% | 17% | 14% | 14% |
| Fidelity Series All-Sector Equity Fund | –% | –% | –% | 12% | 12% | 16% | 13% | 13% |
| Fidelity Series Blue Chip Growth Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Canada Fund | –% | –% | –% | 13% | 12% | 17% | 11% | 14% |
| Fidelity Series Commodity Strategy Fund | –% | –% | –% | 15% | 13% | 16% | 10% | 11% |
| Fidelity Series Emerging Markets Debt Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Emerging Markets Fund | –% | –% | –% | 13% | 12% | 16% | 12% | 13% |
| Fidelity Series Floating Rate High Income Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Government Money Market Fund | –% | 10% | 11% | 24% | 16% | –% | –% | –% |
| Fidelity Series Growth & Income Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Growth Company Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series High Income Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Inflation-Protected Bond Index Fund | –% | –% | –% | 14% | –% | 11% | –% | –% |
| Fidelity Series International Credit Fund | –% | –% | –% | 18% | 15% | 15% | –% | –% |
| Fidelity Series International Growth Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 13% |
| Fidelity Series International Small Cap Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 13% |
| Fidelity Series International Value Fund | –% | –% | –% | 13% | 12% | 16% | 13% | 13% |
| Fidelity Series Intrinsic Opportunities Fund | –% | –% | –% | 14% | 13% | 18% | 14% | 15% |
| Fidelity Series Investment Grade Bond Fund | –% | –% | 11% | 28% | 21% | 15% | –% | –% |
| Fidelity Series Long-Term Treasury Bond Index Fund | –% | –% | –% | 16% | 14% | 17% | 11% | –% |
| Fidelity Series Opportunistic Insights Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Real Estate Equity Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 14% |
| Fidelity Series Real Estate Income Fund | –% | –% | –% | 16% | 13% | 16% | 10% | 11% |
| Fidelity Series Short-Term Credit Fund | 12% | 12% | 14% | 29% | 19% | –% | –% | –% |
| Fidelity Series Small Cap Discovery Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Small Cap Opportunities Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 14% |
| Fidelity Series Stock Selector Large Cap Value Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Value Discovery Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
| Fund | % of shares held |
| Fidelity Series 100 Index Fund | 86% |
| Fidelity Series 1000 Value Index Fund | 95% |
| Fidelity Series All-Sector Equity Fund | 90% |
| Fidelity Series Blue Chip Growth Fund | 100% |
| Fidelity Series Canada Fund | 91% |
| Fidelity Series Commodity Strategy Fund | 91% |
| Fidelity Series Emerging Markets Debt Fund | 91% |
| Fidelity Series Emerging Markets Fund | 91% |
| Fidelity Series Floating Rate High Income Fund | 91% |
| Fidelity Series Government Money Market Fund | 82% |
| Fidelity Series Growth & Income Fund | 100% |
| Fidelity Series Growth Company Fund | 100% |
| Fidelity Series High Income Fund | 91% |
| Fidelity Series Inflation-Protected Bond Index Fund | 80% |
| Fidelity Series International Credit Fund | 91% |
| Fidelity Series International Growth Fund | 91% |
| Fidelity Series International Small Cap Fund | 91% |
| Fidelity Series International Value Fund | 91% |
| Fidelity Series Intrinsic Opportunities Fund | 100% |
| Fidelity Series Investment Grade Bond Fund | 91% |
| Fidelity Series Long-Term Treasury Bond Index Fund | 91% |
| Fidelity Series Opportunistic Insights Fund | 100% |
| Fidelity Series Real Estate Equity Fund | 91% |
| Fidelity Series Real Estate Income Fund | 91% |
| Fidelity Series Short-Term Credit Fund | 100% |
| Fidelity Series Small Cap Discovery Fund | 100% |
| Fidelity Series Small Cap Opportunities Fund | 90% |
| Fidelity Series Stock Selector Large Cap Value Fund | 100% |
| Fidelity Series Value Discovery Fund | 100% |
9. Merger Information.
On September 8, 2017, each Surviving Fund acquired all of the assets and assumed all of the liabilities of each Target Fund pursuant to each Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). Each acquisition was accomplished by an exchange of Class K shares of each Surviving Fund for corresponding shares then outstanding of each Target Fund, at their respective net asset value on the acquisition date. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on July 20, 2017. The reorganization provided shareholders of each Target Fund access to a larger portfolio with a similar investment objective and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
Combined total net assets after the acquisition are as follows:
| Target Funds | Securities $ | Unrealized appreciation (depreciation)$ | Net Assets $ | Surviving Funds | Net assets $ | Total net assets after the acquisition $ |
| Fidelity Freedom K 2005 Fund | 412,419,889 | 40,449,279 | 412,589,249 | Fidelity Freedom 2005 Fund | 610,614,214 | 1,023,203,463 |
| Fidelity Freedom K 2010 Fund | 2,546,556,623 | 329,226,460 | 2,547,535,809 | Fidelity Freedom 2010 Fund | 4,238,458,400 | 6,785,994,209 |
| Fidelity Freedom K 2015 Fund | 4,746,815,623 | 696,286,166 | 4,748,505,056 | Fidelity Freedom 2015 Fund | 5,645,731,933 | 10,394,236,989 |
| Fidelity Freedom K 2020 Fund | 16,278,675,415 | 2,424,773,804 | 16,284,141,352 | Fidelity Freedom 2020 Fund | 13,414,449,646 | 29,698,590,998 |
| Fidelity Freedom K 2025 Fund | 14,636,906,056 | 2,237,270,202 | 14,641,455,337 | Fidelity Freedom 2025 Fund | 11,194,758,422 | 25,836,213,759 |
| Fidelity Freedom K 2030 Fund | 17,209,401,290 | 3,150,938,702 | 17,213,886,716 | Fidelity Freedom 2030 Fund | 12,912,345,253 | 30,126,231,969 |
| Fidelity Freedom K 2035 Fund | 11,858,805,237 | 2,326,083,837 | 11,861,189,816 | Fidelity Freedom 2035 Fund | 8,269,361,979 | 20,130,551,795 |
| Fidelity Freedom K 2040 Fund | 12,430,342,176 | 2,512,607,175 | 12,432,808,583 | Fidelity Freedom 2040 Fund | 8,489,396,048 | 20,922,204,631 |
| Fidelity Freedom K 2045 Fund | 7,904,615,516 | 1,469,965,780 | 7,906,157,717 | Fidelity Freedom 2045 Fund | 4,301,147,363 | 12,207,305,080 |
| Fidelity Freedom K 2050 Fund | 6,689,588,035 | 1,219,930,995 | 6,690,882,218 | Fidelity Freedom 2050 Fund | 3,509,123,170 | 10,200,005,388 |
| Fidelity Freedom K 2055 Fund | 2,460,473,831 | 326,647,894 | 2,460,964,568 | Fidelity Freedom 2055 Fund | 1,221,516,226 | 3,682,480,794 |
| Fidelity Freedom K 2060 Fund | 350,535,702 | 37,076,005 | 350,605,136 | Fidelity Freedom 2060 Fund | 184,982,168 | 535,587,304 |
| Fidelity Freedom K Income Fund | 1,612,974,652 | 111,654,038 | 1,613,678,107 | Fidelity Freedom Income Fund | 2,180,776,091 | 3,794,454,198 |
Pro forma results of operations of the combined entity for the entire period ended September 30, 2017, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Surviving Funds | Net investment income (loss) $ | Total net realized gain (loss) $ | Total change in net unrealized appreciation (depreciation)$ | Net increase (decrease) in net assets resulting from operations $ |
| Fidelity Freedom 2005 Fund | 5,353,527 | 14,711,664 | 26,248,239 | 46,313,430 |
| Fidelity Freedom 2010 Fund | 32,859,458 | 154,454,859 | 175,971,594 | 363,285,911 |
| Fidelity Freedom 2015 Fund | 44,248,033 | 273,459,392 | 313,836,336 | 631,543,761 |
| Fidelity Freedom 2020 Fund | 112,466,405 | 657,988,197 | 1,159,430,903 | 1,929,885,505 |
| Fidelity Freedom 2025 Fund | 79,970,323 | 497,770,499 | 1,188,538,128 | 1,766,278,950 |
| Fidelity Freedom 2030 Fund | 62,137,483 | 681,469,895 | 1,628,581,595 | 2,372,188,973 |
| Fidelity Freedom 2035 Fund | 18,028,787 | 444,589,484 | 1,261,734,915 | 1,724,353,186 |
| Fidelity Freedom 2040 Fund | 17,016,387 | 479,188,132 | 1,322,596,465 | 1,818,800,984 |
| Fidelity Freedom 2045 Fund | 10,028,180 | 240,341,634 | 800,066,479 | 1,050,436,293 |
| Fidelity Freedom 2050 Fund | 8,440,866 | 201,234,537 | 676,620,622 | 886,296,025 |
| Fidelity Freedom 2055 Fund | 2,879,332 | 50,646,769 | 247,646,407 | 301,172,508 |
| Fidelity Freedom 2060 Fund | 376,623 | 6,300,604 | 34,223,936 | 40,901,163 |
| Fidelity Freedom Income Fund | 23,043,909 | 47,888,756 | 69,055,343 | 139,988,008 |
Because each combined investment portfolio have been managed as a single portfolio since each acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Target Fund that have been included in the Surviving Fund's accompanying Statement of Operations since September 8, 2017.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 to September 30, 2017)for Fidelity Freedom and for the period (July 20, 2017 to September 30, 2017) for Class K and for the period (June 7, 2017 to September 30, 2017) for Class K6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (April 1, 2017 to September 30, 2017).
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. 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 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. 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
| Ending
Account Value
September 30, 2017 | Expenses Paid
During Period
|
| Fidelity Freedom Income Fund | | | | |
| Fidelity Freedom Income Fund | .31% | | | |
| Actual | | $1,000.00 | $1,037.60 | $1.58-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.51 | $1.57-C,E |
| Class K | .46% | | | |
| Actual | | $1,000.00 | $1,009.30 | $.92-B |
| Hypothetical-D | | $1,000.00 | $1,022.76 | $2.33-E |
| Class K6 | .37% | | | |
| Actual | | $1,000.00 | $1,016.90 | $1.19-B |
| Hypothetical-D | | $1,000.00 | $1,023.21 | $1.88-E |
| Fidelity Freedom 2005 Fund | | | | |
| Fidelity Freedom 2005 Fund | .33% | | | |
| Actual | | $1,000.00 | $1,046.70 | $1.69-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.41 | $1.67-C,E |
| Class K | .45% | | | |
| Actual | | $1,000.00 | $1,011.20 | $.91-B |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-E |
| Class K6 | .38% | | | |
| Actual | | $1,000.00 | $1,021.80 | $1.22-B |
| Hypothetical-D | | $1,000.00 | $1,023.16 | $1.93-E |
| Fidelity Freedom 2010 Fund | | | | |
| Fidelity Freedom 2010 Fund | .36% | | | |
| Actual | | $1,000.00 | $1,054.80 | $1.85-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.26 | $1.83-C,E |
| Class K | .49% | | | |
| Actual | | $1,000.00 | $1,013.20 | $.99-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Class K6 | .39% | | | |
| Actual | | $1,000.00 | $1,026.00 | $1.26-B |
| Hypothetical-D | | $1,000.00 | $1,023.11 | $1.98-E |
| Fidelity Freedom 2015 Fund | | | | |
| Fidelity Freedom 2015 Fund | .39% | | | |
| Actual | | $1,000.00 | $1,062.90 | $2.02-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.11 | $1.98-C,E |
| Class K | .53% | | | |
| Actual | | $1,000.00 | $1,015.10 | $1.07-B |
| Hypothetical-D | | $1,000.00 | $1,022.41 | $2.69-E |
| Class K6 | .41% | | | |
| Actual | | $1,000.00 | $1,029.20 | $1.32-B |
| Hypothetical-D | | $1,000.00 | $1,023.01 | $2.08-E |
| Fidelity Freedom 2020 Fund | | | | |
| Fidelity Freedom 2020 Fund | .41% | | | |
| Actual | | $1,000.00 | $1,067.90 | $2.13-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.01 | $2.08-C,E |
| Class K | .56% | | | |
| Actual | | $1,000.00 | $1,016.00 | $1.13-B |
| Hypothetical-D | | $1,000.00 | $1,022.26 | $2.84-E |
| Class K6 | .43% | | | |
| Actual | | $1,000.00 | $1,031.90 | $1.39-B |
| Hypothetical-D | | $1,000.00 | $1,022.91 | $2.18-E |
| Fidelity Freedom 2025 Fund | | | | |
| Fidelity Freedom 2025 Fund | .45% | | | |
| Actual | | $1,000.00 | $1,072.10 | $2.34-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-C,E |
| Class K | .60% | | | |
| Actual | | $1,000.00 | $1,017.10 | $1.21-B |
| Hypothetical-D | | $1,000.00 | $1,022.06 | $3.04-E |
| Class K6 | .45% | | | |
| Actual | | $1,000.00 | $1,034.80 | $1.46-B |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-E |
| Fidelity Freedom 2030 Fund | | | | |
| Fidelity Freedom 2030 Fund | .47% | | | |
| Actual | | $1,000.00 | $1,083.80 | $2.46-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-C,E |
| Class K | .63% | | | |
| Actual | | $1,000.00 | $1,020.60 | $1.27-B |
| Hypothetical-D | | $1,000.00 | $1,021.91 | $3.19-E |
| Class K6 | .47% | | | |
| Actual | | $1,000.00 | $1,040.20 | $1.52-B |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-E |
| Fidelity Freedom 2035 Fund | | | | |
| Fidelity Freedom 2035 Fund | .50% | | | |
| Actual | | $1,000.00 | $1,091.70 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,021.90 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.10 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2040 Fund | | | | |
| Fidelity Freedom 2040 Fund | .50% | | | |
| Actual | | $1,000.00 | $1,093.30 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.40 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.90 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2045 Fund | | | | |
| Fidelity Freedom 2045 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,092.20 | $2.67-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.40 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,045.00 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2050 Fund | | | | |
| Fidelity Freedom 2050 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,093.40 | $2.68-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.30 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.70 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2055 Fund | | | | |
| Fidelity Freedom 2055 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,092.40 | $2.68-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.90 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,045.20 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2060 Fund | | | | |
| Fidelity Freedom 2060 Fund | .53% | | | |
| Actual | | $1,000.00 | $1,093.00 | $2.78-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.41 | $2.69-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.30 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.70 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period) for Fidelity Freedom and multiplied by 73/ 365 (to reflect the period July 20, 2017 to September 30, 2017) for Class K and multiplied by 116/365(to reflect the period June 7, 2017 to September 30, 2017) for Class K6.
C If fees and changes to the class level expense contract and/or expense cap, effective June 1, 2017, had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below.
D 5% return per year before expenses
E Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
| | Annualized Expense Ratio-(a)
| Expenses Paid
|
| Fidelity Freedom Income Fund | | |
| Fidelity Freedom Income Fund | .47% | |
| Actual | | $2.40 |
| Hypothetical-(b) | | $2.38 |
| Fidelity Freedom 2005 Fund | | |
| Fidelity Freedom 2005 Fund | .49% | |
| Actual | | $2.51 |
| Hypothetical-(b) | | $2.48 |
| Fidelity Freedom 2010 Fund | | |
| Fidelity Freedom 2010 Fund | .53% | |
| Actual | | $2.73 |
| Hypothetical-(b) | | $2.69 |
| Fidelity Freedom 2015 Fund | | |
| Fidelity Freedom 2015 Fund | .58% | |
| Actual | | $3.00 |
| Hypothetical-(b) | | $2.94 |
| Fidelity Freedom 2020 Fund | | |
| Fidelity Freedom 2020 Fund | .62% | |
| Actual | | $3.21 |
| Hypothetical-(b) | | $3.14 |
| Fidelity Freedom 2025 Fund | | |
| Fidelity Freedom 2025 Fund | .66% | |
| Actual | | $3.43 |
| Hypothetical-(b) | | $3.35 |
| Fidelity Freedom 2030 Fund | | |
| Fidelity Freedom 2030 Fund | .70% | |
| Actual | | $3.65 |
| Hypothetical-(b) | | $3.55 |
| Fidelity Freedom 2035 Fund | | |
| Fidelity Freedom 2035 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2040 Fund | | |
| Fidelity Freedom 2040 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2045 Fund | | |
| Fidelity Freedom 2045 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2050 Fund | | |
| Fidelity Freedom 2050 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2055 Fund | | |
| Fidelity Freedom 2055 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2060 Fund | | |
| Fidelity Freedom 2060 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Freedom Funds
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the administration agreement between FMRC and FMR for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts and administration agreements throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract and administration agreement, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts and administration agreements. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2017 meeting, the Board unanimously determined to renew each fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered that the Advisory Contract currently in place for each Freedom fund had become effective on June 1, 2017 after receiving shareholder approval and had implemented a new fee structure whereby each Freedom fund pays an all-inclusive management fee that varies by class and the underlying Fidelity funds in which the Freedom fund invests no longer pay expenses, with certain limited exceptions.
In considering whether to renew the Advisory Contract and administration agreement for each fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMRC, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering administration, transfer agency, and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with representatives of the investment adviser about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses, if any) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods (for the most recent one-year period for Freedom 2060 Fund).
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board noted that each fund's current Advisory Contract, which imposes a class-level management fee that covers most expenses of the top-level fund and underlying funds, rather than just management services, went into effect on June 1, 2017, after receiving shareholder approval. The Board noted that the new pricing structure will reduce the overall expenses that shareholders pay and provide for less fluctuation in fund expenses. As a result, the Board did not consider competitive management fee comparisons for prior years, when the fund did not pay a top-level management fee.
The Board instead compared each fund's current class-level management fee rate (calculated using Schedule A of the Advisory Contract with 2017 as a base year to derive the "Years to Retirement") relative to the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that each fund's current class-level management fee rate ranks above the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that the majority of peer funds do not have top-level management fees, similar to the funds' fee structure prior to June 1, 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's current class-level management fee rate under the current Advisory Contract. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board considered the current total expense ratio of each fund compared to the median total expenses for competitor funds (including expenses of underlying funds) based on competitive data for 2016. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the current total expense ratio of each fund (except Freedom 2020 Fund) (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio for Freedom 2020 Fund (including expenses of the underlying funds in which the fund invests) ranks above the median. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that Freedom 2020 Fund's current total expense ratio is above the competitive median because a number of competitor target date funds that Lipper previously categorized as passive were moved to the active target date mapped group in 2016, even though their underlying holdings are primarily passive. The Board considered that, when the Total Mapped Group is adjusted to remove funds that invest in passive products, Freedom 2020 Fund's current total expense ratio (had it been in effect for 2016) ranks equal to the competitive median.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Freedom 2020 Fund was above the median of the universe presented for comparison, each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which the funds invest.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.
Because the funds only recently began paying management fees, the Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund prior to the change in fee arrangements were not a material factor in its approval of the continuance of each fund's current Advisory Contract. In connection with its future renewal of each fund's Advisory Contract, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to each fund's current contractual arrangements its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contract should be renewed.
Proxy Voting Results
A special meeting of shareholders was held on December 22, 2016. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| | # of
Votes | % of
Votes |
| Elizabeth S. Acton | | |
| Affirmative | 67,962,879,437.90 | 95.738 |
| Withheld | 3,026,199,416.67 | 4.262 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| John Engler | | |
| Affirmative | 67,621,098,922.89 | 95.256 |
| Withheld | 3,367,979,931.68�� | 4.744 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Albert R. Gamper, Jr. | | |
| Affirmative | 67,692,979,200.48 | 95.357 |
| Withheld | 3,296,099,654.09 | 4.643 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Robert F. Gartland | | |
| Affirmative | 67,834,076,287.79 | 95.556 |
| Withheld | 3,155,002,566.78 | 4.444 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Abigail P. Johnson | | |
| Affirmative | 67,845,327,470.44 | 95.572 |
| Withheld | 3,143,751,384.13 | 4.428 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Arthur E. Johnson | | |
| Affirmative | 67,698,760,709.29 | 95.366 |
| Withheld | 3,290,318,145.28 | 4.634 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Michael E. Kenneally | | |
| Affirmative | 67,851,407,081.44 | 95.581 |
| Withheld | 3,137,671,773.13 | 4.419 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| James H. Keyes | | |
| Affirmative | 67,741,432,698.10 | 95.426 |
| Withheld | 3,247,646,156.47 | 4.574 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Marie L. Knowles | | |
| Affirmative | 67,825,908,094.48 | 95.545 |
| Withheld | 3,163,170,760.09 | 4.455 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Jennifer Toolin McAuliffe | | |
| Affirmative | 67,916,195,545.89 | 95.672 |
| Withheld | 3,072,883,308.68 | 4.328 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Mark A. Murray | | |
| Affirmative | 67,892,016,830.18 | 95.638 |
| Withheld | 3,097,062,024.39 | 4.362 |
| TOTAL | 70,989,078,854.57 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® Income Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,317,725,808.91 | 85.452 |
| Against | 57,209,301.81 | 3.710 |
| Abstain | 139,752,421.36 | 9.063 |
| Broker Non - Votes | 27,380,033.54 | 1.775 |
| TOTAL | 1,542,067,565.62 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2005 Fund and FMR Co., Inc. (FMRC).
| | | |
| | # of
Votes | % of
Votes |
| Affirmative | 388,274,134.37 | 87.344 |
| Against | 13,463,802.33 | 3.029 |
| Abstain | 37,902,359.85 | 8.526 |
| Broker Non - Votes | 4,897,062.03 | 1.101 |
| TOTAL | 444,537,358.58 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2010 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 2,894,055,622.85 | 87.706 |
| Against | 104,012,980.85 | 3.152 |
| Abstain | 245,808,272.57 | 7.449 |
| Broker Non - Votes | 55,875,837.65 | 1.693 |
| TOTAL | 3,299,752,713.92 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2015 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 3,113,584,816.65 | 87.813 |
| Against | 119,264,314.90 | 3.363 |
| Abstain | 263,279,480.29 | 7.425 |
| Broker Non - Votes | 49,610,493.35 | 1.399 |
| TOTAL | 3,545,739,105.19 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2020 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 6,025,459,912.49 | 86.695 |
| Against | 267,999,712.00 | 3.857 |
| Abstain | 516,809,630.88 | 7.435 |
| Broker Non - Votes | 139,922,497.86 | 2.013 |
| TOTAL | 6,950,191,753.23 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2025 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 4,230,187,161.45 | 87.910 |
| Against | 160,635,672.08 | 3.339 |
| Abstain | 324,990,750.24 | 6.753 |
| Broker Non - Votes | 96,181,985.59 | 1.998 |
| TOTAL | 4,811,995,569.36 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2030 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 5,129,410,373.39 | 87.329 |
| Against | 265,860,179.11 | 4.527 |
| Abstain | 352,198,671.47 | 5.996 |
| Broker Non - Votes | 126,211,770.57 | 2.148 |
| TOTAL | 5,873,680,994.54 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2035 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 2,847,204,408.78 | 87.443 |
| Against | 177,346,742.35 | 5.447 |
| Abstain | 176,248,564.92 | 5.412 |
| Broker Non - Votes | 55,292,814.44 | 1.698 |
| TOTAL | 3,256,092,530.49 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2040 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 3,150,340,778.51 | 85.921 |
| Against | 192,086,025.33 | 5.239 |
| Abstain | 232,983,406.13 | 6.354 |
| Broker Non - Votes | 91,156,325.31 | 2.486 |
| TOTAL | 3,666,566,535.28 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2045 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,317,538,632.19 | 81.312 |
| Against | 120,626,001.56 | 7.444 |
| Abstain | 151,330,394.95 | 9.339 |
| Broker Non - Votes | 30,868,166.30 | 1.905 |
| TOTAL | 1,620,363,195.00 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2050 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,101,712,738.67 | 83.074 |
| Against | 61,795,036.11 | 4.660 |
| Abstain | 128,516,950.87 | 9.690 |
| Broker Non - Votes | 34,162,694.66 | 2.576 |
| TOTAL | 1,326,187,420.31 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2055 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 317,070,106.59 | 81.637 |
| Against | 13,109,509.54 | 3.376 |
| Abstain | 46,988,431.20 | 12.098 |
| Broker Non - Votes | 11,222,182.33 | 2.889 |
| TOTAL | 388,390,229.66 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2060 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 28,199,563.81 | 79.727 |
| Against | 2,245,306.30 | 6.349 |
| Abstain | 2,904,387.30 | 8.211 |
| Broker Non - Votes | 2,020,954.26 | 5.713 |
| TOTAL | 35,370,211.67 | 100.000 |
| |
| Proposal 1 reflects trust-wide proposal and voting results. |
The special meeting of shareholders of Fidelity® Freedom 2045 Fund and Fidelity® Freedom 2050 Fund reconvened on January 27, 2017 with respect to proposal 2.
The special meeting of shareholders of Fidelity® Freedom 2055 Fund and Fidelity® Freedom 2060 Fund reconvened on April 19, 2017 with respect to proposal 2. |
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FF-K6-SANN-1117
1.9885888.100
Fidelity Freedom® Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Semi-Annual Report September 30, 2017 |
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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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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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. © 2017 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.institutional.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
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 37.2 | 37.5 |
| Fidelity Series Government Money Market Fund 1.09% | 20.9 | 21.0 |
| Fidelity Series Short-Term Credit Fund | 6.8 | 7.0 |
| Fidelity Series Emerging Markets Fund | 3.9 | 4.7 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.7 | 3.8 |
| Fidelity Series International Value Fund | 2.8 | 2.7 |
| Fidelity Series International Growth Fund | 2.8 | 2.6 |
| Fidelity Series Intrinsic Opportunities Fund | 2.3 | 1.6 |
| Fidelity Series Growth & Income Fund | 2.1 | 1.7 |
| Fidelity Series Commodity Strategy Fund | 2.0 | 1.7 |
| | 84.5 | 84.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 16.0% |
| | International Equity Funds | 10.5% |
| | Bond Funds | 45.8% |
| | Short-Term Funds | 27.7% |
| Six months ago |
| | Domestic Equity Funds | 17.1% |
| | International Equity Funds | 10.6% |
| | Bond Funds | 44.3% |
| | Short-Term Funds | 28.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® Income Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 16.0% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 1,097,721 | $18,189,233 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,750,446 | 21,985,604 |
| Fidelity Series All-Sector Equity Fund (a) | | 2,543,358 | 34,004,694 |
| Fidelity Series Blue Chip Growth Fund (a) | | 2,628,701 | 34,804,005 |
| Fidelity Series Commodity Strategy Fund (a) | | 14,524,047 | 75,960,766 |
| Fidelity Series Growth & Income Fund (a) | | 5,237,803 | 79,666,988 |
| Fidelity Series Growth Company Fund (a) | | 4,046,410 | 69,436,388 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 5,033,828 | 86,481,157 |
| Fidelity Series Opportunistic Insights Fund (a) | | 2,103,613 | 38,348,857 |
| Fidelity Series Real Estate Equity Fund (a) | | 533,556 | 6,888,212 |
| Fidelity Series Small Cap Discovery Fund (a) | | 851,107 | 10,213,284 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 2,252,764 | 31,493,635 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 4,460,971 | 59,286,306 |
| Fidelity Series Value Discovery Fund (a) | | 3,064,195 | 41,121,502 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $462,104,633) | | | 607,880,631 |
|
| International Equity Funds - 10.5% | | | |
| Fidelity Series Canada Fund (a) | | 1,007,068 | 10,715,205 |
| Fidelity Series Emerging Markets Fund (a) | | 7,142,065 | 147,126,541 |
| Fidelity Series International Growth Fund (a) | | 6,629,991 | 105,350,554 |
| Fidelity Series International Small Cap Fund (a) | | 1,430,281 | 25,616,337 |
| Fidelity Series International Value Fund (a) | | 10,013,085 | 107,840,926 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $291,292,591) | | | 396,649,563 |
|
| Bond Funds - 45.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,788,270 | 29,165,303 |
| Fidelity Series Floating Rate High Income Fund (a) | | 969,267 | 9,198,349 |
| Fidelity Series High Income Fund (a) | | 5,853,671 | 57,073,291 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 14,278,214 | 141,211,540 |
| Fidelity Series International Credit Fund (a) | | 185,006 | 1,859,314 |
| Fidelity Series Investment Grade Bond Fund (a) | | 125,032,062 | 1,414,112,620 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 7,901,291 | 69,452,350 |
| Fidelity Series Real Estate Income Fund (a) | | 1,622,870 | 18,127,453 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,694,337,831) | | | 1,740,200,220 |
|
| Short-Term Funds - 27.7% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 795,402,632 | 795,402,632 |
| Fidelity Series Short-Term Credit Fund (a) | | 25,760,047 | 257,342,870 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,052,532,048) | | | 1,052,745,502 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $3,500,267,103) | | | 3,797,475,916 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (752,950) |
| NET ASSETS - 100% | | | $3,796,722,966 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $11,491,675 | $313,457 | $2,142,067 | $-- | $648,035 | $302,183 | $18,189,233 |
| Fidelity Series 1000 Value Index Fund | 14,043,610 | 447,702 | 2,436,371 | -- | 86,404 | 784,566 | 21,985,604 |
| Fidelity Series All-Sector Equity Fund | 21,673,165 | 592,813 | 4,284,785 | -- | 761,679 | 1,080,380 | 34,004,694 |
| Fidelity Series Blue Chip Growth Fund | 22,111,317 | 3,620,117 | 5,486,124 | 67,377 | 1,369,186 | (1,409,835 ) | 34,804,005 |
| Fidelity Series Canada Fund | -- | 10,397,641 | 22,598 | -- | 120 | 121,242 | 10,715,205 |
| Fidelity Series Commodity Strategy Fund | 35,467,629 | 10,495,842 | 2,307,390 | 116,191 | (1,009,411) | 683,046 | 75,960,766 |
| Fidelity Series Emerging Markets Debt Fund | 16,127,912 | 996,647 | 629,285 | 538,710 | 2,684 | 287,386 | 29,165,303 |
| Fidelity Series Emerging Markets Fund | 100,230,776 | 3,041,873 | 48,021,112 | -- | 7,869,246 | 6,888,906 | 147,126,541 |
| Fidelity Series Floating Rate High Income Fund | 5,291,055 | 286,762 | 259,241 | 130,257 | (5,430) | (11,146 ) | 9,198,349 |
| Fidelity Series Government Money Market Fund 1.09% | 449,183,508 | 29,176,806 | 21,244,310 | 2,225,820 | -- | -- | 795,402,632 |
| Fidelity Series Growth & Income Fund | 37,258,926 | 13,807,062 (a) | 6,804,790 | 193,065 | 96,090 | 2,655,144 | 79,666,988 |
| Fidelity Series Growth Company Fund | 43,774,948 | 1,015,728 | 11,297,735 | -- | 4,004,153 | 2,928,174 | 69,436,388 |
| Fidelity Series High Income Fund | 32,354,262 | 1,819,776 | 1,713,805 | 965,604 | (21,219) | 663,612 | 57,073,291 |
| Fidelity Series Inflation-Protected Bond Index Fund | 80,976,154 | 3,835,263 | 3,994,363 | 51,511 | (97,886) | (418,778 ) | 141,211,540 |
| Fidelity Series International Credit Fund | -- | 1,046,127 | 409 | -- | -- | 1,207 | 1,859,314 |
| Fidelity Series International Growth Fund | 56,577,829 | 3,398,403 | 9,445,556 | -- | 836,813 | 7,083,462 | 105,350,554 |
| Fidelity Series International Small Cap Fund | 12,490,172 | 1,050,900 | 927,387 | -- | 17,541 | 2,175,890 | 25,616,337 |
| Fidelity Series International Value Fund | 56,718,964 | 4,744,118 | 7,775,798 | -- | 275,768 | 7,082,273 | 107,840,926 |
| Fidelity Series Intrinsic Opportunities Fund | 34,027,643 | 15,005,333 (a) | 711,307 | 603,421 | 13,103 | 2,151,197 | 86,481,157 |
| Fidelity Series Investment Grade Bond Fund | 801,856,863 | 40,887,391 | 39,531,927 | 10,836,622 | 86,271 | 5,740,953 | 1,414,112,620 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 751,776 | 54,474,403 | 476,221 | 195,181 | (19,255) | (764,094 ) | 69,452,350 |
| Fidelity Series Opportunistic Insights Fund | 24,263,870 | 667,013 | 5,750,287 | -- | 2,241,273 | 868,680 | 38,348,857 |
| Fidelity Series Real Estate Equity Fund | 4,491,516 | 294,075 | 742,857 | 33,609 | 138,226 | (192,606 ) | 6,888,212 |
| Fidelity Series Real Estate Income Fund | 10,269,443 | 771,880 | 629,507 | 255,916 | 15,237 | 50,792 | 18,127,453 |
| Fidelity Series Short-Term Credit Fund | 149,257,239 | 5,722,390 | 7,281,948 | 1,287,011 | (5,196) | (31,413 ) | 257,342,870 |
| Fidelity Series Small Cap Discovery Fund | 6,625,176 | 204,186 | 1,212,021 | 28,183 | 149,823 | 348,527 | 10,213,284 |
| Fidelity Series Small Cap Opportunities Fund | 19,807,202 | 2,764,109 | 3,288,910 | 58,561 | 467,937 | (985,063 ) | 31,493,635 |
| Fidelity Series Stock Selector Large Cap Value Fund | 37,719,914 | 1,181,044 | 6,271,687 | -- | 1,036,718 | 1,152,314 | 59,286,306 |
| Fidelity Series Value Discovery Fund | 52,910,613 | 1,137,092 | 31,136,204 (a) | 388,337 | 6,370,055 | (5,186,817 ) | 41,121,502 |
| Total | $2,137,753,157 | $ 213,195,953 | $ 225,826,002 | $17,975,376 | $ 25,327,965 | $34,050,182 | $3,797,475,916 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $3,500,267,103) — See accompanying schedule | | $3,797,475,916 |
| Cash | | 13 |
| Receivable for investments sold | | 601,884 |
| Receivable for fund shares sold | | 6,403,068 |
| Dividends receivable | | 672,850 |
| Total assets | | 3,805,153,731 |
| Liabilities | | |
| Payable for fund shares redeemed | $7,035,650 | |
| Accrued management fee | 1,395,115 | |
| Total liabilities | | 8,430,765 |
| Net Assets | | $3,796,722,966 |
| Net Assets consist of: | | |
| Paid in capital | | $3,466,779,086 |
| Undistributed net investment income | | 4,462,550 |
| Accumulated undistributed net realized gain (loss) on investments | | 28,272,517 |
| Net unrealized appreciation (depreciation) on investments | | 297,208,813 |
| Net Assets | | $3,796,722,966 |
| Fidelity Freedom Income Fund: | | |
| Net Asset Value, offering price and redemption price per share ($2,141,916,796 ÷ 180,750,083 shares) | | $11.85 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($1,648,136,293 ÷ 139,222,585 shares) | | $11.84 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($6,669,877 ÷ 563,115 shares) | | $11.84 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $17,975,376 |
| Expenses | | |
| Management fee | $3,739,557 | |
| Independent trustees' fees and expenses | 3,897 | |
| Total expenses before reductions | 3,743,454 | |
| Expense reductions | (1,400) | 3,742,054 |
| Net investment income (loss) | | 14,233,322 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 25,327,965 | |
| Capital gain distributions from underlying funds | 8,504,511 | |
| Total net realized gain (loss) | | 33,832,476 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 34,050,182 |
| Net gain (loss) | | 67,882,658 |
| Net increase (decrease) in net assets resulting from operations | | $82,115,980 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,233,322 | $36,768,529 |
| Net realized gain (loss) | 33,832,476 | 31,357,348 |
| Change in net unrealized appreciation (depreciation) | 34,050,182 | 59,659,034 |
| Net increase (decrease) in net assets resulting from operations | 82,115,980 | 127,784,911 |
| Distributions to shareholders from net investment income | (12,627,158) | (37,016,596) |
| Distributions to shareholders from net realized gain | (14,993,579) | (32,674,118) |
| Total distributions | (27,620,737) | (69,690,714) |
| Share transactions - net increase (decrease) | 1,604,475,573 | (105,335,895) |
| Total increase (decrease) in net assets | 1,658,970,816 | (47,241,698) |
| Net Assets | | |
| Beginning of period | 2,137,752,150 | 2,184,993,848 |
| End of period | $3,796,722,966 | $2,137,752,150 |
| Other Information | | |
| Undistributed net investment income end of period | $4,462,550 | $2,856,386 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Income Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.57 | $11.26 | $11.75 | $11.86 | $11.91 | $11.60 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .19 | .21 | .21 | .16 | .15 |
| Net realized and unrealized gain (loss) | .37 | .49 | (.27) | .28 | .30 | .40 |
| Total from investment operations | .43 | .68 | (.06) | .49 | .46 | .55 |
| Distributions from net investment income | (.07) | (.20)B | (.21) | (.20) | (.16) | (.16) |
| Distributions from net realized gain | (.08) | (.17)B | (.22) | (.40) | (.35) | (.08) |
| Total distributions | (.15) | (.37) | (.43) | (.60) | (.51) | (.24) |
| Net asset value, end of period | $11.85 | $11.57 | $11.26 | $11.75 | $11.86 | $11.91 |
| Total ReturnC,D | 3.76% | 6.16% | (.45)% | 4.31% | 3.95% | 4.79% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .31%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .31%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .31%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | 1.06%G | 1.70% | 1.86% | 1.77% | 1.37% | 1.32% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $2,141,917 | $2,137,752 | $2,184,994 | $2,483,848 | $1,935,210 | $2,191,666 |
| Portfolio turnover rateE | 20 %G,I | 31% | 20% | 26%I | 31% | 14% |
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 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 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 Annualized
H Amount represents less than $.005%
I 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 Income Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.76 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .05 |
| Total from investment operations | .11 |
| Distributions from net investment income | (.03) |
| Distributions from net realized gain | – |
| Total distributions | (.03) |
| Net asset value, end of period | $11.84 |
| Total ReturnC,D | .93% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .46%G,H |
| Expenses net of fee waivers, if any | .46%G,H |
| Expenses net of all reductions | .46%G,H |
| Net investment income (loss) | 3.13%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,648,136 |
| Portfolio turnover rateE | 20%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 Income Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.68 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .14 |
| Total from investment operations | .20 |
| Distributions from net investment income | (.04) |
| Distributions from net realized gain | – |
| Total distributions | (.04) |
| Net asset value, end of period | $11.84 |
| Total ReturnC,D | 1.69% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .37%G |
| Expenses net of fee waivers, if any | .37%G |
| Expenses net of all reductions | .37%G |
| Net investment income (loss) | 1.74%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $6,670 |
| Portfolio turnover rateE | 20%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 33.6 | 33.7 |
| Fidelity Series Government Money Market Fund 1.09% | 16.2 | 15.9 |
| Fidelity Series Short-Term Credit Fund | 5.1 | 5.3 |
| Fidelity Series Emerging Markets Fund | 4.7 | 5.7 |
| Fidelity Series International Value Fund | 3.9 | 3.8 |
| Fidelity Series International Growth Fund | 3.8 | 3.8 |
| Fidelity Series Intrinsic Opportunities Fund | 3.4 | 2.4 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.3 | 3.3 |
| Fidelity Series Growth & Income Fund | 3.2 | 2.6 |
| Fidelity Series Growth Company Fund | 2.8 | 3.1 |
| | 80.0 | 79.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 23.3% |
| | International Equity Funds | 13.7% |
| | Bond Funds | 41.7% |
| | Short-Term Funds | 21.3% |
| Six months ago |
| | Domestic Equity Funds | 24.7% |
| | International Equity Funds | 14.1% |
| | Bond Funds | 40.0% |
| | Short-Term Funds | 21.2% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2005 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 23.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 451,702 | $7,484,705 |
| Fidelity Series 1000 Value Index Fund (a) | | 722,615 | 9,076,045 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,046,567 | 13,992,598 |
| Fidelity Series Blue Chip Growth Fund (a) | | 1,081,621 | 14,320,657 |
| Fidelity Series Commodity Strategy Fund (a) | | 3,932,099 | 20,564,880 |
| Fidelity Series Growth & Income Fund (a) | | 2,161,904 | 32,882,555 |
| Fidelity Series Growth Company Fund (a) | | 1,665,186 | 28,574,590 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 2,014,148 | 34,603,056 |
| Fidelity Series Opportunistic Insights Fund (a) | | 865,632 | 15,780,478 |
| Fidelity Series Real Estate Equity Fund (a) | | 219,906 | 2,838,988 |
| Fidelity Series Small Cap Discovery Fund (a) | | 350,312 | 4,203,750 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 928,294 | 12,977,544 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 1,843,274 | 24,497,105 |
| Fidelity Series Value Discovery Fund (a) | | 1,266,763 | 16,999,960 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $187,374,093) | | | 238,796,911 |
|
| International Equity Funds - 13.7% | | | |
| Fidelity Series Canada Fund (a) | | 370,327 | 3,940,275 |
| Fidelity Series Emerging Markets Fund (a) | | 2,369,544 | 48,812,600 |
| Fidelity Series International Growth Fund (a) | | 2,429,282 | 38,601,291 |
| Fidelity Series International Small Cap Fund (a) | | 526,012 | 9,420,877 |
| Fidelity Series International Value Fund (a) | | 3,693,836 | 39,782,609 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $106,946,186) | | | 140,557,652 |
|
| Bond Funds - 41.7% | | | |
| Fidelity Series Emerging Markets Debt Fund(a) | | 737,180 | 7,710,904 |
| Fidelity Series Floating Rate High Income Fund (a) | | 259,457 | 2,462,249 |
| Fidelity Series High Income Fund (a) | | 1,578,873 | 15,394,010 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 3,395,739 | 33,583,861 |
| Fidelity Series International Credit Fund (a) | | 50,583 | 508,355 |
| Fidelity Series Investment Grade Bond Fund (a) | | 30,439,533 | 344,271,121 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 2,225,299 | 19,560,374 |
| Fidelity Series Real Estate Income Fund (a) | | 439,887 | 4,913,536 |
| TOTAL BOND FUNDS | | | |
| (Cost $431,303,789) | | | 428,404,410 |
|
| Short-Term Funds - 21.3% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 166,368,100 | 166,368,100 |
| Fidelity Series Short-Term Credit Fund (a) | | 5,227,091 | 52,218,642 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $218,566,386) | | | 218,586,742 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $944,190,454) | | | 1,026,345,715 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (396,450) |
| NET ASSETS - 100% | | | $1,025,949,265 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $4,687,350 | $220,852 | $777,002 | $-- | $272,312 | $123,563 | $7,484,705 |
| Fidelity Series 1000 Value Index Fund | 5,728,190 | 268,370 | 829,602 | -- | 27,589 | 333,353 | 9,076,045 |
| Fidelity Series All-Sector Equity Fund | 8,840,190 | 415,126 | 1,565,228 | -- | 40,239 | 724,961 | 13,992,598 |
| Fidelity Series Blue Chip Growth Fund | 9,019,055 | 1,669,043 | 2,060,775 | 27,780 | 472,549 | (479,236 ) | 14,320,657 |
| Fidelity Series Canada Fund | -- | 3,458,266 | 9,966 | -- | 63 | 54,172 | 3,940,275 |
| Fidelity Series Commodity Strategy Fund | 9,618,952 | 3,245,576 | 606,135 | 31,506 | (34,317) | (47,638 ) | 20,564,880 |
| Fidelity Series Emerging Markets Debt Fund | 4,351,269 | 342,939 | 179,538 | 140,359 | 1,345 | 78,601 | 7,710,904 |
| Fidelity Series Emerging Markets Fund | 33,214,881 | 1,673,278 | 14,713,102 | -- | 1,832,799 | 3,091,704 | 48,812,600 |
| Fidelity Series Floating Rate High Income Fund | 1,443,737 | 107,949 | 73,862 | 34,343 | (590) | (3,963 ) | 2,462,249 |
| Fidelity Series Government Money Market Fund 1.09% | 93,037,687 | 10,890,184 | 4,614,642 | 452,112 | -- | -- | 166,368,100 |
| Fidelity Series Growth & Income Fund | 15,197,493 | 6,046,260 (a) | 2,280,940 | 81,582 | 16,646 | 1,108,344 | 32,882,555 |
| Fidelity Series Growth Company Fund | 17,856,033 | 588,531 | 4,076,629 | -- | 1,401,123 | 1,477,803 | 28,574,590 |
| Fidelity Series High Income Fund | 8,842,210 | 690,361 | 443,871 | 256,024 | 317 | 173,909 | 15,394,010 |
| Fidelity Series Inflation-Protected Bond Index Fund | 19,379,371 | 1,516,183 | 1,002,280 | 11,831 | (67,673) | (48,673 ) | 33,583,861 |
| Fidelity Series International Credit Fund | -- | 298,759 | 431 | -- | -- | 454 | 508,355 |
| Fidelity Series International Growth Fund | 21,908,894 | 1,150,957 | 3,693,439 | -- | 449,461 | 2,601,049 | 38,601,291 |
| Fidelity Series International Small Cap Fund | 4,894,618 | 363,966 | 458,751 | -- | 26,076 | 825,565 | 9,420,877 |
| Fidelity Series International Value Fund | 21,965,189 | 1,673,294 | 2,777,920 | -- | 46,254 | 2,750,566 | 39,782,609 |
| Fidelity Series Intrinsic Opportunities Fund | 13,804,364 | 6,563,982 (a) | 348,265 | 241,221 | 5,815 | 888,066 | 34,603,056 |
| Fidelity Series Investment Grade Bond Fund | 196,594,195 | 16,213,511 | 9,723,475 | 2,583,153 | (12,266) | 1,525,258 | 344,271,121 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 181,407 | 15,768,264 | 141,002 | 51,423 | (4,398) | (205,421 ) | 19,560,374 |
| Fidelity Series Opportunistic Insights Fund | 9,897,007 | 469,692 | 2,148,014 | -- | 766,962 | 525,846 | 15,780,478 |
| Fidelity Series Real Estate Equity Fund | 1,819,013 | 157,860 | 248,715 | 14,239 | 10,819 | (32,662 ) | 2,838,988 |
| Fidelity Series Real Estate Income Fund | 2,851,782 | 268,873 | 167,895 | 72,252 | 736 | 16,929 | 4,913,536 |
| Fidelity Series Short-Term Credit Fund | 30,870,409 | 1,822,169 | 1,594,554 | 256,695 | (540) | (2,863 ) | 52,218,642 |
| Fidelity Series Small Cap Discovery Fund | 2,702,182 | 135,693 | 438,482 | 11,750 | 48,101 | 155,583 | 4,203,750 |
| Fidelity Series Small Cap Opportunities Fund | 8,077,116 | 1,296,722 | 1,153,982 | 24,180 | 74,066 | (285,950 ) | 12,977,544 |
| Fidelity Series Stock Selector Large Cap Value Fund | 15,385,439 | 722,964 | 2,123,481 | -- | 64,284 | 845,955 | 24,497,105 |
| Fidelity Series Value Discovery Fund | 21,581,521 | 691,803 | 12,423,519(a) | 162,799 | 1,024,666 | (537,382 ) | 16,999,960 |
| Total | $583,749,554 | $78,731,427 | $70,675,497 | $4,453,249 | $6,462,438 | $15,657,893 | $1,026,345,715 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $944,190,454) — See accompanying schedule | | $1,026,345,715 |
| Cash | | 12 |
| Receivable for investments sold | | 8 |
| Receivable for fund shares sold | | 1,639,541 |
| Total assets | | 1,027,985,276 |
| Liabilities | | |
| Payable for investments purchased | $259,400 | |
| Payable for fund shares redeemed | 1,378,936 | |
| Accrued management fee | 397,675 | |
| Total liabilities | | 2,036,011 |
| Net Assets | | $1,025,949,265 |
| Net Assets consist of: | | |
| Paid in capital | | $932,726,964 |
| Undistributed net investment income | | 3,333,274 |
| Accumulated undistributed net realized gain (loss) on investments | | 7,733,766 |
| Net unrealized appreciation (depreciation) on investments | | 82,155,261 |
| Net Assets | | $1,025,949,265 |
| Fidelity Freedom 2005 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($595,517,477 ÷ 47,173,970 shares) | | $12.62 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($428,058,469 ÷ 33,916,786 shares) | | $12.62 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($2,373,319 ÷ 187,944 shares) | | $12.63 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $4,453,249 |
| Expenses | | |
| Management fee | $1,088,388 | |
| Independent trustees' fees and expenses | 1,076 | |
| Total expenses before reductions | 1,089,464 | |
| Expense reductions | (383) | 1,089,081 |
| Net investment income (loss) | | 3,364,168 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 6,462,438 | |
| Capital gain distributions from underlying funds | 3,485,211 | |
| Total net realized gain (loss) | | 9,947,649 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 15,657,893 |
| Net gain (loss) | | 25,605,542 |
| Net increase (decrease) in net assets resulting from operations | | $28,969,710 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,364,168 | $9,931,239 |
| Net realized gain (loss) | 9,947,649 | 8,364,571 |
| Change in net unrealized appreciation (depreciation) | 15,657,893 | 26,065,382 |
| Net increase (decrease) in net assets resulting from operations | 28,969,710 | 44,361,192 |
| Distributions to shareholders from net investment income | (1,620,929) | (10,200,069) |
| Distributions to shareholders from net realized gain | (5,291,856) | (7,369,706) |
| Total distributions | (6,912,785) | (17,569,775) |
| Share transactions - net increase (decrease) | 420,138,654 | (23,764,200) |
| Total increase (decrease) in net assets | 442,195,579 | 3,027,217 |
| Net Assets | | |
| Beginning of period | 583,753,686 | 580,726,469 |
| End of period | $1,025,949,265 | $583,753,686 |
| Other Information | | |
| Undistributed net investment income end of period | $3,333,274 | $1,590,035 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2005 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.20 | $11.66 | $12.24 | $12.01 | $11.53 | $11.11 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .05 | .20 | .22 | .22 | .16 | .15 |
| Net realized and unrealized gain (loss) | .52 | .71 | (.34) | .40 | .58 | .51 |
| Total from investment operations | .57 | .91 | (.12) | .62 | .74 | .66 |
| Distributions from net investment income | (.03) | (.22)B | (.22) | (.23) | (.15) | (.17) |
| Distributions from net realized gain | (.11) | (.15)B | (.23) | (.17) | (.10) | (.07) |
| Total distributions | (.15)C | (.37) | (.46)D | (.39)E | (.26)F | (.24) |
| Net asset value, end of period | $12.62 | $12.20 | $11.66 | $12.24 | $12.01 | $11.53 |
| Total ReturnG,H | 4.67% | 7.91% | (1.01)% | 5.26% | 6.43% | 5.99% |
| Ratios to Average Net AssetsI,J | | | | | | |
| Expenses before reductions | .33%K | - %L | - %L | - %L | - %L | - %L |
| Expenses net of fee waivers, if any | .33%K | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .33%K | -% | -% | -% | -% | -% |
| Net investment income (loss) | .86%K | 1.70% | 1.87% | 1.79% | 1.38% | 1.38% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $595,517 | $583,754 | $580,726 | $639,723 | $668,987 | $704,183 |
| Portfolio turnover rateI | 24%K,M | 31% | 22% | 23% | 44% | 22% |
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 Total distributions of $.15 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.111 per share.
D 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.
E 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.
F 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.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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
L Amount represents less than $.005%
M 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 Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.48 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .06 |
| Total from investment operations | .14 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.62 |
| Total ReturnC,D | 1.12% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G,H |
| Expenses net of fee waivers, if any | .45%G,H |
| Expenses net of all reductions | .45%G,H |
| Net investment income (loss) | 3.20%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $428,058 |
| Portfolio turnover rateE | 24%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.36 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .21 |
| Total from investment operations | .27 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $12.63 |
| Total ReturnC,D | 2.18% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .38%G |
| Expenses net of fee waivers, if any | .38%G |
| Expenses net of all reductions | .38%G |
| Net investment income (loss) | 1.61%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,373 |
| Portfolio turnover rateE | 24%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 30.1 | 30.3 |
| Fidelity Series Government Money Market Fund 1.09% | 12.5 | 12.2 |
| Fidelity Series Emerging Markets Fund | 5.7 | 6.5 |
| Fidelity Series International Value Fund | 4.7 | 4.7 |
| Fidelity Series International Growth Fund | 4.6 | 4.7 |
| Fidelity Series Intrinsic Opportunities Fund | 4.3 | 3.0 |
| Fidelity Series Growth & Income Fund | 4.1 | 3.3 |
| Fidelity Series Short-Term Credit Fund | 3.9 | 4.0 |
| Fidelity Series Growth Company Fund | 3.6 | 3.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.1 | 3.3 |
| | 76.6 | 75.9 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 29.4% |
| | International Equity Funds | 16.6% |
| | Bond Funds | 37.6% |
| | Short-Term Funds | 16.4% |
| Six months ago |
| | Domestic Equity Funds | 30.9% |
| | International Equity Funds | 16.9% |
| | Bond Funds | 36.0% |
| | Short-Term Funds | 16.2% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2010 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 29.4% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 3,867,315 | $64,081,403 |
| Fidelity Series 1000 Value Index Fund (a) | | 6,175,372 | 77,562,670 |
| Fidelity Series All-Sector Equity Fund (a) | | 8,959,938 | 119,794,371 |
| Fidelity Series Blue Chip Growth Fund (a) | | 9,260,377 | 122,607,396 |
| Fidelity Series Commodity Strategy Fund (a) | | 25,892,028 | 135,415,305 |
| Fidelity Series Growth & Income Fund (a) | | 18,464,744 | 280,848,758 |
| Fidelity Series Growth Company Fund (a) | | 14,255,793 | 244,629,402 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 16,965,860 | 291,473,483 |
| Fidelity Series Opportunistic Insights Fund (a) | | 7,411,484 | 135,111,362 |
| Fidelity Series Real Estate Equity Fund (a) | | 1,880,314 | 24,274,848 |
| Fidelity Series Small Cap Discovery Fund (a) | | 2,998,064 | 35,976,770 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 7,945,661 | 111,080,342 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 15,726,506 | 209,005,264 |
| Fidelity Series Value Discovery Fund (a) | | 10,828,562 | 145,319,309 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,504,391,456) | | | 1,997,180,683 |
|
| International Equity Funds - 16.6% | | | |
| Fidelity Series Canada Fund (a) | | 3,006,314 | 31,987,182 |
| Fidelity Series Emerging Markets Fund (a) | | 18,646,287 | 384,113,521 |
| Fidelity Series International Growth Fund (a) | | 19,727,323 | 313,467,163 |
| Fidelity Series International Small Cap Fund (a) | | 4,264,215 | 76,372,083 |
| Fidelity Series International Value Fund (a) | | 29,930,090 | 322,347,065 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $841,379,615) | | | 1,128,287,014 |
|
| Bond Funds - 37.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 4,864,914 | 50,887,001 |
| Fidelity Series Floating Rate High Income Fund (a) | | 1,700,968 | 16,142,182 |
| Fidelity Series High Income Fund (a) | | 10,399,179 | 101,391,999 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 17,981,992 | 177,841,897 |
| Fidelity Series International Credit Fund (a) | | 339,098 | 3,407,930 |
| Fidelity Series Investment Grade Bond Fund (a) | | 180,765,791 | 2,044,461,096 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 14,780,740 | 129,922,702 |
| Fidelity Series Real Estate Income Fund (a) | | 2,890,295 | 32,284,597 |
| TOTAL BOND FUNDS | | | |
| (Cost $2,567,035,060) | | | 2,556,339,404 |
|
| Short-Term Funds - 16.4% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 848,385,738 | 848,385,738 |
| Fidelity Series Short-Term Credit Fund (a) | | 26,205,575 | 261,793,698 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,110,132,571) | | | 1,110,179,436 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $6,022,938,702) | | | 6,791,986,537 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (2,046,304) |
| NET ASSETS - 100% | | | $6,789,940,233 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $42,164,646 | $946,226 | $6,186,963 | $-- | $2,447,671 | $1,036,305 | $64,081,403 |
| Fidelity Series 1000 Value Index Fund | 51,526,879 | 1,136,565 | 6,541,629 | -- | 239,011 | 2,871,499 | 77,562,670 |
| Fidelity Series All-Sector Equity Fund | 79,520,284 | 1,773,206 | 12,561,684 | -- | 684,229 | 6,057,140 | 119,794,371 |
| Fidelity Series Blue Chip Growth Fund | 81,130,669 | 12,460,782 | 16,958,620 | 238,046 | 4,094,263 | (3,747,514 ) | 122,607,396 |
| Fidelity Series Canada Fund | -- | 26,648,022 | 112,409 | -- | 757 | 507,716 | 31,987,182 |
| Fidelity Series Commodity Strategy Fund | 66,580,114 | 22,430,735 | 4,809,191 | 207,671 | (2,643,966) | 2,152,458 | 135,415,305 |
| Fidelity Series Emerging Markets Debt Fund | 30,964,719 | 1,718,371 | 1,451,036 | 1,013,754 | 7,230 | 575,474 | 50,887,001 |
| Fidelity Series Emerging Markets Fund | 271,438,238 | 6,573,919 | 104,144,607 | -- | 13,853,391 | 26,035,900 | 384,113,521 |
| Fidelity Series Floating Rate High Income Fund | 10,226,318 | 486,733 | 597,965 | 246,420 | (15,389) | (16,446 ) | 16,142,182 |
| Fidelity Series Government Money Market Fund 1.09% | 504,760,496 | 52,805,422 | 29,121,121 | 2,513,350 | -- | -- | 848,385,738 |
| Fidelity Series Growth & Income Fund | 136,706,954 | 50,627,998 (a) | 18,091,583 | 737,825 | 501,106 | 8,984,064 | 280,848,758 |
| Fidelity Series Growth Company Fund | 160,622,872 | 3,309,113 | 35,614,170 | -- | 12,203,015 | 13,437,494 | 244,629,402 |
| Fidelity Series High Income Fund | 62,714,112 | 3,319,569 | 3,592,571 | 1,839,959 | (47,590) | 1,225,802 | 101,391,999 |
| Fidelity Series Inflation-Protected Bond Index Fund | 110,955,952 | 5,785,823 | 6,577,841 | 69,038 | (618,985) | 85,304 | 177,841,897 |
| Fidelity Series International Credit Fund | -- | 2,089,683 | 787 | -- | -- | 3,934 | 3,407,930 |
| Fidelity Series International Growth Fund | 192,889,582 | 4,799,241 | 32,464,612 | -- | 7,285,665 | 19,013,277 | 313,467,163 |
| Fidelity Series International Small Cap Fund | 43,404,977 | 1,108,945 | 4,065,057 | -- | 717,397 | 6,644,500 | 76,372,083 |
| Fidelity Series International Value Fund | 193,388,884 | 7,539,475 | 23,786,322 | -- | 783,356 | 22,908,673 | 322,347,065 |
| Fidelity Series Intrinsic Opportunities Fund | 123,853,701 | 54,514,180 (a) | 2,482,706 | 2,034,963 | 30,821 | 8,098,284 | 291,473,483 |
| Fidelity Series Investment Grade Bond Fund | 1,251,611,176 | 77,918,734 | 71,402,565 | 16,753,535 | 129,742 | 10,377,411 | 2,044,461,096 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,150,158 | 106,826,037 | 1,205,855 | 370,756 | (48,263) | (1,271,978 ) | 129,922,702 |
| Fidelity Series Opportunistic Insights Fund | 89,027,558 | 2,000,638 | 17,580,099 | -- | 6,644,175 | 4,832,134 | 135,111,362 |
| Fidelity Series Real Estate Equity Fund | 16,232,403 | 980,005 | 1,819,482 | 127,978 | 259,220 | (441,421 ) | 24,274,848 |
| Fidelity Series Real Estate Income Fund | 20,314,432 | 1,327,936 | 1,601,740 | 500,538 | 58,479 | 75,729 | 32,284,597 |
| Fidelity Series Short-Term Credit Fund | 167,320,535 | 5,342,134 | 9,908,315 | 1,410,053 | (4,951) | 39,109 | 261,793,698 |
| Fidelity Series Small Cap Discovery Fund | 24,305,650 | 627,547 | 3,486,852 | 105,199 | 417,263 | 1,307,943 | 35,976,770 |
| Fidelity Series Small Cap Opportunities Fund | 72,102,603 | 9,489,640 | 8,480,906 | 207,143 | 842,163 | (2,639,034 ) | 111,080,342 |
| Fidelity Series Stock Selector Large Cap Value Fund | 138,322,291 | 3,130,694 | 16,819,000 | -- | 3,023,129 | 4,819,266 | 209,005,264 |
| Fidelity Series Value Discovery Fund | 194,132,279 | 3,631,141 | 109,795,378(a) | 1,469,911 | 20,019,291 | (15,861,274 ) | 145,319,309 |
| Total | $4,137,368,482 | $471,348,514 | $551,261,066 | $29,846,139 | $70,862,230 | $117,111,749 | $6,791,986,537 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $6,022,938,702) — See accompanying schedule | | $6,791,986,537 |
| Cash | | 145 |
| Receivable for investments sold | | 4,859,805 |
| Receivable for fund shares sold | | 6,884,600 |
| Dividends receivable | | 835,765 |
| Other receivables | | 81,154 |
| Total assets | | 6,804,648,006 |
| Liabilities | | |
| Payable for fund shares redeemed | $11,763,850 | |
| Accrued management fee | 2,862,770 | |
| Other payables and accrued expenses | 81,153 | |
| Total liabilities | | 14,707,773 |
| Net Assets | | $6,789,940,233 |
| Net Assets consist of: | | |
| Paid in capital | | $5,909,739,386 |
| Undistributed net investment income | | 21,491,398 |
| Accumulated undistributed net realized gain (loss) on investments | | 89,661,614 |
| Net unrealized appreciation (depreciation) on investments | | 769,047,835 |
| Net Assets | | $6,789,940,233 |
| Fidelity Freedom 2010 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($4,166,501,440 ÷ 257,670,054 shares) | | $16.17 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($2,610,006,365 ÷ 161,367,296 shares) | | $16.17 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($13,432,428 ÷ 830,434 shares) | | $16.18 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $29,846,139 |
| Expenses | | |
| Management fee | $8,148,129 | |
| Independent trustees' fees and expenses | 8,448 | |
| Total expenses before reductions | 8,156,577 | |
| Expense reductions | (3,152) | 8,153,425 |
| Net investment income (loss) | | 21,692,714 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 70,862,230 | |
| Capital gain distributions from underlying funds | 29,951,597 | |
| Total net realized gain (loss) | | 100,813,827 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 117,111,749 |
| Net gain (loss) | | 217,925,576 |
| Net increase (decrease) in net assets resulting from operations | | $239,618,290 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,692,714 | $71,245,001 |
| Net realized gain (loss) | 100,813,827 | 79,597,248 |
| Change in net unrealized appreciation (depreciation) | 117,111,749 | 221,525,569 |
| Net increase (decrease) in net assets resulting from operations | 239,618,290 | 372,367,818 |
| Distributions to shareholders from net investment income | (11,553,873) | (71,220,043) |
| Distributions to shareholders from net realized gain | (49,891,727) | (73,776,491) |
| Total distributions | (61,445,600) | (144,996,534) |
| Share transactions - net increase (decrease) | 2,474,407,932 | (361,162,304) |
| Total increase (decrease) in net assets | 2,652,580,622 | (133,791,020) |
| Net Assets | | |
| Beginning of period | 4,137,359,611 | 4,271,150,631 |
| End of period | $6,789,940,233 | $4,137,359,611 |
| Other Information | | |
| Undistributed net investment income end of period | $21,491,398 | $11,352,557 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2010 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $15.56 | $14.75 | $15.75 | $15.51 | $14.67 | $13.99 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .26 | .28 | .28 | .22 | .22 |
| Net realized and unrealized gain (loss) | .78 | 1.08 | (.50) | .62 | .99 | .80 |
| Total from investment operations | .84 | 1.34 | (.22) | .90 | 1.21 | 1.02 |
| Distributions from net investment income | (.04) | (.26) | (.29) | (.29) | (.21) | (.24) |
| Distributions from net realized gain | (.19) | (.26) | (.49) | (.36) | (.16) | (.10) |
| Total distributions | (.23) | (.53)B | (.78) | (.66)C | (.37) | (.34) |
| Net asset value, end of period | $16.17 | $15.56 | $14.75 | $15.75 | $15.51 | $14.67 |
| Total ReturnD,E | 5.48% | 9.27% | (1.42)% | 5.91% | 8.31% | 7.43% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .36%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .36%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .36%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .78%H | 1.69% | 1.86% | 1.81% | 1.43% | 1.54% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $4,166,501 | $4,137,360 | $4,271,151 | $4,940,590 | $5,419,921 | $5,879,292 |
| Portfolio turnover rateF | 22%H,J | 23% | 17% | 18% | 35% | 19% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.53 per share is comprised of distributions from net investment income of $.262 and distributions from net realized gain of $.264 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2010 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.96 |
| Income from Investment Operations | |
| Net investment income (loss)B | .11 |
| Net realized and unrealized gain (loss) | .10 |
| Total from investment operations | .21 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.17 |
| Total ReturnC,D | 1.32% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G,H |
| Expenses net of fee waivers, if any | .49%G,H |
| Expenses net of all reductions | .49%G,H |
| Net investment income (loss) | 3.54%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,610,006 |
| Portfolio turnover rateE | 22%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2010 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $15.77 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .33 |
| Total from investment operations | .41 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.18 |
| Total ReturnC,D | 2.60% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .39%G,H |
| Expenses net of fee waivers, if any | .39%G,H |
| Expenses net of all reductions | .39%G,H |
| Net investment income (loss) | 1.69%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $13,432 |
| Portfolio turnover rateE | 22%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 26.5 | 26.6 |
| Fidelity Series Government Money Market Fund 1.09% | 9.1 | 8.8 |
| Fidelity Series Emerging Markets Fund | 6.3 | 7.2 |
| Fidelity Series International Growth Fund | 5.6 | 5.6 |
| Fidelity Series International Value Fund | 5.5 | 5.6 |
| Fidelity Series Intrinsic Opportunities Fund | 5.3 | 3.6 |
| Fidelity Series Growth & Income Fund | 5.1 | 4.0 |
| Fidelity Series Growth Company Fund | 4.4 | 4.7 |
| Fidelity Series Stock Selector Large Cap Value Fund | 3.8 | 4.1 |
| Fidelity Series Short-Term Credit Fund | 2.7 | 2.9 |
| | 74.3 | 73.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 35.7% |
| | International Equity Funds | 19.3% |
| | Bond Funds | 33.2% |
| | Short-Term Funds | 11.8% |
| Six months ago |
| | Domestic Equity Funds | 37.1% |
| | International Equity Funds | 19.7% |
| | Bond Funds | 31.5% |
| | Short-Term Funds | 11.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2015 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 35.7% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 7,294,547 | $120,870,641 |
| Fidelity Series 1000 Value Index Fund (a) | | 11,655,244 | 146,389,861 |
| Fidelity Series All-Sector Equity Fund (a) | | 16,899,431 | 225,945,398 |
| Fidelity Series Blue Chip Growth Fund (a) | | 17,466,339 | 231,254,326 |
| Fidelity Series Commodity Strategy Fund (a) | | 39,588,244 | 207,046,518 |
| Fidelity Series Growth & Income Fund (a) | | 34,836,360 | 529,861,041 |
| Fidelity Series Growth Company Fund (a) | | 26,887,935 | 461,396,963 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 31,884,522 | 547,776,090 |
| Fidelity Series Opportunistic Insights Fund (a) | | 13,978,758 | 254,832,760 |
| Fidelity Series Real Estate Equity Fund (a) | | 3,536,311 | 45,653,777 |
| Fidelity Series Small Cap Discovery Fund (a) | | 5,647,270 | 67,767,243 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 14,961,004 | 209,154,835 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 29,673,054 | 394,354,885 |
| Fidelity Series Value Discovery Fund (a) | | 20,387,461 | 273,599,727 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,777,048,514) | | | 3,715,904,065 |
|
| International Equity Funds - 19.3% | | | |
| Fidelity Series Canada Fund (a) | | 5,474,885 | 58,252,772 |
| Fidelity Series Emerging Markets Fund (a) | | 32,032,751 | 659,874,662 |
| Fidelity Series International Growth Fund (a) | | 36,556,856 | 580,888,445 |
| Fidelity Series International Small Cap Fund (a) | | 7,768,717 | 139,137,720 |
| Fidelity Series International Value Fund (a) | | 53,595,885 | 577,227,685 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,491,775,626) | | | 2,015,381,284 |
|
| Bond Funds - 33.2% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 7,241,058 | 75,741,469 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,585,492 | 24,536,321 |
| Fidelity Series High Income Fund (a) | | 15,854,373 | 154,580,134 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 19,319,887 | 191,073,685 |
| Fidelity Series International Credit Fund (a) | | 520,794 | 5,233,977 |
| Fidelity Series Investment Grade Bond Fund (a) | | 243,823,247 | 2,757,640,917 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 22,560,204 | 198,304,190 |
| Fidelity Series Real Estate Income Fund (a) | | 4,347,397 | 48,560,420 |
| TOTAL BOND FUNDS | | | |
| (Cost $3,438,697,548) | | | 3,455,671,113 |
|
| Short-Term Funds - 11.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 941,466,548 | 941,466,548 |
| Fidelity Series Short-Term Credit Fund (a) | | 28,542,134 | 285,135,918 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,226,630,992) | | | 1,226,602,466 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $8,934,152,680) | | | 10,413,558,928 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (3,338,855) |
| NET ASSETS - 100% | | | $10,410,220,073 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $66,076,673 | $3,658,856 | $9,238,060 | $-- | $2,140,470 | $3,826,733 | $120,870,641 |
| Fidelity Series 1000 Value Index Fund | 80,656,571 | 4,432,421 | 9,522,999 | -- | 300,476 | 5,418,975 | 146,389,861 |
| Fidelity Series All-Sector Equity Fund | 124,616,586 | 6,891,607 | 18,838,611 | -- | 859,021 | 10,589,101 | 225,945,398 |
| Fidelity Series Blue Chip Growth Fund | 127,141,191 | 27,250,215 | 25,838,564 | 449,176 | 5,569,060 | (7,704,198 ) | 231,254,326 |
| Fidelity Series Canada Fund | -- | 43,714,617 | 296,406 | -- | 1,660 | 1,065,725 | 58,252,772 |
| Fidelity Series Commodity Strategy Fund | 86,815,524 | 31,424,975 | 6,593,467 | 317,632 | (1,785,543) | 928,215 | 207,046,518 |
| Fidelity Series Emerging Markets Debt Fund | 39,502,649 | 3,530,377 | 2,165,930 | 1,334,852 | 9,416 | 678,553 | 75,741,469 |
| Fidelity Series Emerging Markets Fund | 385,531,580 | 22,753,341 | 155,887,829 | -- | 20,440,485 | 36,290,590 | 659,874,662 |
| Fidelity Series Floating Rate High Income Fund | 13,161,870 | 1,083,837 | 890,104 | 328,677 | (17,494) | (23,964 ) | 24,536,321 |
| Fidelity Series Government Money Market Fund 1.09% | 465,951,336 | 74,442,393 | 31,461,673 | 2,445,086 | -- | -- | 941,466,548 |
| Fidelity Series Growth & Income Fund | 214,234,599 | 90,085,479 (a) | 27,309,155 | 1,173,703 | 603,167 | 17,520,594 | 529,861,041 |
| Fidelity Series Growth Company Fund | 251,720,311 | 12,525,176 | 53,138,053 | -- | 16,906,231 | 25,080,249 | 461,396,963 |
| Fidelity Series High Income Fund | 80,807,497 | 7,085,943 | 5,349,212 | 2,454,800 | (55,992) | 1,741,061 | 154,580,134 |
| Fidelity Series Inflation-Protected Bond Index Fund | 100,136,299 | 8,595,263 | 6,945,280 | 65,418 | (213,553) | (597,173 ) | 191,073,685 |
| Fidelity Series International Credit Fund | -- | 2,725,054 | 1,593 | -- | -- | 1,195 | 5,233,977 |
| Fidelity Series International Growth Fund | 297,558,345 | 17,699,151 | 44,986,739 | -- | 6,632,755 | 34,724,425 | 580,888,445 |
| Fidelity Series International Small Cap Fund | 67,362,639 | 4,133,626 | 7,427,961 | -- | 1,150,769 | 10,516,966 | 139,137,720 |
| Fidelity Series International Value Fund | 298,332,821 | 20,464,327 | 48,428,562 | -- | 1,511,866 | 37,036,899 | 577,227,685 |
| Fidelity Series Intrinsic Opportunities Fund | 192,372,784 | 98,647,716 (a) | 1,704,395 | 3,823,770 | (5,598) | 11,758,847 | 547,776,090 |
| Fidelity Series Investment Grade Bond Fund | 1,419,019,666 | 148,413,447 | 93,816,686 | 19,770,738 | (114,624) | 8,782,887 | 2,757,640,917 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,278,499 | 155,717,243 | 1,916,202 | 511,695 | (81,544) | (2,220,250 ) | 198,304,190 |
| Fidelity Series Opportunistic Insights Fund | 139,516,224 | 7,767,337 | 26,613,754 | -- | 9,035,590 | 9,817,475 | 254,832,760 |
| Fidelity Series Real Estate Equity Fund | 25,334,235 | 2,603,365 | 2,694,981 | 206,902 | 50,077 | (420,142 ) | 45,653,777 |
| Fidelity Series Real Estate Income Fund | 26,101,304 | 2,587,536 | 2,148,323 | 654,615 | 121,461 | 37,231 | 48,560,420 |
| Fidelity Series Short-Term Credit Fund | 154,330,220 | 10,162,475 | 10,654,959 | 1,350,190 | (3,750) | (94,505 ) | 285,135,918 |
| Fidelity Series Small Cap Discovery Fund | 38,011,077 | 2,200,249 | 5,147,297 | 168,300 | 539,249 | 2,823,589 | 67,767,243 |
| Fidelity Series Small Cap Opportunities Fund | 112,505,917 | 21,072,338 | 12,015,733 | 390,215 | 935,362 | (4,364,704 ) | 209,154,835 |
| Fidelity Series Stock Selector Large Cap Value Fund | 215,817,782 | 11,917,131 | 23,721,293 | -- | 1,831,301 | 12,605,472 | 394,354,885 |
| Fidelity Series Value Discovery Fund | 303,444,086 | 10,770,749 | 170,304,601(a) | 2,329,667 | 29,494,897 | (21,567,872 ) | 273,599,727 |
| Total | $5,327,338,285 | $854,356,244 | $805,058,422 | $37,775,436 | $95,855,215 | $194,251,974 | $10,413,558,928 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $8,934,152,680) — See accompanying schedule | | $10,413,558,928 |
| Cash | | 261 |
| Receivable for investments sold | | 1,769,504 |
| Receivable for fund shares sold | | 11,075,836 |
| Dividends receivable | | 1,359,589 |
| Total assets | | 10,427,764,118 |
| Liabilities | | |
| Payable for fund shares redeemed | $12,876,849 | |
| Accrued management fee | 4,667,196 | |
| Total liabilities | | 17,544,045 |
| Net Assets | | $10,410,220,073 |
| Net Assets consist of: | | |
| Paid in capital | | $8,766,379,397 |
| Undistributed net investment income | | 25,763,063 |
| Accumulated undistributed net realized gain (loss) on investments | | 138,671,365 |
| Net unrealized appreciation (depreciation) on investments | | 1,479,406,248 |
| Net Assets | | $10,410,220,073 |
| Fidelity Freedom 2015 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($5,432,013,739 ÷ 405,061,495 shares) | | $13.41 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($4,936,256,589 ÷ 368,158,182 shares) | | $13.41 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($41,949,745 ÷ 3,127,342 shares) | | $13.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $37,775,436 |
| Expenses | | |
| Management fee | $11,922,536 | |
| Independent trustees' fees and expenses | 9,786 | |
| Total expenses before reductions | 11,932,322 | |
| Expense reductions | (3,493) | 11,928,829 |
| Net investment income (loss) | | 25,846,607 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 95,855,215 | |
| Capital gain distributions from underlying funds | 55,140,091 | |
| Total net realized gain (loss) | | 150,995,306 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 194,251,974 |
| Net gain (loss) | | 345,247,280 |
| Net increase (decrease) in net assets resulting from operations | | $371,093,887 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $25,846,607 | $89,650,009 |
| Net realized gain (loss) | 150,995,306 | 106,292,644 |
| Change in net unrealized appreciation (depreciation) | 194,251,974 | 338,617,512 |
| Net increase (decrease) in net assets resulting from operations | 371,093,887 | 534,560,165 |
| Distributions to shareholders from net investment income | (13,537,555) | (89,847,108) |
| Distributions to shareholders from net realized gain | (71,790,066) | (104,826,159) |
| Total distributions | (85,327,621) | (194,673,267) |
| Share transactions - net increase (decrease) | 4,797,140,364 | (366,715,793) |
| Total increase (decrease) in net assets | 5,082,906,630 | (26,828,895) |
| Net Assets | | |
| Beginning of period | 5,327,313,443 | 5,354,142,338 |
| End of period | $10,410,220,073 | $5,327,313,443 |
| Other Information | | |
| Undistributed net investment income end of period | $25,763,063 | $13,454,011 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2015 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.82 | $12.03 | $12.92 | $12.91 | $12.28 | $11.69 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .21 | .23 | .23 | .18 | .18 |
| Net realized and unrealized gain (loss) | .76 | 1.04 | (.46) | .57 | .91 | .69 |
| Total from investment operations | .80 | 1.25 | (.23) | .80 | 1.09 | .87 |
| Distributions from net investment income | (.03) | (.21) | (.23) | (.25) | (.18) | (.20) |
| Distributions from net realized gain | (.18) | (.24) | (.43) | (.54) | (.28) | (.08) |
| Total distributions | (.21) | (.46)B | (.66) | (.79) | (.46) | (.28) |
| Net asset value, end of period | $13.41 | $12.82 | $12.03 | $12.92 | $12.91 | $12.28 |
| Total ReturnC,D | 6.29% | 10.63% | (1.83)% | 6.42% | 8.95% | 7.60% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .39%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .39%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .39%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .59%G | 1.69% | 1.87% | 1.83% | 1.47% | 1.57% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $5,432,014 | $5,327,313 | $5,354,142 | $6,056,161 | $6,388,485 | $6,507,169 |
| Portfolio turnover rateE | 29%G,I | 21% | 17% | 18% | 39% | 23% |
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 $.214 and distributions from net realized gain of $.243 per share.
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 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 Annualized
H Amount represents less than $.005%
I 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 2015 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.21 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .12 |
| Total from investment operations | .20 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 1.51% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .53%G,H |
| Expenses net of fee waivers, if any | .53%G,H |
| Expenses net of all reductions | .53%G,H |
| Net investment income (loss) | 3.35%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $4,936,257 |
| Portfolio turnover rateE | 29%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2015 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.03 |
| Income from Investment Operations | |
| Net investment income (loss)B | .06 |
| Net realized and unrealized gain (loss) | .32 |
| Total from investment operations | .38 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 2.92% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .41%G,H |
| Expenses net of fee waivers, if any | .41%G,H |
| Expenses net of all reductions | .41%G,H |
| Net investment income (loss) | 1.51%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $41,950 |
| Portfolio turnover rateE | 29%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 23.9 | 24.2 |
| Fidelity Series Emerging Markets Fund | 6.9 | 7.7 |
| Fidelity Series Government Money Market Fund 1.09% | 6.8 | 6.6 |
| Fidelity Series International Value Fund | 6.2 | 6.3 |
| Fidelity Series International Growth Fund | 6.1 | 6.2 |
| Fidelity Series Intrinsic Opportunities Fund | 5.8 | 4.0 |
| Fidelity Series Growth & Income Fund | 5.8 | 4.5 |
| Fidelity Series Growth Company Fund | 5.0 | 5.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.3 | 4.6 |
| Fidelity Series Value Discovery Fund | 3.0 | 6.4 |
| | 73.8 | 75.8 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 40.1% |
| | International Equity Funds | 21.3% |
| | Bond Funds | 29.8% |
| | Short-Term Funds | 8.8% |
| Six months ago |
| | Domestic Equity Funds | 41.4% |
| | International Equity Funds | 21.6% |
| | Bond Funds | 28.2% |
| | Short-Term Funds | 8.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2020 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 40.1% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 23,764,418 | $393,776,399 |
| Fidelity Series 1000 Value Index Fund (a) | | 37,970,318 | 476,907,194 |
| Fidelity Series All-Sector Equity Fund (a) | | 55,060,752 | 736,162,260 |
| Fidelity Series Blue Chip Growth Fund (a) | | 56,905,430 | 753,427,895 |
| Fidelity Series Commodity Strategy Fund (a) | | 113,632,510 | 594,298,026 |
| Fidelity Series Growth & Income Fund (a) | | 113,430,079 | 1,725,271,497 |
| Fidelity Series Growth Company Fund (a) | | 87,604,274 | 1,503,289,346 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 101,182,512 | 1,738,315,556 |
| Fidelity Series Opportunistic Insights Fund (a) | | 45,539,608 | 830,187,061 |
| Fidelity Series Real Estate Equity Fund (a) | | 11,516,962 | 148,683,977 |
| Fidelity Series Small Cap Discovery Fund (a) | | 18,424,189 | 221,090,266 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 48,834,105 | 682,700,791 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 96,708,103 | 1,285,250,693 |
| Fidelity Series Value Discovery Fund (a) | | 66,489,652 | 892,291,132 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $9,105,127,336) | | | 11,981,652,093 |
|
| International Equity Funds - 21.3% | | | |
| Fidelity Series Canada Fund (a) | | 17,481,540 | 186,003,582 |
| Fidelity Series Emerging Markets Fund (a) | | 99,889,352 | 2,057,720,656 |
| Fidelity Series International Growth Fund (a) | | 114,805,830 | 1,824,264,644 |
| Fidelity Series International Small Cap Fund (a) | | 24,791,803 | 444,021,196 |
| Fidelity Series International Value Fund (a) | | 173,804,680 | 1,871,876,401 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,828,186,164) | | | 6,383,886,479 |
|
| Bond Funds - 29.8% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 20,436,300 | 213,763,699 |
| Fidelity Series Floating Rate High Income Fund (a) | | 7,357,514 | 69,822,812 |
| Fidelity Series High Income Fund (a) | | 45,217,567 | 440,871,281 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 31,250,423 | 309,066,680 |
| Fidelity Series International Credit Fund (a) | | 1,771,433 | 17,802,898 |
| Fidelity Series Investment Grade Bond Fund (a) | | 631,789,674 | 7,145,541,215 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 63,660,848 | 559,578,857 |
| Fidelity Series Real Estate Income Fund (a) | | 12,643,636 | 141,229,415 |
| TOTAL BOND FUNDS | | | |
| (Cost $8,925,756,292) | | | 8,897,676,857 |
|
| Short-Term Funds - 8.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 2,028,402,920 | 2,028,402,920 |
| Fidelity Series Short-Term Credit Fund (a) | | 61,531,510 | 614,699,784 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $2,643,195,260) | | | 2,643,102,704 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $25,502,265,052) | | | 29,906,318,133 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (9,956,030) |
| NET ASSETS - 100% | | | $29,896,362,103 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $170,750,619 | $11,809,119 | $18,184,161 | $-- | $4,130,809 | $13,299,103 | $393,776,399 |
| Fidelity Series 1000 Value Index Fund | 207,961,357 | 14,200,488 | 17,062,228 | -- | 481,296 | 17,566,332 | 476,907,194 |
| Fidelity Series All-Sector Equity Fund | 322,024,207 | 22,194,444 | 37,962,130 | -- | 1,467,705 | 31,642,478 | 736,162,260 |
| Fidelity Series Blue Chip Growth Fund | 328,551,300 | 88,776,692 | 56,546,879 | 1,459,710 | 12,326,698 | (28,192,417 ) | 753,427,895 |
| Fidelity Series Canada Fund | -- | 126,123,705 | 601,503 | -- | 2,546 | 3,578,974 | 186,003,582 |
| Fidelity Series Commodity Strategy Fund | 200,800,153 | 77,745,506 | 10,820,323 | 909,720 | (4,711,453) | 2,137,770 | 594,298,026 |
| Fidelity Series Emerging Markets Debt Fund | 88,753,315 | 9,328,475 | 3,513,279 | 3,173,778 | (19,430) | 1,344,170 | 213,763,699 |
| Fidelity Series Emerging Markets Fund | 948,146,671 | 69,296,644 | 390,924,187 | -- | 45,693,424 | 95,563,383 | 2,057,720,656 |
| Fidelity Series Floating Rate High Income Fund | 30,322,371 | 2,930,330 | 1,432,945 | 800,992 | (8,318) | (88,720 ) | 69,822,812 |
| Fidelity Series Government Money Market Fund 1.09% | 809,950,560 | 142,025,549 | 38,042,964 | 4,532,837 | -- | -- | 2,028,402,920 |
| Fidelity Series Growth & Income Fund | 552,716,408 | 246,080,924 (a) | 46,880,943 | 3,097,389 | 541,100 | 59,294,136 | 1,725,271,497 |
| Fidelity Series Growth Company Fund | 649,984,509 | 39,646,954 | 114,084,490 | -- | 37,533,769 | 78,448,179 | 1,503,289,346 |
| Fidelity Series High Income Fund | 186,345,032 | 19,049,912 | 8,635,671 | 5,979,230 | (57,600) | 4,547,539 | 440,871,281 |
| Fidelity Series Inflation-Protected Bond Index Fund | 134,445,865 | 10,622,766 | 6,589,548 | 93,226 | (182,030) | (1,485,207 ) | 309,066,680 |
| Fidelity Series International Credit Fund | -- | 7,694,671 | 1,585 | -- | -- | (11,641 ) | 17,802,898 |
| Fidelity Series International Growth Fund | 763,723,461 | 56,043,064 | 130,632,859 | -- | 16,426,602 | 93,247,021 | 1,824,264,644 |
| Fidelity Series International Small Cap Fund | 172,981,588 | 13,010,160 | 15,075,820 | -- | 1,773,718 | 29,313,454 | 444,021,196 |
| Fidelity Series International Value Fund | 765,710,516 | 62,357,236 | 86,319,291 | -- | 1,105,041 | 107,246,512 | 1,871,876,401 |
| Fidelity Series Intrinsic Opportunities Fund | 495,457,872 | 281,448,881 (a) | 3,336,376 | 12,134,357 | (13,061) | 27,090,074 | 1,738,315,556 |
| Fidelity Series Investment Grade Bond Fund | 2,965,065,514 | 356,128,097 | 137,553,735 | 43,758,417 | (727,961) | 8,698,875 | 7,145,541,215 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 2,611,672 | 412,095,912 | 3,464,380 | 1,302,506 | (140,410) | (7,253,968 ) | 559,578,857 |
| Fidelity Series Opportunistic Insights Fund | 360,528,573 | 25,018,163 | 56,968,572 | -- | 19,484,826 | 32,835,942 | 830,187,061 |
| Fidelity Series Real Estate Equity Fund | 65,271,789 | 8,261,159 | 4,158,885 | 551,982 | 31,444 | (1,313,116 ) | 148,683,977 |
| Fidelity Series Real Estate Income Fund | 60,042,005 | 7,593,341 | 2,715,471 | 1,553,742 | 2,371 | 324,156 | 141,229,415 |
| Fidelity Series Short-Term Credit Fund | 268,102,615 | 21,121,158 | 12,926,613 | 2,491,237 | 2,886 | (514,639 ) | 614,699,784 |
| Fidelity Series Small Cap Discovery Fund | 97,945,381 | 6,927,310 | 9,710,526 | 438,166 | 945,721 | 10,321,406 | 221,090,266 |
| Fidelity Series Small Cap Opportunities Fund | 290,999,903 | 68,329,532 | 21,407,678 | 1,270,431 | 952,308 | (12,215,007 ) | 682,700,791 |
| Fidelity Series Stock Selector Large Cap Value Fund | 557,188,889 | 38,303,571 | 41,290,458 | -- | 1,181,455 | 44,568,905 | 1,285,250,693 |
| Fidelity Series Value Discovery Fund | 782,895,867 | 33,425,098 | 426,707,728(a) | 6,119,016 | 60,789,162 | (34,679,214 ) | 892,291,132 |
| Total | $12,279,278,012 | $2,277,588,861 | $1,703,551,228 | $89,666,736 | $199,012,618 | $575,314,480 | $29,906,318,133 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $25,502,265,052) — See accompanying schedule | | $29,906,318,133 |
| Cash | | 139 |
| Receivable for investments sold | | 4,969,733 |
| Receivable for fund shares sold | | 40,864,387 |
| Dividends receivable | | 4,160,193 |
| Other receivables | | 161,902 |
| Total assets | | 29,956,474,487 |
| Liabilities | | |
| Payable for fund shares redeemed | $45,838,195 | |
| Accrued management fee | 14,112,290 | |
| Other payables and accrued expenses | 161,899 | |
| Total liabilities | | 60,112,384 |
| Net Assets | | $29,896,362,103 |
| Net Assets consist of: | | |
| Paid in capital | | $25,090,417,528 |
| Undistributed net investment income | | 57,089,551 |
| Accumulated undistributed net realized gain (loss) on investments | | 344,801,943 |
| Net unrealized appreciation (depreciation) on investments | | 4,404,053,081 |
| Net Assets | | $29,896,362,103 |
| Fidelity Freedom 2020 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($12,797,571,194 ÷ 775,569,064 shares) | | $16.50 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($16,952,477,039 ÷ 1,027,235,890 shares) | | $16.50 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($146,313,870 ÷ 8,859,976 shares) | | $16.51 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $89,666,736 |
| Expenses | | |
| Management fee | $31,772,443 | |
| Independent trustees' fees and expenses | 24,150 | |
| Total expenses before reductions | 31,796,593 | |
| Expense reductions | (8,733) | 31,787,860 |
| Net investment income (loss) | | 57,878,876 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 199,012,618 | |
| Capital gain distributions from underlying funds | 174,019,579 | |
| Total net realized gain (loss) | | 373,032,197 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 575,314,480 |
| Net gain (loss) | | 948,346,677 |
| Net increase (decrease) in net assets resulting from operations | | $1,006,225,553 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $57,878,876 | $201,004,333 |
| Net realized gain (loss) | 373,032,197 | 242,145,200 |
| Change in net unrealized appreciation (depreciation) | 575,314,480 | 856,403,668 |
| Net increase (decrease) in net assets resulting from operations | 1,006,225,553 | 1,299,553,201 |
| Distributions to shareholders from net investment income | (28,799,746) | (200,026,428) |
| Distributions to shareholders from net realized gain | (168,906,642) | (252,757,975) |
| Total distributions | (197,706,388) | (452,784,403) |
| Share transactions - net increase (decrease) | 16,808,602,611 | (300,508,340) |
| Total increase (decrease) in net assets | 17,617,121,776 | 546,260,458 |
| Net Assets | | |
| Beginning of period | 12,279,240,327 | 11,732,979,869 |
| End of period | $29,896,362,103 | $12,279,240,327 |
| Other Information | | |
| Undistributed net investment income end of period | $57,089,551 | $28,010,421 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2020 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $15.70 | $14.63 | $15.76 | $15.81 | $14.94 | $14.16 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .25 | .28 | .28 | .23 | .24 |
| Net realized and unrealized gain (loss) | 1.01 | 1.40 | (.60) | .73 | 1.22 | .89 |
| Total from investment operations | 1.05 | 1.65 | (.32) | 1.01 | 1.45 | 1.13 |
| Distributions from net investment income | (.04) | (.26) | (.28) | (.29) | (.23) | (.25) |
| Distributions from net realized gain | (.22) | (.32) | (.53) | (.77) | (.36) | (.10) |
| Total distributions | (.25)B | (.58) | (.81) | (1.06) | (.58)C | (.35) |
| Net asset value, end of period | $16.50 | $15.70 | $14.63 | $15.76 | $15.81 | $14.94 |
| Total ReturnD,E | 6.79% | 11.57% | (2.10)% | 6.71% | 9.83% | 8.12% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .41%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .41%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .41%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .44%H | 1.69% | 1.83% | 1.83% | 1.49% | 1.65% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $12,797,571 | $12,279,240 | $11,732,980 | $12,868,898 | $13,343,983 | $13,579,950 |
| Portfolio turnover rateF | 26 %H,J | 19% | 17% | 17% | 39% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.25 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.217 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2020 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.24 |
| Income from Investment Operations | |
| Net investment income (loss)B | .09 |
| Net realized and unrealized gain (loss) | .17 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.50 |
| Total ReturnC,D | 1.60% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .56%G,H |
| Expenses net of fee waivers, if any | .56%G,H |
| Expenses net of all reductions | .56%G,H |
| Net investment income (loss) | 3.02%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $16,952,477 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2020 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $16.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .44 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $16.51 |
| Total ReturnC,D | 3.19% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .43%G,H |
| Expenses net of fee waivers, if any | .43%G,H |
| Expenses net of all reductions | .43%G,H |
| Net investment income (loss) | 1.32%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $146,314 |
| Portfolio turnover rateE | 26%G,I |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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® 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 20.5 | 20.7 |
| Fidelity Series Emerging Markets Fund | 7.3 | 8.1 |
| Fidelity Series International Growth Fund | 6.8 | 6.8 |
| Fidelity Series International Value Fund | 6.7 | 6.8 |
| Fidelity Series Growth & Income Fund | 6.4 | 5.0 |
| Fidelity Series Intrinsic Opportunities Fund | 6.4 | 4.4 |
| Fidelity Series Growth Company Fund | 5.6 | 5.9 |
| Fidelity Series Government Money Market Fund 1.09% | 5.1 | 4.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 4.8 | 5.0 |
| Fidelity Series Value Discovery Fund | 3.3 | 7.1 |
| | 72.9 | 74.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 44.3% |
| | International Equity Funds | 23.1% |
| | Bond Funds | 26.0% |
| | Short-Term Funds | 6.6% |
| Six months ago |
| | Domestic Equity Funds | 45.7% |
| | International Equity Funds | 23.3% |
| | Bond Funds | 24.5% |
| | Short-Term Funds | 6.5% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2025 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 44.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 23,106,225 | $382,870,153 |
| Fidelity Series 1000 Value Index Fund (a) | | 36,938,973 | 463,953,504 |
| Fidelity Series All-Sector Equity Fund (a) | | 53,538,839 | 715,814,282 |
| Fidelity Series Blue Chip Growth Fund (a) | | 55,331,943 | 732,594,922 |
| Fidelity Series Commodity Strategy Fund (a) | | 99,275,045 | 519,208,484 |
| Fidelity Series Growth & Income Fund (a) | | 110,309,342 | 1,677,805,086 |
| Fidelity Series Growth Company Fund (a) | | 85,184,554 | 1,461,766,943 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 96,710,147 | 1,661,480,323 |
| Fidelity Series Opportunistic Insights Fund (a) | | 44,278,993 | 807,206,048 |
| Fidelity Series Real Estate Equity Fund (a) | | 11,199,954 | 144,591,402 |
| Fidelity Series Small Cap Discovery Fund (a) | | 17,918,354 | 215,020,248 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 47,489,050 | 663,896,923 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 94,062,171 | 1,250,086,253 |
| Fidelity Series Value Discovery Fund (a) | | 64,679,962 | 868,005,093 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $8,934,969,528) | | | 11,564,299,664 |
|
| International Equity Funds - 23.1% | | | |
| Fidelity Series Canada Fund (a) | | 16,680,509 | 177,480,614 |
| Fidelity Series Emerging Markets Fund (a) | | 93,283,795 | 1,921,646,175 |
| Fidelity Series International Growth Fund (a) | | 111,095,498 | 1,765,307,455 |
| Fidelity Series International Small Cap Fund (a) | | 23,655,045 | 423,661,858 |
| Fidelity Series International Value Fund (a) | | 163,408,109 | 1,759,905,336 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,667,777,751) | | | 6,048,001,438 |
|
| Bond Funds - 26.0% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 17,488,986 | 182,934,794 |
| Fidelity Series Floating Rate High Income Fund (a) | | 6,374,794 | 60,496,791 |
| Fidelity Series High Income Fund (a) | | 39,078,710 | 381,017,421 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 19,453,558 | 192,395,691 |
| Fidelity Series International Credit Fund (a) | | 1,531,359 | 15,390,157 |
| Fidelity Series Investment Grade Bond Fund (a) | | 474,669,815 | 5,368,515,603 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 55,246,249 | 485,614,528 |
| Fidelity Series Real Estate Income Fund (a) | | 10,930,829 | 122,097,358 |
| TOTAL BOND FUNDS | | | |
| (Cost $6,821,415,837) | | | 6,808,462,343 |
|
| Short-Term Funds - 6.6% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 1,325,218,039 | 1,325,218,039 |
| Fidelity Series Short-Term Credit Fund (a) | | 39,320,942 | 392,816,213 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $1,718,177,848) | | | 1,718,034,252 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $22,142,340,964) | | | 26,138,797,697 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (13,034,569) |
| NET ASSETS - 100% | | | $26,125,763,128 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $150,442,258 | $17,770,108 | $13,926,515 | $-- | $2,580,063 | $13,685,127 | $382,870,153 |
| Fidelity Series 1000 Value Index Fund | 182,904,928 | 21,400,938 | 12,071,856 | -- | 192,582 | 17,095,739 | 463,953,504 |
| Fidelity Series All-Sector Equity Fund | 283,721,155 | 33,373,903 | 29,530,763 | -- | 1,295,271 | 29,454,693 | 715,814,282 |
| Fidelity Series Blue Chip Growth Fund | 289,473,741 | 97,752,438 | 45,555,331 | 1,415,194 | 9,286,374 | (27,583,711) | 732,594,922 |
| Fidelity Series Canada Fund | -- | 114,695,640 | 585,619 | -- | 1,646 | 3,587,816 | 177,480,614 |
| Fidelity Series Commodity Strategy Fund | 160,807,201 | 71,816,731 | 7,328,290 | 792,490 | (396,156) | (1,877,440) | 519,208,484 |
| Fidelity Series Emerging Markets Debt Fund | 70,309,321 | 10,649,918 | 2,362,410 | 2,409,201 | 7,641 | 1,007,194 | 182,934,794 |
| Fidelity Series Emerging Markets Fund | 795,230,582 | 96,529,103 | 320,854,275 | -- | 27,798,589 | 92,361,573 | 1,921,646,175 |
| Fidelity Series Floating Rate High Income Fund | 23,882,508 | 3,472,533 | 954,171 | 605,940 | 314 | (80,041) | 60,496,791 |
| Fidelity Series Government Money Market Fund 1.09% | 474,107,523 | 119,798,762 | 18,851,996 | 2,560,346 | -- | -- | 1,325,218,039 |
| Fidelity Series Growth & Income Fund | 486,185,498 | 250,615,763(a) | 32,538,807 | 2,769,141 | (72,825) | 57,994,298 | 1,677,805,086 |
| Fidelity Series Growth Company Fund | 572,602,766 | 57,675,218 | 87,445,893 | -- | 28,584,635 | 77,091,162 | 1,461,766,943 |
| Fidelity Series High Income Fund | 146,512,107 | 22,408,747 | 5,763,981 | 4,522,030 | 14,067 | 3,739,826 | 381,017,421 |
| Fidelity Series Inflation-Protected Bond Index Fund | 79,763,875 | 9,190,354 | 3,050,563 | 52,145 | 2,353 | (1,061,431) | 192,395,691 |
| Fidelity Series International Credit Fund | -- | 6,324,674 | 261 | -- | -- | (13,324) | 15,390,157 |
| Fidelity Series International Growth Fund | 665,002,902 | 81,689,934 | 84,870,358 | -- | 3,322,578 | 94,245,504 | 1,765,307,455 |
| Fidelity Series International Small Cap Fund | 151,128,896 | 19,101,564 | 12,225,981 | -- | 941,536 | 26,783,666 | 423,661,858 |
| Fidelity Series International Value Fund | 666,738,770 | 88,903,699 | 96,127,364 | -- | 2,224,988 | 95,866,122 | 1,759,905,336 |
| Fidelity Series Intrinsic Opportunities Fund | 433,865,637 | 283,785,598(a) | 3,098,961 | 11,568,988 | (9,731) | 22,752,207 | 1,661,480,323 |
| Fidelity Series Investment Grade Bond Fund | 2,024,582,252 | 359,039,654 | 79,054,902 | 28,761,243 | (253,596) | 2,837,534 | 5,368,515,603 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 1,635,459 | 353,041,427 | 2,247,932 | 1,002,894 | (105,485) | (6,485,847) | 485,614,528 |
| Fidelity Series Opportunistic Insights Fund | 317,647,343 | 37,629,326 | 45,931,118 | -- | 14,465,801 | 33,350,217 | 807,206,048 |
| Fidelity Series Real Estate Equity Fund | 57,575,442 | 10,421,048 | 2,961,889 | 505,120 | (53,272) | (1,247,988) | 144,591,402 |
| Fidelity Series Real Estate Income Fund | 47,340,033 | 8,758,997 | 1,813,230 | 1,266,465 | (2,134) | 224,601 | 122,097,358 |
| Fidelity Series Short-Term Credit Fund | 156,027,873 | 20,068,448 | 6,405,256 | 1,400,011 | 477 | (388,377) | 392,816,213 |
| Fidelity Series Small Cap Discovery Fund | 86,218,504 | 10,252,279 | 7,258,323 | 390,598 | 339,665 | 10,637,027 | 215,020,248 |
| Fidelity Series Small Cap Opportunities Fund | 257,643,145 | 76,921,465 | 16,424,281 | 1,231,852 | (57,643) | (10,894,038) | 663,896,923 |
| Fidelity Series Stock Selector Large Cap Value Fund | 492,174,859 | 57,783,134 | 30,733,524 | -- | 159,754 | 43,760,183 | 1,250,086,253 |
| Fidelity Series Value Discovery Fund | 691,035,348 | 48,648,009 | 374,607,703(a) | 5,458,763 | 39,081,853 | (13,797,798) | 868,005,093 |
| Total | $9,764,559,926 | $2,389,519,412 | $1,344,581,553 | $66,712,421 | $129,349,345 | $563,044,494 | $26,138,797,697 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $22,142,340,964) — See accompanying schedule | | $26,138,797,697 |
| Receivable for investments sold | | 497,474 |
| Receivable for fund shares sold | | 35,222,359 |
| Total assets | | 26,174,517,530 |
| Liabilities | | |
| Payable for investments purchased | $7,713,559 | |
| Payable for fund shares redeemed | 27,991,541 | |
| Accrued management fee | 13,049,302 | |
| Total liabilities | | 48,754,402 |
| Net Assets | | $26,125,763,128 |
| Net Assets consist of: | | |
| Paid in capital | | $21,817,679,164 |
| Undistributed net investment income | | 37,809,658 |
| Accumulated undistributed net realized gain (loss) on investments | | 273,817,573 |
| Net unrealized appreciation (depreciation) on investments | | 3,996,456,733 |
| Net Assets | | $26,125,763,128 |
| Fidelity Freedom 2025 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($10,446,711,490 ÷ 732,481,783 shares) | | $14.26 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($15,401,033,369 ÷ 1,079,987,759 shares) | | $14.26 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($278,018,269 ÷ 19,475,830 shares) | | $14.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $66,712,421 |
| Expenses | | |
| Management fee | $28,191,618 | |
| Independent trustees' fees and expenses | 18,324 | |
| Total expenses before reductions | 28,209,942 | |
| Expense reductions | (6,404) | 28,203,538 |
| Net investment income (loss) | | 38,508,883 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 129,349,345 | |
| Capital gain distributions from underlying funds | 166,947,018 | |
| Total net realized gain (loss) | | 296,296,363 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 563,044,494 |
| Net gain (loss) | | 859,340,857 |
| Net increase (decrease) in net assets resulting from operations | | $897,849,740 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $38,508,883 | $151,298,835 |
| Net realized gain (loss) | 296,296,363 | 179,330,142 |
| Change in net unrealized appreciation (depreciation) | 563,044,494 | 740,586,840 |
| Net increase (decrease) in net assets resulting from operations | 897,849,740 | 1,071,215,817 |
| Distributions to shareholders from net investment income | (20,288,985) | (147,758,780) |
| Distributions to shareholders from net realized gain | (126,806,087) | (204,066,897) |
| Total distributions | (147,095,072) | (351,825,677) |
| Share transactions - net increase (decrease) | 15,610,461,159 | 327,589,461 |
| Total increase (decrease) in net assets | 16,361,215,827 | 1,046,979,601 |
| Net Assets | | |
| Beginning of period | 9,764,547,301 | 8,717,567,700 |
| End of period | $26,125,763,128 | $9,764,547,301 |
| Other Information | | |
| Undistributed net investment income end of period | $37,809,658 | $19,589,760 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2025 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.50 | $12.49 | $13.51 | $13.49 | $12.58 | $11.81 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .02 | .21 | .22 | .24 | .20 | .21 |
| Net realized and unrealized gain (loss) | .94 | 1.30 | (.54) | .69 | 1.30 | .84 |
| Total from investment operations | .96 | 1.51 | (.32) | .93 | 1.50 | 1.05 |
| Distributions from net investment income | (.03) | (.21) | (.23) | (.25) | (.20) | (.22) |
| Distributions from net realized gain | (.18) | (.29) | (.47) | (.66) | (.39) | (.06) |
| Total distributions | (.20)B | (.50) | (.70) | (.91) | (.59) | (.28) |
| Net asset value, end of period | $14.26 | $13.50 | $12.49 | $13.51 | $13.49 | $12.58 |
| Total ReturnC,D | 7.21% | 12.46% | (2.50)% | 7.23% | 12.08% | 9.03% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .45%G | - %H | - %H | - %H | - %H | - %H |
| Expenses net of fee waivers, if any | .45%G | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .45%G | -% | -% | -% | -% | -% |
| Net investment income (loss) | .28%G | 1.66% | 1.75% | 1.81% | 1.53% | 1.73% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $10,446,711 | $9,764,547 | $8,717,568 | $9,054,681 | $8,865,153 | $8,229,885 |
| Portfolio turnover rateF | 25%G,I | 19% | 17% | 19% | 46% | 31% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.20 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.175 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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 Amounts do not include the activity of the Underlying Funds.
G Annualized
H Amount represents less than .005%.
I 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 2025 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.02 |
| Income from Investment Operations | |
| Net investment income (loss)B | .07 |
| Net realized and unrealized gain (loss) | .17 |
| Total from investment operations | .24 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.26 |
| Total ReturnC,D | 1.71% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .60%G,H |
| Expenses net of fee waivers, if any | .60%G,H |
| Expenses net of all reductions | .60%G,H |
| Net investment income (loss) | 2.62%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $15,401,033 |
| Portfolio turnover rateE | 25%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2025 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.80 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .48 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.28 |
| Total ReturnC,D | 3.48% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G |
| Expenses net of fee waivers, if any | .45%G |
| Expenses net of all reductions | .45%G |
| Net investment income (loss) | 1.10%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $278,018 |
| Portfolio turnover rateE | 25%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Investment Grade Bond Fund | 12.8 | 12.1 |
| Fidelity Series Emerging Markets Fund | 8.3 | 9.2 |
| Fidelity Series International Value Fund | 8.1 | 8.3 |
| Fidelity Series International Growth Fund | 8.0 | 8.2 |
| Fidelity Series Growth & Income Fund | 7.8 | 6.1 |
| Fidelity Series Intrinsic Opportunities Fund | 7.7 | 5.4 |
| Fidelity Series Growth Company Fund | 6.8 | 7.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 5.9 | 6.2 |
| Fidelity Series Value Discovery Fund | 4.0 | 8.7 |
| Fidelity Series Opportunistic Insights Fund | 3.8 | 4.0 |
| | 73.2 | 75.4 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 53.5% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 18.4% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 55.5% |
| | International Equity Funds | 27.6% |
| | Bond Funds | 15.9% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2030 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 53.5% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 33,011,459 | $546,999,877 |
| Fidelity Series 1000 Value Index Fund (a) | | 52,669,817 | 661,532,902 |
| Fidelity Series All-Sector Equity Fund (a) | | 76,462,043 | 1,022,297,520 |
| Fidelity Series Blue Chip Growth Fund (a) | | 79,024,332 | 1,046,282,159 |
| Fidelity Series Commodity Strategy Fund (a) | | 114,721,890 | 599,995,484 |
| Fidelity Series Growth & Income Fund (a) | | 157,617,115 | 2,397,356,321 |
| Fidelity Series Growth Company Fund (a) | | 121,635,719 | 2,087,268,939 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 137,166,404 | 2,356,518,816 |
| Fidelity Series Opportunistic Insights Fund (a) | | 63,234,666 | 1,152,767,965 |
| Fidelity Series Real Estate Equity Fund (a) | | 15,960,991 | 206,056,391 |
| Fidelity Series Small Cap Discovery Fund (a) | | 25,614,110 | 307,369,323 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 67,573,854 | 944,682,480 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 134,477,716 | 1,787,208,852 |
| Fidelity Series Value Discovery Fund (a) | | 91,942,953 | 1,233,874,433 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $12,618,949,993) | | | 16,350,211,462 |
|
| International Equity Funds - 27.1% | | | |
| Fidelity Series Canada Fund (a) | | 23,175,007 | 246,582,079 |
| Fidelity Series Emerging Markets Fund (a) | | 123,414,039 | 2,542,329,208 |
| Fidelity Series International Growth Fund (a) | | 153,929,291 | 2,445,936,434 |
| Fidelity Series International Small Cap Fund (a) | | 32,919,734 | 589,592,441 |
| Fidelity Series International Value Fund (a) | | 228,573,280 | 2,461,734,226 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $6,487,947,253) | | | 8,286,174,388 |
|
| Bond Funds - 18.4% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 20,064,580 | 209,875,508 |
| Fidelity Series Floating Rate High Income Fund (a) | | 7,277,303 | 69,061,607 |
| Fidelity Series High Income Fund (a) | | 45,086,473 | 439,593,113 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 24,283,674 | 240,165,531 |
| Fidelity Series International Credit Fund (a) | | 1,490,851 | 14,983,057 |
| Fidelity Series Investment Grade Bond Fund (a) | | 347,173,705 | 3,926,534,608 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 67,286,236 | 591,446,015 |
| Fidelity Series Real Estate Income Fund (a) | | 12,602,356 | 140,768,319 |
| TOTAL BOND FUNDS | | | |
| (Cost $5,607,118,317) | | | 5,632,427,758 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 250,372,725 | 250,372,725 |
| Fidelity Series Short-Term Credit Fund (a) | | 7,102,241 | 70,951,385 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $321,208,253) | | | 321,324,110 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $25,035,223,816) | | | 30,590,137,718 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (16,181,965) |
| NET ASSETS - 100% | | | $30,573,955,753 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $213,000,452 | $21,692,560 | $16,325,500 | $-- | $3,812,277 | $19,335,306 | $546,999,877 |
| Fidelity Series 1000 Value Index Fund | 258,439,164 | 26,478,796 | 13,375,483 | -- | 216,212 | 24,370,225 | 661,532,902 |
| Fidelity Series All-Sector Equity Fund | 401,700,789 | 40,655,742 | 35,764,416 | -- | 1,758,398 | 41,974,050 | 1,022,297,520 |
| Fidelity Series Blue Chip Growth Fund | 409,846,594 | 132,790,534 | 58,565,935 | 2,023,938 | 12,448,991 | (39,069,447 ) | 1,046,282,159 |
| Fidelity Series Canada Fund | -- | 146,697,407 | 795,528 | -- | 2,717 | 5,694,458 | 246,582,079 |
| Fidelity Series Commodity Strategy Fund | 181,305,844 | 84,155,693 | 7,359,092 | 917,038 | (676,017) | (1,868,533 ) | 599,995,484 |
| Fidelity Series Emerging Markets Debt Fund | 79,431,440 | 10,909,906 | 2,377,066 | 2,723,928 | 22,223 | 1,107,979 | 209,875,508 |
| Fidelity Series Emerging Markets Fund | 1,036,984,669 | 108,636,109 | 393,397,067 | -- | 37,006,559 | 120,264,472 | 2,542,329,208 |
| Fidelity Series Floating Rate High Income Fund | 27,384,693 | 3,531,146 | 966,728 | 693,651 | (424 ) | (91,512 ) | 69,061,607 |
| Fidelity Series Government Money Market Fund 1.09% | 86,241,591 | 24,257,840 | 3,118,202 | 487,883 | -- | -- | 250,372,725 |
| Fidelity Series Growth & Income Fund | 688,738,261 | 346,802,406 (a) | 38,076,989 | 3,932,932 | (132,722 ) | 82,574,226 | 2,397,356,321 |
| Fidelity Series Growth Company Fund | 811,270,155 | 72,934,600 | 117,608,255 | -- | 39,260,168 | 111,076,841 | 2,087,268,939 |
| Fidelity Series High Income Fund | 170,348,294 | 22,990,323 | 5,823,640 | 5,248,071 | 10,513 | 4,329,082 | 439,593,113 |
| Fidelity Series Inflation-Protected Bond Index Fund | 100,796,632 | 6,505,475 | 4,522,867 | 64,468 | (42,668) | (1,317,983 ) | 240,165,531 |
| Fidelity Series International Credit Fund | -- | 6,160,029 | 166 | -- | -- | (12,944 ) | 14,983,057 |
| Fidelity Series International Growth Fund | 933,125,645 | 97,816,457 | 126,987,816 | -- | 5,039,439 | 130,891,960 | 2,445,936,434 |
| Fidelity Series International Small Cap Fund | 212,846,304 | 22,838,989 | 18,628,686 | -- | 1,656,338 | 37,079,991 | 589,592,441 |
| Fidelity Series International Value Fund | 935,212,029 | 100,123,420 | 111,202,171 | -- | 561,861 | 136,021,605 | 2,461,734,226 |
| Fidelity Series Intrinsic Opportunities Fund | 613,420,497 | 388,543,479 (a) | 2,974,630 | 16,427,077 | (8,953) | 31,890,043 | 2,356,518,816 |
| Fidelity Series Investment Grade Bond Fund | 1,367,569,367 | 350,649,953 | 49,895,086 | 20,423,289 | (258,499) | 984,124 | 3,926,534,608 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 940,915 | 435,836,830 | 2,155,676 | 1,191,327 | (98,995) | (8,086,965 ) | 591,446,015 |
| Fidelity Series Opportunistic Insights Fund | 449,735,472 | 45,823,236 | 58,331,289 | -- | 19,400,784 | 48,508,852 | 1,152,767,965 |
| Fidelity Series Real Estate Equity Fund | 81,538,943 | 13,761,115 | 3,176,864 | 714,512 | (21,612) | (1,824,237 ) | 206,056,391 |
| Fidelity Series Real Estate Income Fund | 54,581,853 | 9,204,785 | 1,833,281 | 1,449,568 | (1,263) | 269,338 | 140,768,319 |
| Fidelity Series Short-Term Credit Fund | 28,157,403 | 3,172,315 | 1,075,839 | 250,545 | (542) | (69,797 ) | 70,951,385 |
| Fidelity Series Small Cap Discovery Fund | 121,760,717 | 12,643,054 | 7,897,473 | 549,507 | 416,932 | 15,220,598 | 307,369,323 |
| Fidelity Series Small Cap Opportunities Fund | 365,212,608 | 104,100,121 | 19,315,643 | 1,755,251 | (118,073) | (15,583,796 ) | 944,682,480 |
| Fidelity Series Stock Selector Large Cap Value Fund | 697,267,883 | 74,714,039 | 35,904,425 | -- | 199,098 | 62,475,294 | 1,787,208,852 |
| Fidelity Series Value Discovery Fund | 978,820,033 | 60,098,789 | 524,500,801 (a) | 7,744,137 | 49,586,936 | (13,693,257 ) | 1,233,874,433 |
| Total | $11,305,678,247 | $2,774,525,148 | $1,661,956,614 | $66,597,122 | $170,039,678 | $792,449,973 | $30,590,137,718 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $25,035,223,816) — See accompanying schedule | | $30,590,137,718 |
| Cash | | 1 |
| Receivable for investments sold | | 188,357 |
| Receivable for fund shares sold | | 66,408,761 |
| Other receivables | | 123,544 |
| Total assets | | 30,656,858,381 |
| Liabilities | | |
| Payable for investments purchased | $9,090,502 | |
| Payable for fund shares redeemed | 57,504,461 | |
| Accrued management fee | 16,184,120 | |
| Other payables and accrued expenses | 123,545 | |
| Total liabilities | | 82,902,628 |
| Net Assets | | $30,573,955,753 |
| Net Assets consist of: | | |
| Paid in capital | | $24,609,884,915 |
| Undistributed net investment income | | 31,504,426 |
| Accumulated undistributed net realized gain (loss) on investments | | 377,652,510 |
| Net unrealized appreciation (depreciation) on investments | | 5,554,913,902 |
| Net Assets | | $30,573,955,753 |
| Fidelity Freedom 2030 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($12,138,738,094 ÷ 681,184,984 shares) | | $17.82 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($18,037,948,241 ÷ 1,011,919,732 shares) | | $17.83 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($397,269,418 ÷ 22,274,462 shares) | | $17.84 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $66,597,122 |
| Expenses | | |
| Management fee | $34,907,467 | |
| Independent trustees' fees and expenses | 22,209 | |
| Total expenses before reductions | 34,929,676 | |
| Expense reductions | (7,879) | 34,921,797 |
| Net investment income (loss) | | 31,675,325 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 170,039,678 | |
| Capital gain distributions from underlying funds | 238,044,467 | |
| Total net realized gain (loss) | | 408,084,145 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 792,449,973 |
| Net gain (loss) | | 1,200,534,118 |
| Net increase (decrease) in net assets resulting from operations | | $1,232,209,443 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $31,675,325 | $165,707,982 |
| Net realized gain (loss) | 408,084,145 | 222,767,932 |
| Change in net unrealized appreciation (depreciation) | 792,449,973 | 1,056,666,897 |
| Net increase (decrease) in net assets resulting from operations | 1,232,209,443 | 1,445,142,811 |
| Distributions to shareholders from net investment income | (14,875,007) | (163,120,493) |
| Distributions to shareholders from net realized gain | (177,823,710) | (254,968,549) |
| Total distributions | (192,698,717) | (418,089,042) |
| Share transactions - net increase (decrease) | 18,228,776,530 | 128,477,357 |
| Total increase (decrease) in net assets | 19,268,287,256 | 1,155,531,126 |
| Net Assets | | |
| Beginning of period | 11,305,668,497 | 10,150,137,371 |
| End of period | $30,573,955,753 | $11,305,668,497 |
| Other Information | | |
| Undistributed net investment income end of period | $31,504,426 | $14,704,108 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2030 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $16.72 | $15.20 | $16.62 | $16.47 | $15.02 | $14.07 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .25 | .25 | .27 | .24 | .25 |
| Net realized and unrealized gain (loss) | 1.38 | 1.90 | (.75) | .95 | 1.71 | 1.04 |
| Total from investment operations | 1.39 | 2.15 | (.50) | 1.22 | 1.95 | 1.29 |
| Distributions from net investment income | (.02) | (.25) | (.26) | (.28) | (.25) | (.27) |
| Distributions from net realized gain | (.26) | (.38) | (.67) | (.79) | (.25) | (.07) |
| Total distributions | (.29)B | (.63) | (.92)C | (1.07) | (.50) | (.34) |
| Net asset value, end of period | $17.82 | $16.72 | $15.20 | $16.62 | $16.47 | $15.02 |
| Total ReturnD,E | 8.38% | 14.58% | (3.17)% | 7.76% | 13.08% | 9.30% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .47%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .47%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .47%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .12%H | 1.57% | 1.59% | 1.68% | 1.50% | 1.77% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $12,138,738 | $11,305,668 | $10,150,137 | $10,883,658 | $10,933,549 | $10,636,397 |
| Portfolio turnover rateF | 27%H,J | 17% | 16% | 17% | 54% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.29 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.263 per share.
C 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.
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 Annualized
I Amount represents less than $.005%
J 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 2030 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $17.47 |
| Income from Investment Operations | |
| Net investment income (loss)B | .08 |
| Net realized and unrealized gain (loss) | .28 |
| Total from investment operations | .36 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $17.83 |
| Total ReturnC,D | 2.06% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .63%G,H |
| Expenses net of fee waivers, if any | .63%G,H |
| Expenses net of all reductions | .63%G,H |
| Net investment income (loss) | 2.29%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $18,037,948 |
| Portfolio turnover rateE | 27%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2030 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $17.15 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .64 |
| Total from investment operations | .69 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $17.84 |
| Total ReturnC,D | 4.02% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .47%G |
| Expenses net of fee waivers, if any | .47%G |
| Expenses net of all reductions | .47%G |
| Net investment income (loss) | .89%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $397,269 |
| Portfolio turnover rateE | 27%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.3 | 10.0 |
| Fidelity Series International Value Fund | 9.2 | 9.4 |
| Fidelity Series International Growth Fund | 9.1 | 9.4 |
| Fidelity Series Growth & Income Fund | 9.0 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 8.8 | 6.2 |
| Fidelity Series Growth Company Fund | 7.9 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.7 | 7.0 |
| Fidelity Series Value Discovery Fund | 4.6 | 9.9 |
| Fidelity Series Opportunistic Insights Fund | 4.3 | 4.5 |
| Fidelity Series Blue Chip Growth Fund | 3.9 | 4.1 |
| | 72.8 | 75.7 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 61.3% |
| | International Equity Funds | 30.6% |
| | Bond Funds | 7.1% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.1% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 5.0% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2035 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.3% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 25,655,385 | $425,109,723 |
| Fidelity Series 1000 Value Index Fund (a) | | 40,805,277 | 512,514,279 |
| Fidelity Series All-Sector Equity Fund (a) | | 59,303,925 | 792,893,476 |
| Fidelity Series Blue Chip Growth Fund (a) | | 61,288,409 | 811,458,532 |
| Fidelity Series Commodity Strategy Fund (a) | | 77,143,693 | 403,461,514 |
| Fidelity Series Growth & Income Fund (a) | | 122,037,474 | 1,856,189,986 |
| Fidelity Series Growth Company Fund (a) | | 94,227,706 | 1,616,947,431 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 105,119,666 | 1,805,955,864 |
| Fidelity Series Opportunistic Insights Fund (a) | | 49,031,237 | 893,839,444 |
| Fidelity Series Real Estate Equity Fund (a) | | 12,383,831 | 159,875,264 |
| Fidelity Series Small Cap Discovery Fund (a) | | 19,931,775 | 239,181,297 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 52,459,415 | 733,382,623 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 104,215,933 | 1,385,029,747 |
| Fidelity Series Value Discovery Fund (a) | | 71,061,857 | 953,650,114 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $9,875,548,042) | | | 12,589,489,294 |
|
| International Equity Funds - 30.6% | | | |
| Fidelity Series Canada Fund (a) | | 15,480,840 | 164,716,136 |
| Fidelity Series Emerging Markets Fund (a) | | 92,390,678 | 1,903,247,968 |
| Fidelity Series International Growth Fund (a) | | 117,501,670 | 1,867,101,540 |
| Fidelity Series International Small Cap Fund (a) | | 25,120,504 | 449,908,223 |
| Fidelity Series International Value Fund (a) | | 176,398,349 | 1,899,810,218 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $4,980,759,594) | | | 6,284,784,085 |
|
| Bond Funds - 7.1% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 13,271,954 | 138,824,643 |
| Fidelity Series Floating Rate High Income Fund (a) | | 4,841,251 | 45,943,471 |
| Fidelity Series High Income Fund (a) | | 30,027,893 | 292,771,952 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 16,173,749 | 159,958,380 |
| Fidelity Series International Credit Fund (a) | | 995,750 | 10,007,288 |
| Fidelity Series Investment Grade Bond Fund (a) | | 29,922,396 | 338,422,301 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 42,417,270 | 372,847,806 |
| Fidelity Series Real Estate Income Fund (a) | | 8,330,056 | 93,046,723 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,438,412,258) | | | 1,451,822,564 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 168,014,506 | 168,014,506 |
| Fidelity Series Short-Term Credit Fund (a) | | 4,752,182 | 47,474,303 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $215,412,721) | | | 215,488,809 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $16,510,132,615) | | | 20,541,584,752 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (11,413,915) |
| NET ASSETS - 100% | | | $20,530,170,837 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $148,282,227 | $24,290,086 | $9,153,915 | $-- | $252,554 | $16,944,394 | $425,109,723 |
| Fidelity Series 1000 Value Index Fund | 179,592,513 | 30,800,026 | 8,279,340 | -- | 21,453 | 18,738,744 | 512,514,279 |
| Fidelity Series All-Sector Equity Fund | 279,645,931 | 45,579,647 | 21,338,224 | -- | 377,646 | 31,889,503 | 792,893,476 |
| Fidelity Series Blue Chip Growth Fund | 285,318,640 | 116,906,770 | 36,950,441 | 1,566,976 | 6,493,604 | (30,467,954) | 811,458,532 |
| Fidelity Series Canada Fund | -- | 82,579,118 | 673,413 | -- | 1,869 | 4,360,392 | 164,716,136 |
| Fidelity Series Commodity Strategy Fund | 111,388,669 | 59,937,856 | 5,054,287 | 615,569 | (631,469) | (1,054,675) | 403,461,514 |
| Fidelity Series Emerging Markets Debt Fund | 48,645,752 | 9,503,790 | 1,653,875 | 1,701,372 | 38,797 | 619,773 | 138,824,643 |
| Fidelity Series Emerging Markets Fund | 685,552,413 | 115,382,357 | 231,797,110 | -- | 13,049,819 | 91,893,452 | 1,903,247,968 |
| Fidelity Series Floating Rate High Income Fund | 16,615,127 | 3,177,380 | 669,269 | 430,693 | (18,316) | (39,370) | 45,943,471 |
| Fidelity Series Government Money Market Fund 1.09% | 53,467,356 | 17,661,349 | 2,171,270 | 312,922 | -- | -- | 168,014,506 |
| Fidelity Series Growth & Income Fund | 479,148,645 | 287,947,372(a) | 25,967,579 | 2,771,304 | (106,084) | 63,746,464 | 1,856,189,986 |
| Fidelity Series Growth Company Fund | 564,837,431 | 78,752,144 | 68,789,161 | -- | 21,816,312 | 86,917,429 | 1,616,947,431 |
| Fidelity Series High Income Fund | 103,635,702 | 20,321,065 | 4,036,318 | 3,265,733 | 14,665 | 2,791,745 | 292,771,952 |
| Fidelity Series Inflation-Protected Bond Index Fund | 61,194,766 | 7,033,278 | 2,163,747 | 40,706 | 428 | (954,151) | 159,958,380 |
| Fidelity Series International Credit Fund | -- | 3,865,025 | 14 | -- | -- | (11,137) | 10,007,288 |
| Fidelity Series International Growth Fund | 645,735,531 | 107,439,406 | 84,413,122 | -- | 1,735,708 | 94,342,956 | 1,867,101,540 |
| Fidelity Series International Small Cap Fund | 147,541,592 | 25,109,060 | 12,509,149 | -- | 859,497 | 26,627,500 | 449,908,223 |
| Fidelity Series International Value Fund | 647,425,663 | 114,586,418 | 59,732,114 | -- | (802,386) | 100,080,061 | 1,899,810,218 |
| Fidelity Series Intrinsic Opportunities Fund | 425,390,545 | 323,847,229(a) | 3,027,047 | 12,566,957 | 29,685 | 20,942,431 | 1,805,955,864 |
| Fidelity Series Investment Grade Bond Fund | 81,635,475 | 60,890,451 | 4,468,836 | 1,522,719 | 2,847 | (395,533) | 338,422,301 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 31,462 | 262,679,047 | 1,368,983 | 740,275 | (5,443) | (5,491,845) | 372,847,806 |
| Fidelity Series Opportunistic Insights Fund | 313,087,328 | 51,537,583 | 37,015,203 | -- | 4,272,813 | 44,966,426 | 893,839,444 |
| Fidelity Series Real Estate Equity Fund | 57,029,392 | 14,191,306 | 2,481,849 | 519,519 | (6,158) | (1,489,353) | 159,875,264 |
| Fidelity Series Real Estate Income Fund | 32,984,692 | 7,799,936 | 1,268,950 | 902,471 | (9,074) | 143,261 | 93,046,723 |
| Fidelity Series Short-Term Credit Fund | 17,120,293 | 3,003,768 | 743,475 | 156,440 | (415) | (54,035) | 47,474,303 |
| Fidelity Series Small Cap Discovery Fund | 84,431,775 | 13,954,536 | 3,822,092 | 383,283 | 14,056 | 12,174,573 | 239,181,297 |
| Fidelity Series Small Cap Opportunities Fund | 253,917,431 | 94,095,745 | 11,243,602 | 1,360,288 | (135,745) | (12,082,179) | 733,382,623 |
| Fidelity Series Stock Selector Large Cap Value Fund | 485,084,612 | 84,891,208 | 22,569,330 | -- | 41,668 | 47,897,214 | 1,385,029,747 |
| Fidelity Series Value Discovery Fund | 681,088,437 | 64,633,599 | 364,190,699(a) | 5,456,161 | 26,490,209 | 1,271,333 | 953,650,114 |
| Total | $6,889,829,400 | $2,132,396,555 | $1,027,552,414 | $34,313,388 | $73,798,540 | $614,307,419 | $20,541,584,752 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $16,510,132,615) — See accompanying schedule | | $20,541,584,752 |
| Cash | | 5 |
| Receivable for investments sold | | 316,985 |
| Receivable for fund shares sold | | 33,622,988 |
| Total assets | | 20,575,524,730 |
| Liabilities | | |
| Payable for investments purchased | $17,185,962 | |
| Payable for fund shares redeemed | 16,755,141 | |
| Accrued management fee | 11,412,790 | |
| Total liabilities | | 45,353,893 |
| Net Assets | | $20,530,170,837 |
| Net Assets consist of: | | |
| Paid in capital | | $16,249,233,931 |
| Undistributed net investment income | | 10,428,637 |
| Accumulated undistributed net realized gain (loss) on investments | | 239,056,132 |
| Net unrealized appreciation (depreciation) on investments | | 4,031,452,137 |
| Net Assets | | $20,530,170,837 |
| Fidelity Freedom 2035 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($7,579,411,779 ÷ 507,969,968 shares) | | $14.92 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($12,587,792,858 ÷ 843,667,834 shares) | | $14.92 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($362,966,200 ÷ 24,303,379 shares) | | $14.93 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $34,313,388 |
| Expenses | | |
| Management fee | $23,530,218 | |
| Independent trustees' fees and expenses | 13,085 | |
| Total expenses before reductions | 23,543,303 | |
| Expense reductions | (4,521) | 23,538,782 |
| Net investment income (loss) | | 10,774,606 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 73,798,540 | |
| Capital gain distributions from underlying funds | 182,525,796 | |
| Total net realized gain (loss) | | 256,324,336 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 614,307,419 |
| Net gain (loss) | | 870,631,755 |
| Net increase (decrease) in net assets resulting from operations | | $881,406,361 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,774,606 | $91,212,153 |
| Net realized gain (loss) | 256,324,336 | 136,198,233 |
| Change in net unrealized appreciation (depreciation) | 614,307,419 | 720,467,700 |
| Net increase (decrease) in net assets resulting from operations | 881,406,361 | 947,878,086 |
| Distributions to shareholders from net investment income | (4,477,894) | (88,507,344) |
| Distributions to shareholders from net realized gain | (104,484,046) | (162,354,536) |
| Total distributions | (108,961,940) | (250,861,880) |
| Share transactions - net increase (decrease) | 12,867,898,287 | 231,724,174 |
| Total increase (decrease) in net assets | 13,640,342,708 | 928,740,380 |
| Net Assets | | |
| Beginning of period | 6,889,828,129 | 5,961,087,749 |
| End of period | $20,530,170,837 | $6,889,828,129 |
| Other Information | | |
| Undistributed net investment income end of period | $10,428,637 | $4,131,925 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2035 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.88 | $12.46 | $13.67 | $13.62 | $12.57 | $11.68 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .19 | .19 | .22 | .18 | .20 |
| Net realized and unrealized gain (loss) | 1.26 | 1.75 | (.65) | .80 | 1.63 | .93 |
| Total from investment operations | 1.26 | 1.94 | (.46) | 1.02 | 1.81 | 1.13 |
| Distributions from net investment income | (.01) | (.18) | (.20) | (.23) | (.19) | (.21) |
| Distributions from net realized gain | (.21) | (.34) | (.55) | (.75) | (.57) | (.03) |
| Total distributions | (.22) | (.52) | (.75) | (.97)C | (.76) | (.24) |
| Net asset value, end of period | $14.92 | $13.88 | $12.46 | $13.67 | $13.62 | $12.57 |
| Total ReturnD,E | 9.17% | 16.09% | (3.59)% | 7.90% | 14.76% | 9.85% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.06)%H | 1.45% | 1.48% | 1.62% | 1.42% | 1.70% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $7,579,412 | $6,889,828 | $5,961,088 | $6,289,345 | $6,183,144 | $5,648,531 |
| Portfolio turnover rateF | 26%H,J | 16% | 15% | 18% | 54% | 36% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C 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.
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 Annualized
I Amount represents less than .005%.
J 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 2035 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.60 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .27 |
| Total from investment operations | .32 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.92 |
| Total ReturnC,D | 2.19% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.72%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $12,587,793 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2035 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $14.30 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .60 |
| Total from investment operations | .63 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $14.93 |
| Total ReturnC,D | 4.41% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .60%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $362,966 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.2 |
| Fidelity Series Growth Company Fund | 8.0 | 8.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.6% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.3% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2040 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 26,948,665 | $446,539,376 |
| Fidelity Series 1000 Value Index Fund (a) | | 43,015,926 | 540,280,025 |
| Fidelity Series All-Sector Equity Fund (a) | | 62,404,218 | 834,344,401 |
| Fidelity Series Blue Chip Growth Fund (a) | | 64,495,068 | 853,914,703 |
| Fidelity Series Commodity Strategy Fund (a) | | 80,192,540 | 419,406,986 |
| Fidelity Series Growth & Income Fund (a) | | 128,740,284 | 1,958,139,712 |
| Fidelity Series Growth Company Fund (a) | | 99,256,140 | 1,703,235,363 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 111,037,824 | 1,907,629,810 |
| Fidelity Series Opportunistic Insights Fund (a) | | 51,606,409 | 940,784,833 |
| Fidelity Series Real Estate Equity Fund (a) | | 13,045,379 | 168,415,844 |
| Fidelity Series Small Cap Discovery Fund (a) | | 20,884,915 | 250,618,985 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 55,269,556 | 772,668,395 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 109,905,481 | 1,460,643,846 |
| Fidelity Series Value Discovery Fund (a) | | 74,958,702 | 1,005,945,781 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $10,325,393,148) | | | 13,262,568,060 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 18,676,475 | 198,717,690 |
| Fidelity Series Emerging Markets Fund (a) | | 98,594,196 | 2,031,040,425 |
| Fidelity Series International Growth Fund (a) | | 122,638,260 | 1,948,721,951 |
| Fidelity Series International Small Cap Fund (a) | | 26,452,360 | 473,761,763 |
| Fidelity Series International Value Fund (a) | | 184,607,211 | 1,988,219,665 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $5,243,081,022) | | | 6,640,461,494 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 13,801,206 | 144,360,611 |
| Fidelity Series Floating Rate High Income Fund (a) | | 5,029,440 | 47,729,389 |
| Fidelity Series High Income Fund (a) | | 31,460,072 | 306,735,702 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 16,909,044 | 167,230,440 |
| Fidelity Series International Credit Fund (a) | | 966,922 | 9,717,570 |
| Fidelity Series Investment Grade Bond Fund (a) | | 8,930,985 | 101,009,446 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 39,190,102 | 344,480,997 |
| Fidelity Series Real Estate Income Fund (a) | | 8,765,882 | 97,914,903 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,207,681,389) | | | 1,219,179,058 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 172,634,935 | 172,634,935 |
| Fidelity Series Short-Term Credit Fund (a) | | 5,078,567 | 50,734,882 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $223,287,248) | | | 223,369,817 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $16,999,442,807) | | | 21,345,578,429 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (11,871,179) |
| NET ASSETS - 100% | | | $21,333,707,250 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $157,353,366 | $20,068,447 | $7,972,064 | $-- | $513,868 | $17,658,576 | $446,539,376 |
| Fidelity Series 1000 Value Index Fund | 191,170,503 | 26,255,270 | 7,352,788 | -- | 25,495 | 19,797,190 | 540,280,025 |
| Fidelity Series All-Sector Equity Fund | 296,575,515 | 37,652,444 | 18,775,322 | -- | 305,502 | 33,817,057 | 834,344,401 |
| Fidelity Series Blue Chip Growth Fund | 303,451,828 | 112,332,197 | 35,918,107 | 1,649,837 | 7,062,344 | (32,057,731 ) | 853,914,703 |
| Fidelity Series Canada Fund | -- | 112,542,030 | 557,772 | -- | 1,427 | 4,723,942 | 198,717,690 |
| Fidelity Series Commodity Strategy Fund | 115,949,172 | 77,572,779 | 23,035,322 | 640,283 | (1,199,202) | (536,582 ) | 419,406,986 |
| Fidelity Series Emerging Markets Debt Fund | 51,381,271 | 8,226,756 | 1,535,506 | 1,779,220 | (20,330) | 708,518 | 144,360,611 |
| Fidelity Series Emerging Markets Fund | 727,479,065 | 95,150,590 | 201,974,439 | -- | 11,431,327 | 99,093,026 | 2,031,040,425 |
| Fidelity Series Floating Rate High Income Fund | 17,557,187 | 2,689,338 | 624,941 | 450,020 | (8,552) | (50,648 ) | 47,729,389 |
| Fidelity Series Government Money Market Fund 1.09% | 56,452,877 | 15,577,500 | 1,998,410 | 317,998 | -- | -- | 172,634,935 |
| Fidelity Series Growth & Income Fund | 509,763,605 | 285,830,023 (a) | 24,404,265 | 2,944,146 | (57,253) | 67,461,207 | 1,958,139,712 |
| Fidelity Series Growth Company Fund | 600,472,029 | 67,963,481 | 72,405,245 | -- | 23,562,991 | 91,749,400 | 1,703,235,363 |
| Fidelity Series High Income Fund | 110,141,929 | 17,447,466 | 3,767,729 | 3,434,955 | 8,512 | 2,953,745 | 306,735,702 |
| Fidelity Series Inflation-Protected Bond Index Fund | 65,384,074 | 5,377,550 | 2,959,785 | 42,682 | (31,233) | (974,190 ) | 167,230,440 |
| Fidelity Series International Credit Fund | -- | 3,616,415 | 45 | -- | -- | (12,182 ) | 9,717,570 |
| Fidelity Series International Growth Fund | 686,373,633 | 89,432,506 | 99,413,926 | -- | 2,540,338 | 98,957,720 | 1,948,721,951 |
| Fidelity Series International Small Cap Fund | 156,827,013 | 20,808,471 | 11,605,410 | -- | 826,971 | 28,225,343 | 473,761,763 |
| Fidelity Series International Value Fund | 688,167,886 | 98,521,299 | 69,798,103 | -- | 141,355 | 104,555,074 | 1,988,219,665 |
| Fidelity Series Intrinsic Opportunities Fund | 451,625,015 | 327,548,221 (a) | 2,307,182 | 13,287,175 | (6,477) | 22,210,925 | 1,907,629,810 |
| Fidelity Series Investment Grade Bond Fund | 31,065,292 | 11,482,102 | 1,836,647 | 496,726 | 6,849 | (63,664 ) | 101,009,446 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 30,159 | 235,184,465 | 2,048,907 | 731,791 | (17,648) | (5,348,594 ) | 344,480,997 |
| Fidelity Series Opportunistic Insights Fund | 332,984,066 | 42,470,270 | 35,684,826 | -- | 6,482,021 | 45,685,637 | 940,784,833 |
| Fidelity Series Real Estate Equity Fund | 60,193,847 | 13,514,848 | 2,347,976 | 541,555 | (1,991) | (1,562,903 ) | 168,415,844 |
| Fidelity Series Real Estate Income Fund | 34,859,596 | 6,855,141 | 1,185,902 | 935,133 | 4,180 | 153,943 | 97,914,903 |
| Fidelity Series Short-Term Credit Fund | 18,743,753 | 2,516,694 | 695,388 | 168,919 | (363) | (56,684 ) | 50,734,882 |
| Fidelity Series Small Cap Discovery Fund | 89,631,440 | 11,551,085 | 3,436,609 | 404,042 | 14,184 | 12,790,343 | 250,618,985 |
| Fidelity Series Small Cap Opportunities Fund | 270,216,572 | 91,265,040 | 10,334,488 | 1,433,916 | (128,030) | (12,767,861 ) | 772,668,395 |
| Fidelity Series Stock Selector Large Cap Value Fund | 516,075,449 | 73,091,638 | 19,782,016 | -- | 61,700 | 50,596,167 | 1,460,643,846 |
| Fidelity Series Value Discovery Fund | 724,534,607 | 53,995,910 | 380,779,458(a) | 5,814,090 | 34,705,461 | (5,156,134 ) | 1,005,945,781 |
| Total | $7,264,460,749 | $1,966,539,976 | $1,044,538,578 | $35,072,488 | $86,223,446 | $642,550,640 | $21,345,578,429 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $16,999,442,807) — See accompanying schedule | | $21,345,578,429 |
| Cash | | 16 |
| Receivable for investments sold | | 240,582 |
| Receivable for fund shares sold | | 60,311,653 |
| Total assets | | 21,406,130,680 |
| Liabilities | | |
| Payable for investments purchased | $13,747,670 | |
| Payable for fund shares redeemed | 46,802,133 | |
| Accrued management fee | 11,873,627 | |
| Total liabilities | | 72,423,430 |
| Net Assets | | $21,333,707,250 |
| Net Assets consist of: | | |
| Paid in capital | | $16,718,059,994 |
| Undistributed net investment income | | 10,488,031 |
| Accumulated undistributed net realized gain (loss) on investments | | 259,023,603 |
| Net unrealized appreciation (depreciation) on investments | | 4,346,135,622 |
| Net Assets | | $21,333,707,250 |
| Fidelity Freedom 2040 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($7,864,541,579 ÷ 750,772,549 shares) | | $10.48 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($13,178,772,483 ÷ 1,257,433,086 shares) | | $10.48 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($290,393,188 ÷ 27,709,216 shares) | | $10.48 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $35,072,488 |
| Expenses | | |
| Management fee | $24,524,866 | |
| Independent trustees' fees and expenses | 13,711 | |
| Total expenses before reductions | 24,538,577 | |
| Expense reductions | (4,763) | 24,533,814 |
| Net investment income (loss) | | 10,538,674 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 86,223,446 | |
| Capital gain distributions from underlying funds | 192,356,208 | |
| Total net realized gain (loss) | | 278,579,654 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 642,550,640 |
| Net gain (loss) | | 921,130,294 |
| Net increase (decrease) in net assets resulting from operations | | $931,668,968 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,538,674 | $96,980,348 |
| Net realized gain (loss) | 278,579,654 | 144,536,452 |
| Change in net unrealized appreciation (depreciation) | 642,550,640 | 768,804,398 |
| Net increase (decrease) in net assets resulting from operations | 931,668,968 | 1,010,321,198 |
| Distributions to shareholders from net investment income | (3,727,463) | (96,859,849) |
| Distributions to shareholders from net realized gain | (114,805,801) | (178,085,083) |
| Total distributions | (118,533,264) | (274,944,932) |
| Share transactions - net increase (decrease) | 13,256,112,838 | 140,516,333 |
| Total increase (decrease) in net assets | 14,069,248,542 | 875,892,599 |
| Net Assets | | |
| Beginning of period | 7,264,458,708 | 6,388,566,109 |
| End of period | $21,333,707,250 | $7,264,458,708 |
| Other Information | | |
| Undistributed net investment income end of period | $10,488,031 | $3,676,820 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2040 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $9.74 | $8.75 | $9.63 | $9.62 | $8.78 | $8.15 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | .13 | .13 | .15 | .13 | .14 |
| Net realized and unrealized gain (loss) | .90 | 1.24 | (.46) | .57 | 1.17 | .66 |
| Total from investment operations | .90 | 1.37 | (.33) | .72 | 1.30 | .80 |
| Distributions from net investment income | (.01) | (.13) | (.14) | (.16) | (.13) | (.15) |
| Distributions from net realized gain | (.15) | (.24) | (.41) | (.55) | (.33) | (.02) |
| Total distributions | (.16) | (.38)C | (.55) | (.71) | (.46) | (.17) |
| Net asset value, end of period | $10.48 | $9.74 | $8.75 | $9.63 | $9.62 | $8.78 |
| Total ReturnD,E | 9.33% | 16.14% | (3.62)% | 7.86% | 15.08% | 9.94% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .50%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .50%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .50%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.07)%H | 1.44% | 1.47% | 1.61% | 1.40% | 1.70% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $7,864,542 | $7,264,459 | $6,388,566 | $6,901,191 | $7,016,128 | $6,758,570 |
| Portfolio turnover rateF | 26%H,J | 15% | 16% | 17% | 49% | 33% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.38 per share is comprised of distributions from net investment income of $.132 and distributions from net realized gain of $.244 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 Annualized
I Amount represents less than $.005%
J 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 2040 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.25 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .20 |
| Total from investment operations | .23 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $10.48 |
| Total ReturnC,D | 2.24% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.69%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $13,178,772 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause rounding of expense amounts and ratios to differ from contractual rates.
I 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 2040 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.03 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .43 |
| Total from investment operations | .45 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $10.48 |
| Total ReturnC,D | 4.49% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .58%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $290,393 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.2 |
| Fidelity Series Growth Company Fund | 8.0 | 8.3 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2045 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 15,824,921 | $262,218,944 |
| Fidelity Series 1000 Value Index Fund (a) | | 25,168,054 | 316,110,754 |
| Fidelity Series All-Sector Equity Fund (a) | | 36,586,872 | 489,166,476 |
| Fidelity Series Blue Chip Growth Fund (a) | | 37,811,178 | 500,619,999 |
| Fidelity Series Commodity Strategy Fund (a) | | 46,906,379 | 245,320,361 |
| Fidelity Series Growth & Income Fund (a) | | 75,302,215 | 1,145,346,684 |
| Fidelity Series Growth Company Fund (a) | | 58,138,885 | 997,663,275 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 64,887,494 | 1,114,767,147 |
| Fidelity Series Opportunistic Insights Fund (a) | | 30,248,518 | 551,430,481 |
| Fidelity Series Real Estate Equity Fund (a) | | 7,627,776 | 98,474,590 |
| Fidelity Series Small Cap Discovery Fund (a) | | 12,292,223 | 147,506,676 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 32,372,486 | 452,567,355 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 64,191,572 | 853,105,990 |
| Fidelity Series Value Discovery Fund (a) | | 43,868,470 | 588,714,863 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $6,137,120,899) | | | 7,763,013,595 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 10,927,622 | 116,269,903 |
| Fidelity Series Emerging Markets Fund (a) | | 57,715,454 | 1,188,938,353 |
| Fidelity Series International Growth Fund (a) | | 71,764,721 | 1,140,341,423 |
| Fidelity Series International Small Cap Fund (a) | | 15,479,910 | 277,245,194 |
| Fidelity Series International Value Fund (a) | | 108,121,099 | 1,164,464,232 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $3,105,221,356) | | | 3,887,259,105 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 7,975,700 | 83,425,827 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,965,961 | 28,146,973 |
| Fidelity Series High Income Fund (a) | | 18,320,332 | 178,623,240 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 9,666,662 | 95,603,288 |
| Fidelity Series International Credit Fund (a) | | 579,768 | 5,826,665 |
| Fidelity Series Investment Grade Bond Fund (a) | | 5,226,191 | 59,108,218 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 22,985,978 | 202,046,743 |
| Fidelity Series Real Estate Income Fund (a) | | 5,039,902 | 56,295,707 |
| TOTAL BOND FUNDS | | | |
| (Cost $701,361,755) | | | 709,076,661 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 101,949,693 | 101,949,693 |
| Fidelity Series Short-Term Credit Fund (a) | | 2,961,074 | 29,581,130 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $131,483,660) | | | 131,530,823 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $10,075,187,670) | | | 12,490,880,184 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (6,869,305) |
| NET ASSETS - 100% | | | $12,484,010,879 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $75,910,943 | $15,524,569 | $4,575,896 | $-- | $59,827 | $9,780,884 | $262,218,944 |
| Fidelity Series 1000 Value Index Fund | 91,992,048 | 19,528,867 | 4,136,527 | -- | 566 | 11,383,461 | 316,110,754 |
| Fidelity Series All-Sector Equity Fund | 143,160,656 | 29,113,923 | 10,579,518 | -- | 145,430 | 18,197,132 | 489,166,476 |
| Fidelity Series Blue Chip Growth Fund | 146,065,471 | 73,063,984 | 18,563,103 | 965,380 | 2,920,088 | (21,067,499) | 500,619,999 |
| Fidelity Series Canada Fund | -- | 61,535,924 | 303,806 | -- | 843 | 2,654,351 | 116,269,903 |
| Fidelity Series Commodity Strategy Fund | 57,174,624 | 32,615,921 | 2,597,468 | 373,800 | (3,989) | (1,122,435) | 245,320,361 |
| Fidelity Series Emerging Markets Debt Fund | 24,524,403 | 5,720,470 | 861,336 | 882,902 | (2,456) | 259,605 | 83,425,827 |
| Fidelity Series Emerging Markets Fund | 350,211,750 | 72,670,439 | 114,595,361 | -- | 5,578,476 | 48,013,874 | 1,188,938,353 |
| Fidelity Series Floating Rate High Income Fund | 8,373,059 | 1,952,667 | 351,830 | 224,557 | (12,022) | (16,789) | 28,146,973 |
| Fidelity Series Government Money Market Fund 1.09% | 27,106,980 | 10,126,396 | 1,134,308 | 164,845 | -- | -- | 101,949,693 |
| Fidelity Series Growth & Income Fund | 245,345,533 | 162,385,118(a) | 13,692,503 | 1,428,780 | (70,874) | 39,997,159 | 1,145,346,684 |
| Fidelity Series Growth Company Fund | 287,954,017 | 49,990,692 | 30,835,241 | -- | 8,315,631 | 50,655,647 | 997,663,275 |
| Fidelity Series High Income Fund | 52,683,359 | 12,436,997 | 2,118,931 | 1,711,089 | 7,137 | 1,634,471 | 178,623,240 |
| Fidelity Series Inflation-Protected Bond Index Fund | 30,442,561 | 5,275,619 | 1,131,698 | 21,029 | (4,577) | (636,851) | 95,603,288 |
| Fidelity Series International Credit Fund | -- | 1,831,987 | 54 | -- | -- | (10,669) | 5,826,665 |
| Fidelity Series International Growth Fund | 330,326,316 | 68,184,653 | 53,684,155 | -- | 978,354 | 49,849,064 | 1,140,341,423 |
| Fidelity Series International Small Cap Fund | 75,475,113 | 15,991,173 | 6,048,968 | -- | 343,000 | 14,258,130 | 277,245,194 |
| Fidelity Series International Value Fund | 331,188,904 | 73,252,616 | 37,429,922 | -- | (33,346) | 55,510,949 | 1,164,464,232 |
| Fidelity Series Intrinsic Opportunities Fund | 217,564,424 | 186,038,547(a) | 1,180,175 | 7,751,637 | 18,709 | 8,878,747 | 1,114,767,147 |
| Fidelity Series Investment Grade Bond Fund | 15,221,209 | 6,596,393 | 993,434 | 250,430 | (302) | (101,500) | 59,108,218 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 15,326 | 132,127,369 | 948,655 | 380,584 | (8,089) | (3,350,717) | 202,046,743 |
| Fidelity Series Opportunistic Insights Fund | 160,281,094 | 32,888,902 | 18,540,631 | -- | 1,861,676 | 25,067,641 | 551,430,481 |
| Fidelity Series Real Estate Equity Fund | 29,201,655 | 8,835,464 | 1,320,435 | 270,487 | 404 | (935,695) | 98,474,590 |
| Fidelity Series Real Estate Income Fund | 16,661,979 | 4,749,877 | 666,290 | 462,005 | (3,211) | 62,150 | 56,295,707 |
| Fidelity Series Short-Term Credit Fund | 8,971,211 | 1,910,121 | 391,720 | 84,627 | (146) | (42,382) | 29,581,130 |
| Fidelity Series Small Cap Discovery Fund | 43,182,271 | 8,881,763 | 1,934,578 | 195,855 | 9,642 | 7,679,804 | 147,506,676 |
| Fidelity Series Small Cap Opportunities Fund | 130,040,169 | 59,288,923 | 5,814,805 | 838,254 | (74,040) | (7,487,537) | 452,567,355 |
| Fidelity Series Stock Selector Large Cap Value Fund | 248,384,564 | 53,318,083 | 11,127,391 | -- | 69,299 | 28,991,227 | 853,105,990 |
| Fidelity Series Value Discovery Fund | 348,724,861 | 40,767,058 | 186,528,060(a) | 2,807,877 | 13,434,268 | 3,929,915 | 588,714,863 |
| Total | $3,496,184,500 | $1,246,604,515 | $532,086,799 | $18,814,138 | $33,530,298 | $342,032,137 | $12,490,880,184 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $10,075,187,670) — See accompanying schedule | | $12,490,880,184 |
| Cash | | 20 |
| Receivable for investments sold | | 149,235 |
| Receivable for fund shares sold | | 26,128,182 |
| Total assets | | 12,517,157,621 |
| Liabilities | | |
| Payable for investments purchased | $15,304,485 | |
| Payable for fund shares redeemed | 10,972,835 | |
| Accrued management fee | 6,869,422 | |
| Total liabilities | | 33,146,742 |
| Net Assets | | $12,484,010,879 |
| Net Assets consist of: | | |
| Paid in capital | | $9,931,266,174 |
| Undistributed net investment income | | 5,850,931 |
| Accumulated undistributed net realized gain (loss) on investments | | 131,201,260 |
| Net unrealized appreciation (depreciation) on investments | | 2,415,692,514 |
| Net Assets | | $12,484,010,879 |
| Fidelity Freedom 2045 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($3,868,175,971 ÷ 326,577,664 shares) | | $11.84 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($8,453,836,734 ÷ 713,576,844 shares) | | $11.85 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($161,998,174 ÷ 13,671,032 shares) | | $11.85 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $18,814,138 |
| Expenses | | |
| Management fee | $12,762,851 | |
| Independent trustees' fees and expenses | 6,641 | |
| Total expenses before reductions | 12,769,492 | |
| Expense reductions | (2,292) | 12,767,200 |
| Net investment income (loss) | | 6,046,938 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 33,530,298 | |
| Capital gain distributions from underlying funds | 110,645,377 | |
| Total net realized gain (loss) | | 144,175,675 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 342,032,137 |
| Net gain (loss) | | 486,207,812 |
| Net increase (decrease) in net assets resulting from operations | | $492,254,750 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $6,046,938 | $45,505,718 |
| Net realized gain (loss) | 144,175,675 | 70,221,421 |
| Change in net unrealized appreciation (depreciation) | 342,032,137 | 358,042,833 |
| Net increase (decrease) in net assets resulting from operations | 492,254,750 | 473,769,972 |
| Distributions to shareholders from net investment income | (1,914,156) | (45,424,022) |
| Distributions to shareholders from net realized gain | (50,405,841) | (83,790,283) |
| Total distributions | (52,319,997) | (129,214,305) |
| Share transactions - net increase (decrease) | 8,547,892,172 | 238,655,834 |
| Total increase (decrease) in net assets | 8,987,826,925 | 583,211,501 |
| Net Assets | | |
| Beginning of period | 3,496,183,954 | 2,912,972,453 |
| End of period | $12,484,010,879 | $3,496,183,954 |
| Other Information | | |
| Undistributed net investment income end of period | $5,850,931 | $1,718,149 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2045 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.00 | $9.89 | $10.84 | $11.09 | $10.42 | $9.65 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | .15 | .15 | .17 | .15 | .17 |
| Net realized and unrealized gain (loss) | 1.01 | 1.39 | (.52) | .64 | 1.39 | .79 |
| Total from investment operations | 1.00 | 1.54 | (.37) | .81 | 1.54 | .96 |
| Distributions from net investment income | (.01) | (.15) | (.16) | (.18) | (.15) | (.17) |
| Distributions from net realized gain | (.16) | (.28) | (.43) | (.89) | (.72) | (.02) |
| Total distributions | (.16)B | (.43) | (.58)C | (1.06)D | (.87) | (.19) |
| Net asset value, end of period | $11.84 | $11.00 | $9.89 | $10.84 | $11.09 | $10.42 |
| Total ReturnE,F | 9.22% | 16.08% | (3.59)% | 7.93% | 15.38% | 10.14% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .51%I | - %J | - %J | - %J | - %J | - %J |
| Expenses net of fee waivers, if any | .51%I | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%I | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.10)%I | 1.45% | 1.48% | 1.62% | 1.42% | 1.75% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $3,868,176 | $3,496,184 | $2,912,972 | $2,993,926 | $2,885,106 | $2,480,465 |
| Portfolio turnover rateG | 26%I,K | 15% | 17% | 21% | 53% | 45% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.16 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.158 per share.
C 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.
D 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.
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 Annualized
J Amount represents less than .005%.
K 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 2045 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.59 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.85 |
| Total ReturnC,D | 2.24% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.56%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $8,453,837 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2045 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.34 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.85 |
| Total ReturnC,D | 4.50% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .54%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $161,998 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 9.0 | 6.3 |
| Fidelity Series Growth Company Fund | 8.0 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.1 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 5.7% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2050 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 13,194,889 | $218,639,307 |
| Fidelity Series 1000 Value Index Fund (a) | | 21,037,705 | 264,233,573 |
| Fidelity Series All-Sector Equity Fund (a) | | 30,556,373 | 408,538,710 |
| Fidelity Series Blue Chip Growth Fund (a) | | 31,579,785 | 418,116,349 |
| Fidelity Series Commodity Strategy Fund (a) | | 39,251,020 | 205,282,834 |
| Fidelity Series Growth & Income Fund (a) | | 63,008,121 | 958,353,519 |
| Fidelity Series Growth Company Fund (a) | | 48,600,881 | 833,991,113 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 54,603,690 | 938,091,395 |
| Fidelity Series Opportunistic Insights Fund (a) | | 25,266,629 | 460,610,651 |
| Fidelity Series Real Estate Equity Fund (a) | | 6,364,761 | 82,169,066 |
| Fidelity Series Small Cap Discovery Fund (a) | | 10,236,031 | 122,832,369 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 27,035,045 | 377,949,923 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 53,736,884 | 714,163,189 |
| Fidelity Series Value Discovery Fund (a) | | 36,646,359 | 491,794,132 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $5,148,727,253) | | | 6,494,766,130 |
|
| International Equity Funds - 31.1% | | | |
| Fidelity Series Canada Fund (a) | | 9,142,401 | 97,275,145 |
| Fidelity Series Emerging Markets Fund (a) | | 48,291,266 | 994,800,073 |
| Fidelity Series International Growth Fund (a) | | 60,659,120 | 963,873,414 |
| Fidelity Series International Small Cap Fund (a) | | 12,952,376 | 231,977,054 |
| Fidelity Series International Value Fund (a) | | 89,553,646 | 964,492,768 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $2,600,154,410) | | | 3,252,418,454 |
|
| Bond Funds - 5.7% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 6,663,727 | 69,702,580 |
| Fidelity Series Floating Rate High Income Fund (a) | | 2,498,615 | 23,711,860 |
| Fidelity Series High Income Fund (a) | | 15,317,454 | 149,345,174 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 8,038,454 | 79,500,314 |
| Fidelity Series International Credit Fund (a) | | 487,949 | 4,903,889 |
| Fidelity Series Investment Grade Bond Fund (a) | | 4,373,641 | 49,465,874 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 19,241,832 | 169,135,703 |
| Fidelity Series Real Estate Income Fund (a) | | 4,214,266 | 47,073,355 |
| TOTAL BOND FUNDS | | | |
| (Cost $587,050,259) | | | 592,838,749 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 85,557,687 | 85,557,687 |
| Fidelity Series Short-Term Credit Fund (a) | | 2,475,825 | 24,733,489 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $110,250,251) | | | 110,291,176 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $8,446,182,173) | | | 10,450,314,509 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (5,750,134) |
| NET ASSETS - 100% | | | $10,444,564,375 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $62,638,976 | $12,282,357 | $3,783,364 | $-- | $34,519 | $8,139,096 | $218,639,307 |
| Fidelity Series 1000 Value Index Fund | 75,814,592 | 15,531,621 | 3,400,562 | -- | 2,971 | 9,502,464 | 264,233,573 |
| Fidelity Series All-Sector Equity Fund | 118,131,044 | 23,048,673 | 8,776,540 | -- | 101,928 | 15,150,411 | 408,538,710 |
| Fidelity Series Blue Chip Growth Fund | 120,528,023 | 59,680,665 | 15,381,631 | 805,607 | 2,207,328 | (17,484,005) | 418,116,349 |
| Fidelity Series Canada Fund | -- | 50,850,109 | 276,844 | -- | 594 | 2,215,194 | 97,275,145 |
| Fidelity Series Commodity Strategy Fund | 47,433,910 | 26,121,015 | 2,126,321 | 312,526 | (4,679) | (936,150) | 205,282,834 |
| Fidelity Series Emerging Markets Debt Fund | 20,222,367 | 4,523,355 | 711,950 | 729,494 | 8,926 | 196,724 | 69,702,580 |
| Fidelity Series Emerging Markets Fund | 288,955,854 | 56,574,977 | 95,045,263 | -- | 5,138,809 | 39,119,867 | 994,800,073 |
| Fidelity Series Floating Rate High Income Fund | 6,949,953 | 1,558,126 | 289,928 | 186,842 | (3,634) | (20,130) | 23,711,860 |
| Fidelity Series Government Money Market Fund 1.09% | 22,353,640 | 8,246,193 | 944,372 | 133,767 | -- | -- | 85,557,687 |
| Fidelity Series Growth & Income Fund | 202,356,403 | 131,379,387(a) | 10,973,399 | 1,182,460 | (49,312) | 33,506,253 | 958,353,519 |
| Fidelity Series Growth Company Fund | 237,459,962 | 38,340,093 | 24,465,424 | -- | 6,115,700 | 42,748,239 | 833,991,113 |
| Fidelity Series High Income Fund | 43,407,771 | 9,901,489 | 1,747,123 | 1,413,369 | 5,414 | 1,363,970 | 149,345,174 |
| Fidelity Series Inflation-Protected Bond Index Fund | 24,822,064 | 4,444,949 | 932,092 | 17,286 | (2,451) | (533,869) | 79,500,314 |
| Fidelity Series International Credit Fund | -- | 1,535,600 | 29 | -- | -- | (9,042) | 4,903,889 |
| Fidelity Series International Growth Fund | 272,563,530 | 53,444,391 | 34,372,528 | -- | 613,646 | 41,422,447 | 963,873,414 |
| Fidelity Series International Small Cap Fund | 62,277,109 | 12,597,480 | 4,978,948 | -- | 274,164 | 11,800,905 | 231,977,054 |
| Fidelity Series International Value Fund | 273,275,108 | 57,754,520 | 40,352,377 | -- | (203,081) | 46,132,200 | 964,492,768 |
| Fidelity Series Intrinsic Opportunities Fund | 180,016,043 | 151,326,605(a) | 1,132,968 | 6,517,021 | 18,524 | 7,207,931 | 938,091,395 |
| Fidelity Series Investment Grade Bond Fund | 12,708,969 | 5,171,238 | 819,573 | 207,740 | (1,904) | (85,868) | 49,465,874 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 12,932 | 109,848,564 | 719,576 | 318,403 | (6,383) | (2,820,811) | 169,135,703 |
| Fidelity Series Opportunistic Insights Fund | 132,258,253 | 26,029,887 | 15,361,707 | -- | 1,357,652 | 20,979,842 | 460,610,651 |
| Fidelity Series Real Estate Equity Fund | 24,159,960 | 7,017,073 | 1,085,813 | 221,767 | (3,879) | (768,790) | 82,169,066 |
| Fidelity Series Real Estate Income Fund | 13,720,923 | 3,813,337 | 550,271 | 378,017 | (856) | 53,567 | 47,073,355 |
| Fidelity Series Short-Term Credit Fund | 7,399,416 | 1,523,960 | 322,501 | 70,011 | (95) | (35,867) | 24,733,489 |
| Fidelity Series Small Cap Discovery Fund | 35,628,306 | 7,041,529 | 1,588,083 | 161,670 | 1,067 | 6,405,605 | 122,832,369 |
| Fidelity Series Small Cap Opportunities Fund | 107,210,344 | 48,367,869 | 4,778,945 | 699,459 | (67,524) | (6,235,610) | 377,949,923 |
| Fidelity Series Stock Selector Large Cap Value Fund | 204,864,144 | 42,067,402 | 9,149,875 | -- | 88,713 | 24,218,430 | 714,163,189 |
| Fidelity Series Value Discovery Fund | 287,661,234 | 33,066,268 | 154,494,028(a) | 2,321,098 | 10,916,415 | 3,593,354 | 491,794,132 |
| Total | $2,884,830,830 | $1,003,088,732 | $438,562,035 | $15,676,537 | $26,542,572 | $284,826,357 | $10,450,314,509 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $8,446,182,173) — See accompanying schedule | | $10,450,314,509 |
| Cash | | 2 |
| Receivable for investments sold | | 103,924 |
| Receivable for fund shares sold | | 32,206,962 |
| Total assets | | 10,482,625,397 |
| Liabilities | | |
| Payable for investments purchased | $15,053,079 | |
| Payable for fund shares redeemed | 17,253,958 | |
| Accrued management fee | 5,753,985 | |
| Total liabilities | | 38,061,022 |
| Net Assets | | $10,444,564,375 |
| Net Assets consist of: | | |
| Paid in capital | | $8,326,774,806 |
| Undistributed net investment income | | 4,995,384 |
| Accumulated undistributed net realized gain (loss) on investments | | 108,661,849 |
| Net unrealized appreciation (depreciation) on investments | | 2,004,132,336 |
| Net Assets | | $10,444,564,375 |
| Fidelity Freedom 2050 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($3,198,263,270 ÷ 268,584,185 shares) | | $11.91 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($7,126,047,761 ÷ 598,418,626 shares) | | $11.91 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($120,253,344 ÷ 10,094,895 shares) | | $11.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $15,676,537 |
| Expenses | | |
| Management fee | $10,595,742 | |
| Independent trustees' fees and expenses | 5,482 | |
| Total expenses before reductions | 10,601,224 | |
| Expense reductions | (1,891) | 10,599,333 |
| Net investment income (loss) | | 5,077,204 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 26,542,572 | |
| Capital gain distributions from underlying funds | 92,403,402 | |
| Total net realized gain (loss) | | 118,945,974 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 284,826,357 |
| Net gain (loss) | | 403,772,331 |
| Net increase (decrease) in net assets resulting from operations | | $408,849,535 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,077,204 | $37,285,493 |
| Net realized gain (loss) | 118,945,974 | 56,748,247 |
| Change in net unrealized appreciation (depreciation) | 284,826,357 | 294,641,485 |
| Net increase (decrease) in net assets resulting from operations | 408,849,535 | 388,675,225 |
| Distributions to shareholders from net investment income | (1,573,575) | (36,871,772) |
| Distributions to shareholders from net realized gain | (40,897,550) | (67,884,342) |
| Total distributions | (42,471,125) | (104,756,114) |
| Share transactions - net increase (decrease) | 7,193,355,581 | 237,530,130 |
| Total increase (decrease) in net assets | 7,559,733,991 | 521,449,241 |
| Net Assets | | |
| Beginning of period | 2,884,830,384 | 2,363,381,143 |
| End of period | $10,444,564,375 | $2,884,830,384 |
| Other Information | | |
| Undistributed net investment income end of period | $4,995,384 | $1,491,755 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2050 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.05 | $9.93 | $10.90 | $11.15 | $10.28 | $9.51 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | .15 | .15 | .17 | .15 | .16 |
| Net realized and unrealized gain (loss) | 1.03 | 1.40 | (.52) | .65 | 1.41 | .79 |
| Total from investment operations | 1.02 | 1.55 | (.37) | .82 | 1.56 | .95 |
| Distributions from net investment income | (.01) | (.15) | (.16) | (.18) | (.15) | (.17) |
| Distributions from net realized gain | (.16) | (.28) | (.44) | (.89) | (.54) | (.02) |
| Total distributions | (.16)B | (.43) | (.60) | (1.07) | (.69) | (.18)C |
| Net asset value, end of period | $11.91 | $11.05 | $9.93 | $10.90 | $11.15 | $10.28 |
| Total ReturnD,E | 9.34% | 16.11% | (3.65)% | 7.91% | 15.53% | 10.18% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .51%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .51%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | (.10)%H | 1.45% | 1.49% | 1.62% | 1.41% | 1.71% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $3,198,263 | $2,884,830 | $2,363,381 | $2,375,308 | $2,297,832 | $2,069,745 |
| Portfolio turnover rateF | 26%H,J | 15% | 17% | 23% | 57% | 44% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.16 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.156 per share.
C 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.
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 Annualized
I Amount represents less than .005%.
J 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 2050 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.65 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 2.23% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.55%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $7,126,048 |
| Portfolio turnover rateE | 26%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2050 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.40 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 4.47% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .56%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $120,253 |
| Portfolio turnover rateE | 26%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Growth Fund | 9.3 | 9.4 |
| Fidelity Series International Value Fund | 9.3 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.3 |
| Fidelity Series Growth Company Fund | 8.0 | 8.2 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.9 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.7 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.2 | 76.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.2% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2055 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 4,820,754 | $79,879,889 |
| Fidelity Series 1000 Value Index Fund (a) | | 7,694,094 | 96,637,819 |
| Fidelity Series All-Sector Equity Fund (a) | | 11,158,425 | 149,188,136 |
| Fidelity Series Blue Chip Growth Fund (a) | | 11,532,238 | 152,686,832 |
| Fidelity Series Commodity Strategy Fund (a) | | 14,309,370 | 74,838,008 |
| Fidelity Series Growth & Income Fund (a) | | 23,001,679 | 349,855,533 |
| Fidelity Series Growth Company Fund (a) | | 17,730,994 | 304,263,854 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 19,719,876 | 338,787,461 |
| Fidelity Series Opportunistic Insights Fund (a) | | 9,225,596 | 168,182,611 |
| Fidelity Series Real Estate Equity Fund (a) | | 2,338,460 | 30,189,516 |
| Fidelity Series Small Cap Discovery Fund (a) | | 3,750,399 | 45,004,794 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 9,888,231 | 138,237,467 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 19,641,936 | 261,041,325 |
| Fidelity Series Value Discovery Fund (a) | | 13,419,371 | 180,087,962 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,036,471,704) | | | 2,368,881,207 |
|
| International Equity Funds - 31.2% | | | |
| Fidelity Series Canada Fund (a) | | 3,333,695 | 35,470,518 |
| Fidelity Series Emerging Markets Fund (a) | | 17,616,212 | 362,893,972 |
| Fidelity Series International Growth Fund (a) | | 22,134,998 | 351,725,112 |
| Fidelity Series International Small Cap Fund (a) | | 4,725,848 | 84,639,931 |
| Fidelity Series International Value Fund (a) | | 32,655,536 | 351,700,125 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,004,313,811) | | | 1,186,429,658 |
|
| Bond Funds - 5.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 2,369,281 | 24,782,682 |
| Fidelity Series Floating Rate High Income Fund (a) | | 923,215 | 8,761,308 |
| Fidelity Series High Income Fund (a) | | 5,590,770 | 54,510,003 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 2,854,465 | 28,230,654 |
| Fidelity Series International Credit Fund (a) | | 164,923 | 1,657,481 |
| Fidelity Series Investment Grade Bond Fund (a) | | 1,595,553 | 18,045,704 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 7,033,790 | 61,827,018 |
| Fidelity Series Real Estate Income Fund (a) | | 1,546,605 | 17,275,577 |
| TOTAL BOND FUNDS | | | |
| (Cost $212,813,460) | | | 215,090,427 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 31,734,244 | 31,734,244 |
| Fidelity Series Short-Term Credit Fund (a) | | 887,316 | 8,864,288 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $40,584,864) | | | 40,598,532 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $3,294,183,839) | | | 3,810,999,824 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (2,066,170) |
| NET ASSETS - 100% | | | $3,808,933,654 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $20,033,106 | $6,773,756 | $1,203,986 | $-- | $549 | $2,852,860 | $79,879,889 |
| Fidelity Series 1000 Value Index Fund | 24,255,513 | 8,292,616 | 859,745 | -- | (861) | 3,419,185 | 96,637,819 |
| Fidelity Series All-Sector Equity Fund | 37,780,585 | 12,717,461 | 2,766,774 | -- | (27,018) | 5,330,484 | 149,188,136 |
| Fidelity Series Blue Chip Growth Fund | 38,547,010 | 26,122,634 | 4,952,444 | 291,927 | 244,136 | (6,265,142) | 152,686,832 |
| Fidelity Series Canada Fund | -- | 18,499,468 | 47,314 | -- | (126) | 794,182 | 35,470,518 |
| Fidelity Series Commodity Strategy Fund | 15,750,440 | 10,434,694 | 545,402 | 113,080 | (6,060) | (343,122) | 74,838,008 |
| Fidelity Series Emerging Markets Debt Fund | 6,351,178 | 2,234,903 | 181,029 | 240,218 | 2,412 | 54,726 | 24,782,682 |
| Fidelity Series Emerging Markets Fund | 92,291,452 | 30,325,461 | 31,985,843 | -- | 799,138 | 13,797,875 | 362,893,972 |
| Fidelity Series Floating Rate High Income Fund | 2,277,567 | 821,013 | 73,614 | 64,548 | (320) | (7,988) | 8,761,308 |
| Fidelity Series Government Money Market Fund 1.09% | 7,128,818 | 3,968,860 | 243,531 | 46,022 | -- | -- | 31,734,244 |
| Fidelity Series Growth & Income Fund | 64,757,517 | 54,481,112(a) | 3,076,635 | 389,581 | (11,267) | 12,133,704 | 349,855,533 |
| Fidelity Series Growth Company Fund | 75,561,673 | 19,733,140 | 3,946,656 | -- | 180,471 | 16,260,914 | 304,263,854 |
| Fidelity Series High Income Fund | 13,866,939 | 5,124,786 | 444,105 | 476,917 | 2,052 | 480,862 | 54,510,003 |
| Fidelity Series Inflation-Protected Bond Index Fund | 7,439,777 | 2,442,490 | 236,532 | 5,617 | 613 | (200,281) | 28,230,654 |
| Fidelity Series International Credit Fund | -- | 522,470 | 12 | -- | -- | (3,022) | 1,657,481 |
| Fidelity Series International Growth Fund | 87,135,142 | 29,062,848 | 10,441,328 | -- | 227,003 | 13,822,692 | 351,725,112 |
| Fidelity Series International Small Cap Fund | 19,909,249 | 6,898,800 | 1,426,222 | -- | 69,217 | 3,979,314 | 84,639,931 |
| Fidelity Series International Value Fund | 87,362,038 | 30,607,178 | 13,204,306 | -- | 52,105 | 15,786,113 | 351,700,125 |
| Fidelity Series Intrinsic Opportunities Fund | 58,119,244 | 60,605,986(a) | 358,817 | 2,339,436 | (1,814) | 2,143,625 | 338,787,461 |
| Fidelity Series Investment Grade Bond Fund | 4,305,047 | 2,084,346 | 254,401 | 71,208 | (587) | (37,446) | 18,045,704 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 4,445 | 39,936,618 | 168,027 | 110,999 | (959) | (1,044,150) | 61,827,018 |
| Fidelity Series Opportunistic Insights Fund | 42,298,882 | 14,342,523 | 4,905,731 | -- | 176,551 | 7,422,789 | 168,182,611 |
| Fidelity Series Real Estate Equity Fund | 7,780,471 | 3,418,595 | 318,532 | 76,043 | (9,248) | (283,484) | 30,189,516 |
| Fidelity Series Real Estate Income Fund | 4,370,535 | 1,906,144 | 140,182 | 128,506 | 559 | 10,319 | 17,275,577 |
| Fidelity Series Short-Term Credit Fund | 2,301,275 | 836,350 | 81,737 | 23,156 | 120 | (14,087) | 8,864,288 |
| Fidelity Series Small Cap Discovery Fund | 11,402,903 | 3,866,105 | 506,399 | 53,223 | (1,347) | 2,345,546 | 45,004,794 |
| Fidelity Series Small Cap Opportunities Fund | 34,103,264 | 21,430,438 | 1,207,900 | 253,866 | (8,839) | (2,265,854) | 138,237,467 |
| Fidelity Series Stock Selector Large Cap Value Fund | 65,335,056 | 22,780,771 | 2,313,289 | -- | (17,198) | 8,762,307 | 261,041,325 |
| Fidelity Series Value Discovery Fund | 91,815,328 | 18,042,088 | 50,047,988(a) | 757,944 | 2,761,314 | 2,502,843 | 180,087,962 |
| Total | $922,284,454 | $458,313,654 | $135,938,481 | $5,442,291 | $4,430,596 | $101,435,764 | $3,810,999,824 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $3,294,183,839) — See accompanying schedule | | $3,810,999,824 |
| Receivable for investments sold | | 5,791 |
| Receivable for fund shares sold | | 13,893,189 |
| Total assets | | 3,824,898,804 |
| Liabilities | | |
| Payable for investments purchased | $10,813,212 | |
| Payable for fund shares redeemed | 3,089,347 | |
| Accrued management fee | 2,062,591 | |
| Total liabilities | | 15,965,150 |
| Net Assets | | $3,808,933,654 |
| Net Assets consist of: | | |
| Paid in capital | | $3,257,624,672 |
| Undistributed net investment income | | 1,713,090 |
| Accumulated undistributed net realized gain (loss) on investments | | 32,779,907 |
| Net unrealized appreciation (depreciation) on investments | | 516,815,985 |
| Net Assets | | $3,808,933,654 |
| Fidelity Freedom 2055 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($1,101,424,421 ÷ 82,197,274 shares) | | $13.40 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($2,656,024,805 ÷ 198,110,607 shares) | | $13.41 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($51,484,428 ÷ 3,840,166 shares) | | $13.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $5,442,291 |
| Expenses | | |
| Management fee | $3,658,260 | |
| Independent trustees' fees and expenses | 1,796 | |
| Total expenses before reductions | 3,660,056 | |
| Expense reductions | (605) | 3,659,451 |
| Net investment income (loss) | | 1,782,840 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 4,430,596 | |
| Capital gain distributions from underlying funds | 33,251,525 | |
| Total net realized gain (loss) | | 37,682,121 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 101,435,764 |
| Net gain (loss) | | 139,117,885 |
| Net increase (decrease) in net assets resulting from operations | | $140,900,725 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,782,840 | $11,233,935 |
| Net realized gain (loss) | 37,682,121 | 11,661,308 |
| Change in net unrealized appreciation (depreciation) | 101,435,764 | 93,927,353 |
| Net increase (decrease) in net assets resulting from operations | 140,900,725 | 116,822,596 |
| Distributions to shareholders from net investment income | (530,888) | (11,091,790) |
| Distributions to shareholders from net realized gain | (10,617,722) | (15,197,673) |
| Total distributions | (11,148,610) | (26,289,463) |
| Share transactions - net increase (decrease) | 2,756,897,234 | 182,129,905 |
| Total increase (decrease) in net assets | 2,886,649,349 | 272,663,038 |
| Net Assets | | |
| Beginning of period | 922,284,305 | 649,621,267 |
| End of period | $3,808,933,654 | $922,284,305 |
| Other Information | | |
| Undistributed net investment income end of period | $1,713,090 | $461,138 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2055 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.41 | $11.08 | $12.06 | $11.73 | $10.56 | $9.77 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .17 | .17 | .19 | .16 | .20 |
| Net realized and unrealized gain (loss) | 1.13 | 1.57 | (.59) | .72 | 1.51 | .80 |
| Total from investment operations | 1.14 | 1.74 | (.42) | .91 | 1.67 | 1.00 |
| Distributions from net investment income | (.01) | (.16) | (.17) | (.18) | (.14) | (.14) |
| Distributions from net realized gain | (.14) | (.25) | (.39) | (.39) | (.36) | (.06) |
| Total distributions | (.15) | (.41) | (.56) | (.58)B | (.50) | (.21)C |
| Net asset value, end of period | $13.40 | $12.41 | $11.08 | $12.06 | $11.73 | $10.56 |
| Total ReturnD,E | 9.24% | 16.17% | (3.69)% | 7.98% | 16.00% | 10.39% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .51%H | - %I | - %I | - %I | - %I | - %I |
| Expenses net of fee waivers, if any | .51%H | -% | -% | -% | -% | -% |
| Expenses net of all reductions | .51%H | -% | -% | -% | -% | -% |
| Net investment income (loss) | .15%H | 1.46% | 1.51% | 1.64% | 1.40% | 1.99% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,101,424 | $922,284 | $649,621 | $527,231 | $350,647 | $155,142 |
| Portfolio turnover rateF | 25%H,J | 18% | 20% | 21% | 47% | 45% |
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 $.184 and distributions from net realized gain of $.394 per share.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.141 and distributions from net realized gain of $.064 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 Annualized
I Amount represents less than .005%.
J 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 2055 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $13.11 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .28 |
| Total from investment operations | .30 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 2.29% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | .64%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,656,025 |
| Portfolio turnover rateE | 25%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2055 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $12.83 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .56 |
| Total from investment operations | .58 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $13.41 |
| Total ReturnC,D | 4.52% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .53%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $51,484 |
| Portfolio turnover rateE | 25%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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® 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Series Emerging Markets Fund | 9.5 | 10.0 |
| Fidelity Series International Value Fund | 9.4 | 9.5 |
| Fidelity Series Growth & Income Fund | 9.2 | 7.0 |
| Fidelity Series International Growth Fund | 9.2 | 9.4 |
| Fidelity Series Intrinsic Opportunities Fund | 8.9 | 6.5 |
| Fidelity Series Growth Company Fund | 8.0 | 7.9 |
| Fidelity Series Stock Selector Large Cap Value Fund | 6.8 | 7.1 |
| Fidelity Series Value Discovery Fund | 4.8 | 10.0 |
| Fidelity Series Opportunistic Insights Fund | 4.4 | 4.6 |
| Fidelity Series Blue Chip Growth Fund | 4.0 | 4.2 |
| | 74.2 | 76.2 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 62.2% |
| | International Equity Funds | 31.2% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.1% |
| | Net Other Assets (Liabilities)* | (0.1)% |
* Not included in the pie chart
| Six months ago |
| | Domestic Equity Funds | 63.7% |
| | International Equity Funds | 31.1% |
| | Bond Funds | 4.1% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity Freedom® 2060 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 62.2% | | | |
| | | Shares | Value |
| Fidelity Series 100 Index Fund (a) | | 716,690 | $11,875,550 |
| Fidelity Series 1000 Value Index Fund (a) | | 1,146,318 | 14,397,760 |
| Fidelity Series All-Sector Equity Fund (a) | | 1,661,654 | 22,216,310 |
| Fidelity Series Blue Chip Growth Fund (a) | | 1,717,008 | 22,733,186 |
| Fidelity Series Commodity Strategy Fund (a) | | 2,133,067 | 11,155,940 |
| Fidelity Series Growth & Income Fund (a) | | 3,422,682 | 52,058,995 |
| Fidelity Series Growth Company Fund (a) | | 2,634,983 | 45,216,308 |
| Fidelity Series Intrinsic Opportunities Fund (a) | | 2,956,620 | 50,794,737 |
| Fidelity Series Opportunistic Insights Fund (a) | | 1,373,410 | 25,037,262 |
| Fidelity Series Real Estate Equity Fund (a) | | 347,002 | 4,479,799 |
| Fidelity Series Small Cap Discovery Fund (a) | | 557,266 | 6,687,194 |
| Fidelity Series Small Cap Opportunities Fund (a) | | 1,475,430 | 20,626,518 |
| Fidelity Series Stock Selector Large Cap Value Fund (a) | | 2,919,085 | 38,794,636 |
| Fidelity Series Value Discovery Fund (a) | | 2,015,970 | 27,054,319 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $319,390,268) | | | 353,128,514 |
|
| International Equity Funds - 31.2% | | | |
| Fidelity Series Canada Fund (a) | | 496,709 | 5,284,980 |
| Fidelity Series Emerging Markets Fund (a) | | 2,625,559 | 54,086,525 |
| Fidelity Series International Growth Fund (a) | | 3,262,803 | 51,845,943 |
| Fidelity Series International Small Cap Fund (a) | | 705,327 | 12,632,405 |
| Fidelity Series International Value Fund (a) | | 4,919,757 | 52,985,787 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $151,800,814) | | | 176,835,640 |
|
| Bond Funds - 5.6% | | | |
| Fidelity Series Emerging Markets Debt Fund (a) | | 333,953 | 3,493,150 |
| Fidelity Series Floating Rate High Income Fund (a) | | 135,929 | 1,289,963 |
| Fidelity Series High Income Fund (a) | | 833,478 | 8,126,407 |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | 428,194 | 4,234,840 |
| Fidelity Series International Credit Fund (a) | | 24,159 | 242,794 |
| Fidelity Series Investment Grade Bond Fund (a) | | 238,771 | 2,700,504 |
| Fidelity Series Long-Term Treasury Bond Index Fund (a) | | 1,048,994 | 9,220,655 |
| Fidelity Series Real Estate Income Fund (a) | | 229,627 | 2,564,932 |
| TOTAL BOND FUNDS | | | |
| (Cost $31,230,028) | | | 31,873,245 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | 4,742,579 | 4,742,579 |
| Fidelity Series Short-Term Credit Fund (a) | | 136,950 | 1,368,131 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $6,109,168) | | | 6,110,710 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $508,530,278) | | | 567,948,109 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (303,713) |
| NET ASSETS - 100% | | | $567,644,396 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Series 100 Index Fund | $2,525,417 | $1,827,785 | $197,745 | $-- | $1,431 | $411,346 | $11,875,550 |
| Fidelity Series 1000 Value Index Fund | 3,069,993 | 2,232,285 | 165,576 | -- | (697) | 499,116 | 14,397,760 |
| Fidelity Series All-Sector Equity Fund | 4,762,745 | 3,440,290 | 433,862 | -- | 4,411 | 759,105 | 22,216,310 |
| Fidelity Series Blue Chip Growth Fund | 4,859,349 | 5,421,507 | 714,997 | 42,757 | 1,586 | (921,949) | 22,733,186 |
| Fidelity Series Canada Fund | -- | 2,854,967 | 3,071 | -- | (14) | 117,921 | 5,284,980 |
| Fidelity Series Commodity Strategy Fund | 1,964,660 | 2,227,062 | 54,186 | 16,582 | (427) | (40,531) | 11,155,940 |
| Fidelity Series Emerging Markets Debt Fund | 762,854 | 543,708 | 17,534 | 32,662 | 128 | 7,184 | 3,493,150 |
| Fidelity Series Emerging Markets Fund | 11,652,982 | 7,695,526 | 4,030,300 | -- | 33,600 | 2,024,802 | 54,086,525 |
| Fidelity Series Floating Rate High Income Fund | 280,209 | 213,477 | 7,163 | 9,127 | 37 | (1,263) | 1,289,963 |
| Fidelity Series Government Money Market Fund 1.09% | 921,937 | 855,542 | 23,983 | 6,774 | -- | -- | 4,742,579 |
| Fidelity Series Growth & Income Fund | 8,185,945 | 11,165,649(a) | 587,509 | 55,146 | (2,508) | 1,761,391 | 52,058,995 |
| Fidelity Series Growth Company Fund | 9,226,869 | 6,114,410 | 263,706 | -- | 9,105 | 2,210,830 | 45,216,308 |
| Fidelity Series High Income Fund | 1,737,800 | 1,311,129 | 43,242 | 68,102 | 290 | 68,818 | 8,126,407 |
| Fidelity Series Inflation-Protected Bond Index Fund | 936,424 | 658,241 | 23,070 | 828 | 104 | (29,294) | 4,234,840 |
| Fidelity Series International Credit Fund | -- | 79,514 | -- | -- | -- | (413) | 242,794 |
| Fidelity Series International Growth Fund | 10,972,971 | 7,741,787 | 1,866,233 | -- | 31,035 | 1,920,332 | 51,845,943 |
| Fidelity Series International Small Cap Fund | 2,507,199 | 1,836,581 | 157,567 | -- | 7,898 | 558,512 | 12,632,405 |
| Fidelity Series International Value Fund | 11,001,344 | 8,012,108 | 1,218,589 | -- | 16,701 | 2,245,089 | 52,985,787 |
| Fidelity Series Intrinsic Opportunities Fund | 7,535,524 | 11,974,736(a) | 280,851 | 345,381 | (676) | 290,690 | 50,794,737 |
| Fidelity Series Investment Grade Bond Fund | 520,788 | 515,258 | 36,788 | 10,175 | 243 | (6,624) | 2,700,504 |
| Fidelity Series Long-Term Treasury Bond Index Fund | 370 | 6,089,525 | 15,206 | 16,281 | (32) | (152,235) | 9,220,655 |
| Fidelity Series Opportunistic Insights Fund | 5,332,374 | 3,863,975 | 726,912 | -- | 3,021 | 1,076,080 | 25,037,262 |
| Fidelity Series Real Estate Equity Fund | 988,977 | 817,012 | 62,493 | 11,178 | (4,040) | (41,399) | 4,479,799 |
| Fidelity Series Real Estate Income Fund | 550,371 | 449,660 | 13,625 | 18,718 | 28 | 280 | 2,564,932 |
| Fidelity Series Short-Term Credit Fund | 297,090 | 228,344 | 7,947 | 3,466 | 9 | (2,195) | 1,368,131 |
| Fidelity Series Small Cap Discovery Fund | 1,441,817 | 1,046,298 | 102,260 | 7,476 | (214) | 341,552 | 6,687,194 |
| Fidelity Series Small Cap Opportunities Fund | 4,306,667 | 4,559,614 | 208,441 | 37,264 | (131) | (324,286) | 20,626,518 |
| Fidelity Series Stock Selector Large Cap Value Fund | 8,247,099 | 5,984,437 | 375,136 | -- | (883) | 1,278,097 | 38,794,636 |
| Fidelity Series Value Discovery Fund | 11,565,215 | 4,968,308 | 6,759,113(a) | 105,468 | 134,204 | 640,618 | 27,054,319 |
| Total | $116,154,990 | $104,728,735 | $18,397,105 | $787,385 | $234,209 | $14,691,574 | $567,948,109 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, as applicable. See the Notes to Financial Statements for additional details.
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $508,530,278) — See accompanying schedule | | $567,948,109 |
| Cash | | 6 |
| Receivable for fund shares sold | | 3,742,930 |
| Total assets | | 571,691,045 |
| Liabilities | | |
| Payable for investments purchased | $3,336,577 | |
| Payable for fund shares redeemed | 406,680 | |
| Accrued management fee | 303,392 | |
| Total liabilities | | 4,046,649 |
| Net Assets | | $567,644,396 |
| Net Assets consist of: | | |
| Paid in capital | | $503,252,558 |
| Undistributed net investment income | | 251,669 |
| Accumulated undistributed net realized gain (loss) on investments | | 4,722,338 |
| Net unrealized appreciation (depreciation) on investments | | 59,417,831 |
| Net Assets | | $567,644,396 |
| Fidelity Freedom 2060 Fund: | | |
| Net Asset Value, offering price and redemption price per share ($172,758,482 ÷ 14,509,360 shares) | | $11.91 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($385,223,899 ÷ 32,348,653 shares) | | $11.91 |
| Class K6: | | |
| Net Asset Value, offering price and redemption price per share ($9,662,015 ÷ 811,056 shares) | | $11.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $787,385 |
| Expenses | | |
| Management fee | $535,309 | |
| Independent trustees' fees and expenses | 245 | |
| Total expenses before reductions | 535,554 | |
| Expense reductions | (75) | 535,479 |
| Net investment income (loss) | | 251,906 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 234,209 | |
| Capital gain distributions from underlying funds | 4,889,391 | |
| Total net realized gain (loss) | | 5,123,600 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 14,691,574 |
| Net gain (loss) | | 19,815,174 |
| Net increase (decrease) in net assets resulting from operations | | $20,067,080 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $251,906 | $1,154,087 |
| Net realized gain (loss) | 5,123,600 | 1,463,110 |
| Change in net unrealized appreciation (depreciation) | 14,691,574 | 9,155,957 |
| Net increase (decrease) in net assets resulting from operations | 20,067,080 | 11,773,154 |
| Distributions to shareholders from net investment income | (57,327) | (1,119,481) |
| Distributions to shareholders from net realized gain | (1,284,107) | (924,001) |
| Total distributions | (1,341,434) | (2,043,482) |
| Share transactions - net increase (decrease) | 432,763,762 | 59,406,386 |
| Total increase (decrease) in net assets | 451,489,408 | 69,136,058 |
| Net Assets | | |
| Beginning of period | 116,154,988 | 47,018,930 |
| End of period | $567,644,396 | $116,154,988 |
| Other Information | | |
| Undistributed net investment income end of period | $251,669 | $57,090 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom 2060 Fund
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.01 | $9.78 | $10.45 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | (.01) | .16 | .16 | .10 |
| Net realized and unrealized gain (loss) | 1.03 | 1.37 | (.53) | .52 |
| Total from investment operations | 1.02 | 1.53 | (.37) | .62 |
| Distributions from net investment income | (.01) | (.13) | (.12) | (.10) |
| Distributions from net realized gain | (.11) | (.17) | (.17) | (.07) |
| Total distributions | (.12) | (.30) | (.30)C | (.17) |
| Net asset value, end of period | $11.91 | $11.01 | $9.78 | $10.45 |
| Total ReturnD,E | 9.30% | 16.01% | (3.67)% | 6.22% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .53%H | - %I | - %I | - %H,I |
| Expenses net of fee waivers, if any | .53%H | -% | -% | - %H |
| Expenses net of all reductions | .53%H | -% | -% | - %H |
| Net investment income (loss) | (.11)%H | 1.54% | 1.67% | 1.54%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $172,758 | $116,155 | $47,019 | $8,968 |
| Portfolio turnover rateF | 23%H,J | 21% | 31% | 28%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 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 class. Expenses before reductions do not reflect amounts reimbursed by the investment 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount represents less than .005%.
J 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 2060 Fund Class K
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.65 |
| Income from Investment Operations | |
| Net investment income (loss)B | .03 |
| Net realized and unrealized gain (loss) | .23 |
| Total from investment operations | .26 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 2.23% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .67%G,H |
| Expenses net of fee waivers, if any | .67%G,H |
| Expenses net of all reductions | .67%G,H |
| Net investment income (loss) | 1.44%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $385,224 |
| Portfolio turnover rateE | 23%G,I |
A For the period July 20, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H On certain classes, the size and fluctuation of net assets may cause expense amounts and ratios to differ from contractual rates.
I 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 2060 Fund Class K6
| | Six months ended (Unaudited) September 30, |
| | 2017 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $11.40 |
| Income from Investment Operations | |
| Net investment income (loss)B | .02 |
| Net realized and unrealized gain (loss) | .49 |
| Total from investment operations | .51 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $11.91 |
| Total ReturnC,D | 4.47% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .49%G |
| Expenses net of fee waivers, if any | .49%G |
| Expenses net of all reductions | .49%G |
| Net investment income (loss) | .51%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $9,662 |
| Portfolio turnover rateE | 23%G,H |
A For the period June 7, 2017 (commencement of sale of shares) to September 30, 2017.
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 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H 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.
Notes to Financial Statements (Unaudited)
For the period ended September 30, 2017
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. Each Fund offers Fidelity Freedom, Class K and Class K6 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. Each Fund commenced sale of Class K and Class K6 shares on July 20, 2017 and June 7, 2017, respectively. 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). During the period, one of the Underlying Funds changed its name from Fidelity Series Equity-Income Fund to Fidelity Series Value Discovery Fund.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Fidelity Freedom 2010 Fund, Fidelity Freedom 2020 Fund and Fidelity 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. 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, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable for federal income tax purposes were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Fidelity Freedom Income Fund | $3,509,154,457 | $315,867,892 | $(27,546,433) | $288,321,459 |
| Fidelity Freedom 2005 Fund | 947,189,030 | 91,280,373 | (12,123,688) | 79,156,685 |
| Fidelity Freedom 2010 Fund | 6,034,606,035 | 821,208,345 | (63,827,843) | 757,380,502 |
| Fidelity Freedom 2015 Fund | 8,950,334,565 | 1,532,474,549 | (69,250,186) | 1,463,224,363 |
| Fidelity Freedom 2020 Fund | 25,545,099,708 | 4,588,748,340 | (227,529,915) | 4,361,218,425 |
| Fidelity Freedom 2025 Fund | 22,180,838,968 | 4,110,914,450 | (152,955,721) | 3,957,958,729 |
| Fidelity Freedom 2030 Fund | 25,090,910,423 | 5,633,485,990 | (134,258,695) | 5,499,227,295 |
| Fidelity Freedom 2035 Fund | 16,544,223,229 | 4,068,269,188 | (70,907,665) | 3,997,361,523 |
| Fidelity Freedom 2040 Fund | 17,035,567,723 | 4,383,587,954 | (73,577,248) | 4,310,010,706 |
| Fidelity Freedom 2045 Fund | 10,092,445,846 | 2,437,436,592 | (39,002,254) | 2,398,434,338 |
| Fidelity Freedom 2050 Fund | 8,459,132,296 | 2,020,888,764 | (29,706,551) | 1,991,182,213 |
| Fidelity Freedom 2055 Fund | 3,303,655,673 | 520,012,483 | (12,668,332) | 507,344,151 |
| Fidelity Freedom 2060 Fund | 509,484,539 | 59,521,935 | (1,058,365) | 58,463,570 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares and in-kind transactions, other than securities acquired in the merger, are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Freedom Income Fund | $213,195,953 | $225,826,002 |
| Fidelity Freedom 2005 Fund | 78,731,427 | 70,675,497 |
| Fidelity Freedom 2010 Fund | 471,348,514 | 551,261,066 |
| Fidelity Freedom 2015 Fund | 854,356,244 | 805,058,422 |
| Fidelity Freedom 2020 Fund | 2,277,588,861 | 1,703,551,228 |
| Fidelity Freedom 2025 Fund | 2,389,519,412 | 1,344,581,553 |
| Fidelity Freedom 2030 Fund | 2,774,525,148 | 1,661,956,614 |
| Fidelity Freedom 2035 Fund | 2,132,396,555 | 1,027,552,414 |
| Fidelity Freedom 2040 Fund | 1,966,539,976 | 1,044,538,578 |
| Fidelity Freedom 2045 Fund | 1,246,604,515 | 532,086,799 |
| Fidelity Freedom 2050 Fund | 1,003,088,732 | 438,562,035 |
| Fidelity Freedom 2055 Fund | 458,313,654 | 135,938,481 |
| Fidelity Freedom 2060 Fund | 104,728,735 | 18,397,105 |
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Effective June 1, 2017, under the management contract approved by the Board of Trustees (the Board) and shareholders, FMR Co., Inc. (the investment adviser), an affiliate of FMR, and its affiliates provide the Funds with investment management related services. Under the management contract, each Class of each Fund pays a monthly management fee that is set at an annual rate by referring to each Fund's target date, indicated by its name, such that the management fee rate applicable to each Class of each Fund is reduced as the fund approaches, and then passes, its target date. In addition, under the management contract, the investment adviser pays all ordinary operating expenses of each Fund, except distribution and service plan fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees.
For the period, June 1, 2017 (July 20, 2017 and June 7, 2017 for Class K and Class K6, respectively) through September 30, 2017, the total annual management fee rate for each Class of each Fund was as follows:
| | Annual % of Class-Level Average Net Assets (Fidelity Freedom Class) | Annual % of Class-Level Average Net Assets
(Classes K and K6) |
| Fidelity Freedom Income Fund | .465% | .415% |
| Fidelity Freedom 2005 Fund | .491% | .435% |
| Fidelity Freedom 2010 Fund | .533% | .468% |
| Fidelity Freedom 2015 Fund | .576% | .503% |
| Fidelity Freedom 2020 Fund | .618% | .538% |
| Fidelity Freedom 2025 Fund | .661% | .573% |
| Fidelity Freedom 2030 Fund | .703% | .608% |
| Fidelity Freedom 2035 Fund | .746% | .643% |
| Fidelity Freedom 2040 Fund | .746% | .643% |
| Fidelity Freedom 2045 Fund | .746% | .643% |
| Fidelity Freedom 2050 Fund | .746% | .643% |
| Fidelity Freedom 2055 Fund | .746% | .643% |
| Fidelity Freedom 2060 Fund | .746% | .643% |
Effective June 7, 2017, under the expense contract approved by the Board, the investment adviser pays class-level expenses for Class K6 of each Fund as necessary so that Class K6 total expenses do not exceed certain amounts of Class K6 average net assets on an annual basis with certain exceptions, as noted in the following table:
| | Annual % of Class-Level Average Net Assets
(Class K6) |
| Fidelity Freedom Income Fund | .365% |
| Fidelity Freedom 2005 Fund | .377% |
| Fidelity Freedom 2010 Fund | .396% |
| Fidelity Freedom 2015 Fund | .415% |
| Fidelity Freedom 2020 Fund | .435% |
| Fidelity Freedom 2025 Fund | .454% |
| Fidelity Freedom 2030 Fund | .474% |
| Fidelity Freedom 2035 Fund | .493% |
| Fidelity Freedom 2040 Fund | .493% |
| Fidelity Freedom 2045 Fund | .493% |
| Fidelity Freedom 2050 Fund | .493% |
| Fidelity Freedom 2055 Fund | .493% |
| Fidelity Freedom 2060 Fund | .493% |
In addition, the Board and shareholders of each Underlying Fund approved a new management contract, effective June 1, 2017. Under the management contract, each Underlying Fund no longer pays a management fee, and most of each Underlying Fund's ordinary operating expenses are borne by the investment adviser.
Prior to June 1, 2017, the investment adviser provided the Funds with investment management related services. The Funds did not pay any fees for these 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 miscellaneous expenses such as proxy and shareholder meeting expenses. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Series Value Discovery Fund, ("selected Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of Fidelity Series Intrinsic Opportunities Fund and Fidelity Series Growth & Income Fund which are affiliated investment companies managed by FMR. Net realized gain (loss) on the redemptions of the selected Underlying Fund in connection with the reallocation is included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the net related gain (loss) for the Funds are presented in the accompanying table:
| | Value of Investments and Cash reallocated | Net realized Gain (Loss) on redemptions of selected Underlying Fund |
| Fidelity Freedom Income | $ 21,943,732 | $ 5,248,386 |
| Fidelity Freedom 2005 | 9,132,913 | 818,016 |
| Fidelity Freedom 2010 | 82,938,352 | 17,423,248 |
| Fidelity Freedom 2015 | 132,300,852 | 26,218,924 |
| Fidelity Freedom 2020 | 349,185,809 | 55,046,914 |
| Fidelity Freedom 2025 | 312,149,126 | 36,476,750 |
| Fidelity Freedom 2030 | 443,448,822 | 45,658,987 |
| Fidelity Freedom 2035 | 315,567,651 | 25,385,650 |
| Fidelity Freedom 2040 | 341,654,429 | 31,022,107 |
| Fidelity Freedom 2045 | 165,214,747 | 12,941,012 |
| Fidelity Freedom 2050 | 136,449,649 | 10,462,773 |
| Fidelity Freedom 2055 | 44,625,815 | 2,684,111 |
| Fidelity Freedom 2060 | 6,196,209 | 137,579 |
5. Expense Reductions.
Prior to June 1, 2017, FMR voluntarily agreed to reimburse each Fund's operating expenses. Some expenses, for example interest expense, were excluded from this reimbursement. Effective June 1, 2017, these voluntary reimbursements were discontinued.
The following classes of each applicable Fund were in reimbursement during the period:
| Fidelity Freedom Income Fund | $1,400 |
| Fidelity Freedom 2005 Fund | 383 |
| Fidelity Freedom 2010 Fund | 3,152 |
| Fidelity Freedom 2015 Fund | 3,493 |
| Fidelity Freedom 2020 Fund | 8,733 |
| Fidelity Freedom 2025 Fund | 6,404 |
| Fidelity Freedom 2030 Fund | 7,879 |
| Fidelity Freedom 2035 Fund | 4,521 |
| Fidelity Freedom 2040 Fund | 4,763 |
| Fidelity Freedom 2045 Fund | 2,292 |
| Fidelity Freedom 2050 Fund | 1,891 |
| Fidelity Freedom 2055 Fund | 605 |
| Fidelity Freedom 2060 Fund | 75 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended
September 30, 2017(a) | Year ended
March 31, 2017 |
| Fidelity Freedom Income Fund | | |
| From net investment income | | |
| Fidelity Freedom Income Fund | $12,608,956 | $37,016,596 |
| Class K | 1,471 | – |
| Class K6 | 16,731 | – |
| Total | $12,627,158 | $37,016,596 |
| From net realized gain | | |
| Fidelity Freedom Income Fund | $14,993,579 | $32,674,118 |
| Total | $14,993,579 | $ 32,674,118 |
| Fidelity Freedom 2005 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2005 Fund | $1,620,929 | $10,200,069 |
| Total | $1,620,929 | $ 10,200,069 |
| From net realized gain | | |
| Fidelity Freedom 2005 Fund | $5,291,856 | $7,369,706 |
| Total | $5,291,856 | $ 7,369,706 |
| Fidelity Freedom 2010 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2010 Fund | $11,553,873 | $71,220,043 |
| Total | $11,553,873 | $ 71,220,043 |
| From net realized gain | | |
| Fidelity Freedom 2010 Fund | $49,891,727 | $73,776,491 |
| Total | $49,891,727 | $ 73,776,491 |
| Fidelity Freedom 2015 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2015 Fund | $13,537,555 | $89,847,108 |
| Total | $13,537,555 | $ 89,847,108 |
| From net realized gain | | |
| Fidelity Freedom 2015 Fund | $71,790,066 | $104,826,159 |
| Total | $71,790,066 | $ 104,826,159 |
| Fidelity Freedom 2020 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2020 Fund | $28,799,746 | $200,026,428 |
| Total | $28,799,746 | $200,026,428 |
| From net realized gain | | |
| Fidelity Freedom 2020 Fund | $168,906,642 | $252,757,975 |
| Total | $168,906,642 | $ 252,757,975 |
| Fidelity Freedom 2025 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2025 Fund | $20,288,985 | $147,758,780 |
| Total | $20,288,985 | $147,758,780 |
| From net realized gain | | |
| Fidelity Freedom 2025 Fund | $126,806,087 | $204,066,897 |
| Total | $126,806,087 | $ 204,066,897 |
| Fidelity Freedom 2030 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2030 Fund | $14,875,007 | $163,120,493 |
| Total | $14,875,007 | $ 163,120,493 |
| From net realized gain | | |
| Fidelity Freedom 2030 Fund | $177,823,710 | $254,968,549 |
| Total | $177,823,710 | $ 254,968,549 |
| Fidelity Freedom 2035 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2035 Fund | $4,477,894 | $88,507,344 |
| Total | $4,477,894 | $ 88,507,344 |
| From net realized gain | | |
| Fidelity Freedom 2035 Fund | $104,484,046 | $162,354,536 |
| Total | $104,484,046 | $ 162,354,536 |
| Fidelity Freedom 2040 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2040 Fund | $3,727,463 | $96,859,849 |
| Total | $3,727,463 | $96,859,849 |
| From net realized gain | | |
| Fidelity Freedom 2040 Fund | $114,805,801 | $178,085,083 |
| Total | $114,805,801 | $ 178,085,083 |
| Fidelity Freedom 2045 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2045 Fund | $1,914,156 | $45,424,022 |
| Total | $1,914,156 | $ 45,424,022 |
| From net realized gain | | |
| Fidelity Freedom 2045 Fund | $50,405,841 | $83,790,283 |
| Total | $50,405,841 | $ 83,790,283 |
| Fidelity Freedom 2050 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2050 Fund | $1,573,575 | $36,871,772 |
| Total | $1,573,575 | $ 36,871,772 |
| From net realized gain | | |
| Fidelity Freedom 2050 Fund | $40,897,550 | $67,884,342 |
| Total | $40,897,550 | $ 67,884,342 |
| Fidelity Freedom 2055 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2055 Fund | $530,888 | $11,091,790 |
| Total | $530,888 | $ 11,091,790 |
| From net realized gain | | |
| Fidelity Freedom 2055 Fund | $10,617,722 | $15,197,673 |
| Total | $10,617,722 | $ 15,197,673 |
| Fidelity Freedom 2060 Fund | | |
| From net investment income | | |
| Fidelity Freedom 2060 Fund | $57,327 | $1,119,481 |
| Total | $57,327 | $ 1,119,481 |
| From net realized gain | | |
| Fidelity Freedom 2060 Fund | $1,284,107 | $924,001 |
| Total | $1,284,107 | $ 924,001 |
(a) Amounts for Class K and Class K6 are for the period July 20, 2017 and June 7, 2017, respectively, (commencement of sale of shares) to September 30, 2017.
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 |
| | Six months ended September 30, 2017(a) | Year ended
March 31, 2017 | Six months ended
September 30, 2017(a) | Year ended
March 31, 2017 |
| Fidelity Freedom Income Fund | | | | |
| Fidelity Freedom Income Fund | | | | |
| Shares sold | 11,865,158 | 27,891,079 | $138,935,467 | $318,995,628 |
| Reinvestment of distributions | 2,328,579 | 6,036,813 | 27,038,983 | 68,285,524 |
| Shares redeemed | (18,267,957) | (43,107,568) | (213,720,791) | (492,617,047) |
| Net increase (decrease) | (4,074,220) | (9,179,676) | $(47,746,341) | $(105,335,895) |
| Class K | | | | |
| Shares sold | 5,399,525 | - | $63,845,031 | $- |
| Issued in exchange for the shares of Fidelity Freedom K Income Fund | 136,520,990 | | 1,613,678,107 | |
| Reinvestment of distributions | 124 | - | 1,462 | - |
| Shares redeemed | (2,698,054) | - | (31,925,890) | - |
| Net increase (decrease) | 139,222,585 | - | $1,645,598,710 | $- |
| Class K6 | | | | |
| Shares sold | 673,305 | - | $7,927,709 | $- |
| Reinvestment of distributions | 1,420 | - | 16,731 | - |
| Shares redeemed | (111,610) | - | (1,321,236) | - |
| Net increase (decrease) | 563,115 | - | $6,623,204 | $- |
| Fidelity Freedom 2005 Fund | | | | |
| Fidelity Freedom 2005 Fund | | | | |
| Shares sold | 3,171,508 | 8,370,565 | $39,311,961 | $99,885,293 |
| Reinvestment of distributions | 559,542 | 1,487,696 | 6,848,797 | 17,425,187 |
| Shares redeemed | (4,408,162) | (11,808,557) | (54,690,573) | (141,074,680) |
| Net increase (decrease) | (677,112) | (1,950,296) | $(8,529,815) | $(23,764,200) |
| Class K | | | | |
| Shares sold | 1,838,065 | - | $23,119,343 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2005 Fund | 32,823,330 | - | 412,589,249 | - |
| Shares redeemed | (744,609) | - | (9,387,938) | - |
| Net increase (decrease) | 33,916,786 | - | $426,320,654 | $- |
| Class K6 | | | | |
| Shares sold | 199,610 | - | $2,494,426 | $- |
| Shares redeemed | (11,666) | - | (146,611) | - |
| Net increase (decrease) | 187,944 | - | $2,347,815 | $- |
| Fidelity Freedom 2010 Fund | | | | |
| Fidelity Freedom 2010 Fund | | | | |
| Shares sold | 10,940,205 | 29,730,777 | $173,302,869 | $450,240,426 |
| Reinvestment of distributions | 3,880,855 | 9,654,368 | 60,541,342 | 142,971,004 |
| Shares redeemed | (23,112,839) | (63,066,784) | (365,719,461) | (954,373,734) |
| Net increase (decrease) | (8,291,779) | (23,681,639) | $(131,875,250) | $(361,162,304) |
| Class K | | | | |
| Shares sold | 5,535,906 | - | $88,997,581 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2010 Fund | 158,527,428 | | 2,547,535,809 | |
| Shares redeemed | (2,696,038) | - | (43,510,785) | - |
| Net increase (decrease) | 161,367,296 | - | $2,593,022,605 | $- |
| Class K6 | | | | |
| Shares sold | 869,976 | - | $13,897,456 | $- |
| Shares redeemed | (39,542) | - | (636,879) | - |
| Net increase (decrease) | 830,434 | - | $13,260,577 | $- |
| Fidelity Freedom 2015 Fund | | | | |
| Fidelity Freedom 2015 Fund | | | | |
| Shares sold | 35,171,234 | 86,891,690 | $460,507,427 | $1,077,815,896 |
| Reinvestment of distributions | 6,567,635 | 15,956,683 | 84,525,456 | 192,945,931 |
| Shares redeemed | (52,108,046) | (132,326,360) | (681,551,786) | (1,637,477,620) |
| Net increase (decrease) | (10,369,177) | (29,477,987) | $(136,518,903) | $(366,715,793) |
| Class K | | | | |
| Shares sold | 19,084,988 | - | $253,716,164 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2015 Fund | 357,299,109 | | 4,748,505,056 | |
| Shares redeemed | (8,225,915) | - | (109,900,682) | - |
| Net increase (decrease) | 368,158,182 | - | $4,892,320,538 | $- |
| Class K6 | | | | |
| Shares sold | 3,733,869 | - | $49,367,640 | $- |
| Shares redeemed | (606,527) | - | (8,028,911) | - |
| Net increase (decrease) | 3,127,342 | - | $41,338,729 | $- |
| Fidelity Freedom 2020 Fund | | | | |
| Fidelity Freedom 2020 Fund | | | | |
| Shares sold | 72,329,584 | 159,336,775 | $1,161,107,270 | $2,409,581,355 |
| Reinvestment of distributions | 12,408,959 | 30,520,001 | 195,813,364 | 448,509,541 |
| Shares redeemed | (91,306,664) | (209,463,411) | (1,466,243,011) | (3,158,599,236) |
| Net increase (decrease) | (6,568,121) | (19,606,635) | $(109,322,377) | $(300,508,340) |
| Class K | | | | |
| Shares sold | 46,814,954 | - | $765,360,981 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2020 Fund | 997,191,746 | | 16,284,141,352 | |
| Shares redeemed | (16,770,810) | - | (275,686,957) | - |
| Net increase (decrease) | 1,027,235,890 | - | $16,773,815,376 | $- |
| Class K6 | | | | |
| Shares sold | 9,313,811 | - | $151,461,322 | $- |
| Shares redeemed | (453,835) | - | (7,351,710) | - |
| Net increase (decrease) | 8,859,976 | - | $144,109,612 | $- |
| Fidelity Freedom 2025 Fund | | | | |
| Fidelity Freedom 2025 Fund | | | | |
| Shares sold | 72,880,365 | 161,205,087 | $1,008,671,416 | $2,085,995,325 |
| Reinvestment of distributions | 10,738,033 | 27,865,215 | 146,037,168 | 349,406,296 |
| Shares redeemed | (74,673,353) | (163,515,141) | (1,034,063,327) | (2,107,812,160) |
| Net increase (decrease) | 8,945,045 | 25,555,161 | $120,645,257 | $327,589,461 |
| Class K | | | | |
| Shares sold | 57,633,659 | - | $813,061,899 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2025 Fund | 1,039,138,058 | | 14,641,455,337 | |
| Shares redeemed | (16,783,958) | - | (238,208,206) | - |
| Net increase (decrease) | 1,079,987,759 | - | $15,216,309,030 | $- |
| Class K6 | | | | |
| Shares sold | 20,536,369 | - | $288,380,992 | $- |
| Shares redeemed | (1,060,539) | - | (14,874,120) | - |
| Net increase (decrease) | 19,475,830 | - | $273,506,872 | $- |
| Fidelity Freedom 2030 Fund | | | | |
| Fidelity Freedom 2030 Fund | | | | |
| Shares sold | 57,960,612 | 123,540,563 | $997,329,320 | $1,957,712,162 |
| Reinvestment of distributions | 11,324,574 | 27,198,687 | 191,158,810 | 414,813,441 |
| Shares redeemed | (64,314,572) | (142,359,984) | (1,108,159,949) | (2,244,048,246) |
| Net increase (decrease) | 4,970,614 | 8,379,266 | $80,328,181 | $128,477,357 |
| Class K | | | | |
| Shares sold | 44,280,210 | - | $779,026,021 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2030 Fund | 980,848,240 | | 17,213,886,716 | |
| Shares redeemed | (13,208,718) | - | (234,109,768) | - |
| Net increase (decrease) | 1,011,919,732 | - | $17,758,802,969 | $- |
| Class K6 | | | | |
| Shares sold | 22,664,641 | - | $396,475,122 | $- |
| Shares redeemed | (390,179) | - | (6,829,742) | - |
| Net increase (decrease) | 22,274,462 | - | $389,645,380 | $- |
| Fidelity Freedom 2035 Fund | | | | |
| Fidelity Freedom 2035 Fund | | | | |
| Shares sold | 53,960,721 | 107,335,106 | $773,676,885 | $1,399,007,407 |
| Reinvestment of distributions | 7,707,044 | 19,960,664 | 108,361,033 | 249,452,344 |
| Shares redeemed | (50,242,072) | (109,251,957) | (720,419,683) | (1,416,735,577) |
| Net increase (decrease) | 11,425,693 | 18,043,813 | $161,618,235 | $231,724,174 |
| Class K | | | | |
| Shares sold | 45,464,097 | - | $667,162,259 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2035 Fund | 810,190,579 | | 11,861,189,816 | |
| Shares redeemed | (11,986,842) | - | (177,495,766) | - |
| Net increase (decrease) | 843,667,834 | - | $12,350,856,309 | $- |
| Class K6 | | | | |
| Shares sold | 24,573,312 | - | $359,395,098 | $- |
| Shares redeemed | (269,933) | - | (3,971,355) | - |
| Net increase (decrease) | 24,303,379 | - | $355,423,743 | $- |
| Fidelity Freedom 2040 Fund | | | | |
| Fidelity Freedom 2040 Fund | | | | |
| Shares sold | 64,602,548 | 140,785,303 | $649,838,406 | $1,286,757,447 |
| Reinvestment of distributions | 11,920,030 | 31,075,048 | 117,531,506 | 272,618,946 |
| Shares redeemed | (71,623,015) | (155,935,498) | (721,941,439) | (1,418,860,060) |
| Net increase (decrease) | 4,899,563 | 15,924,853 | $45,428,473 | $140,516,333 |
| Class K | | | | |
| Shares sold | 63,797,242 | - | $657,722,352 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2040 Fund | 1,209,417,175 | - | 12,432,808,583 | |
| Shares redeemed | (15,781,331) | - | (164,224,789) | - |
| Net increase (decrease) | 1,257,433,086 | - | $12,926,306,146 | $- |
| Class K6 | | | | |
| Shares sold | 28,132,546 | - | $288,723,775 | $- |
| Shares redeemed | (423,330) | - | (4,345,556) | - |
| Net increase (decrease) | 27,709,216 | - | $284,378,219 | $- |
| Fidelity Freedom 2045 Fund | | | | |
| Fidelity Freedom 2045 Fund | | | | |
| Shares sold | 41,090,957 | 88,251,156 | $467,297,955 | $911,294,661 |
| Reinvestment of distributions | 4,656,358 | 12,918,827 | 51,918,394 | 128,307,737 |
| Shares redeemed | (37,086,347) | (77,904,384) | (421,882,357) | (800,946,564) |
| Net increase (decrease) | 8,660,968 | 23,265,599 | $97,333,992 | $238,655,834 |
| Class K | | | | |
| Shares sold | 42,260,753 | - | $492,513,065 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2045 Fund | 680,392,245 | | 7,906,157,717 | |
| Shares redeemed | (9,076,154) | - | (106,789,024) | - |
| Net increase (decrease) | 713,576,844 | - | $8,291,881,758 | $- |
| Class K6 | | | | |
| Shares sold | 13,954,184 | - | $161,962,332 | $- |
| Shares redeemed | (283,152) | - | (3,285,910) | - |
| Net increase (decrease) | 13,671,032 | - | $158,676,422 | $- |
| Fidelity Freedom 2050 Fund | | | | |
| Fidelity Freedom 2050 Fund | | | | |
| Shares sold | 36,717,117 | 78,016,417 | $419,862,089 | $809,711,740 |
| Reinvestment of distributions | 3,742,099 | 10,380,386 | 41,948,867 | 103,566,059 |
| Shares redeemed | (32,864,607) | (65,322,506) | (376,269,064) | (675,747,669) |
| Net increase (decrease) | 7,594,609 | 23,074,297 | $85,541,892 | $237,530,130 |
| Class K | | | | |
| Shares sold | 33,641,299 | - | $394,560,746 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2050 Fund | 572,849,516 | | 6,690,882,218 | |
| Shares redeemed | (8,072,189) | - | (95,443,272) | - |
| Net increase (decrease) | 598,418,626 | - | $6,989,999,692 | $- |
| Class K6 | | | | |
| Shares sold | 10,312,301 | - | $120,357,091 | $- |
| Shares redeemed | (217,406) | - | (2,543,094) | - |
| Net increase (decrease) | 10,094,895 | - | $117,813,997 | $- |
| Fidelity Freedom 2055 Fund | | | | |
| Fidelity Freedom 2055 Fund | | | | |
| Shares sold | 17,985,895 | 35,961,184 | $231,580,697 | $417,830,315 |
| Reinvestment of distributions | 868,710 | 2,322,949 | 10,963,123 | 25,903,357 |
| Shares redeemed | (11,004,595) | (22,547,740) | (141,637,598) | (261,603,767) |
| Net increase (decrease) | 7,850,010 | 15,736,393 | $100,906,222 | $182,129,905 |
| Class K | | | | |
| Shares sold | 13,692,184 | - | $180,899,760 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2055 Fund | 187,145,598 | | 2,460,964,568 | |
| Shares redeemed | (2,727,175) | - | (36,304,593) | - |
| Net increase (decrease) | 198,110,607 | - | $2,605,559,735 | $- |
| Class K6 | | | | |
| Shares sold | 3,946,449 | - | $51,830,284 | $- |
| Shares redeemed | (106,283) | - | (1,399,007) | - |
| Net increase (decrease) | 3,840,166 | - | $50,431,277 | $- |
| Fidelity Freedom 2060 Fund | | | | |
| Fidelity Freedom 2060 Fund | | | | |
| Shares sold | 5,677,772 | 8,574,369 | $64,924,145 | $88,938,893 |
| Reinvestment of distributions | 116,343 | 198,281 | 1,304,209 | 1,984,387 |
| Shares redeemed | (1,830,620) | (3,035,221) | (20,942,812) | (31,516,894) |
| Net increase (decrease) | 3,963,495 | 5,737,429 | $45,285,542 | $59,406,386 |
| Class K | | | | |
| Shares sold | 2,846,451 | - | $33,501,456 | $- |
| Issued in exchange for the shares of Fidelity Freedom K 2060 Fund | 30,017,564 | | 350,605,136 | |
| Shares redeemed | (515,362) | - | (6,093,232) | - |
| Net increase (decrease) | 32,348,653 | - | $378,013,360 | $- |
| Class K6 | | | | |
| Shares sold | 839,499 | - | $9,798,536 | $- |
| Shares redeemed | (28,443) | - | (333,676) | - |
| Net increase (decrease) | 811,056 | - | $9,464,860 | $- |
(a) Amounts for Class K and Class K6 are for the period July 20, 2017 and June 7, 2017, respectively, (commencement of sale of shares) to September 30, 2017.
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 Freedom Income 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 Series 100 Index Fund | –% | –% | –% | 11% | 11% | 16% | 12% | 13% |
| Fidelity Series 1000 Value Index Fund | –% | –% | –% | 13% | 12% | 17% | 14% | 14% |
| Fidelity Series All-Sector Equity Fund | –% | –% | –% | 12% | 12% | 16% | 13% | 13% |
| Fidelity Series Blue Chip Growth Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Canada Fund | –% | –% | –% | 13% | 12% | 17% | 11% | 14% |
| Fidelity Series Commodity Strategy Fund | –% | –% | –% | 15% | 13% | 16% | 10% | 11% |
| Fidelity Series Emerging Markets Debt Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Emerging Markets Fund | –% | –% | –% | 13% | 12% | 16% | 12% | 13% |
| Fidelity Series Floating Rate High Income Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Government Money Market Fund | –% | 10% | 11% | 24% | 16% | –% | –% | –% |
| Fidelity Series Growth & Income Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Growth Company Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series High Income Fund | –% | –% | –% | 16% | 13% | 15% | 10% | 11% |
| Fidelity Series Inflation-Protected Bond Index Fund | –% | –% | –% | 14% | –% | 11% | –% | –% |
| Fidelity Series International Credit Fund | –% | –% | –% | 18% | 15% | 15% | –% | –% |
| Fidelity Series International Growth Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 13% |
| Fidelity Series International Small Cap Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 13% |
| Fidelity Series International Value Fund | –% | –% | –% | 13% | 12% | 16% | 13% | 13% |
| Fidelity Series Intrinsic Opportunities Fund | –% | –% | –% | 14% | 13% | 18% | 14% | 15% |
| Fidelity Series Investment Grade Bond Fund | –% | –% | 11% | 28% | 21% | 15% | –% | –% |
| Fidelity Series Long-Term Treasury Bond Index Fund | –% | –% | –% | 16% | 14% | 17% | 11% | –% |
| Fidelity Series Opportunistic Insights Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Real Estate Equity Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 14% |
| Fidelity Series Real Estate Income Fund | –% | –% | –% | 16% | 13% | 16% | 10% | 11% |
| Fidelity Series Short-Term Credit Fund | 12% | 12% | 14% | 29% | 19% | –% | –% | –% |
| Fidelity Series Small Cap Discovery Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Small Cap Opportunities Fund | –% | –% | –% | 12% | 12% | 17% | 13% | 14% |
| Fidelity Series Stock Selector Large Cap Value Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
| Fidelity Series Value Discovery Fund | –% | –% | –% | 13% | 13% | 18% | 14% | 15% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
| Fund | % of shares held |
| Fidelity Series 100 Index Fund | 86% |
| Fidelity Series 1000 Value Index Fund | 95% |
| Fidelity Series All-Sector Equity Fund | 90% |
| Fidelity Series Blue Chip Growth Fund | 100% |
| Fidelity Series Canada Fund | 91% |
| Fidelity Series Commodity Strategy Fund | 91% |
| Fidelity Series Emerging Markets Debt Fund | 91% |
| Fidelity Series Emerging Markets Fund | 91% |
| Fidelity Series Floating Rate High Income Fund | 91% |
| Fidelity Series Government Money Market Fund | 82% |
| Fidelity Series Growth & Income Fund | 100% |
| Fidelity Series Growth Company Fund | 100% |
| Fidelity Series High Income Fund | 91% |
| Fidelity Series Inflation-Protected Bond Index Fund | 80% |
| Fidelity Series International Credit Fund | 91% |
| Fidelity Series International Growth Fund | 91% |
| Fidelity Series International Small Cap Fund | 91% |
| Fidelity Series International Value Fund | 91% |
| Fidelity Series Intrinsic Opportunities Fund | 100% |
| Fidelity Series Investment Grade Bond Fund | 91% |
| Fidelity Series Long-Term Treasury Bond Index Fund | 91% |
| Fidelity Series Opportunistic Insights Fund | 100% |
| Fidelity Series Real Estate Equity Fund | 91% |
| Fidelity Series Real Estate Income Fund | 91% |
| Fidelity Series Short-Term Credit Fund | 100% |
| Fidelity Series Small Cap Discovery Fund | 100% |
| Fidelity Series Small Cap Opportunities Fund | 90% |
| Fidelity Series Stock Selector Large Cap Value Fund | 100% |
| Fidelity Series Value Discovery Fund | 100% |
9. Merger Information.
On September 8, 2017, each Surviving Fund acquired all of the assets and assumed all of the liabilities of each Target Fund pursuant to each Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). Each acquisition was accomplished by an exchange of Class K shares of each Surviving Fund for corresponding shares then outstanding of each Target Fund, at their respective net asset value on the acquisition date. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on July 20, 2017. The reorganization provided shareholders of each Target Fund access to a larger portfolio with a similar investment objective and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
Combined total net assets after the acquisition are as follows:
| Target Funds | Securities $ | Unrealized appreciation (depreciation)$ | Net Assets $ | Surviving Funds | Net assets $ | Total net assets after the acquisition $ |
| Fidelity Freedom K 2005 Fund | 412,419,889 | 40,449,279 | 412,589,249 | Fidelity Freedom 2005 Fund | 610,614,214 | 1,023,203,463 |
| Fidelity Freedom K 2010 Fund | 2,546,556,623 | 329,226,460 | 2,547,535,809 | Fidelity Freedom 2010 Fund | 4,238,458,400 | 6,785,994,209 |
| Fidelity Freedom K 2015 Fund | 4,746,815,623 | 696,286,166 | 4,748,505,056 | Fidelity Freedom 2015 Fund | 5,645,731,933 | 10,394,236,989 |
| Fidelity Freedom K 2020 Fund | 16,278,675,415 | 2,424,773,804 | 16,284,141,352 | Fidelity Freedom 2020 Fund | 13,414,449,646 | 29,698,590,998 |
| Fidelity Freedom K 2025 Fund | 14,636,906,056 | 2,237,270,202 | 14,641,455,337 | Fidelity Freedom 2025 Fund | 11,194,758,422 | 25,836,213,759 |
| Fidelity Freedom K 2030 Fund | 17,209,401,290 | 3,150,938,702 | 17,213,886,716 | Fidelity Freedom 2030 Fund | 12,912,345,253 | 30,126,231,969 |
| Fidelity Freedom K 2035 Fund | 11,858,805,237 | 2,326,083,837 | 11,861,189,816 | Fidelity Freedom 2035 Fund | 8,269,361,979 | 20,130,551,795 |
| Fidelity Freedom K 2040 Fund | 12,430,342,176 | 2,512,607,175 | 12,432,808,583 | Fidelity Freedom 2040 Fund | 8,489,396,048 | 20,922,204,631 |
| Fidelity Freedom K 2045 Fund | 7,904,615,516 | 1,469,965,780 | 7,906,157,717 | Fidelity Freedom 2045 Fund | 4,301,147,363 | 12,207,305,080 |
| Fidelity Freedom K 2050 Fund | 6,689,588,035 | 1,219,930,995 | 6,690,882,218 | Fidelity Freedom 2050 Fund | 3,509,123,170 | 10,200,005,388 |
| Fidelity Freedom K 2055 Fund | 2,460,473,831 | 326,647,894 | 2,460,964,568 | Fidelity Freedom 2055 Fund | 1,221,516,226 | 3,682,480,794 |
| Fidelity Freedom K 2060 Fund | 350,535,702 | 37,076,005 | 350,605,136 | Fidelity Freedom 2060 Fund | 184,982,168 | 535,587,304 |
| Fidelity Freedom K Income Fund | 1,612,974,652 | 111,654,038 | 1,613,678,107 | Fidelity Freedom Income Fund | 2,180,776,091 | 3,794,454,198 |
Pro forma results of operations of the combined entity for the entire period ended September 30, 2017, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Surviving Funds | Net investment income (loss) $ | Total net realized gain (loss) $ | Total change in net unrealized appreciation (depreciation)$ | Net increase (decrease) in net assets resulting from operations $ |
| Fidelity Freedom 2005 Fund | 5,353,527 | 14,711,664 | 26,248,239 | 46,313,430 |
| Fidelity Freedom 2010 Fund | 32,859,458 | 154,454,859 | 175,971,594 | 363,285,911 |
| Fidelity Freedom 2015 Fund | 44,248,033 | 273,459,392 | 313,836,336 | 631,543,761 |
| Fidelity Freedom 2020 Fund | 112,466,405 | 657,988,197 | 1,159,430,903 | 1,929,885,505 |
| Fidelity Freedom 2025 Fund | 79,970,323 | 497,770,499 | 1,188,538,128 | 1,766,278,950 |
| Fidelity Freedom 2030 Fund | 62,137,483 | 681,469,895 | 1,628,581,595 | 2,372,188,973 |
| Fidelity Freedom 2035 Fund | 18,028,787 | 444,589,484 | 1,261,734,915 | 1,724,353,186 |
| Fidelity Freedom 2040 Fund | 17,016,387 | 479,188,132 | 1,322,596,465 | 1,818,800,984 |
| Fidelity Freedom 2045 Fund | 10,028,180 | 240,341,634 | 800,066,479 | 1,050,436,293 |
| Fidelity Freedom 2050 Fund | 8,440,866 | 201,234,537 | 676,620,622 | 886,296,025 |
| Fidelity Freedom 2055 Fund | 2,879,332 | 50,646,769 | 247,646,407 | 301,172,508 |
| Fidelity Freedom 2060 Fund | 376,623 | 6,300,604 | 34,223,936 | 40,901,163 |
| Fidelity Freedom Income Fund | 23,043,909 | 47,888,756 | 69,055,343 | 139,988,008 |
Because each combined investment portfolio have been managed as a single portfolio since each acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Target Fund that have been included in the Surviving Fund's accompanying Statement of Operations since September 8, 2017.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 to September 30, 2017)for Fidelity Freedom and for the period (July 20, 2017 to September 30, 2017) for Class K and for the period (June 7, 2017 to September 30, 2017) for Class K6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (April 1, 2017 to September 30, 2017).
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. 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 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. 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
| Ending
Account Value
September 30, 2017 | Expenses Paid
During Period
|
| Fidelity Freedom Income Fund | | | | |
| Fidelity Freedom Income Fund | .31% | | | |
| Actual | | $1,000.00 | $1,037.60 | $1.58-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.51 | $1.57-C,E |
| Class K | .46% | | | |
| Actual | | $1,000.00 | $1,009.30 | $.92-B |
| Hypothetical-D | | $1,000.00 | $1,022.76 | $2.33-E |
| Class K6 | .37% | | | |
| Actual | | $1,000.00 | $1,016.90 | $1.19-B |
| Hypothetical-D | | $1,000.00 | $1,023.21 | $1.88-E |
| Fidelity Freedom 2005 Fund | | | | |
| Fidelity Freedom 2005 Fund | .33% | | | |
| Actual | | $1,000.00 | $1,046.70 | $1.69-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.41 | $1.67-C,E |
| Class K | .45% | | | |
| Actual | | $1,000.00 | $1,011.20 | $.91-B |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-E |
| Class K6 | .38% | | | |
| Actual | | $1,000.00 | $1,021.80 | $1.22-B |
| Hypothetical-D | | $1,000.00 | $1,023.16 | $1.93-E |
| Fidelity Freedom 2010 Fund | | | | |
| Fidelity Freedom 2010 Fund | .36% | | | |
| Actual | | $1,000.00 | $1,054.80 | $1.85-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.26 | $1.83-C,E |
| Class K | .49% | | | |
| Actual | | $1,000.00 | $1,013.20 | $.99-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Class K6 | .39% | | | |
| Actual | | $1,000.00 | $1,026.00 | $1.26-B |
| Hypothetical-D | | $1,000.00 | $1,023.11 | $1.98-E |
| Fidelity Freedom 2015 Fund | | | | |
| Fidelity Freedom 2015 Fund | .39% | | | |
| Actual | | $1,000.00 | $1,062.90 | $2.02-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.11 | $1.98-C,E |
| Class K | .53% | | | |
| Actual | | $1,000.00 | $1,015.10 | $1.07-B |
| Hypothetical-D | | $1,000.00 | $1,022.41 | $2.69-E |
| Class K6 | .41% | | | |
| Actual | | $1,000.00 | $1,029.20 | $1.32-B |
| Hypothetical-D | | $1,000.00 | $1,023.01 | $2.08-E |
| Fidelity Freedom 2020 Fund | | | | |
| Fidelity Freedom 2020 Fund | .41% | | | |
| Actual | | $1,000.00 | $1,067.90 | $2.13-B,C |
| Hypothetical-D | | $1,000.00 | $1,023.01 | $2.08-C,E |
| Class K | .56% | | | |
| Actual | | $1,000.00 | $1,016.00 | $1.13-B |
| Hypothetical-D | | $1,000.00 | $1,022.26 | $2.84-E |
| Class K6 | .43% | | | |
| Actual | | $1,000.00 | $1,031.90 | $1.39-B |
| Hypothetical-D | | $1,000.00 | $1,022.91 | $2.18-E |
| Fidelity Freedom 2025 Fund | | | | |
| Fidelity Freedom 2025 Fund | .45% | | | |
| Actual | | $1,000.00 | $1,072.10 | $2.34-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-C,E |
| Class K | .60% | | | |
| Actual | | $1,000.00 | $1,017.10 | $1.21-B |
| Hypothetical-D | | $1,000.00 | $1,022.06 | $3.04-E |
| Class K6 | .45% | | | |
| Actual | | $1,000.00 | $1,034.80 | $1.46-B |
| Hypothetical-D | | $1,000.00 | $1,022.81 | $2.28-E |
| Fidelity Freedom 2030 Fund | | | | |
| Fidelity Freedom 2030 Fund | .47% | | | |
| Actual | | $1,000.00 | $1,083.80 | $2.46-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-C,E |
| Class K | .63% | | | |
| Actual | | $1,000.00 | $1,020.60 | $1.27-B |
| Hypothetical-D | | $1,000.00 | $1,021.91 | $3.19-E |
| Class K6 | .47% | | | |
| Actual | | $1,000.00 | $1,040.20 | $1.52-B |
| Hypothetical-D | | $1,000.00 | $1,022.71 | $2.38-E |
| Fidelity Freedom 2035 Fund | | | | |
| Fidelity Freedom 2035 Fund | .50% | | | |
| Actual | | $1,000.00 | $1,091.70 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,021.90 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.10 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2040 Fund | | | | |
| Fidelity Freedom 2040 Fund | .50% | | | |
| Actual | | $1,000.00 | $1,093.30 | $2.62-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.56 | $2.54-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.40 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.90 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2045 Fund | | | | |
| Fidelity Freedom 2045 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,092.20 | $2.67-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.40 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,045.00 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2050 Fund | | | | |
| Fidelity Freedom 2050 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,093.40 | $2.68-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.30 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.70 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2055 Fund | | | | |
| Fidelity Freedom 2055 Fund | .51% | | | |
| Actual | | $1,000.00 | $1,092.40 | $2.68-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.51 | $2.59-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.90 | $1.36-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,045.20 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
| Fidelity Freedom 2060 Fund | | | | |
| Fidelity Freedom 2060 Fund | .53% | | | |
| Actual | | $1,000.00 | $1,093.00 | $2.78-B,C |
| Hypothetical-D | | $1,000.00 | $1,022.41 | $2.69-C,E |
| Class K | .67% | | | |
| Actual | | $1,000.00 | $1,022.30 | $1.35-B |
| Hypothetical-D | | $1,000.00 | $1,021.71 | $3.40-E |
| Class K6 | .49% | | | |
| Actual | | $1,000.00 | $1,044.70 | $1.59-B |
| Hypothetical-D | | $1,000.00 | $1,022.61 | $2.48-E |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period) for Fidelity Freedom and multiplied by 73/ 365 (to reflect the period July 20, 2017 to September 30, 2017) for Class K and multiplied by 116/365(to reflect the period June 7, 2017 to September 30, 2017) for Class K6.
C If fees and changes to the class level expense contract and/or expense cap, effective June 1, 2017, had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below.
D 5% return per year before expenses
E Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
| | Annualized Expense Ratio-(a)
| Expenses Paid
|
| Fidelity Freedom Income Fund | | |
| Fidelity Freedom Income Fund | .47% | |
| Actual | | $2.40 |
| Hypothetical-(b) | | $2.38 |
| Fidelity Freedom 2005 Fund | | |
| Fidelity Freedom 2005 Fund | .49% | |
| Actual | | $2.51 |
| Hypothetical-(b) | | $2.48 |
| Fidelity Freedom 2010 Fund | | |
| Fidelity Freedom 2010 Fund | .53% | |
| Actual | | $2.73 |
| Hypothetical-(b) | | $2.69 |
| Fidelity Freedom 2015 Fund | | |
| Fidelity Freedom 2015 Fund | .58% | |
| Actual | | $3.00 |
| Hypothetical-(b) | | $2.94 |
| Fidelity Freedom 2020 Fund | | |
| Fidelity Freedom 2020 Fund | .62% | |
| Actual | | $3.21 |
| Hypothetical-(b) | | $3.14 |
| Fidelity Freedom 2025 Fund | | |
| Fidelity Freedom 2025 Fund | .66% | |
| Actual | | $3.43 |
| Hypothetical-(b) | | $3.35 |
| Fidelity Freedom 2030 Fund | | |
| Fidelity Freedom 2030 Fund | .70% | |
| Actual | | $3.65 |
| Hypothetical-(b) | | $3.55 |
| Fidelity Freedom 2035 Fund | | |
| Fidelity Freedom 2035 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2040 Fund | | |
| Fidelity Freedom 2040 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2045 Fund | | |
| Fidelity Freedom 2045 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2050 Fund | | |
| Fidelity Freedom 2050 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2055 Fund | | |
| Fidelity Freedom 2055 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
| Fidelity Freedom 2060 Fund | | |
| Fidelity Freedom 2060 Fund | .75% | |
| Actual | | $3.93 |
| Hypothetical-(b) | | $3.80 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Freedom Funds
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the administration agreement between FMRC and FMR for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts and administration agreements throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract and administration agreement, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts and administration agreements. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2017 meeting, the Board unanimously determined to renew each fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered that the Advisory Contract currently in place for each Freedom fund had become effective on June 1, 2017 after receiving shareholder approval and had implemented a new fee structure whereby each Freedom fund pays an all-inclusive management fee that varies by class and the underlying Fidelity funds in which the Freedom fund invests no longer pay expenses, with certain limited exceptions.
In considering whether to renew the Advisory Contract and administration agreement for each fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMRC, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering administration, transfer agency, and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with representatives of the investment adviser about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses, if any) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods (for the most recent one-year period for Freedom 2060 Fund).
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board noted that each fund's current Advisory Contract, which imposes a class-level management fee that covers most expenses of the top-level fund and underlying funds, rather than just management services, went into effect on June 1, 2017, after receiving shareholder approval. The Board noted that the new pricing structure will reduce the overall expenses that shareholders pay and provide for less fluctuation in fund expenses. As a result, the Board did not consider competitive management fee comparisons for prior years, when the fund did not pay a top-level management fee.
The Board instead compared each fund's current class-level management fee rate (calculated using Schedule A of the Advisory Contract with 2017 as a base year to derive the "Years to Retirement") relative to the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that each fund's current class-level management fee rate ranks above the median of its competitor funds in the applicable Total Mapped Group based on competitive data for 2016. The Board noted that the majority of peer funds do not have top-level management fees, similar to the funds' fee structure prior to June 1, 2017.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's current class-level management fee rate under the current Advisory Contract. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board considered the current total expense ratio of each fund compared to the median total expenses for competitor funds (including expenses of underlying funds) based on competitive data for 2016. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the current total expense ratio of each fund (except Freedom 2020 Fund) (including expenses of the underlying funds in which each fund invests) ranks below the median total expenses for competitor funds based on the competitive data for 2016 and the current total expense ratio for Freedom 2020 Fund (including expenses of the underlying funds in which the fund invests) ranks above the median. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that Freedom 2020 Fund's current total expense ratio is above the competitive median because a number of competitor target date funds that Lipper previously categorized as passive were moved to the active target date mapped group in 2016, even though their underlying holdings are primarily passive. The Board considered that, when the Total Mapped Group is adjusted to remove funds that invest in passive products, Freedom 2020 Fund's current total expense ratio (had it been in effect for 2016) ranks equal to the competitive median.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Freedom 2020 Fund was above the median of the universe presented for comparison, each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which the funds invest.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.
Because the funds only recently began paying management fees, the Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund prior to the change in fee arrangements were not a material factor in its approval of the continuance of each fund's current Advisory Contract. In connection with its future renewal of each fund's Advisory Contract, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to each fund's current contractual arrangements its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contract should be renewed.
Proxy Voting Results
A special meeting of shareholders was held on December 22, 2016. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| | # of
Votes | % of
Votes |
| Elizabeth S. Acton | | |
| Affirmative | 67,962,879,437.90 | 95.738 |
| Withheld | 3,026,199,416.67 | 4.262 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| John Engler | | |
| Affirmative | 67,621,098,922.89 | 95.256 |
| Withheld | 3,367,979,931.68 | 4.744 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Albert R. Gamper, Jr. | | |
| Affirmative | 67,692,979,200.48 | 95.357 |
| Withheld | 3,296,099,654.09 | 4.643 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Robert F. Gartland | | |
| Affirmative | 67,834,076,287.79 | 95.556 |
| Withheld | 3,155,002,566.78 | 4.444 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Abigail P. Johnson | | |
| Affirmative | 67,845,327,470.44 | 95.572 |
| Withheld | 3,143,751,384.13 | 4.428 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Arthur E. Johnson | | |
| Affirmative | 67,698,760,709.29 | 95.366 |
| Withheld | 3,290,318,145.28 | 4.634 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Michael E. Kenneally | | |
| Affirmative | 67,851,407,081.44 | 95.581 |
| Withheld | 3,137,671,773.13 | 4.419 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| James H. Keyes | | |
| Affirmative | 67,741,432,698.10 | 95.426 |
| Withheld | 3,247,646,156.47 | 4.574 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Marie L. Knowles | | |
| Affirmative | 67,825,908,094.48 | 95.545 |
| Withheld | 3,163,170,760.09 | 4.455 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Jennifer Toolin McAuliffe | | |
| Affirmative | 67,916,195,545.89 | 95.672 |
| Withheld | 3,072,883,308.68 | 4.328 |
| TOTAL | 70,989,078,854.57 | 100.000 |
| Mark A. Murray | | |
| Affirmative | 67,892,016,830.18 | 95.638 |
| Withheld | 3,097,062,024.39 | 4.362 |
| TOTAL | 70,989,078,854.57 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® Income Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,317,725,808.91 | 85.452 |
| Against | 57,209,301.81 | 3.710 |
| Abstain | 139,752,421.36 | 9.063 |
| Broker Non - Votes | 27,380,033.54 | 1.775 |
| TOTAL | 1,542,067,565.62 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2005 Fund and FMR Co., Inc. (FMRC).
| | | |
| | # of
Votes | % of
Votes |
| Affirmative | 388,274,134.37 | 87.344 |
| Against | 13,463,802.33 | 3.029 |
| Abstain | 37,902,359.85 | 8.526 |
| Broker Non - Votes | 4,897,062.03 | 1.101 |
| TOTAL | 444,537,358.58 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2010 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 2,894,055,622.85 | 87.706 |
| Against | 104,012,980.85 | 3.152 |
| Abstain | 245,808,272.57 | 7.449 |
| Broker Non - Votes | 55,875,837.65 | 1.693 |
| TOTAL | 3,299,752,713.92 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2015 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 3,113,584,816.65 | 87.813 |
| Against | 119,264,314.90 | 3.363 |
| Abstain | 263,279,480.29 | 7.425 |
| Broker Non - Votes | 49,610,493.35 | 1.399 |
| TOTAL | 3,545,739,105.19 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2020 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 6,025,459,912.49 | 86.695 |
| Against | 267,999,712.00 | 3.857 |
| Abstain | 516,809,630.88 | 7.435 |
| Broker Non - Votes | 139,922,497.86 | 2.013 |
| TOTAL | 6,950,191,753.23 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2025 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 4,230,187,161.45 | 87.910 |
| Against | 160,635,672.08 | 3.339 |
| Abstain | 324,990,750.24 | 6.753 |
| Broker Non - Votes | 96,181,985.59 | 1.998 |
| TOTAL | 4,811,995,569.36 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2030 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 5,129,410,373.39 | 87.329 |
| Against | 265,860,179.11 | 4.527 |
| Abstain | 352,198,671.47 | 5.996 |
| Broker Non - Votes | 126,211,770.57 | 2.148 |
| TOTAL | 5,873,680,994.54 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2035 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 2,847,204,408.78 | 87.443 |
| Against | 177,346,742.35 | 5.447 |
| Abstain | 176,248,564.92 | 5.412 |
| Broker Non - Votes | 55,292,814.44 | 1.698 |
| TOTAL | 3,256,092,530.49 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2040 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 3,150,340,778.51 | 85.921 |
| Against | 192,086,025.33 | 5.239 |
| Abstain | 232,983,406.13 | 6.354 |
| Broker Non - Votes | 91,156,325.31 | 2.486 |
| TOTAL | 3,666,566,535.28 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2045 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,317,538,632.19 | 81.312 |
| Against | 120,626,001.56 | 7.444 |
| Abstain | 151,330,394.95 | 9.339 |
| Broker Non - Votes | 30,868,166.30 | 1.905 |
| TOTAL | 1,620,363,195.00 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2050 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 1,101,712,738.67 | 83.074 |
| Against | 61,795,036.11 | 4.660 |
| Abstain | 128,516,950.87 | 9.690 |
| Broker Non - Votes | 34,162,694.66 | 2.576 |
| TOTAL | 1,326,187,420.31 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2055 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 317,070,106.59 | 81.637 |
| Against | 13,109,509.54 | 3.376 |
| Abstain | 46,988,431.20 | 12.098 |
| Broker Non - Votes | 11,222,182.33 | 2.889 |
| TOTAL | 388,390,229.66 | 100.000 |
PROPOSAL 2
To approve an amended and restated management contract between Fidelity Freedom® 2060 Fund and FMR Co., Inc. (FMRC).
| | # of
Votes | % of
Votes |
| Affirmative | 28,199,563.81 | 79.727 |
| Against | 2,245,306.30 | 6.349 |
| Abstain | 2,904,387.30 | 8.211 |
| Broker Non - Votes | 2,020,954.26 | 5.713 |
| TOTAL | 35,370,211.67 | 100.000 |
| |
| Proposal 1 reflects trust-wide proposal and voting results. |
The special meeting of shareholders of Fidelity® Freedom 2045 Fund and Fidelity® Freedom 2050 Fund reconvened on January 27, 2017 with respect to proposal 2.
The special meeting of shareholders of Fidelity® Freedom 2055 Fund and Fidelity® Freedom 2060 Fund reconvened on April 19, 2017 with respect to proposal 2. |
| |
| |
| |
| |
| |
FF-SANN-1117
1.537284.120
Fidelity Freedom® Index Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Investor Class and Institutional Premium Class
Semi-Annual Report September 30, 2017 |
|
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.
You may also call 1-800-835-5092 (plan accounts and Institutional Premium Class) 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. © 2017 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.institutional.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
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity U.S. Bond Index Fund Class F | 40.1 | 40.1 |
| Fidelity Series Government Money Market Fund 1.09% | 30.0 | 30.0 |
| Fidelity Total Market Index Fund Class F | 15.7 | 15.7 |
| Fidelity Series Global ex U.S. Index Fund | 7.2 | 7.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 5.9 | 6.0 |
| Fidelity Commodity Strategy Fund Class F | 1.1 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.0 |
| | 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 | 5.9% |
| | Short-Term Funds | 30.0% |
| Six months ago |
| | Domestic Equity Funds | 15.7% |
| | Commodity Funds | 1.0% |
| | International Equity Funds | 7.2% |
| | Bond Funds | 40.1% |
| | 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 September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 15.7% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $23,372,896) | | 592,799 | 43,404,718 |
|
| Commodity Funds - 1.1% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $2,879,793) | | 288,025 | 2,920,573 |
|
| International Equity Funds - 7.2% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $15,976,109) | | 1,536,289 | 19,910,308 |
|
| Bond Funds - 40.1% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $109,613,889) | | 9,498,715 | 110,470,055 |
|
| Inflation-Protected Bond Funds - 5.9% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | | |
| (Cost $17,272,273) | | 1,658,178 | 16,399,383 |
|
| Short-Term Funds - 30.0% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | | |
| (Cost $82,558,671) | | 82,558,671 | 82,558,671 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $251,673,631) | | | 275,663,708 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (22,995) |
| NET ASSETS - 100% | | | $275,640,713 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $2,988,830 | $108,749 | $2,869 | $(288) | $40,780 | $2,920,573 |
| Fidelity Series Commodity Strategy Fund Class F | 2,752,283 | 95,290 | 2,781,136 | -- | (1,009,564) | 943,127 | -- |
| Fidelity Series Global ex U.S. Index Fund | 19,106,776 | 1,548,985 | 2,986,751 | -- | 33,206 | 2,208,092 | 19,910,308 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 2,269,500 | 787,366 | 145,710 | -- | -- | 82,558,671 |
| Fidelity Series Government Money Market Fund Class F 1.04% | 79,187,366 | 6,233,712 | 4,344,541 | 211,595 | -- | -- | -- |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 375,860 | 157,749 | 4,550 | 564 | (872,890) | 16,399,383 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 15,819,860 | 1,213,216 | 877,458 | 6,629 | 658 | 897,322 | -- |
| Fidelity Total Market Index Fund Class F | 41,423,197 | 3,573,282 | 4,559,075 | 115,941 | 28,197 | 2,939,117 | 43,404,718 |
| Fidelity U.S. Bond Index Fund Class F | 106,135,888 | 10,987,192 | 7,650,179 | 1,317,416 | 43,812 | 953,342 | 110,470,055 |
| Total | $264,425,370 | $29,285,867 | $24,253,004 | $1,804,710 | $(903,415) | $7,108,890 | $275,663,708 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $251,673,631) — See accompanying schedule | | $275,663,708 |
| Cash | | 2 |
| Receivable for investments sold | | 818,136 |
| Receivable for fund shares sold | | 148,385 |
| Receivable from affiliate for expense reductions | | 5,237 |
| Total assets | | 276,635,468 |
| Liabilities | | |
| Payable for investments purchased | $888,683 | |
| Payable for fund shares redeemed | 78,101 | |
| Transfer agent fees payable | 27,971 | |
| Total liabilities | | 994,755 |
| Net Assets | | $275,640,713 |
| Net Assets consist of: | | |
| Paid in capital | | $253,225,957 |
| Undistributed net investment income | | 299,781 |
| Accumulated undistributed net realized gain (loss) on investments | | (1,875,102) |
| Net unrealized appreciation (depreciation) on investments | | 23,990,077 |
| Net Assets | | $275,640,713 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($123,257,813 ÷ 10,376,993 shares) | | $11.88 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($152,382,900 ÷ 12,843,758 shares) | | $11.86 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $1,804,710 |
| Expenses | | |
| Transfer agent fees | $163,587 | |
| Independent trustees' fees and expenses | 480 | |
| Total expenses before reductions | 164,067 | |
| Expense reductions | (50,545) | 113,522 |
| Net investment income (loss) | | 1,691,188 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (903,415) | |
| Capital gain distributions from underlying funds | 66,082 | |
| Total net realized gain (loss) | | (837,333) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 7,108,890 |
| Net gain (loss) | | 6,271,557 |
| Net increase (decrease) in net assets resulting from operations | | $7,962,745 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,691,188 | $3,938,452 |
| Net realized gain (loss) | (837,333) | 895,418 |
| Change in net unrealized appreciation (depreciation) | 7,108,890 | 5,298,757 |
| Net increase (decrease) in net assets resulting from operations | 7,962,745 | 10,132,627 |
| Distributions to shareholders from net investment income | (1,695,123) | (3,908,761) |
| Distributions to shareholders from net realized gain | (582,378) | (290,658) |
| Total distributions | (2,277,501) | (4,199,419) |
| Share transactions - net increase (decrease) | 5,541,948 | 9,134,533 |
| Total increase (decrease) in net assets | 11,227,192 | 15,067,741 |
| Net Assets | | |
| Beginning of period | 264,413,521 | 249,345,780 |
| End of period | $275,640,713 | $264,413,521 |
| Other Information | | |
| Undistributed net investment income end of period | $299,781 | $303,716 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index Income Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.63 | $11.36 | $11.52 | $11.32 | $11.13 | $10.89 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .07 | .17 | .16 | .17 | .13 | .12 |
| Net realized and unrealized gain (loss) | .28 | .28 | (.15) | .26 | .20 | .29 |
| Total from investment operations | .35 | .45 | .01 | .43 | .33 | .41 |
| Distributions from net investment income | (.07) | (.17) | (.16) | (.16) | (.12) | (.11) |
| Distributions from net realized gain | (.03) | (.01) | (.01) | (.07) | (.02) | (.05) |
| Total distributions | (.10) | (.18) | (.17) | (.23) | (.14) | (.17)B |
| Net asset value, end of period | $11.88 | $11.63 | $11.36 | $11.52 | $11.32 | $11.13 |
| Total ReturnC,D | 3.03% | 4.02% | .10% | 3.83% | 2.98% | 3.75% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .15%G | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .11%G | .08% | .07% | .08% | .08% | .10% |
| Expenses net of all reductions | .11%G | .08% | .07% | .08% | .08% | .10% |
| Net investment income (loss) | 1.24%G | 1.48% | 1.39% | 1.49% | 1.20% | 1.06% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $123,258 | $118,421 | $140,481 | $244,260 | $164,926 | $132,753 |
| Portfolio turnover rateF | 18%G | 52% | 22% | 20%H | 43% | 19% |
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 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. Expenses net of fee waivers reflect expenses after reimbursement by 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
H 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 Index Income Fund Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.61 | $11.35 | $11.48 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .08 | .18 | .18 |
| Net realized and unrealized gain (loss) | .27 | .27 | (.15) |
| Total from investment operations | .35 | .45 | .03 |
| Distributions from net investment income | (.08) | (.18) | (.15) |
| Distributions from net realized gain | (.03) | (.01) | (.01) |
| Total distributions | (.10)C | (.19) | (.16) |
| Net asset value, end of period | $11.86 | $11.61 | $11.35 |
| Total ReturnD,E | 3.05% | 4.00% | .26% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10%H | .09% | .05%H |
| Expenses net of fee waivers, if any | .06%H | .03% | .01%H |
| Expenses net of all reductions | .06%H | .03% | .01%H |
| Net investment income (loss) | 1.29%H | 1.54% | 2.12%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $152,383 | $145,993 | $108,865 |
| Portfolio turnover rateG | 18%H | 52% | 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 distributions of $.10 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.026 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 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity U.S. Bond Index Fund Class F | 37.5 | 37.3 |
| Fidelity Series Government Money Market Fund 1.09% | 23.5 | 23.0 |
| Fidelity Total Market Index Fund Class F | 22.7 | 23.3 |
| Fidelity Series Global ex U.S. Index Fund | 10.2 | 10.5 |
| Fidelity Series Inflation-Protected Bond Index Fund | 5.0 | 4.9 |
| Fidelity Commodity Strategy Fund Class F | 1.1 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 22.7% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 10.2% |
| | Bond Funds | 37.5% |
| | Inflation-Protected Bond Funds | 5.0% |
| | Short-Term Funds | 23.5% |
| Six months ago |
| | Domestic Equity Funds | 23.3% |
| | Commodity Funds | 1.0% |
| | International Equity Funds | 10.5% |
| | Bond Funds | 37.3% |
| | Inflation-Protected Bond Funds | 4.9% |
| | Short-Term Funds | 23.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2005 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 22.7% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $12,016,086) | | 306,480 | 22,440,473 |
|
| Commodity Funds - 1.1% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $1,026,321) | | 102,696 | 1,041,334 |
|
| International Equity Funds - 10.2% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $8,259,800) | | 778,318 | 10,087,000 |
|
| Bond Funds - 37.5% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $36,813,096) | | 3,187,292 | 37,068,205 |
|
| Inflation-Protected Bond Funds - 5.0% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | | |
| (Cost $5,123,196) | | 497,656 | 4,921,817 |
|
| Short-Term Funds - 23.5% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | | |
| (Cost $23,214,666) | | 23,214,666 | 23,214,666 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $86,453,165) | | | 98,773,495 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (8,032) |
| NET ASSETS - 100% | | | $98,765,463 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $1,079,315 | $52,938 | $1,029 | $(55) | $15,012 | $1,041,334 |
| Fidelity Series Commodity Strategy Fund Class F | 929,033 | 79,554 | 985,794 | -- | (300,444) | 277,651 | -- |
| Fidelity Series Global ex U.S. Index Fund | 9,513,421 | 1,320,439 | 1,892,082 | -- | 42,403 | 1,102,819 | 10,087,000 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 789,976 | 468,159 | 40,870 | -- | -- | 23,214,666 |
| Fidelity Series Government Money Market Fund Class F 1.04% | 20,830,178 | 3,381,867 | 1,319,196 | 58,091 | -- | -- | -- |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 148,657 | 100,236 | 1,358 | 355 | (201,379) | 4,921,817 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 4,461,766 | 686,766 | 282,937 | 1,954 | 777 | 208,048 | -- |
| Fidelity Total Market Index Fund Class F | 21,145,117 | 2,954,329 | 3,207,670 | 60,668 | 51,159 | 1,497,538 | 22,440,473 |
| Fidelity U.S. Bond Index Fund Class F | 33,885,024 | 6,050,182 | 3,196,289 | 437,832 | 15,591 | 313,697 | 37,068,205 |
| Total | $90,764,539 | $16,491,085 | $11,505,301 | $601,802 | $(190,214) | $3,213,386 | $98,773,495 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $86,453,165) — See accompanying schedule | | $98,773,495 |
| Cash | | 2 |
| Receivable for investments sold | | 594,899 |
| Receivable for fund shares sold | | 42,297 |
| Receivable from affiliate for expense reductions | | 2,055 |
| Total assets | | 99,412,748 |
| Liabilities | | |
| Payable for investments purchased | $617,629 | |
| Payable for fund shares redeemed | 19,459 | |
| Transfer agent fees payable | 10,197 | |
| Total liabilities | | 647,285 |
| Net Assets | | $98,765,463 |
| Net Assets consist of: | | |
| Paid in capital | | $86,528,367 |
| Undistributed net investment income | | 559,970 |
| Accumulated undistributed net realized gain (loss) on investments | | (643,204) |
| Net unrealized appreciation (depreciation) on investments | | 12,320,330 |
| Net Assets | | $98,765,463 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($48,164,924 ÷ 3,604,590 shares) | | $13.36 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($50,600,539 ÷ 3,786,508 shares) | | $13.36 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $601,802 |
| Expenses | | |
| Transfer agent fees | $59,110 | |
| Independent trustees' fees and expenses | 171 | |
| Total expenses before reductions | 59,281 | |
| Expense reductions | (17,381) | 41,900 |
| Net investment income (loss) | | 559,902 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (190,214) | |
| Capital gain distributions from underlying funds | 33,870 | |
| Total net realized gain (loss) | | (156,344) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 3,213,386 |
| Net gain (loss) | | 3,057,042 |
| Net increase (decrease) in net assets resulting from operations | | $3,616,944 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $559,902 | $1,415,757 |
| Net realized gain (loss) | (156,344) | 400,476 |
| Change in net unrealized appreciation (depreciation) | 3,213,386 | 3,132,121 |
| Net increase (decrease) in net assets resulting from operations | 3,616,944 | 4,948,354 |
| Distributions to shareholders from net investment income | (219,392) | (1,380,616) |
| Distributions to shareholders from net realized gain | (339,402) | (217,176) |
| Total distributions | (558,794) | (1,597,792) |
| Share transactions - net increase (decrease) | 4,947,590 | 7,709,308 |
| Total increase (decrease) in net assets | 8,005,740 | 11,059,870 |
| Net Assets | | |
| Beginning of period | 90,759,723 | 79,699,853 |
| End of period | $98,765,463 | $90,759,723 |
| Other Information | | |
| Undistributed net investment income end of period | $559,970 | $219,460 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2005 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $12.94 | $12.45 | $12.71 | $12.50 | $11.91 | $11.50 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A�� | .08 | .20 | .20 | .21 | .16 | .14 |
| Net realized and unrealized gain (loss) | .42 | .52 | (.25) | .39 | .46 | .45 |
| Total from investment operations | .50 | .72 | (.05) | .60 | .62 | .59 |
| Distributions from net investment income | (.03) | (.20) | (.20) | (.33) | (.01) | (.14) |
| Distributions from net realized gain | (.05) | (.03) | –B | (.06) | (.02) | (.04) |
| Total distributions | (.08) | (.23) | (.21)C | (.39) | (.03) | (.18) |
| Net asset value, end of period | $13.36 | $12.94 | $12.45 | $12.71 | $12.50 | $11.91 |
| Total ReturnD,E | 3.87% | 5.84% | (.40)% | 4.87% | 5.25% | 5.17% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .15%H | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .11%H | .09% | .07% | .08% | .08% | .09% |
| Expenses net of all reductions | .11%H | .09% | .07% | .08% | .08% | .09% |
| Net investment income (loss) | 1.15%H | 1.60% | 1.58% | 1.65% | 1.29% | 1.22% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $48,165 | $43,767 | $50,790 | $74,516 | $66,401 | $62,983 |
| Portfolio turnover rateG | 24%H | 52% | 28% | 22% | 49% | 23% |
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 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. Expenses net of fee waivers reflect expenses after reimbursement by 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 2005 Fund Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.94 | $12.45 | $12.73 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .08 | .21 | .21 |
| Net realized and unrealized gain (loss) | .42 | .52 | (.30) |
| Total from investment operations | .50 | .73 | (.09) |
| Distributions from net investment income | (.03) | (.21) | (.18) |
| Distributions from net realized gain | (.05) | (.03) | –C |
| Total distributions | (.08) | (.24) | (.19)D |
| Net asset value, end of period | $13.36 | $12.94 | $12.45 |
| Total ReturnE,F | 3.88% | 5.90% | (.73)% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .10%I | .09% | .05%I |
| Expenses net of fee waivers, if any | .06%I | .03% | .01%I |
| Expenses net of all reductions | .06%I | .03% | .01%I |
| Net investment income (loss) | 1.20%I | 1.66% | 2.28%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $50,601 | $46,992 | $28,910 |
| Portfolio turnover rateH | 24%I | 52% | 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity U.S. Bond Index Fund Class F | 34.9 | 34.7 |
| Fidelity Total Market Index Fund Class F | 28.8 | 29.4 |
| Fidelity Series Government Money Market Fund 1.09% | 18.2 | 17.6 |
| Fidelity Series Global ex U.S. Index Fund | 12.8 | 13.1 |
| Fidelity Series Inflation-Protected Bond Index Fund | 4.2 | 4.1 |
| Fidelity Commodity Strategy Fund Class F | 1.1 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.1 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 28.8% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 12.8% |
| | Bond Funds | 34.9% |
| | Inflation-Protected Bond Funds | 4.2% |
| | Short-Term Funds | 18.2% |
| Six months ago |
| | Domestic Equity Funds | 29.4% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 13.1% |
| | Bond Funds | 34.7% |
| | Inflation-Protected Bond Funds | 4.1% |
| | Short-Term Funds | 17.6% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2010 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 28.8% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $71,899,306) | | 2,037,511 | 149,186,556 |
|
| Commodity Funds - 1.1% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $5,499,792) | | 550,117 | 5,578,190 |
|
| International Equity Funds - 12.8% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $52,698,140) | | 5,125,830 | 66,430,760 |
|
| Bond Funds - 34.9% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $178,998,023) | | 15,530,806 | 180,623,272 |
|
| Inflation-Protected Bond Funds - 4.2% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | | |
| (Cost $22,380,631) | | 2,192,920 | 21,687,979 |
|
| Short-Term Funds - 18.2% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | | |
| (Cost $93,860,746) | | 93,860,746 | 93,860,746 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $425,336,638) | | | 517,367,503 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (40,573) |
| NET ASSETS - 100% | | | $517,326,930 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $5,742,730 | $242,147 | $5,492 | $(791) | $78,398 | $5,578,190 |
| Fidelity Series Commodity Strategy Fund | -- | 5,586 | 5,586 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 5,222,656 | 256,951 | 5,351,575 | -- | (1,768,895) | 1,640,863 | -- |
| Fidelity Series Global ex U.S. Index Fund | 64,554,301 | 4,967,974 | 10,706,251 | -- | 486,680 | 7,128,056 | 66,430,760 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 3,316,840 | 1,133,346 | 164,906 | -- | -- | 93,860,746 |
| Fidelity Series Government Money Market Fund Class F 1.04% | 86,433,301 | 10,491,824 | 5,247,873 | 236,760 | -- | -- | -- |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 640,190 | 263,966 | 5,986 | 1,472 | (692,652) | 21,687,979 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 20,224,246 | 2,280,457 | 1,225,174 | 8,679 | 1,783 | 721,623 | -- |
| Fidelity Total Market Index Fund Class F | 144,449,086 | 11,483,398 | 17,098,460 | 411,857 | 917,114 | 9,435,418 | 149,186,556 |
| Fidelity U.S. Bond Index Fund Class F | 170,584,949 | 21,218,423 | 12,814,698 | 2,156,033 | (25,234) | 1,659,832 | 180,623,272 |
| Total | $491,468,539 | $60,404,373 | $54,089,076 | $2,989,713 | $(387,871) | $19,971,538 | $517,367,503 |
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 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $425,336,638) — See accompanying schedule | | $517,367,503 |
| Cash | | 2 |
| Receivable for investments sold | | 3,482,153 |
| Receivable for fund shares sold | | 717,068 |
| Receivable from affiliate for expense reductions | | 11,569 |
| Total assets | | 521,578,295 |
| Liabilities | | |
| Payable for investments purchased | $4,032,259 | |
| Payable for fund shares redeemed | 166,994 | |
| Transfer agent fees payable | 52,112 | |
| Total liabilities | | 4,251,365 |
| Net Assets | | $517,326,930 |
| Net Assets consist of: | | |
| Paid in capital | | $424,885,764 |
| Undistributed net investment income | | 2,788,022 |
| Accumulated undistributed net realized gain (loss) on investments | | (2,377,721) |
| Net unrealized appreciation (depreciation) on investments | | 92,030,865 |
| Net Assets | | $517,326,930 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($220,103,113 ÷ 15,495,071 shares) | | $14.20 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($297,223,817 ÷ 20,922,693 shares) | | $14.21 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $2,989,713 |
| Expenses | | |
| Transfer agent fees | $305,091 | |
| Independent trustees' fees and expenses | 906 | |
| Total expenses before reductions | 305,997 | |
| Expense reductions | (90,548) | 215,449 |
| Net investment income (loss) | | 2,774,264 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (387,871) | |
| Capital gain distributions from underlying funds | 227,692 | |
| Total net realized gain (loss) | | (160,179) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 19,971,538 |
| Net gain (loss) | | 19,811,359 |
| Net increase (decrease) in net assets resulting from operations | | $22,585,623 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $2,774,264 | $8,067,826 |
| Net realized gain (loss) | (160,179) | 5,006,715 |
| Change in net unrealized appreciation (depreciation) | 19,971,538 | 19,776,365 |
| Net increase (decrease) in net assets resulting from operations | 22,585,623 | 32,850,906 |
| Distributions to shareholders from net investment income | (1,033,628) | (7,898,563) |
| Distributions to shareholders from net realized gain | (4,147,160) | (841,366) |
| Total distributions | (5,180,788) | (8,739,929) |
| Share transactions - net increase (decrease) | 8,481,466 | 19,751,057 |
| Total increase (decrease) in net assets | 25,886,301 | 43,862,034 |
| Net Assets | | |
| Beginning of period | 491,440,629 | 447,578,595 |
| End of period | $517,326,930 | $491,440,629 |
| Other Information | | |
| Undistributed net investment income end of period | $2,788,022 | $1,047,386 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2010 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.72 | $13.03 | $13.36 | $13.08 | $12.27 | $11.71 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .07 | .23 | .20 | .23 | .18 | .18 |
| Net realized and unrealized gain (loss) | .56 | .71 | (.30) | .46 | .68 | .61 |
| Total from investment operations | .63 | .94 | (.10) | .69 | .86 | .79 |
| Distributions from net investment income | (.03) | (.22) | (.23) | (.35) | (.02) | (.17) |
| Distributions from net realized gain | (.12) | (.02) | –B | (.05) | (.04) | (.06) |
| Total distributions | (.15) | (.25)C | (.23) | (.41)D | (.05)E | (.23) |
| Net asset value, end of period | $14.20 | $13.72 | $13.03 | $13.36 | $13.08 | $12.27 |
| Total ReturnF,G | 4.59% | 7.24% | (.72)% | 5.36% | 7.05% | 6.80% |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | .15%J | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .11%J | .09% | .08% | .08% | .09% | .10% |
| Expenses net of all reductions | .11%J | .09% | .08% | .08% | .09% | .10% |
| Net investment income (loss) | 1.07%J | 1.70% | 1.52% | 1.72% | 1.45% | 1.54% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $220,103 | $205,267 | $232,187 | $480,861 | $430,767 | $364,853 |
| Portfolio turnover rateI | 22%J | 36% | 22% | 23% | 39% | 21% |
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 $.221 and distributions from net realized gain of $.024 per share.
D 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.
E 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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.
I Amount does not include the portfolio activity of any Underlying Funds.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom Index 2010 Fund Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $13.73 | $13.03 | $13.43 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .08 | .24 | .27 |
| Net realized and unrealized gain (loss) | .55 | .71 | (.46) |
| Total from investment operations | .63 | .95 | (.19) |
| Distributions from net investment income | (.03) | (.23) | (.21) |
| Distributions from net realized gain | (.12) | (.02) | –C |
| Total distributions | (.15) | (.25) | (.21) |
| Net asset value, end of period | $14.21 | $13.73 | $13.03 |
| Total ReturnD,E | 4.60% | 7.39% | (1.39)% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10%H | .09% | .05%H |
| Expenses net of fee waivers, if any | .06%H | .04% | .02%H |
| Expenses net of all reductions | .06%H | .04% | .02%H |
| Net investment income (loss) | 1.12%H | 1.75% | 2.81%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $297,224 | $286,173 | $215,392 |
| Portfolio turnover rateG | 22%H | 36% | 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 35.1 | 35.6 |
| Fidelity U.S. Bond Index Fund Class F | 32.1 | 31.9 |
| Fidelity Series Global ex U.S. Index Fund | 15.5 | 15.9 |
| Fidelity Series Government Money Market Fund 1.09% | 12.8 | 12.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 3.4 | 3.3 |
| Fidelity Commodity Strategy Fund Class F | 1.1 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.1 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 35.1% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 15.5% |
| | Bond Funds | 32.1% |
| | Inflation-Protected Bond Funds | 3.4% |
| | Short-Term Funds | 12.8% |
| Six months ago |
| | Domestic Equity Funds | 35.6% |
| | Commodity Funds | 1.1% |
| | International Equity Funds | 15.9% |
| | Bond Funds | 31.9% |
| | Inflation-Protected Bond Funds | 3.3% |
| | Short-Term Funds | 12.2% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2015 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 35.1% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $208,930,318) | | 5,343,527 | 391,253,056 |
|
| Commodity Funds - 1.1% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $12,514,271) | | 1,251,573 | 12,690,951 |
|
| International Equity Funds - 15.5% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $141,129,532) | | 13,381,487 | 173,424,069 |
|
| Bond Funds - 32.1% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $357,037,662) | | 30,828,259 | 358,532,657 |
|
| Inflation-Protected Bond Funds - 3.4% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | | |
| (Cost $39,183,027) | | 3,825,031 | 37,829,557 |
|
| Short-Term Funds - 12.8% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | | |
| (Cost $142,535,265) | | 142,535,265 | 142,535,265 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $901,330,075) | | | 1,116,265,555 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (89,951) |
| NET ASSETS - 100% | | | $1,116,175,604 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $12,813,045 | $298,220 | $12,483 | $(555) | $176,681 | $12,690,951 |
| Fidelity Series Commodity Strategy Fund Class F | 11,755,739 | 455,911 | 11,925,711 | -- | (3,987,374) | 3,701,435 | -- |
| Fidelity Series Global ex U.S. Index Fund | 164,314,491 | 11,205,435 | 21,647,489 | -- | 576,946 | 18,974,686 | 173,424,069 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 5,470,989 | 1,152,985 | 248,152 | -- | -- | 142,535,265 |
| Fidelity Series Government Money Market Fund Class F 1.04% | 126,794,469 | 15,902,697 | 4,479,905 | 350,361 | -- | -- | -- |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 1,342,760 | 308,549 | 10,304 | 1,935 | (1,353,470) | 37,829,557 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 34,290,595 | 3,652,770 | 1,202,020 | 14,819 | 3,576 | 1,401,960 | -- |
| Fidelity Total Market Index Fund Class F | 369,143,478 | 27,010,763 | 31,720,159 | 1,054,693 | 287,912 | 26,531,062 | 391,253,056 |
| Fidelity U.S. Bond Index Fund Class F | 330,980,643 | 40,435,051 | 16,047,866 | 4,226,027 | 26,660 | 3,138,169 | 358,532,657 |
| Total | $1,037,279,415 | $118,289,421 | $88,782,904 | $5,916,839 | $(3,090,900) | $52,570,523 | $1,116,265,555 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $901,330,075) — See accompanying schedule | | $1,116,265,555 |
| Cash | | 2 |
| Receivable for investments sold | | 7,790,673 |
| Receivable for fund shares sold | | 1,527,274 |
| Receivable from affiliate for expense reductions | | 26,694 |
| Total assets | | 1,125,610,198 |
| Liabilities | | |
| Payable for investments purchased | $8,951,896 | |
| Payable for fund shares redeemed | 366,523 | |
| Transfer agent fees payable | 116,175 | |
| Total liabilities | | 9,434,594 |
| Net Assets | | $1,116,175,604 |
| Net Assets consist of: | | |
| Paid in capital | | $903,025,780 |
| Undistributed net investment income | | 5,286,313 |
| Accumulated undistributed net realized gain (loss) on investments | | (7,071,969) |
| Net unrealized appreciation (depreciation) on investments | | 214,935,480 |
| Net Assets | | $1,116,175,604 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($576,624,908 ÷ 38,929,929 shares) | | $14.81 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($539,550,696 ÷ 36,440,100 shares) | | $14.81 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $5,916,839 |
| Expenses | | |
| Transfer agent fees | $673,374 | |
| Independent trustees' fees and expenses | 1,927 | |
| Total expenses before reductions | 675,301 | |
| Expense reductions | (189,479) | 485,822 |
| Net investment income (loss) | | 5,431,017 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (3,090,900) | |
| Capital gain distributions from underlying funds | 580,708 | |
| Total net realized gain (loss) | | (2,510,192) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 52,570,523 |
| Net gain (loss) | | 50,060,331 |
| Net increase (decrease) in net assets resulting from operations | | $55,491,348 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,431,017 | $17,448,741 |
| Net realized gain (loss) | (2,510,192) | 5,722,978 |
| Change in net unrealized appreciation (depreciation) | 52,570,523 | 57,498,019 |
| Net increase (decrease) in net assets resulting from operations | 55,491,348 | 80,669,738 |
| Distributions to shareholders from net investment income | (1,897,796) | (17,117,936) |
| Distributions to shareholders from net realized gain | (1,533,342) | (847,669) |
| Total distributions | (3,431,138) | (17,965,605) |
| Share transactions - net increase (decrease) | 26,907,477 | 66,377,746 |
| Total increase (decrease) in net assets | 78,967,687 | 129,081,879 |
| Net Assets | | |
| Beginning of period | 1,037,207,917 | 908,126,038 |
| End of period | $1,116,175,604 | $1,037,207,917 |
| Other Information | | |
| Undistributed net investment income end of period | $5,286,313 | $1,753,092 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2015 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.11 | $13.22 | $13.62 | $13.31 | $12.39 | $11.80 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .07 | .25 | .23 | .25 | .20 | .19 |
| Net realized and unrealized gain (loss) | .68 | .89 | (.38) | .52 | .75 | .63 |
| Total from investment operations | .75 | 1.14 | (.15) | .77 | .95 | .82 |
| Distributions from net investment income | (.03) | (.24) | (.25) | (.41) | (.02) | (.18) |
| Distributions from net realized gain | (.02) | (.01) | –B | (.05) | (.02) | (.05) |
| Total distributions | (.05) | (.25) | (.25) | (.46) | (.03)C | (.23) |
| Net asset value, end of period | $14.81 | $14.11 | $13.22 | $13.62 | $13.31 | $12.39 |
| Total ReturnD,E | 5.30% | 8.71% | (1.10)% | 5.87% | 7.71% | 7.02% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .15%H | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%H | .10% | .08% | .08% | .09% | .10% |
| Expenses net of all reductions | .12%H | .10% | .08% | .08% | .09% | .10% |
| Net investment income (loss) | .99%H | 1.80% | 1.70% | 1.86% | 1.56% | 1.58% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $576,625 | $516,456 | $577,905 | $910,801 | $828,722 | $672,276 |
| Portfolio turnover rateG | 17%H | 29% | 22% | 19% | 29% | 14% |
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 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. Expenses net of fee waivers reflect expenses after reimbursement by 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 Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $14.10 | $13.21 | $13.72 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .08 | .25 | .28 |
| Net realized and unrealized gain (loss) | .68 | .90 | (.56) |
| Total from investment operations | .76 | 1.15 | (.28) |
| Distributions from net investment income | (.03) | (.25) | (.23) |
| Distributions from net realized gain | (.02) | (.01) | –C |
| Total distributions | (.05) | (.26) | (.23) |
| Net asset value, end of period | $14.81 | $14.10 | $13.21 |
| Total ReturnD,E | 5.39% | 8.79% | (2.03)% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10%H | .09% | .05%H |
| Expenses net of fee waivers, if any | .06%H | .04% | .02%H |
| Expenses net of all reductions | .06%H | .04% | .02%H |
| Net investment income (loss) | 1.04%H | 1.85% | 2.84%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $539,551 | $520,752 | $330,221 |
| Portfolio turnover rateG | 17%H | 29% | 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 39.5 | 39.8 |
| Fidelity U.S. Bond Index Fund Class F | 30.3 | 30.2 |
| Fidelity Series Global ex U.S. Index Fund | 17.5 | 17.7 |
| Fidelity Series Government Money Market Fund 1.09% | 8.9 | 8.6 |
| Fidelity Series Inflation-Protected Bond Index Fund | 2.6 | 2.5 |
| Fidelity Commodity Strategy Fund Class F | 1.2 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.2 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.5% |
| | Commodity Funds | 1.2% |
| | International Equity Funds | 17.5% |
| | Bond Funds | 30.3% |
| | Inflation-Protected Bond Funds | 2.6% |
| | Short-Term Funds | 8.9% |
| Six months ago |
| | Domestic Equity Funds | 39.8% |
| | Commodity Funds | 1.2% |
| | International Equity Funds | 17.7% |
| | Bond Funds | 30.2% |
| | Inflation-Protected Bond Funds | 2.5% |
| | Short-Term Funds | 8.6% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2020 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.5% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $897,382,352) | | 19,660,646 | 1,439,552,480 |
|
| Commodity Funds - 1.2% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $42,450,590) | | 4,245,424 | 43,048,602 |
|
| International Equity Funds - 17.5% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $531,644,026) | | 49,103,309 | 636,378,880 |
|
| Bond Funds - 30.3% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $1,101,904,383) | | 94,834,480 | 1,102,925,005 |
|
| Inflation-Protected Bond Funds - 2.6% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | | |
| (Cost $95,675,419) | | 9,435,974 | 93,321,781 |
|
| Short-Term Funds - 8.9% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | | |
| (Cost $325,606,969) | | 325,606,969 | 325,606,969 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $2,994,663,739) | | | 3,640,833,717 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (270,164) |
| NET ASSETS - 100% | | | $3,640,563,553 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $42,851,412 | $397,242 | $42,230 | $(3,580) | $598,012 | $43,048,602 |
| Fidelity Series Commodity Strategy Fund | -- | 36,592 | 36,592 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 39,123,698 | 1,583,499 | 39,745,802 | -- | (11,054,040) | 10,092,645 | -- |
| Fidelity Series Global ex U.S. Index Fund | 581,860,969 | 35,946,212 | 51,946,944 | -- | 1,469,226 | 69,049,417 | 636,378,880 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 12,182,671 | 242,589 | 564,971 | -- | -- | 325,606,969 |
| Fidelity Series Government Money Market Fund Class F 1.04% | 283,399,194 | 33,878,247 | 3,610,554 | 790,848 | -- | -- | -- |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 3,146,449 | 70,370 | 25,372 | 570 | (2,353,638) | 93,321,781 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 82,300,437 | 8,861,819 | 1,048,026 | 36,066 | 2,775 | 2,481,765 | -- |
| Fidelity Total Market Index Fund Class F | 1,309,507,950 | 88,807,146 | 56,132,172 | 3,744,536 | 423,097 | 96,946,459 | 1,439,552,480 |
| Fidelity U.S. Bond Index Fund Class F | 994,090,731 | 116,861,248 | 17,582,109 | 12,844,032 | 86,953 | 9,468,182 | 1,102,925,005 |
| Total | $3,290,282,979 | $344,155,295 | $170,812,400 | $18,048,055 | $(9,074,999) | $186,282,842 | $3,640,833,717 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,994,663,739) — See accompanying schedule | | $3,640,833,717 |
| Cash | | 1 |
| Receivable for investments sold | | 22,104,536 |
| Receivable for fund shares sold | | 4,155,091 |
| Receivable from affiliate for expense reductions | | 91,250 |
| Total assets | | 3,667,184,595 |
| Liabilities | | |
| Payable for investments purchased | $24,504,454 | |
| Payable for fund shares redeemed | 1,754,872 | |
| Transfer agent fees payable | 361,716 | |
| Total liabilities | | 26,621,042 |
| Net Assets | | $3,640,563,553 |
| Net Assets consist of: | | |
| Paid in capital | | $3,004,134,014 |
| Undistributed net investment income | | 16,512,819 |
| Accumulated undistributed net realized gain (loss) on investments | | (26,253,258) |
| Net unrealized appreciation (depreciation) on investments | | 646,169,978 |
| Net Assets | | $3,640,563,553 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($1,481,168,321 ÷ 95,384,369 shares) | | $15.53 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($2,159,395,232 ÷ 139,101,919 shares) | | $15.52 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $18,048,055 |
| Expenses | | |
| Transfer agent fees | $2,077,725 | |
| Independent trustees' fees and expenses | 6,178 | |
| Total expenses before reductions | 2,083,903 | |
| Expense reductions | (604,351) | 1,479,552 |
| Net investment income (loss) | | 16,568,503 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (9,074,999) | |
| Capital gain distributions from underlying funds | 2,058,589 | |
| Total net realized gain (loss) | | (7,016,410) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 186,282,842 |
| Net gain (loss) | | 179,266,432 |
| Net increase (decrease) in net assets resulting from operations | | $195,834,935 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $16,568,503 | $56,181,484 |
| Net realized gain (loss) | (7,016,410) | 6,990,408 |
| Change in net unrealized appreciation (depreciation) | 186,282,842 | 211,054,833 |
| Net increase (decrease) in net assets resulting from operations | 195,834,935 | 274,226,725 |
| Distributions to shareholders from net investment income | (5,668,560) | (54,973,787) |
| Distributions to shareholders from net realized gain | (1,124,844) | (1,286,363) |
| Total distributions | (6,793,404) | (56,260,150) |
| Share transactions - net increase (decrease) | 161,446,091 | 411,720,041 |
| Total increase (decrease) in net assets | 350,487,622 | 629,686,616 |
| Net Assets | | |
| Beginning of period | 3,290,075,931 | 2,660,389,315 |
| End of period | $3,640,563,553 | $3,290,075,931 |
| Other Information | | |
| Undistributed net investment income end of period | $16,512,819 | $5,612,876 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2020 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $14.70 | $13.65 | $14.10 | $13.72 | $12.67 | $12.03 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .07 | .27 | .23 | .26 | .22 | .20 |
| Net realized and unrealized gain (loss) | .79 | 1.04 | (.42) | .57 | .86 | .68 |
| Total from investment operations | .86 | 1.31 | (.19) | .83 | 1.08 | .88 |
| Distributions from net investment income | (.02) | (.25) | (.26) | (.41) | (.02) | (.19) |
| Distributions from net realized gain | (.01) | (.01) | –B | (.04) | (.01) | (.05) |
| Total distributions | (.03) | (.26) | (.26) | (.45) | (.03) | (.24) |
| Net asset value, end of period | $15.53 | $14.70 | $13.65 | $14.10 | $13.72 | $12.67 |
| Total ReturnC,D | 5.85% | 9.68% | (1.34)% | 6.18% | 8.55% | 7.38% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .15%G | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%G | .10% | .08% | .08% | .09% | .10% |
| Expenses net of all reductions | .12%G | .10% | .08% | .08% | .09% | .10% |
| Net investment income (loss) | .93%G | 1.88% | 1.69% | 1.90% | 1.66% | 1.68% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,481,168 | $1,295,896 | $1,410,489 | $2,458,061 | $2,010,769 | $1,430,835 |
| Portfolio turnover rateF | 10%G | 20% | 16% | 16% | 25% | 11% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by 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 2020 Fund Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $14.70 | $13.65 | $14.24 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .07 | .27 | .32 |
| Net realized and unrealized gain (loss) | .78 | 1.05 | (.67) |
| Total from investment operations | .85 | 1.32 | (.35) |
| Distributions from net investment income | (.03) | (.26) | (.24) |
| Distributions from net realized gain | (.01) | (.01) | –C |
| Total distributions | (.03)D | (.27) | (.24) |
| Net asset value, end of period | $15.52 | $14.70 | $13.65 |
| Total ReturnE,F | 5.80% | 9.75% | (2.42)% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .10%I | .09% | .05%I |
| Expenses net of fee waivers, if any | .07%I | .05% | .02%I |
| Expenses net of all reductions | .07%I | .05% | .02%I |
| Net investment income (loss) | .98%I | 1.93% | 3.12%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $2,159,395 | $1,994,180 | $1,249,900 |
| Portfolio turnover rateH | 10%I | 20% | 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 distributions of $.03 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $.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.
Fidelity Freedom® Index 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 43.5 | 43.8 |
| Fidelity U.S. Bond Index Fund Class F | 28.7 | 28.6 |
| Fidelity Series Global ex U.S. Index Fund | 19.2 | 19.4 |
| Fidelity Series Government Money Market Fund 1.09% | 5.5 | 5.2 |
| Fidelity Series Inflation-Protected Bond Index Fund | 1.8 | 1.7 |
| Fidelity Commodity Strategy Fund Class F | 1.3 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.3 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 43.5% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 19.2% |
| | Bond Funds | 28.7% |
| | Inflation-Protected Bond Funds | 1.8% |
| | Short-Term Funds | 5.5% |
| Six months ago |
| | Domestic Equity Funds | 43.8% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 19.4% |
| | Bond Funds | 28.6% |
| | Inflation-Protected Bond Funds | 1.7% |
| | Short-Term Funds | 5.2% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2025 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 43.5% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $913,247,331) | | 18,758,947 | 1,373,530,079 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $38,921,843) | | 3,892,743 | 39,472,419 |
|
| International Equity Funds - 19.2% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $510,280,020) | | 46,769,152 | 606,128,208 |
|
| Bond Funds - 28.7% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $906,106,688) | | 77,915,988 | 906,162,938 |
|
| Inflation-Protected Bond Funds - 1.8% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | | |
| (Cost $56,504,904) | | 5,618,005 | 55,562,072 |
|
| Short-Term Funds - 5.5% | | | |
| Fidelity Series Government Money Market Fund 1.09%(a)(b) | | | |
| (Cost $174,191,859) | | 174,191,859 | 174,191,859 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $2,599,252,645) | | | 3,155,047,575 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (237,531) |
| NET ASSETS - 100% | | | $3,154,810,044 |
Legend
(a) Affiliated Fund
(b) 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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $39,153,516 | $229,235 | $38,627 | $(2,438) | $550,576 | $39,472,419 |
| Fidelity Series Commodity Strategy Fund | -- | 35,943 | 35,943 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 33,800,162 | 1,981,394 | 34,939,893 | -- | (7,595,949) | 6,754,286 | -- |
| Fidelity Series Global ex U.S. Index Fund | 521,823,587 | 59,425,188 | 40,279,649 | -- | 2,083,583 | 63,075,499 | 606,128,208 |
| Fidelity Series Government Money Market Fund 1.09% | -- | 10,052,762 | 199,901 | 297,683 | -- | -- | 174,191,859 |
| Fidelity Series Government Money Market Fund Class F 1.04% | 139,226,003 | 25,972,245 | 859,250 | 401,738 | -- | -- | -- |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 3,024,056 | 64,473 | 14,862 | 441 | (942,832) | 55,562,072 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 45,395,159 | 7,417,882 | 279,819 | 20,589 | 726 | 1,010,932 | -- |
| Fidelity Total Market Index Fund Class F | 1,175,931,275 | 144,472,185 | 37,884,102 | 3,382,676 | 157,484 | 90,853,237 | 1,373,530,079 |
| Fidelity U.S. Bond Index Fund Class F | 768,348,006 | 137,107,066 | 6,694,916 | 10,258,261 | 56,212 | 7,346,570 | 906,162,938 |
| Total | $2,684,524,192 | $428,642,237 | $121,467,181 | $14,414,436 | $(5,299,941) | $168,648,268 | $3,155,047,575 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,599,252,645) — See accompanying schedule | | $3,155,047,575 |
| Cash | | 1 |
| Receivable for investments sold | | 18,152,367 |
| Receivable for fund shares sold | | 4,007,158 |
| Receivable from affiliate for expense reductions | | 82,543 |
| Total assets | | 3,177,289,644 |
| Liabilities | | |
| Payable for investments purchased | $20,948,533 | |
| Payable for fund shares redeemed | 1,210,777 | |
| Transfer agent fees payable | 320,290 | |
| Total liabilities | | 22,479,600 |
| Net Assets | | $3,154,810,044 |
| Net Assets consist of: | | |
| Paid in capital | | $2,608,128,881 |
| Undistributed net investment income | | 12,751,198 |
| Accumulated undistributed net realized gain (loss) on investments | | (21,864,965) |
| Net unrealized appreciation (depreciation) on investments | | 555,794,930 |
| Net Assets | | $3,154,810,044 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($1,480,362,701 ÷ 90,001,536 shares) | | $16.45 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($1,674,447,343 ÷ 101,784,289 shares) | | $16.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $14,414,436 |
| Expenses | | |
| Transfer agent fees | $1,799,401 | |
| Independent trustees' fees and expenses | 5,156 | |
| Total expenses before reductions | 1,804,557 | |
| Expense reductions | (505,747) | 1,298,810 |
| Net investment income (loss) | | 13,115,626 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (5,299,941) | |
| Capital gain distributions from underlying funds | 1,860,372 | |
| Total net realized gain (loss) | | (3,439,569) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 168,648,268 |
| Net gain (loss) | | 165,208,699 |
| Net increase (decrease) in net assets resulting from operations | | $178,324,325 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $13,115,626 | $45,697,705 |
| Net realized gain (loss) | (3,439,569) | 4,799,676 |
| Change in net unrealized appreciation (depreciation) | 168,648,268 | 185,436,844 |
| Net increase (decrease) in net assets resulting from operations | 178,324,325 | 235,934,225 |
| Distributions to shareholders from net investment income | (4,607,471) | (44,466,395) |
| Distributions to shareholders from net realized gain | – | (1,138,843) |
| Total distributions | (4,607,471) | (45,605,238) |
| Share transactions - net increase (decrease) | 296,753,129 | 521,304,677 |
| Total increase (decrease) in net assets | 470,469,983 | 711,633,664 |
| Net Assets | | |
| Beginning of period | 2,684,340,061 | 1,972,706,397 |
| End of period | $3,154,810,044 | $2,684,340,061 |
| Other Information | | |
| Undistributed net investment income end of period | $12,751,198 | $4,243,043 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2025 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $15.50 | $14.27 | $14.80 | $14.36 | $12.99 | $12.21 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .07 | .29 | .27 | .30 | .24 | .22 |
| Net realized and unrealized gain (loss) | .91 | 1.22 | (.52) | .65 | 1.15 | .80 |
| Total from investment operations | .98 | 1.51 | (.25) | .95 | 1.39 | 1.02 |
| Distributions from net investment income | (.03) | (.27) | (.27) | (.48)B | (.01) | (.21) |
| Distributions from net realized gain | – | (.01) | –C | (.03)B | (.01) | (.04) |
| Total distributions | (.03) | (.28) | (.28)D | (.51) | (.02) | (.24)E |
| Net asset value, end of period | $16.45 | $15.50 | $14.27 | $14.80 | $14.36 | $12.99 |
| Total ReturnF,G | 6.30% | 10.67% | (1.72)% | 6.73% | 10.75% | 8.50% |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | .15%J | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%J | .10% | .08% | .08% | .09% | .10% |
| Expenses net of all reductions | .12%J | .10% | .08% | .08% | .09% | .10% |
| Net investment income (loss) | .87%J | 1.97% | 1.84% | 2.03% | 1.78% | 1.82% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,480,363 | $1,227,802 | $1,179,785 | $1,723,943 | $1,347,992 | $969,395 |
| Portfolio turnover rateI | 8%J | 18% | 17% | 15% | 21% | 10% |
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 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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.
I Amount does not include the portfolio activity of any Underlying Funds.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Freedom Index 2025 Fund Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $15.50 | $14.27 | $15.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .07 | .30 | .33 |
| Net realized and unrealized gain (loss) | .91 | 1.22 | (.79) |
| Total from investment operations | .98 | 1.52 | (.46) |
| Distributions from net investment income | (.03) | (.28) | (.27) |
| Distributions from net realized gain | – | (.01) | –C |
| Total distributions | (.03) | (.29) | (.27) |
| Net asset value, end of period | $16.45 | $15.50 | $14.27 |
| Total ReturnD,E | 6.31% | 10.74% | (3.07)% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10%H | .09% | .05%H |
| Expenses net of fee waivers, if any | .07%H | .05% | .02%H |
| Expenses net of all reductions | .07%H | .05% | .02%H |
| Net investment income (loss) | .92%H | 2.02% | 3.08%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $1,674,447 | $1,456,538 | $792,922 |
| Portfolio turnover rateG | 8%H | 18% | 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 52.5 | 53.4 |
| Fidelity Series Global ex U.S. Index Fund | 23.1 | 23.6 |
| Fidelity U.S. Bond Index Fund Class F | 22.2 | 20.8 |
| Fidelity Commodity Strategy Fund Class F | 1.3 | 0.0 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.9 | 0.9 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.3 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 52.5% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 23.1% |
| | Bond Funds | 22.2% |
| | Inflation-Protected Bond Funds | 0.9% |
| Six months ago |
| | Domestic Equity Funds | 53.4% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 23.6% |
| | Bond Funds | 20.8% |
| | Inflation-Protected Bond Funds | 0.9% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2030 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 52.5% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $1,396,079,926) | | 28,142,098 | 2,060,564,396 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $50,629,369) | | 5,063,009 | 51,338,911 |
|
| International Equity Funds - 23.1% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $771,653,840) | | 69,880,118 | 905,646,332 |
|
| Bond Funds - 22.2% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $869,558,100) | | 74,829,008 | 870,261,360 |
|
| Inflation-Protected Bond Funds - 0.9% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | | |
| (Cost $38,332,364) | | 3,841,374 | 37,991,184 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $3,126,253,599) | | | 3,925,802,183 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (279,566) |
| NET ASSETS - 100% | | | $3,925,522,617 |
Legend
(a) Affiliated Fund
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $50,847,779 | $215,541 | $49,382 | $(2,869) | $709,542 | $51,338,911 |
| Fidelity Series Commodity Strategy Fund | -- | 47,997 | 47,997 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 43,571,213 | 1,961,512 | 44,454,013 | -- | (10,572,992) | 9,494,280 | -- |
| Fidelity Series Global ex U.S. Index Fund | 792,553,531 | 74,363,463 | 59,437,318 | -- | 3,215,653 | 94,951,003 | 905,646,332 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 2,772,731 | 15,745 | 9,993 | 123 | (341,180) | 37,991,184 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 29,506,106 | 5,826,892 | 146,226 | 13,522 | 463 | 388,020 | -- |
| Fidelity Total Market Index Fund Class F | 1,794,616,069 | 178,070,205 | 49,294,318 | 5,156,573 | 246,101 | 136,926,339 | 2,060,564,396 |
| Fidelity U.S. Bond Index Fund Class F | 699,371,055 | 167,900,657 | 3,743,739 | 9,519,344 | 42,707 | 6,690,680 | 870,261,360 |
| Total | $3,359,617,974 | $481,791,236 | $157,354,897 | $14,748,814 | $(7,070,814) | $248,818,684 | $3,925,802,183 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $3,126,253,599) — See accompanying schedule | | $3,925,802,183 |
| Cash | | 1 |
| Receivable for investments sold | | 24,623,216 |
| Receivable for fund shares sold | | 7,161,659 |
| Receivable from affiliate for expense reductions | | 108,234 |
| Total assets | | 3,957,695,293 |
| Liabilities | | |
| Payable for investments purchased | $30,606,185 | |
| Payable for fund shares redeemed | 1,178,685 | |
| Transfer agent fees payable | 387,806 | |
| Total liabilities | | 32,172,676 |
| Net Assets | | $3,925,522,617 |
| Net Assets consist of: | | |
| Paid in capital | | $3,137,500,479 |
| Undistributed net investment income | | 12,733,211 |
| Accumulated undistributed net realized gain (loss) on investments | | (24,259,657) |
| Net unrealized appreciation (depreciation) on investments | | 799,548,584 |
| Net Assets | | $3,925,522,617 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($1,597,612,862 ÷ 92,734,976 shares) | | $17.23 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($2,327,909,755 ÷ 135,120,532 shares) | | $17.23 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $14,748,814 |
| Expenses | | |
| Transfer agent fees | $2,185,216 | |
| Independent trustees' fees and expenses | 6,433 | |
| Total expenses before reductions | 2,191,649 | |
| Expense reductions | (618,048) | 1,573,601 |
| Net investment income (loss) | | 13,175,213 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (7,070,814) | |
| Capital gain distributions from underlying funds | 2,821,709 | |
| Total net realized gain (loss) | | (4,249,105) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 248,818,684 |
| Net gain (loss) | | 244,569,579 |
| Net increase (decrease) in net assets resulting from operations | | $257,744,792 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $13,175,213 | $59,114,331 |
| Net realized gain (loss) | (4,249,105) | 9,687,272 |
| Change in net unrealized appreciation (depreciation) | 248,818,684 | 289,603,263 |
| Net increase (decrease) in net assets resulting from operations | 257,744,792 | 358,404,866 |
| Distributions to shareholders from net investment income | (3,865,086) | (57,869,689) |
| Distributions to shareholders from net realized gain | – | (1,383,530) |
| Total distributions | (3,865,086) | (59,253,219) |
| Share transactions - net increase (decrease) | 312,261,407 | 579,864,862 |
| Total increase (decrease) in net assets | 566,141,113 | 879,016,509 |
| Net Assets | | |
| Beginning of period | 3,359,381,504 | 2,480,364,995 |
| End of period | $3,925,522,617 | $3,359,381,504 |
| Other Information | | |
| Undistributed net investment income end of period | $12,733,211 | $3,423,084 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2030 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $16.07 | $14.49 | $15.15 | $14.62 | $13.10 | $12.28 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .06 | .31 | .26 | .30 | .25 | .24 |
| Net realized and unrealized gain (loss) | 1.12 | 1.57 | (.63) | .73 | 1.29 | .83 |
| Total from investment operations | 1.18 | 1.88 | (.37) | 1.03 | 1.54 | 1.07 |
| Distributions from net investment income | (.02) | (.29) | (.29) | (.48) | (.01) | (.21) |
| Distributions from net realized gain | – | (.01) | –B | (.02) | (.01) | (.03) |
| Total distributions | (.02) | (.30) | (.29) | (.50) | (.02) | (.25)C |
| Net asset value, end of period | $17.23 | $16.07 | $14.49 | $15.15 | $14.62 | $13.10 |
| Total ReturnD,E | 7.33% | 13.07% | (2.44)% | 7.16% | 11.80% | 8.80% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .15%H | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%H | .10% | .08% | .08% | .08% | .10% |
| Expenses net of all reductions | .12%H | .10% | .08% | .08% | .08% | .10% |
| Net investment income (loss) | .70%H | 2.03% | 1.75% | 1.99% | 1.84% | 1.90% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,597,613 | $1,333,880 | $1,315,200 | $2,224,676 | $1,704,216 | $1,203,044 |
| Portfolio turnover rateG | 9%H | 13% | 13% | 12% | 32% | 10% |
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 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. Expenses net of fee waivers reflect expenses after reimbursement by 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 Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $16.07 | $14.49 | $15.44 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .06 | .32 | .38 |
| Net realized and unrealized gain (loss) | 1.12 | 1.57 | (1.04) |
| Total from investment operations | 1.18 | 1.89 | (.66) |
| Distributions from net investment income | (.02) | (.30) | (.29) |
| Distributions from net realized gain | – | (.01) | –C |
| Total distributions | (.02) | (.31) | (.29) |
| Net asset value, end of period | $17.23 | $16.07 | $14.49 |
| Total ReturnD,E | 7.34% | 13.13% | (4.28)% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10%H | .09% | .05%H |
| Expenses net of fee waivers, if any | .07%H | .05% | .02%H |
| Expenses net of all reductions | .07%H | .05% | .02%H |
| Net investment income (loss) | .75%H | 2.08% | 3.54%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $2,327,910 | $2,025,502 | $1,165,165 |
| Portfolio turnover rateG | 9%H | 13% | 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 60.6 | 61.0 |
| Fidelity Series Global ex U.S. Index Fund | 26.6 | 26.9 |
| Fidelity U.S. Bond Index Fund Class F | 11.4 | 10.7 |
| Fidelity Commodity Strategy Fund Class F | 1.3 | 0.0 |
| Fidelity Series Inflation-Protected Bond Index Fund | 0.1 | 0.1 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.3 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 60.6% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 26.6% |
| | Bond Funds | 11.4% |
| | Inflation-Protected Bond Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 61.0% |
| | Commodity Funds | 1.3% |
| | International Equity Funds | 26.9% |
| | Bond Funds | 10.7% |
| | Inflation-Protected Bond Funds | 0.1% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2035 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 60.6% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $1,056,244,288) | | 20,486,737 | 1,500,038,913 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $32,362,700) | | 3,235,821 | 32,811,226 |
|
| International Equity Funds - 26.6% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $562,170,145) | | 50,711,279 | 657,218,171 |
|
| Bond Funds - 11.4% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $279,956,310) | | 24,140,084 | 280,749,181 |
|
| Inflation-Protected Bond Funds - 0.1% | | | |
| Fidelity Series Inflation-Protected Bond Index Fund (a) | | | |
| (Cost $3,607,857) | | 365,313 | 3,612,947 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $1,934,341,300) | | | 2,474,430,438 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (181,134) |
| NET ASSETS - 100% | | | $2,474,249,304 |
Legend
(a) Affiliated Fund
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $32,572,113 | $206,762 | $79,152 | $(2,651) | $448,526 | $32,811,226 |
| Fidelity Series Commodity Strategy Fund | -- | 50,058 | 50,058 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 27,431,702 | 1,847,169 | 28,593,314 | -- | (6,070,487) | 5,384,930 | -- |
| Fidelity Series Global ex U.S. Index Fund | 555,421,072 | 68,093,004 | 35,988,374 | -- | 2,249,979 | 67,442,490 | 657,218,171 |
| Fidelity Series Inflation-Protected Bond Index Fund | -- | 738,900 | 1,553 | 860 | 9 | 5,090 | 3,612,947 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 1,396,593 | 1,495,740 | 18,500 | 901 | 71 | (3,403) | -- |
| Fidelity Total Market Index Fund Class F | 1,261,394,419 | 167,974,157 | 27,497,179 | 3,634,524 | 44,817 | 98,122,699 | 1,500,038,913 |
| Fidelity U.S. Bond Index Fund Class F | 221,059,905 | 59,534,922 | 1,977,123 | 3,035,743 | 20,871 | 2,110,606 | 280,749,181 |
| Total | $2,066,703,691 | $332,306,063 | $94,332,863 | $6,751,180 | $(3,757,391) | $173,510,938 | $2,474,430,438 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,934,341,300) — See accompanying schedule | | $2,474,430,438 |
| Cash | | 1 |
| Receivable for investments sold | | 8,245,893 |
| Receivable for fund shares sold | | 3,269,154 |
| Receivable from affiliate for expense reductions | | 68,506 |
| Total assets | | 2,486,013,992 |
| Liabilities | | |
| Payable for investments purchased | $10,098,975 | |
| Payable for fund shares redeemed | 1,416,070 | |
| Transfer agent fees payable | 249,643 | |
| Total liabilities | | 11,764,688 |
| Net Assets | | $2,474,249,304 |
| Net Assets consist of: | | |
| Paid in capital | | $1,943,062,005 |
| Undistributed net investment income | | 5,536,414 |
| Accumulated undistributed net realized gain (loss) on investments | | (14,438,253) |
| Net unrealized appreciation (depreciation) on investments | | 540,089,138 |
| Net Assets | | $2,474,249,304 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($1,145,908,516 ÷ 63,123,373 shares) | | $18.15 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($1,328,340,788 ÷ 73,144,925 shares) | | $18.16 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $6,751,180 |
| Expenses | | |
| Transfer agent fees | $1,390,929 | |
| Independent trustees' fees and expenses | 3,981 | |
| Total expenses before reductions | 1,394,910 | |
| Expense reductions | (385,179) | 1,009,731 |
| Net investment income (loss) | | 5,741,449 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (3,757,391) | |
| Capital gain distributions from underlying funds | 1,936,625 | |
| Total net realized gain (loss) | | (1,820,766) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 173,510,938 |
| Net gain (loss) | | 171,690,172 |
| Net increase (decrease) in net assets resulting from operations | | $177,431,621 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,741,449 | $35,229,689 |
| Net realized gain (loss) | (1,820,766) | 7,160,040 |
| Change in net unrealized appreciation (depreciation) | 173,510,938 | 200,174,805 |
| Net increase (decrease) in net assets resulting from operations | 177,431,621 | 242,564,534 |
| Distributions to shareholders from net investment income | (764,883) | (34,907,392) |
| Distributions to shareholders from net realized gain | – | (913,937) |
| Total distributions | (764,883) | (35,821,329) |
| Share transactions - net increase (decrease) | 231,029,076 | 397,733,882 |
| Total increase (decrease) in net assets | 407,695,814 | 604,477,087 |
| Net Assets | | |
| Beginning of period | 2,066,553,490 | 1,462,076,403 |
| End of period | $2,474,249,304 | $2,066,553,490 |
| Other Information | | |
| Undistributed net investment income end of period | $5,536,414 | $559,848 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2035 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $16.79 | $14.91 | $15.67 | $15.11 | $13.32 | $12.40 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .32 | .27 | .31 | .25 | .24 |
| Net realized and unrealized gain (loss) | 1.33 | 1.87 | (.73) | .77 | 1.55 | .91 |
| Total from investment operations | 1.37 | 2.19 | (.46) | 1.08 | 1.80 | 1.15 |
| Distributions from net investment income | (.01) | (.30) | (.30) | (.51) | (.01) | (.22) |
| Distributions from net realized gain | – | (.01) | –B | (.01) | –B | (.02) |
| Total distributions | (.01) | (.31) | (.30) | (.52) | (.01) | (.23)C |
| Net asset value, end of period | $18.15 | $16.79 | $14.91 | $15.67 | $15.11 | $13.32 |
| Total ReturnD,E | 8.13% | 14.81% | (2.93)% | 7.25% | 13.56% | 9.44% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .15%H | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%H | .10% | .08% | .08% | .08% | .09% |
| Expenses net of all reductions | .12%H | .10% | .08% | .08% | .08% | .09% |
| Net investment income (loss) | .48%H | 2.02% | 1.79% | 2.02% | 1.79% | 1.91% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,145,909 | $936,458 | $880,845 | $1,282,091 | $1,000,962 | $689,033 |
| Portfolio turnover rateG | 8%H | 13% | 11% | 13% | 25% | 8% |
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 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. Expenses net of fee waivers reflect expenses after reimbursement by 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 Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $16.80 | $14.92 | $16.03 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .05 | .33 | .39 |
| Net realized and unrealized gain (loss) | 1.32 | 1.87 | (1.20) |
| Total from investment operations | 1.37 | 2.20 | (.81) |
| Distributions from net investment income | (.01) | (.31) | (.30) |
| Distributions from net realized gain | – | (.01) | –C |
| Total distributions | (.01) | (.32) | (.30) |
| Net asset value, end of period | $18.16 | $16.80 | $14.92 |
| Total ReturnD,E | 8.14% | 14.87% | (5.04)% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10%H | .09% | .05%H |
| Expenses net of fee waivers, if any | .07%H | .05% | .01%H |
| Expenses net of all reductions | .07%H | .05% | .01%H |
| Net investment income (loss) | .53%H | 2.07% | 3.53%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $1,328,341 | $1,130,096 | $581,231 |
| Portfolio turnover rateG | 8%H | 13% | 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 61.7 | 61.6 |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.1 |
| Fidelity U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Fidelity Commodity Strategy Fund Class F | 1.3 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.3 |
| | 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 | 1.3% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2040 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $1,178,925,602) | | 23,170,817 | 1,696,567,224 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $36,644,924) | | 3,663,817 | 37,151,107 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $633,501,350) | | 57,331,955 | 743,022,142 |
|
| Bond Funds - 10.0% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $274,805,491) | | 23,662,374 | 275,193,412 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $2,123,877,367) | | | 2,751,933,885 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (193,546) |
| NET ASSETS - 100% | | | $2,751,740,339 |
Legend
(a) Affiliated Fund
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $36,863,710 | $216,176 | $88,738 | $(2,610) | $506,183 | $37,151,107 |
| Fidelity Series Commodity Strategy Fund | -- | 29,966 | 29,966 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 31,172,985 | 1,899,466 | 32,296,507 | -- | (7,378,609) | 6,602,665 | -- |
| Fidelity Series Global ex U.S. Index Fund | 633,792,887 | 67,163,523 | 37,104,067 | -- | 2,107,575 | 77,062,224 | 743,022,142 |
| Fidelity Total Market Index Fund Class F | 1,439,197,740 | 166,913,982 | 20,885,969 | 4,137,177 | 23,602 | 111,317,869 | 1,696,567,224 |
| Fidelity U.S. Bond Index Fund Class F | 234,077,876 | 42,143,761 | 3,285,710 | 3,108,575 | 37,485 | 2,220,000 | 275,193,412 |
| Total | $2,338,241,488 | $315,014,408 | $93,818,395 | $7,334,490 | $(5,212,557) | $197,708,941 | $2,751,933,885 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $2,123,877,367) — See accompanying schedule | | $2,751,933,885 |
| Cash | | 3 |
| Receivable for investments sold | | 5,798,284 |
| Receivable for fund shares sold | | 3,862,509 |
| Receivable from affiliate for expense reductions | | 76,294 |
| Total assets | | 2,761,670,975 |
| Liabilities | | |
| Payable for investments purchased | $9,092,892 | |
| Payable for fund shares redeemed | 567,894 | |
| Transfer agent fees payable | 269,850 | |
| Total liabilities | | 9,930,636 |
| Net Assets | | $2,751,740,339 |
| Net Assets consist of: | | |
| Paid in capital | | $2,132,061,320 |
| Undistributed net investment income | | 5,984,833 |
| Accumulated undistributed net realized gain (loss) on investments | | (14,362,332) |
| Net unrealized appreciation (depreciation) on investments | | 628,056,518 |
| Net Assets | | $2,751,740,339 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($1,080,654,741 ÷ 59,116,265 shares) | | $18.28 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($1,671,085,598 ÷ 91,436,856 shares) | | $18.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $7,334,490 |
| Expenses | | |
| Transfer agent fees | $1,516,984 | |
| Independent trustees' fees and expenses | 4,484 | |
| Total expenses before reductions | 1,521,468 | |
| Expense reductions | (432,643) | 1,088,825 |
| Net investment income (loss) | | 6,245,665 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (5,212,557) | |
| Capital gain distributions from underlying funds | 2,204,459 | |
| Total net realized gain (loss) | | (3,008,098) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 197,708,941 |
| Net gain (loss) | | 194,700,843 |
| Net increase (decrease) in net assets resulting from operations | | $200,946,508 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $6,245,665 | $41,053,973 |
| Net realized gain (loss) | (3,008,098) | 6,925,856 |
| Change in net unrealized appreciation (depreciation) | 197,708,941 | 234,740,002 |
| Net increase (decrease) in net assets resulting from operations | 200,946,508 | 282,719,831 |
| Distributions to shareholders from net investment income | (876,541) | (40,761,925) |
| Distributions to shareholders from net realized gain | – | (1,041,933) |
| Total distributions | (876,541) | (41,803,858) |
| Share transactions - net increase (decrease) | 213,592,799 | 356,188,582 |
| Total increase (decrease) in net assets | 413,662,766 | 597,104,555 |
| Net Assets | | |
| Beginning of period | 2,338,077,573 | 1,740,973,018 |
| End of period | $2,751,740,339 | $2,338,077,573 |
| Other Information | | |
| Undistributed net investment income end of period | $5,984,833 | $615,709 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2040 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $16.90 | $15.00 | $15.76 | $15.18 | $13.36 | $12.42 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .32 | .26 | .31 | .25 | .24 |
| Net realized and unrealized gain (loss) | 1.35 | 1.90 | (.72) | .78 | 1.58 | .93 |
| Total from investment operations | 1.39 | 2.22 | (.46) | 1.09 | 1.83 | 1.17 |
| Distributions from net investment income | (.01) | (.31) | (.30) | (.50) | (.01) | (.21) |
| Distributions from net realized gain | – | (.01) | –B | –B | –B | (.02) |
| Total distributions | (.01) | (.32) | (.30) | (.51)C | (.01) | (.23) |
| Net asset value, end of period | $18.28 | $16.90 | $15.00 | $15.76 | $15.18 | $13.36 |
| Total ReturnD,E | 8.20% | 14.90% | (2.91)% | 7.27% | 13.72% | 9.59% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .15%H | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%H | .10% | .08% | .08% | .08% | .09% |
| Expenses net of all reductions | .12%H | .10% | .08% | .08% | .08% | .09% |
| Net investment income (loss) | .46%H | 2.02% | 1.70% | 1.99% | 1.78% | 1.93% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,080,655 | $900,067 | $910,880 | $1,511,298 | $1,179,249 | $810,449 |
| Portfolio turnover rateG | 7%H | 13% | 9% | 12% | 26% | 8% |
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 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. Expenses net of fee waivers reflect expenses after reimbursement by 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 Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $16.89 | $15.00 | $16.12 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .04 | .33 | .41 |
| Net realized and unrealized gain (loss) | 1.36 | 1.89 | (1.22) |
| Total from investment operations | 1.40 | 2.22 | (.81) |
| Distributions from net investment income | (.01) | (.32) | (.30) |
| Distributions from net realized gain | – | (.01) | –C |
| Total distributions | (.01) | (.33) | (.31)D |
| Net asset value, end of period | $18.28 | $16.89 | $15.00 |
| Total ReturnE,F | 8.27% | 14.90% | (5.06)% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .10%I | .09% | .05%I |
| Expenses net of fee waivers, if any | .07%I | .05% | .01%I |
| Expenses net of all reductions | .07%I | .05% | .01%I |
| Net investment income (loss) | .51%I | 2.07% | 3.69%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $1,671,086 | $1,438,010 | $830,093 |
| Portfolio turnover rateH | 7%I | 13% | 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 $.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 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 61.7 | 61.6 |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.1 |
| Fidelity U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Fidelity Commodity Strategy Fund Class F | 1.3 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.3 |
| | 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 | 1.3% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2045 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $723,486,394) | | 13,598,550 | 995,685,812 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $21,505,577) | | 2,150,231 | 21,803,339 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $373,550,563) | | 33,647,128 | 436,066,779 |
|
| Bond Funds - 10.0% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $161,600,228) | | 13,887,035 | 161,506,219 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $1,280,142,762) | | | 1,615,062,149 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (117,153) |
| NET ASSETS - 100% | | | $1,614,944,996 |
Legend
(a) Affiliated Fund
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $21,595,472 | $88,882 | $51,999 | $(1,013) | $297,762 | $21,803,339 |
| Fidelity Series Commodity Strategy Fund | -- | 42,799 | 42,799 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 17,699,726 | 1,367,232 | 18,623,173 | -- | (3,804,690) | 3,360,905 | -- |
| Fidelity Series Global ex U.S. Index Fund | 359,862,868 | 51,447,736 | 21,046,359 | -- | 1,291,293 | 44,511,241 | 436,066,779 |
| Fidelity Total Market Index Fund Class F | 817,164,822 | 122,766,114 | 9,018,914 | 2,353,293 | 16,341 | 64,757,449 | 995,685,812 |
| Fidelity U.S. Bond Index Fund Class F | 132,906,550 | 28,972,459 | 1,658,854 | 1,802,429 | 19,752 | 1,266,312 | 161,506,219 |
| Total | $1,327,633,966 | $226,191,812 | $50,478,981 | $4,207,721 | $(2,478,317) | $114,193,669 | $1,615,062,149 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,280,142,762) — See accompanying schedule | | $1,615,062,149 |
| Cash | | 2 |
| Receivable for investments sold | | 2,971,787 |
| Receivable for fund shares sold | | 3,349,029 |
| Receivable from affiliate for expense reductions | | 44,740 |
| Total assets | | 1,621,427,707 |
| Liabilities | | |
| Payable for investments purchased | $5,662,301 | |
| Payable for fund shares redeemed | 658,511 | |
| Transfer agent fees payable | 161,899 | |
| Total liabilities | | 6,482,711 |
| Net Assets | | $1,614,944,996 |
| Net Assets consist of: | | |
| Paid in capital | | $1,284,371,283 |
| Undistributed net investment income | | 3,369,463 |
| Accumulated undistributed net realized gain (loss) on investments | | (7,715,137) |
| Net unrealized appreciation (depreciation) on investments | | 334,919,387 |
| Net Assets | | $1,614,944,996 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($725,197,634 ÷ 39,381,518 shares) | | $18.41 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($889,747,362 ÷ 48,304,544 shares) | | $18.42 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $4,207,721 |
| Expenses | | |
| Transfer agent fees | $900,786 | |
| Independent trustees' fees and expenses | 2,584 | |
| Total expenses before reductions | 903,370 | |
| Expense reductions | (250,943) | 652,427 |
| Net investment income (loss) | | 3,555,294 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (2,478,317) | |
| Capital gain distributions from underlying funds | 1,253,932 | |
| Total net realized gain (loss) | | (1,224,385) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 114,193,669 |
| Net gain (loss) | | 112,969,284 |
| Net increase (decrease) in net assets resulting from operations | | $116,524,578 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,555,294 | $22,959,679 |
| Net realized gain (loss) | (1,224,385) | 3,212,741 |
| Change in net unrealized appreciation (depreciation) | 114,193,669 | 130,690,741 |
| Net increase (decrease) in net assets resulting from operations | 116,524,578 | 156,863,161 |
| Distributions to shareholders from net investment income | (612,655) | (22,724,189) |
| Distributions to shareholders from net realized gain | (1,118,544) | (574,033) |
| Total distributions | (1,731,199) | (23,298,222) |
| Share transactions - net increase (decrease) | 172,613,312 | 264,415,613 |
| Total increase (decrease) in net assets | 287,406,691 | 397,980,552 |
| Net Assets | | |
| Beginning of period | 1,327,538,305 | 929,557,753 |
| End of period | $1,614,944,996 | $1,327,538,305 |
| Other Information | | |
| Undistributed net investment income end of period | $3,369,463 | $426,824 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2045 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $17.04 | $15.13 | $15.89 | $15.32 | $13.44 | $12.47 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .33 | .28 | .32 | .25 | .25 |
| Net realized and unrealized gain (loss) | 1.35 | 1.90 | (.74) | .77 | 1.64 | .95 |
| Total from investment operations | 1.39 | 2.23 | (.46) | 1.09 | 1.89 | 1.20 |
| Distributions from net investment income | (.01) | (.31) | (.30) | (.51) | (.01) | (.21) |
| Distributions from net realized gain | (.01) | (.01) | –B | (.01) | –B | (.02) |
| Total distributions | (.02) | (.32) | (.30) | (.52) | (.01) | (.23) |
| Net asset value, end of period | $18.41 | $17.04 | $15.13 | $15.89 | $15.32 | $13.44 |
| Total ReturnC,D | 8.16% | 14.87% | (2.88)% | 7.22% | 14.07% | 9.76% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .15%G | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%G | .10% | .08% | .08% | .08% | .09% |
| Expenses net of all reductions | .12%G | .10% | .08% | .08% | .08% | .09% |
| Net investment income (loss) | .46%G | 2.04% | 1.79% | 2.04% | 1.75% | 1.95% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $725,198 | $583,893 | $542,581 | $750,330 | $577,603 | $380,466 |
| Portfolio turnover rateF | 7%G | 15% | 8% | 12% | 22% | 7% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by 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 2045 Fund Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $17.04 | $15.13 | $16.26 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .04 | .34 | .40 |
| Net realized and unrealized gain (loss) | 1.36 | 1.90 | (1.22) |
| Total from investment operations | 1.40 | 2.24 | (.82) |
| Distributions from net investment income | (.01) | (.32) | (.30) |
| Distributions from net realized gain | (.01) | (.01) | –C |
| Total distributions | (.02) | (.33) | (.31)D |
| Net asset value, end of period | $18.42 | $17.04 | $15.13 |
| Total ReturnE,F | 8.24% | 14.94% | (5.08)% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .10%I | .09% | .05%I |
| Expenses net of fee waivers, if any | .07%I | .05% | .01%I |
| Expenses net of all reductions | .07%I | .05% | .01%I |
| Net investment income (loss) | .51%I | 2.09% | 3.56%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $889,747 | $743,645 | $386,977 |
| Portfolio turnover rateH | 7%I | 15% | 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 61.7 | 61.6 |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.1 |
| Fidelity U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Fidelity Commodity Strategy Fund Class F | 1.3 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.3 |
| | 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 | 1.3% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2050 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $676,468,786) | | 12,654,527 | 926,564,485 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $20,011,700) | | 2,000,960 | 20,289,733 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $347,612,332) | | 31,311,317 | 405,794,665 |
|
| Bond Funds - 10.0% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $150,490,193) | | 12,922,987 | 150,294,334 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $1,194,583,011) | | | 1,502,943,217 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (107,274) |
| NET ASSETS - 100% | | | $1,502,835,943 |
Legend
(a) Affiliated Fund
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $20,108,253 | $95,469 | $48,221 | $(1,084) | $278,033 | $20,289,733 |
| Fidelity Series Commodity Strategy Fund | -- | 27,109 | 27,109 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 16,483,646 | 1,195,725 | 17,266,921 | -- | (3,339,977) | 2,927,527 | -- |
| Fidelity Series Global ex U.S. Index Fund | 335,135,964 | 47,653,591 | 19,557,558 | -- | 1,410,832 | 41,151,836 | 405,794,665 |
| Fidelity Total Market Index Fund Class F | 761,017,302 | 115,171,881 | 9,814,534 | 2,190,209 | 4,873 | 60,184,963 | 926,564,485 |
| Fidelity U.S. Bond Index Fund Class F | 123,775,230 | 26,908,354 | 1,584,191 | 1,673,657 | 14,746 | 1,180,195 | 150,294,334 |
| Total | $1,236,412,142 | $211,064,913 | $48,345,782 | $3,912,087 | $(1,910,610) | $105,722,554 | $1,502,943,217 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $1,194,583,011) — See accompanying schedule | | $1,502,943,217 |
| Cash | | 2 |
| Receivable for investments sold | | 2,785,496 |
| Receivable for fund shares sold | | 3,497,948 |
| Receivable from affiliate for expense reductions | | 41,539 |
| Total assets | | 1,509,268,202 |
| Liabilities | | |
| Payable for investments purchased | $5,836,278 | |
| Payable for fund shares redeemed | 447,166 | |
| Transfer agent fees payable | 148,815 | |
| Total liabilities | | 6,432,259 |
| Net Assets | | $1,502,835,943 |
| Net Assets consist of: | | |
| Paid in capital | | $1,200,077,998 |
| Undistributed net investment income | | 3,205,803 |
| Accumulated undistributed net realized gain (loss) on investments | | (8,808,064) |
| Net unrealized appreciation (depreciation) on investments | | 308,360,206 |
| Net Assets | | $1,502,835,943 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($636,731,160 ÷ 34,418,386 shares) | | $18.50 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($866,104,783 ÷ 46,823,263 shares) | | $18.50 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $3,912,087 |
| Expenses | | |
| Transfer agent fees | $827,828 | |
| Independent trustees' fees and expenses | 2,402 | |
| Total expenses before reductions | 830,230 | |
| Expense reductions | (233,023) | 597,207 |
| Net investment income (loss) | | 3,314,880 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,910,610) | |
| Capital gain distributions from underlying funds | 1,167,034 | |
| Total net realized gain (loss) | | (743,576) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 105,722,554 |
| Net gain (loss) | | 104,978,978 |
| Net increase (decrease) in net assets resulting from operations | | $108,293,858 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,314,880 | $22,493,588 |
| Net realized gain (loss) | (743,576) | 2,288,720 |
| Change in net unrealized appreciation (depreciation) | 105,722,554 | 126,545,528 |
| Net increase (decrease) in net assets resulting from operations | 108,293,858 | 151,327,836 |
| Distributions to shareholders from net investment income | (455,327) | (22,369,375) |
| Distributions to shareholders from net realized gain | (3,399,891) | (535,461) |
| Total distributions | (3,855,218) | (22,904,836) |
| Share transactions - net increase (decrease) | 162,074,079 | 186,468,123 |
| Total increase (decrease) in net assets | 266,512,719 | 314,891,123 |
| Net Assets | | |
| Beginning of period | 1,236,323,224 | 921,432,101 |
| End of period | $1,502,835,943 | $1,236,323,224 |
| Other Information | | |
| Undistributed net investment income end of period | $3,205,803 | $346,250 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2050 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $17.14 | $15.24 | $16.01 | $15.42 | $13.51 | $12.53 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .04 | .33 | .28 | .32 | .26 | .25 |
| Net realized and unrealized gain (loss) | 1.37 | 1.91 | (.74) | .78 | 1.66 | .95 |
| Total from investment operations | 1.41 | 2.24 | (.46) | 1.10 | 1.92 | 1.20 |
| Distributions from net investment income | (.01) | (.33) | (.30) | (.50) | (.01) | (.21) |
| Distributions from net realized gain | (.05) | (.01) | –B | (.01) | –B | (.01) |
| Total distributions | (.05)C | (.34) | (.31)D | (.51) | (.01) | (.22) |
| Net asset value, end of period | $18.50 | $17.14 | $15.24 | $16.01 | $15.42 | $13.51 |
| Total ReturnE,F | 8.25% | 14.82% | (2.92)% | 7.25% | 14.21% | 9.75% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .15%I | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%I | .10% | .08% | .08% | .08% | .09% |
| Expenses net of all reductions | .12%I | .10% | .08% | .08% | .08% | .09% |
| Net investment income (loss) | .46%I | 2.06% | 1.80% | 2.02% | 1.79% | 2.02% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $636,731 | $513,543 | $486,444 | $729,639 | $521,672 | $326,221 |
| Portfolio turnover rateH | 7%I | 19% | 7% | 10% | 24% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.05 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.046 per share.
D 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.
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. Expenses net of fee waivers reflect expenses after reimbursement by 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 Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $17.14 | $15.24 | $16.37 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .05 | .34 | .38 |
| Net realized and unrealized gain (loss) | 1.36 | 1.91 | (1.20) |
| Total from investment operations | 1.41 | 2.25 | (.82) |
| Distributions from net investment income | (.01) | (.34) | (.30) |
| Distributions from net realized gain | (.05) | (.01) | –C |
| Total distributions | (.05)D | (.35) | (.31)E |
| Net asset value, end of period | $18.50 | $17.14 | $15.24 |
| Total ReturnF,G | 8.26% | 14.88% | (5.04)% |
| Ratios to Average Net AssetsH,I | | | |
| Expenses before reductions | .10%J | .09% | .05%J |
| Expenses net of fee waivers, if any | .07%J | .05% | .01%J |
| Expenses net of all reductions | .07%J | .05% | .01%J |
| Net investment income (loss) | .51%J | 2.11% | 3.40%J |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $866,105 | $722,781 | $434,989 |
| Portfolio turnover rateI | 7%J | 19% | 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 $.05 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.046 per share.
E 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.
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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.
I Amount does not include the portfolio activity of any Underlying Funds.
J 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 61.7 | 61.6 |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.1 |
| Fidelity U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Fidelity Commodity Strategy Fund Class F | 1.3 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.3 |
| | 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 | 1.3% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2055 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $252,972,893) | | 4,307,704 | 315,410,114 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $6,812,801) | | 681,143 | 6,906,791 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $118,944,437) | | 10,658,628 | 138,135,816 |
|
| Bond Funds - 10.0% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $51,119,161) | | 4,399,090 | 51,161,419 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $429,849,292) | | | 511,614,140 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (37,363) |
| NET ASSETS - 100% | | | $511,576,777 |
Legend
(a) Affiliated Fund
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $6,843,675 | $30,492 | $16,299 | $(382) | $93,990 | $6,906,791 |
| Fidelity Series Commodity Strategy Fund | -- | 18,478 | 18,478 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 5,232,629 | 583,902 | 5,683,255 | -- | (448,404) | 315,128 | -- |
| Fidelity Series Global ex U.S. Index Fund | 106,382,632 | 23,764,231 | 6,016,327 | -- | 338,462 | 13,666,818 | 138,135,816 |
| Fidelity Total Market Index Fund Class F | 241,573,831 | 56,488,392 | 2,663,110 | 700,899 | 631 | 20,010,370 | 315,410,114 |
| Fidelity U.S. Bond Index Fund Class F | 39,289,946 | 11,857,830 | 366,214 | 552,357 | 4,588 | 375,269 | 51,161,419 |
| Total | $392,479,038 | $99,556,508 | $14,777,876 | $1,269,555 | $(105,105) | $34,461,575 | $511,614,140 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $429,849,292) — See accompanying schedule | | $511,614,140 |
| Receivable for investments sold | | 739,746 |
| Receivable for fund shares sold | | 1,405,340 |
| Receivable from affiliate for expense reductions | | 14,071 |
| Total assets | | 513,773,297 |
| Liabilities | | |
| Payable for investments purchased | $2,027,690 | |
| Payable for fund shares redeemed | 117,395 | |
| Transfer agent fees payable | 51,435 | |
| Total liabilities | | 2,196,520 |
| Net Assets | | $511,576,777 |
| Net Assets consist of: | | |
| Paid in capital | | $430,611,066 |
| Undistributed net investment income | | 1,075,846 |
| Accumulated undistributed net realized gain (loss) on investments | | (1,874,983) |
| Net unrealized appreciation (depreciation) on investments | | 81,764,848 |
| Net Assets | | $511,576,777 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($242,416,851 ÷ 16,586,330 shares) | | $14.62 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($269,159,926 ÷ 18,402,654 shares) | | $14.63 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $1,269,555 |
| Expenses | | |
| Transfer agent fees | $279,025 | |
| Independent trustees' fees and expenses | 784 | |
| Total expenses before reductions | 279,809 | |
| Expense reductions | (76,994) | 202,815 |
| Net investment income (loss) | | 1,066,740 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (105,105) | |
| Capital gain distributions from underlying funds | 373,468 | |
| Total net realized gain (loss) | | 268,363 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 34,461,575 |
| Net gain (loss) | | 34,729,938 |
| Net increase (decrease) in net assets resulting from operations | | $35,796,678 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,066,740 | $7,753,009 |
| Net realized gain (loss) | 268,363 | 183,572 |
| Change in net unrealized appreciation (depreciation) | 34,461,575 | 41,108,953 |
| Net increase (decrease) in net assets resulting from operations | 35,796,678 | 49,045,534 |
| Distributions to shareholders from net investment income | (62,616) | (7,681,288) |
| Distributions to shareholders from net realized gain | (698,172) | (531,576) |
| Total distributions | (760,788) | (8,212,864) |
| Share transactions - net increase (decrease) | 84,091,408 | 66,070,779 |
| Total increase (decrease) in net assets | 119,127,298 | 106,903,449 |
| Net Assets | | |
| Beginning of period | 392,449,479 | 285,546,030 |
| End of period | $511,576,777 | $392,449,479 |
| Other Information | | |
| Undistributed net investment income end of period | $1,075,846 | $71,722 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2055 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | | | |
| | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $13.53 | $12.06 | $12.71 | $12.07 | $10.67 | $9.86 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .28 | .25 | .26 | .21 | .21 |
| Net realized and unrealized gain (loss) | 1.08 | 1.50 | (.63) | .62 | 1.36 | .77 |
| Total from investment operations | 1.11 | 1.78 | (.38) | .88 | 1.57 | .98 |
| Distributions from net investment income | –B | (.29) | (.24)C | (.24) | (.17) | (.16) |
| Distributions from net realized gain | (.02) | (.02) | (.01)C | – | –B | (.01) |
| Tax return of capital | – | – | (.02) | – | – | – |
| Total distributions | (.02) | (.31) | (.27) | (.24) | (.17) | (.17) |
| Net asset value, end of period | $14.62 | $13.53 | $12.06 | $12.71 | $12.07 | $10.67 |
| Total ReturnD,E | 8.24% | 14.90% | (2.96)% | 7.27% | 14.76% | 10.05% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .15%H | .15% | .15% | .15% | .15% | .15% |
| Expenses net of fee waivers, if any | .12%H | .10% | .08% | .08% | .08% | .09% |
| Expenses net of all reductions | .12%H | .10% | .08% | .08% | .08% | .09% |
| Net investment income (loss) | .45%H | 2.18% | 2.03% | 2.10% | 1.82% | 2.06% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $242,417 | $181,697 | $150,332 | $183,117 | $88,084 | $30,205 |
| Portfolio turnover rateG | 7%H | 33% | 7% | 8% | 21% | 19% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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. Expenses net of fee waivers reflect expenses after reimbursement by 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 2055 Fund Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $13.54 | $12.06 | $13.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .03 | .28 | .23 |
| Net realized and unrealized gain (loss) | 1.09 | 1.51 | (.89) |
| Total from investment operations | 1.12 | 1.79 | (.66) |
| Distributions from net investment income | –C | (.29) | (.25)D |
| Distributions from net realized gain | (.02) | (.02) | (.01)D |
| Tax return of capital | – | – | (.02) |
| Total distributions | (.03)E | (.31) | (.28) |
| Net asset value, end of period | $14.63 | $13.54 | $12.06 |
| Total ReturnF,G | 8.25% | 14.98% | (5.11)% |
| Ratios to Average Net AssetsH,I | | | |
| Expenses before reductions | .10%J | .09% | .05%J |
| Expenses net of fee waivers, if any | .07%J | .05% | .01%J |
| Expenses net of all reductions | .07%J | .05% | .01%J |
| Net investment income (loss) | .50%J | 2.23% | 2.63%J |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $269,160 | $210,752 | $135,214 |
| Portfolio turnover rateI | 7%J | 33% | 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 The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions of $.03 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.023 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment 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.
I Amount does not include the portfolio activity of any Underlying Funds.
J 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.
Top Holdings as of September 30, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Fidelity Total Market Index Fund Class F | 61.7 | 61.6 |
| Fidelity Series Global ex U.S. Index Fund | 27.0 | 27.1 |
| Fidelity U.S. Bond Index Fund Class F | 10.0 | 10.0 |
| Fidelity Commodity Strategy Fund Class F | 1.3 | 0.0 |
| Fidelity Series Commodity Strategy Fund Class F | 0.0 | 1.3 |
| | 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 | 1.3% |
| | International Equity Funds | 27.1% |
| | Bond Funds | 10.0% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity Freedom® Index 2060 Fund
Investments September 30, 2017 (Unaudited)
Showing Percentage of Net Assets
| Domestic Equity Funds - 61.7% | | | |
| | | Shares | Value |
| Fidelity Total Market Index Fund Class F (a) | | | |
| (Cost $56,839,163) | | 884,586 | 64,769,394 |
|
| Commodity Funds - 1.3% | | | |
| Fidelity Commodity Strategy Fund Class F (a) | | | |
| (Cost $1,399,135) | | 139,873 | 1,418,308 |
|
| International Equity Funds - 27.0% | | | |
| Fidelity Series Global ex U.S. Index Fund (a) | | | |
| (Cost $24,546,245) | | 2,188,747 | 28,366,158 |
|
| Bond Funds - 10.0% | | | |
| Fidelity U.S. Bond Index Fund Class F (a) | | | |
| (Cost $10,511,075) | | 903,352 | 10,505,989 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $93,295,618) | | | 105,059,849 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (7,868) |
| NET ASSETS - 100% | | | $105,051,981 |
Legend
(a) Affiliated Fund
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Fidelity Commodity Strategy Fund Class F | $-- | $1,405,106 | $5,886 | $3,325 | $(85) | $19,173 | $1,418,308 |
| Fidelity Series Commodity Strategy Fund | -- | 10,489 | 10,489 | -- | -- | -- | -- |
| Fidelity Series Commodity Strategy Fund Class F | 886,569 | 152,173 | 1,015,851 | -- | (7,963) | (14,928) | -- |
| Fidelity Series Global ex U.S. Index Fund | 18,024,136 | 8,466,576 | 716,511 | -- | 25,170 | 2,566,787 | 28,366,158 |
| Fidelity Total Market Index Fund Class F | 40,929,514 | 20,843,122 | 836,087 | 119,522 | (10,843) | 3,843,688 | 64,769,394 |
| Fidelity U.S. Bond Index Fund Class F | 6,656,264 | 3,907,761 | 121,512 | 103,432 | 1,023 | 62,453 | 10,505,989 |
| Total | $66,496,483 | $34,785,227 | $2,706,336 | $226,279 | $7,302 | $6,477,173 | $105,059,849 |
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
| | | September 30, 2017 (Unaudited) |
| Assets | | |
| Investment in securities, at value (cost $93,295,618) — See accompanying schedule | | $105,059,849 |
| Cash | | 1 |
| Receivable for investments sold | | 97,546 |
| Receivable for fund shares sold | | 507,922 |
| Receivable from affiliate for expense reductions | | 2,854 |
| Total assets | | 105,668,172 |
| Liabilities | | |
| Payable for investments purchased | $474,388 | |
| Payable for fund shares redeemed | 131,084 | |
| Transfer agent fees payable | 10,719 | |
| Total liabilities | | 616,191 |
| Net Assets | | $105,051,981 |
| Net Assets consist of: | | |
| Paid in capital | | $93,434,777 |
| Undistributed net investment income | | 185,286 |
| Accumulated undistributed net realized gain (loss) on investments | | (332,313) |
| Net unrealized appreciation (depreciation) on investments | | 11,764,231 |
| Net Assets | | $105,051,981 |
| Investor Class: | | |
| Net Asset Value, offering price and redemption price per share ($56,814,845 ÷ 4,774,417 shares) | | $11.90 |
| Institutional Premium Class: | | |
| Net Asset Value, offering price and redemption price per share ($48,237,136 ÷ 4,052,313 shares) | | $11.90 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended September 30, 2017 (Unaudited) |
| Investment Income | | |
| Income distributions from underlying funds | | $226,279 |
| Expenses | | |
| Transfer agent fees | $53,988 | |
| Independent trustees' fees and expenses | 142 | |
| Total expenses before reductions | 54,130 | |
| Expense reductions | (14,443) | 39,687 |
| Net investment income (loss) | | 186,592 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 7,302 | |
| Capital gain distributions from underlying funds | 63,686 | |
| Total net realized gain (loss) | | 70,988 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 6,477,173 |
| Net gain (loss) | | 6,548,161 |
| Net increase (decrease) in net assets resulting from operations | | $6,734,753 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended September 30, 2017 (Unaudited) | Year ended March 31, 2017 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $186,592 | $1,105,694 |
| Net realized gain (loss) | 70,988 | 15,075 |
| Change in net unrealized appreciation (depreciation) | 6,477,173 | 5,399,937 |
| Net increase (decrease) in net assets resulting from operations | 6,734,753 | 6,520,706 |
| Distributions to shareholders from net investment income | (25,089) | (1,092,289) |
| Distributions to shareholders from net realized gain | (298,835) | (118,789) |
| Total distributions | (323,924) | (1,211,078) |
| Share transactions - net increase (decrease) | 32,149,803 | 34,659,327 |
| Total increase (decrease) in net assets | 38,560,632 | 39,968,955 |
| Net Assets | | |
| Beginning of period | 66,491,349 | 26,522,394 |
| End of period | $105,051,981 | $66,491,349 |
| Other Information | | |
| Undistributed net investment income end of period | $185,286 | $23,783 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Freedom Index 2060 Fund Investor Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | | |
| | 2017 | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.04 | $9.85 | $10.33 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .02 | .25 | .25 | .09 |
| Net realized and unrealized gain (loss) | .89 | 1.19 | (.55) | .40 |
| Total from investment operations | .91 | 1.44 | (.30) | .49 |
| Distributions from net investment income | –C | (.22) | (.18) | (.16) |
| Distributions from net realized gain | (.05) | (.03) | –C | –C |
| Total distributions | (.05) | (.25) | (.18) | (.16) |
| Net asset value, end of period | $11.90 | $11.04 | $9.85 | $10.33 |
| Total ReturnD,E | 8.26% | 14.80% | (2.94)% | 4.90% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .15%H | .15% | .15% | .15%H |
| Expenses net of fee waivers, if any | .12%H | .11% | .08% | .09%H |
| Expenses net of all reductions | .12%H | .11% | .08% | .09%H |
| Net investment income (loss) | .42%H | 2.41% | 2.57% | 1.35%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $56,815 | $38,013 | $16,979 | $3,660 |
| Portfolio turnover rateG | 6%H | 41% | 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.
Fidelity Freedom Index 2060 Fund Institutional Premium Class
| | Six months ended (Unaudited) September 30, | Years ended March 31, | |
| | 2017 | 2017 | 2016 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.05 | $9.85 | $10.56 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .03 | .26 | .13 |
| Net realized and unrealized gain (loss) | .87 | 1.19 | (.66) |
| Total from investment operations | .90 | 1.45 | (.53) |
| Distributions from net investment income | (.01) | (.22) | (.18) |
| Distributions from net realized gain | (.05) | (.03) | –C |
| Total distributions | (.05)D | (.25) | (.18) |
| Net asset value, end of period | $11.90 | $11.05 | $9.85 |
| Total ReturnE,F | 8.18% | 14.93% | (5.05)% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .10%I | .09% | .05%I |
| Expenses net of fee waivers, if any | .07%I | .06% | .01%I |
| Expenses net of all reductions | .07%I | .06% | .01%I |
| Net investment income (loss) | .47%I | 2.47% | 1.80%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $48,237 | $28,478 | $9,543 |
| Portfolio turnover rateH | 6%I | 41% | 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 $.05 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.046 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.
Notes to Financial Statements (Unaudited)
For the period ended September 30, 2017
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 offers Investor Class and Institutional Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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. 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, losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Fidelity Freedom Index Income Fund | $252,504,842 | $24,900,923 | $(1,742,057) | $23,158,866 |
| Fidelity Freedom Index 2005 Fund | 86,819,552 | 12,443,177 | (489,234) | 11,953,943 |
| Fidelity Freedom Index 2010 Fund | 426,848,975 | 92,233,898 | (1,715,370) | 90,518,528 |
| Fidelity Freedom Index 2015 Fund | 904,799,055 | 215,459,606 | (3,993,106) | 211,466,500 |
| Fidelity Freedom Index 2020 Fund | 3,004,935,394 | 647,854,537 | (11,956,214) | 635,898,323 |
| Fidelity Freedom Index 2025 Fund | 2,611,403,216 | 552,580,723 | (8,936,364) | 543,644,359 |
| Fidelity Freedom Index 2030 Fund | 3,136,638,029 | 795,299,210 | (6,135,056) | 789,164,154 |
| Fidelity Freedom Index 2035 Fund | 1,940,686,080 | 535,278,728 | (1,534,370) | 533,744,358 |
| Fidelity Freedom Index 2040 Fund | 2,131,297,601 | 622,641,349 | (2,005,065) | 620,636,284 |
| Fidelity Freedom Index 2045 Fund | 1,284,938,860 | 331,462,307 | (1,339,018) | 330,123,289 |
| Fidelity Freedom Index 2050 Fund | 1,200,840,560 | 303,536,986 | (1,434,329) | 302,102,657 |
| Fidelity Freedom Index 2055 Fund | 431,478,330 | 80,469,403 | (333,593) | 80,135,810 |
| Fidelity Freedom Index 2060 Fund | 93,654,791 | 11,490,195 | (85,137) | 11,405,058 |
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 prior fiscal period end and is subject to adjustment.
| | Short-term | Long-term | Total no expiration | Total capital loss carryforward |
| Fidelity Freedom Index 2020 Fund | $(1,472,105) | $(3,768,990) | $(5,241,095) | $(5,241,095) |
| Fidelity Freedom Index 2025 Fund | (559,248) | (2,114,326) | (2,673,574) | (2,673,574) |
| Fidelity Freedom Index 2030 Fund | (3,139,181) | (1,542,143) | (4,681,324) | (4,681,324) |
| Fidelity Freedom Index 2035 Fund | (2,532,421) | (163,181) | (2,695,602) | (2,695,602) |
| Fidelity Freedom Index 2040 Fund | (747,673) | -– | (747,673) | (747,673) |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Freedom Index Income Fund | 29,285,867 | 24,253,004 |
| Fidelity Freedom Index 2005 Fund | 16,491,085 | 11,505,301 |
| Fidelity Freedom Index 2010 Fund | 60,404,373 | 54,089,076 |
| Fidelity Freedom Index 2015 Fund | 118,289,421 | 88,782,904 |
| Fidelity Freedom Index 2020 Fund | 344,155,295 | 170,812,400 |
| Fidelity Freedom Index 2025 Fund | 428,642,237 | 121,467,181 |
| Fidelity Freedom Index 2030 Fund | 481,791,236 | 157,354,897 |
| Fidelity Freedom Index 2035 Fund | 332,306,063 | 94,332,863 |
| Fidelity Freedom Index 2040 Fund | 315,014,408 | 93,818,395 |
| Fidelity Freedom Index 2045 Fund | 226,191,812 | 50,478,981 |
| Fidelity Freedom Index 2050 Fund | 211,064,913 | 48,345,782 |
| Fidelity Freedom Index 2055 Fund | 99,556,508 | 14,777,876 |
| Fidelity Freedom Index 2060 Fund | 34,785,227 | 2,706,336 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these 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 .10% of class-level average net assets for each Investor Class and Institutional Premium Class, 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 | |
| Investor Class | $90,940 |
| Institutional Premium Class | 72,647 |
| | $163,587 |
| Fidelity Freedom Index 2005 Fund | |
| Investor Class | $34,798 |
| Institutional Premium Class | 24,312 |
| | $59,110 |
| Fidelity Freedom Index 2010 Fund | |
| Investor Class | $160,445 |
| Institutional Premium Class | 144,646 |
| | $305,091 |
| Fidelity Freedom Index 2015 Fund | |
| Investor Class | $411,777 |
| Institutional Premium Class | 261,597 |
| | $673,374 |
| Fidelity Freedom Index 2020 Fund | |
| Investor Class | $1,052,095 |
| Institutional Premium Class | 1,025,630 |
| | $2,077,725 |
| Fidelity Freedom Index 2025 Fund | |
| Investor Class | $1,027,572 |
| Institutional Premium Class | 771,829 |
| | $1,799,401 |
| Fidelity Freedom Index 2030 Fund | |
| Investor Class | $1,111,028 |
| Institutional Premium Class | 1,074,188 |
| | $2,185,216 |
| Fidelity Freedom Index 2035 Fund | |
| Investor Class | $787,665 |
| Institutional Premium Class | 603,264 |
| | $1,390,929 |
| Fidelity Freedom Index 2040 Fund | |
| Investor Class | $751,890 |
| Institutional Premium Class | 765,094 |
| | $1,516,984 |
| Fidelity Freedom Index 2045 Fund | |
| Investor Class | $498,822 |
| Institutional Premium Class | 401,964 |
| | $900,786 |
| Fidelity Freedom Index 2050 Fund | |
| Investor Class | $437,121 |
| Institutional Premium Class | 390,707 |
| | $827,828 |
| Fidelity Freedom Index 2055 Fund | |
| Investor Class | $160,972 |
| Institutional Premium Class | 118,053 |
| | $279,025 |
| Fidelity Freedom Index 2060 Fund | |
| Investor Class | $35,097 |
| Institutional Premium Class | 18,891 |
| | $53,988 |
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. 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 |
| Fidelity Freedom Index Income Fund | | |
| Investor Class | .15% | $22,918 |
| Institutional Premium Class | .10% | 27,627 |
| Fidelity Freedom Index 2005 Fund | | |
| Investor Class | .15% | $8,458 |
| Institutional Premium Class | .10% | 8,923 |
| Fidelity Freedom Index 2010 Fund | | |
| Investor Class | .15% | $38,336 |
| Institutional Premium Class | .10% | 52,212 |
| Fidelity Freedom Index 2015 Fund | | |
| Investor Class | .15% | $96,684 |
| Institutional Premium Class | .10% | 92,795 |
| Fidelity Freedom Index 2020 Fund | | |
| Investor Class | .15% | $244,906 |
| Institutional Premium Class | .10% | 359,445 |
| Fidelity Freedom Index 2025 Fund | | |
| Investor Class | .15% | $237,482 |
| Institutional Premium Class | .10% | 268,265 |
| Fidelity Freedom Index 2030 Fund | | |
| Investor Class | .15% | $252,217 |
| Institutional Premium Class | .10% | 365,831 |
| Fidelity Freedom Index 2035 Fund | | |
| Investor Class | .15% | $179,248 |
| Institutional Premium Class | .10% | 205,931 |
| Fidelity Freedom Index 2040 Fund | | |
| Investor Class | .15% | $171,252 |
| Institutional Premium Class | .10% | 261,391 |
| Fidelity Freedom Index 2045 Fund | | |
| Investor Class | .15% | $113,613 |
| Institutional Premium Class | .10% | 137,330 |
| Fidelity Freedom Index 2050 Fund | | |
| Investor Class | .15% | $99,551 |
| Institutional Premium Class | .10% | 133,472 |
| Fidelity Freedom Index 2055 Fund | | |
| Investor Class | .15% | $36,663 |
| Institutional Premium Class | .10% | 40,331 |
| Fidelity Freedom Index 2060 Fund | | |
| Investor Class | .15% | $7,992 |
| Institutional Premium Class | .10% | 6,451 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended
September 30, 2017 | Year ended March 31, 2017 |
| Fidelity Freedom Index Income Fund | | |
| From net investment income | | |
| Investor Class | $758,352 | $1,996,456 |
| Institutional Premium Class | 936,771 | 1,912,305 |
| Total | $1,695,123 | $3,908,761 |
| From net realized gain | | |
| Investor Class | $263,153 | $150,766 |
| Institutional Premium Class | 319,225 | 139,892 |
| Total | $582,378 | $290,658 |
| Fidelity Freedom Index 2005 Fund | | |
| From net investment income | | |
| Investor Class | $103,148 | $800,634 |
| Institutional Premium Class | 116,244 | 579,982 |
| Total | $219,392 | $1,380,616 |
| From net realized gain | | |
| Investor Class | $165,037 | $129,727 |
| Institutional Premium Class | 174,365 | 87,449 |
| Total | $339,402 | $217,176 |
| Fidelity Freedom Index 2010 Fund | | |
| From net investment income | | |
| Investor Class | $416,456 | $3,539,796 |
| Institutional Premium Class | 617,172 | 4,358,767 |
| Total | $1,033,628 | $7,898,563 |
| From net realized gain | | |
| Investor Class | $1,740,191 | $381,528 |
| Institutional Premium Class | 2,406,969 | 459,838 |
| Total | $4,147,160 | $841,366 |
| Fidelity Freedom Index 2015 Fund | | |
| From net investment income | | |
| Investor Class | $920,540 | $9,172,905 |
| Institutional Premium Class | 977,256 | 7,945,031 |
| Total | $1,897,796 | $17,117,936 |
| From net realized gain | | |
| Investor Class | $773,254 | $458,047 |
| Institutional Premium Class | 760,088 | 389,622 |
| Total | $1,533,342 | $847,669 |
| Fidelity Freedom Index 2020 Fund | | |
| From net investment income | | |
| Investor Class | $2,167,563 | $23,304,370 |
| Institutional Premium Class | 3,500,997 | 31,669,417 |
| Total | $5,668,560 | $54,973,787 |
| From net realized gain | | |
| Investor Class | $451,575 | $548,816 |
| Institutional Premium Class | 673,269 | 737,547 |
| Total | $1,124,844 | $1,286,363 |
| Fidelity Freedom Index 2025 Fund | | |
| From net investment income | | |
| Investor Class | $2,050,807 | $21,703,699 |
| Institutional Premium Class | 2,556,664 | 22,762,696 |
| Total | $4,607,471 | $44,466,395 |
| From net realized gain | | |
| Investor Class | $– | $559,008 |
| Institutional Premium Class | – | 579,835 |
| Total | $– | $1,138,843 |
| Fidelity Freedom Index 2030 Fund | | |
| From net investment income | | |
| Investor Class | $1,452,732 | $24,373,531 |
| Institutional Premium Class | 2,412,354 | 33,496,158 |
| Total | $3,865,086 | $57,869,689 |
| From net realized gain | | |
| Investor Class | $– | $586,826 |
| Institutional Premium Class | – | 796,704 |
| Total | $– | $1,383,530 |
| Fidelity Freedom Index 2035 Fund | | |
| From net investment income | | |
| Investor Class | $287,882 | $16,961,113 |
| Institutional Premium Class | 477,001 | 17,946,279 |
| Total | $764,883 | $34,907,392 |
| From net realized gain | | |
| Investor Class | $– | $449,097 |
| Institutional Premium Class | – | 464,840 |
| Total | $– | $913,937 |
| Fidelity Freedom Index 2040 Fund | | |
| From net investment income | | |
| Investor Class | $274,586 | $17,080,737 |
| Institutional Premium Class | 601,955 | 23,681,188 |
| Total | $876,541 | $40,761,925 |
| From net realized gain | | |
| Investor Class | $– | $442,955 |
| Institutional Premium Class | – | 598,978 |
| Total | $– | $1,041,933 |
| Fidelity Freedom Index 2045 Fund | | |
| From net investment income | | |
| Investor Class | $212,817 | $10,737,036 |
| Institutional Premium Class | 399,838 | 11,987,153 |
| Total | $612,655 | $22,724,189 |
| From net realized gain | | |
| Investor Class | $496,574 | $274,255 |
| Institutional Premium Class | 621,970 | 299,778 |
| Total | $1,118,544 | $574,033 |
| Fidelity Freedom Index 2050 Fund | | |
| From net investment income | | |
| Investor Class | $155,119 | $10,303,125 |
| Institutional Premium Class | 300,208 | 12,066,250 |
| Total | $455,327 | $22,369,375 |
| From net realized gain | | |
| Investor Class | $1,427,094 | $249,625 |
| Institutional Premium Class | 1,972,797 | 285,836 |
| Total | $3,399,891 | $535,461 |
| Fidelity Freedom Index 2055 Fund | | |
| From net investment income | | |
| Investor Class | $14,225 | $4,034,106 |
| Institutional Premium Class | 48,391 | 3,647,182 |
| Total | $62,616 | $7,681,288 |
| From net realized gain | | |
| Investor Class | $327,173 | $279,176 |
| Institutional Premium Class | 370,999 | 252,400 |
| Total | $698,172 | $531,576 |
| Fidelity Freedom Index 2060 Fund | | |
| From net investment income | | |
| Investor Class | $11,091 | $684,030 |
| Institutional Premium Class | 13,998 | 408,259 |
| Total | $25,089 | $1,092,289 |
| From net realized gain | | |
| Investor Class | $170,057 | $74,457 |
| Institutional Premium Class | 128,778 | 44,332 |
| Total | $298,835 | $118,789 |
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 |
| | Six months ended September 30, 2017 | Year ended March 31, 2017 | Six months ended September 30, 2017 | Year ended March 31, 2017 |
| Fidelity Freedom Index Income Fund | | | | |
| Investor Class | | | | |
| Shares sold | 2,096,081 | 5,472,439 | $24,658,640 | $62,923,368 |
| Reinvestment of distributions | 86,970 | 187,085 | 1,018,054 | 2,141,584 |
| Shares redeemed | (1,990,028) | (7,843,160) | (23,410,477) | (90,256,439) |
| Net increase (decrease) | 193,023 | (2,183,636) | $2,266,217 | $(25,191,487) |
| Institutional Premium Class | | | | |
| Shares sold | 1,441,206 | 6,690,874 | $16,985,888 | $77,016,245 |
| Reinvestment of distributions | 107,410 | 179,461 | 1,255,996 | 2,052,197 |
| Shares redeemed | (1,275,488) | (3,894,583) | (14,966,153) | (44,742,422) |
| Net increase (decrease) | 273,128 | 2,975,752 | $3,275,731 | $34,326,020 |
| Fidelity Freedom Index 2005 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 894,626 | 2,190,698 | $11,756,806 | $27,882,045 |
| Reinvestment of distributions | 20,146 | 73,921 | 261,701 | 929,123 |
| Shares redeemed | (692,308) | (2,962,530) | (9,112,247) | (37,691,161) |
| Net increase (decrease) | 222,464 | (697,911) | $2,906,260 | $(8,879,993) |
| Institutional Premium Class | | | | |
| Shares sold | 517,810 | 2,238,959 | $6,800,271 | $28,439,054 |
| Reinvestment of distributions | 22,372 | 53,090 | 290,609 | 667,432 |
| Shares redeemed | (385,073) | (983,046) | (5,049,550) | (12,517,185) |
| Net increase (decrease) | 155,109 | 1,309,003 | $2,041,330 | $16,589,301 |
| Fidelity Freedom Index 2010 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 3,369,606 | 7,044,713 | $46,954,974 | $94,453,179 |
| Reinvestment of distributions | 155,900 | 293,703 | 2,140,501 | 3,896,835 |
| Shares redeemed | (2,986,711) | (10,201,235) | (41,633,534) | (136,513,971) |
| Net increase (decrease) | 538,795 | (2,862,819) | $7,461,941 | $(38,163,957) |
| Institutional Premium Class | | | | |
| Shares sold | 2,226,785 | 10,130,533 | $31,055,681 | $135,912,974 |
| Reinvestment of distributions | 220,258 | 363,122 | 3,024,141 | 4,818,606 |
| Shares redeemed | (2,374,725) | (6,171,750) | (33,060,297) | (82,816,566) |
| Net increase (decrease) | 72,318 | 4,321,905 | $1,019,525 | $57,915,014 |
| Fidelity Freedom Index 2015 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 7,991,771 | 20,281,438 | $115,455,491 | $277,791,984 |
| Reinvestment of distributions | 118,525 | 708,213 | 1,688,980 | 9,602,506 |
| Shares redeemed | (5,782,192) | (28,106,744) | (83,566,844) | (383,161,067) |
| Net increase (decrease) | 2,328,104 | (7,117,093) | $33,577,627 | $(95,766,577) |
| Institutional Premium Class | | | | |
| Shares sold | 4,258,184 | 22,597,464 | $61,748,194 | $308,371,275 |
| Reinvestment of distributions | 122,004 | 615,010 | 1,737,344 | 8,334,653 |
| Shares redeemed | (4,864,092) | (11,278,377) | (70,155,688) | (154,561,605) |
| Net increase (decrease) | (483,904) | 11,934,097 | $(6,670,150) | $162,144,323 |
| Fidelity Freedom Index 2020 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 20,894,093 | 48,184,580 | $315,756,272 | $684,334,259 |
| Reinvestment of distributions | 175,577 | 1,689,840 | 2,612,579 | 23,794,452 |
| Shares redeemed | (13,825,835) | (65,056,684) | (209,574,867) | (921,238,562) |
| Net increase (decrease) | 7,243,835 | (15,182,264) | $108,793,984 | $(213,109,851) |
| Institutional Premium Class | | | | |
| Shares sold | 16,350,823 | 72,790,691 | $247,856,695 | $1,033,200,767 |
| Reinvestment of distributions | 280,717 | 2,301,705 | 4,174,266 | 32,406,964 |
| Shares redeemed | (13,220,814) | (30,981,726) | (199,378,854) | (440,777,839) |
| Net increase (decrease) | 3,410,726 | 44,110,670 | $52,652,107 | $624,829,892 |
| Fidelity Freedom Index 2025 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 22,100,516 | 47,899,972 | $352,919,226 | $713,989,396 |
| Reinvestment of distributions | 130,161 | 1,500,969 | 2,044,823 | 22,204,638 |
| Shares redeemed | (11,451,060) | (52,865,951) | (183,735,162) | (785,434,560) |
| Net increase (decrease) | 10,779,617 | (3,465,010) | $171,228,887 | $(49,240,526) |
| Institutional Premium Class | | | | |
| Shares sold | 13,541,585 | 57,782,802 | $216,976,346 | $860,307,689 |
| Reinvestment of distributions | 162,741 | 1,577,133 | 2,556,664 | 23,342,531 |
| Shares redeemed | (5,897,470) | (20,950,024) | (94,008,768) | (313,105,017) |
| Net increase (decrease) | 7,806,856 | 38,409,911 | $125,524,242 | $570,545,203 |
| Fidelity Freedom Index 2030 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 20,028,218 | 43,438,337 | $333,239,163 | $663,932,133 |
| Reinvestment of distributions | 88,772 | 1,637,451 | 1,449,639 | 24,932,874 |
| Shares redeemed | (10,403,175) | (52,837,210) | (174,121,755) | (804,287,378) |
| Net increase (decrease) | 9,713,815 | (7,761,422) | $160,567,047 | $(115,422,371) |
| Institutional Premium Class | | | | |
| Shares sold | 15,988,780 | 67,039,636 | $266,945,936 | $1,023,375,003 |
| Reinvestment of distributions | 147,725 | 2,250,610 | 2,412,354 | 34,292,862 |
| Shares redeemed | (7,095,677) | (23,646,239) | (117,663,930) | (362,380,632) |
| Net increase (decrease) | 9,040,828 | 45,644,007 | $151,694,360 | $695,287,233 |
| Fidelity Freedom Index 2035 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 15,436,230 | 32,192,805 | $269,618,456 | $509,968,092 |
| Reinvestment of distributions | 16,812 | 1,097,492 | 287,651 | 17,404,289 |
| Shares redeemed | (8,097,240) | (36,592,133) | (142,286,620) | (576,710,358) |
| Net increase (decrease) | 7,355,802 | (3,301,836) | $127,619,487 | $(49,337,977) |
| Institutional Premium Class | | | | |
| Shares sold | 10,057,828 | 42,250,153 | $176,400,001 | $669,214,474 |
| Reinvestment of distributions | 27,878 | 1,160,877 | 477,001 | 18,411,119 |
| Shares redeemed | (4,223,247) | (15,095,201) | (73,467,413) | (240,553,734) |
| Net increase (decrease) | 5,862,459 | 28,315,829 | $103,409,589 | $447,071,859 |
| Fidelity Freedom Index 2040 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 13,303,428 | 28,011,605 | $233,810,115 | $446,188,819 |
| Reinvestment of distributions | 15,941 | 1,098,018 | 274,349 | 17,510,598 |
| Shares redeemed | (7,471,453) | (36,550,390) | (132,249,257) | (580,780,859) |
| Net increase (decrease) | 5,847,916 | (7,440,767) | $101,835,207 | $(117,081,442) |
| Institutional Premium Class | | | | |
| Shares sold | 11,800,319 | 46,190,070 | $207,900,213 | $736,375,615 |
| Reinvestment of distributions | 34,977 | 1,522,393 | 601,955 | 24,280,166 |
| Shares redeemed | (5,535,322) | (17,915,369) | (96,744,576) | (287,385,757) |
| Net increase (decrease) | 6,299,974 | 29,797,094 | $111,757,592 | $473,270,024 |
| Fidelity Freedom Index 2045 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 9,625,879 | 19,823,893 | $170,203,032 | $318,309,717 |
| Reinvestment of distributions | 40,875 | 684,398 | 708,770 | 11,004,293 |
| Shares redeemed | (4,560,042) | (22,097,306) | (81,298,849) | (353,621,090) |
| Net increase (decrease) | 5,106,712 | (1,589,015) | $89,612,953 | $(24,307,080) |
| Institutional Premium Class | | | | |
| Shares sold | 7,564,691 | 28,805,992 | $134,246,705 | $463,076,219 |
| Reinvestment of distributions | 58,928 | 763,636 | 1,021,808 | 12,286,931 |
| Shares redeemed | (2,963,261) | (11,498,796) | (52,268,154) | (186,640,457) |
| Net increase (decrease) | 4,660,358 | 18,070,832 | $83,000,359 | $288,722,693 |
| Fidelity Freedom Index 2050 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 8,329,322 | 16,965,670 | $147,959,683 | $274,430,496 |
| Reinvestment of distributions | 90,783 | 651,541 | 1,581,440 | 10,548,360 |
| Shares redeemed | (3,955,120) | (19,584,212) | (70,739,000) | (317,715,407) |
| Net increase (decrease) | 4,464,985 | (1,967,001) | $78,802,123 | $(32,736,551) |
| Institutional Premium Class | | | | |
| Shares sold | 7,863,233 | 25,993,636 | $140,148,672 | $422,025,557 |
| Reinvestment of distributions | 130,483 | 763,479 | 2,273,005 | 12,352,086 |
| Shares redeemed | (3,339,870) | (13,138,476) | (59,149,721) | (215,172,969) |
| Net increase (decrease) | 4,653,846 | 13,618,639 | $83,271,956 | $219,204,674 |
| Fidelity Freedom Index 2055 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 5,117,303 | 10,050,705 | $71,837,578 | $128,609,967 |
| Reinvestment of distributions | 24,803 | 337,208 | 341,290 | 4,312,895 |
| Shares redeemed | (1,986,123) | (9,419,162) | (28,064,612) | (121,876,765) |
| Net increase (decrease) | 3,155,983 | 968,751 | $44,114,256 | $11,046,097 |
| Institutional Premium Class | | | | |
| Shares sold | 4,303,044 | 13,277,567 | $60,528,632 | $171,166,863 |
| Reinvestment of distributions | 30,457 | 304,655 | 419,390 | 3,899,582 |
| Shares redeemed | (1,498,534) | (9,222,050) | (20,970,870) | (120,041,763) |
| Net increase (decrease) | 2,834,967 | 4,360,172 | $39,977,152 | $55,024,682 |
| Fidelity Freedom Index 2060 Fund | | | | |
| Investor Class | | | | |
| Shares sold | 1,883,657 | 3,577,814 | $21,556,207 | $37,554,524 |
| Reinvestment of distributions | 16,145 | 72,853 | 180,980 | 757,969 |
| Shares redeemed | (567,384) | (1,932,826) | (6,477,398) | (20,536,667) |
| Net increase (decrease) | 1,332,418 | 1,717,841 | $15,259,789 | $17,775,826 |
| Institutional Premium Class | | | | |
| Shares sold | 1,815,443 | 3,458,757 | $20,789,742 | $36,471,799 |
| Reinvestment of distributions | 12,736 | 43,510 | 142,776 | 452,591 |
| Shares redeemed | (353,753) | (1,893,435) | (4,042,504) | (20,040,889) |
| Net increase (decrease) | 1,474,426 | 1,608,832 | $16,890,014 | $16,883,501 |
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 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 Series Global ex U.S. Index Fund | 13% | 13% | 19% | 14% | 15% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
| Fund | % of shares held |
| Fidelity Commodity Strategy Fund | 40% |
| Fidelity Series Global ex U.S. Index Fund | 100% |
| Fidelity Total Market Index Fund | 24% |
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 to September 30, 2017).
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 Ratio-A | Beginning
Account Value
April 1, 2017 | Ending
Account Value
September 30, 2017 | Expenses Paid
During Period-B
April 1, 2017
to September 30, 2017 |
| Fidelity Freedom Index Income Fund | | | | |
| Investor Class | .11% | | | |
| Actual | | $1,000.00 | $1,030.30 | $.56 |
| Hypothetical-C | | $1,000.00 | $1,024.52 | $.56 |
| Institutional Premium Class | .06% | | | |
| Actual | | $1,000.00 | $1,030.50 | $.31 |
| Hypothetical-C | | $1,000.00 | $1,024.77 | $.30 |
| Fidelity Freedom Index 2005 Fund | | | | |
| Investor Class | .11% | | | |
| Actual | | $1,000.00 | $1,038.70 | $.56 |
| Hypothetical-C | | $1,000.00 | $1,024.52 | $.56 |
| Institutional Premium Class | .06% | | | |
| Actual | | $1,000.00 | $1,038.80 | $.31 |
| Hypothetical-C | | $1,000.00 | $1,024.77 | $.30 |
| Fidelity Freedom Index 2010 Fund | | | | |
| Investor Class | .11% | | | |
| Actual | | $1,000.00 | $1,045.90 | $.56 |
| Hypothetical-C | | $1,000.00 | $1,024.52 | $.56 |
| Institutional Premium Class | .06% | | | |
| Actual | | $1,000.00 | $1,046.00 | $.31 |
| Hypothetical-C | | $1,000.00 | $1,024.77 | $.30 |
| Fidelity Freedom Index 2015 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,053.00 | $.62 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .06% | | | |
| Actual | | $1,000.00 | $1,053.90 | $.31 |
| Hypothetical-C | | $1,000.00 | $1,024.77 | $.30 |
| Fidelity Freedom Index 2020 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,058.50 | $.62 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,058.00 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
| Fidelity Freedom Index 2025 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,063.00 | $.62 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,063.10 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
| Fidelity Freedom Index 2030 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,073.30 | $.62 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,073.40 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
| Fidelity Freedom Index 2035 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,081.30 | $.63 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,081.40 | $.37 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
| Fidelity Freedom Index 2040 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,082.00 | $.63 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,082.70 | $.37 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
| Fidelity Freedom Index 2045 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,081.60 | $.63 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,082.40 | $.37 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
| Fidelity Freedom Index 2050 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,082.50 | $.63 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,082.60 | $.37 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
| Fidelity Freedom Index 2055 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,082.40 | $.63 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,082.50 | $.37 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
| Fidelity Freedom Index 2060 Fund | | | | |
| Investor Class | .12% | | | |
| Actual | | $1,000.00 | $1,082.60 | $.63 |
| Hypothetical-C | | $1,000.00 | $1,024.47 | $.61 |
| Institutional Premium Class | .07% | | | |
| Actual | | $1,000.00 | $1,081.80 | $.37 |
| Hypothetical-C | | $1,000.00 | $1,024.72 | $.36 |
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/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Freedom Index Funds
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the administration agreement between FMRC and FMR for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts and administration agreements throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract and administration agreement, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts and administration agreements. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2017 meeting, the Board unanimously determined to renew each fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the fact that no fees are payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMRC, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering administration, transfer agency, and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions with representatives of the investment adviser about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods (for the most recent one-year period for Freedom Index
® 2060 Fund).
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the funds do not pay FMRC a management fee for investment advisory services, and that each fund bears indirectly the fees and expenses, including the management fees, paid by the underlying Fidelity funds in which it invests. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The Board also noted that over the past few years, Fidelity has been developing and refining the competitive methodology for the funds to provide a more meaningful competitive comparison. As a result, beginning with the 2014 competitive results, instead of including all funds in one competitive mapped group that includes all funds-of-funds, Fidelity introduced three new Total Mapped Groups that consist of target retirement funds. The Board noted that Fidelity believes that the new Total Mapped Groups provide more meaningful competitive comparisons for the funds because they include target date funds, regardless of whether the fund is a fund of funds. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board.
Freedom Index 2005 Fund
Freedom Index 2010 Fund
Freedom Index 2015 Fund
Freedom Index 2020 Fund
Freedom Index 2025 Fund
Freedom Index 2030 Fund
Freedom Index 2035 Fund
Freedom Index 2040 Fund
Freedom Index 2045 Fund
Freedom Index 2050 Fund
Freedom Index 2055 Fund
Freedom Index 2060 Fund
Freedom Index Income Fund
The Board noted that each fund's management fee rate of 0.00% ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016. The Board further noted that many peer funds pay fund-level expenses, including management fees, to which the funds are not subject.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered that the funds pay transfer agent fees. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions, pursuant to the administration agreement between FMRC and FMR with respect to each fund.
The Board noted that the total expense ratio of each class of each fund ranked below the competitive median for 2016.
In considering the total expense ratio of each class of each fund, the Board also considered an alternative competitive analysis that included both top level (
i.e., direct) fund fees and acquired fund fees and expenses for the class and the other funds and classes to which it is compared. The Board noted that, under this alternative competitive analysis, the total expense ratio of each class of each fund ranked below the competitive median for 2016.
The Board further considered that FMR has contractually agreed to reimburse Investor Class and Institutional Premium Class of each fund to the extent that total operating expenses (including acquired fund fees and expenses, but excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, and extraordinary expenses, if any, incurred by the fund or an acquired fund in which the fund invests), as a percentage of their respective average net assets, exceed 0.15% and 0.10% through May 31, 2019.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which the funds invest.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contract because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.
Economies of Scale. The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contract should be renewed.
FRX-SANN-1117
1.899267.107
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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 Fidelity Aberdeen Street 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 Fidelity Aberdeen Street Trust
’s (the “Trust”) 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) | Not applicable. |
(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: | November 29, 2017 |
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: | November 29, 2017 |
| |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
| |
Date: | November 29, 2017 |
