N-CSR 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6440

Fidelity Aberdeen Street Trust

(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	March 31

Date of reporting period:	March 31, 2007

Item 1. Reports to Stockholders

Fidelity Advisor Freedom Funds®-

Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 - Class A, Class T, Class B and Class C

Annual Report

March 31, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the funds have done over time.
Management's Discussion	<Click Here>	The managers' review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Advisor Freedom Income	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2005	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2010	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2015	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2020	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2025	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2030	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2035	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2040	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2045	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2050	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. or an affiliated company.

Annual Report

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Photograph of Edward C. Johnson 3d.)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies

indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Freedom Income Fund® - Class A, T, B, and C

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	0.26%	3.05%
Class T (incl. 3.50% sales charge)	2.40%	3.45%
Class B (incl. contingent deferred sales charge)^B	0.57%	3.18%
Class C (incl. contingent deferred sales charge)^C	4.48%	3.91%

^AFrom July 24, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom Income Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate Index performed over the same period.

Annual Report

Fidelity Advisor Freedom 2005 Fund ®- Class A, T, B, and C

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	1.99%	5.71%
Class T (incl. 3.50% sales charge)	4.17%	6.17%
Class B (incl. contingent deferred sales charge) ^B	2.40%	6.01%
Class C (incl. contingent deferred sales charge) ^C	6.36%	6.77%

^AFrom November 6, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2005 Fund® - Class T on November 6, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate Index performed over the same period.

Annual Report

Fidelity Advisor Freedom 2010 Fund ®- Class A, T, B, and C

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	2.00%	6.46%
Class T (incl. 3.50% sales charge)	4.22%	6.89%
Class B (incl. contingent deferred sales charge) ^B	2.47%	6.71%
Class C (incl. contingent deferred sales charge) ^C	6.45%	7.37%

^AFrom July 24, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2010 Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate Index performed over the same period.

Annual Report

Fidelity Advisor Freedom 2015 Fund®- Class A, T, B, and C

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	2.31%	7.01%
Class T (incl. 3.50% sales charge)	4.60%	7.51%
Class B (incl. contingent deferred sales charge) ^B	2.83%	7.39%
Class C (incl. contingent deferred sales charge) ^C	6.81%	8.11%

^AFrom November 6, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2015 Fund® - Class T on November 6, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

Annual Report

Fidelity Advisor Freedom 2020 Fund®- Class A, T, B, and C

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	2.93%	9.14%
Class T (incl. 3.50% sales charge)	5.15%	9.59%
Class B (incl. contingent deferred sales charge) ^B	3.40%	9.46%
Class C (incl. contingent deferred sales charge) ^C	7.45%	10.11%

^AFrom July 24, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2020 Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2025 Fund®- Class A, T, B, and C

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	2.98%	8.36%
Class T (incl. 3.50% sales charge)	5.28%	8.98%
Class B (incl. contingent deferred sales charge)^B	3.57%	8.78%
Class C (incl. contingent deferred sales charge)^C	7.51%	9.46%

^AFrom November 6, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2025 Fund® - Class T on November 6, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2030 Fund®- Class A, T, B, and C

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	3.50%	10.50%
Class T (incl. 3.50% sales charge)	5.75%	10.94%
Class B (incl. contingent deferred sales charge)^B	3.98%	10.84%
Class C (incl. contingent deferred sales charge)^C	8.00%	11.46%

^AFrom July 24, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2030 Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2035 Fund®- Class A, T, B, and C

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	3.43%	9.38%
Class T (incl. 3.50% sales charge)	5.63%	9.84%
Class B (incl. contingent deferred sales charge)^B	3.98%	9.73%
Class C (incl. contingent deferred sales charge)^C	7.99%	10.46%

^AFrom November 6, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2035 Fund® - Class T on November 6, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2040 Fund®- Class A, T, B, and C

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	3.76%	11.37%
Class T (incl. 3.50% sales charge)	5.96%	11.77%
Class B (incl. contingent deferred sales charge)^B	4.25%	11.71%
Class C (incl. contingent deferred sales charge)^C	8.17%	12.28%

^AFrom July 24, 2003.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2040 Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2045 Fund^SM- Class A, T, B, and C

Performance: The Bottom Line

Average annual total returns take Fidelity Advisor Freedom 2045 Fund^SM -Class T cumulative total return and show you what would have happened if Fidelity Advisor Freedom 2045 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2045 - Class T on June 1, 2006, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2050 Fund^SM- Class A, T, B, and C

Performance: The Bottom Line

Average annual total returns take Fidelity Advisor Freedom 2050 Fund^SM -Class T cumulative total return and show you what would have happened if Fidelity Advisor Freedom 2050 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2050 - Class T on June 1, 2006, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom Funds

Management's Discussion of Fund Performance

Comments from Ren Cheng and Jonathan Shelon, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®

The U.S. equity market benchmark Standard & Poor's 500^SM Index gained 11.83% during the year ending March 31, 2007. Stocks did well early on, but ended the three-month span from May through July with a negative return in response to soaring energy prices and inflation warnings from the Federal Reserve Board. But equities rebounded from August into early 2007 after the Fed put its interest-rate-hike campaign on hold. On October 3, the Dow Jones Industrial Average^SM closed at an all-time high, and would set roughly 30 new highs as the period progressed. However, cracks began to show in the U.S. economy. Energy prices crept higher, the housing market slumped, and subprime mortgage loan defaults and delinquencies mounted. On February 27, the Dow fell 416 points and the S&P 500® lost about 3.5% of its value. A moderate rebound in March offset some of that damage. For the year overall, the Dow rose 13.83% and the NASDAQ Composite® Index returned 4.23%. In comparison, the Morgan Stanley Capital International^SM Europe, Australasia, Far East Index (MSCI® EAFE®) - designed to represent the performance of developed stock markets outside the United States and Canada - returned 20.38%, helped in part by the weakness of the U.S. dollar relative to many foreign currencies. U.S. investment-grade bonds also were positive, as the Lehman Brothers® U.S. Aggregate Index increased 6.59%. High-yield debt gained 11.06% according to the Merrill Lynch® U.S. High Yield Master II Constrained Index.

During the 12 months ending March 31, 2007, the Advisor Freedom Funds all had solid absolute returns, but underperformed their respective composite benchmarks. At the same time, each Fund produced a return that was consistent with its individual age-appropriate asset allocation, with those having greater exposure to equities delivering higher absolute returns than those with greater exposure to fixed-income investments. The biggest factor in the Funds' relative underperformance was the somewhat lackluster showing of their domestic and international equity allocations. Both asset classes were negatively impacted by periods of sharp volatility in the global equity markets during this 12-month span, which caused the majority of our underlying funds in those two areas to underperform their benchmarks.The Dow Jones Wilshire 5000 Composite Index^SM - the broad market index the Advisor Freedom Funds use to measure the performance of U.S. equities in their composite benchmarks - gained 11.33%, while the MSCI EAFE index's healthy gain reflected the strong performance of foreign equities during the period. On the fixed-income side, the Funds' three asset classes - investment-grade, high-yield and short-term - all performed generally in line with their respective benchmarks, which helped soften the impact of the underperformance of the Funds' equity classes.

Notes to shareholders: The Fidelity Advisor Freedom Funds are in the process of adding four new underlying funds and began investing in them as the period ending March 31st was coming to a close. The new funds include two equity offerings launched specifically for use by Fidelity asset allocation funds such as the Advisor Freedom Funds: Fidelity 100 Index Fund, which will invest in many of the S&P 500's largest and most liquid ´mega-cap' stocks; and Fidelity Small Cap Opportunities Fund, whose assets will be allocated across the 10 sectors in the widely recognized Global Industry Classification Standard (GICS), developed by Standard & Poor's® and MSCI®. Advisor Freedom Funds also will add a bond offering to its underlying funds lineup - Fidelity Advisor Total Bond Fund, which invests in a diversified universe of debt securities - as well as a money-market offering - Fidelity Institutional Money Market Portfolio Class I - which will gradually be replacing the existing underlying money-market fund and should provide a more cost-effective way to construct the short-term asset category. Over the next year, as these new underlying funds are added, the Funds' investments in certain existing underlying funds will be eliminated. These will include Fidelity Advisor Intermediate Bond Fund, Fidelity Advisor Government Income Fund and Fidelity Cash Reserves. Some adjustments to the weightings of the Funds' underlying funds will likely be made as a result of these changes.

In addition, the benchmark for the Advisor Freedom Funds' underlying high-yield bond funds was changed to the Merrill Lynch U.S. High Yield Master II Constrained Index, effective July 1, 2006, concurrent with the scheduled rebalancing of the Funds' composite indexes. In Fidelity's view, the Constrained index - which replaces the Merrill Lynch U.S. High Yield Master II Index - represents a better measure of the high-yield market.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2006 to March 31, 2007).

Actual Expenses

The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value October 1, 2006	Ending Account Value March 31, 2007	Expenses Paid During Period* October 1, 2006 to March 31, 2007
Advisor Freedom Income
Class A
Actual	$ 1,000.00	$ 1,039.70	$ 1.27
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,038.40	$ 2.54
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,035.80	$ 5.08
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,034.80	$ 5.07
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,040.80	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2005
Class A
Actual	$ 1,000.00	$ 1,062.90	$ 1.29
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,061.90	$ 2.57
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,059.60	$ 5.13
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
	Beginning Account Value October 1, 2006	Ending Account Value March 31, 2007	Expenses Paid During Period* October 1, 2006 to March 31, 2007
Class C
Actual	$ 1,000.00	$ 1,059.20	$ 5.13
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,064.00	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2010
Class A
Actual	$ 1,000.00	$ 1,063.70	$ 1.29
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,063.00	$ 2.57
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,060.00	$ 5.14
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,059.60	$ 5.13
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,065.10	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2015
Class A
Actual	$ 1,000.00	$ 1,070.30	$ 1.29
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,069.30	$ 2.58
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,066.70	$ 5.15
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,066.40	$ 5.15
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,072.20	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2020
Class A
Actual	$ 1,000.00	$ 1,078.50	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,077.60	$ 2.59
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,074.10	$ 5.17
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,074.40	$ 5.17
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,079.70	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
	Beginning Account Value October 1, 2006	Ending Account Value March 31, 2007	Expenses Paid During Period* October 1, 2006 to March 31, 2007
Advisor Freedom 2025
Class A
Actual	$ 1,000.00	$ 1,080.10	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,080.00	$ 2.59
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,076.90	$ 5.18
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,076.20	$ 5.18
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,082.10	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2030
Class A
Actual	$ 1,000.00	$ 1,087.20	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,086.40	$ 2.60
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,083.20	$ 5.19
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,083.30	$ 5.19
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,089.30	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2035
Class A
Actual	$ 1,000.00	$ 1,087.30	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,086.80	$ 2.60
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,083.70	$ 5.19
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,083.80	$ 5.20
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,089.20	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2040
Class A
Actual	$ 1,000.00	$ 1,091.70	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,090.30	$ 2.61
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
	Beginning Account Value October 1, 2006	Ending Account Value March 31, 2007	Expenses Paid During Period* October 1, 2006 to March 31, 2007
Class B
Actual	$ 1,000.00	$ 1,087.30	$ 5.20
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,087.40	$ 5.20
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,093.00	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2045
Class A
Actual	$ 1,000.00	$ 1,094.80	$ 1.31
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,093.50	$ 2.61
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,091.20	$ 5.21
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,091.10	$ 5.21
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,096.10	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2050
Class A
Actual	$ 1,000.00	$ 1,096.10	$ 1.31
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,094.50	$ 2.61
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,092.40	$ 5.22
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,092.90	$ 5.22
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,097.50	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in each class' annualized expense ratio.

Annual Report

Investments

	Annualized Expense Ratio
Advisor Freedom Income
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2005
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2010
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2015
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2020
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2025
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2030
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2035
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
	Annualized Expense Ratio
Advisor Freedom 2040
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2045
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2050
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%

Annual Report

Fidelity Advisor Freedom Income Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.0	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	4.2	4.3
Fidelity Advisor Equity Growth Fund Institutional Class	2.5	2.5
Fidelity Advisor Equity Income Fund Institutional Class	4.3	4.3
Fidelity Advisor Growth & Income Fund Institutional Class	3.3	3.3
Fidelity Advisor Large Cap Fund Institutional Class	3.2	3.3
Fidelity Advisor Mid-Cap Fund Institutional Class	1.7	1.6
Fidelity Advisor Small Cap Fund Institutional Class	1.2	1.2
Fidelity Small Cap Opportunities Fund	0.0	0.0
	20.4	20.5
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	4.6	3.2
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	14.0	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	14.1	15.6
Fidelity Advisor Strategic Real Return Fund Institutional Class	7.1	5.5
Fidelity Advisor Total Bond Fund Institutional Class	0.0	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	15.6
	35.2	36.7
Short-Term Funds
Fidelity Advisor Short Fixed-Income Fund Institutional Class	19.9	19.8
Fidelity Cash Reserves Fund	2.1	19.8
Fidelity Institutional Money Market Portfolio Class I	17.8	0.0
	39.8	39.6
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	20.4%
	Investment Grade Fixed-Income Funds	35.2%
	High Yield Fixed-Income Funds	4.6%
	Short-Term Funds	39.8%

Six months ago
	Domestic Equity Funds	20.5%
	Investment Grade Fixed-Income Funds	36.7%
	High Yield Fixed-Income Funds	3.2%
	Short-Term Funds	39.6%

The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007.

Annual Report

Fidelity Advisor Freedom Income Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 20.4%
	Shares		Value
Domestic Equity Funds - 20.4%
Fidelity 100 Index Fund	3,454		$ 34,474
Fidelity Advisor Dividend Growth Fund Institutional Class	342,500		4,651,155
Fidelity Advisor Equity Growth Fund Institutional Class	49,348		2,709,700
Fidelity Advisor Equity Income Fund Institutional Class	153,676		4,710,158
Fidelity Advisor Growth & Income Fund Institutional Class	180,295		3,600,497
Fidelity Advisor Large Cap Fund Institutional Class	183,689		3,587,441
Fidelity Advisor Mid-Cap Fund Institutional Class	69,758		1,839,513
Fidelity Advisor Small Cap Fund Institutional Class	55,170		1,370,421
Fidelity Small Cap Opportunities Fund	59		592
TOTAL EQUITY FUNDS (Cost $19,520,100)		22,503,951
Fixed-Income Funds - 39.8%

High Yield Fixed-Income Funds - 4.6%
Fidelity Advisor High Income Advantage Fund Institutional Class	494,468		5,107,854
Investment Grade Fixed-Income Funds - 35.2%
Fidelity Advisor Government Income Fund Institutional Class	1,538,853		15,511,640
Fidelity Advisor Intermediate Bond Fund Institutional Class	1,427,867		15,535,189
Fidelity Advisor Strategic Real Return Fund Institutional Class	752,554		7,826,566
Fidelity Advisor Total Bond Fund Institutional Class	1,708		17,883
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			38,891,278
TOTAL FIXED-INCOME FUNDS (Cost $43,957,549)		43,999,132
Short-Term Funds - 39.8%

Fidelity Advisor Short Fixed-Income Fund Institutional Class	2,333,476		22,004,678
Fidelity Cash Reserves Fund	2,359,901		2,359,901
Fidelity Institutional Money Market Portfolio Class I	19,683,728		19,683,728
TOTAL SHORT-TERM FUNDS (Cost $44,146,203)		44,048,307
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $107,623,852)		$ 110,551,390

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom Income Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $107,623,852) - See accompanying schedule		$ 110,551,390
Cash		3
Receivable for investments sold		19,730,953
Receivable for fund shares sold		184,585
Total assets		130,466,931

Liabilities
Payable for investments purchased	$ 19,742,978
Payable for fund shares redeemed	149,955
Distribution fees payable	41,865
Total liabilities		19,934,798

Net Assets		$ 110,532,133
Net Assets consist of:
Paid in capital		$ 106,804,242
Undistributed net investment income		332,205
Accumulated undistributed net realized gain (loss) on investments		468,148
Net unrealized appreciation (depreciation) on investments		2,927,538
Net Assets		$ 110,532,133

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($49,721,415 ÷ 4,631,289 shares)		$ 10.74

Maximum offering price per share (100/94.25 of $10.74)		$ 11.40
Class T: Net Asset Value and redemption price per share ($39,738,752 ÷ 3,703,850 shares)		$ 10.73

Maximum offering price per share (100/96.50 of $10.73)		$ 11.12
Class B: Net Asset Value and offering price per share ($4,992,520 ÷ 465,789 shares)^A		$ 10.72

Class C: Net Asset Value and offering price per share ($13,279,261 ÷ 1,239,364 shares)^A		$ 10.71

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,800,185 ÷ 260,297 shares)		$ 10.76

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 3,183,545

Expenses
Distribution fees	$ 434,104
Independent trustees' compensation	287
Total expenses before reductions	434,391
Expense reductions	(287)	434,104
Net investment income (loss)		2,749,441
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(146,744)
Capital gain distributions from underlying funds	709,654	562,910
Change in net unrealized appreciation (depreciation) on underlying funds		1,958,431
Net gain (loss)		2,521,341
Net increase (decrease) in net assets resulting from operations		$ 5,270,782

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom Income Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,749,441	$ 1,619,838
Net realized gain (loss)	562,910	508,459
Change in net unrealized appreciation (depreciation)	1,958,431	864,314
Net increase (decrease) in net assets resulting from operations	5,270,782	2,992,611
Distributions to shareholders from net investment income	(2,616,706)	(1,455,415)
Distributions to shareholders from net realized gain	(557,413)	(201,782)
Total distributions	(3,174,119)	(1,657,197)
Share transactions - net increase (decrease)	37,757,598	11,032,548
Total increase (decrease) in net assets	39,854,261	12,367,962

Net Assets
Beginning of period	70,677,872	58,309,910
End of period (including undistributed net investment income of $332,205 and undistributed net investment income of $192,880, respectively)	$ 110,532,133	$ 70,677,872

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.52	$ 10.30	$ 10.40	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.36	.29	.20	.13
Net realized and unrealized gain (loss)	.29	.23	(.10)	.36
Total from investment operations	.65	.52	.10	.49
Distributions from net investment income	(.35)	(.27)	(.19)	(.09)
Distributions from net realized gain	(.08)	(.04)	(.01)	-
Total distributions	(.43)	(.30)^I	(.20)	(.09)
Net asset value, end of period	$ 10.74	$ 10.52	$ 10.30	$ 10.40
Total Return^{B, C, D}	6.38%	5.12%	.99%	4.95%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.26%	.33%	.33%^A
Expenses net of all reductions	.25%	.26%	.33%	.33%^A
Net investment income (loss)	3.46%	2.83%	1.96%	1.81%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,721	$ 18,524	$ 10,120	$ 5,009
Portfolio turnover rate	38%	21%	18%	46%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.

^ITotal distributions of $.300 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.51	$ 10.30	$ 10.39	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.34	.27	.18	.11
Net realized and unrealized gain (loss)	.29	.22	(.10)	.37
Total from investment operations	.63	.49	.08	.48
Distributions from net investment income	(.33)	(.24)	(.16)	(.09)
Distributions from net realized gain	(.08)	(.04)	(.01)	-
Total distributions	(.41)	(.28)	(.17)	(.09)
Net asset value, end of period	$ 10.73	$ 10.51	$ 10.30	$ 10.39
Total Return^{B, C, D}	6.11%	4.78%	.79%	4.78%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.51%	.58%	.58%^A
Expenses net of all reductions	.50%	.51%	.58%	.58%^A
Net investment income (loss)	3.21%	2.58%	1.71%	1.56%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 39,739	$ 32,469	$ 29,013	$ 14,535
Portfolio turnover rate	38%	21%	18%	46%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.50	$ 10.29	$ 10.38	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.29	.22	.12	.07
Net realized and unrealized gain (loss)	.28	.21	(.10)	.37
Total from investment operations	.57	.43	.02	.44
Distributions from net investment income	(.27)	(.19)	(.10)	(.06)
Distributions from net realized gain	(.08)	(.04)	(.01)	-
Total distributions	(.35)	(.22)^I	(.11)	(.06)
Net asset value, end of period	$ 10.72	$ 10.50	$ 10.29	$ 10.38
Total Return^{B, C, D}	5.57%	4.27%	.23%	4.45%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	2.71%	2.08%	1.21%	1.06%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,993	$ 4,873	$ 4,454	$ 3,649
Portfolio turnover rate	38%	21%	18%	46%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.50	$ 10.28	$ 10.37	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.29	.22	.12	.07
Net realized and unrealized gain (loss)	.27	.22	(.09)	.37
Total from investment operations	.56	.44	.03	.44
Distributions from net investment income	(.27)	(.19)	(.11)	(.07)
Distributions from net realized gain	(.08)	(.04)	(.01)	-
Total distributions	(.35)	(.22)^I	(.12)	(.07)
Net asset value, end of period	$ 10.71	$ 10.50	$ 10.28	$ 10.37
Total Return^{B, C, D}	5.48%	4.37%	.24%	4.39%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	2.71%	2.08%	1.21%	1.06%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,279	$ 13,678	$ 14,097	$ 9,248
Portfolio turnover rate	38%	21%	18%	46%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004^F
Selected Per-Share Data
Net asset value, beginning of period	$ 10.53	$ 10.31	$ 10.41	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.39	.32	.23	.14
Net realized and unrealized gain (loss)	.30	.23	(.11)	.37
Total from investment operations	.69	.55	.12	.51
Distributions from net investment income	(.38)	(.29)	(.21)	(.10)
Distributions from net realized gain	(.08)	(.04)	(.01)	-
Total distributions	(.46)	(.33)	(.22)	(.10)
Net asset value, end of period	$ 10.76	$ 10.53	$ 10.31	$ 10.41
Total Return^{B, C}	6.72%	5.39%	1.21%	5.16%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.01%	.08%	.08%^A
Expenses net of all reductions	.00%	.01%	.08%	.08%^A
Net investment income (loss)	3.71%	3.08%	2.21%	2.05%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,800	$ 1,134	$ 626	$ 359
Portfolio turnover rate	38%	21%	18%	46%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2005 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	8.0	8.4
Fidelity Advisor Equity Growth Fund Institutional Class	4.7	4.8
Fidelity Advisor Equity Income Fund Institutional Class	8.1	8.4
Fidelity Advisor Growth & Income Fund Institutional Class	6.2	6.4
Fidelity Advisor Large Cap Fund Institutional Class	6.2	6.4
Fidelity Advisor Mid-Cap Fund Institutional Class	3.2	3.2
Fidelity Advisor Small Cap Fund Institutional Class	2.4	2.3
Fidelity Small Cap Opportunities Fund	0.0	0.0
	38.9	39.9
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	4.8	4.8
Fidelity Advisor Overseas Fund Institutional Class	4.9	4.8
	9.7	9.6
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	4.9	5.0
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	13.7	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	13.6	14.5
Fidelity Advisor Strategic Real Return Fund Institutional Class	7.3	5.5
Fidelity Advisor Total Bond Fund Institutional Class	0.2	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	14.5
	34.8	34.5
Short-Term Funds
Fidelity Advisor Short Fixed-Income Fund Institutional Class	5.9	5.5
Fidelity Cash Reserves Fund	0.6	5.5
Fidelity Institutional Money Market Portfolio Class I	5.2	0.0
	11.7	11.0
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	38.9%
	International Equity Funds	9.7%
	Investment Grade Fixed-Income Funds	34.8%
	High Yield Fixed-Income Funds	4.9%
	Short-Term Funds	11.7%

Six months ago
	Domestic Equity Funds	39.9%
	International Equity Funds	9.6%
	Investment Grade Fixed-Income Funds	34.5%
	High Yield Fixed-Income Funds	5.0%
	Short-Term Funds	11.0%

Expected
	Domestic Equity Funds	39.2%
	International Equity Funds	9.3%
	Investment Grade Fixed-Income Funds	34.3%
	High Yield Fixed-Income Funds	5.0%
	Short-Term Funds	12.2%

The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007.

Annual Report

Fidelity Advisor Freedom 2005 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.6%
	Shares		Value
Domestic Equity Funds - 38.9%
Fidelity 100 Index Fund	5,094		$ 50,836
Fidelity Advisor Dividend Growth Fund Institutional Class	509,100		6,913,579
Fidelity Advisor Equity Growth Fund Institutional Class	73,563		4,039,356
Fidelity Advisor Equity Income Fund Institutional Class	228,531		7,004,481
Fidelity Advisor Growth & Income Fund Institutional Class	269,601		5,383,932
Fidelity Advisor Large Cap Fund Institutional Class	273,802		5,347,349
Fidelity Advisor Mid-Cap Fund Institutional Class	103,934		2,740,730
Fidelity Advisor Small Cap Fund Institutional Class	82,822		2,057,296
Fidelity Small Cap Opportunities Fund	1,408		14,028
TOTAL DOMESTIC EQUITY FUNDS			33,551,587
International Equity Funds - 9.7%
Fidelity Advisor Diversified International Fund Institutional Class	171,769		4,143,060
Fidelity Advisor Overseas Fund Institutional Class	181,735		4,210,809
TOTAL INTERNATIONAL EQUITY FUNDS			8,353,869
TOTAL EQUITY FUNDS (Cost $37,872,007)		41,905,456
Fixed-Income Funds - 39.7%

High Yield Fixed-Income Funds - 4.9%
Fidelity Advisor High Income Advantage Fund Institutional Class	409,604		4,231,207
Investment Grade Fixed-Income Funds - 34.8%
Fidelity Advisor Government Income Fund Institutional Class	1,170,918		11,802,854
Fidelity Advisor Intermediate Bond Fund Institutional Class	1,080,321		11,753,897
Fidelity Advisor Strategic Real Return Fund Institutional Class	602,354		6,264,482
Fidelity Advisor Total Bond Fund Institutional Class	19,901		208,366
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			30,029,599
TOTAL FIXED-INCOME FUNDS (Cost $33,914,043)		34,260,806
Short-Term Funds - 11.7%
	Shares		Value
Fidelity Advisor Short Fixed-Income Fund Institutional Class	536,167		$ 5,056,053
Fidelity Cash Reserves Fund	530,988		530,988
Fidelity Institutional Money Market Portfolio Class I	4,488,228		4,488,228
TOTAL SHORT-TERM FUNDS (Cost $10,082,429)		10,075,269
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $81,868,479)		$ 86,241,531

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2005 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $81,868,479) - See accompanying schedule		$ 86,241,531
Cash		1
Receivable for investments sold		4,531,324
Receivable for fund shares sold		1,266,342
Total assets		92,039,198

Liabilities
Payable for investments purchased	$ 4,869,295
Payable for fund shares redeemed	928,395
Distribution fees payable	29,236
Total liabilities		5,826,926

Net Assets		$ 86,212,272
Net Assets consist of:
Paid in capital		$ 80,667,728
Undistributed net investment income		327,028
Accumulated undistributed net realized gain (loss) on investments		844,464
Net unrealized appreciation (depreciation) on investments		4,373,052
Net Assets		$ 86,212,272

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($49,418,450 ÷ 4,178,408 shares)		$ 11.83

Maximum offering price per share (100/94.25 of $11.83)		$ 12.55
Class T: Net Asset Value and redemption price per share ($20,288,810 ÷ 1,717,834 shares)		$ 11.81

Maximum offering price per share (100/96.50 of $11.81)		$ 12.24
Class B: Net Asset Value and offering price per share ($3,973,588 ÷ 337,320 shares)^A		$ 11.78

Class C: Net Asset Value and offering price per share ($9,107,469 ÷ 774,254 shares)^A		$ 11.76

Institutional Class: Net Asset Value, offering price and redemption price per share ($3,423,955 ÷ 288,370 shares)		$ 11.87

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 1,589,054
Interest		48
Total income		1,589,102

Expenses
Distribution fees	$ 275,199
Independent trustees' compensation	187
Total expenses before reductions	275,386
Expense reductions	(187)	275,199
Net investment income (loss)		1,313,903
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(180,097)
Capital gain distributions from underlying funds	1,264,943	1,084,846
Change in net unrealized appreciation (depreciation) on underlying funds		2,293,259
Net gain (loss)		3,378,105
Net increase (decrease) in net assets resulting from operations		$ 4,692,008

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2005 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,313,903	$ 662,933
Net realized gain (loss)	1,084,846	616,846
Change in net unrealized appreciation (depreciation)	2,293,259	1,887,861
Net increase (decrease) in net assets resulting from operations	4,692,008	3,167,640
Distributions to shareholders from net investment income	(1,128,986)	(559,364)
Distributions to shareholders from net realized gain	(779,745)	(151,533)
Total distributions	(1,908,731)	(710,897)
Share transactions - net increase (decrease)	40,480,285	17,491,701
Total increase (decrease) in net assets	43,263,562	19,948,444

Net Assets
Beginning of period	42,948,710	23,000,266
End of period (including undistributed net investment income of $327,028 and undistributed net investment income of $142,110, respectively)	$ 86,212,272	$ 42,948,710

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.33	$ 10.57	$ 10.49	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.28	.25	.22	.09
Net realized and unrealized gain (loss)	.63	.76	.03	.46
Total from investment operations	.91	1.01	.25	.55
Distributions from net investment income	(.23)	(.20)	(.17)	(.06)
Distributions from net realized gain	(.18)	(.05)	-^I	-
Total distributions	(.41)	(.25)	(.17)	(.06)
Net asset value, end of period	$ 11.83	$ 11.33	$ 10.57	$ 10.49
Total Return^{B, C, D}	8.21%	9.63%	2.38%	5.52%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.26%	.33%	.33%^A
Expenses net of all reductions	.25%	.26%	.33%	.33%^A
Net investment income (loss)	2.49%	2.25%	2.13%	2.21%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,418	$ 16,194	$ 5,970	$ 1,386
Portfolio turnover rate	30%	34%	24%	9%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^IAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.31	$ 10.56	$ 10.48	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.25	.22	.20	.08
Net realized and unrealized gain (loss)	.63	.75	.03	.46
Total from investment operations	.88	.97	.23	.54
Distributions from net investment income	(.20)	(.17)	(.14)	(.06)
Distributions from net realized gain	(.18)	(.05)	-^I	-
Total distributions	(.38)	(.22)	(.15)^J	(.06)
Net asset value, end of period	$ 11.81	$ 11.31	$ 10.56	$ 10.48
Total Return^{B, C, D}	7.95%	9.31%	2.17%	5.36%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.50%	.58%	.58%^A
Expenses net of all reductions	.50%	.50%	.58%	.58%^A
Net investment income (loss)	2.24%	2.00%	1.88%	1.97%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,289	$ 13,906	$ 7,977	$ 2,031
Portfolio turnover rate	30%	34%	24%	9%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.148 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.004 per share.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.28	$ 10.53	$ 10.47	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.20	.16	.14	.06
Net realized and unrealized gain (loss)	.62	.76	.03	.46
Total from investment operations	.82	.92	.17	.52
Distributions from net investment income	(.14)	(.12)	(.11)	(.05)
Distributions from net realized gain	(.18)	(.05)	-^I	-
Total distributions	(.32)	(.17)	(.11)	(.05)
Net asset value, end of period	$ 11.78	$ 11.28	$ 10.53	$ 10.47
Total Return^{B, C, D}	7.40%	8.80%	1.64%	5.21%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.00%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.00%	1.08%	1.08%^A
Net investment income (loss)	1.74%	1.50%	1.38%	1.47%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,974	$ 3,835	$ 2,747	$ 1,203
Portfolio turnover rate	30%	34%	24%	9%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.27	$ 10.53	$ 10.47	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.20	.16	.14	.06
Net realized and unrealized gain (loss)	.62	.75	.04	.46
Total from investment operations	.82	.91	.18	.52
Distributions from net investment income	(.15)	(.12)	(.12)	(.05)
Distributions from net realized gain	(.18)	(.05)	-^I	-
Total distributions	(.33)	(.17)	(.12)	(.05)
Net asset value, end of period	$ 11.76	$ 11.27	$ 10.53	$ 10.47
Total Return^{B, C, D}	7.36%	8.74%	1.74%	5.21%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.74%	1.50%	1.38%	1.47%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,107	$ 7,637	$ 5,655	$ 1,073
Portfolio turnover rate	30%	34%	24%	9%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.37	$ 10.60	$ 10.49	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.31	.28	.25	.10
Net realized and unrealized gain (loss)	.62	.76	.04	.45
Total from investment operations	.93	1.04	.29	.55
Distributions from net investment income	(.25)	(.22)	(.18)	(.06)
Distributions from net realized gain	(.18)	(.05)	-^H	-
Total distributions	(.43)	(.27)	(.18)	(.06)
Net asset value, end of period	$ 11.87	$ 11.37	$ 10.60	$ 10.49
Total Return^{B, C}	8.37%	9.92%	2.79%	5.52%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.00%	.08%	.08%^A
Expenses net of all reductions	.00%	.00%	.08%	.08%^A
Net investment income (loss)	2.74%	2.50%	2.38%	2.46%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,424	$ 1,376	$ 651	$ 397
Portfolio turnover rate	30%	34%	24%	9%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2010 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	8.4	8.6
Fidelity Advisor Equity Growth Fund Institutional Class	4.8	4.9
Fidelity Advisor Equity Income Fund Institutional Class	8.4	8.6
Fidelity Advisor Growth & Income Fund Institutional Class	6.5	6.5
Fidelity Advisor Large Cap Fund Institutional Class	6.4	6.5
Fidelity Advisor Mid-Cap Fund Institutional Class	3.4	3.3
Fidelity Advisor Small Cap Fund Institutional Class	2.5	2.4
Fidelity Small Cap Opportunities Fund	0.0	0.0
	40.5	40.8
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	5.2	4.9
Fidelity Advisor Overseas Fund Institutional Class	5.3	5.0
	10.5	9.9
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	5.0	5.0
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	13.6	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	13.7	14.6
Fidelity Advisor Strategic Real Return Fund Institutional Class	6.9	5.5
Fidelity Advisor Total Bond Fund Institutional Class	0.1	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	14.6
	34.3	34.7
Short-Term Funds
Fidelity Advisor Short Fixed-Income Fund Institutional Class	4.9	4.8
Fidelity Cash Reserves Fund	0.5	4.8
Fidelity Institutional Money Market Portfolio Class I	4.3	0.0
	9.7	9.6
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	40.5%
	International Equity Funds	10.5%
	Investment Grade Fixed-Income Funds	34.3%
	High Yield Fixed-Income Funds	5.0%
	Short-Term Funds	9.7%

Six months ago
	Domestic Equity Funds	40.8%
	International Equity Funds	9.9%
	Investment Grade Fixed-Income Funds	34.7%
	High Yield Fixed-Income Funds	5.0%
	Short-Term Funds	9.6%

Expected
	Domestic Equity Funds	40.2%
	International Equity Funds	10.0%
	Investment Grade Fixed-Income Funds	34.9%
	High Yield Fixed-Income Funds	5.0%
	Short-Term Funds	9.9%

Annual Report

Fidelity Advisor Freedom 2010 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 51.0%
	Shares		Value
Domestic Equity Funds - 40.5%
Fidelity 100 Index Fund	34,090		$ 340,223
Fidelity Advisor Dividend Growth Fund Institutional Class	3,372,068		45,792,682
Fidelity Advisor Equity Growth Fund Institutional Class	481,821		26,456,816
Fidelity Advisor Equity Income Fund Institutional Class	1,508,702		46,241,719
Fidelity Advisor Growth & Income Fund Institutional Class	1,785,467		35,655,770
Fidelity Advisor Large Cap Fund Institutional Class	1,797,701		35,109,097
Fidelity Advisor Mid-Cap Fund Institutional Class	694,734		18,320,142
Fidelity Advisor Small Cap Fund Institutional Class	544,884		13,534,930
Fidelity Small Cap Opportunities Fund	5,920		58,960
TOTAL DOMESTIC EQUITY FUNDS			221,510,339
International Equity Funds - 10.5%
Fidelity Advisor Diversified International Fund Institutional Class	1,181,590		28,499,956
Fidelity Advisor Overseas Fund Institutional Class	1,255,327		29,085,917
TOTAL INTERNATIONAL EQUITY FUNDS			57,585,873
TOTAL EQUITY FUNDS (Cost $244,606,688)		279,096,212
Fixed-Income Funds - 39.3%

High Yield Fixed-Income Funds - 5.0%
Fidelity Advisor High Income Advantage Fund Institutional Class	2,637,921		27,249,726
Investment Grade Fixed-Income Funds - 34.3%
Fidelity Advisor Government Income Fund Institutional Class	7,401,204		74,604,140
Fidelity Advisor Intermediate Bond Fund Institutional Class	6,874,553		74,795,142
Fidelity Advisor Strategic Real Return Fund Institutional Class	3,634,516		37,798,963
Fidelity Advisor Total Bond Fund Institutional Class	83,958		879,038
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			188,077,283
TOTAL FIXED-INCOME FUNDS (Cost $213,935,670)		215,327,009
Short-Term Funds - 9.7%
	Shares		Value
Fidelity Advisor Short Fixed-Income Fund Institutional Class	2,811,166		$ 26,509,299
Fidelity Cash Reserves Fund	2,935,119		2,935,119
Fidelity Institutional Money Market Portfolio Class I	23,641,272		23,641,272
TOTAL SHORT-TERM FUNDS (Cost $53,200,847)		53,085,690
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $511,743,205)		$ 547,508,911

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2010 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $511,743,205) - See accompanying schedule		$ 547,508,911
Cash		1,980
Receivable for investments sold		23,949,520
Receivable for fund shares sold		2,040,385
Total assets		573,500,796

Liabilities
Payable for investments purchased	$ 25,290,966
Payable for fund shares redeemed	615,114
Distribution fees payable	199,283
Total liabilities		26,105,363

Net Assets		$ 547,395,433
Net Assets consist of:
Paid in capital		$ 503,406,110
Undistributed net investment income		1,918,008
Accumulated undistributed net realized gain (loss) on investments		6,305,609
Net unrealized appreciation (depreciation) on investments		35,765,706
Net Assets		$ 547,395,433

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($248,499,940 ÷ 20,233,064 shares)		$ 12.28

Maximum offering price per share (100/94.25 of $12.28)		$ 13.03
Class T: Net Asset Value and redemption price per share ($194,563,407 ÷ 15,898,392 shares)		$ 12.24

Maximum offering price per share (100/96.50 of $12.24)		$ 12.68
Class B: Net Asset Value and offering price per share ($34,834,350 ÷ 2,855,496 shares)^A		$ 12.20

Class C: Net Asset Value and offering price per share ($47,918,090 ÷ 3,936,139 shares)^A		$ 12.17

Institutional Class: Net Asset Value, offering price and redemption price per share ($21,579,646 ÷ 1,751,252 shares)		$ 12.32

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 11,644,266

Expenses
Distribution fees	$ 2,046,096
Independent trustees' compensation	1,458
Total expenses before reductions	2,047,554
Expense reductions	(1,458)	2,046,096
Net investment income (loss)		9,598,170
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(1,393,924)
Capital gain distributions from underlying funds	9,491,974	8,098,050
Change in net unrealized appreciation (depreciation) on underlying funds		17,456,575
Net gain (loss)		25,554,625
Net increase (decrease) in net assets resulting from operations		$ 35,152,795

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2010 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,598,170	$ 5,895,515
Net realized gain (loss)	8,098,050	5,266,331
Change in net unrealized appreciation (depreciation)	17,456,575	15,956,793
Net increase (decrease) in net assets resulting from operations	35,152,795	27,118,639
Distributions to shareholders from net investment income	(8,928,486)	(5,136,102)
Distributions to shareholders from net realized gain	(6,751,314)	(1,279,124)
Total distributions	(15,679,800)	(6,415,226)
Share transactions - net increase (decrease)	154,994,187	123,162,830
Total increase (decrease) in net assets	174,467,182	143,866,243

Net Assets
Beginning of period	372,928,251	229,062,008
End of period (including undistributed net investment income of $1,918,008 and undistributed net investment income of $1,256,073, respectively)	$ 547,395,433	$ 372,928,251

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.79	$ 11.01	$ 10.92	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.29	.25	.23	.16
Net realized and unrealized gain (loss)	.66	.80	.04	.83
Total from investment operations	.95	1.05	.27	.99
Distributions from net investment income	(.26)	(.22)	(.18)	(.07)
Distributions from net realized gain	(.20)	(.06)	-^I	-
Total distributions	(.46)	(.27)^J	(.18)	(.07)
Net asset value, end of period	$ 12.28	$ 11.79	$ 11.01	$ 10.92
Total Return^{B, C, D}	8.22%	9.65%	2.48%	9.92%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.26%	.33%	.33%^A
Expenses net of all reductions	.25%	.26%	.33%	.33%^A
Net investment income (loss)	2.43%	2.23%	2.10%	2.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 248,500	$ 146,593	$ 74,013	$ 32,615
Portfolio turnover rate	22%	7%	5%	103%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^IAmount represents less than $.01 per share.

^JTotal distributions of $.270 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.055 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.75	$ 10.97	$ 10.90	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.26	.22	.20	.14
Net realized and unrealized gain (loss)	.66	.80	.04	.83
Total from investment operations	.92	1.02	.24	.97
Distributions from net investment income	(.23)	(.19)	(.17)	(.07)
Distributions from net realized gain	(.20)	(.06)	-^I	-
Total distributions	(.43)	(.24)^J	(.17)	(.07)
Net asset value, end of period	$ 12.24	$ 11.75	$ 10.97	$ 10.90
Total Return^{B, C, D}	8.00%	9.42%	2.18%	9.72%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.51%	.58%	.58%^A
Expenses net of all reductions	.50%	.51%	.58%	.58%^A
Net investment income (loss)	2.18%	1.98%	1.86%	1.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 194,563	$ 143,012	$ 94,744	$ 29,964
Portfolio turnover rate	22%	7%	5%	103%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.242 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.055 per share.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.71	$ 10.94	$ 10.87	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.20	.17	.15	.10
Net realized and unrealized gain (loss)	.66	.79	.04	.83
Total from investment operations	.86	.96	.19	.93
Distributions from net investment income	(.17)	(.13)	(.12)	(.06)
Distributions from net realized gain	(.20)	(.06)	-^I	-
Total distributions	(.37)	(.19)	(.12)	(.06)
Net asset value, end of period	$ 12.20	$ 11.71	$ 10.94	$ 10.87
Total Return^{B, C, D}	7.47%	8.83%	1.72%	9.32%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.68%	1.48%	1.35%	1.39%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 34,834	$ 33,404	$ 27,098	$ 14,897
Portfolio turnover rate	22%	7%	5%	103%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.69	$ 10.93	$ 10.87	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.20	.17	.15	.10
Net realized and unrealized gain (loss)	.66	.78	.04	.83
Total from investment operations	.86	.95	.19	.93
Distributions from net investment income	(.18)	(.14)	(.13)	(.06)
Distributions from net realized gain	(.20)	(.06)	-^I	-
Total distributions	(.38)	(.19)^J	(.13)	(.06)
Net asset value, end of period	$ 12.17	$ 11.69	$ 10.93	$ 10.87
Total Return^{B, C, D}	7.45%	8.78%	1.72%	9.32%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.68%	1.48%	1.36%	1.39%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 47,918	$ 38,882	$ 27,668	$ 11,552
Portfolio turnover rate	22%	7%	5%	103%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.191 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.055 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.82	$ 11.03	$ 10.93	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.32	.28	.26	.17
Net realized and unrealized gain (loss)	.67	.80	.05	.83
Total from investment operations	.99	1.08	.31	1.00
Distributions from net investment income	(.29)	(.24)	(.20)	(.07)
Distributions from net realized gain	(.20)	(.06)	-^H	-
Total distributions	(.49)	(.29)^J	(.21)^I	(.07)
Net asset value, end of period	$ 12.32	$ 11.82	$ 11.03	$ 10.93
Total Return^{B, C}	8.52%	9.94%	2.80%	10.02%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.01%	.08%	.08%^A
Expenses net of all reductions	.00%	.01%	.08%	.08%^A
Net investment income (loss)	2.68%	2.48%	2.35%	2.38%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,580	$ 11,038	$ 5,538	$ 1,691
Portfolio turnover rate	22%	7%	5%	103%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^H Amount represents less than $.01 per share.

^I Total distributions of $.206 per share is comprised of distributions from net investment income of $.204 and distributions from net realized gain of $.002 per share.

^J Total distributions of $.292 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.055 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2015 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	9.4	10.0
Fidelity Advisor Equity Growth Fund Institutional Class	5.5	5.7
Fidelity Advisor Equity Income Fund Institutional Class	9.6	9.9
Fidelity Advisor Growth & Income Fund Institutional Class	7.3	7.6
Fidelity Advisor Large Cap Fund Institutional Class	7.3	7.5
Fidelity Advisor Mid-Cap Fund Institutional Class	3.8	3.7
Fidelity Advisor Small Cap Fund Institutional Class	2.8	2.8
Fidelity Small Cap Opportunities Fund	0.0	0.0
	45.8	47.2
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	5.9	5.7
Fidelity Advisor Overseas Fund Institutional Class	5.9	5.8
	11.8	11.5
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	6.0	6.3
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	12.3	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	12.3	12.7
Fidelity Advisor Strategic Real Return Fund Institutional Class	6.2	4.8
Fidelity Advisor Total Bond Fund Institutional Class	0.1	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	12.8
	30.9	30.3
Short-Term Funds
Fidelity Advisor Short Fixed-Income Fund Institutional Class	2.8	2.4
Fidelity Cash Reserves Fund	0.3	2.3
Fidelity Institutional Money Market Portfolio Class I	2.4	0.0
	5.5	4.7
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	45.8%
	International Equity Funds	11.8%
	Investment Grade Fixed-Income Funds	30.9%
	High Yield Fixed-Income Funds	6.0%
	Short-Term Funds	5.5%

Six months ago
	Domestic Equity Funds	47.2%
	International Equity Funds	11.5%
	Investment Grade Fixed-Income Funds	30.3%
	High Yield Fixed-Income Funds	6.3%
	Short-Term Funds	4.7%

Expected
	Domestic Equity Funds	44.6%
	International Equity Funds	11.2%
	Investment Grade Fixed-Income Funds	32.0%
	High Yield Fixed-Income Funds	5.9%
	Short-Term Funds	6.3%

Annual Report

Fidelity Advisor Freedom 2015 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.6%
	Shares		Value
Domestic Equity Funds - 45.8%
Fidelity 100 Index Fund	43,124		$ 430,374
Fidelity Advisor Dividend Growth Fund Institutional Class	4,269,615		57,981,377
Fidelity Advisor Equity Growth Fund Institutional Class	616,862		33,871,903
Fidelity Advisor Equity Income Fund Institutional Class	1,928,116		59,096,747
Fidelity Advisor Growth & Income Fund Institutional Class	2,265,438		45,240,806
Fidelity Advisor Large Cap Fund Institutional Class	2,300,760		44,933,846
Fidelity Advisor Mid-Cap Fund Institutional Class	877,606		23,142,459
Fidelity Advisor Small Cap Fund Institutional Class	692,296		17,196,630
Fidelity Small Cap Opportunities Fund	3,820		38,049
TOTAL DOMESTIC EQUITY FUNDS			281,932,191
International Equity Funds - 11.8%
Fidelity Advisor Diversified International Fund Institutional Class	1,496,512		36,095,870
Fidelity Advisor Overseas Fund Institutional Class	1,583,723		36,694,873
TOTAL INTERNATIONAL EQUITY FUNDS			72,790,743
TOTAL EQUITY FUNDS (Cost $318,076,925)		354,722,934
Fixed-Income Funds - 36.9%

High Yield Fixed-Income Funds - 6.0%
Fidelity Advisor High Income Advantage Fund Institutional Class	3,584,247		37,025,276
Investment Grade Fixed-Income Funds - 30.9%
Fidelity Advisor Government Income Fund Institutional Class	7,498,154		75,581,392
Fidelity Advisor Intermediate Bond Fund Institutional Class	6,957,505		75,697,653
Fidelity Advisor Strategic Real Return Fund Institutional Class	3,674,916		38,219,130
Fidelity Advisor Total Bond Fund Institutional Class	43,919		459,831
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			189,958,006
TOTAL FIXED-INCOME FUNDS (Cost $224,334,080)		226,983,282
Short-Term Funds - 5.5%
	Shares		Value
Fidelity Advisor Short Fixed-Income Fund Institutional Class	1,804,964		$ 17,020,810
Fidelity Cash Reserves Fund	1,900,229		1,900,229
Fidelity Institutional Money Market Portfolio Class I	15,142,611		15,142,611
TOTAL SHORT-TERM FUNDS (Cost $34,059,885)		34,063,650
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $576,470,890)		$ 615,769,866

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2015 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $576,470,890) - See accompanying schedule		$ 615,769,866
Receivable for investments sold		15,641,300
Receivable for fund shares sold		2,082,083
Total assets		633,493,249

Liabilities
Payable to custodian bank	$ 397
Payable for investments purchased	16,397,537
Payable for fund shares redeemed	1,248,059
Distribution fees payable	217,276
Total liabilities		17,863,269

Net Assets		$ 615,629,980
Net Assets consist of:
Paid in capital		$ 565,287,686
Undistributed net investment income		1,688,198
Accumulated undistributed net realized gain (loss) on investments		9,355,120
Net unrealized appreciation (depreciation) on investments		39,298,976
Net Assets		$ 615,629,980

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($291,783,180 ÷ 23,524,542 shares)		$ 12.40

Maximum offering price per share (100/94.25 of $12.40)		$ 13.16
Class T: Net Asset Value and redemption price per share ($186,105,558 ÷ 15,035,723 shares)		$ 12.38

Maximum offering price per share (100/96.50 of $12.38)		$ 12.83
Class B: Net Asset Value and offering price per share ($41,423,659 ÷ 3,359,756 shares)^A		$ 12.33

Class C: Net Asset Value and offering price per share ($56,686,351 ÷ 4,600,608 shares)^A		$ 12.32

Institutional Class: Net Asset Value, offering price and redemption price per share ($39,631,232 ÷ 3,179,373 shares)		$ 12.47

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 11,279,395
Interest		489
Total income		11,279,884

Expenses
Distribution fees	$ 2,060,236
Independent trustees' compensation	1,508
Total expenses before reductions	2,061,744
Expense reductions	(1,508)	2,060,236
Net investment income (loss)		9,219,648
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(379,945)
Capital gain distributions from underlying funds	11,833,573	11,453,628
Change in net unrealized appreciation (depreciation) on underlying funds		19,737,804
Net gain (loss)		31,191,432
Net increase (decrease) in net assets resulting from operations		$ 40,411,080

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2015 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,219,648	$ 4,052,598
Net realized gain (loss)	11,453,628	5,365,866
Change in net unrealized appreciation (depreciation)	19,737,804	18,399,382
Net increase (decrease) in net assets resulting from operations	40,411,080	27,817,846
Distributions to shareholders from net investment income	(8,406,068)	(3,337,676)
Distributions to shareholders from net realized gain	(6,941,908)	(1,130,850)
Total distributions	(15,347,976)	(4,468,526)
Share transactions - net increase (decrease)	240,828,001	174,816,071
Total increase (decrease) in net assets	265,891,105	198,165,391

Net Assets
Beginning of period	349,738,875	151,573,484
End of period (including undistributed net investment income of $1,688,198 and undistributed net investment income of $874,617, respectively)	$ 615,629,980	$ 349,738,875

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.84	$ 10.77	$ 10.57	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.26	.22	.21	.07
Net realized and unrealized gain (loss)	.74	1.07	.13	.56
Total from investment operations	1.00	1.29	.34	.63
Distributions from net investment income	(.23)	(.16)	(.14)	(.06)
Distributions from net realized gain	(.21)	(.06)	-^I	-
Total distributions	(.44)	(.22)	(.14)	(.06)
Net asset value, end of period	$ 12.40	$ 11.84	$ 10.77	$ 10.57
Total Return^{B, C, D}	8.56%	12.12%	3.22%	6.32%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.26%	.33%	.33%^A
Expenses net of all reductions	.25%	.26%	.33%	.33%^A
Net investment income (loss)	2.21%	1.93%	2.02%	1.84%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 291,783	$ 128,241	$ 45,028	$ 4,773
Portfolio turnover rate	11%	4%	3%	5%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^IAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.81	$ 10.76	$ 10.57	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.23	.19	.19	.06
Net realized and unrealized gain (loss)	.75	1.06	.13	.57
Total from investment operations	.98	1.25	.32	.63
Distributions from net investment income	(.20)	(.14)	(.13)	(.06)
Distributions from net realized gain	(.21)	(.06)	-^I	-
Total distributions	(.41)	(.20)	(.13)	(.06)
Net asset value, end of period	$ 12.38	$ 11.81	$ 10.76	$ 10.57
Total Return^{B, C, D}	8.40%	11.71%	3.01%	6.27%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.51%	.58%	.58%^A
Expenses net of all reductions	.50%	.51%	.58%	.58%^A
Net investment income (loss)	1.96%	1.68%	1.77%	1.59%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 186,106	$ 125,323	$ 55,945	$ 5,038
Portfolio turnover rate	11%	4%	3%	5%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.77	$ 10.73	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.17	.13	.13	.04
Net realized and unrealized gain (loss)	.74	1.06	.13	.58
Total from investment operations	.91	1.19	.26	.62
Distributions from net investment income	(.14)	(.09)	(.09)	(.06)
Distributions from net realized gain	(.21)	(.06)	-^I	-
Total distributions	(.35)	(.15)	(.09)	(.06)
Net asset value, end of period	$ 12.33	$ 11.77	$ 10.73	$ 10.56
Total Return^{B, C, D}	7.83%	11.17%	2.49%	6.17%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.46%	1.18%	1.28%	1.09%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 41,424	$ 33,633	$ 18,813	$ 4,259
Portfolio turnover rate	11%	4%	3%	5%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 11.77	$ 10.73	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.17	.13	.13	.04
Net realized and unrealized gain (loss)	.74	1.06	.13	.57
Total from investment operations	.91	1.19	.26	.61
Distributions from net investment income	(.15)	(.09)	(.09)	(.05)
Distributions from net realized gain	(.21)	(.06)	-^I	-
Total distributions	(.36)	(.15)	(.09)	(.05)
Net asset value, end of period	$ 12.32	$ 11.77	$ 10.73	$ 10.56
Total Return^{B, C, D}	7.81%	11.19%	2.47%	6.12%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.46%	1.18%	1.28%	1.09%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 56,686	$ 35,656	$ 18,926	$ 3,593
Portfolio turnover rate	11%	4%	3%	5%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004 ^F
Selected Per-Share Data
Net asset value, beginning of period	$ 11.89	$ 10.81	$ 10.59	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.29	.25	.24	.09
Net realized and unrealized gain (loss)	.75	1.07	.13	.56
Total from investment operations	1.04	1.32	.37	.65
Distributions from net investment income	(.25)	(.18)	(.15)	(.06)
Distributions from net realized gain	(.21)	(.06)	-^H	-
Total distributions	(.46)	(.24)	(.15)	(.06)
Net asset value, end of period	$ 12.47	$ 11.89	$ 10.81	$ 10.59
Total Return^{B, C}	8.90%	12.36%	3.52%	6.52%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.00%	.08%	.08%^A
Expenses net of all reductions	.00%	.00%	.08%	.08%^A
Net investment income (loss)	2.46%	2.18%	2.27%	2.09%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 39,631	$ 26,886	$ 12,861	$ 282
Portfolio turnover rate	11%	4%	3%	5%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2020 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	11.2	11.8
Fidelity Advisor Equity Growth Fund Institutional Class	6.6	6.7
Fidelity Advisor Equity Income Fund Institutional Class	11.4	11.6
Fidelity Advisor Growth & Income Fund Institutional Class	8.8	8.8
Fidelity Advisor Large Cap Fund Institutional Class	8.7	8.8
Fidelity Advisor Mid-Cap Fund Institutional Class	4.5	4.4
Fidelity Advisor Small Cap Fund Institutional Class	3.3	3.3
Fidelity Small Cap Opportunities Fund	0.0	0.0
	54.6	55.4
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	7.0	6.8
Fidelity Advisor Overseas Fund Institutional Class	7.1	6.9
	14.1	13.7
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	7.4	7.4
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	9.4	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	9.4	9.7
Fidelity Advisor Strategic Real Return Fund Institutional Class	4.7	3.8
Fidelity Advisor Total Bond Fund Institutional Class	0.1	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	9.8
	23.6	23.3
Short-Term Funds
Fidelity Advisor Short Fixed-Income Fund Institutional Class	0.2	0.1
Fidelity Cash Reserves Fund	0.0	0.1
Fidelity Institutional Money Market Portfolio Class I	0.1	0.0
	0.3	0.2
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	54.6%
	International Equity Funds	14.1%
	Investment Grade Fixed-Income Funds	23.6%
	High Yield Fixed-Income Funds	7.4%
	Short-Term Funds	0.3%

Six months ago
	Domestic Equity Funds	55.4%
	International Equity Funds	13.7%
	Investment Grade Fixed-Income Funds	23.3%
	High Yield Fixed-Income Funds	7.4%
	Short-Term Funds	0.2%

Expected
	Domestic Equity Funds	54.2%
	International Equity Funds	13.6%
	Investment Grade Fixed-Income Funds	24.3%
	High Yield Fixed-Income Funds	7.4%
	Short-Term Funds	0.5%

Annual Report

Fidelity Advisor Freedom 2020 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 68.7%
	Shares		Value
Domestic Equity Funds - 54.6%
Fidelity 100 Index Fund	96,224		$ 960,320
Fidelity Advisor Dividend Growth Fund Institutional Class	9,520,937		129,294,324
Fidelity Advisor Equity Growth Fund Institutional Class	1,376,954		75,608,541
Fidelity Advisor Equity Income Fund Institutional Class	4,307,252		132,017,281
Fidelity Advisor Growth & Income Fund Institutional Class	5,066,405		101,176,111
Fidelity Advisor Large Cap Fund Institutional Class	5,141,814		100,419,623
Fidelity Advisor Mid-Cap Fund Institutional Class	1,953,965		51,526,059
Fidelity Advisor Small Cap Fund Institutional Class	1,542,714		38,321,013
Fidelity Small Cap Opportunities Fund	10,597		105,547
TOTAL DOMESTIC EQUITY FUNDS			629,428,819
International Equity Funds - 14.1%
Fidelity Advisor Diversified International Fund Institutional Class	3,334,653		80,431,839
Fidelity Advisor Overseas Fund Institutional Class	3,527,066		81,722,122
TOTAL INTERNATIONAL EQUITY FUNDS			162,153,961
TOTAL EQUITY FUNDS (Cost $693,725,898)		791,582,780
Fixed-Income Funds - 31.0%

High Yield Fixed-Income Funds - 7.4%
Fidelity Advisor High Income Advantage Fund Institutional Class	8,193,739		84,641,329
Investment Grade Fixed-Income Funds - 23.6%
Fidelity Advisor Government Income Fund Institutional Class	10,791,616		108,779,490
Fidelity Advisor Intermediate Bond Fund Institutional Class	9,980,430		108,587,078
Fidelity Advisor Strategic Real Return Fund Institutional Class	5,205,959		54,141,970
Fidelity Advisor Total Bond Fund Institutional Class	75,903		794,704
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			272,303,242
TOTAL FIXED-INCOME FUNDS (Cost $350,042,619)		356,944,571
Short-Term Funds - 0.3%
	Shares		Value
Fidelity Advisor Short Fixed-Income Fund Institutional Class	208,686		$ 1,967,906
Fidelity Cash Reserves Fund	224,908		224,908
Fidelity Institutional Money Market Portfolio Class I	1,767,377		1,767,377
TOTAL SHORT-TERM FUNDS (Cost $3,956,962)		3,960,191
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,047,725,479)		$ 1,152,487,542

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2020 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $1,047,725,479) - See accompanying schedule		$ 1,152,487,542
Cash		31
Receivable for investments sold		2,834,099
Receivable for fund shares sold		3,466,398
Total assets		1,158,788,070

Liabilities
Payable for investments purchased	$ 4,356,480
Payable for fund shares redeemed	1,377,304
Distribution fees payable	422,786
Total liabilities		6,156,570

Net Assets		$ 1,152,631,500
Net Assets consist of:
Paid in capital		$ 1,025,772,811
Undistributed net investment income		1,801,481
Accumulated undistributed net realized gain (loss) on investments		20,295,145
Net unrealized appreciation (depreciation) on investments		104,762,063
Net Assets		$ 1,152,631,500

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($511,536,249 ÷ 37,927,557 shares)		$ 13.49

Maximum offering price per share (100/94.25 of $13.49)		$ 14.31
Class T: Net Asset Value and redemption price per share ($431,886,108 ÷ 32,061,907 shares)		$ 13.47

Maximum offering price per share (100/96.50 of $13.47)		$ 13.96
Class B: Net Asset Value and offering price per share ($85,980,902 ÷ 6,410,033 shares)^A		$ 13.41

Class C: Net Asset Value and offering price per share ($85,075,638 ÷ 6,348,881 shares)^A		$ 13.40

Institutional Class: Net Asset Value, offering price and redemption price per share ($38,152,603 ÷ 2,815,675 shares)		$ 13.55

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 19,385,567

Expenses
Distribution fees	$ 4,228,551
Independent trustees' compensation	3,027
Total expenses before reductions	4,231,578
Expense reductions	(3,027)	4,228,551
Net investment income (loss)		15,157,016
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(2,285,140)
Capital gain distributions from underlying funds	27,362,052	25,076,912
Change in net unrealized appreciation (depreciation) on underlying funds		44,485,432
Net gain (loss)		69,562,344
Net increase (decrease) in net assets resulting from operations		$ 84,719,360

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2020 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 15,157,016	$ 7,591,715
Net realized gain (loss)	25,076,912	15,057,100
Change in net unrealized appreciation (depreciation)	44,485,432	49,835,325
Net increase (decrease) in net assets resulting from operations	84,719,360	72,484,140
Distributions to shareholders from net investment income	(14,683,101)	(6,539,824)
Distributions to shareholders from net realized gain	(18,704,702)	(3,059,372)
Total distributions	(33,387,803)	(9,599,196)
Share transactions - net increase (decrease)	366,470,672	258,660,731
Total increase (decrease) in net assets	417,802,229	321,545,675

Net Assets
Beginning of period	734,829,271	413,283,596
End of period (including undistributed net investment income of $1,801,481 and undistributed net investment income of $1,350,482, respectively)	$ 1,152,631,500	$ 734,829,271

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.85	$ 11.53	$ 11.29	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.24	.19	.20	.13
Net realized and unrealized gain (loss)	.92	1.36	.23	1.25
Total from investment operations	1.16	1.55	.43	1.38
Distributions from net investment income	(.23)	(.16)	(.18)	(.09)
Distributions from net realized gain	(.30)	(.08)	-^I	-
Total distributions	(.52)^L	(.23)^K	(.19)^J	(.09)
Net asset value, end of period	$ 13.49	$ 12.85	$ 11.53	$ 11.29
Total Return^{B, C, D}	9.21%	13.62%	3.75%	13.78%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.26%	.33%	.33%^A
Expenses net of all reductions	.25%	.26%	.33%	.33%^A
Net investment income (loss)	1.89%	1.60%	1.80%	1.74%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 511,536	$ 284,466	$ 135,306	$ 72,334
Portfolio turnover rate	13%	6%	1%	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^IAmount represents less than $.01 per share.

^JTotal distributions of $.185 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.004 per share.

^KTotal distributions of $.233 per share is comprised of distributions from net investment income of $.158 and distributions from net realized gain of $.075 per share.

^LTotal distributions of $.520 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.295 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.83	$ 11.52	$ 11.29	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.21	.16	.18	.11
Net realized and unrealized gain (loss)	.92	1.36	.21	1.26
Total from investment operations	1.13	1.52	.39	1.37
Distributions from net investment income	(.19)	(.13)	(.16)	(.08)
Distributions from net realized gain	(.30)	(.08)	-^I	-
Total distributions	(.49)^J	(.21)	(.16)	(.08)
Net asset value, end of period	$ 13.47	$ 12.83	$ 11.52	$ 11.29
Total Return^{B, C, D}	8.97%	13.28%	3.46%	13.73%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.51%	.58%	.58%^A
Expenses net of all reductions	.50%	.51%	.58%	.58%^A
Net investment income (loss)	1.63%	1.35%	1.55%	1.49%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 431,886	$ 296,477	$ 177,336	$ 52,310
Portfolio turnover rate	13%	6%	1%	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.489 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.295 per share.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.78	$ 11.48	$ 11.27	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.15	.10	.12	.07
Net realized and unrealized gain (loss)	.91	1.35	.21	1.27
Total from investment operations	1.06	1.45	.33	1.34
Distributions from net investment income	(.13)	(.08)	(.12)	(.07)
Distributions from net realized gain	(.30)	(.07)	-^I	-
Total distributions	(.43)^J	(.15)	(.12)	(.07)
Net asset value, end of period	$ 13.41	$ 12.78	$ 11.48	$ 11.27
Total Return^{B, C, D}	8.40%	12.71%	2.93%	13.37%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.13%	.85%	1.05%	.99%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 85,981	$ 71,232	$ 49,398	$ 23,274
Portfolio turnover rate	13%	6%	1%	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.426 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.295 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.77	$ 11.48	$ 11.26	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.15	.10	.12	.07
Net realized and unrealized gain (loss)	.91	1.34	.22	1.26
Total from investment operations	1.06	1.44	.34	1.33
Distributions from net investment income	(.14)	(.08)	(.12)	(.07)
Distributions from net realized gain	(.30)	(.07)	-^I	-
Total distributions	(.43)^J	(.15)	(.12)	(.07)
Net asset value, end of period	$ 13.40	$ 12.77	$ 11.48	$ 11.26
Total Return^{B, C, D}	8.45%	12.66%	3.02%	13.32%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.14%	.85%	1.05%	.99%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 85,076	$ 61,442	$ 39,310	$ 15,871
Portfolio turnover rate	13%	6%	1%	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.430 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.295 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004^F
Selected Per-Share Data
Net asset value, beginning of period	$ 12.90	$ 11.57	$ 11.31	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.28	.23	.23	.15
Net realized and unrealized gain (loss)	.92	1.36	.23	1.25
Total from investment operations	1.20	1.59	.46	1.40
Distributions from net investment income	(.25)	(.18)	(.20)	(.09)
Distributions from net realized gain	(.30)	(.08)	-^H	-
Total distributions	(.55)^I	(.26)	(.20)	(.09)
Net asset value, end of period	$ 13.55	$ 12.90	$ 11.57	$ 11.31
Total Return^{B, C}	9.47%	13.88%	4.06%	14.03%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.00%	.08%	.08%^A
Expenses net of all reductions	.00%	.00%	.08%	.08%^A
Net investment income (loss)	2.13%	1.85%	2.05%	1.98%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,153	$ 21,212	$ 11,932	$ 2,278
Portfolio turnover rate	13%	6%	1%	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^H Amount represents less than $.01 per share.

^I Total distributions of $.547 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.295 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2025 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	11.7	12.2
Fidelity Advisor Equity Growth Fund Institutional Class	6.8	7.0
Fidelity Advisor Equity Income Fund Institutional Class	12.0	12.2
Fidelity Advisor Growth & Income Fund Institutional Class	9.2	9.3
Fidelity Advisor Large Cap Fund Institutional Class	9.1	9.3
Fidelity Advisor Mid-Cap Fund Institutional Class	4.7	4.6
Fidelity Advisor Small Cap Fund Institutional Class	3.5	3.4
Fidelity Small Cap Opportunities Fund	0.0	0.0
	57.1	58.0
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	7.3	7.2
Fidelity Advisor Overseas Fund Institutional Class	7.4	7.2
	14.7	14.4
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	7.4	7.5
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	8.2	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	8.2	8.4
Fidelity Advisor Strategic Real Return Fund Institutional Class	4.3	3.3
Fidelity Advisor Total Bond Fund Institutional Class	0.1	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	8.4
	20.8	20.1
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	57.1%
	International Equity Funds	14.7%
	Investment Grade Fixed-Income Funds	20.8%
	High Yield Fixed-Income Funds	7.4%

Six months ago
	Domestic Equity Funds	58.0%
	International Equity Funds	14.4%
	Investment Grade Fixed-Income Funds	20.1%
	High Yield Fixed-Income Funds	7.5%

Expected
	Domestic Equity Funds	56.6%
	International Equity Funds	14.1%
	Investment Grade Fixed-Income Funds	21.8%
	High Yield Fixed-Income Funds	7.5%

Annual Report

Fidelity Advisor Freedom 2025 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 71.8%
	Shares		Value
Domestic Equity Funds - 57.1%
Fidelity 100 Index Fund	47,192		$ 470,978
Fidelity Advisor Dividend Growth Fund Institutional Class	4,677,254		63,517,111
Fidelity Advisor Equity Growth Fund Institutional Class	678,849		37,275,614
Fidelity Advisor Equity Income Fund Institutional Class	2,133,691		65,397,619
Fidelity Advisor Growth & Income Fund Institutional Class	2,512,981		50,184,238
Fidelity Advisor Large Cap Fund Institutional Class	2,548,415		49,770,540
Fidelity Advisor Mid-Cap Fund Institutional Class	968,689		25,544,320
Fidelity Advisor Small Cap Fund Institutional Class	759,262		18,860,062
Fidelity Small Cap Opportunities Fund	11,728		116,807
TOTAL DOMESTIC EQUITY FUNDS			311,137,289
International Equity Funds - 14.7%
Fidelity Advisor Diversified International Fund Institutional Class	1,650,194		39,802,670
Fidelity Advisor Overseas Fund Institutional Class	1,749,955		40,546,457
TOTAL INTERNATIONAL EQUITY FUNDS			80,349,127
TOTAL EQUITY FUNDS (Cost $355,718,459)		391,486,416
Fixed-Income Funds - 28.2%

High Yield Fixed-Income Funds - 7.4%
Fidelity Advisor High Income Advantage Fund Institutional Class	3,884,384		40,125,685
Investment Grade Fixed-Income Funds - 20.8%
Fidelity Advisor Government Income Fund Institutional Class	4,430,995		44,664,433
Fidelity Advisor Intermediate Bond Fund Institutional Class	4,117,209		44,795,235
Fidelity Advisor Strategic Real Return Fund Institutional Class	2,249,940		23,399,379
Fidelity Advisor Total Bond Fund Institutional Class	72,597		760,090
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			113,619,137
TOTAL FIXED-INCOME FUNDS (Cost $150,885,156)		153,744,822
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $506,603,615)		$ 545,231,238

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2025 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $506,603,615) - See accompanying schedule		$ 545,231,238
Cash		52
Receivable for investments sold		514,060
Receivable for fund shares sold		4,249,224
Total assets		549,994,574

Liabilities
Payable for investments purchased	$ 2,462,077
Payable for fund shares redeemed	2,301,155
Distribution fees payable	182,004
Total liabilities		4,945,236

Net Assets		$ 545,049,338
Net Assets consist of:
Paid in capital		$ 495,846,574
Undistributed net investment income		882,661
Accumulated undistributed net realized gain (loss) on investments		9,692,480
Net unrealized appreciation (depreciation) on investments		38,627,623
Net Assets		$ 545,049,338

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($306,543,869 ÷ 23,554,224 shares)		$ 13.01

Maximum offering price per share (100/94.25 of $13.01)		$ 13.80
Class T: Net Asset Value and redemption price per share ($154,042,421 ÷ 11,822,701 shares)		$ 13.03

Maximum offering price per share (100/96.50 of $13.03)		$ 13.50
Class B: Net Asset Value and offering price per share ($37,880,947 ÷ 2,930,413 shares)^A		$ 12.93

Class C: Net Asset Value and offering price per share ($32,678,726 ÷ 2,528,573 shares)^A		$ 12.92

Institutional Class: Net Asset Value, offering price and redemption price per share ($13,903,375 ÷ 1,063,063 shares)		$ 13.08

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year endaed March 31, 2007

Investment Income
Income distributions from underlying funds		$ 7,566,649
Interest		411
Total income		7,567,060

Expenses
Distribution fees	$ 1,622,767
Independent trustees' compensation	1,198
Total expenses before reductions	1,623,965
Expense reductions	(1,198)	1,622,767
Net investment income (loss)		5,944,293
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(222,413)
Capital gain distributions from underlying funds	12,024,427	11,802,014
Change in net unrealized appreciation (depreciation) on underlying funds		18,500,292
Net gain (loss)		30,302,306
Net increase (decrease) in net assets resulting from operations		$ 36,246,599

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2025 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,944,293	$ 2,279,349
Net realized gain (loss)	11,802,014	4,997,172
Change in net unrealized appreciation (depreciation)	18,500,292	18,627,272
Net increase (decrease) in net assets resulting from operations	36,246,599	25,903,793
Distributions to shareholders from net investment income	(5,346,689)	(2,006,218)
Distributions to shareholders from net realized gain	(6,744,686)	(689,007)
Total distributions	(12,091,375)	(2,695,225)
Share transactions - net increase (decrease)	255,833,989	119,342,923
Total increase (decrease) in net assets	279,989,213	142,551,491

Net Assets
Beginning of period	265,060,125	122,508,634
End of period (including undistributed net investment income of $882,661 and undistributed net investment income of $285,056, respectively)	$ 545,049,338	$ 265,060,125

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.34	$ 10.96	$ 10.67	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.22	.17	.19	.06
Net realized and unrealized gain (loss)	.90	1.39	.23	.67
Total from investment operations	1.12	1.56	.42	.73
Distributions from net investment income	(.19)	(.13)	(.13)	(.06)
Distributions from net realized gain	(.26)	(.05)	-^I	-
Total distributions	(.45)	(.18)	(.13)	(.06)
Net asset value, end of period	$ 13.01	$ 12.34	$ 10.96	$ 10.67
Total Return^{B, C, D}	9.26%	14.35%	3.96%	7.32%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.25%	.33%	.33%^A
Expenses net of all reductions	.25%	.25%	.33%	.33%^A
Net investment income (loss)	1.79%	1.44%	1.76%	1.59%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 306,544	$ 128,504	$ 59,347	$ 2,284
Portfolio turnover rate	3%	5%	10%	6%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^IAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.35	$ 10.97	$ 10.69	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.19	.14	.16	.05
Net realized and unrealized gain (loss)	.91	1.39	.24	.70
Total from investment operations	1.10	1.53	.40	.75
Distributions from net investment income	(.16)	(.11)	(.12)	(.06)
Distributions from net realized gain	(.26)	(.05)	-^I	-
Total distributions	(.42)	(.15)^J	(.12)	(.06)
Net asset value, end of period	$ 13.03	$ 12.35	$ 10.97	$ 10.69
Total Return^{B, C, D}	9.10%	14.07%	3.75%	7.52%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.50%	.58%	.58%^A
Expenses net of all reductions	.50%	.50%	.58%	.58%^A
Net investment income (loss)	1.54%	1.19%	1.51%	1.34%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 154,042	$ 83,955	$ 36,966	$ 2,556
Portfolio turnover rate	3%	5%	10%	6%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.154 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $.046 per share.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.26	$ 10.91	$ 10.64	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.13	.08	.11	.03
Net realized and unrealized gain (loss)	.90	1.38	.24	.67
Total from investment operations	1.03	1.46	.35	.70
Distributions from net investment income	(.10)	(.07)	(.08)	(.06)
Distributions from net realized gain	(.26)	(.04)	-^I	-
Total distributions	(.36)	(.11)	(.08)	(.06)
Net asset value, end of period	$ 12.93	$ 12.26	$ 10.91	$ 10.64
Total Return^{B, C, D}	8.57%	13.46%	3.29%	6.97%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.04%	.69%	1.01%	.84%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 37,881	$ 27,111	$ 13,415	$ 2,771
Portfolio turnover rate	3%	5%	10%	6%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.26	$ 10.91	$ 10.65	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.13	.08	.11	.03
Net realized and unrealized gain (loss)	.89	1.38	.23	.67
Total from investment operations	1.02	1.46	.34	.70
Distributions from net investment income	(.10)	(.07)	(.08)	(.05)
Distributions from net realized gain	(.26)	(.04)	-^I	-
Total distributions	(.36)	(.11)	(.08)	(.05)
Net asset value, end of period	$ 12.92	$ 12.26	$ 10.91	$ 10.65
Total Return^{B, C, D}	8.51%	13.46%	3.19%	7.02%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	1.04%	.69%	1.01%	.84%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 32,679	$ 20,323	$ 10,859	$ 2,137
Portfolio turnover rate	3%	5%	10%	6%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004^F
Selected Per-Share Data
Net asset value, beginning of period	$ 12.39	$ 10.99	$ 10.68	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.25	.20	.22	.08
Net realized and unrealized gain (loss)	.91	1.40	.24	.66
Total from investment operations	1.16	1.60	.46	.74
Distributions from net investment income	(.21)	(.15)	(.15)	(.06)
Distributions from net realized gain	(.26)	(.05)	-^H	-
Total distributions	(.47)	(.20)	(.15)	(.06)
Net asset value, end of period	$ 13.08	$ 12.39	$ 10.99	$ 10.68
Total Return^{B, C}	9.60%	14.69%	4.25%	7.42%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.00%	.08%	.08%^A
Expenses net of all reductions	.00%	.00%	.08%	.08%^A
Net investment income (loss)	2.04%	1.69%	2.01%	1.84%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,903	$ 5,167	$ 1,921	$ 222
Portfolio turnover rate	3%	5%	10%	6%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period November 6, 2003 (commencement of operations) to March 31, 2004.

^H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2030 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	13.5	13.8
Fidelity Advisor Equity Growth Fund Institutional Class	7.9	7.9
Fidelity Advisor Equity Income Fund Institutional Class	13.6	13.9
Fidelity Advisor Growth & Income Fund Institutional Class	10.4	10.5
Fidelity Advisor Large Cap Fund Institutional Class	10.5	10.5
Fidelity Advisor Mid-Cap Fund Institutional Class	5.3	5.3
Fidelity Advisor Small Cap Fund Institutional Class	4.0	3.9
Fidelity Small Cap Opportunities Fund	0.0	0.0
	65.3	65.8
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	8.3	8.2
Fidelity Advisor Overseas Fund Institutional Class	8.4	8.3
	16.7	16.5
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	7.3	7.4
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	4.3	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	4.3	4.3
Fidelity Advisor Strategic Real Return Fund Institutional Class	2.0	1.7
Fidelity Advisor Total Bond Fund Institutional Class	0.1	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	4.3
	10.7	10.3
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	65.3%
	International Equity Funds	16.7%
	Investment Grade Fixed-Income Funds	10.7%
	High Yield Fixed-Income Funds	7.3%

Six months ago
	Domestic Equity Funds	65.8%
	International Equity Funds	16.5%
	Investment Grade Fixed-Income Funds	10.3%
	High Yield Fixed-Income Funds	7.4%

Expected
	Domestic Equity Funds	65.4%
	International Equity Funds	16.4%
	Investment Grade Fixed-Income Funds	10.7%
	High Yield Fixed-Income Funds	7.5%

Annual Report

Fidelity Advisor Freedom 2030 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 82.0%
	Shares		Value
Domestic Equity Funds - 65.3%
Fidelity 100 Index Fund	75,987		$ 758,350
Fidelity Advisor Dividend Growth Fund Institutional Class	7,549,649		102,524,233
Fidelity Advisor Equity Growth Fund Institutional Class	1,094,381		60,092,472
Fidelity Advisor Equity Income Fund Institutional Class	3,390,234		103,910,667
Fidelity Advisor Growth & Income Fund Institutional Class	3,986,190		79,604,216
Fidelity Advisor Large Cap Fund Institutional Class	4,078,002		79,643,389
Fidelity Advisor Mid-Cap Fund Institutional Class	1,535,199		40,483,190
Fidelity Advisor Small Cap Fund Institutional Class	1,216,351		30,214,152
Fidelity Small Cap Opportunities Fund	19,810		197,307
TOTAL DOMESTIC EQUITY FUNDS			497,427,976
International Equity Funds - 16.7%
Fidelity Advisor Diversified International Fund Institutional Class	2,610,111		62,955,877
Fidelity Advisor Overseas Fund Institutional Class	2,757,773		63,897,602
TOTAL INTERNATIONAL EQUITY FUNDS			126,853,479
TOTAL EQUITY FUNDS (Cost $556,227,043)		624,281,455
Fixed-Income Funds - 18.0%

High Yield Fixed-Income Funds - 7.3%
Fidelity Advisor High Income Advantage Fund Institutional Class	5,381,369		55,589,546
Investment Grade Fixed-Income Funds - 10.7%
Fidelity Advisor Government Income Fund Institutional Class	3,247,958		32,739,415
Fidelity Advisor Intermediate Bond Fund Institutional Class	3,000,881		32,649,584
Fidelity Advisor Strategic Real Return Fund Institutional Class	1,480,064		15,392,668
Fidelity Advisor Total Bond Fund Institutional Class	51,973		544,153
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			81,325,820
TOTAL FIXED-INCOME FUNDS (Cost $132,506,468)		136,915,366
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $688,733,511)		$ 761,196,821

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2030 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $688,733,511) - See accompanying schedule		$ 761,196,821
Cash		24,610
Receivable for investments sold		760,235
Receivable for fund shares sold		3,724,001
Total assets		765,705,667

Liabilities
Payable for investments purchased	$ 3,055,226
Payable for fund shares redeemed	1,437,267
Distribution fees payable	275,798
Total liabilities		4,768,291

Net Assets		$ 760,937,376
Net Assets consist of:
Paid in capital		$ 671,700,524
Undistributed net investment income		702,959
Accumulated undistributed net realized gain (loss) on investments		16,070,583
Net unrealized appreciation (depreciation) on investments		72,463,310
Net Assets		$ 760,937,376

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($343,345,089 ÷ 24,060,163 shares)		$ 14.27

Maximum offering price per share (100/94.25 of $14.27)		$ 15.14
Class T: Net Asset Value and redemption price per share ($281,508,170 ÷ 19,788,967 shares)		$ 14.23

Maximum offering price per share (100/96.50 of $14.23)		$ 14.75
Class B: Net Asset Value and offering price per share ($56,844,698 ÷ 4,016,308 shares)^A		$ 14.15

Class C: Net Asset Value and offering price per share ($54,337,851 ÷ 3,840,471 shares)^A		$ 14.15

Institutional Class: Net Asset Value, offering price and redemption price per share ($24,901,568 ÷ 1,739,013 shares)		$ 14.32

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 9,821,965

Expenses
Distribution fees	$ 2,660,673
Independent trustees' compensation	1,857
Total expenses before reductions	2,662,530
Expense reductions	(1,857)	2,660,673
Net investment income (loss)		7,161,292
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(912,760)
Capital gain distributions from underlying funds	20,682,155	19,769,395
Change in net unrealized appreciation (depreciation) on underlying funds		30,271,320
Net gain (loss)		50,040,715
Net increase (decrease) in net assets resulting from operations		$ 57,202,007

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2030 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 7,161,292	$ 2,852,425
Net realized gain (loss)	19,769,395	8,803,566
Change in net unrealized appreciation (depreciation)	30,271,320	35,545,698
Net increase (decrease) in net assets resulting from operations	57,202,007	47,201,689
Distributions to shareholders from net investment income	(6,933,419)	(2,377,341)
Distributions to shareholders from net realized gain	(11,633,462)	(1,802,422)
Total distributions	(18,566,881)	(4,179,763)
Share transactions - net increase (decrease)	289,401,681	164,372,570
Total increase (decrease) in net assets	328,036,807	207,394,496

Net Assets
Beginning of period	432,900,569	225,506,073
End of period (including undistributed net investment income of $702,959 and undistributed net investment income of $475,086, respectively)	$ 760,937,376	$ 432,900,569

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.47	$ 11.81	$ 11.48	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.20	.15	.18	.11
Net realized and unrealized gain (loss)	1.09	1.70	.30	1.46
Total from investment operations	1.29	1.85	.48	1.57
Distributions from net investment income	(.18)	(.11)	(.15)	(.09)
Distributions from net realized gain	(.31)	(.08)	-^I	-
Total distributions	(.49)	(.19)	(.15)	(.09)
Net asset value, end of period	$ 14.27	$ 13.47	$ 11.81	$ 11.48
Total Return^{B, C, D}	9.82%	15.84%	4.19%	15.68%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.26%	.33%	.33%^A
Expenses net of all reductions	.25%	.26%	.33%	.33%^A
Net investment income (loss)	1.49%	1.17%	1.55%	1.44%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 343,345	$ 156,916	$ 65,593	$ 27,879
Portfolio turnover rate	8%	4%	2%	2%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^IAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.43	$ 11.78	$ 11.47	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.17	.11	.15	.09
Net realized and unrealized gain (loss)	1.09	1.70	.30	1.46
Total from investment operations	1.26	1.81	.45	1.55
Distributions from net investment income	(.15)	(.09)	(.14)	(.08)
Distributions from net realized gain	(.31)	(.08)	-^I	-
Total distributions	(.46)	(.16)^J	(.14)	(.08)
Net asset value, end of period	$ 14.23	$ 13.43	$ 11.78	$ 11.47
Total Return^{B, C, D}	9.59%	15.52%	3.91%	15.53%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.51%	.58%	.58%^A
Expenses net of all reductions	.50%	.51%	.58%	.58%^A
Net investment income (loss)	1.24%	.92%	1.30%	1.19%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 281,508	$ 184,029	$ 102,153	$ 27,201
Portfolio turnover rate	8%	4%	2%	2%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.164 per share is comprised of distributions from net investment income of $.087 and distributions from net realized gain of $.077 per share.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.37	$ 11.74	$ 11.44	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.10	.05	.09	.05
Net realized and unrealized gain (loss)	1.08	1.70	.30	1.46
Total from investment operations	1.18	1.75	.39	1.51
Distributions from net investment income	(.09)	(.05)	(.09)	(.07)
Distributions from net realized gain	(.31)	(.07)	-^I	-
Total distributions	(.40)	(.12)	(.09)	(.07)
Net asset value, end of period	$ 14.15	$ 13.37	$ 11.74	$ 11.44
Total Return^{B, C, D}	8.98%	14.96%	3.41%	15.12%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	.74%	.42%	.80%	.69%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 56,845	$ 43,099	$ 27,653	$ 12,229
Portfolio turnover rate	8%	4%	2%	2%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.37	$ 11.74	$ 11.44	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.10	.05	.09	.05
Net realized and unrealized gain (loss)	1.08	1.70	.30	1.46
Total from investment operations	1.18	1.75	.39	1.51
Distributions from net investment income	(.09)	(.05)	(.09)	(.07)
Distributions from net realized gain	(.31)	(.07)	-^I	-
Total distributions	(.40)	(.12)	(.09)	(.07)
Net asset value, end of period	$ 14.15	$ 13.37	$ 11.74	$ 11.44
Total Return^{B, C, D}	9.00%	14.99%	3.41%	15.12%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	.74%	.42%	.80%	.69%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 54,338	$ 37,940	$ 22,265	$ 9,722
Portfolio turnover rate	8%	4%	2%	2%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Amount represents less than $.01 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004^F
Selected Per-Share Data
Net asset value, beginning of period	$ 13.51	$ 11.84	$ 11.49	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.24	.18	.21	.13
Net realized and unrealized gain (loss)	1.09	1.71	.31	1.45
Total from investment operations	1.33	1.89	.52	1.58
Distributions from net investment income	(.21)	(.13)	(.17)	(.09)
Distributions from net realized gain	(.31)	(.09)	-^H	-
Total distributions	(.52)	(.22)	(.17)	(.09)
Net asset value, end of period	$ 14.32	$ 13.51	$ 11.84	$ 11.49
Total Return^{B, C}	10.08%	16.10%	4.50%	15.83%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.00%	.08%	.08%^A
Expenses net of all reductions	.00%	.00%	.08%	.07%^A
Net investment income (loss)	1.74%	1.42%	1.80%	1.69%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,902	$ 10,918	$ 7,841	$ 1,030
Portfolio turnover rate	8%	4%	2%	2%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2035 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	14.1	13.8
Fidelity Advisor Equity Growth Fund Institutional Class	7.9	7.9
Fidelity Advisor Equity Income Fund Institutional Class	13.7	14.0
Fidelity Advisor Growth & Income Fund Institutional Class	10.5	10.6
Fidelity Advisor Large Cap Fund Institutional Class	10.4	10.7
Fidelity Advisor Mid-Cap Fund Institutional Class	5.3	5.4
Fidelity Advisor Small Cap Fund Institutional Class	4.0	4.0
Fidelity Small Cap Opportunities Fund	0.0	0.0
	66.0	66.4
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	8.3	8.3
Fidelity Advisor Overseas Fund Institutional Class	8.5	8.4
	16.8	16.7
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	7.6	8.0
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	3.6	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	3.6	3.7
Fidelity Advisor Strategic Real Return Fund Institutional Class	2.3	1.5
Fidelity Advisor Total Bond Fund Institutional Class	0.1	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	3.7
	9.6	8.9
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	66.0%
	International Equity Funds	16.8%
	Investment Grade Fixed-Income Funds	9.6%
	High Yield Fixed-Income Funds	7.6%

Six months ago
	Domestic Equity Funds	66.4%
	International Equity Funds	16.7%
	Investment Grade Fixed-Income Funds	8.9%
	High Yield Fixed-Income Funds	8.0%

Expected
	Domestic Equity Funds	66.1%
	International Equity Funds	16.6%
	Investment Grade Fixed-Income Funds	9.6%
	High Yield Fixed-Income Funds	7.7%

Annual Report

Fidelity Advisor Freedom 2035 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 82.8%
	Shares		Value
Domestic Equity Funds - 66.0%
Fidelity 100 Index Fund	29,239		$ 291,805
Fidelity Advisor Dividend Growth Fund Institutional Class	2,892,612		39,281,676
Fidelity Advisor Equity Growth Fund Institutional Class	400,663		22,000,391
Fidelity Advisor Equity Income Fund Institutional Class	1,243,921		38,126,166
Fidelity Advisor Growth & Income Fund Institutional Class	1,466,632		29,288,649
Fidelity Advisor Large Cap Fund Institutional Class	1,493,333		29,164,799
Fidelity Advisor Mid-Cap Fund Institutional Class	565,640		14,915,933
Fidelity Advisor Small Cap Fund Institutional Class	445,399		11,063,715
Fidelity Small Cap Opportunities Fund	9,912		98,721
TOTAL DOMESTIC EQUITY FUNDS			184,231,855
International Equity Funds - 16.8%
Fidelity Advisor Diversified International Fund Institutional Class	964,896		23,273,281
Fidelity Advisor Overseas Fund Institutional Class	1,020,395		23,642,559
TOTAL INTERNATIONAL EQUITY FUNDS			46,915,840
TOTAL EQUITY FUNDS (Cost $212,462,040)		231,147,695
Fixed-Income Funds - 17.2%

High Yield Fixed-Income Funds - 7.6%
Fidelity Advisor High Income Advantage Fund Institutional Class	2,048,693		21,162,996
Investment Grade Fixed-Income Funds - 9.6%
Fidelity Advisor Government Income Fund Institutional Class	995,105		10,030,663
Fidelity Advisor Intermediate Bond Fund Institutional Class	924,222		10,055,535
Fidelity Advisor Strategic Real Return Fund Institutional Class	622,753		6,476,627
Fidelity Advisor Total Bond Fund Institutional Class	23,348		244,453
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			26,807,278
TOTAL FIXED-INCOME FUNDS (Cost $46,472,926)		47,970,274
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $258,934,966)		$ 279,117,969

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2035 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $258,934,966) - See accompanying schedule		$ 279,117,969
Cash		143
Receivable for investments sold		302,221
Receivable for fund shares sold		1,525,277
Total assets		280,945,610

Liabilities
Payable for investments purchased	$ 1,524,680
Payable for fund shares redeemed	302,790
Distribution fees payable	98,450
Total liabilities		1,925,920

Net Assets		$ 279,019,690
Net Assets consist of:
Paid in capital		$ 252,955,897
Undistributed net investment income		129,257
Accumulated undistributed net realized gain (loss) on investments		5,751,533
Net unrealized appreciation (depreciation) on investments		20,183,003
Net Assets		$ 279,019,690

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($146,175,334 ÷ 10,872,982 shares)		$ 13.44

Maximum offering price per share (100/94.25 of $13.44)		$ 14.26
Class T: Net Asset Value and redemption price per share ($84,367,914 ÷ 6,305,947 shares)		$ 13.38

Maximum offering price per share (100/96.50 of $13.38)		$ 13.87
Class B: Net Asset Value and offering price per share ($23,064,708 ÷ 1,735,585 shares)^A		$ 13.29

Class C: Net Asset Value and offering price per share ($19,040,504 ÷ 1,431,632 shares)^A		$ 13.30

Institutional Class: Net Asset Value, offering price and redemption price per share ($6,371,230 ÷ 472,224 shares)		$ 13.49

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 3,202,913
Interest		215
Total income		3,203,128

Expenses
Distribution fees	$ 866,505
Independent trustees' compensation	592
Total expenses before reductions	867,097
Expense reductions	(592)	866,505
Net investment income (loss)		2,336,623
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(85,962)
Capital gain distributions from underlying funds	7,057,183	6,971,221
Change in net unrealized appreciation (depreciation) on underlying funds		10,021,524
Net gain (loss)		16,992,745
Net increase (decrease) in net assets resulting from operations		$ 19,329,368

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2035 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,336,623	$ 736,017
Net realized gain (loss)	6,971,221	2,416,401
Change in net unrealized appreciation (depreciation)	10,021,524	9,386,127
Net increase (decrease) in net assets resulting from operations	19,329,368	12,538,545
Distributions to shareholders from net investment income	(2,210,017)	(733,367)
Distributions to shareholders from net realized gain	(3,462,283)	(249,712)
Total distributions	(5,672,300)	(983,079)
Share transactions - net increase (decrease)	140,482,789	69,137,683
Total increase (decrease) in net assets	154,139,857	80,693,149

Net Assets
Beginning of period	124,879,833	44,186,684
End of period (including undistributed net investment income of $129,257 and undistributed net investment income of $2,651, respectively)	$ 279,019,690	$ 124,879,833

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.67	$ 11.06	$ 10.70	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.19	.14	.19	.07
Net realized and unrealized gain (loss)	1.02	1.62	.32	.72
Total from investment operations	1.21	1.76	.51	.79
Distributions from net investment income	(.15)	(.11)	(.15)	(.09)
Distributions from net realized gain	(.29)	(.04)	-^I	-
Total distributions	(.44)^J	(.15)	(.15)	(.09)
Net asset value, end of period	$ 13.44	$ 12.67	$ 11.06	$ 10.70
Total Return^{B, C, D}	9.74%	16.03%	4.76%	7.88%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.25%	.33%	.33%^A
Expenses net of all reductions	.25%	.25%	.33%	.33%^A
Net investment income (loss)	1.48%	1.20%	1.71%	1.80%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 146,175	$ 49,877	$ 15,281	$ 1,884
Portfolio turnover rate	5%	4%	5%	1%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of sale of shares) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.440 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.287 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.62	$ 11.02	$ 10.69	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.16	.11	.16	.06
Net realized and unrealized gain (loss)	1.01	1.63	.31	.71
Total from investment operations	1.17	1.74	.47	.77
Distributions from net investment income	(.13)	(.10)	(.14)	(.08)
Distributions from net realized gain	(.28)	(.04)	-^I	-
Total distributions	(.41)^J	(.14)	(.14)	(.08)
Net asset value, end of period	$ 13.38	$ 12.62	$ 11.02	$ 10.69
Total Return^{B, C, D}	9.46%	15.84%	4.37%	7.73%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.50%	.58%	.58%^A
Expenses net of all reductions	.50%	.50%	.58%	.58%^A
Net investment income (loss)	1.23%	.95%	1.46%	1.55%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 84,368	$ 45,421	$ 16,432	$ 1,047
Portfolio turnover rate	5%	4%	5%	1%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of sale of shares) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.411per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.280 per share.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.54	$ 10.98	$ 10.67	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.09	.05	.10	.04
Net realized and unrealized gain (loss)	1.02	1.61	.32	.71
Total from investment operations	1.11	1.66	.42	.75
Distributions from net investment income	(.09)	(.06)	(.11)	(.08)
Distributions from net realized gain	(.27)	(.04)	-^I	-
Total distributions	(.36)^J	(.10)	(.11)	(.08)
Net asset value, end of period	$ 13.29	$ 12.54	$ 10.98	$ 10.67
Total Return^{B, C, D}	8.98%	15.17%	3.88%	7.48%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.00%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.00%	1.08%	1.08%^A
Net investment income (loss)	.73%	.45%	.96%	1.05%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 23,065	$ 15,351	$ 6,917	$ 1,123
Portfolio turnover rate	5%	4%	5%	1%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of sale of shares) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.356 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.270 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 12.55	$ 10.99	$ 10.68	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.09	.05	.10	.04
Net realized and unrealized gain (loss)	1.02	1.61	.32	.72
Total from investment operations	1.11	1.66	.42	.76
Distributions from net investment income	(.09)	(.06)	(.11)	(.08)
Distributions from net realized gain	(.27)	(.04)	-^I	-
Total distributions	(.36)^J	(.10)	(.11)	(.08)
Net asset value, end of period	$ 13.30	$ 12.55	$ 10.99	$ 10.68
Total Return^{B, C, D}	8.99%	15.15%	3.87%	7.58%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.00%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.00%	1.08%	1.08%^A
Net investment income (loss)	.73%	.45%	.96%	1.05%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,041	$ 12,023	$ 5,089	$ 890
Portfolio turnover rate	5%	4%	5%	1%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period November 6, 2003 (commencement of sale of shares) to March 31, 2004.

^I Amount represents less than $.01 per share.

^J Total distributions of $.358 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.270 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004^F
Selected Per-Share Data
Net asset value, beginning of period	$ 12.71	$ 11.07	$ 10.71	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.22	.17	.21	.08
Net realized and unrealized gain (loss)	1.02	1.64	.31	.72
Total from investment operations	1.24	1.81	.52	.80
Distributions from net investment income	(.18)	(.13)	(.16)	(.09)
Distributions from net realized gain	(.29)	(.04)	-^H	-
Total distributions	(.46)^I	(.17)	(.16)	(.09)
Net asset value, end of period	$ 13.49	$ 12.71	$ 11.07	$ 10.71
Total Return^{B, C}	9.98%	16.45%	4.87%	7.98%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.00%	.08%	.08%^A
Expenses net of all reductions	.00%	.00%	.08%	.08%^A
Net investment income (loss)	1.72%	1.45%	1.96%	2.04%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,371	$ 2,207	$ 467	$ 216
Portfolio turnover rate	5%	4%	5%	1%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period November 6, 2003 (commencement of sale of shares) to March 31, 2004.

^H Amount represents less than $.01 per share.

^I Total distributions of $.463 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.287 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2040 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	13.9	14.2
Fidelity Advisor Equity Growth Fund Institutional Class	8.2	8.1
Fidelity Advisor Equity Income Fund Institutional Class	14.2	14.4
Fidelity Advisor Growth & Income Fund Institutional Class	10.8	10.8
Fidelity Advisor Large Cap Fund Institutional Class	10.8	10.9
Fidelity Advisor Mid-Cap Fund Institutional Class	5.5	5.5
Fidelity Advisor Small Cap Fund Institutional Class	4.2	4.1
Fidelity Small Cap Opportunities Fund	0.0	0.0
	67.7	68.0
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	8.6	8.5
Fidelity Advisor Overseas Fund Institutional Class	8.7	8.5
	17.3	17.0
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	9.7	9.9
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	2.1	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	2.1	2.1
Fidelity Advisor Strategic Real Return Fund Institutional Class	1.0	0.9
Fidelity Advisor Total Bond Fund Institutional Class	0.1	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	2.1
	5.3	5.1
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	67.7%
	International Equity Funds	17.3%
	Investment Grade Fixed-Income Funds	5.3%
	High Yield Fixed-Income Funds	9.7%

Six months ago
	Domestic Equity Funds	68.0%
	International Equity Funds	17.0%
	Investment Grade Fixed-Income Funds	5.1%
	High Yield Fixed-Income Funds	9.9%

Expected
	Domestic Equity Funds	67.9%
	International Equity Funds	17.0%
	Investment Grade Fixed-Income Funds	5.3%
	High Yield Fixed-Income Funds	9.8%

Annual Report

Fidelity Advisor Freedom 2040 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 85.0%
	Shares		Value
Domestic Equity Funds - 67.7%
Fidelity 100 Index Fund	62,453		$ 623,284
Fidelity Advisor Dividend Growth Fund Institutional Class	6,193,120		84,102,569
Fidelity Advisor Equity Growth Fund Institutional Class	897,351		49,273,568
Fidelity Advisor Equity Income Fund Institutional Class	2,804,111		85,945,992
Fidelity Advisor Growth & Income Fund Institutional Class	3,274,854		65,398,829
Fidelity Advisor Large Cap Fund Institutional Class	3,354,989		65,522,933
Fidelity Advisor Mid-Cap Fund Institutional Class	1,269,099		33,466,151
Fidelity Advisor Small Cap Fund Institutional Class	1,021,109		25,364,335
Fidelity Small Cap Opportunities Fund	11,378		113,325
TOTAL DOMESTIC EQUITY FUNDS			409,810,986
International Equity Funds - 17.3%
Fidelity Advisor Diversified International Fund Institutional Class	2,152,163		51,910,172
Fidelity Advisor Overseas Fund Institutional Class	2,271,395		52,628,216
TOTAL INTERNATIONAL EQUITY FUNDS			104,538,388
TOTAL EQUITY FUNDS (Cost $459,027,025)		514,349,374
Fixed-Income Funds - 15.0%

High Yield Fixed-Income Funds - 9.7%
Fidelity Advisor High Income Advantage Fund Institutional Class	5,695,654		58,836,108
Investment Grade Fixed-Income Funds - 5.3%
Fidelity Advisor Government Income Fund Institutional Class	1,266,574		12,767,061
Fidelity Advisor Intermediate Bond Fund Institutional Class	1,172,569		12,757,556
Fidelity Advisor Strategic Real Return Fund Institutional Class	583,094		6,064,182
Fidelity Advisor Total Bond Fund Institutional Class	14,131		147,952
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			31,736,751
TOTAL FIXED-INCOME FUNDS (Cost $86,105,828)		90,572,859
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $545,132,853)		$ 604,922,233

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2040 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $545,132,853) - See accompanying schedule		$ 604,922,233
Cash		540
Receivable for investments sold		658,194
Receivable for fund shares sold		2,411,374
Total assets		607,992,341

Liabilities
Payable for investments purchased	$ 2,053,284
Payable for fund shares redeemed	835,305
Distribution fees payable	226,372
Total liabilities		3,114,961

Net Assets		$ 604,877,380
Net Assets consist of:
Paid in capital		$ 531,349,591
Undistributed net investment income		408,767
Accumulated undistributed net realized gain (loss) on investments		13,329,642
Net unrealized appreciation (depreciation) on investments		59,789,380
Net Assets		$ 604,877,380

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($263,732,877 ÷ 17,957,997 shares)		$ 14.69

Maximum offering price per share (100/94.25 of $14.69)		$ 15.59
Class T: Net Asset Value and redemption price per share ($221,814,526 ÷ 15,149,573 shares)		$ 14.64

Maximum offering price per share (100/96.50 of $14.64)		$ 15.17
Class B: Net Asset Value and offering price per share ($46,110,349 ÷ 3,173,028 shares)^A		$ 14.53

Class C: Net Asset Value and offering price per share ($54,022,131 ÷ 3,719,392 shares)^A		$ 14.52

Institutional Class: Net Asset Value, offering price and redemption price per share ($19,197,497 ÷ 1,302,705 shares)		$ 14.74

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 7,907,389

Expenses
Distribution fees	$ 2,179,457
Independent trustees' compensation	1,501
Total expenses before reductions	2,180,958
Expense reductions	(1,501)	2,179,457
Net investment income (loss)		5,727,932
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(898,930)
Capital gain distributions from underlying funds	17,178,419	16,279,489
Change in net unrealized appreciation (depreciation) on underlying funds		25,694,610
Net gain (loss)		41,974,099
Net increase (decrease) in net assets resulting from operations		$ 47,702,031

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2040 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,727,932	$ 2,231,572
Net realized gain (loss)	16,279,489	7,176,784
Change in net unrealized appreciation (depreciation)	25,694,610	29,421,318
Net increase (decrease) in net assets resulting from operations	47,702,031	38,829,674
Distributions to shareholders from net investment income	(5,475,037)	(2,075,700)
Distributions to shareholders from net realized gain	(9,442,737)	(1,111,246)
Total distributions	(14,917,774)	(3,186,946)
Share transactions - net increase (decrease)	222,765,428	151,023,971
Total increase (decrease) in net assets	255,549,685	186,666,699

Net Assets
Beginning of period	349,327,695	162,660,996
End of period (including undistributed net investment income of $408,767 and undistributed net investment income of $155,872, respectively)	$ 604,877,380	$ 349,327,695

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.83	$ 12.03	$ 11.62	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.21	.15	.18	.12
Net realized and unrealized gain (loss)	1.16	1.84	.39	1.60
Total from investment operations	1.37	1.99	.57	1.72
Distributions from net investment income	(.18)	(.12)	(.16)	(.10)
Distributions from net realized gain	(.33)	(.07)	-	-
Total distributions	(.51)^I	(.19)	(.16)	(.10)
Net asset value, end of period	$ 14.69	$ 13.83	$ 12.03	$ 11.62
Total Return^{B, C, D}	10.09%	16.65%	4.87%	17.19%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.26%	.33%	.33%^A
Expenses net of all reductions	.25%	.26%	.33%	.33%^A
Net investment income (loss)	1.48%	1.18%	1.50%	1.53%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 263,733	$ 133,817	$ 51,718	$ 9,666
Portfolio turnover rate	7%	4%	3%	3%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Total distributions of $.506 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.325 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.79	$ 12.00	$ 11.60	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.17	.12	.15	.10
Net realized and unrealized gain (loss)	1.16	1.83	.38	1.59
Total from investment operations	1.33	1.95	.53	1.69
Distributions from net investment income	(.15)	(.10)	(.13)	(.09)
Distributions from net realized gain	(.33)	(.06)	-	-
Total distributions	(.48)^I	(.16)	(.13)	(.09)
Net asset value, end of period	$ 14.64	$ 13.79	$ 12.00	$ 11.60
Total Return^{B, C, D}	9.81%	16.35%	4.57%	16.93%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%	.51%	.60%	.60%^A
Expenses net of fee waivers, if any	.50%	.51%	.58%	.58%^A
Expenses net of all reductions	.50%	.51%	.58%	.58%^A
Net investment income (loss)	1.23%	.93%	1.25%	1.28%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 221,815	$ 136,679	$ 66,136	$ 19,191
Portfolio turnover rate	7%	4%	3%	3%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Total distributions of $.475 per share is comprised of distributions from net investment income of $.150 and distributions from net realized gain of $.325 per share.

Financial Highlights - Class B

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.70	$ 11.94	$ 11.57	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.10	.05	.09	.06
Net realized and unrealized gain (loss)	1.14	1.83	.38	1.60
Total from investment operations	1.24	1.88	.47	1.66
Distributions from net investment income	(.10)	(.06)	(.10)	(.09)
Distributions from net realized gain	(.32)	(.06)	-	-
Total distributions	(.41)^I	(.12)	(.10)	(.09)
Net asset value, end of period	$ 14.53	$ 13.70	$ 11.94	$ 11.57
Total Return^{B, C, D}	9.25%	15.81%	4.04%	16.58%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	.73%	.43%	.75%	.78%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 46,110	$ 32,658	$ 18,541	$ 7,232
Portfolio turnover rate	7%	4%	3%	3%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 13.70	$ 11.94	$ 11.57	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.10	.05	.09	.06
Net realized and unrealized gain (loss)	1.13	1.83	.38	1.59
Total from investment operations	1.23	1.88	.47	1.65
Distributions from net investment income	(.10)	(.06)	(.10)	(.08)
Distributions from net realized gain	(.32)	(.06)	-	-
Total distributions	(.41)^I	(.12)	(.10)	(.08)
Net asset value, end of period	$ 14.52	$ 13.70	$ 11.94	$ 11.57
Total Return^{B, C, D}	9.17%	15.82%	4.04%	16.53%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%	1.01%	1.10%	1.10%^A
Expenses net of fee waivers, if any	1.00%	1.01%	1.08%	1.08%^A
Expenses net of all reductions	1.00%	1.01%	1.08%	1.08%^A
Net investment income (loss)	.73%	.43%	.75%	.78%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 54,022	$ 38,947	$ 21,792	$ 6,958
Portfolio turnover rate	7%	4%	3%	3%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^I Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.

Financial Highlights - Institutional Class

Years ended March 31,	2007	2006	2005	2004^F
Selected Per-Share Data
Net asset value, beginning of period	$ 13.87	$ 12.05	$ 11.63	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.24	.18	.21	.13
Net realized and unrealized gain (loss)	1.17	1.85	.38	1.60
Total from investment operations	1.41	2.03	.59	1.73
Distributions from net investment income	(.21)	(.14)	(.17)	(.10)
Distributions from net realized gain	(.33)	(.07)	-	-
Total distributions	(.54)^H	(.21)	(.17)	(.10)
Net asset value, end of period	$ 14.74	$ 13.87	$ 12.05	$ 11.63
Total Return^{B, C}	10.36%	16.99%	5.07%	17.34%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%	.01%	.10%	.10%^A
Expenses net of fee waivers, if any	.00%	.00%	.08%	.08%^A
Expenses net of all reductions	.00%	.00%	.08%	.08%^A
Net investment income (loss)	1.73%	1.43%	1.75%	1.78%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,197	$ 7,227	$ 4,474	$ 294
Portfolio turnover rate	7%	4%	3%	3%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period July 24, 2003 (commencement of operations) to March 31, 2004.

^H Total distributions of $.535 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.325 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2045 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	14.2	14.9
Fidelity Advisor Equity Growth Fund Institutional Class	8.2	8.3
Fidelity Advisor Equity Income Fund Institutional Class	14.5	14.8
Fidelity Advisor Growth & Income Fund Institutional Class	10.9	11.1
Fidelity Advisor Large Cap Fund Institutional Class	10.9	11.0
Fidelity Advisor Mid-Cap Fund Institutional Class	5.6	5.4
Fidelity Advisor Small Cap Fund Institutional Class	4.2	4.1
Fidelity Small Cap Opportunities Fund	0.0	0.0
	68.6	69.6
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	9.7	9.6
Fidelity Advisor Overseas Fund Institutional Class	9.8	9.6
	19.5	19.2
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	10.1	9.9
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	0.8	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	0.7	0.6
Fidelity Advisor Strategic Real Return Fund Institutional Class	0.3	0.1
Fidelity Advisor Total Bond Fund Institutional Class	0.0	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	0.6
	1.8	1.3
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	68.6%
	International Equity Funds	19.5%
	Investment Grade Fixed-Income Funds	1.8%
	High Yield Fixed-Income Funds	10.1%

Six months ago
	Domestic Equity Funds	69.6%
	International Equity Funds	19.2%
	Investment Grade Fixed-Income Funds	1.3%
	High Yield Fixed-Income Funds	9.9%

Expected
	Domestic Equity Funds	68.5%
	International Equity Funds	17.9%
	Investment Grade Fixed-Income Funds	3.6%
	High Yield Fixed-Income Funds	10.0%

Annual Report

Fidelity Advisor Freedom 2045 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 88.1%
	Shares		Value
Domestic Equity Funds - 68.6%
Fidelity 100 Index Fund	1,883		$ 18,788
Fidelity Advisor Dividend Growth Fund Institutional Class	189,615		2,574,978
Fidelity Advisor Equity Growth Fund Institutional Class	26,864		1,475,122
Fidelity Advisor Equity Income Fund Institutional Class	85,338		2,615,606
Fidelity Advisor Growth & Income Fund Institutional Class	98,658		1,970,202
Fidelity Advisor Large Cap Fund Institutional Class	100,783		1,968,291
Fidelity Advisor Mid-Cap Fund Institutional Class	38,623		1,018,477
Fidelity Advisor Small Cap Fund Institutional Class	30,554		758,971
Fidelity Small Cap Opportunities Fund	95		948
TOTAL DOMESTIC EQUITY FUNDS			12,401,383
International Equity Funds - 19.5%
Fidelity Advisor Diversified International Fund Institutional Class	72,707		1,753,702
Fidelity Advisor Overseas Fund Institutional Class	76,415		1,770,535
TOTAL INTERNATIONAL EQUITY FUNDS			3,524,237
TOTAL EQUITY FUNDS (Cost $15,702,398)		15,925,620
Fixed-Income Funds - 11.9%

High Yield Fixed-Income Funds - 10.1%
Fidelity Advisor High Income Advantage Fund Institutional Class	175,610		1,814,048
Investment Grade Fixed-Income Funds - 1.8%
Fidelity Advisor Government Income Fund Institutional Class	13,798		139,081
Fidelity Advisor Intermediate Bond Fund Institutional Class	12,772		138,959
Fidelity Advisor Strategic Real Return Fund Institutional Class	4,866		50,603
Fidelity Advisor Total Bond Fund Institutional Class	71		741
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			329,384
TOTAL FIXED-INCOME FUNDS (Cost $2,115,028)		2,143,432
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $17,817,426)		$ 18,069,052

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2045 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $17,817,426) - See accompanying schedule		$ 18,069,052
Receivable for investments sold		10,505
Receivable for fund shares sold		113,346
Total assets		18,192,903

Liabilities
Payable for investments purchased	$ 109,155
Payable for fund shares redeemed	14,562
Distribution fees payable	4,723
Total liabilities		128,440

Net Assets		$ 18,064,463
Net Assets consist of:
Paid in capital		$ 17,672,042
Undistributed net investment income		7,369
Accumulated undistributed net realized gain (loss) on investments		133,426
Net unrealized appreciation (depreciation) on investments		251,626
Net Assets		$ 18,064,463

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($12,549,944 ÷ 1,135,783 shares)		$ 11.05

Maximum offering price per share (100/94.25 of $11.05)		$ 11.72
Class T: Net Asset Value and redemption price per share ($3,339,178 ÷ 302,735 shares)		$ 11.03

Maximum offering price per share (100/96.50 of $11.03)		$ 11.43
Class B: Net Asset Value and offering price per share ($776,261 ÷ 70,490 shares)^A		$ 11.01

Class C: Net Asset Value and offering price per share ($769,632 ÷ 69,924 shares)^A		$ 11.01

Institutional Class: Net Asset Value, offering price and redemption price per share ($629,448 ÷ 56,873 shares)		$ 11.07

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	For the period June 1, 2006 (commencement of operations) to March 31, 2007

Investment Income
Income distributions from underlying funds		$ 58,091

Expenses
Distribution fees	$ 15,455
Independent trustees' compensation	7
Total expenses before reductions	15,462
Expense reductions	(7)	15,455
Net investment income (loss)		42,636
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(4,170)
Capital gain distributions from underlying funds	163,158	158,988
Change in net unrealized appreciation (depreciation) on underlying funds		251,626
Net gain (loss)		410,614
Net increase (decrease) in net assets resulting from operations		$ 453,250

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2045 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	For the period June 1, 2006 (commencement of operations) to March 31, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 42,636
Net realized gain (loss)	158,988
Change in net unrealized appreciation (depreciation)	251,626
Net increase (decrease) in net assets resulting from operations	453,250
Distributions to shareholders from net investment income	(35,267)
Distributions to shareholders from net realized gain	(25,563)
Total distributions	(60,830)
Share transactions - net increase (decrease)	17,672,043
Total increase (decrease) in net assets	18,064,463

Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $7,369)	$ 18,064,463

Financial Highlights - Class A

Period ended March 31,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.12
Net realized and unrealized gain (loss)	1.06
Total from investment operations	1.18
Distributions from net investment income	(.08)
Distributions from net realized gain	(.05)
Total distributions	(.13)
Net asset value, end of period	$ 11.05
Total Return^{B, C, D}	11.78%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%^A
Expenses net of fee waivers, if any	.25%^A
Expenses net of all reductions	.25%^A
Net investment income (loss)	1.31%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,550
Portfolio turnover rate	16%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period June 1, 2006 (commencement of operations) to March 31, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Period ended March 31,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.09
Net realized and unrealized gain (loss)	1.06
Total from investment operations	1.15
Distributions from net investment income	(.07)
Distributions from net realized gain	(.05)
Total distributions	(.12)
Net asset value, end of period	$ 11.03
Total Return^{B, C, D}	11.53%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%^A
Expenses net of fee waivers, if any	.50%^A
Expenses net of all reductions	.50%^A
Net investment income (loss)	1.06%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,339
Portfolio turnover rate	16%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period June 1, 2006 (commencement of operations) to March 31, 2007.

Financial Highlights - Class B

Period ended March 31,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.05
Net realized and unrealized gain (loss)	1.06
Total from investment operations	1.11
Distributions from net investment income	(.05)
Distributions from net realized gain	(.05)
Total distributions	(.10)
Net asset value, end of period	$ 11.01
Total Return^{B, C, D}	11.09%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%^A
Expenses net of fee waivers, if any	1.00%^A
Expenses net of all reductions	1.00%^A
Net investment income (loss)	.56%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 776
Portfolio turnover rate	16%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period June 1, 2006 (commencement of operations) to March 31, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Period ended March 31,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.05
Net realized and unrealized gain (loss)	1.06
Total from investment operations	1.11
Distributions from net investment income	(.05)
Distributions from net realized gain	(.05)
Total distributions	(.10)
Net asset value, end of period	$ 11.01
Total Return^{B, C, D}	11.08%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%^A
Expenses net of fee waivers, if any	1.00%^A
Expenses net of all reductions	1.00%^A
Net investment income (loss)	.56%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 770
Portfolio turnover rate	16%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period June 1, 2006 (commencement of operations) to March 31, 2007.

Financial Highlights - Institutional Class

Period ended March 31,	2007^F
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.14
Net realized and unrealized gain (loss)	1.06
Total from investment operations	1.20
Distributions from net investment income	(.08)
Distributions from net realized gain	(.05)
Total distributions	(.13)
Net asset value, end of period	$ 11.07
Total Return^{B, C}	12.02%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%^A
Expenses net of fee waivers, if any	.00%^A
Expenses net of all reductions	.00%^A
Net investment income (loss)	1.56%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 629
Portfolio turnover rate	16%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period June 1, 2006 (commencement of operations) to March 31, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2050 Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.1	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	14.1	15.0
Fidelity Advisor Equity Growth Fund Institutional Class	8.2	8.4
Fidelity Advisor Equity Income Fund Institutional Class	14.4	14.9
Fidelity Advisor Growth & Income Fund Institutional Class	11.1	11.3
Fidelity Advisor Large Cap Fund Institutional Class	11.1	11.2
Fidelity Advisor Mid-Cap Fund Institutional Class	5.8	5.5
Fidelity Advisor Small Cap Fund Institutional Class	4.3	4.1
Fidelity Small Cap Opportunities Fund	0.0	0.0
	69.1	70.4
International Equity Funds
Fidelity Advisor Diversified International Fund Institutional Class	10.2	9.8
Fidelity Advisor Overseas Fund Institutional Class	10.3	9.9
	20.5	19.7
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	10.1	9.9
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	0.2	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	0.1	0.0
Fidelity Advisor Strategic Real Return Fund Institutional Class	0.0	0.0
Fidelity Advisor Total Bond Fund Institutional Class	0.0	0.0
	0.3	0.0
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	69.1%
	International Equity Funds	20.5%
	Investment Grade Fixed-Income Funds	0.3%
	High Yield Fixed-Income Funds	10.1%

Six months ago
	Domestic Equity Funds	70.4%
	International Equity Funds	19.7%
	Investment Grade Fixed-Income Funds	0.0%
	High Yield Fixed-Income Funds	9.9%

Expected
	Domestic Equity Funds	69.6%
	International Equity Funds	20.0%
	Investment Grade Fixed-Income Funds	0.4%
	High Yield Fixed-Income Funds	10.0%

Annual Report

Fidelity Advisor Freedom 2050 Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 89.6%
	Shares		Value
Domestic Equity Funds - 69.1%
Fidelity 100 Index Fund	2,061		$ 20,568
Fidelity Advisor Dividend Growth Fund Institutional Class	209,347		2,842,928
Fidelity Advisor Equity Growth Fund Institutional Class	30,172		1,656,771
Fidelity Advisor Equity Income Fund Institutional Class	94,410		2,893,677
Fidelity Advisor Growth & Income Fund Institutional Class	111,561		2,227,871
Fidelity Advisor Large Cap Fund Institutional Class	114,148		2,229,315
Fidelity Advisor Mid-Cap Fund Institutional Class	43,992		1,160,080
Fidelity Advisor Small Cap Fund Institutional Class	34,686		861,600
Fidelity Small Cap Opportunities Fund	254		2,530
TOTAL DOMESTIC EQUITY FUNDS			13,895,340
International Equity Funds - 20.5%
Fidelity Advisor Diversified International Fund Institutional Class	85,019		2,050,652
Fidelity Advisor Overseas Fund Institutional Class	89,372		2,070,755
TOTAL INTERNATIONAL EQUITY FUNDS			4,121,407
TOTAL EQUITY FUNDS (Cost $17,669,081)		18,016,747
Fixed-Income Funds - 10.4%

High Yield Fixed-Income Funds - 10.1%
Fidelity Advisor High Income Advantage Fund Institutional Class	195,526		2,019,779
Investment Grade Fixed-Income Funds - 0.3%
Fidelity Advisor Government Income Fund Institutional Class	3,043		30,671
Fidelity Advisor Intermediate Bond Fund Institutional Class	2,819		30,670
Fidelity Advisor Strategic Real Return Fund Institutional Class	15		155
Fidelity Advisor Total Bond Fund Institutional Class	17		181
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			61,677
TOTAL FIXED-INCOME FUNDS (Cost $2,034,148)		2,081,456
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $19,703,229)		$ 20,098,203

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2050 Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $19,703,229) - See accompanying schedule		$ 20,098,203
Cash		1
Receivable for investments sold		8,957
Receivable for fund shares sold		286,972
Total assets		20,394,133

Liabilities
Payable for investments purchased	$ 293,821
Payable for fund shares redeemed	2,095
Distribution fees payable	5,768
Total liabilities		301,684

Net Assets		$ 20,092,449
Net Assets consist of:
Paid in capital		$ 19,481,763
Undistributed net investment income		5,602
Accumulated undistributed net realized gain (loss) on investments		210,110
Net unrealized appreciation (depreciation) on investments		394,974
Net Assets		$ 20,092,449

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($12,906,853 ÷ 1,169,198 shares)		$ 11.04

Maximum offering price per share (100/94.25 of $11.04)		$ 11.71
Class T: Net Asset Value and redemption price per share ($3,519,549 ÷ 319,322 shares)		$ 11.02

Maximum offering price per share (100/96.50 of $11.02)		$ 11.42
Class B: Net Asset Value and offering price per share ($1,177,015 ÷ 107,023 shares)^A		$ 11.00

Class C: Net Asset Value and offering price per share ($1,507,382 ÷ 137,077 shares)^A		$ 11.00

Institutional Class: Net Asset Value, offering price and redemption price per share ($981,650 ÷ 88,776 shares)		$ 11.06

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	For the period June 1, 2006 (commencement of operations) to March 31, 2007

Investment Income
Income distributions from underlying funds		$ 82,997

Expenses
Distribution fees	$ 20,365
Independent trustees' compensation	11
Total expenses before reductions	20,376
Expense reductions	(11)	20,365
Net investment income (loss)		62,632
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(3,368)
Capital gain distributions from underlying funds	254,837	251,469
Change in net unrealized appreciation (depreciation) on underlying funds		394,974
Net gain (loss)		646,443
Net increase (decrease) in net assets resulting from operations		$ 709,075

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom 2050 Fund
Financial Statements - continued

Statement of Changes in Net Assets

	For the period June 1, 2006 (commencement of operations) to March 31, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 62,632
Net realized gain (loss)	251,469
Change in net unrealized appreciation (depreciation)	394,974
Net increase (decrease) in net assets resulting from operations	709,075
Distributions to shareholders from net investment income	(57,030)
Distributions to shareholders from net realized gain	(41,358)
Total distributions	(98,388)
Share transactions - net increase (decrease)	19,481,762
Total increase (decrease) in net assets	20,092,449

Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $5,602)	$ 20,092,449

Financial Highlights - Class A

Period ended March 31,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.13
Net realized and unrealized gain (loss)	1.06
Total from investment operations	1.19
Distributions from net investment income	(.09)
Distributions from net realized gain	(.06)
Total distributions	(.15)
Net asset value, end of period	$ 11.04
Total Return^{B, C, D}	11.91%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%^A
Expenses net of fee waivers, if any	.25%^A
Expenses net of all reductions	.25%^A
Net investment income (loss)	1.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,907
Portfolio turnover rate	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period June 1, 2006 (commencement of operations) to March 31, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Period ended March 31,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.11
Net realized and unrealized gain (loss)	1.05
Total from investment operations	1.16
Distributions from net investment income	(.08)
Distributions from net realized gain	(.06)
Total distributions	(.14)
Net asset value, end of period	$ 11.02
Total Return^{B, C, D}	11.64%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.50%^A
Expenses net of fee waivers, if any	.50%^A
Expenses net of all reductions	.50%^A
Net investment income (loss)	1.20%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,520
Portfolio turnover rate	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period June 1, 2006 (commencement of operations) to March 31, 2007.

Financial Highlights - Class B

Period ended March 31,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.06
Net realized and unrealized gain (loss)	1.07
Total from investment operations	1.13
Distributions from net investment income	(.07)
Distributions from net realized gain	(.06)
Total distributions	(.13)
Net asset value, end of period	$ 11.00
Total Return^{B, C, D}	11.31%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%^A
Expenses net of fee waivers, if any	1.00%^A
Expenses net of all reductions	1.00%^A
Net investment income (loss)	.70%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,177
Portfolio turnover rate	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period June 1, 2006 (commencement of operations) to March 31, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Period ended March 31,	2007^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.06
Net realized and unrealized gain (loss)	1.06
Total from investment operations	1.12
Distributions from net investment income	(.06)
Distributions from net realized gain	(.06)
Total distributions	(.12)
Net asset value, end of period	$ 11.00
Total Return^{B, C, D}	11.25%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.00%^A
Expenses net of fee waivers, if any	1.00%^A
Expenses net of all reductions	1.00%^A
Net investment income (loss)	.70%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,507
Portfolio turnover rate	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period June 1, 2006 (commencement of operations) to March 31, 2007.

Financial Highlights - Institutional Class

Period ended March 31,	2007^F
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.15
Net realized and unrealized gain (loss)	1.06
Total from investment operations	1.21
Distributions from net investment income	(.09)
Distributions from net realized gain	(.06)
Total distributions	(.15)
Net asset value, end of period	$ 11.06
Total Return^{B, C}	12.16%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.00%^A
Expenses net of fee waivers, if any	.00%^A
Expenses net of all reductions	.00%^A
Net investment income (loss)	1.70%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 982
Portfolio turnover rate	4%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amounts do not include the activity of the underlying funds.

^F For the period June 1, 2006 (commencement of operations) to March 31, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended March 31, 2007

1. Organization.

Fidelity Advisor Freedom Income Fund, Advisor Freedom 2005 Fund, Advisor Freedom 2010 Fund, Advisor Freedom 2015 Fund, Advisor Freedom 2020 Fund, Advisor Freedom 2025 Fund, Advisor Freedom 2030 Fund, Advisor Freedom 2035 Fund, Advisor Freedom 2040 Fund, Advisor Freedom 2045 Fund and Advisor Freedom 2050 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, fixed income, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Advisor Freedom 2045 Fund and Advisor Freedom 2050 Fund commenced operations on June 1, 2006. Each Fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions also differ by class. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements.

2. Significant Accounting Policies.

The following summarizes the significant accounting policies of the Funds:

Security Valuation. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Investments in the Underlying Funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain capital gain distributions from the Underlying Funds and losses deferred due to wash sales.

Annual Report

Notes to Financial Statements - continued

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:

	Cost for Federal Income Tax Purposes	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
Advisor Freedom Income	$ 107,629,911	$ 3,578,489	$ (657,010)	$ 2,921,479
Advisor Freedom 2005	81,870,199	4,644,159	(272,827)	4,371,332
Advisor Freedom 2010	511,761,141	38,352,310	(2,604,540)	35,747,770
Advisor Freedom 2015	576,491,594	41,412,923	(2,134,651)	39,278,272
Advisor Freedom 2020	1,047,750,940	108,017,675	(3,281,073)	104,736,602
Advisor Freedom 2025	506,617,557	40,156,737	(1,543,056)	38,613,681
Advisor Freedom 2030	688,741,863	74,170,779	(1,715,821)	72,454,958
Advisor Freedom 2035	258,940,101	20,955,174	(777,306)	20,177,868
Advisor Freedom 2040	545,136,608	60,877,529	(1,091,904)	59,785,625
Advisor Freedom 2045	17,817,449	336,176	(84,573)	251,603
Advisor Freedom 2050	19,703,327	476,953	(82,077)	394,876

	Undistributed Ordinary Income	Undistributed Long-term Capital Gain
Advisor Freedom Income	$ 370,471	$ 435,941
Advisor Freedom 2005	327,028	846,181
Advisor Freedom 2010	2,201,437	6,040,114
Advisor Freedom 2015	2,008,764	9,055,258
Advisor Freedom 2020	2,676,710	19,445,379
Advisor Freedom 2025	1,195,028	9,394,053
Advisor Freedom 2030	1,143,438	15,638,456
Advisor Freedom 2035	341,723	5,544,199
Advisor Freedom 2040	862,821	12,879,341
Advisor Freedom 2045	12,217	128,602
Advisor Freedom 2050	12,614	203,196

The tax character of distributions paid was as follows:

March 31, 2007
	Ordinary Income	Long-term Capital Gains	Total
Advisor Freedom Income	$ 2,738,533	$ 435,586	$ 3,174,119
Advisor Freedom 2005	1,379,493	529,238	1,908,731
Advisor Freedom 2010	10,809,995	4,869,805	15,679,800
Advisor Freedom 2015	10,658,643	4,689,333	15,347,976
Advisor Freedom 2020	19,829,363	13,558,440	33,387,803
Advisor Freedom 2025	7,571,599	4,519,776	12,091,375
Advisor Freedom 2030	10,595,472	7,971,409	18,566,881
Advisor Freedom 2035	3,480,235	2,192,065	5,672,300
Advisor Freedom 2040	8,552,165	6,365,609	14,917,774
Advisor Freedom 2045	60,830	-	60,830
Advisor Freedom 2050	98,388	-	98,388
March 31, 2006
	Ordinary Income	Long-term Capital Gains	Total
Advisor Freedom Income	$ 1,513,067	$ 144,130	$ 1,657,197
Advisor Freedom 2005	621,106	89,791	710,897
Advisor Freedom 2010	5,639,391	775,835	6,415,226
Advisor Freedom 2015	3,990,749	477,777	4,468,526
Advisor Freedom 2020	7,886,283	1,712,913	9,599,196
Advisor Freedom 2025	2,446,690	248,535	2,695,225
Advisor Freedom 2030	3,352,916	826,847	4,179,763
Advisor Freedom 2035	889,584	93,495	983,079
Advisor Freedom 2040	2,735,694	451,252	3,186,946

Annual Report

2. Significant Accounting Policies - continued

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds' net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.

3. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain Funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

4. Purchases and Sales of Investments.

Purchases and redemptions of the underlying fund shares are noted in the table below.

	Purchases ($)	Redemptions ($)
Advisor Freedom Income	70,993,402	32,923,468
Advisor Freedom 2005	58,721,925	17,561,248
Advisor Freedom 2010	254,415,815	96,038,629
Advisor Freedom 2015	297,023,186	50,485,181
Advisor Freedom 2020	491,150,371	115,989,654
Advisor Freedom 2025	272,165,828	10,375,133
Advisor Freedom 2030	344,156,977	45,398,905
Advisor Freedom 2035	153,702,980	9,453,328
Advisor Freedom 2040	264,805,828	34,153,677
Advisor Freedom 2045	18,575,226	753,631
Advisor Freedom 2050	19,931,305	224,708

5. Fees and Other Transactions with Affiliates.

Management Fee. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.

Other Transactions. Strategic Advisers has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding the distribution and service fees, the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Advisor Freedom Income	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 76,769	$ 19,900
Class T	.25%	.25%	176,991	-
Class B	.75%	.25%	49,100	36,850
Class C	.75%	.25%	131,244	20,798
			$ 434,104	$ 77,548
Advisor Freedom 2005
Class A	0%	.25%	$ 66,565	$ 22,393
Class T	.25%	.25%	83,297	536
Class B	.75%	.25%	39,725	30,224
Class C	.75%	.25%	85,612	25,171
			$ 275,199	$ 78,324
Advisor Freedom 2010
Class A	0%	.25%	$ 438,752	$ 64,133
Class T	.25%	.25%	844,529	377
Class B	.75%	.25%	339,274	254,613
Class C	.75%	.25%	423,541	104,053
			$ 2,046,096	$ 423,176
Advisor Freedom 2015
Class A	0%	.25%	$ 483,977	$ 81,044
Class T	.25%	.25%	747,766	-
Class B	.75%	.25%	377,662	283,485
Class C	.75%	.25%	450,831	155,153
			$ 2,060,236	$ 519,682
Advisor Freedom 2020
Class A	0%	.25%	$ 924,007	$ 161,448
Class T	.25%	.25%	1,810,210	-
Class B	.75%	.25%	777,356	583,661
Class C	.75%	.25%	716,978	172,266
			$ 4,228,551	$ 917,375
Advisor Freedom 2025
Class A	0%	.25%	$ 478,951	$ 104,462
Class T	.25%	.25%	568,490	-
Class B	.75%	.25%	319,289	239,862
Class C	.75%	.25%	256,037	74,399
			$ 1,622,767	$ 418,723
Advisor Freedom 2030
Class A	0%	.25%	$ 562,314	$ 108,587
Class T	.25%	.25%	1,149,158	-
Class B	.75%	.25%	494,040	371,060
Class C	.75%	.25%	455,161	124,605
			$ 2,660,673	$ 604,252
Advisor Freedom 2035
Class A	0%	.25%	$ 213,537	$ 52,620
Class T	.25%	.25%	310,691	41
Class B	.75%	.25%	188,928	141,956
Class C	.75%	.25%	153,349	56,878
			$ 866,505	$ 251,495

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

Advisor Freedom 2040	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 463,654	$ 80,082
Class T	.25%	.25%	868,759	-
Class B	.75%	.25%	387,735	291,287
Class C	.75%	.25%	459,309	125,308
			$ 2,179,457	$ 496,677
Advisor Freedom 2045
Class A	0%	.25%	$ 5,225	$ 3,869
Class T	.25%	.25%	4,301	335
Class B	.75%	.25%	2,916	2,396
Class C	.75%	.25%	3,013	2,006
			$ 15,455	$ 8,606
Advisor Freedom 2050
Class A	0%	.25%	$ 7,201	$ 5,009
Class T	.25%	.25%	4,172	370
Class B	.75%	.25%	3,795	3,049
Class C	.75%	.25%	5,197	3,969
			$ 20,365	$ 12,397

Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Advisor Freedom Income	Retained by FDC
Class A	$ 21,340
Class T	6,319
Class B*	12,417
Class C*	3,174
	$ 43,250

Advisor Freedom 2005
Class A	$ 15,465
Class T	4,148
Class B*	12,098
Class C*	2,198
	$ 33,909

Advisor Freedom 2010
Class A	$ 79,260
Class T	17,824
Class B*	91,403
Class C*	6,462
	$ 194,949

Advisor Freedom 2015
Class A	$ 144,711
Class T	33,824
Class B*	65,569
Class C*	8,481
	$ 252,585

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

Advisor Freedom 2020	Retained by FDC
Class A	$ 224,779
Class T	50,459
Class B*	188,859
Class C*	13,684
	$ 477,781

Advisor Freedom 2025
Class A	$ 142,938
Class T	34,233
Class B*	92,939
Class C*	4,494
	$ 274,604

Advisor Freedom 2030
Class A	$ 152,754
Class T	36,947
Class B*	126,015
Class C*	7,261
	$ 322,977

Advisor Freedom 2035
Class A	$ 95,430
Class T	18,943
Class B*	54,848
Class C*	3,809
	$ 173,030

Advisor Freedom 2040
Class A	$ 167,699
Class T	32,320
Class B*	130,102
Class C*	9,619
	$ 339,740

Advisor Freedom 2045
Class A	$ 5,719
Class T	1,126
Class B*	236
Class C*	68
	$ 7,149

Advisor Freedom 2050
Class A	$ 12,723
Class T	2,791
Class B*	561
Class C*	8
	$ 16,083

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Annual Report

6. Expense Reductions.

FMR voluntarily agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes of each applicable Fund were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Advisor Freedom Income
Class A	.25%	$ 103
Class T	.50%	119
Class B	1.00%	16
Class C	1.00%	44
Institutional Class	.00%	5
Advisor Freedom 2005
Class A	.25%	85
Class T	.50%	54
Class B	1.00%	13
Class C	1.00%	28
Institutional Class	.00%	7
Advisor Freedom 2010
Class A	.25%	591
Class T	.50%	567
Class B	1.00%	114
Class C	1.00%	142
Institutional Class	.00%	44
Advisor Freedom 2015
Class A	.25%	637
Class T	.50%	491
Class B	1.00%	124
Class C	1.00%	148
Institutional Class	.00%	108
Advisor Freedom 2020
Class A	.25%	1,234
Class T	.50%	1,207
Class B	1.00%	259
Class C	1.00%	239
Institutional Class	.00%	88
Advisor Freedom 2025
Class A	.25%	618
Class T	.50%	367
Class B	1.00%	103
Class C	1.00%	83
Institutional Class	.00%	27
Advisor Freedom 2030
Class A	.25%	740
Class T	.50%	756
Class B	1.00%	162
Class C	1.00%	150
Institutional Class	.00%	49

Annual Report

Notes to Financial Statements - continued

6. Expense Reductions - continued

	Expense Limitations	Reimbursement from adviser
Advisor Freedom 2035
Class A	.25%	$ 273
Class T	.50%	198
Class B	1.00%	60
Class C	1.00%	49
Institutional Class	.00%	12
Advisor Freedom 2040
Class A	.25%	611
Class T	.50%	572
Class B	1.00%	128
Class C	1.00%	151
Institutional Class	.00%	39
Advisor Freedom 2045
Class A	.25%	4
Class T	.50%	2
Class B	1.00%	1
Class C	1.00%	-
Institutional Class	.00%	-
Advisor Freedom 2050
Class A	.25%	6
Class T	.50%	2
Class B	1.00%	1
Class C	1.00%	1
Institutional Class	.00%	1

7. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.

Fund	% of shares held
Fidelity Advisor Large Cap Fund	41%
Fidelity Advisor Growth & Income Fund	26%
Fidelity Advisor Overseas Fund	26%
Fidelity Advisor Intermediate Bond Fund	24%

During the period, the Funds' transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Funds that the Funds' books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Funds' reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Funds. FIIOC is in the process of determining appropriate remediation to affected shareholder accounts.

Annual Report

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Years ended March 31,
	2007	2006
Advisor Freedom Income
From net investment income
Class A	$ 1,002,334	$ 360,423
Class T	1,094,267	716,147
Class B	127,152	85,800
Class C	340,423	263,465
Institutional Class	52,530	29,580
Total	$ 2,616,706	$ 1,455,415
From net realized gain
Class A	$ 159,694	$ 35,475
Class T	250,213	101,688
Class B	37,002	15,014
Class C	101,597	47,334
Institutional Class	8,907	2,271
Total	$ 557,413	$ 201,782
Advisor Freedom 2005
From net investment income
Class A	$ 605,813	$ 206,518
Class T	313,704	208,572
Class B	49,294	38,357
Class C	113,001	78,865
Institutional Class	47,174	27,052
Total	$ 1,128,986	$ 559,364
From net realized gain
Class A	$ 315,950	$ 40,250
Class T	248,166	62,014
Class B	62,256	14,837
Class C	128,211	29,953
Institutional Class	25,162	4,479
Total	$ 779,745	$ 151,533
Advisor Freedom 2010
From net investment income
Class A	$ 3,995,531	$ 2,171,009
Class T	3,440,551	2,009,465
Class B	495,075	367,156
Class C	652,244	407,816
Institutional Class	345,085	180,656
Total	$ 8,928,486	$ 5,136,102
From net realized gain
Class A	$ 2,696,358	$ 441,149
Class T	2,598,359	514,332
Class B	569,438	144,772
Class C	682,976	147,544
Institutional Class	204,183	31,327
Total	$ 6,751,314	$ 1,279,124

Annual Report

Notes to Financial Statements - continued

8. Distributions to Shareholders - continued

	Years ended March 31,
	2007	2006
Advisor Freedom 2015
From net investment income
Class A	$ 4,043,265	$ 1,356,176
Class T	2,579,826	1,245,899
Class B	470,817	232,461
Class C	606,365	245,384
Institutional Class	705,795	257,756
Total	$ 8,406,068	$ 3,337,676
From net realized gain
Class A	$ 2,739,513	$ 361,841
Class T	2,384,892	431,884
Class B	622,101	129,149
Class C	694,561	130,303
Institutional Class	500,841	77,673
Total	$ 6,941,908	$ 1,130,850
Advisor Freedom 2020
From net investment income
Class A	$ 6,850,858	$ 2,883,663
Class T	5,698,586	2,628,309
Class B	810,487	420,463
Class C	784,767	364,285
Institutional Class	538,403	243,104
Total	$ 14,683,101	$ 6,539,824
From net realized gain
Class A	$ 7,537,514	$ 1,061,003
Class T	7,396,310	1,308,678
Class B	1,713,469	326,977
Class C	1,527,861	276,300
Institutional Class	529,548	86,414
Total	$ 18,704,702	$ 3,059,372
Advisor Freedom 2025
From net investment income
Class A	$ 3,125,692	$ 1,121,310
Class T	1,560,568	596,908
Class B	278,660	141,241
Class C	229,679	106,449
Institutional Class	152,090	40,310
Total	$ 5,346,689	$ 2,006,218
From net realized gain
Class A	$ 3,415,791	$ 347,287
Class T	2,067,705	210,648
Class B	626,709	67,889
Class C	496,499	51,620
Institutional Class	137,982	11,563
Total	$ 6,744,686	$ 689,007

Annual Report

8. Distributions to Shareholders - continued

	Years ended March 31,
	2007	2006
Advisor Freedom 2030
From net investment income
Class A	$ 3,346,670	$ 1,047,937
Class T	2,694,894	974,321
Class B	337,549	133,986
Class C	318,345	126,130
Institutional Class	235,961	94,967
Total	$ 6,933,419	$ 2,377,341
From net realized gain
Class A	$ 4,490,893	$ 622,840
Class T	4,779,075	768,934
Class B	1,090,033	191,018
Class C	983,447	157,380
Institutional Class	290,014	62,250
Total	$ 11,633,462	$ 1,802,422
Advisor Freedom 2035
From net investment income
Class A	$ 1,192,816	$ 336,621
Class T	710,451	271,292
Class B	137,177	62,536
Class C	115,447	46,277
Institutional Class	54,126	16,641
Total	$ 2,210,017	$ 733,367
From net realized gain
Class A	$ 1,548,250	$ 92,405
Class T	1,184,405	90,299
Class B	371,468	36,328
Class C	297,049	27,177
Institutional Class	61,111	3,503
Total	$ 3,462,283	$ 249,712
Advisor Freedom 2040
From net investment income
Class A	$ 2,619,392	$ 950,126
Class T	2,038,155	792,429
Class B	289,047	121,700
Class C	344,514	148,642
Institutional Class	183,929	62,803
Total	$ 5,475,037	$ 2,075,700
From net realized gain
Class A	$ 3,781,697	$ 407,878
Class T	3,639,201	422,998
Class B	826,884	116,257
Class C	978,964	134,587
Institutional Class	215,991	29,526
Total	$ 9,442,737	$ 1,111,246

Annual Report

Notes to Financial Statements - continued

8. Distributions to Shareholders - continued

	Years ended March 31,
	2007	2006
Advisor Freedom 2045^A
From net investment income
Class A	$ 17,761	$ -
Class T	11,873	-
Class B	1,977	-
Class C	2,080	-
Institutional Class	1,576	-
Total	$ 35,267	$ -
From net realized gain
Class A	$ 11,838	$ -
Class T	8,362	-
Class B	2,103	-
Class C	2,262	-
Institutional Class	998	-
Total	$ 25,563	$ -
Advisor Freedom 2050^A
From net investment income
Class A	$ 36,386	$ -
Class T	8,564	-
Class B	4,114	-
Class C	4,848	-
Institutional Class	3,118	-
Total	$ 57,030	$ -
From net realized gain
Class A	$ 24,808	$ -
Class T	6,344	-
Class B	3,578	-
Class C	4,617	-
Institutional Class	2,011	-
Total	$ 41,358	$ -

^A For the period June 1, 2006 (commencement of operations) to March 31, 2007.

Annual Report

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Years ended March 31,		Years ended March 31,
	2007	2006	2007	2006
Advisor Freedom Income
Class A
Shares sold	3,998,819	1,248,334	$ 42,215,890	$ 13,023,137
Reinvestment of distributions	102,485	34,742	1,078,852	361,381
Shares redeemed	(1,230,892)	(504,418)	(12,986,012)	(5,262,926)
Net increase (decrease)	2,870,412	778,658	$ 30,308,730	$ 8,121,592
Class T
Shares sold	2,071,786	1,413,853	$ 21,825,406	$ 14,717,233
Reinvestment of distributions	122,503	74,755	1,286,011	776,259
Shares redeemed	(1,579,074)	(1,217,170)	(16,645,393)	(12,681,876)
Net increase (decrease)	615,215	271,438	$ 6,466,024	$ 2,811,616
Class B
Shares sold	104,130	151,645	$ 1,094,305	$ 1,576,981
Reinvestment of distributions	14,103	8,915	147,869	92,494
Shares redeemed	(116,492)	(129,511)	(1,222,471)	(1,343,127)
Net increase (decrease)	1,741	31,049	$ 19,703	$ 326,348
Class C
Shares sold	289,104	424,993	$ 3,032,611	$ 4,420,146
Reinvestment of distributions	31,301	22,295	328,081	231,247
Shares redeemed	(384,133)	(514,989)	(4,025,882)	(5,366,087)
Net increase (decrease)	(63,728)	(67,701)	$ (665,190)	$ (714,694)
Institutional Class
Shares sold	209,024	110,433	$ 2,227,313	$ 1,154,968
Reinvestment of distributions	5,153	2,279	54,344	23,731
Shares redeemed	(61,571)	(65,692)	(653,326)	(691,013)
Net increase (decrease)	152,606	47,020	$ 1,628,331	$ 487,686
Advisor Freedom 2005
Class A
Shares sold	3,787,746	1,045,087	$ 43,883,709	$ 11,488,136
Reinvestment of distributions	76,807	20,715	885,668	227,182
Shares redeemed	(1,115,226)	(201,347)	(12,859,998)	(2,219,234)
Net increase (decrease)	2,749,327	864,455	$ 31,909,379	$ 9,496,084
Class T
Shares sold	1,234,660	1,419,295	$ 14,090,491	$ 15,260,795
Reinvestment of distributions	47,993	24,717	550,611	269,302
Shares redeemed	(793,872)	(970,234)	(9,030,257)	(10,565,587)
Net increase (decrease)	488,781	473,778	$ 5,610,845	$ 4,964,510
Class B
Shares sold	116,869	122,820	$ 1,310,125	$ 1,330,376
Reinvestment of distributions	8,797	4,304	100,501	46,985
Shares redeemed	(128,275)	(48,057)	(1,454,001)	(526,073)
Net increase (decrease)	(2,609)	79,067	$ (43,375)	$ 851,288
Class C
Shares sold	232,197	316,798	$ 2,619,306	$ 3,462,176
Reinvestment of distributions	18,367	8,537	209,932	93,176
Shares redeemed	(153,843)	(185,035)	(1,749,764)	(2,016,625)
Net increase (decrease)	96,721	140,300	$ 1,079,474	$ 1,538,727
Institutional Class
Shares sold	208,498	89,143	$ 2,404,546	$ 967,402
Reinvestment of distributions	6,260	2,817	72,336	31,000
Shares redeemed	(47,487)	(32,274)	(552,920)	(357,310)
Net increase (decrease)	167,271	59,686	$ 1,923,962	$ 641,092

Annual Report

Notes to Financial Statements - continued

9. Share Transactions - continued

	Shares		Dollars
	Years ended March 31,		Years ended March 31,
	2007	2006	2007	2006
Advisor Freedom 2010
Class A
Shares sold	13,374,637	7,739,808	$ 159,853,302	$ 88,298,046
Reinvestment of distributions	545,669	223,520	6,515,960	2,536,606
Shares redeemed	(6,124,760)	(2,250,375)	(71,950,410)	(25,763,889)
Net increase (decrease)	7,795,546	5,712,953	$ 94,418,852	$ 65,070,763
Class T
Shares sold	8,317,218	7,216,617	$ 97,643,792	$ 81,687,336
Reinvestment of distributions	503,504	222,039	5,992,339	2,509,373
Shares redeemed	(5,095,468)	(3,900,266)	(60,236,553)	(44,179,760)
Net increase (decrease)	3,725,254	3,538,390	$ 43,399,578	$ 40,016,949
Class B
Shares sold	554,718	834,087	$ 6,527,082	$ 9,388,818
Reinvestment of distributions	80,803	40,955	957,744	460,771
Shares redeemed	(632,615)	(499,400)	(7,468,667)	(5,655,011)
Net increase (decrease)	2,906	375,642	$ 16,159	$ 4,194,578
Class C
Shares sold	1,325,915	1,335,196	$ 15,583,541	$ 15,082,752
Reinvestment of distributions	100,155	43,770	1,185,377	492,426
Shares redeemed	(814,977)	(585,637)	(9,586,446)	(6,617,347)
Net increase (decrease)	611,093	793,329	$ 7,182,472	$ 8,957,831
Institutional Class
Shares sold	1,216,876	700,184	$ 14,661,891	$ 8,032,090
Reinvestment of distributions	41,121	14,123	492,727	160,978
Shares redeemed	(440,638)	(282,482)	(5,177,492)	(3,270,359)
Net increase (decrease)	817,359	431,825	$ 9,977,126	$ 4,922,709
Advisor Freedom 2015
Class A
Shares sold	16,710,642	7,755,416	$ 200,771,970	$ 87,784,785
Reinvestment of distributions	551,943	148,528	6,663,795	1,681,279
Shares redeemed	(4,573,003)	(1,248,688)	(54,952,585)	(14,243,836)
Net increase (decrease)	12,689,582	6,655,256	$ 152,483,180	$ 75,222,228
Class T
Shares sold	7,721,319	7,331,499	$ 92,149,992	$ 82,443,787
Reinvestment of distributions	409,024	146,891	4,918,891	1,655,344
Shares redeemed	(3,704,390)	(2,069,563)	(44,146,399)	(23,392,515)
Net increase (decrease)	4,425,953	5,408,827	$ 52,922,484	$ 60,706,616
Class B
Shares sold	956,714	1,320,734	$ 11,262,926	$ 14,714,003
Reinvestment of distributions	84,955	29,554	1,017,658	331,712
Shares redeemed	(539,119)	(246,964)	(6,415,601)	(2,776,985)
Net increase (decrease)	502,550	1,103,324	$ 5,864,983	$ 12,268,730
Class C
Shares sold	2,127,630	1,634,319	$ 25,214,598	$ 18,295,083
Reinvestment of distributions	94,790	29,172	1,136,191	327,542
Shares redeemed	(651,145)	(398,401)	(7,748,011)	(4,467,845)
Net increase (decrease)	1,571,275	1,265,090	$ 18,602,778	$ 14,154,780
Institutional Class
Shares sold	1,369,022	1,374,943	$ 16,393,429	$ 15,910,190
Reinvestment of distributions	97,887	27,882	1,185,250	315,005
Shares redeemed	(549,649)	(330,682)	(6,624,103)	(3,761,478)
Net increase (decrease)	917,260	1,072,143	$ 10,954,576	$ 12,463,717

Annual Report

9. Share Transactions - continued

	Shares		Dollars
	Years ended March 31,		Years ended March 31,
	2007	2006	2007	2006
Advisor Freedom 2020
Class A
Shares sold	23,846,967	14,590,446	$ 308,792,249	$ 177,880,434
Reinvestment of distributions	1,084,342	318,258	14,167,012	3,855,895
Shares redeemed	(9,148,908)	(4,501,371)	(115,715,246)	(55,311,034)
Net increase (decrease)	15,782,401	10,407,333	$ 207,244,015	$ 126,425,295
Class T
Shares sold	15,749,378	13,438,162	$ 200,592,709	$ 162,737,119
Reinvestment of distributions	996,748	323,423	13,003,180	3,903,406
Shares redeemed	(7,788,390)	(6,053,700)	(100,250,106)	(73,680,929)
Net increase (decrease)	8,957,736	7,707,885	$ 113,345,783	$ 92,959,596
Class B
Shares sold	1,566,662	1,799,544	$ 20,015,458	$ 21,593,687
Reinvestment of distributions	185,085	59,314	2,401,388	711,860
Shares redeemed	(914,111)	(589,847)	(11,718,717)	(7,123,757)
Net increase (decrease)	837,636	1,269,011	$ 10,698,129	$ 15,181,790
Class C
Shares sold	2,364,641	2,110,159	$ 30,268,265	$ 25,285,625
Reinvestment of distributions	157,258	47,015	2,039,411	564,041
Shares redeemed	(982,764)	(773,044)	(12,533,396)	(9,282,747)
Net increase (decrease)	1,539,135	1,384,130	$ 19,774,280	$ 16,566,919
Institutional Class
Shares sold	1,665,024	845,222	$ 21,746,839	$ 10,376,829
Reinvestment of distributions	72,996	22,706	958,005	275,559
Shares redeemed	(567,015)	(254,821)	(7,296,379)	(3,125,257)
Net increase (decrease)	1,171,005	613,107	$ 15,408,465	$ 7,527,131
Advisor Freedom 2025
Class A
Shares sold	15,737,696	6,210,144	$ 197,945,688	$ 72,280,640
Reinvestment of distributions	518,473	124,720	6,492,103	1,454,965
Shares redeemed	(3,113,289)	(1,339,389)	(38,954,335)	(15,549,227)
Net increase (decrease)	13,142,880	4,995,475	$ 165,483,456	$ 58,186,378
Class T
Shares sold	7,015,432	4,779,347	$ 87,481,183	$ 55,329,806
Reinvestment of distributions	288,574	68,757	3,613,946	804,360
Shares redeemed	(2,276,653)	(1,422,431)	(28,529,518)	(16,584,794)
Net increase (decrease)	5,027,353	3,425,673	$ 62,565,611	$ 39,549,372
Class B
Shares sold	998,291	1,133,308	$ 12,299,748	$ 12,946,544
Reinvestment of distributions	70,208	17,249	869,570	200,192
Shares redeemed	(348,807)	(169,943)	(4,303,451)	(1,979,347)
Net increase (decrease)	719,692	980,614	$ 8,865,867	$ 11,167,389
Class C
Shares sold	1,074,566	835,184	$ 13,324,519	$ 9,579,811
Reinvestment of distributions	52,399	11,884	649,142	137,922
Shares redeemed	(255,502)	(185,560)	(3,161,389)	(2,143,096)
Net increase (decrease)	871,463	661,508	$ 10,812,272	$ 7,574,637
Institutional Class
Shares sold	801,952	395,871	$ 10,021,125	$ 4,647,168
Reinvestment of distributions	22,778	4,061	286,866	47,460
Shares redeemed	(178,765)	(157,588)	(2,201,208)	(1,829,481)
Net increase (decrease)	645,965	242,344	$ 8,106,783	$ 2,865,147

Annual Report

Notes to Financial Statements - continued

9. Share Transactions - continued

	Shares		Dollars
	Years ended March 31,		Years ended March 31,
	2007	2006	2007	2006
Advisor Freedom 2030
Class A
Shares sold	16,253,114	7,622,210	$ 222,796,744	$ 95,830,636
Reinvestment of distributions	566,443	131,003	7,751,676	1,642,629
Shares redeemed	(4,408,382)	(1,657,097)	(59,297,181)	(20,896,249)
Net increase (decrease)	12,411,175	6,096,116	$ 171,251,239	$ 76,577,016
Class T
Shares sold	10,263,782	8,271,712	$ 137,668,691	$ 103,937,897
Reinvestment of distributions	543,658	138,114	7,398,466	1,718,369
Shares redeemed	(4,719,385)	(3,379,705)	(64,003,737)	(42,137,889)
Net increase (decrease)	6,088,055	5,030,121	$ 81,063,420	$ 63,518,377
Class B
Shares sold	1,215,032	1,157,095	$ 16,319,475	$ 14,320,376
Reinvestment of distributions	101,708	25,279	1,372,910	311,100
Shares redeemed	(523,647)	(314,426)	(7,048,793)	(3,917,552)
Net increase (decrease)	793,093	867,948	$ 10,643,592	$ 10,713,924
Class C
Shares sold	1,532,477	1,235,865	$ 20,559,653	$ 15,380,567
Reinvestment of distributions	87,426	20,600	1,180,816	254,461
Shares redeemed	(617,269)	(314,678)	(8,273,949)	(3,929,603)
Net increase (decrease)	1,002,634	941,787	$ 13,466,520	$ 11,705,425
Institutional Class
Shares sold	1,246,804	327,266	$ 17,216,002	$ 4,137,340
Reinvestment of distributions	31,872	9,043	437,589	113,199
Shares redeemed	(347,902)	(190,476)	(4,676,681)	(2,392,711)
Net increase (decrease)	930,774	145,833	$ 12,976,910	$ 1,857,828
Advisor Freedom 2035
Class A
Shares sold	7,937,543	2,810,083	$ 102,858,844	$ 33,259,729
Reinvestment of distributions	209,021	34,961	2,703,345	418,335
Shares redeemed	(1,209,654)	(291,205)	(15,624,179)	(3,451,031)
Net increase (decrease)	6,936,910	2,553,839	$ 89,938,010	$ 30,227,033
Class T
Shares sold	4,037,876	2,779,197	$ 51,279,521	$ 32,690,026
Reinvestment of distributions	146,879	30,222	1,885,587	359,343
Shares redeemed	(1,479,180)	(700,210)	(18,890,769)	(8,256,703)
Net increase (decrease)	2,705,575	2,109,209	$ 34,274,339	$ 24,792,666
Class B
Shares sold	657,867	677,778	$ 8,288,850	$ 7,827,768
Reinvestment of distributions	39,171	8,197	497,716	96,381
Shares redeemed	(185,316)	(92,314)	(2,339,596)	(1,090,117)
Net increase (decrease)	511,722	593,661	$ 6,446,970	$ 6,834,032
Class C
Shares sold	675,368	594,915	$ 8,503,831	$ 6,913,576
Reinvestment of distributions	29,650	5,735	377,444	67,452
Shares redeemed	(231,098)	(106,161)	(2,893,598)	(1,246,975)
Net increase (decrease)	473,920	494,489	$ 5,987,677	$ 5,734,053
Institutional Class
Shares sold	411,593	153,700	$ 5,305,575	$ 1,815,954
Reinvestment of distributions	8,649	1,611	112,282	19,381
Shares redeemed	(121,717)	(23,805)	(1,582,064)	(285,436)
Net increase (decrease)	298,525	131,506	$ 3,835,793	$ 1,549,899

Annual Report

9. Share Transactions - continued

	Shares		Dollars
	Years ended March 31,		Years ended March 31,
	2007	2006	2007	2006
Advisor Freedom 2040
Class A
Shares sold	11,078,922	6,594,125	$ 155,096,929	$ 84,779,212
Reinvestment of distributions	449,793	103,322	6,329,119	1,336,258
Shares redeemed	(3,247,820)	(1,319,831)	(44,707,746)	(17,027,651)
Net increase (decrease)	8,280,895	5,377,616	$ 116,718,302	$ 69,087,819
Class T
Shares sold	8,566,986	6,934,246	$ 118,422,507	$ 88,873,959
Reinvestment of distributions	404,471	94,278	5,668,499	1,212,995
Shares redeemed	(3,731,784)	(2,629,297)	(51,893,964)	(33,492,621)
Net increase (decrease)	5,239,673	4,399,227	$ 72,197,042	$ 56,594,333
Class B
Shares sold	1,165,934	1,066,326	$ 16,033,302	$ 13,457,885
Reinvestment of distributions	78,169	18,114	1,084,424	229,826
Shares redeemed	(454,770)	(252,957)	(6,294,964)	(3,223,373)
Net increase (decrease)	789,333	831,483	$ 10,822,762	$ 10,464,338
Class C
Shares sold	1,529,531	1,277,719	$ 20,942,119	$ 16,223,875
Reinvestment of distributions	88,855	20,564	1,232,104	261,225
Shares redeemed	(742,685)	(279,598)	(10,212,837)	(3,548,799)
Net increase (decrease)	875,701	1,018,685	$ 11,961,386	$ 12,936,301
Institutional Class
Shares sold	962,985	291,937	$ 13,586,544	$ 3,766,408
Reinvestment of distributions	23,689	5,062	335,253	65,359
Shares redeemed	(205,086)	(147,050)	(2,855,861)	(1,890,587)
Net increase (decrease)	781,588	149,949	$ 11,065,936	$ 1,941,180
Advisor Freedom 2045^A
Class A
Shares sold	1,214,659	-	$ 13,198,339	$ -
Reinvestment of distributions	2,732	-	29,586	-
Shares redeemed	(81,608)	-	(893,392)	-
Net increase (decrease)	1,135,783	-	$ 12,334,533	$ -
Class T
Shares sold	328,167	-	$ 3,531,809	$ -
Reinvestment of distributions	1,870	-	20,235	-
Shares redeemed	(27,302)	-	(296,286)	-
Net increase (decrease)	302,735	-	$ 3,255,758	$ -
Class B
Shares sold	70,701	-	$ 743,408	$ -
Reinvestment of distributions	377	-	4,080	-
Shares redeemed	(588)	-	(6,408)	-
Net increase (decrease)	70,490	-	$ 741,080	$ -
Class C
Shares sold	75,902	-	$ 795,052	$ -
Reinvestment of distributions	334	-	3,613	-
Shares redeemed	(6,312)	-	(68,258)	-
Net increase (decrease)	69,924	-	$ 730,407	$ -
Institutional Class
Shares sold	64,697	-	$ 696,742	$ -
Reinvestment of distributions	237	-	2,574	-
Shares redeemed	(8,061)	-	(89,051)	-
Net increase (decrease)	56,873	-	$ 610,265	$ -

Annual Report

Notes to Financial Statements - continued

9. Share Transactions - continued

	Shares		Dollars
	Years ended March 31,		Years ended March 31,
	2007	2006	2007	2006
Advisor Freedom 2050^A
Class A
Shares sold	1,276,625	-	$ 13,684,931	$ -
Reinvestment of distributions	5,624	-	60,797	-
Shares redeemed	(113,051)	-	(1,223,026)	-
Net increase (decrease)	1,169,198	-	$ 12,522,702	$ -
Class T
Shares sold	354,770	-	$ 3,810,949	$ -
Reinvestment of distributions	1,380	-	14,908	-
Shares redeemed	(36,828)	-	(403,059)	-
Net increase (decrease)	319,322	-	$ 3,422,798	$ -
Class B
Shares sold	111,977	-	$ 1,191,055	$ -
Reinvestment of distributions	705	-	7,610	-
Shares redeemed	(5,659)	-	(61,502)	-
Net increase (decrease)	107,023	-	$ 1,137,163	$ -
Class C
Shares sold	144,191	-	$ 1,517,547	$ -
Reinvestment of distributions	871	-	9,399	-
Shares redeemed	(7,985)	-	(87,268)	-
Net increase (decrease)	137,077	-	$ 1,439,678	$ -
Institutional Class
Shares sold	90,084	-	$ 973,960	$ -
Reinvestment of distributions	474	-	5,129	-
Shares redeemed	(1,782)	-	(19,668)	-
Net increase (decrease)	88,776	-	$ 959,421	$ -

^A For the period June 1, 2006 (commencement of operations) to March 31, 2007.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 Fund:

We have audited the accompanying statements of assets and liabilities of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 Fund (the Funds) each a fund of Fidelity Aberdeen Street Trust, including the schedules of investments, as of March 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2007, by correspondence with the custodians and broker. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 Fund as of March 31, 2007, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

May 18, 2007

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Advisor Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Advisor Freedom Fund, and review each Advisor Freedom Fund's performance. If the interests of an Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees and Member of the Advisory Board fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Advisor Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers, the Trustees, and Member of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 353 funds advised by FMR or an affiliate. Mr. Curvey oversees 314 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (76)
	Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).
James C. Curvey (71)
	Year of Election or Appointment: 2007 Mr. Curvey is Vice Chairman (2006-present) and Director of FMR Corp. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR Corp. (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution, 1994-present).

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (58)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).
Albert R. Gamper, Jr. (65)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.
George H. Heilmeier (70)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
James H. Keyes (66)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).
Marie L. Knowles (60)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (63)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.
Cornelia M. Small (62)
	Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (67)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (68)
	Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (63)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
Kimberley H. Monasterio (43)
	Year of Election or Appointment: 2007 President and Treasurer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).
Boyce I. Greer (51)
	Year of Election or Appointment: 2005 or 2006 Vice President of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Greer also serves as Vice President of certain Equity Funds (2005-present), certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). He is an Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. He also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002).
Ren Y. Cheng (50)
	Year of Election or Appointment: 2003 or 2006 Vice President of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Cheng also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Cheng worked as a portfolio manager. Mr. Cheng also serves as Vice President of FMR (2002) and FMR Co., Inc. (2002), and previously served as Vice President of Strategic Advisers, Inc. (2005).
Jonathan A. Shelon (33)
	Year of Election or Appointment: 2003 or 2006 Vice President of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Shelon also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Shelon worked as a quantitative consultant at Callan Associates, Inc. Mr. Shelon also serves as Vice President of FMR and FMR Co., Inc. (2006).
Eric D. Roiter (58)
	Year of Election or Appointment: 2003 or 2006 Secretary of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).
Scott C. Goebel (39)
	Year of Election or Appointment: 2007 Assistant Secretary of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), Vice President and Secretary of FDC (2006-present), and is an employee of FMR.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).
Joseph B. Hollis (58)
	Year of Election or Appointment: 2006 Chief Financial Officer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).
Kenneth A. Rathgeber (59)
	Year of Election or Appointment: 2004 or 2006 Chief Compliance Officer of Advisor Freedom Income (2004-present), Advisor Freedom 2005 (2004-present), Advisor Freedom 2010 (2004-present), Advisor Freedom 2015 (2004-present), Advisor Freedom 2020 (2004-present), Advisor Freedom 2025 (2004-present), Advisor Freedom 2030 (2004-present), Advisor Freedom 2035 (2004-present), Advisor Freedom 2040 (2004-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).
Bryan A. Mehrmann (45)
	Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Kenneth B. Robins (37)
	Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).
Robert G. Byrnes (40)
	Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (53)
	Year of Election or Appointment: 2004 or 2006 Assistant Treasurer of Advisor Freedom Income (2004-present), Advisor Freedom 2005 (2004-present), Advisor Freedom 2010 (2004-present), Advisor Freedom 2015 (2004-present), Advisor Freedom 2020 (2004-present), Advisor Freedom 2025 (2004-present), Advisor Freedom 2030 (2004-present), Advisor Freedom 2035 (2004-present), Advisor Freedom 2040 (2004-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Gary W. Ryan (48)
	Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).
Salvatore Schiavone (41)
	Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003).

Annual Report

Distributions

The Board of Trustees of each Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

Advisor Freedom Income	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.034	$.046
Class T	05/07/2007	05/04/2007	$.032	$.046
Class B	05/07/2007	05/04/2007	$.027	$.046
Class C	05/07/2007	05/04/2007	$.027	$.046
Advisor Freedom 2005	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.053	$.110
Class T	05/07/2007	05/04/2007	$.045	$.110
Class B	05/07/2007	05/04/2007	$.028	$.110
Class C	05/07/2007	05/04/2007	$.029	$.110
Advisor Freedom 2010	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.047	$.140
Class T	05/07/2007	05/04/2007	$.040	$.140
Class B	05/07/2007	05/04/2007	$.023	$.140
Class C	05/07/2007	05/04/2007	$.025	$.140
Advisor Freedom 2015	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.038	$.183
Class T	05/07/2007	05/04/2007	$.030	$.183
Class B	05/07/2007	05/04/2007	$.014	$.183
Class C	05/07/2007	05/04/2007	$.016	$.183
Advisor Freedom 2020	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.027	$.231
Class T	05/07/2007	05/04/2007	$.018	$.231
Class B	05/07/2007	05/04/2007	$.002	$.231
Class C	05/07/2007	05/04/2007	$.002	$.231
Advisor Freedom 2025	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.025	$.220
Class T	05/07/2007	05/04/2007	$.017	$.220
Class B	05/07/2007	05/04/2007	$.001	$.220
Class C	05/07/2007	05/04/2007	$.002	$.220
Advisor Freedom 2030	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.018	$.288
Class T	05/07/2007	05/04/2007	$.009	$.288
Class B	05/07/2007	05/04/2007	-	$.280
Class C	05/07/2007	05/04/2007	-	$.280
Advisor Freedom 2035	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.010	$.259
Class T	05/07/2007	05/04/2007	-	$.254
Class B	05/07/2007	05/04/2007	-	$.240
Class C	05/07/2007	05/04/2007	-	$.240
Advisor Freedom 2040	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.015	$.314
Class T	05/07/2007	05/04/2007	$.006	$.314
Class B	05/07/2007	05/04/2007	-	$.303
Class C	05/07/2007	05/04/2007	-	$.302
Advisor Freedom 2045	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.005	$.068
Class T	05/07/2007	05/04/2007	-	$.067
Class B	05/07/2007	05/04/2007	-	$.060
Class C	05/07/2007	05/04/2007	-	$.060
Advisor Freedom 2050	Pay Date	Record Date	Dividends	Capital Gains
Class A	05/07/2007	05/04/2007	$.003	$.097
Class T	05/07/2007	05/04/2007	-	$.095
Class B	05/07/2007	05/04/2007	-	$.090
Class C	05/07/2007	05/04/2007	-	$.090

The funds hereby designate as capital gain dividends the amounts noted below for the taxable year ended 2007, or, if subsequently determined to be different, the net capital gain of such year.

Fund
Advisor Freedom Income	$ 435,961
Advisor Freedom 2005	$ 852,981
Advisor Freedom 2010	$ 6,142,132
Advisor Freedom 2015	$ 9,055,258
Advisor Freedom 2020	$ 19,618,835
Advisor Freedom 2025	$ 9,436,471
Advisor Freedom 2030	$ 15,740,084
Advisor Freedom 2035	$ 5,601,942
Advisor Freedom 2040	$ 12,952,714
Advisor Freedom 2045	$ 128,602
Advisor Freedom 2050	$ 203,196

A percentage of the dividends distributed during the fiscal year for the following funds was derived from interest on U.S. Government securities which is generally exempt from state income tax:

Advisor Freedom Income Fund
Class A	6.69%
Class T	6.69%
Class B	6.69%
Class C	6.69%
Advisor Freedom 2005 Fund
Class A	4.28%
Class T	4.28%
Class B	4.28%
Class C	4.28%
Advisor Freedom 2010 Fund
Class A	4.65%
Class T	4.65%
Class B	4.65%
Class C	4.65%

Annual Report

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividends-received deduction for corporate shareholders:

	Class A	Class T	Class B	Class C
Advisor Freedom Income
May, 2006	5%	6%	7%	7%
June, 2006	7%	7%	9%	9%
July, 2006	7%	7%	9%	9%
August, 2006	7%	7%	9%	9%
September, 2006	7%	7%	9%	9%
October, 2006	7%	7%	9%	9%
November, 2006	7%	7%	9%	9%
December, 2006 (Ex-Date 12/01/06)	7%	8%	9%	9%
December, 2006 (Ex-Date 12/28/06)	7%	8%	8%	8%
February, 2007	4%	5%	7%	7%
March, 2007	5%	5%	6%	6%
Advisor Freedom 2005
May, 2006	5%	6%	9%	9%
December, 2006	16%	17%	23%	22%
Advisor Freedom 2010
May, 2006	1%	1%	2%	2%
December, 2006	16%	17%	22%	21%
Advisor Freedom 2015
May, 2006	1%	2%	3%	3%
December, 2006	19%	21%	26%	25%
Advisor Freedom 2020
May, 2006	1%	1%	2%	2%
December, 2006	24%	26%	33%	33%
Advisor Freedom 2025
May, 2006	1%	1%	7%	5%
December, 2006	27%	29%	37%	37%
Advisor Freedom 2030
May, 2006	4%	6%	100%	52%
December, 2006	32%	36%	46%	45%
Advisor Freedom 2035
May, 2006	2%	4%	-	-
December, 2006	32%	35%	45%	45%
Advisor Freedom 2040
May, 2006	1%	2%	-	-
December, 2006	33%	36%	46%	46%
Advisor Freedom 2045
December, 2006	33%	34%	43%	43%
Advisor Freedom 2050
December, 2006	34%	36%	39%	41%

Annual Report

Distributions - continued

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

	Class A	Class T	Class B	Class C
Advisor Freedom Income
May, 2006	6%	7%	8%	8%
June, 2006	8%	9%	10%	10%
July, 2006	8%	9%	10%	10%
August, 2006	8%	9%	10%	10%
September, 2006	8%	9%	10%	10%
October, 2006	8%	9%	10%	10%
November, 2006	8%	9%	10%	10%
December, 2006 (Ex-Date 12/01/06)	8%	9%	10%	10%
December, 2006 (Ex-Date 12/28/06)	8%	9%	9%	9%
February, 2007	4%	4%	6%	6%
March, 2007	4%	4%	5%	5%
Advisor Freedom 2005
May, 2006	1%	1%	2%	2%
December, 2006	23%	26%	33%	32%
Advisor Freedom 2010
May, 2006	4%	4%	6%	5%
December, 2006	24%	26%	33%	32%
Advisor Freedom 2015
May, 2006	3%	4%	6%	6%
December, 2006	29%	32%	39%	38%
Advisor Freedom 2020
May, 2006	3%	4%	8%	8%
December, 2006	36%	39%	50%	49%
Advisor Freedom 2025
May, 2006	5%	7%	31%	25%
December, 2006	40%	44%	56%	55%
Advisor Freedom 2030
May, 2006	13%	19%	100%	100%
December, 2006	48%	54%	69%	69%
Advisor Freedom 2035
May, 2006	11%	18%	-	-
December, 2006	48%	54%	69%	68%
Advisor Freedom 2040
May, 2006	9%	15%	-	-
December, 2006	50%	55%	70%	70%
Advisor Freedom 2045
December, 2006	54%	56%	69%	70%
Advisor Freedom 2050
December, 2006	56%	58%	64%	67%

The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.

Annual Report

Proxy Voting Results

A special meeting of each fund's shareholders was held on November 15, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1
To elect a Board of Trustees. ^A
	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	18,830,405,833.72	96.597
Withheld	663,346,737.87	3.403
TOTAL	19,493,752,571.59	100.000
Albert R. Gamper, Jr.
Affirmative	18,831,910,040.83	96.605
Withheld	661,842,530.76	3.395
TOTAL	19,493,752,571.59	100.000
Robert M. Gates
Affirmative	18,773,843,345.17	96.307
Withheld	719,909,226.42	3.693
TOTAL	19,493,752,571.59	100.000
George H. Heilmeier
Affirmative	18,812,771,918.57	96.507
Withheld	680,980,653.02	3.493
TOTAL	19,493,752,571.59	100.000
Edward C. Johnson 3d
Affirmative	18,782,518,015.61	96.351
Withheld	711,234,555.98	3.649
TOTAL	19,493,752,571.59	100.000
Stephen P. Jonas
Affirmative	18,830,271,862.75	96.596
Withheld	663,480,708.84	3.404
TOTAL	19,493,752,571.59	100.000
James H. Keyes^B
Affirmative	18,826,889,110.63	96.579
Withheld	666,863,460.96	3.421
TOTAL	19,493,752,571.59	100.000
Marie L. Knowles
Affirmative	18,823,799,568.68	96.563
Withheld	669,953,002.91	3.437
TOTAL	19,493,752,571.59	100.000
Ned C. Lautenbach
Affirmative	18,825,887,364.77	96.574
Withheld	667,865,206.82	3.426
TOTAL	19,493,752,571.59	100.000
William O. McCoy
Affirmative	18,808,878,406.86	96.487
Withheld	684,874,164.73	3.513
TOTAL	19,493,752,571.59	100.000
	# of Votes	% of Votes
Robert L. Reynolds
Affirmative	18,833,005,141.90	96.610
Withheld	660,747,429.69	3.390
TOTAL	19,493,752,571.59	100.000
Cornelia M. Small
Affirmative	18,830,550,887.27	96.598
Withheld	663,201,684.32	3.402
TOTAL	19,493,752,571.59	100.000
William S. Stavropoulos
Affirmative	18,814,171,579.92	96.514
Withheld	679,580,991,67	3.486
TOTAL	19,493,752,571.59	100.000
Kenneth L. Wolfe
Affirmative	18,821,873,222.11	96.553
Withheld	671,879,349.48	3.447
TOTAL	19,493,752,571.59	100.000
^A Denotes trust-wide proposal and voting results. ^B Effective on or about January 1, 2007.

Annual Report

Investment Adviser

Strategic Advisers, Inc.

Boston, MA

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York

New York, NY

(Fidelity Investment logo)(registered trademark)

AFF-UANN-0507
1.792134.103

Fidelity Advisor Freedom Funds®-

Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 - Institutional Class

Annual Report

March 31, 2007

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Performance	<Click Here>	How the funds have done over time.
Management's Discussion	<Click Here>	The managers' review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Advisor Freedom Income	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2005	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2010	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2015	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2020	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2025	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2030	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2035	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2040	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2045	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Advisor Freedom 2050	<Click Here> <Click Here> <Click Here>	Investment Changes Investments Financial Statements
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>

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 Corp. or an affiliated company.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Photograph of Edward C. Johnson 3d.)

Dear Shareholder:

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Fidelity Advisor Freedom Income Fund® - Institutional Class

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended March 31, 2007		Past 1 year	Life of fund^A
Institutional Class		6.72%	5.00%

^AFrom July 24, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom Income Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate Index performed over the same period.

Annual Report

Fidelity Advisor Freedom 2005 Fund ® - Institutional Class

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Institutional Class	8.37%	7.82%

^AFrom November 6, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2005 Fund® - Institutional Class on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate Index performed over the same period.

Annual Report

Fidelity Advisor Freedom 2010 Fund ® - Institutional Class

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Institutional Class	8.52%	8.46%

^AFrom July 24, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2010 Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate Index performed over the same period.

Annual Report

Fidelity Advisor Freedom 2015 Fund ® - Institutional Class

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Institutional Class	8.90%	9.21%

^AFrom November 6, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2015 Fund® - Institutional Class on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

Annual Report

Fidelity Advisor Freedom 2020 Fund ® - Institutional Class

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007		Past 1 year	Life of fund^A
Institutional Class		9.47%	11.20%

^AFrom July 24, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2020 Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2025 Fund ® - Institutional Class

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Institutional Class	9.60%	10.58%

^AFrom November 6, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2025 Fund® - Institutional Class on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2030 Fund ® - Institutional Class

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007		Past 1 year	Life of fund^A
Institutional Class		10.08%	12.56%

^AFrom July 24, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2030 Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2035 Fund ® - Institutional Class

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007	Past 1 year	Life of fund^A
Institutional Class	9.98%	11.55%

^AFrom November 6, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2035 Fund® - Institutional Class on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2040 Fund® - Institutional Class

Performance: The Bottom Line

Average Annual Total Returns

Periods ended March 31, 2007		Past 1 year	Life of fund^A
Institutional Class		10.36%	13.43%

^AFrom July 24, 2003.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2040 Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2045 Fund^SM - Institutional Class

Performance: The Bottom Line

Average annual total returns take Fidelity Advisor Freedom 2045 Fund^SM -Institutional Class cumulative total return and show you what would have happened if Fidelity Advisor Freedom 2045 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2045 - Institutional Class on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom 2050 Fund^SM - Institutional Class

Performance: The Bottom Line

Average annual total returns take Fidelity Advisor Freedom 2050 Fund^SM -Institutional Class cumulative total return and show you what would have happened if Fidelity Advisor Freedom 2050 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2050 - Institutional Class on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.

Annual Report

Fidelity Advisor Freedom Funds

Management's Discussion of Fund Performance

Comments from Ren Cheng and Jonathan Shelon, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2006 to March 31, 2007).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value October 1, 2006	Ending Account Value March 31, 2007	Expenses Paid During Period* October 1, 2006 to March 31, 2007
Advisor Freedom Income
Class A
Actual	$ 1,000.00	$ 1,039.70	$ 1.27
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,038.40	$ 2.54
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,035.80	$ 5.08
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,034.80	$ 5.07
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,040.80	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2005
Class A
Actual	$ 1,000.00	$ 1,062.90	$ 1.29
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,061.90	$ 2.57
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,059.60	$ 5.13
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
	Beginning Account Value October 1, 2006	Ending Account Value March 31, 2007	Expenses Paid During Period* October 1, 2006 to March 31, 2007
Class C
Actual	$ 1,000.00	$ 1,059.20	$ 5.13
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,064.00	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2010
Class A
Actual	$ 1,000.00	$ 1,063.70	$ 1.29
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,063.00	$ 2.57
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,060.00	$ 5.14
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,059.60	$ 5.13
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,065.10	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2015
Class A
Actual	$ 1,000.00	$ 1,070.30	$ 1.29
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,069.30	$ 2.58
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,066.70	$ 5.15
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,066.40	$ 5.15
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,072.20	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2020
Class A
Actual	$ 1,000.00	$ 1,078.50	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,077.60	$ 2.59
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,074.10	$ 5.17
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,074.40	$ 5.17
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,079.70	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
	Beginning Account Value October 1, 2006	Ending Account Value March 31, 2007	Expenses Paid During Period* October 1, 2006 to March 31, 2007
Advisor Freedom 2025
Class A
Actual	$ 1,000.00	$ 1,080.10	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,080.00	$ 2.59
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,076.90	$ 5.18
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,076.20	$ 5.18
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,082.10	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2030
Class A
Actual	$ 1,000.00	$ 1,087.20	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,086.40	$ 2.60
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,083.20	$ 5.19
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,083.30	$ 5.19
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,089.30	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2035
Class A
Actual	$ 1,000.00	$ 1,087.30	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,086.80	$ 2.60
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,083.70	$ 5.19
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,083.80	$ 5.20
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,089.20	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2040
Class A
Actual	$ 1,000.00	$ 1,091.70	$ 1.30
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,090.30	$ 2.61
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
	Beginning Account Value October 1, 2006	Ending Account Value March 31, 2007	Expenses Paid During Period* October 1, 2006 to March 31, 2007
Class B
Actual	$ 1,000.00	$ 1,087.30	$ 5.20
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,087.40	$ 5.20
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,093.00	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2045
Class A
Actual	$ 1,000.00	$ 1,094.80	$ 1.31
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,093.50	$ 2.61
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,091.20	$ 5.21
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,091.10	$ 5.21
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,096.10	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00
Advisor Freedom 2050
Class A
Actual	$ 1,000.00	$ 1,096.10	$ 1.31
Hypothetical^A	$ 1,000.00	$ 1,023.68	$ 1.26
Class T
Actual	$ 1,000.00	$ 1,094.50	$ 2.61
Hypothetical^A	$ 1,000.00	$ 1,022.44	$ 2.52
Class B
Actual	$ 1,000.00	$ 1,092.40	$ 5.22
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Class C
Actual	$ 1,000.00	$ 1,092.90	$ 5.22
Hypothetical^A	$ 1,000.00	$ 1,019.95	$ 5.04
Institutional Class
Actual	$ 1,000.00	$ 1,097.50	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.93	$ .00

^A 5% return per year before expenses

Annual Report

Investments

	Annualized Expense Ratio
Advisor Freedom Income
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2005
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2010
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2015
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2020
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2025
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2030
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2035
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
	Annualized Expense Ratio
Advisor Freedom 2040
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2045
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%
Advisor Freedom 2050
Class A	.25%
Class T	.50%
Class B	1.00%
Class C	1.00%
Institutional Class	.00%

Annual Report

Fidelity Advisor Freedom Income Fund

Investment Changes

Fund Holdings as of March 31, 2007
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
Fidelity 100 Index Fund	0.0	0.0
Fidelity Advisor Dividend Growth Fund Institutional Class	4.2	4.3
Fidelity Advisor Equity Growth Fund Institutional Class	2.5	2.5
Fidelity Advisor Equity Income Fund Institutional Class	4.3	4.3
Fidelity Advisor Growth & Income Fund Institutional Class	3.3	3.3
Fidelity Advisor Large Cap Fund Institutional Class	3.2	3.3
Fidelity Advisor Mid-Cap Fund Institutional Class	1.7	1.6
Fidelity Advisor Small Cap Fund Institutional Class	1.2	1.2
Fidelity Small Cap Opportunities Fund	0.0	0.0
	20.4	20.5
High Yield Fixed-Income Funds
Fidelity Advisor High Income Advantage Fund Institutional Class	4.6	3.2
Investment Grade Fixed-Income Funds
Fidelity Advisor Government Income Fund Institutional Class	14.0	0.0
Fidelity Advisor Intermediate Bond Fund Institutional Class	14.1	15.6
Fidelity Advisor Strategic Real Return Fund Institutional Class	7.1	5.5
Fidelity Advisor Total Bond Fund Institutional Class	0.0	0.0
Fidelity Advisor Government Investment Fund Institutional Class	0.0	15.6
	35.2	36.7
Short-Term Funds
Fidelity Advisor Short Fixed-Income Fund Institutional Class	19.9	19.8
Fidelity Cash Reserves Fund	2.1	19.8
Fidelity Institutional Money Market Portfolio Class I	17.8	0.0
	39.8	39.6
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	20.4%
	Investment Grade Fixed-Income Funds	35.2%
	High Yield Fixed-Income Funds	4.6%
	Short-Term Funds	39.8%

Six months ago
	Domestic Equity Funds	20.5%
	Investment Grade Fixed-Income Funds	36.7%
	High Yield Fixed-Income Funds	3.2%
	Short-Term Funds	39.6%

The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007.

Annual Report

Fidelity Advisor Freedom Income Fund

Investments March 31, 2007

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 20.4%
	Shares		Value
Domestic Equity Funds - 20.4%
Fidelity 100 Index Fund	3,454		$ 34,474
Fidelity Advisor Dividend Growth Fund Institutional Class	342,500		4,651,155
Fidelity Advisor Equity Growth Fund Institutional Class	49,348		2,709,700
Fidelity Advisor Equity Income Fund Institutional Class	153,676		4,710,158
Fidelity Advisor Growth & Income Fund Institutional Class	180,295		3,600,497
Fidelity Advisor Large Cap Fund Institutional Class	183,689		3,587,441
Fidelity Advisor Mid-Cap Fund Institutional Class	69,758		1,839,513
Fidelity Advisor Small Cap Fund Institutional Class	55,170		1,370,421
Fidelity Small Cap Opportunities Fund	59		592
TOTAL EQUITY FUNDS (Cost $19,520,100)		22,503,951
Fixed-Income Funds - 39.8%

High Yield Fixed-Income Funds - 4.6%
Fidelity Advisor High Income Advantage Fund Institutional Class	494,468		5,107,854
Investment Grade Fixed-Income Funds - 35.2%
Fidelity Advisor Government Income Fund Institutional Class	1,538,853		15,511,640
Fidelity Advisor Intermediate Bond Fund Institutional Class	1,427,867		15,535,189
Fidelity Advisor Strategic Real Return Fund Institutional Class	752,554		7,826,566
Fidelity Advisor Total Bond Fund Institutional Class	1,708		17,883
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS			38,891,278
TOTAL FIXED-INCOME FUNDS (Cost $43,957,549)		43,999,132
Short-Term Funds - 39.8%

Fidelity Advisor Short Fixed-Income Fund Institutional Class	2,333,476		22,004,678
Fidelity Cash Reserves Fund	2,359,901		2,359,901
Fidelity Institutional Money Market Portfolio Class I	19,683,728		19,683,728
TOTAL SHORT-TERM FUNDS (Cost $44,146,203)		44,048,307
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $107,623,852)		$ 110,551,390

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom Income Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2007

Assets
Investment in securities, at value (cost $107,623,852) - See accompanying schedule		$ 110,551,390
Cash		3
Receivable for investments sold		19,730,953
Receivable for fund shares sold		184,585
Total assets		130,466,931

Liabilities
Payable for investments purchased	$ 19,742,978
Payable for fund shares redeemed	149,955
Distribution fees payable	41,865
Total liabilities		19,934,798

Net Assets		$ 110,532,133
Net Assets consist of:
Paid in capital		$ 106,804,242
Undistributed net investment income		332,205
Accumulated undistributed net realized gain (loss) on investments		468,148
Net unrealized appreciation (depreciation) on investments		2,927,538
Net Assets		$ 110,532,133

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($49,721,415 ÷ 4,631,289 shares)		$ 10.74

Maximum offering price per share (100/94.25 of $10.74)		$ 11.40
Class T: Net Asset Value and redemption price per share ($39,738,752 ÷ 3,703,850 shares)		$ 10.73

Maximum offering price per share (100/96.50 of $10.73)		$ 11.12
Class B: Net Asset Value and offering price per share ($4,992,520 ÷ 465,789 shares)^A		$ 10.72

Class C: Net Asset Value and offering price per share ($13,279,261 ÷ 1,239,364 shares)^A		$ 10.71

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,800,185 ÷ 260,297 shares)		$ 10.76

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations

	Year ended March 31, 2007

Investment Income
Income distributions from underlying funds		$ 3,183,545

Expenses
Distribution fees	$ 434,104
Independent trustees' compensation	287
Total expenses before reductions	434,391
Expense reductions	(287)	434,104
Net investment income (loss)		2,749,441
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(146,744)
Capital gain distributions from underlying funds	709,654	562,910
Change in net unrealized appreciation (depreciation) on underlying funds		1,958,431
Net gain (loss)		2,521,341
Net increase (decrease) in net assets resulting from operations		$ 5,270,782

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Advisor Freedom Income Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended March 31, 2007	Year ended March 31, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,749,441	$ 1,619,838
Net realized gain (loss)	562,910	508,459
Change in net unrealized appreciation (depreciation)	1,958,431	864,314
Net increase (decrease) in net assets resulting from operations	5,270,782	2,992,611
Distributions to shareholders from net investment income	(2,616,706)	(1,455,415)
Distributions to shareholders from net realized gain	(557,413)	(201,782)
Total distributions	(3,174,119)	(1,657,197)
Share transactions - net increase (decrease)	37,757,598	11,032,548
Total increase (decrease) in net assets	39,854,261	12,367,962

Net Assets
Beginning of period	70,677,872	58,309,910
End of period (including undistributed net investment income of $332,205 and undistributed net investment income of $192,880, respectively)	$ 110,532,133	$ 70,677,872

Financial Highlights - Class A

Years ended March 31,	2007	2006	2005	2004^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.52	$ 10.30	$ 10.40	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.36	.29	.20	.13
Net realized and unrealized gain (loss)	.29	.23	(.10)	.36
Total from investment operations	.65	.52	.10	.49
Distributions from net investment income	(.35)	(.27)	(.19)	(.09)
Distributions from net realized gain	(.08)	(.04)	(.01)	-
Total distributions	(.43)	(.30)^I	(.20)	(.09)
Net asset value, end of period	$ 10.74	$ 10.52	$ 10.30	$ 10.40
Total Return^{B, C, D}	6.38%	5.12%	.99%	4.95%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%	.26%	.35%	.35%^A
Expenses net of fee waivers, if any	.25%	.26%	.33%	.33%^A
Expenses net of all reductions	.25%	.26%	.33%	.33%^A
Net investment income (loss)	3.46%	2.83%	1.96%	1.81%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,721	$ 18,524	$ 10,120	$ 5,009
Portfolio turnover rate	38%	21%	18%	46%^A