N-CSRS 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)

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

March 31

 

 

Date of reporting period:

September 30, 2010

Item 1. Reports to Stockholders

Fidelity Advisor Freedom Funds®-
Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 -
Class A, Class T, Class B and Class C

Semiannual Report

September 30, 2010

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

The Chairman's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Fidelity Advisor Freedom Income Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2005 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2010 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2015 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2020 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2025 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2030 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2035 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2040 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2045 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2050 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Notes

<Click Here>

Notes to the financial statements.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

 

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Semiannual Report

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

Equities staged a rally during the third quarter of 2010, shaking off concerns about the European debt crisis and the possibility of a double-dip recession in the U.S. Although the short-term surge pushed major equity indexes back into positive territory for the year, several questions remained about the longer-term outlook, including lackluster economic growth and persistently high unemployment. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.

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

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

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

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

Sincerely,


(The chairman's signature appears here.)

Abigail P. Johnson

Semiannual 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 (April 1, 2010 to September 30, 2010).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 



Annualized
Expense Ratio


Beginning
Account Value
April 1, 2010


Ending
Account Value
September 30, 2010

Expenses Paid
During Period*
April 1, 2010 to
September 30, 2010

Advisor Freedom Income

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.20

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.00

$ 2.54

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.40

$ 5.07

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.50

$ 5.07

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.30

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2005

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.90

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.30

$ 2.53

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Advisor Freedom 2005

 

 

 

 

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.10

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.20

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.50

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2010

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.40

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.80

$ 2.54

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.60

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.80

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,024.90

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2015

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.60

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.10

$ 2.53

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,018.90

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.10

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,025.00

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2020

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,018.80

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,018.10

$ 2.53

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Advisor Freedom 2020

 

 

 

 

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,015.00

$ 5.05

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,015.10

$ 5.05

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.00

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2025

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.40

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,014.70

$ 2.53

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,011.70

$ 5.04

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,011.90

$ 5.04

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.90

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2030

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,011.50

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,010.80

$ 2.52

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,007.70

$ 5.03

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,007.80

$ 5.03

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,013.80

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2035

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,007.90

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,006.40

$ 2.51

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Advisor Freedom 2035

 

 

 

 

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,004.20

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,004.30

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,009.40

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2040

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,007.00

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,005.50

$ 2.51

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,003.30

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,002.40

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,008.40

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2045

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,006.10

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,004.30

$ 2.51

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,002.10

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,002.10

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,006.70

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2050

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,003.80

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,002.00

$ 2.51

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Advisor Freedom 2050

 

 

 

 

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 999.60

$ 5.01

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 999.50

$ 5.01

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,003.20

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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.

Semiannual Report

Fidelity Advisor Freedom Income Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

0.8

0.7

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

1.4

1.8

Fidelity Advisor Equity Income Fund Institutional Class

0.3

1.5

Fidelity Advisor Growth & Income Fund Institutional Class

2.0

2.7

Fidelity Advisor Large Cap Fund Institutional Class

1.9

2.5

Fidelity Advisor Small Cap Fund Institutional Class

0.7

0.8

Fidelity Series 100 Index Fund

1.5

1.7

Fidelity Series All-Sector Equity Fund

2.8

3.5

Fidelity Series Large Cap Value Fund

2.5

2.1

Fidelity Series Small Cap Opportunities Fund

0.7

0.9

 

13.8

17.5

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

1.0

0.8

Fidelity Advisor Overseas Fund Institutional Class

1.0

0.8

Fidelity Series International Growth Fund

1.1

0.2

Fidelity Series International Small Cap Fund

0.2

0.0*

Fidelity Series International Value Fund

1.0

0.2

 

4.3

2.0

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

0.7

0.2

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

5.1

5.1

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

10.6

4.8

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

4.6

5.4

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

2.2

Fidelity Series Investment Grade Bond Fund

20.7

22.5

 

25.3

30.1

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

19.8

19.8

Fidelity Institutional Money Market Portfolio Institutional Class

19.6

19.8

 

39.4

39.6

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

0.8%

 

fid261

Domestic Equity Funds

13.8%

 

fid263

Developed International Equity Funds

4.3%

 

fid265

Emerging Markets Equity Funds

0.7%

 

fid267

High Yield Bond Funds

5.1%

 

fid269

Inflation-Protected Bond Funds

10.6%

 

fid271

Investment Grade Bond Funds

25.3%

 

fid273

Short-Term Funds

39.4%

 

fid275

Six months ago

fid259

Commodity Funds

0.7%

 

fid278

Domestic Equity Funds

17.5%

 

fid263

Developed International Equity Funds

2.0%

 

fid265

Emerging Markets Equity Funds

0.2%

 

fid267

High Yield Bond Funds

5.1%

 

fid269

Inflation-Protected Bond Funds

4.8%

 

fid271

Investment Grade Bond Funds

30.1%

 

fid273

Short-Term Funds

39.6%

 

fid286

Expected

fid259

Commodity Funds

2.0%

 

fid278

Domestic Equity Funds

12.6%

 

fid263

Developed International Equity Funds

4.6%

 

fid265

Emerging Markets Equity Funds

0.8%

 

fid267

High Yield Bond Funds

5.0%

 

fid269

Inflation-Protected Bond Funds

12.0%

 

fid271

Investment Grade Bond Funds

23.0%

 

fid273

Short-Term Funds

40.0%

 

fid296

The six months ago allocation is based on the fund's holdings as of March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom Income Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 14.6%

Shares

Value

Commodity Funds - 0.8%

Fidelity Series Commodity Strategy Fund

184,624

$ 2,019,790

Domestic Equity Funds - 13.8%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

70,843

3,587,505

Fidelity Advisor Equity Income Fund Institutional Class

35,928

767,062

Fidelity Advisor Growth & Income Fund Institutional Class

326,471

5,014,596

Fidelity Advisor Large Cap Fund Institutional Class

298,585

4,965,461

Fidelity Advisor Small Cap Fund Institutional Class (a)

72,132

1,773,004

Fidelity Series 100 Index Fund

488,447

3,936,879

Fidelity Series All-Sector Equity Fund

591,896

7,037,649

Fidelity Series Large Cap Value Fund

549,331

6,240,403

Fidelity Series Small Cap Opportunities Fund (a)

196,084

1,794,171

TOTAL DOMESTIC EQUITY FUNDS

35,116,730

TOTAL DOMESTIC EQUITY FUNDS

(Cost $34,626,975)

37,136,520

International Equity Funds - 5.0%

 

 

 

 

Developed International Equity Funds - 4.3%

Fidelity Advisor Diversified International Fund Institutional Class

163,149

2,489,654

Fidelity Advisor Overseas Fund Institutional Class

146,101

2,507,086

Fidelity Series International Growth Fund

259,815

2,694,284

Fidelity Series International Small Cap Fund

50,203

551,736

Fidelity Series International Value Fund

274,320

2,614,270

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

10,857,030

Emerging Markets Equity Funds - 0.7%

Fidelity Series Emerging Markets Fund

101,494

1,832,989

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $11,694,646)

12,690,019

Bond Funds - 41.0%

Shares

Value

High Yield Bond Funds - 5.1%

Fidelity Advisor High Income Advantage Fund Institutional Class

1,412,869

$ 12,885,369

Inflation-Protected Bond Funds - 10.6%

Fidelity Series Inflation-Protected Bond Index Fund

2,529,703

26,991,934

Investment Grade Bond Funds - 25.3%

Fidelity Advisor Strategic Real Return Fund Institutional Class

1,281,827

11,677,448

Fidelity Advisor Total Bond Fund Institutional Class

307

3,394

Fidelity Series Investment Grade Bond Fund

4,391,775

52,481,707

TOTAL INVESTMENT GRADE BOND FUNDS

64,162,549

TOTAL BOND FUNDS

(Cost $97,505,801)

104,039,852

Short-Term Funds - 39.4%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

5,420,879

50,197,338

Fidelity Institutional Money Market Portfolio Institutional Class

49,851,248

49,851,248

TOTAL SHORT-TERM FUNDS

(Cost $99,771,460)

100,048,586

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $243,598,882)

253,914,977

NET OTHER ASSETS (LIABILITIES) - 0.0%

(83,738)

NET ASSETS - 100%

$ 253,831,239

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $2,021,981 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom Income Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $243,598,882) - See accompanying schedule

$ 253,914,977

Receivable for investments sold

333,058

Receivable for fund shares sold

283,195

Total assets

254,531,230

 

 

 

Liabilities

Payable for investments purchased

$ 357,352

Payable for fund shares redeemed

269,587

Distribution and service plan fees payable

73,052

Total liabilities

699,991

 

 

 

Net Assets

$ 253,831,239

Net Assets consist of:

 

Paid in capital

$ 249,067,404

Undistributed net investment income

298,299

Accumulated undistributed net realized gain (loss) on investments

(5,850,559)

Net unrealized appreciation (depreciation) on investments

10,316,095

Net Assets

$ 253,831,239

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($153,474,133 ÷ 14,554,316 shares)

$ 10.54

 

 

 

Maximum offering price per share (100/94.25 of $10.54)

$ 11.18

Class T:
Net Asset Value and redemption price per share ($56,723,648 ÷ 5,383,899 shares)

$ 10.54

 

 

 

Maximum offering price per share (100/96.50 of $10.54)

$ 10.92

Class B:
Net Asset Value and offering price per share ($5,130,682 ÷ 487,273 shares)A

$ 10.53

 

 

 

Class C:
Net Asset Value and offering price per share ($16,537,567 ÷ 1,570,964 shares)A

$ 10.53

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($21,965,209 ÷ 2,079,123 shares)

$ 10.56

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 1,887,819

 

 

 

Expenses

Distribution and service plan fees

$ 429,055

Independent trustees' compensation

458

Total expenses before reductions

429,513

Expense reductions

(458)

429,055

Net investment income (loss)

1,458,764

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(560,954)

Capital gain distributions from underlying funds

28,526

Total net realized gain (loss)

 

(532,428)

Change in net unrealized appreciation (depreciation) on underlying funds

5,565,392

Net gain (loss)

5,032,964

Net increase (decrease) in net assets resulting from operations

$ 6,491,728

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,458,764

$ 4,173,414

Net realized gain (loss)

(532,428)

2,394,982

Change in net unrealized appreciation (depreciation)

5,565,392

30,437,609

Net increase (decrease) in net assets resulting from operations

6,491,728

37,006,005

Distributions to shareholders from net investment income

(1,458,820)

(4,185,152)

Distributions to shareholders from net realized gain

(281,558)

(1,201,062)

Total distributions

(1,740,378)

(5,386,214)

Share transactions - net increase (decrease)

16,187,542

40,627,765

Total increase (decrease) in net assets

20,938,892

72,247,556

 

 

 

Net Assets

Beginning of period

232,892,347

160,644,791

End of period (including undistributed net investment income of $298,299 and undistributed net investment income of $298,355, respectively)

$ 253,831,239

$ 232,892,347

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.35

$ 8.74

$ 10.46

$ 10.74

$ 10.52

$ 10.30

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .07

.22

.29

.40

.36

.29

Net realized and unrealized gain (loss)

  .20

1.66

(1.60)

(.21)

.29

.23

Total from investment operations

  .27

1.88

(1.31)

.19

.65

.52

Distributions from net investment income

  (.07)

(.22)

(.30)

(.40)

(.35)

(.27)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.08)

(.27) J

(.41)

(.47) I

(.43)

(.30) H

Net asset value, end of period

$ 10.54

$ 10.35

$ 8.74

$ 10.46

$ 10.74

$ 10.52

Total Return B, C, D

  2.62%

21.74%

(12.78)%

1.73%

6.38%

5.12%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  1.29% A

2.19%

3.03%

3.77%

3.46%

2.83%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 153,474

$ 142,691

$ 93,865

$ 87,469

$ 49,721

$ 18,524

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.30 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share. I Total distributions of $.47 per share is comprised of distributions from net investment income of $.403 and distributions from net realized gain of $.066 per share. J Total distributions of $.27 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.056 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.34

$ 8.73

$ 10.45

$ 10.73

$ 10.51

$ 10.30

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.19

.27

.38

.34

.27

Net realized and unrealized gain (loss)

  .22

1.67

(1.61)

(.22)

.29

.22

Total from investment operations

  .27

1.86

(1.34)

.16

.63

.49

Distributions from net investment income

  (.06)

(.19)

(.27)

(.38)

(.33)

(.24)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.07)

(.25) I

(.38)

(.44) H

(.41)

(.28)

Net asset value, end of period

$ 10.54

$ 10.34

$ 8.73

$ 10.45

$ 10.73

$ 10.51

Total Return B, C, D

  2.60%

21.47%

(13.03)%

1.48%

6.11%

4.78%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  1.04% A

1.94%

2.78%

3.52%

3.21%

2.58%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 56,724

$ 52,047

$ 42,675

$ 44,882

$ 39,739

$ 32,469

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.377 and distributions from net realized gain of $.066 per share. I Total distributions of $.25 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.056 per share.

Financial Highlights - Class B

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.33

$ 8.72

$ 10.44

$ 10.72

$ 10.50

$ 10.29

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.14

.22

.32

.29

.22

Net realized and unrealized gain (loss)

  .21

1.67

(1.60)

(.21)

.28

.21

Total from investment operations

  .24

1.81

(1.38)

.11

.57

.43

Distributions from net investment income

  (.03)

(.14)

(.23)

(.32)

(.27)

(.19)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.04)

(.20) J

(.34)

(.39) I

(.35)

(.22) H

Net asset value, end of period

$ 10.53

$ 10.33

$ 8.72

$ 10.44

$ 10.72

$ 10.50

Total Return B, C, D

  2.34%

20.86%

(13.48)%

.97%

5.57%

4.27%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .54% A

1.44%

2.28%

3.02%

2.71%

2.08%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 5,131

$ 5,319

$ 4,282

$ 5,539

$ 4,993

$ 4,873

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.22 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share. I Total distributions of $.39 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $.066 per share. J Total distributions of $.20 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.056 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.33

$ 8.72

$ 10.43

$ 10.71

$ 10.50

$ 10.28

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.14

.22

.32

.29

.22

Net realized and unrealized gain (loss)

  .21

1.67

(1.60)

(.21)

.27

.22

Total from investment operations

  .24

1.81

(1.38)

.11

.56

.44

Distributions from net investment income

  (.03)

(.14)

(.22)

(.32)

(.27)

(.19)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.04)

(.20) J

(.33)

(.39) I

(.35)

(.22) H

Net asset value, end of period

$ 10.53

$ 10.33

$ 8.72

$ 10.43

$ 10.71

$ 10.50

Total Return B, C, D

  2.35%

20.83%

(13.41)%

.97%

5.48%

4.37%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .54% A

1.44%

2.28%

3.02%

2.71%

2.08%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 16,538

$ 14,697

$ 11,362

$ 14,718

$ 13,279

$ 13,678

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.22 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share. I Total distributions of $.39 per share is comprised of distributions from net investment income of $.323 and distributions from net realized gain of $.066 per share. J Total distributions of $.20 per share is comprised of distributions from net investment income of $.140 and distributions from net realized gain of $.056 per share.

Financial Highlights - Institutional Class

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.37

$ 8.75

$ 10.48

$ 10.76

$ 10.53

$ 10.31

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .08

.24

.31

.43

.39

.32

Net realized and unrealized gain (loss)

  .20

1.68

(1.61)

(.21)

.30

.23

Total from investment operations

  .28

1.92

(1.30)

.22

.69

.55

Distributions from net investment income

  (.08)

(.24)

(.32)

(.43)

(.38)

(.29)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.09)

(.30) I

(.43)

(.50) H

(.46)

(.33)

Net asset value, end of period

$ 10.56

$ 10.37

$ 8.75

$ 10.48

$ 10.76

$ 10.53

Total Return B, C

  2.73%

22.16%

(12.63)%

2.00%

6.72%

5.39%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  1.54% A

2.44%

3.28%

4.02%

3.71%

3.08%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 21,965

$ 18,137

$ 8,461

$ 9,119

$ 2,800

$ 1,134

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.50 per share is comprised of distributions from net investment income of $.432 and distributions from net realized gain of $.066 per share. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.243 and distributions from net realized gain of $.056 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2005 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

4.3

1.9

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

2.9

3.5

Fidelity Advisor Equity Income Fund Institutional Class

0.6

2.8

Fidelity Advisor Growth & Income Fund Institutional Class

4.0

5.2

Fidelity Advisor Large Cap Fund Institutional Class

4.0

5.0

Fidelity Advisor Small Cap Fund Institutional Class

1.4

1.6

Fidelity Series 100 Index Fund

3.2

3.2

Fidelity Series All-Sector Equity Fund

5.6

6.8

Fidelity Series Large Cap Value Fund

5.0

4.1

Fidelity Series Small Cap Opportunities Fund

1.4

1.7

 

28.1

33.9

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

2.1

3.2

Fidelity Advisor Overseas Fund Institutional Class

2.2

3.2

Fidelity Series International Growth Fund

2.4

0.8

Fidelity Series International Small Cap Fund

0.5

0.1

Fidelity Series International Value Fund

2.4

0.7

 

9.6

8.0

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

1.7

1.1

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

5.0

5.1

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

9.0

4.0

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

4.1

4.9

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

2.0

Fidelity Series Investment Grade Bond Fund

17.9

20.7

 

22.0

27.6

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

10.2

9.2

Fidelity Institutional Money Market Portfolio Institutional Class

10.1

9.2

 

20.3

18.4

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

4.3%

 

fid278

Domestic Equity Funds

28.1%

 

fid263

Developed International Equity Funds

9.6%

 

fid265

Emerging Markets Equity Funds

1.7%

 

fid267

High Yield Bond Funds

5.0%

 

fid269

Inflation-Protected Bond Funds

9.0%

 

fid271

Investment Grade Bond Funds

22.0%

 

fid273

Short-Term Funds

20.3%

 

fid306

Six months ago

fid259

Commodity Funds

1.9%

 

fid278

Domestic Equity Funds

33.9%

 

fid263

Developed International Equity Funds

8.0%

 

fid265

Emerging Markets Equity Funds

1.1%

 

fid267

High Yield Bond Funds

5.1%

 

fid269

Inflation-Protected Bond Funds

4.0%

 

fid271

Investment Grade Bond Funds

27.6%

 

fid273

Short-Term Funds

18.4%

 

fid316

Expected

fid259

Commodity Funds

4.5%

 

fid278

Domestic Equity Funds

25.7%

 

fid263

Developed International Equity Funds

9.4%

 

fid265

Emerging Markets Equity Funds

1.6%

 

fid267

High Yield Bond Funds

5.0%

 

fid269

Inflation-Protected Bond Funds

10.0%

 

fid271

Investment Grade Bond Funds

20.9%

 

fid273

Short-Term Funds

22.9%

 

fid326

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2005 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.4%

Shares

Value

Commodity Funds - 4.3%

Fidelity Series Commodity Strategy Fund

843,110

$ 9,223,623

Domestic Equity Funds - 28.1%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

122,852

6,221,209

Fidelity Advisor Equity Income Fund Institutional Class

61,689

1,317,061

Fidelity Advisor Growth & Income Fund Institutional Class

561,485

8,624,411

Fidelity Advisor Large Cap Fund Institutional Class

512,208

8,518,023

Fidelity Advisor Small Cap Fund Institutional Class (a)

124,201

3,052,864

Fidelity Series 100 Index Fund

843,265

6,796,717

Fidelity Series All-Sector Equity Fund

1,019,013

12,116,064

Fidelity Series Large Cap Value Fund

944,031

10,724,191

Fidelity Series Small Cap Opportunities Fund (a)

340,042

3,111,383

TOTAL DOMESTIC EQUITY FUNDS

60,481,923

TOTAL DOMESTIC EQUITY FUNDS

(Cost $66,156,541)

69,705,546

International Equity Funds - 11.3%

 

 

 

 

Developed International Equity Funds - 9.6%

Fidelity Advisor Diversified International Fund Institutional Class

302,205

4,611,646

Fidelity Advisor Overseas Fund Institutional Class

271,991

4,667,367

Fidelity Series International Growth Fund

503,428

5,220,551

Fidelity Series International Small Cap Fund

96,251

1,057,793

Fidelity Series International Value Fund

534,957

5,098,142

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

20,655,499

Emerging Markets Equity Funds - 1.7%

Fidelity Series Emerging Markets Fund

199,966

3,611,389

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $23,872,276)

24,266,888

Bond Funds - 36.0%

Shares

Value

High Yield Bond Funds - 5.0%

Fidelity Advisor High Income Advantage Fund Institutional Class

1,181,538

$ 10,775,623

Inflation-Protected Bond Funds - 9.0%

Fidelity Series Inflation-Protected Bond Index Fund

1,824,132

19,463,484

Investment Grade Bond Funds - 22.0%

Fidelity Advisor Strategic Real Return Fund Institutional Class

969,035

8,827,913

Fidelity Advisor Total Bond Fund Institutional Class

234

2,593

Fidelity Series Investment Grade Bond Fund

3,212,275

38,386,683

TOTAL INVESTMENT GRADE BOND FUNDS

47,217,189

TOTAL BOND FUNDS

(Cost $72,904,980)

77,456,296

Short-Term Funds - 20.3%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

2,365,791

21,907,228

Fidelity Institutional Money Market Portfolio Institutional Class

21,742,748

21,742,748

TOTAL SHORT-TERM FUNDS

(Cost $43,364,277)

43,649,976

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $206,298,074)

215,078,706

NET OTHER ASSETS (LIABILITIES) - 0.0%

(54,099)

NET ASSETS - 100%

$ 215,024,607

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $5,987,852 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom 2005 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $206,298,074) - See accompanying schedule

$ 215,078,706

Cash

10

Receivable for investments sold

1,706,398

Receivable for fund shares sold

157,217

Total assets

216,942,331

 

 

 

Liabilities

Payable for investments purchased

$ 226,775

Payable for fund shares redeemed

1,639,406

Distribution and service plan fees payable

51,543

Total liabilities

1,917,724

 

 

 

Net Assets

$ 215,024,607

Net Assets consist of:

 

Paid in capital

$ 220,499,183

Undistributed net investment income

997,040

Accumulated undistributed net realized gain (loss) on investments

(15,252,248)

Net unrealized appreciation (depreciation) on investments

8,780,632

Net Assets

$ 215,024,607

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($157,300,933 ÷ 14,617,464 shares)

$ 10.76

 

 

 

Maximum offering price per share (100/94.25 of $10.76)

$ 11.42

Class T:
Net Asset Value and redemption price per share ($21,713,134 ÷ 2,019,335 shares)

$ 10.75

 

 

 

Maximum offering price per share (100/96.50 of $10.75)

$ 11.14

Class B:
Net Asset Value and offering price per share ($2,735,278 ÷ 254,882 shares)A

$ 10.73

 

 

 

Class C:
Net Asset Value and offering price per share ($9,039,904 ÷ 844,422 shares)A

$ 10.71

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($24,235,358 ÷ 2,238,894 shares)

$ 10.82

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 1,301,372

 

 

 

Expenses

Distribution and service plan fees

$ 306,064

Independent trustees' compensation

393

Total expenses before reductions

306,457

Expense reductions

(393)

306,064

Net investment income (loss)

995,308

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(3,967,055)

Capital gain distributions from the underlying funds

119,642

Total net realized gain (loss)

 

(3,847,413)

Change in net unrealized appreciation (depreciation) on underlying funds

7,652,624

Net gain (loss)

3,805,211

Net increase (decrease) in net assets resulting from operations

$ 4,800,519

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 995,308

$ 3,296,419

Net realized gain (loss)

(3,847,413)

1,795,521

Change in net unrealized appreciation (depreciation)

7,652,624

39,634,422

Net increase (decrease) in net assets resulting from operations

4,800,519

44,726,362

Distributions to shareholders from net investment income

(511,595)

(3,251,107)

Distributions to shareholders from net realized gain

(455,550)

(1,348,446)

Total distributions

(967,145)

(4,599,553)

Share transactions - net increase (decrease)

1,458,391

47,810,477

Total increase (decrease) in net assets

5,291,765

87,937,286

 

 

 

Net Assets

Beginning of period

209,732,842

121,795,556

End of period (including undistributed net investment income of $997,040 and undistributed net investment income of $513,327, respectively)

$ 215,024,607

$ 209,732,842

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.57

$ 8.10

$ 11.40

$ 11.83

$ 11.33

$ 10.57

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.20

.27

.33

.28

.25

Net realized and unrealized gain (loss)

  .19

2.53

(3.06)

(.34)

.63

.76

Total from investment operations

  .24

2.73

(2.79)

(.01)

.91

1.01

Distributions from net investment income

  (.03)

(.19)

(.28)

(.26)

(.23)

(.20)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.05)

(.26)

(.51)

(.42)

(.41)

(.25)

Net asset value, end of period

$ 10.76

$ 10.57

$ 8.10

$ 11.40

$ 11.83

$ 11.33

Total Return B, C, D

  2.29%

33.91%

(25.09)%

(.23)%

8.21%

9.63%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .99% A

2.01%

2.75%

2.74%

2.49%

2.25%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 157,301

$ 155,482

$ 88,593

$ 98,483

$ 49,418

$ 16,194

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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.

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.57

$ 8.10

$ 11.39

$ 11.81

$ 11.31

$ 10.56

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.17

.25

.30

.25

.22

Net realized and unrealized gain (loss)

  .18

2.54

(3.06)

(.33)

.63

.75

Total from investment operations

  .22

2.71

(2.81)

(.03)

.88

.97

Distributions from net investment income

  (.02)

(.17)

(.25)

(.23)

(.20)

(.17)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.04)

(.24)

(.48)

(.39)

(.38)

(.22)

Net asset value, end of period

$ 10.75

$ 10.57

$ 8.10

$ 11.39

$ 11.81

$ 11.31

Total Return B, C, D

  2.13%

33.61%

(25.27)%

(.44)%

7.95%

9.31%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.50%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.50%

Net investment income (loss)

  .74% A

1.76%

2.50%

2.49%

2.24%

2.00%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 21,713

$ 23,113

$ 14,437

$ 20,837

$ 20,289

$ 13,906

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

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

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.56

$ 8.09

$ 11.37

$ 11.78

$ 11.28

$ 10.53

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.20

.24

.20

.16

Net realized and unrealized gain (loss)

  .19

2.53

(3.06)

(.33)

.62

.76

Total from investment operations

  .20

2.65

(2.86)

(.09)

.82

.92

Distributions from net investment income

  (.01)

(.11)

(.19)

(.16)

(.14)

(.12)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.03)

(.18)

(.42)

(.32)

(.32)

(.17)

Net asset value, end of period

$ 10.73

$ 10.56

$ 8.09

$ 11.37

$ 11.78

$ 11.28

Total Return B, C, D

  1.91%

32.90%

(25.69)%

(.89)%

7.40%

8.80%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Net investment income (loss)

  .24% A

1.26%

2.00%

1.99%

1.74%

1.50%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 2,735

$ 2,986

$ 2,692

$ 4,348

$ 3,974

$ 3,835

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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.

Semiannual Report

Fidelity Advisor Freedom 2005 Fund
Financial Statements - continued

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.54

$ 8.08

$ 11.34

$ 11.76

$ 11.27

$ 10.53

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.20

.24

.20

.16

Net realized and unrealized gain (loss)

  .19

2.53

(3.04)

(.33)

.62

.75

Total from investment operations

  .20

2.65

(2.84)

(.09)

.82

.91

Distributions from net investment income

  (.01)

(.12)

(.19)

(.17)

(.15)

(.12)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.03)

(.19)

(.42)

(.33)

(.33)

(.17)

Net asset value, end of period

$ 10.71

$ 10.54

$ 8.08

$ 11.34

$ 11.76

$ 11.27

Total Return B, C, D

  1.92%

32.90%

(25.61)%

(.91)%

7.36%

8.74%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .24% A

1.26%

2.00%

1.99%

1.74%

1.50%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 9,040

$ 9,377

$ 6,761

$ 11,052

$ 9,107

$ 7,637

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

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

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.63

$ 8.14

$ 11.46

$ 11.87

$ 11.37

$ 10.60

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .07

.22

.29

.35

.31

.28

Net realized and unrealized gain (loss)

  .18

2.55

(3.07)

(.32)

.62

.76

Total from investment operations

  .25

2.77

(2.78)

.03

.93

1.04

Distributions from net investment income

  (.03)

(.21)

(.31)

(.28)

(.25)

(.22)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.06) H

(.28)

(.54)

(.44)

(.43)

(.27)

Net asset value, end of period

$ 10.82

$ 10.63

$ 8.14

$ 11.46

$ 11.87

$ 11.37

Total Return B, C

  2.35%

34.28%

(24.93)%

.12%

8.37%

9.92%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.24% A

2.26%

3.00%

2.99%

2.74%

2.50%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 24,235

$ 18,775

$ 9,313

$ 9,645

$ 3,424

$ 1,376

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.06 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.023 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2010 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

5.0

2.1

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

3.3

3.8

Fidelity Advisor Equity Income Fund Institutional Class

0.6

3.1

Fidelity Advisor Growth & Income Fund Institutional Class

4.6

5.7

Fidelity Advisor Large Cap Fund Institutional Class

4.6

5.4

Fidelity Advisor Small Cap Fund Institutional Class

1.6

1.7

Fidelity Series 100 Index Fund

3.6

3.5

Fidelity Series All-Sector Equity Fund

6.4

7.4

Fidelity Series Large Cap Value Fund

5.8

4.5

Fidelity Series Small Cap Opportunities Fund

1.7

1.9

 

32.2

37.0

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

2.6

4.0

Fidelity Advisor Overseas Fund Institutional Class

2.6

4.1

Fidelity Series International Growth Fund

2.9

0.9

Fidelity Series International Small Cap Fund

0.6

0.2

Fidelity Series International Value Fund

2.8

0.9

 

11.5

10.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.0

1.3

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

5.0

5.0

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

9.5

4.1

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

4.6

5.5

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

2.2

Fidelity Series Investment Grade Bond Fund

20.1

22.6

 

24.7

30.3

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

5.1

5.1

Fidelity Institutional Money Market Portfolio Institutional Class

5.0

5.0

 

10.1

10.1

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

5.0%

 

fid278

Domestic Equity Funds

32.2%

 

fid263

Developed International Equity Funds

11.5%

 

fid265

Emerging Markets Equity Funds

2.0%

 

fid267

High Yield Bond Funds

5.0%

 

fid269

Inflation-Protected Bond Funds

9.5%

 

fid271

Investment Grade Bond Funds

24.7%

 

fid273

Short-Term Funds

10.1%

 

fid336

Six months ago

fid259

Commodity Funds

2.1%

 

fid278

Domestic Equity Funds

37.0%

 

fid263

Developed International Equity Funds

10.1%

 

fid265

Emerging Markets Equity Funds

1.3%

 

fid267

High Yield Bond Funds

5.0%

 

fid269

Inflation-Protected Bond Funds

4.1%

 

fid271

Investment Grade Bond Funds

30.3%

 

fid273

Short-Term Funds

10.1%

 

fid346

Expected

fid259

Commodity Funds

5.5%

 

fid278

Domestic Equity Funds

30.8%

 

fid263

Developed International Equity Funds

11.2%

 

fid265

Emerging Markets Equity Funds

2.0%

 

fid267

High Yield Bond Funds

5.0%

 

fid269

Inflation-Protected Bond Funds

10.6%

 

fid271

Investment Grade Bond Funds

24.2%

 

fid273

Short-Term Funds

10.7%

 

fid356

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2010 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.2%

Shares

Value

Commodity Funds - 5.0%

Fidelity Series Commodity Strategy Fund

3,610,438

$ 39,498,188

Domestic Equity Funds - 32.2%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

517,641

26,213,323

Fidelity Advisor Equity Income Fund Institutional Class

241,287

5,151,485

Fidelity Advisor Growth & Income Fund Institutional Class

2,339,616

35,936,507

Fidelity Advisor Large Cap Fund Institutional Class

2,176,355

36,192,777

Fidelity Advisor Small Cap Fund Institutional Class (a)

523,887

12,877,143

Fidelity Series 100 Index Fund

3,510,507

28,294,686

Fidelity Series All-Sector Equity Fund

4,278,828

50,875,265

Fidelity Series Large Cap Value Fund

4,005,723

45,505,018

Fidelity Series Small Cap Opportunities Fund (a)

1,438,689

13,164,005

TOTAL DOMESTIC EQUITY FUNDS

254,210,209

TOTAL DOMESTIC EQUITY FUNDS

(Cost $276,417,957)

293,708,397

International Equity Funds - 13.5%

 

 

 

 

Developed International Equity Funds - 11.5%

Fidelity Advisor Diversified International Fund Institutional Class

1,337,387

20,408,523

Fidelity Advisor Overseas Fund Institutional Class

1,197,782

20,553,941

Fidelity Series International Growth Fund

2,201,622

22,830,822

Fidelity Series International Small Cap Fund

421,832

4,635,936

Fidelity Series International Value Fund

2,336,474

22,266,595

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

90,695,817

Emerging Markets Equity Funds - 2.0%

Fidelity Series Emerging Markets Fund

861,604

15,560,564

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $102,184,820)

106,256,381

Bond Funds - 39.2%

Shares

Value

High Yield Bond Funds - 5.0%

Fidelity Advisor High Income Advantage Fund Institutional Class

4,317,122

$ 39,372,149

Inflation-Protected Bond Funds - 9.5%

Fidelity Series Inflation-Protected Bond Index Fund

6,985,566

74,535,994

Investment Grade Bond Funds - 24.7%

Fidelity Advisor Strategic Real Return Fund Institutional Class

3,964,683

36,118,262

Fidelity Advisor Total Bond Fund Institutional Class

1,033

11,430

Fidelity Series Investment Grade Bond Fund

13,304,451

158,988,185

TOTAL INVESTMENT GRADE BOND FUNDS

195,117,877

TOTAL BOND FUNDS

(Cost $290,954,556)

309,026,020

Short-Term Funds - 10.1%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

4,313,869

39,946,427

Fidelity Institutional Money Market Portfolio Institutional Class

39,653,248

39,653,248

TOTAL SHORT-TERM FUNDS

(Cost $79,492,942)

79,599,675

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $749,050,275)

788,590,473

NET OTHER ASSETS (LIABILITIES) - 0.0%

(240,418)

NET ASSETS - 100%

$ 788,350,055

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $34,281,646 of which $30,891,938 and $3,389,708 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $19,754,233 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2010 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $749,050,275) - See accompanying schedule

$ 788,590,473

Receivable for investments sold

1,943,924

Receivable for fund shares sold

472,873

Total assets

791,007,270

 

 

 

Liabilities

Payable to custodian bank

$ 7

Payable for investments purchased

925,359

Payable for fund shares redeemed

1,508,135

Distribution and service plan fees payable

223,714

Total liabilities

2,657,215

 

 

 

Net Assets

$ 788,350,055

Net Assets consist of:

 

Paid in capital

$ 824,184,096

Undistributed net investment income

3,546,482

Accumulated undistributed net realized gain (loss) on investments

(78,920,721)

Net unrealized appreciation (depreciation) on investments

39,540,198

Net Assets

$ 788,350,055

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($481,309,103 ÷ 43,459,529 shares)

$ 11.07

 

 

 

Maximum offering price per share (100/94.25 of $11.07)

$ 11.75

Class T:
Net Asset Value and redemption price per share ($155,017,645 ÷ 14,058,067 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 ($19,877,616 ÷ 1,806,612 shares)A

$ 11.00

 

 

 

Class C:
Net Asset Value and offering price per share ($44,007,451 ÷ 4,015,955 shares)A

$ 10.96

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($88,138,240 ÷ 7,922,911 shares)

$ 11.12

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 4,922,153

 

 

 

Expenses

Distribution and service plan fees

$ 1,400,573

Independent trustees' compensation

1,544

Total expenses before reductions

1,402,117

Expense reductions

(1,544)

1,400,573

Net investment income (loss)

3,521,580

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(20,314,304)

Capital gain distributions from underlying funds

528,039

Total net realized gain (loss)

 

(19,786,265)

Change in net unrealized appreciation (depreciation) on underlying funds

34,260,144

Net gain (loss)

14,473,879

Net increase (decrease) in net assets resulting from operations

$ 17,995,459

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 3,521,580

$ 14,588,964

Net realized gain (loss)

(19,786,265)

(1,351,879)

Change in net unrealized appreciation (depreciation)

34,260,144

207,984,174

Net increase (decrease) in net assets resulting
from operations

17,995,459

221,221,259

Distributions to shareholders from net investment income

(1,848,411)

(14,970,360)

Distributions to shareholders from net realized gain

(1,906,063)

(6,224,738)

Total distributions

(3,754,474)

(21,195,098)

Share transactions - net increase (decrease)

(53,190,125)

25,017,028

Total increase (decrease) in net assets

(38,949,140)

225,043,189

 

 

 

Net Assets

Beginning of period

827,299,195

602,256,006

End of period (including undistributed net investment income of $3,546,482 and undistributed net investment income of $1,873,313, respectively)

$ 788,350,055

$ 827,299,195

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.87

$ 8.19

$ 11.78

$ 12.28

$ 11.79

$ 11.01

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.21

.27

.33

.29

.25

Net realized and unrealized gain (loss)

  .20

2.76

(3.28)

(.34)

.66

.80

Total from investment operations

  .25

2.97

(3.01)

(.01)

.95

1.05

Distributions from net investment income

  (.03)

(.21)

(.28)

(.30)

(.26)

(.22)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.05) J

(.29) I

(.58)

(.49)

(.46)

(.27) H

Net asset value, end of period

$ 11.07

$ 10.87

$ 8.19

$ 11.78

$ 12.28

$ 11.79

Total Return B, C, D

  2.34%

36.51%

(26.36)%

(.27)%

8.22%

9.65%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .97% A

2.04%

2.77%

2.66%

2.43%

2.23%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 481,309

$ 478,025

$ 339,203

$ 377,118

$ 248,500

$ 146,593

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.055 per share. I Total distributions of $.29 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.083 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.027 and distributions from net realized gain of $.025 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.83

$ 8.16

$ 11.74

$ 12.24

$ 11.75

$ 10.97

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.18

.25

.30

.26

.22

Net realized and unrealized gain (loss)

  .21

2.76

(3.28)

(.34)

.66

.80

Total from investment operations

  .25

2.94

(3.03)

(.04)

.92

1.02

Distributions from net investment income

  (.02)

(.19)

(.25)

(.27)

(.23)

(.19)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.05)

(.27) I

(.55)

(.46)

(.43)

(.24) H

Net asset value, end of period

$ 11.03

$ 10.83

$ 8.16

$ 11.74

$ 12.24

$ 11.75

Total Return B, C, D

  2.28%

36.19%

(26.57)%

(.52)%

8.00%

9.42%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .72% A

1.79%

2.52%

2.41%

2.18%

1.98%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 155,018

$ 204,059

$ 163,842

$ 216,732

$ 194,563

$ 143,012

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.24 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.055 per share. I Total distributions of $.27 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.083 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.82

$ 8.15

$ 11.70

$ 12.20

$ 11.71

$ 10.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.20

.24

.20

.17

Net realized and unrealized gain (loss)

  .20

2.76

(3.26)

(.35)

.66

.79

Total from investment operations

  .21

2.89

(3.06)

(.11)

.86

.96

Distributions from net investment income

  (.01)

(.13)

(.19)

(.20)

(.17)

(.13)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.03) I

(.22) H

(.49)

(.39)

(.37)

(.19)

Net asset value, end of period

$ 11.00

$ 10.82

$ 8.15

$ 11.70

$ 12.20

$ 11.71

Total Return B, C, D

  1.96%

35.54%

(26.92)%

(1.04)%

7.47%

8.83%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .22% A

1.29%

2.03%

1.91%

1.68%

1.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 19,878

$ 22,468

$ 19,950

$ 34,137

$ 34,834

$ 33,404

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.22 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.083 per share. I Total distributions of $.03 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.025 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.78

$ 8.13

$ 11.67

$ 12.17

$ 11.69

$ 10.93

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.20

.23

.20

.17

Net realized and unrealized gain (loss)

  .20

2.74

(3.25)

(.33)

.66

.78

Total from investment operations

  .21

2.87

(3.05)

(.10)

.86

.95

Distributions from net investment income

  (.01)

(.14)

(.19)

(.21)

(.18)

(.14)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.03) J

(.22) I

(.49)

(.40)

(.38)

(.19) H

Net asset value, end of period

$ 10.96

$ 10.78

$ 8.13

$ 11.67

$ 12.17

$ 11.69

Total Return B, C, D

  1.98%

35.45%

(26.88)%

(.97)%

7.45%

8.78%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .22% A

1.29%

2.02%

1.91%

1.68%

1.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 44,007

$ 47,178

$ 37,524

$ 58,378

$ 47,918

$ 38,882

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.19 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.055 per share. I Total distributions of $.22 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $.083 per share. J Total distributions of $.03 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.025 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.91

$ 8.22

$ 11.82

$ 12.32

$ 11.82

$ 11.03

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .07

.23

.30

.36

.32

.28

Net realized and unrealized gain (loss)

  .20

2.78

(3.30)

(.34)

.67

.80

Total from investment operations

  .27

3.01

(3.00)

.02

.99

1.08

Distributions from net investment income

  (.03)

(.23)

(.30)

(.33)

(.29)

(.24)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.06)

(.32) I

(.60)

(.52)

(.49)

(.29) H

Net asset value, end of period

$ 11.12

$ 10.91

$ 8.22

$ 11.82

$ 12.32

$ 11.82

Total Return B, C

  2.49%

36.80%

(26.16)%

(.05)%

8.52%

9.94%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  1.22% A

2.29%

3.02%

2.91%

2.68%

2.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 88,138

$ 75,569

$ 41,737

$ 39,922

$ 21,580

$ 11,038

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.29 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.055 per share. I Total distributions of $.32 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.083 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2015 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

5.0

2.2

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

3.4

3.9

Fidelity Advisor Equity Income Fund Institutional Class

0.7

3.2

Fidelity Advisor Growth & Income Fund Institutional Class

4.7

5.9

Fidelity Advisor Large Cap Fund Institutional Class

4.7

5.6

Fidelity Advisor Small Cap Fund Institutional Class

1.7

1.8

Fidelity Series 100 Index Fund

3.8

3.7

Fidelity Series All-Sector Equity Fund

6.7

7.6

Fidelity Series Large Cap Value Fund

5.9

4.7

Fidelity Series Small Cap Opportunities Fund

1.7

1.9

 

33.3

38.3

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

2.7

4.1

Fidelity Advisor Overseas Fund Institutional Class

2.7

4.2

Fidelity Series International Growth Fund

2.9

1.0

Fidelity Series International Small Cap Fund

0.6

0.2

Fidelity Series International Value Fund

2.8

1.0

 

11.7

10.5

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.0

1.4

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

5.1

5.2

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

8.6

3.7

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

4.6

5.4

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

2.1

Fidelity Series Investment Grade Bond Fund

20.7

22.4

 

25.3

29.9

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

4.5

4.4

Fidelity Institutional Money Market Portfolio Institutional Class

4.5

4.4

 

9.0

8.8

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

5.0%

 

fid278

Domestic Equity Funds

33.3%

 

fid263

Developed International Equity Funds

11.7%

 

fid265

Emerging Markets Equity Funds

2.0%

 

fid267

High Yield Bond Funds

5.1%

 

fid269

Inflation-Protected Bond Funds

8.6%

 

fid364

Investment Grade Bond Funds

25.3%

 

fid273

Short-Term Funds

9.0%

 

fid367

Six months ago

fid259

Commodity Funds

2.2%

 

fid278

Domestic Equity Funds

38.3%

 

fid263

Developed International Equity Funds

10.5%

 

fid265

Emerging Markets Equity Funds

1.4%

 

fid267

High Yield Bond Funds

5.2%

 

fid269

Inflation-Protected Bond Funds

3.7%

 

fid271

Investment Grade Bond Funds

29.9%

 

fid273

Short-Term Funds

8.8%

 

fid377

Expected

fid379

Commodity Funds

5.6%

 

fid278

Domestic Equity Funds

31.6%

 

fid263

Developed International Equity Funds

11.5%

 

fid383

Emerging Markets Equity Funds

2.1%

 

fid267

High Yield Bond Funds

5.1%

 

fid269

Inflation-Protected Bond Funds

9.9%

 

fid271

Investment Grade Bond Funds

24.7%

 

fid273

Short-Term Funds

9.5%

 

fid389

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2015 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 38.3%

Shares

Value

Commodity Funds - 5.0%

Fidelity Series Commodity Strategy Fund

6,231,040

$ 68,167,580

Domestic Equity Funds - 33.3%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

919,646

46,570,859

Fidelity Advisor Equity Income Fund Institutional Class

452,963

9,670,765

Fidelity Advisor Growth & Income Fund Institutional Class

4,197,475

64,473,221

Fidelity Advisor Large Cap Fund Institutional Class

3,845,719

63,954,303

Fidelity Advisor Small Cap Fund Institutional Class (a)

940,070

23,106,929

Fidelity Series 100 Index Fund

6,326,808

50,994,075

Fidelity Series All-Sector Equity Fund

7,630,193

90,722,995

Fidelity Series Large Cap Value Fund

7,088,833

80,529,137

Fidelity Series Small Cap Opportunities Fund (a)

2,563,738

23,458,201

TOTAL DOMESTIC EQUITY FUNDS

453,480,485

TOTAL DOMESTIC EQUITY FUNDS

(Cost $502,690,639)

521,648,065

International Equity Funds - 13.7%

 

 

 

 

Developed International Equity Funds - 11.7%

Fidelity Advisor Diversified International Fund Institutional Class

2,403,516

36,677,658

Fidelity Advisor Overseas Fund Institutional Class

2,160,396

37,072,391

Fidelity Series International Growth Fund

3,818,694

39,599,857

Fidelity Series International Small Cap Fund

726,481

7,984,031

Fidelity Series International Value Fund

4,038,903

38,490,745

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

159,824,682

Emerging Markets Equity Funds - 2.0%

Fidelity Series Emerging Markets Fund

1,514,521

27,352,246

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $180,179,402)

187,176,928

Bond Funds - 39.0%

Shares

Value

High Yield Bond Funds - 5.1%

Fidelity Advisor High Income Advantage Fund Institutional Class

7,612,227

$ 69,423,512

Inflation-Protected Bond Funds - 8.6%

Fidelity Series Inflation-Protected Bond Index Fund

10,952,190

116,859,870

Investment Grade Bond Funds - 25.3%

Fidelity Advisor Strategic Real Return Fund Institutional Class

6,873,138

62,614,286

Fidelity Advisor Total Bond Fund Institutional Class

1,667

18,458

Fidelity Series Investment Grade Bond Fund

23,616,590

282,218,257

TOTAL INVESTMENT GRADE BOND FUNDS

344,851,001

TOTAL BOND FUNDS

(Cost $500,902,469)

531,134,383

Short-Term Funds - 9.0%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

6,688,670

61,937,087

Fidelity Institutional Money Market Portfolio Institutional Class

61,588,314

61,588,314

TOTAL SHORT-TERM FUNDS

(Cost $122,827,297)

123,525,401

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,306,599,807)

1,363,484,777

NET OTHER ASSETS (LIABILITIES) - 0.0%

(373,960)

NET ASSETS - 100%

$ 1,363,110,817

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $35,532,008 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $20,405,712 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2015 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,306,599,807) - See accompanying schedule

$ 1,363,484,777

Cash

868

Receivable for investments sold

2,422,491

Receivable for fund shares sold

870,769

Total assets

1,366,778,905

 

 

 

Liabilities

Payable for investments purchased

$ 1,659,215

Payable for fund shares redeemed

1,656,813

Distribution and service plan fees payable

352,060

Total liabilities

3,668,088

 

 

 

Net Assets

$ 1,363,110,817

Net Assets consist of:

 

Paid in capital

$ 1,392,590,289

Undistributed net investment income

5,771,268

Accumulated undistributed net realized gain (loss) on investments

(92,135,710)

Net unrealized appreciation (depreciation) on investments

56,884,970

Net Assets

$ 1,363,110,817

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($865,170,129 ÷ 78,614,319 shares)

$ 11.01

 

 

 

Maximum offering price per share (100/94.25 of $11.01)

$ 11.68

Class T:
Net Asset Value and redemption price per share ($228,358,254 ÷ 20,797,159 shares)

$ 10.98

 

 

 

Maximum offering price per share (100/96.50 of $10.98)

$ 11.38

Class B:
Net Asset Value and offering price per share ($34,611,340 ÷ 3,165,333 shares)A

$ 10.93

 

 

 

Class C:
Net Asset Value and offering price per share ($64,556,053 ÷ 5,916,167 shares)A

$ 10.91

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($170,415,041 ÷ 15,381,547 shares)

$ 11.08

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 7,860,251

 

 

 

Expenses

Distribution and service plan fees

$ 2,087,004

Independent trustees' compensation

2,443

Total expenses before reductions

2,089,447

Expense reductions

(2,443)

2,087,004

Net investment income (loss)

5,773,247

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(30,785,687)

Capital gain distributions from underlying funds

873,520

Total net realized gain (loss)

 

(29,912,167)

Change in net unrealized appreciation (depreciation) on underlying funds

54,460,088

Net gain (loss)

24,547,921

Net increase (decrease) in net assets resulting from operations

$ 30,321,168

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,773,247

$ 20,862,802

Net realized gain (loss)

(29,912,167)

5,172,111

Change in net unrealized appreciation (depreciation)

54,460,088

290,904,573

Net increase (decrease) in net assets resulting from operations

30,321,168

316,939,486

Distributions to shareholders from net investment income

(2,939,520)

(20,840,116)

Distributions to shareholders from net realized gain

(3,154,559)

(9,228,273)

Total distributions

(6,094,079)

(30,068,389)

Share transactions - net increase (decrease)

45,256,337

214,008,908

Total increase (decrease) in net assets

69,483,426

500,880,005

 

 

 

Net Assets

Beginning of period

1,293,627,391

792,747,386

End of period (including undistributed net investment income of $5,771,268 and undistributed net investment income of $2,937,541, respectively)

$ 1,363,110,817

$ 1,293,627,391

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.81

$ 8.05

$ 11.85

$ 12.40

$ 11.84

$ 10.77

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.20

.26

.31

.26

.22

Net realized and unrealized gain (loss)

  .20

2.84

(3.47)

(.35)

.74

1.07

Total from investment operations

  .25

3.04

(3.21)

(.04)

1.00

1.29

Distributions from net investment income

  (.03)

(.20)

(.26)

(.27)

(.23)

(.16)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.05) K

(.28) J

(.59) I

(.51) H

(.44)

(.22)

Net asset value, end of period

$ 11.01

$ 10.81

$ 8.05

$ 11.85

$ 12.40

$ 11.84

Total Return B, C, D

  2.36%

37.95%

(28.01)%

(.53)%

8.56%

12.12%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .96% A

2.02%

2.69%

2.46%

2.21%

1.93%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 865,170

$ 830,024

$ 477,641

$ 517,888

$ 291,783

$ 128,241

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.51 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.243 per share. I Total distributions of $.59 per share is comprised of distributions from net investment income of $.262 and distributions from net realized gain of $.325 per share. J Total distributions of $.28 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.082 per share. K Total distributions of $.05 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $.026 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.79

$ 8.04

$ 11.82

$ 12.38

$ 11.81

$ 10.76

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.18

.24

.28

.23

.19

Net realized and unrealized gain (loss)

  .20

2.82

(3.46)

(.36)

.75

1.06

Total from investment operations

  .24

3.00

(3.22)

(.08)

.98

1.25

Distributions from net investment income

  (.02)

(.17)

(.23)

(.23)

(.20)

(.14)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.05)

(.25) J

(.56) I

(.48) H

(.41)

(.20)

Net asset value, end of period

$ 10.98

$ 10.79

$ 8.04

$ 11.82

$ 12.38

$ 11.81

Total Return B, C, D

  2.21%

37.53%

(28.13)%

(.89)%

8.40%

11.71%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .71% A

1.77%

2.44%

2.21%

1.96%

1.68%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 228,358

$ 225,384

$ 162,439

$ 203,822

$ 186,106

$ 125,323

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.48 per share is comprised of distributions from net investment income of $.233 and distributions from net realized gain of $.243 per share. I Total distributions of $.56 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.325 per share. J Total distributions of $.25 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.082 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.76

$ 8.02

$ 11.77

$ 12.33

$ 11.77

$ 10.73

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.19

.21

.17

.13

Net realized and unrealized gain (loss)

  .19

2.82

(3.44)

(.36)

.74

1.06

Total from investment operations

  .20

2.95

(3.25)

(.15)

.91

1.19

Distributions from net investment income

  (.01)

(.12)

(.17)

(.17)

(.14)

(.09)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.03) K

(.21) J

(.50) I

(.41) H

(.35)

(.15)

Net asset value, end of period

$ 10.93

$ 10.76

$ 8.02

$ 11.77

$ 12.33

$ 11.77

Total Return B, C, D

  1.89%

36.85%

(28.47)%

(1.37)%

7.83%

11.17%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .21% A

1.27%

1.94%

1.71%

1.46%

1.18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 34,611

$ 35,932

$ 27,727

$ 43,608

$ 41,424

$ 33,633

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.41 per share is comprised of distributions from net investment income of $.171 and distributions from net realized gain of $.243 per share. I Total distributions of $.50 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.325 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.082 per share. K Total distributions of $.03 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.026 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.74

$ 8.00

$ 11.76

$ 12.32

$ 11.77

$ 10.73

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.19

.21

.17

.13

Net realized and unrealized gain (loss)

  .19

2.82

(3.45)

(.35)

.74

1.06

Total from investment operations

  .20

2.95

(3.26)

(.14)

.91

1.19

Distributions from net investment income

  (.01)

(.13)

(.18)

(.18)

(.15)

(.09)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.03) K

(.21) J

(.50) I

(.42) H

(.36)

(.15)

Net asset value, end of period

$ 10.91

$ 10.74

$ 8.00

$ 11.76

$ 12.32

$ 11.77

Total Return B, C, D

  1.91%

36.97%

(28.53)%

(1.34)%

7.81%

11.19%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .21% A

1.27%

1.94%

1.71%

1.46%

1.18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 64,556

$ 64,801

$ 46,942

$ 65,543

$ 56,686

$ 35,656

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.42 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.243 per share. I Total distributions of $.50 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.325 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.082 per share. K Total distributions of $.03 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.026 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.87

$ 8.09

$ 11.91

$ 12.47

$ 11.89

$ 10.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .06

.23

.29

.34

.29

.25

Net realized and unrealized gain (loss)

  .21

2.85

(3.50)

(.36)

.75

1.07

Total from investment operations

  .27

3.08

(3.21)

(.02)

1.04

1.32

Distributions from net investment income

  (.03)

(.22)

(.29)

(.29)

(.25)

(.18)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.06)

(.30) J

(.61) I

(.54) H

(.46)

(.24)

Net asset value, end of period

$ 11.08

$ 10.87

$ 8.09

$ 11.91

$ 12.47

$ 11.89

Total Return B, C

  2.50%

38.30%

(27.85)%

(.42)%

8.90%

12.36%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.21% A

2.27%

2.94%

2.71%

2.46%

2.18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 170,415

$ 137,487

$ 77,998

$ 68,797

$ 39,631

$ 26,886

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.54 per share is comprised of distributions from net investment income of $.293 and distributions from net realized gain of $.243 per share. I Total distributions of $.61 per share is comprised of distributions from net investment income of $.286 and distributions from net realized gain of $.325 per share. J Total distributions of $.30 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.082 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

6.0

2.7

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

4.1

4.7

Fidelity Advisor Equity Income Fund Institutional Class

0.8

3.9

Fidelity Advisor Growth & Income Fund Institutional Class

5.6

7.1

Fidelity Advisor Large Cap Fund Institutional Class

5.6

6.8

Fidelity Advisor Small Cap Fund Institutional Class

2.0

2.2

Fidelity Series 100 Index Fund

4.4

4.4

Fidelity Series All-Sector Equity Fund

7.9

9.2

Fidelity Series Large Cap Value Fund

7.1

5.6

Fidelity Series Small Cap Opportunities Fund

2.1

2.3

 

39.6

46.2

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

3.2

5.0

Fidelity Advisor Overseas Fund Institutional Class

3.3

5.1

Fidelity Series International Growth Fund

3.5

1.2

Fidelity Series International Small Cap Fund

0.7

0.2

Fidelity Series International Value Fund

3.4

1.2

 

14.1

12.7

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.4

1.7

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

6.7

7.0

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

6.4

2.7

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

3.9

4.4

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

1.7

Fidelity Series Investment Grade Bond Fund

17.7

18.4

 

21.6

24.5

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

1.6

1.3

Fidelity Institutional Money Market Portfolio Institutional Class

1.6

1.2

 

3.2

2.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

6.0%

 

fid278

Domestic Equity Funds

39.6%

 

fid263

Developed International Equity Funds

14.1%

 

fid265

Emerging Markets Equity Funds

2.4%

 

fid267

High Yield Bond Funds

6.7%

 

fid269

Inflation-Protected Bond Funds

6.4%

 

fid271

Investment Grade Bond Funds

21.6%

 

fid273

Short-Term Funds

3.2%

 

fid399

Six months ago

fid259

Commodity Funds

2.7%

 

fid278

Domestic Equity Funds

46.2%

 

fid263

Developed International Equity Funds

12.7%

 

fid265

Emerging Markets Equity Funds

1.7%

 

fid267

High Yield Bond Funds

7.0%

 

fid269

Inflation-Protected Bond Funds

2.7%

 

fid271

Investment Grade Bond Funds

24.5%

 

fid273

Short-Term Funds

2.5%

 

fid409

Expected

fid259

Commodity Funds

6.6%

 

fid278

Domestic Equity Funds

37.2%

 

fid263

Developed International Equity Funds

13.6%

 

fid265

Emerging Markets Equity Funds

2.4%

 

fid267

High Yield Bond Funds

6.5%

 

fid269

Inflation-Protected Bond Funds

7.7%

 

fid271

Investment Grade Bond Funds

22.0%

 

fid273

Short-Term Funds

4.0%

 

fid419

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 45.6%

Shares

Value

Commodity Funds - 6.0%

Fidelity Series Commodity Strategy Fund

11,772,654

$ 128,792,833

Domestic Equity Funds - 39.6%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,711,247

86,657,551

Fidelity Advisor Equity Income Fund Institutional Class

826,058

17,636,330

Fidelity Advisor Growth & Income Fund Institutional Class

7,757,972

119,162,453

Fidelity Advisor Large Cap Fund Institutional Class

7,194,596

119,646,135

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,732,274

42,579,294

Fidelity Series 100 Index Fund

11,685,723

94,186,926

Fidelity Series All-Sector Equity Fund

14,185,587

168,666,633

Fidelity Series Large Cap Value Fund

13,287,488

150,945,866

Fidelity Series Small Cap Opportunities Fund (a)

4,758,681

43,541,932

TOTAL DOMESTIC EQUITY FUNDS

843,023,120

TOTAL DOMESTIC EQUITY FUNDS

(Cost $913,041,497)

971,815,953

International Equity Funds - 16.5%

 

 

 

 

Developed International Equity Funds - 14.1%

Fidelity Advisor Diversified International Fund Institutional Class

4,481,589

68,389,051

Fidelity Advisor Overseas Fund Institutional Class

4,038,894

69,307,422

Fidelity Series International Growth Fund

7,202,294

74,687,787

Fidelity Series International Small Cap Fund

1,373,271

15,092,253

Fidelity Series International Value Fund

7,618,364

72,603,010

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

300,079,523

Emerging Markets Equity Funds - 2.4%

Fidelity Series Emerging Markets Fund

2,823,436

50,991,258

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $330,898,972)

351,070,781

Bond Funds - 34.7%

Shares

Value

High Yield Bond Funds - 6.7%

Fidelity Advisor High Income Advantage Fund Institutional Class

15,641,121

$ 142,647,019

Inflation-Protected Bond Funds - 6.4%

Fidelity Series Inflation-Protected Bond Index Fund

12,873,366

137,358,819

Investment Grade Bond Funds - 21.6%

Fidelity Advisor Strategic Real Return Fund Institutional Class

9,197,549

83,789,675

Fidelity Advisor Total Bond Fund Institutional Class

2,359

26,110

Fidelity Series Investment Grade Bond Fund

31,532,980

376,819,114

TOTAL INVESTMENT GRADE BOND FUNDS

460,634,899

TOTAL BOND FUNDS

(Cost $699,361,363)

740,640,737

Short-Term Funds - 3.2%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

3,722,859

34,473,673

Fidelity Institutional Money Market Portfolio Institutional Class

34,148,432

34,148,432

TOTAL SHORT-TERM FUNDS

(Cost $68,003,289)

68,622,105

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,011,305,121)

2,132,149,576

NET OTHER ASSETS (LIABILITIES) - 0.0%

(611,434)

NET ASSETS - 100%

$ 2,131,538,142

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $83,490,631 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $46,197,827 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $2,011,305,121) - See accompanying schedule

$ 2,132,149,576

Cash

869

Receivable for investments sold

3,738,731

Receivable for fund shares sold

1,469,868

Total assets

2,137,359,044

 

 

 

Liabilities

Payable for investments purchased

$ 2,384,097

Payable for fund shares redeemed

2,856,619

Distribution and service plan fees payable

580,186

Total liabilities

5,820,902

 

 

 

Net Assets

$ 2,131,538,142

Net Assets consist of:

 

Paid in capital

$ 2,208,775,308

Undistributed net investment income

8,231,508

Accumulated undistributed net realized gain (loss) on investments

(206,313,129)

Net unrealized appreciation (depreciation) on investments

120,844,455

Net Assets

$ 2,131,538,142

 

 

 

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,307,035,631 ÷ 115,017,261 shares)

$ 11.36

 

 

 

Maximum offering price per share (100/94.25 of $11.36)

$ 12.05

Class T:
Net Asset Value and redemption price per share ($398,847,539 ÷ 35,148,298 shares)

$ 11.35

 

 

 

Maximum offering price per share (100/96.50 of $11.35)

$ 11.76

Class B:
Net Asset Value and offering price per share ($67,820,256 ÷ 6,002,741 shares)A

$ 11.30

 

 

 

Class C:
Net Asset Value and offering price per share ($95,118,587 ÷ 8,436,616 shares)A

$ 11.27

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($262,716,129 ÷ 22,974,236 shares)

$ 11.44

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 11,808,276

 

 

 

Expenses

Distribution and service plan fees

$ 3,533,628

Independent trustees' compensation

3,965

Total expenses before reductions

3,537,593

Expense reductions

(3,965)

3,533,628

Net investment income (loss)

8,274,648

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(66,255,490)

Capital gain distributions from underlying funds

1,703,921

Total net realized gain (loss)

 

(64,551,569)

Change in net unrealized appreciation (depreciation) on underlying funds

96,128,671

Net gain (loss)

31,577,102

Net increase (decrease) in net assets resulting from operations

$ 39,851,750

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 8,274,648

$ 31,695,503

Net realized gain (loss)

(64,551,569)

(9,984,453)

Change in net unrealized appreciation (depreciation)

96,128,671

562,202,605

Net increase (decrease) in net assets resulting from operations

39,851,750

583,913,655

Distributions to shareholders from net investment income

(4,060,878)

(31,327,675)

Distributions to shareholders from net realized gain

(6,270,030)

(15,485,703)

Total distributions

(10,330,908)

(46,813,378)

Share transactions - net increase (decrease)

(4,123,394)

326,679,236

Total increase (decrease) in net assets

25,397,448

863,779,513

 

 

 

Net Assets

Beginning of period

2,106,140,694

1,242,361,181

End of period (including undistributed net investment income of $8,231,508 and undistributed net investment income of $4,017,738, respectively)

$ 2,131,538,142

$ 2,106,140,694

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.21

$ 7.97

$ 12.73

$ 13.49

$ 12.85

$ 11.53

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.20

.25

.28

.24

.19

Net realized and unrealized gain (loss)

  .16

3.32

(4.33)

(.49)

.92

1.36

Total from investment operations

  .21

3.52

(4.08)

(.21)

1.16

1.55

Distributions from net investment income

  (.02)

(.19)

(.25)

(.25)

(.23)

(.16)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.08)

Total distributions

  (.06) K

(.28) J

(.68)

(.55)

(.52) I

(.23) H

Net asset value, end of period

$ 11.36

$ 11.21

$ 7.97

$ 12.73

$ 13.49

$ 12.85

Total Return B, C, D

  1.88%

44.32%

(33.34)%

(1.83)%

9.21%

13.62%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .87% A

1.92%

2.49%

2.07%

1.89%

1.60%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,307,036

$ 1,238,015

$ 677,210

$ 811,992

$ 511,536

$ 284,466

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.23 per share is comprised of distributions from net investment income of $.158 and distributions from net realized gain of $.075 per share. I Total distributions of $.52 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.295 per share. J Total distributions of $.28 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.087 per share. K Total distributions of $.06 per share is comprised of distributions from net investment income of $.024 and distributions from net realized gain of $.033 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.20

$ 7.96

$ 12.72

$ 13.47

$ 12.83

$ 11.52

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.17

.23

.25

.21

.16

Net realized and unrealized gain (loss)

  .17

3.32

(4.34)

(.49)

.92

1.36

Total from investment operations

  .20

3.49

(4.11)

(.24)

1.13

1.52

Distributions from net investment income

  (.02)

(.16)

(.22)

(.21)

(.19)

(.13)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.08)

Total distributions

  (.05)

(.25) I

(.65)

(.51)

(.49) H

(.21)

Net asset value, end of period

$ 11.35

$ 11.20

$ 7.96

$ 12.72

$ 13.47

$ 12.83

Total Return B, C, D

  1.81%

44.02%

(33.56)%

(2.02)%

8.97%

13.28%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .62% A

1.67%

2.24%

1.82%

1.63%

1.35%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 398,848

$ 488,097

$ 343,919

$ 458,465

$ 431,886

$ 296,477

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.49 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.295 per share. I Total distributions of $.25 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.087 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.17

$ 7.94

$ 12.66

$ 13.41

$ 12.78

$ 11.48

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.18

.18

.15

.10

Net realized and unrealized gain (loss)

  .16

3.31

(4.31)

(.48)

.91

1.35

Total from investment operations

  .17

3.43

(4.13)

(.30)

1.06

1.45

Distributions from net investment income

  - H

(.12)

(.16)

(.15)

(.13)

(.08)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.07)

Total distributions

  (.04) K

(.20) J

(.59)

(.45)

(.43) I

(.15)

Net asset value, end of period

$ 11.30

$ 11.17

$ 7.94

$ 12.66

$ 13.41

$ 12.78

Total Return B, C, D

  1.50%

43.34%

(33.87)%

(2.51)%

8.40%

12.71%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .12% A

1.17%

1.74%

1.32%

1.13%

.85%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 67,820

$ 71,888

$ 52,871

$ 89,049

$ 85,981

$ 71,232

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.43 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.295 per share. J Total distributions of $.20 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.087 per share. K Total distributions of $.04 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.033 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2020 Fund
Financial Statements - continued

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.14

$ 7.92

$ 12.64

$ 13.40

$ 12.77

$ 11.48

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.18

.18

.15

.10

Net realized and unrealized gain (loss)

  .16

3.31

(4.31)

(.49)

.91

1.34

Total from investment operations

  .17

3.43

(4.13)

(.31)

1.06

1.44

Distributions from net investment income

  - H

(.12)

(.16)

(.15)

(.14)

(.08)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.07)

Total distributions

  (.04) K

(.21) J

(.59)

(.45)

(.43) I

(.15)

Net asset value, end of period

$ 11.27

$ 11.14

$ 7.92

$ 12.64

$ 13.40

$ 12.77

Total Return B, C, D

  1.51%

43.38%

(33.90)%

(2.56)%

8.45%

12.66%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .12% A

1.17%

1.74%

1.32%

1.14%

.85%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 95,119

$ 93,237

$ 62,702

$ 95,224

$ 85,076

$ 61,442

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.43 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.295 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.087 per share. K Total distributions of $.04 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.033 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.27

$ 8.01

$ 12.79

$ 13.55

$ 12.90

$ 11.57

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .06

.22

.28

.32

.28

.23

Net realized and unrealized gain (loss)

  .17

3.34

(4.35)

(.50)

.92

1.36

Total from investment operations

  .23

3.56

(4.07)

(.18)

1.20

1.59

Distributions from net investment income

  (.03)

(.21)

(.28)

(.28)

(.25)

(.18)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.08)

Total distributions

  (.06)

(.30) I

(.71)

(.58)

(.55) H

(.26)

Net asset value, end of period

$ 11.44

$ 11.27

$ 8.01

$ 12.79

$ 13.55

$ 12.90

Total Return B, C

  2.10%

44.65%

(33.16)%

(1.62)%

9.47%

13.88%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.12% A

2.17%

2.74%

2.32%

2.13%

1.85%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 262,716

$ 214,905

$ 105,660

$ 87,568

$ 38,153

$ 21,212

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.55 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.295 per share. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.087 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2025 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

6.8

3.0

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

4.6

5.3

Fidelity Advisor Equity Income Fund Institutional Class

1.0

4.3

Fidelity Advisor Growth & Income Fund Institutional Class

6.4

7.9

Fidelity Advisor Large Cap Fund Institutional Class

6.3

7.5

Fidelity Advisor Small Cap Fund Institutional Class

2.3

2.4

Fidelity Series 100 Index Fund

5.1

4.9

Fidelity Series All-Sector Equity Fund

9.0

10.3

Fidelity Series Large Cap Value Fund

8.0

6.3

Fidelity Series Small Cap Opportunities Fund

2.3

2.6

 

45.0

51.5

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

3.7

5.6

Fidelity Advisor Overseas Fund Institutional Class

3.7

5.6

Fidelity Series International Growth Fund

3.9

1.3

Fidelity Series International Small Cap Fund

0.8

0.3

Fidelity Series International Value Fund

3.8

1.3

 

15.9

14.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.7

1.9

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

7.4

7.5

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

3.8

1.6

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

3.3

3.6

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

1.5

Fidelity Series Investment Grade Bond Fund

15.1

15.3

 

18.4

20.4

Short-Term Funds

Fidelity Advisor Short-Fixed Income Fund Institutional Class

0.0*

0.0*

Fidelity Institutional Money Market Portfolio Institutional Class

0.0*

0.0*

 

0.0*

0.0*

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

6.8%

 

fid278

Domestic Equity Funds

45.0%

 

fid263

Developed International Equity Funds

15.9%

 

fid265

Emerging Markets Equity Funds

2.7%

 

fid267

High Yield Bond Funds

7.4%

 

fid269

Inflation-Protected Bond Funds

3.8%

 

fid271

Investment Grade Bond Funds

18.4%

 

fid273

Short-Term Funds

0.0%*

 

fid429

Six months ago

fid259

Commodity Funds

3.0%

 

fid278

Domestic Equity Funds

51.5%

 

fid263

Developed International Equity Funds

14.1%

 

fid265

Emerging Markets Equity Funds

1.9%

 

fid267

High Yield Bond Funds

7.5%

 

fid269

Inflation-Protected Bond Funds

1.6%

 

fid271

Investment Grade Bond Funds

20.4%

 

fid273

Short-Term Funds

0.0%*

 

fid439

Expected

fid259

Commodity Funds

7.6%

 

fid278

Domestic Equity Funds

43.2%

 

fid263

Developed International Equity Funds

15.7%

 

fid265

Emerging Markets Equity Funds

2.8%

 

fid267

High Yield Bond Funds

7.5%

 

fid269

Inflation-Protected Bond Funds

4.6%

 

fid271

Investment Grade Bond Funds

18.5%

 

fid273

Short-Term Funds

0.1%

 

fid449

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2025 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 51.8%

Shares

Value

Commodity Funds - 6.8%

Fidelity Series Commodity Strategy Fund

9,733,612

$ 106,485,713

Domestic Equity Funds - 45.0%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,442,067

73,026,278

Fidelity Advisor Equity Income Fund Institutional Class

706,345

15,080,472

Fidelity Advisor Growth & Income Fund Institutional Class

6,578,025

101,038,459

Fidelity Advisor Large Cap Fund Institutional Class

6,011,960

99,978,892

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,461,627

35,926,803

Fidelity Series 100 Index Fund

9,906,166

79,843,699

Fidelity Series All-Sector Equity Fund

11,955,621

142,152,332

Fidelity Series Large Cap Value Fund

11,118,517

126,306,352

Fidelity Series Small Cap Opportunities Fund (a)

3,985,411

36,466,514

TOTAL DOMESTIC EQUITY FUNDS

709,819,801

TOTAL DOMESTIC EQUITY FUNDS

(Cost $777,416,659)

816,305,514

International Equity Funds - 18.6%

 

 

 

 

Developed International Equity Funds - 15.9%

Fidelity Advisor Diversified International Fund Institutional Class

3,758,766

57,358,766

Fidelity Advisor Overseas Fund Institutional Class

3,384,796

58,083,097

Fidelity Series International Growth Fund

5,963,190

61,838,280

Fidelity Series International Small Cap Fund

1,130,510

12,424,310

Fidelity Series International Value Fund

6,319,796

60,227,660

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

249,932,113

Emerging Markets Equity Funds - 2.7%

Fidelity Series Emerging Markets Fund

2,359,163

42,606,475

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $275,918,823)

292,538,588

Bond Funds - 29.6%

Shares

Value

High Yield Bond Funds - 7.4%

Fidelity Advisor High Income Advantage Fund Institutional Class

12,819,150

$ 116,910,649

Inflation-Protected Bond Funds - 3.8%

Fidelity Series Inflation-Protected Bond Index Fund

5,571,129

59,443,946

Investment Grade Bond Funds - 18.4%

Fidelity Advisor Strategic Real Return Fund Institutional Class

5,757,145

52,447,588

Fidelity Advisor Total Bond Fund Institutional Class

1,361

15,063

Fidelity Series Investment Grade Bond Fund

19,883,385

237,606,455

TOTAL INVESTMENT GRADE BOND FUNDS

290,069,106

TOTAL BOND FUNDS

(Cost $440,139,536)

466,423,701

Short-Term Funds - 0.0%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

33,625

311,371

Fidelity Institutional Money Market Portfolio Institutional Class

310,339

310,339

TOTAL SHORT-TERM FUNDS

(Cost $620,686)

621,710

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,494,095,704)

1,575,889,513

NET OTHER ASSETS (LIABILITIES) - 0.0%

(405,542)

NET ASSETS - 100%

$ 1,575,483,971

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $53,781,443 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $25,145,573 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2025 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,494,095,704) - See accompanying schedule

$ 1,575,889,513

Cash

8

Receivable for investments sold

1,652,951

Receivable for fund shares sold

1,375,994

Total assets

1,578,918,466

 

 

 

Liabilities

Payable for investments purchased

$ 1,397,240

Payable for fund shares redeemed

1,646,886

Distribution and service plan fees payable

390,369

Total liabilities

3,434,495

 

 

 

Net Assets

$ 1,575,483,971

Net Assets consist of:

 

Paid in capital

$ 1,619,168,560

Undistributed net investment income

5,283,293

Accumulated undistributed net realized gain (loss) on investments

(130,761,691)

Net unrealized appreciation (depreciation) on investments

81,793,809

Net Assets

$ 1,575,483,971

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,071,497,402 ÷ 98,521,069 shares)

$ 10.88

 

 

 

Maximum offering price per share (100/94.25 of $10.88)

$ 11.54

Class T:
Net Asset Value and redemption price per share ($236,070,338 ÷ 21,676,579 shares)

$ 10.89

 

 

 

Maximum offering price per share (100/96.50 of $10.89)

$ 11.28

Class B:
Net Asset Value and offering price per share ($38,127,887 ÷ 3,533,120 shares)A

$ 10.79

 

 

 

Class C:
Net Asset Value and offering price per share ($54,352,890 ÷ 5,047,811 shares)A

$ 10.77

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($175,435,454 ÷ 16,023,130 shares)

$ 10.95

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 7,537,850

 

 

 

Expenses

Distribution and service plan fees

$ 2,270,403

Independent trustees' compensation

2,752

Total expenses before reductions

2,273,155

Expense reductions

(2,752)

2,270,403

Net investment income (loss)

5,267,447

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(44,653,241)

Capital gain distributions from underlying funds

1,361,853

Total net realized gain (loss)

 

(43,291,388)

Change in net unrealized appreciation (depreciation) on underlying funds

63,579,822

Net gain (loss)

20,288,434

Net increase (decrease) in net assets resulting from operations

$ 25,555,881

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,267,447

$ 20,292,796

Net realized gain (loss)

(43,291,388)

(6,348,081)

Change in net unrealized appreciation (depreciation)

63,579,822

385,554,148

Net increase (decrease) in net assets resulting from operations

25,555,881

399,498,863

Distributions to shareholders from net investment income

(2,395,810)

(20,082,625)

Distributions to shareholders from net realized gain

(4,690,939)

(10,724,553)

Total distributions

(7,086,749)

(30,807,178)

Share transactions - net increase (decrease)

94,804,121

313,035,081

Total increase (decrease) in net assets

113,273,253

681,726,766

 

 

 

Net Assets

Beginning of period

1,462,210,718

780,483,952

End of period (including undistributed net investment income of $5,283,293 and undistributed net investment income of $2,411,656, respectively)

$ 1,575,483,971

$ 1,462,210,718

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.76

$ 7.51

$ 12.26

$ 13.01

$ 12.34

$ 10.96

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.18

.23

.26

.22

.17

Net realized and unrealized gain (loss)

  .13

3.32

(4.36)

(.50)

.90

1.39

Total from investment operations

  .17

3.50

(4.13)

(.24)

1.12

1.56

Distributions from net investment income

  (.02)

(.17)

(.22)

(.22)

(.19)

(.13)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.05)

Total distributions

  (.05)

(.25) H

(.62)

(.51)

(.45)

(.18)

Net asset value, end of period

$ 10.88

$ 10.76

$ 7.51

$ 12.26

$ 13.01

$ 12.34

Total Return B, C, D

  1.64%

46.86%

(34.98)%

(2.14)%

9.26%

14.35%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.25%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.25%

Net investment income (loss)

  .77% A

1.82%

2.41%

1.95%

1.79%

1.44%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,071,497

$ 999,687

$ 512,482

$ 558,890

$ 306,544

$ 128,504

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.25 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.085 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.78

$ 7.52

$ 12.28

$ 13.03

$ 12.35

$ 10.97

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.15

.21

.23

.19

.14

Net realized and unrealized gain (loss)

  .13

3.34

(4.37)

(.51)

.91

1.39

Total from investment operations

  .16

3.49

(4.16)

(.28)

1.10

1.53

Distributions from net investment income

  (.01)

(.15)

(.20)

(.18)

(.16)

(.11)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.05)

Total distributions

  (.05) J

(.23) I

(.60)

(.47)

(.42)

(.15) H

Net asset value, end of period

$ 10.89

$ 10.78

$ 7.52

$ 12.28

$ 13.03

$ 12.35

Total Return B, C, D

  1.47%

46.60%

(35.20)%

(2.40)%

9.10%

14.07%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.50%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.50%

Net investment income (loss)

  .52% A

1.57%

2.16%

1.70%

1.54%

1.19%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 236,070

$ 230,003

$ 139,330

$ 173,946

$ 154,042

$ 83,955

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.15 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $.046 per share. I Total distributions of $.23 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.085 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.012 and distributions from net realized gain of $.034 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.70

$ 7.47

$ 12.17

$ 12.93

$ 12.26

$ 10.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  - I

.10

.16

.16

.13

.08

Net realized and unrealized gain (loss)

  .12

3.32

(4.32)

(.51)

.90

1.38

Total from investment operations

  .12

3.42

(4.16)

(.35)

1.03

1.46

Distributions from net investment income

  -

(.10)

(.14)

(.12)

(.10)

(.07)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.04)

Total distributions

  (.03)

(.19) H

(.54)

(.41)

(.36)

(.11)

Net asset value, end of period

$ 10.79

$ 10.70

$ 7.47

$ 12.17

$ 12.93

$ 12.26

Total Return B, C, D

  1.17%

45.83%

(35.45)%

(2.95)%

8.57%

13.46%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .02% A

1.07%

1.66%

1.20%

1.04%

.69%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 38,128

$ 38,816

$ 27,207

$ 43,016

$ 37,881

$ 27,111

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.19 per share is comprised of distributions from net investment income of $.100 and distributions from net realized gain of $.085 per share. I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.68

$ 7.46

$ 12.16

$ 12.92

$ 12.26

$ 10.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  - H

.10

.16

.16

.13

.08

Net realized and unrealized gain (loss)

  .13

3.31

(4.32)

(.50)

.89

1.38

Total from investment operations

  .13

3.41

(4.16)

(.34)

1.02

1.46

Distributions from net investment income

  - H

(.11)

(.14)

(.13)

(.10)

(.07)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.04)

Total distributions

  (.04) J

(.19) I

(.54)

(.42)

(.36)

(.11)

Net asset value, end of period

$ 10.77

$ 10.68

$ 7.46

$ 12.16

$ 12.92

$ 12.26

Total Return B, C, D

  1.19%

45.83%

(35.44)%

(2.91)%

8.51%

13.46%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .02% A

1.07%

1.66%

1.20%

1.04%

.69%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 54,353

$ 52,756

$ 31,735

$ 40,426

$ 32,679

$ 20,323

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.19 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.085 per share. J Total distributions of $.04 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.034 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.83

$ 7.55

$ 12.33

$ 13.08

$ 12.39

$ 10.99

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .05

.20

.26

.29

.25

.20

Net realized and unrealized gain (loss)

  .13

3.35

(4.39)

(.50)

.91

1.40

Total from investment operations

  .18

3.55

(4.13)

(.21)

1.16

1.60

Distributions from net investment income

  (.03)

(.19)

(.25)

(.25)

(.21)

(.15)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.05)

Total distributions

  (.06)

(.27) H

(.65)

(.54)

(.47)

(.20)

Net asset value, end of period

$ 10.95

$ 10.83

$ 7.55

$ 12.33

$ 13.08

$ 12.39

Total Return B, C

  1.69%

47.31%

(34.83)%

(1.93)%

9.60%

14.69%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.02% A

2.07%

2.66%

2.20%

2.04%

1.69%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 175,435

$ 140,948

$ 69,731

$ 52,762

$ 13,903

$ 5,167

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.085 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2030 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

7.3

3.2

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

4.9

5.7

Fidelity Advisor Equity Income Fund Institutional Class

1.0

4.7

Fidelity Advisor Growth & Income Fund Institutional Class

6.8

8.6

Fidelity Advisor Large Cap Fund Institutional Class

6.8

8.2

Fidelity Advisor Small Cap Fund Institutional Class

2.4

2.6

Fidelity Series 100 Index Fund

5.4

5.4

Fidelity Series All-Sector Equity Fund

9.6

11.2

Fidelity Series Large Cap Value Fund

8.6

6.9

Fidelity Series Small Cap Opportunities Fund

2.5

2.8

 

48.0

56.1

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

3.9

6.1

Fidelity Advisor Overseas Fund Institutional Class

4.0

6.2

Fidelity Series International Growth Fund

4.2

1.4

Fidelity Series International Small Cap Fund

0.9

0.3

Fidelity Series International Value Fund

4.1

1.4

 

17.1

15.4

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.9

2.0

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

7.4

7.5

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

0.9

0.2

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

2.9

2.8

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

1.1

Fidelity Series Investment Grade Bond Fund

13.5

11.7

 

16.4

15.6

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

7.3%

 

fid278

Domestic Equity Funds

48.0%

 

fid263

Developed International Equity Funds

17.1%

 

fid265

Emerging Markets Equity Funds

2.9%

 

fid267

High Yield Bond Funds

7.4%

 

fid269

Inflation-Protected Bond Funds

0.9%

 

fid273

Investment Grade Bond Funds

16.4%

 

fid458

Six months ago

fid259

Commodity Funds

3.2%

 

fid278

Domestic Equity Funds

56.1%

 

fid263

Developed International Equity Funds

15.4%

 

fid265

Emerging Markets Equity Funds

2.0%

 

fid267

High Yield Bond Funds

7.5%

 

fid269

Inflation-Protected Bond Funds

0.2%

 

fid273

Investment Grade Bond Funds

15.6%

 

fid467

Expected

fid259

Commodity Funds

8.1%

 

fid278

Domestic Equity Funds

45.7%

 

fid263

Developed International Equity Funds

16.7%

 

fid265

Emerging Markets Equity Funds

2.9%

 

fid267

High Yield Bond Funds

7.5%

 

fid269

Inflation-Protected Bond Funds

1.3%

 

fid273

Investment Grade Bond Funds

17.8%

 

fid476

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2030 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 55.3%

Shares

Value

Commodity Funds - 7.3%

Fidelity Series Commodity Strategy Fund

11,721,521

$ 128,233,437

Domestic Equity Funds - 48.0%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,705,713

86,377,290

Fidelity Advisor Equity Income Fund Institutional Class

790,127

16,869,210

Fidelity Advisor Growth & Income Fund Institutional Class

7,721,022

118,594,892

Fidelity Advisor Large Cap Fund Institutional Class

7,166,225

119,174,323

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,720,992

42,301,983

Fidelity Series 100 Index Fund

11,623,017

93,681,515

Fidelity Series All-Sector Equity Fund

14,114,884

167,825,974

Fidelity Series Large Cap Value Fund

13,240,369

150,410,587

Fidelity Series Small Cap Opportunities Fund (a)

4,726,434

43,246,869

TOTAL DOMESTIC EQUITY FUNDS

838,482,643

TOTAL DOMESTIC EQUITY FUNDS

(Cost $910,678,789)

966,716,080

International Equity Funds - 20.0%

 

 

 

 

Developed International Equity Funds - 17.1%

Fidelity Advisor Diversified International Fund Institutional Class

4,466,494

68,158,691

Fidelity Advisor Overseas Fund Institutional Class

4,030,903

69,170,299

Fidelity Series International Growth Fund

7,173,275

74,386,859

Fidelity Series International Small Cap Fund

1,366,469

15,017,499

Fidelity Series International Value Fund

7,593,232

72,363,505

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

299,096,853

 

Shares

Value

Emerging Markets Equity Funds - 2.9%

Fidelity Series Emerging Markets Fund

2,800,941

$ 50,584,993

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $327,187,312)

349,681,846

Bond Funds - 24.7%

 

 

 

 

High Yield Bond Funds - 7.4%

Fidelity Advisor High Income Advantage Fund Institutional Class

14,169,553

129,226,320

Inflation-Protected Bond Funds - 0.9%

Fidelity Series Inflation-Protected Bond Index Fund

1,395,093

14,885,646

Investment Grade Bond Funds - 16.4%

Fidelity Advisor Strategic Real Return Fund Institutional Class

5,674,321

51,693,065

Fidelity Advisor Total Bond Fund Institutional Class

1,400

15,501

Fidelity Series Investment Grade Bond Fund

19,685,768

235,244,925

TOTAL INVESTMENT GRADE BOND FUNDS

286,953,491

TOTAL BOND FUNDS

(Cost $406,472,956)

431,065,457

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,644,339,057)

1,747,463,383

NET OTHER ASSETS (LIABILITIES) - 0.0%

(474,467)

NET ASSETS - 100%

$ 1,746,988,916

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $75,012,132 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $40,381,036 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2030 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,644,339,057) - See accompanying schedule

$ 1,747,463,383

Cash

2,482

Receivable for investments sold

2,099,408

Receivable for fund shares sold

1,699,316

Total assets

1,751,264,589

 

 

 

Liabilities

Payable for investments purchased

$ 1,411,982

Payable for fund shares redeemed

2,404,821

Distribution and service plan fees payable

458,870

Total liabilities

4,275,673

 

 

 

Net Assets

$ 1,746,988,916

Net Assets consist of:

 

Paid in capital

$ 1,832,703,849

Undistributed net investment income

5,116,149

Accumulated undistributed net realized gain (loss) on investments

(193,955,408)

Net unrealized appreciation (depreciation) on investments

103,124,326

Net Assets

$ 1,746,988,916

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,097,107,067 ÷ 96,557,883 shares)

$ 11.36

 

 

 

Maximum offering price per share (100/94.25 of $11.36)

$ 12.05

Class T:
Net Asset Value and redemption price per share ($317,994,459 ÷ 28,094,299 shares)

$ 11.32

 

 

 

Maximum offering price per share (100/96.50 of $11.32)

$ 11.73

Class B:
Net Asset Value and offering price per share ($49,627,378 ÷ 4,405,997 shares)A

$ 11.26

 

 

 

Class C:
Net Asset Value and offering price per share ($62,464,328 ÷ 5,556,197 shares)A

$ 11.24

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($219,795,684 ÷ 19,253,896 shares)

$ 11.42

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 7,943,379

 

 

 

Expenses

Distribution and service plan fees

$ 2,773,028

Independent trustees' compensation

3,208

Total expenses before reductions

2,776,236

Expense reductions

(3,208)

2,773,028

Net investment income (loss)

5,170,351

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(70,322,785)

Capital gain distributions from underlying fund shares

1,695,425

Total net realized gain (loss)

 

(68,627,360)

Change in net unrealized appreciation (depreciation) on underlying funds

85,531,687

Net gain (loss)

16,904,327

Net increase (decrease) in net assets resulting from operations

$ 22,074,678

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,170,351

$ 20,740,984

Net realized gain (loss)

(68,627,360)

(16,413,025)

Change in net unrealized appreciation (depreciation)

85,531,687

493,374,347

Net increase (decrease) in net assets resulting from operations

22,074,678

497,702,306

Distributions to shareholders from net investment income

(2,440,191)

(19,871,061)

Distributions to shareholders from net realized gain

(5,804,643)

(13,024,758)

Total distributions

(8,244,834)

(32,895,819)

Share transactions - net increase (decrease)

26,804,277

319,644,448

Total increase (decrease) in net assets

40,634,121

784,450,935

 

 

 

Net Assets

Beginning of period

1,706,354,795

921,903,860

End of period (including undistributed net investment income of $5,116,149 and undistributed net investment income of $2,385,989, respectively)

$ 1,746,988,916

$ 1,706,354,795

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.29

$ 7.69

$ 13.29

$ 14.27

$ 13.47

$ 11.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.16

.21

.22

.20

.15

Net realized and unrealized gain (loss)

  .09

3.68

(5.10)

(.63)

1.09

1.70

Total from investment operations

  .13

3.84

(4.89)

(.41)

1.29

1.85

Distributions from net investment income

  (.02)

(.15)

(.21)

(.19)

(.18)

(.11)

Distributions from net realized gain

  (.04)

(.09)

(.50)

(.38)

(.31)

(.08)

Total distributions

  (.06)

(.24) H

(.71)

(.57)

(.49)

(.19)

Net asset value, end of period

$ 11.36

$ 11.29

$ 7.69

$ 13.29

$ 14.27

$ 13.47

Total Return B, C, D

  1.15%

50.17%

(38.49)%

(3.22)%

9.82%

15.84%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .68% A

1.61%

2.08%

1.53%

1.49%

1.17%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,097,107

$ 1,030,972

$ 527,042

$ 626,641

$ 343,345

$ 156,916

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.24 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.093 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.25

$ 7.67

$ 13.25

$ 14.23

$ 13.43

$ 11.78

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .02

.14

.19

.19

.17

.11

Net realized and unrealized gain (loss)

  .10

3.66

(5.09)

(.64)

1.09

1.70

Total from investment operations

  .12

3.80

(4.90)

(.45)

1.26

1.81

Distributions from net investment income

  (.01)

(.13)

(.18)

(.15)

(.15)

(.09)

Distributions from net realized gain

  (.04)

(.09)

(.50)

(.38)

(.31)

(.08)

Total distributions

  (.05)

(.22) I

(.68)

(.53)

(.46)

(.16) H

Net asset value, end of period

$ 11.32

$ 11.25

$ 7.67

$ 13.25

$ 14.23

$ 13.43

Total Return B, C, D

  1.08%

49.72%

(38.62)%

(3.49)%

9.59%

15.52%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .43% A

1.36%

1.83%

1.28%

1.24%

.92%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 317,994

$ 382,092

$ 236,333

$ 297,618

$ 281,508

$ 184,029

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.16 per share is comprised of distributions from net investment income of $.087 and distributions from net realized gain of $.077 per share. I Total distributions of $.22 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.093 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.21

$ 7.64

$ 13.17

$ 14.15

$ 13.37

$ 11.74

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  - I

.09

.14

.11

.10

.05

Net realized and unrealized gain (loss)

  .08

3.65

(5.06)

(.63)

1.08

1.70

Total from investment operations

  .08

3.74

(4.92)

(.52)

1.18

1.75

Distributions from net investment income

  -

(.08)

(.11)

(.09)

(.09)

(.05)

Distributions from net realized gain

  (.03)

(.09)

(.50)

(.37)

(.31)

(.07)

Total distributions

  (.03)

(.17) H

(.61)

(.46)

(.40)

(.12)

Net asset value, end of period

$ 11.26

$ 11.21

$ 7.64

$ 13.17

$ 14.15

$ 13.37

Total Return B, C, D

  .77%

49.07%

(38.94)%

(3.96)%

8.98%

14.96%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  (.07)% A

.86%

1.33%

.78%

.74%

.42%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 49,627

$ 51,360

$ 35,701

$ 60,367

$ 56,845

$ 43,099

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.17 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.092 per share. I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.19

$ 7.63

$ 13.17

$ 14.15

$ 13.37

$ 11.74

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  - I

.09

.14

.11

.10

.05

Net realized and unrealized gain (loss)

  .09

3.65

(5.06)

(.63)

1.08

1.70

Total from investment operations

  .09

3.74

(4.92)

(.52)

1.18

1.75

Distributions from net investment income

  -

(.08)

(.12)

(.09)

(.09)

(.05)

Distributions from net realized gain

  (.04)

(.09)

(.50)

(.37)

(.31)

(.07)

Total distributions

  (.04)

(.18) H

(.62)

(.46)

(.40)

(.12)

Net asset value, end of period

$ 11.24

$ 11.19

$ 7.63

$ 13.17

$ 14.15

$ 13.37

Total Return B, C, D

  .78%

49.06%

(38.96)%

(3.95)%

9.00%

14.99%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  (.07)% A

.86%

1.33%

.78%

.74%

.42%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 62,464

$ 63,700

$ 40,294

$ 58,768

$ 54,338

$ 37,940

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.18 per share is comprised of distributions from net investment income of $.083 and distributions from net realized gain of $.093 per share. I Amount represents less than $.01 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.33

$ 7.72

$ 13.34

$ 14.32

$ 13.51

$ 11.84

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .05

.19

.23

.26

.24

.18

Net realized and unrealized gain (loss)

  .10

3.69

(5.11)

(.64)

1.09

1.71

Total from investment operations

  .15

3.88

(4.88)

(.38)

1.33

1.89

Distributions from net investment income

  (.02)

(.17)

(.24)

(.22)

(.21)

(.13)

Distributions from net realized gain

  (.04)

(.09)

(.50)

(.38)

(.31)

(.09)

Total distributions

  (.06)

(.27) H

(.74)

(.60)

(.52)

(.22)

Net asset value, end of period

$ 11.42

$ 11.33

$ 7.72

$ 13.34

$ 14.32

$ 13.51

Total Return B, C

  1.38%

50.42%

(38.31)%

(3.01)%

10.08%

16.10%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  .93% A

1.86%

2.33%

1.78%

1.74%

1.42%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 219,796

$ 178,232

$ 82,534

$ 69,011

$ 24,902

$ 10,918

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.093 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2035 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.0

3.5

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

5.5

6.2

Fidelity Advisor Equity Income Fund Institutional Class

1.1

5.0

Fidelity Advisor Growth & Income Fund Institutional Class

7.5

9.2

Fidelity Advisor Large Cap Fund Institutional Class

7.5

8.9

Fidelity Advisor Small Cap Fund Institutional Class

2.7

2.8

Fidelity Series 100 Index Fund

6.0

5.8

Fidelity Series All-Sector Equity Fund

10.6

12.1

Fidelity Series Large Cap Value Fund

9.4

7.4

Fidelity Series Small Cap Opportunities Fund

2.7

3.1

 

53.0

60.5

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

4.3

6.6

Fidelity Advisor Overseas Fund Institutional Class

4.4

6.6

Fidelity Series International Growth Fund

4.6

1.6

Fidelity Series International Small Cap Fund

0.9

0.3

Fidelity Series International Value Fund

4.5

1.5

 

18.7

16.6

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.2

2.2

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

7.4

7.5

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

1.7

1.7

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

0.7

Fidelity Series Investment Grade Bond Fund

8.0

7.3

 

9.7

9.7

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

8.0%

 

fid263

Domestic Equity Funds

53.0%

 

fid265

Developed International Equity Funds

18.7%

 

fid267

Emerging Markets Equity Funds

3.2%

 

fid269

High Yield Bond Funds

7.4%

 

fid273

Investment Grade Bond Funds

9.7%

 

fid484

Six months ago

fid259

Commodity Funds

3.5%

 

fid263

Domestic Equity Funds

60.5%

 

fid265

Developed International Equity Funds

16.6%

 

fid267

Emerging Markets Equity Funds

2.2%

 

fid269

High Yield Bond Funds

7.5%

 

fid273

Investment Grade Bond Funds

9.7%

 

fid492

Expected

fid259

Commodity Funds

9.1%

 

fid263

Domestic Equity Funds

51.3%

 

fid265

Developed International Equity Funds

18.7%

 

fid267

Emerging Markets Equity Funds

3.3%

 

fid269

High Yield Bond Funds

7.5%

 

fid273

Investment Grade Bond Funds

10.1%

 

fid500

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom 2035 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.0%

Shares

Value

Commodity Funds - 8.0%

Fidelity Series Commodity Strategy Fund

7,709,327

$ 84,340,042

Domestic Equity Funds - 53.0%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,142,611

57,861,821

Fidelity Advisor Equity Income Fund Institutional Class

553,020

11,806,985

Fidelity Advisor Growth & Income Fund Institutional Class

5,213,298

80,076,253

Fidelity Advisor Large Cap Fund Institutional Class

4,760,029

79,159,275

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,156,315

28,422,221

Fidelity Series 100 Index Fund

7,846,849

63,245,599

Fidelity Series All-Sector Equity Fund

9,456,124

112,433,314

Fidelity Series Large Cap Value Fund

8,806,430

100,041,048

Fidelity Series Small Cap Opportunities Fund (a)

3,156,224

28,879,445

TOTAL DOMESTIC EQUITY FUNDS

561,925,961

TOTAL DOMESTIC EQUITY FUNDS

(Cost $619,041,557)

646,266,003

International Equity Funds - 21.9%

 

 

 

 

Developed International Equity Funds - 18.7%

Fidelity Advisor Diversified International Fund Institutional Class

2,977,424

45,435,490

Fidelity Advisor Overseas Fund Institutional Class

2,678,923

45,970,318

Fidelity Series International Growth Fund

4,720,057

48,946,988

Fidelity Series International Small Cap Fund

896,815

9,855,992

Fidelity Series International Value Fund

5,003,187

47,680,373

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

197,889,161

 

Shares

Value

Emerging Markets Equity Funds - 3.2%

Fidelity Series Emerging Markets Fund

1,864,326

$ 33,669,735

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $217,385,641)

231,558,896

Bond Funds - 17.1%

 

 

 

 

High Yield Bond Funds - 7.4%

Fidelity Advisor High Income Advantage Fund Institutional Class

8,593,396

78,371,776

Investment Grade Bond Funds - 9.7%

Fidelity Advisor Strategic Real Return Fund Institutional Class

2,029,062

18,484,753

Fidelity Advisor Total Bond Fund Institutional Class

462

5,119

Fidelity Series Investment Grade Bond Fund

7,096,260

84,800,301

TOTAL INVESTMENT GRADE BOND FUNDS

103,290,173

TOTAL BOND FUNDS

(Cost $170,660,490)

181,661,949

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,007,087,688)

1,059,486,848

NET OTHER ASSETS (LIABILITIES) - 0.0%

(256,119)

NET ASSETS - 100%

$ 1,059,230,729

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $37,616,185 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $14,528,420 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2035 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,007,087,688) - See accompanying schedule

$ 1,059,486,848

Cash

12

Receivable for investments sold

1,114,687

Receivable for fund shares sold

1,188,416

Total assets

1,061,789,963

 

 

 

Liabilities

Payable for investments purchased

$ 460,845

Payable for fund shares redeemed

1,842,417

Distribution and service plan fees payable

255,972

Total liabilities

2,559,234

 

 

 

Net Assets

$ 1,059,230,729

Net Assets consist of:

 

Paid in capital

$ 1,096,643,358

Undistributed net investment income

2,263,604

Accumulated undistributed net realized gain (loss) on investments

(92,075,393)

Net unrealized appreciation (depreciation) on investments

52,399,160

Net Assets

$ 1,059,230,729

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($720,509,866 ÷ 67,473,169 shares)

$ 10.68

 

 

 

Maximum offering price per share (100/94.25 of $10.68)

$ 11.33

Class T:
Net Asset Value and redemption price per share ($151,829,222 ÷ 14,291,101 shares)

$ 10.62

 

 

 

Maximum offering price per share (100/96.50 of $10.62)

$ 11.01

Class B:
Net Asset Value and offering price per share ($27,030,336 ÷ 2,566,060 shares)A

$ 10.53

 

 

 

Class C:
Net Asset Value and offering price per share ($31,468,160 ÷ 2,987,545 shares)A

$ 10.53

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($128,393,145 ÷ 11,965,232 shares)

$ 10.73

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 3,716,770

 

 

 

Expenses

Distribution and service plan fees

$ 1,478,892

Independent trustees' compensation

1,822

Total expenses before reductions

1,480,714

Expense reductions

(1,822)

1,478,892

Net investment income (loss)

2,237,878

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(34,318,252)

Capital gain distributions from underlying funds

1,070,150

Total net realized gain (loss)

 

(33,248,102)

Change in net unrealized appreciation (depreciation) on underlying funds

41,726,489

Net gain (loss)

8,478,387

Net increase (decrease) in net assets resulting from operations

$ 10,716,265

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,237,878

$ 10,755,699

Net realized gain (loss)

(33,248,102)

(5,148,261)

Change in net unrealized appreciation (depreciation)

41,726,489

267,687,993

Net increase (decrease) in net assets resulting from operations

10,716,265

273,295,431

Distributions to shareholders from net investment income

(847,928)

(10,794,748)

Distributions to shareholders from net realized gain

(3,762,336)

(6,934,476)

Total distributions

(4,610,264)

(17,729,224)

Share transactions - net increase (decrease)

84,537,249

237,182,238

Total increase (decrease) in net assets

90,643,250

492,748,445

 

 

 

Net Assets

Beginning of period

968,587,479

475,839,034

End of period (including undistributed net investment income of $2,263,604 and undistributed net investment income of $873,654, respectively)

$ 1,059,230,729

$ 968,587,479

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.65

$ 7.18

$ 12.53

$ 13.44

$ 12.67

$ 11.06

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.14

.20

.20

.19

.14

Net realized and unrealized gain (loss)

  .05

3.55

(4.92)

(.60)

1.02

1.62

Total from investment operations

  .08

3.69

(4.72)

(.40)

1.21

1.76

Distributions from net investment income

  (.01)

(.14)

(.18)

(.17)

(.15)

(.11)

Distributions from net realized gain

  (.04)

(.08)

(.45)

(.34)

(.29)

(.04)

Total distributions

  (.05)

(.22)

(.63) I

(.51)

(.44) H

(.15)

Net asset value, end of period

$ 10.68

$ 10.65

$ 7.18

$ 12.53

$ 13.44

$ 12.67

Total Return B, C, D

  .79%

51.59%

(39.29)%

(3.34)%

9.74%

16.03%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.25%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.25%

Net investment income (loss)

  .51% A

1.51%

2.04%

1.51%

1.48%

1.20%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 720,510

$ 669,450

$ 314,996

$ 336,805

$ 146,175

$ 49,877

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.287 per share. I Total distributions of $.63 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.445 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.60

$ 7.15

$ 12.47

$ 13.38

$ 12.62

$ 11.02

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.17

.17

.16

.11

Net realized and unrealized gain (loss)

  .06

3.53

(4.89)

(.62)

1.01

1.63

Total from investment operations

  .07

3.65

(4.72)

(.45)

1.17

1.74

Distributions from net investment income

  - H

(.12)

(.16)

(.13)

(.13)

(.10)

Distributions from net realized gain

  (.04)

(.08)

(.45)

(.33)

(.28)

(.04)

Total distributions

  (.05) K

(.20)

(.60) J

(.46)

(.41) I

(.14)

Net asset value, end of period

$ 10.62

$ 10.60

$ 7.15

$ 12.47

$ 13.38

$ 12.62

Total Return B, C, D

  .64%

51.17%

(39.42)%

(3.66)%

9.46%

15.84%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.50%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.50%

Net investment income (loss)

  .26% A

1.26%

1.79%

1.26%

1.23%

.95%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 151,829

$ 143,106

$ 81,463

$ 99,531

$ 84,368

$ 45,421

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.41 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.280 per share. J Total distributions of $.60 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.445 per share. K Total distributions of $.05 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.041 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.52

$ 7.10

$ 12.38

$ 13.29

$ 12.54

$ 10.98

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

.07

.13

.10

.09

.05

Net realized and unrealized gain (loss)

  .05

3.50

(4.86)

(.61)

1.02

1.61

Total from investment operations

  .04

3.57

(4.73)

(.51)

1.11

1.66

Distributions from net investment income

  -

(.07)

(.10)

(.08)

(.09)

(.06)

Distributions from net realized gain

  (.03)

(.08)

(.45)

(.32)

(.27)

(.04)

Total distributions

  (.03)

(.15)

(.55) I

(.40)

(.36) H

(.10)

Net asset value, end of period

$ 10.53

$ 10.52

$ 7.10

$ 12.38

$ 13.29

$ 12.54

Total Return B, C, D

  .42%

50.43%

(39.76)%

(4.10)%

8.98%

15.17%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Net investment income (loss)

  (.24)% A

.76%

1.30%

.76%

.73%

.45%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 27,030

$ 27,408

$ 17,892

$ 27,854

$ 23,065

$ 15,351

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.36 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.270 per share. I Total distributions of $.55 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.445 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.52

$ 7.11

$ 12.39

$ 13.30

$ 12.55

$ 10.99

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

.07

.12

.10

.09

.05

Net realized and unrealized gain (loss)

  .05

3.50

(4.85)

(.61)

1.02

1.61

Total from investment operations

  .04

3.57

(4.73)

(.51)

1.11

1.66

Distributions from net investment income

  -

(.08)

(.11)

(.08)

(.09)

(.06)

Distributions from net realized gain

  (.03)

(.08)

(.45)

(.32)

(.27)

(.04)

Total distributions

  (.03)

(.16)

(.55) I

(.40)

(.36) H

(.10)

Net asset value, end of period

$ 10.53

$ 10.52

$ 7.11

$ 12.39

$ 13.30

$ 12.55

Total Return B, C, D

  .43%

50.28%

(39.70)%

(4.10)%

8.99%

15.15%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Net investment income (loss)

  (.24)% A

.76%

1.29%

.76%

.73%

.45%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 31,468

$ 30,994

$ 17,821

$ 23,168

$ 19,041

$ 12,023

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.36 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.270 per share. I Total distributions of $.55 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.445 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.69

$ 7.21

$ 12.57

$ 13.49

$ 12.71

$ 11.07

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .04

.17

.22

.24

.22

.17

Net realized and unrealized gain (loss)

  .06

3.55

(4.93)

(.62)

1.02

1.64

Total from investment operations

  .10

3.72

(4.71)

(.38)

1.24

1.81

Distributions from net investment income

  (.02)

(.16)

(.21)

(.20)

(.18)

(.13)

Distributions from net realized gain

  (.04)

(.08)

(.45)

(.34)

(.29)

(.04)

Total distributions

  (.06)

(.24)

(.65) I

(.54)

(.46) H

(.17)

Net asset value, end of period

$ 10.73

$ 10.69

$ 7.21

$ 12.57

$ 13.49

$ 12.71

Total Return B, C

  .94%

51.81%

(39.08)%

(3.19)%

9.98%

16.45%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  .76% A

1.76%

2.29%

1.76%

1.72%

1.45%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 128,393

$ 97,629

$ 43,667

$ 34,162

$ 6,371

$ 2,207

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.46 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.287 per share. I Total distributions of $.65 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.445 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.2

3.6

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

5.5

6.3

Fidelity Advisor Equity Income Fund Institutional Class

1.1

5.1

Fidelity Advisor Growth & Income Fund Institutional Class

7.5

9.4

Fidelity Advisor Large Cap Fund Institutional Class

7.6

9.0

Fidelity Advisor Small Cap Fund Institutional Class

2.7

2.9

Fidelity Series 100 Index Fund

6.0

5.9

Fidelity Series All-Sector Equity Fund

10.7

12.2

Fidelity Series Large Cap Value Fund

9.6

7.5

Fidelity Series Small Cap Opportunities Fund

2.8

3.1

 

53.5

61.4

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

4.3

6.7

Fidelity Advisor Overseas Fund Institutional Class

4.4

6.7

Fidelity Series International Growth Fund

4.8

1.6

Fidelity Series International Small Cap Fund

1.0

0.3

Fidelity Series International Value Fund

4.6

1.6

 

19.1

16.9

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.2

2.2

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

8.4

8.8

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

1.3

1.3

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

0.5

Fidelity Series Investment Grade Bond Fund

6.3

5.3

 

7.6

7.1

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

8.2%

 

fid263

Domestic Equity Funds

53.5%

 

fid265

Developed International Equity Funds

19.1%

 

fid267

Emerging Markets Equity Funds

3.2%

 

fid269

High Yield Bond Funds

8.4%

 

fid273

Investment Grade Bond Funds

7.6%

 

fid508

Six months ago

fid259

Commodity Funds

3.6%

 

fid263

Domestic Equity Funds

61.4%

 

fid265

Developed International Equity Funds

16.9%

 

fid267

Emerging Markets Equity Funds

2.2%

 

fid269

High Yield Bond Funds

8.8%

 

fid273

Investment Grade Bond Funds

7.1%

 

fid516

Expected

fid259

Commodity Funds

9.2%

 

fid263

Domestic Equity Funds

51.9%

 

fid265

Developed International Equity Funds

18.9%

 

fid267

Emerging Markets Equity Funds

3.3%

 

fid269

High Yield Bond Funds

8.2%

 

fid273

Investment Grade Bond Funds

8.5%

 

fid524

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.7%

Shares

Value

Commodity Funds - 8.2%

Fidelity Series Commodity Strategy Fund

9,091,846

$ 99,464,793

Domestic Equity Funds - 53.5%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,320,980

66,894,446

Fidelity Advisor Equity Income Fund Institutional Class

618,082

13,196,047

Fidelity Advisor Growth & Income Fund Institutional Class

5,971,588

91,723,598

Fidelity Advisor Large Cap Fund Institutional Class

5,547,393

92,253,139

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,334,507

32,802,191

Fidelity Series 100 Index Fund

9,015,982

72,668,812

Fidelity Series All-Sector Equity Fund

10,923,098

129,875,637

Fidelity Series Large Cap Value Fund

10,243,123

116,361,873

Fidelity Series Small Cap Opportunities Fund (a)

3,669,192

33,573,110

TOTAL DOMESTIC EQUITY FUNDS

649,348,853

TOTAL DOMESTIC EQUITY FUNDS

(Cost $764,240,089)

748,813,646

International Equity Funds - 22.3%

 

 

 

 

Developed International Equity Funds - 19.1%

Fidelity Advisor Diversified International Fund Institutional Class

3,452,188

52,680,395

Fidelity Advisor Overseas Fund Institutional Class

3,113,258

53,423,510

Fidelity Series International Growth Fund

5,561,105

57,668,655

Fidelity Series International Small Cap Fund

1,063,260

11,685,229

Fidelity Series International Value Fund

5,896,629

56,194,871

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

231,652,660

 

Shares

Value

Emerging Markets Equity Funds - 3.2%

Fidelity Series Emerging Markets Fund

2,167,525

$ 39,145,505

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $289,856,292)

270,798,165

Bond Funds - 16.0%

 

 

 

 

High Yield Bond Funds - 8.4%

Fidelity Advisor High Income Advantage Fund Institutional Class

11,145,506

101,647,019

Investment Grade Bond Funds - 7.6%

Fidelity Advisor Strategic Real Return Fund Institutional Class

1,830,286

16,673,904

Fidelity Advisor Total Bond Fund Institutional Class

452

5,006

Fidelity Series Investment Grade Bond Fund

6,387,370

76,329,070

TOTAL INVESTMENT GRADE BOND FUNDS

93,007,980

TOTAL BOND FUNDS

(Cost $195,373,909)

194,654,999

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,249,470,290)

1,214,266,810

NET OTHER ASSETS (LIABILITIES) - 0.0%

(340,207)

NET ASSETS - 100%

$ 1,213,926,603

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $36,100,262 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,249,470,290) - See accompanying schedule

$ 1,214,266,810

Cash

7

Receivable for investments sold

3,396,023

Receivable for fund shares sold

1,698,302

Total assets

1,219,361,142

 

 

 

Liabilities

Payable for investments purchased

$ 261,948

Payable for fund shares redeemed

4,837,423

Distribution and service plan fees payable

335,168

Total liabilities

5,434,539

 

 

 

Net Assets

$ 1,213,926,603

Net Assets consist of:

 

Paid in capital

$ 1,284,311,135

Undistributed net investment income

2,496,780

Accumulated undistributed net realized gain (loss) on investments

(37,677,832)

Net unrealized appreciation (depreciation) on investments

(35,203,480)

Net Assets

$ 1,213,926,603

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($707,958,148 ÷ 62,130,052 shares)

$ 11.39

 

 

 

Maximum offering price per share (100/94.25 of $11.39)

$ 12.08

Class T:
Net Asset Value and redemption price per share ($252,140,079 ÷ 22,205,688 shares)

$ 11.35

 

 

 

Maximum offering price per share (100/96.50 of $11.35)

$ 11.76

Class B:
Net Asset Value and offering price per share ($42,020,133 ÷ 3,732,764 shares)A

$ 11.26

 

 

 

Class C:
Net Asset Value and offering price per share ($53,353,704 ÷ 4,744,771 shares)A

$ 11.24

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($158,454,539 ÷ 13,841,845 shares)

$ 11.45

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 4,553,600

 

 

 

Expenses

Distribution and service plan fees

$ 2,023,479

Independent trustees' compensation

2,228

Total expenses before reductions

2,025,707

Expense reductions

(2,228)

2,023,479

Net investment income (loss)

2,530,121

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

2,122,086

Capital gain distributions from underlying Funds

1,306,901

Total net realized gain (loss)

 

3,428,987

Change in net unrealized appreciation (depreciation) on underlying funds

3,323,016

Net gain (loss)

6,752,003

Net increase (decrease) in net assets resulting from operations

$ 9,282,124

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,530,121

$ 13,624,680

Net realized gain (loss)

3,428,987

36,682,501

Change in net unrealized appreciation (depreciation)

3,323,016

319,580,977

Net increase (decrease) in net assets resulting from operations

9,282,124

369,888,158

Distributions to shareholders from net investment income

(960,067)

(13,844,304)

Distributions to shareholders from net realized gain

(4,712,476)

(8,692,491)

Total distributions

(5,672,543)

(22,536,795)

Share transactions - net increase (decrease)

15,503,485

202,733,553

Total increase (decrease) in net assets

19,113,066

550,084,916

 

 

 

Net Assets

Beginning of period

1,194,813,537

644,728,621

End of period (including undistributed net investment income of $2,496,780 and undistributed net investment income of $926,726, respectively)

$ 1,213,926,603

$ 1,194,813,537

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.37

$ 7.59

$ 13.57

$ 14.69

$ 13.83

$ 12.03

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.15

.21

.22

.21

.15

Net realized and unrealized gain (loss)

  .05

3.87

(5.44)

(.74)

1.16

1.84

Total from investment operations

  .08

4.02

(5.23)

(.52)

1.37

1.99

Distributions from net investment income

  (.01)

(.15)

(.20)

(.20)

(.18)

(.12)

Distributions from net realized gain

  (.05)

(.09)

(.56)

(.40)

(.33)

(.07)

Total distributions

  (.06)

(.24)

(.75) I

(.60)

(.51) H

(.19)

Net asset value, end of period

$ 11.39

$ 11.37

$ 7.59

$ 13.57

$ 14.69

$ 13.83

Total Return B, C, D

  .70%

53.15%

(40.42)%

(3.92)%

10.09%

16.65%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .52% A

1.52%

2.02%

1.47%

1.48%

1.18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 707,958

$ 670,673

$ 342,357

$ 428,381

$ 263,733

$ 133,817

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.51 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.325 per share. I Total distributions of $.75 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.555 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.34

$ 7.57

$ 13.54

$ 14.64

$ 13.79

$ 12.00

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.18

.18

.17

.12

Net realized and unrealized gain (loss)

  .05

3.86

(5.43)

(.72)

1.16

1.83

Total from investment operations

  .06

3.99

(5.25)

(.54)

1.33

1.95

Distributions from net investment income

  - H

(.13)

(.17)

(.16)

(.15)

(.10)

Distributions from net realized gain

  (.05)

(.09)

(.56)

(.40)

(.33)

(.06)

Total distributions

  (.05)

(.22)

(.72) J

(.56)

(.48) I

(.16)

Net asset value, end of period

$ 11.35

$ 11.34

$ 7.57

$ 13.54

$ 14.64

$ 13.79

Total Return B, C, D

  .55%

52.83%

(40.61)%

(4.05)%

9.81%

16.35%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .27% A

1.27%

1.77%

1.22%

1.23%

.93%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 252,140

$ 300,594

$ 181,917

$ 238,675

$ 221,815

$ 136,679

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.48 per share is comprised of distributions from net investment income of $.150 and distributions from net realized gain of $.325 per share. J Total distributions of $.72 per share is comprised of distributions from net investment income of $.168 and distributions from net realized gain of $.555 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.26

$ 7.52

$ 13.42

$ 14.53

$ 13.70

$ 11.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

.08

.13

.11

.10

.05

Net realized and unrealized gain (loss)

  .05

3.83

(5.37)

(.73)

1.14

1.83

Total from investment operations

  .04

3.91

(5.24)

(.62)

1.24

1.88

Distributions from net investment income

  -

(.08)

(.11)

(.10)

(.10)

(.06)

Distributions from net realized gain

  (.04)

(.09)

(.55)

(.39)

(.32)

(.06)

Total distributions

  (.04)

(.17)

(.66) I

(.49)

(.41) H

(.12)

Net asset value, end of period

$ 11.26

$ 11.26

$ 7.52

$ 13.42

$ 14.53

$ 13.70

Total Return B, C, D

  .33%

52.08%

(40.85)%

(4.59)%

9.25%

15.81%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  (.23)% A

.77%

1.28%

.72%

.73%

.43%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 42,020

$ 43,773

$ 29,479

$ 50,827

$ 46,110

$ 32,658

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.41 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share. I Total distributions of $.66 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.550 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.25

$ 7.51

$ 13.42

$ 14.52

$ 13.70

$ 11.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

.08

.13

.11

.10

.05

Net realized and unrealized gain (loss)

  .04

3.83

(5.37)

(.72)

1.13

1.83

Total from investment operations

  .03

3.91

(5.24)

(.61)

1.23

1.88

Distributions from net investment income

  -

(.08)

(.12)

(.10)

(.10)

(.06)

Distributions from net realized gain

  (.04)

(.09)

(.55)

(.39)

(.32)

(.06)

Total distributions

  (.04)

(.17)

(.67) I

(.49)

(.41) H

(.12)

Net asset value, end of period

$ 11.24

$ 11.25

$ 7.51

$ 13.42

$ 14.52

$ 13.70

Total Return B, C, D

  .24%

52.18%

(40.91)%

(4.54)%

9.17%

15.82%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  (.23)% A

.77%

1.28%

.72%

.73%

.43%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 53,354

$ 53,334

$ 34,036

$ 54,549

$ 54,022

$ 38,947

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.41 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share. I Total distributions of $.67 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.550 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.42

$ 7.62

$ 13.62

$ 14.74

$ 13.87

$ 12.05

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .04

.18

.23

.25

.24

.18

Net realized and unrealized gain (loss)

  .05

3.88

(5.45)

(.74)

1.17

1.85

Total from investment operations

  .09

4.06

(5.22)

(.49)

1.41

2.03

Distributions from net investment income

  (.02)

(.17)

(.22)

(.23)

(.21)

(.14)

Distributions from net realized gain

  (.05)

(.09)

(.56)

(.40)

(.33)

(.07)

Total distributions

  (.06) J

(.26)

(.78) I

(.63)

(.54) H

(.21)

Net asset value, end of period

$ 11.45

$ 11.42

$ 7.62

$ 13.62

$ 14.74

$ 13.87

Total Return B, C

  .84%

53.53%

(40.24)%

(3.70)%

10.36%

16.99%

Ratios to Average Net Assets E, F

 

 

 

 

 

 

Expenses before reductions

  .00% A,G

.00% G

.00% G

.00% G

.00% G

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  .77% A

1.77%

2.27%

1.72%

1.73%

1.43%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 158,455

$ 126,440

$ 56,940

$ 46,457

$ 19,197

$ 7,227

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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. G Amount represents less than .01%. H Total distributions of $.54 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.325 per share. I Total distributions of $.78 per share is comprised of distributions from net investment income of $.224 and distributions from net realized gain of $.555 per share. J Total distributions of $.06 per share is comprised of distributions from net investment income of $.017 and distributions from net realized gain of $.045 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2045 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.2

3.7

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

5.6

6.3

Fidelity Advisor Equity Income Fund Institutional Class

1.1

5.1

Fidelity Advisor Growth & Income Fund Institutional Class

7.8

9.5

Fidelity Advisor Large Cap Fund Institutional Class

7.7

9.1

Fidelity Advisor Small Cap Fund Institutional Class

2.8

2.9

Fidelity Series 100 Index Fund

6.2

6.0

Fidelity Series All-Sector Equity Fund

10.9

12.4

Fidelity Series Large Cap Value Fund

9.7

7.7

Fidelity Series Small Cap Opportunities Fund

2.8

3.1

 

54.6

62.1

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

4.4

6.8

Fidelity Advisor Overseas Fund Institutional Class

4.4

6.8

Fidelity Series International Growth Fund

4.8

1.6

Fidelity Series International Small Cap Fund

0.9

0.3

Fidelity Series International Value Fund

4.7

1.6

 

19.2

17.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.3

2.3

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

9.8

9.9

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

0.9

0.8

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

0.4

Fidelity Series Investment Grade Bond Fund

4.0

3.7

 

4.9

4.9

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

8.2%

 

fid263

Domestic Equity Funds

54.6%

 

fid265

Developed International Equity Funds

19.2%

 

fid267

Emerging Markets Equity Funds

3.3%

 

fid269

High Yield Bond Funds

9.8%

 

fid273

Investment Grade Bond Funds

4.9%

 

fid532

Six months ago

fid534

Commodity Funds

3.7%

 

fid263

Domestic Equity Funds

62.1%

 

fid265

Developed International Equity Funds

17.1%

 

fid267

Emerging Markets Equity Funds

2.3%

 

fid269

High Yield Bond Funds

9.9%

 

fid273

Investment Grade Bond Funds

4.9%

 

fid541

Expected

fid259

Commodity Funds

9.4%

 

fid263

Domestic Equity Funds

52.9%

 

fid265

Developed International Equity Funds

19.3%

 

fid267

Emerging Markets Equity Funds

3.4%

 

fid269

High Yield Bond Funds

10.0%

 

fid273

Investment Grade Bond Funds

5.0%

 

fid549

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom 2045 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 62.8%

Shares

Value

Commodity Funds - 8.2%

Fidelity Series Commodity Strategy Fund

2,575,191

$ 28,172,591

Domestic Equity Funds - 54.6%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

380,276

19,257,175

Fidelity Advisor Equity Income Fund Institutional Class

181,101

3,866,502

Fidelity Advisor Growth & Income Fund Institutional Class

1,735,272

26,653,773

Fidelity Advisor Large Cap Fund Institutional Class

1,587,106

26,393,570

Fidelity Advisor Small Cap Fund Institutional Class (a)

385,895

9,485,296

Fidelity Series 100 Index Fund

2,622,878

21,140,399

Fidelity Series All-Sector Equity Fund

3,155,117

37,514,338

Fidelity Series Large Cap Value Fund

2,947,921

33,488,382

Fidelity Series Small Cap Opportunities Fund (a)

1,052,615

9,631,431

TOTAL DOMESTIC EQUITY FUNDS

187,430,866

TOTAL DOMESTIC EQUITY FUNDS

(Cost $201,249,969)

215,603,457

International Equity Funds - 22.5%

 

 

 

 

Developed International Equity Funds - 19.2%

Fidelity Advisor Diversified International Fund Institutional Class

991,396

15,128,703

Fidelity Advisor Overseas Fund Institutional Class

889,817

15,269,253

Fidelity Series International Growth Fund

1,576,569

16,349,020

Fidelity Series International Small Cap Fund

296,986

3,263,876

Fidelity Series International Value Fund

1,675,764

15,970,032

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

65,980,884

 

Shares

Value

Emerging Markets Equity Funds - 3.3%

Fidelity Series Emerging Markets Fund

622,894

$ 11,249,465

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $70,549,580)

77,230,349

Bond Funds - 14.7%

 

 

 

 

High Yield Bond Funds - 9.8%

Fidelity Advisor High Income Advantage Fund Institutional Class

3,705,778

33,796,694

Investment Grade Bond Funds - 4.9%

Fidelity Advisor Strategic Real Return Fund Institutional Class

320,903

2,923,429

Fidelity Advisor Total Bond Fund Institutional Class

79

878

Fidelity Series Investment Grade Bond Fund

1,155,615

13,809,601

TOTAL INVESTMENT GRADE BOND FUNDS

16,733,908

TOTAL BOND FUNDS

(Cost $45,791,197)

50,530,602

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $317,590,746)

343,364,408

NET OTHER ASSETS (LIABILITIES) - 0.0%

(77,992)

NET ASSETS - 100%

$ 343,286,416

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $7,479,724 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom 2045 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $317,590,746) - See accompanying schedule

$ 343,364,408

Cash

54

Receivable for investments sold

77,341

Receivable for fund shares sold

1,130,781

Total assets

344,572,584

 

 

 

Liabilities

Payable for investments purchased

$ 826,160

Payable for fund shares redeemed

382,844

Distribution and service plan fees payable

77,164

Total liabilities

1,286,168

 

 

 

Net Assets

$ 343,286,416

Net Assets consist of:

 

Paid in capital

$ 335,170,929

Undistributed net investment income

763,067

Accumulated undistributed net realized gain (loss) on investments

(18,421,242)

Net unrealized appreciation (depreciation) on investments

25,773,662

Net Assets

$ 343,286,416

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($239,963,875 ÷ 27,180,841 shares)

$ 8.83

 

 

 

Maximum offering price per share (100/94.25 of $8.83)

$ 9.37

Class T:
Net Asset Value and redemption price per share ($49,123,445 ÷ 5,586,266 shares)

$ 8.79

 

 

 

Maximum offering price per share (100/96.50 of $8.79)

$ 9.11

Class B:
Net Asset Value and offering price per share ($4,214,985 ÷ 481,153 shares)A

$ 8.76

 

 

 

Class C:
Net Asset Value and offering price per share ($7,221,478 ÷ 824,955 shares)A

$ 8.75

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($42,762,633 ÷ 4,824,481 shares)

$ 8.86

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 1,181,897

 

 

 

Expenses

Distribution and service plan fees

$ 431,692

Independent trustees' compensation

559

Total expenses before reductions

432,251

Expense reductions

(559)

431,692

Net investment income (loss)

750,205

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(6,177,092)

Capital gain distributions from underlying Funds

353,871

Total net realized gain (loss)

 

(5,823,221)

Change in net unrealized appreciation (depreciation) on underlying funds

8,676,947

Net gain (loss)

2,853,726

Net increase (decrease) in net assets resulting from operations

$ 3,603,931

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 750,205

$ 3,090,802

Net realized gain (loss)

(5,823,221)

(580,792)

Change in net unrealized appreciation (depreciation)

8,676,947

74,319,321

Net increase (decrease) in net assets resulting from operations

3,603,931

76,829,331

Distributions to shareholders from net investment income

(256,918)

(3,060,635)

Distributions to shareholders from net realized gain

(1,118,741)

(2,023,492)

Total distributions

(1,375,659)

(5,084,127)

Share transactions - net increase (decrease)

49,196,347

102,731,596

Total increase (decrease) in net assets

51,424,619

174,476,800

 

 

 

Net Assets

Beginning of period

291,861,797

117,384,997

End of period (including undistributed net investment income of $763,067 and undistributed net investment income of $269,780, respectively)

$ 343,286,416

$ 291,861,797

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.82

$ 5.86

$ 10.39

$ 11.05

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  .02

.12

.16

.16

.12

Net realized and unrealized gain (loss)

  .03

3.02

(4.29)

(.57)

1.06

Total from investment operations

  .05

3.14

(4.13)

(.41)

1.18

Distributions from net investment income

  (.01)

(.11)

(.14)

(.11)

(.08)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.14)

(.05)

Total distributions

  (.04)

(.18)

(.40)

(.25) I

(.13)

Net asset value, end of period

$ 8.83

$ 8.82

$ 5.86

$ 10.39

$ 11.05

Total Return B, C, D

  .61%

53.81%

(40.93)%

(3.96)%

11.78%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25% A

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25% A

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25% A

Net investment income (loss)

  .53% A

1.53%

2.12%

1.44%

1.31% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 239,964

$ 205,405

$ 81,985

$ 61,721

$ 12,550

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.25 per share is comprised of distributions from net investment income of $.110 and distributions from net realized gain of $.138 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.79

$ 5.84

$ 10.36

$ 11.03

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  .01

.10

.14

.13

.09

Net realized and unrealized gain (loss)

  .03

3.02

(4.28)

(.57)

1.06

Total from investment operations

  .04

3.12

(4.14)

(.44)

1.15

Distributions from net investment income

  - I

(.10)

(.12)

(.09)

(.07)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.14)

(.05)

Total distributions

  (.04) K

(.17)

(.38)

(.23) J

(.12)

Net asset value, end of period

$ 8.79

$ 8.79

$ 5.84

$ 10.36

$ 11.03

Total Return B, C, D

  .43%

53.52%

(41.08)%

(4.23)%

11.53%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50% A

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50% A

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50% A

Net investment income (loss)

  .28% A

1.28%

1.87%

1.19%

1.06% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 49,123

$ 43,326

$ 18,065

$ 11,746

$ 3,339

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Amount represents less than $.01 per share. J Total distributions of $.23 per share is comprised of distributions from net investment income of $.090 and distributions from net realized gain of $.137 per share. K Total distributions of $.04 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.033 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.77

$ 5.83

$ 10.33

$ 11.01

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  (.01)

.06

.11

.08

.05

Net realized and unrealized gain (loss)

  .03

3.01

(4.27)

(.57)

1.06

Total from investment operations

  .02

3.07

(4.16)

(.49)

1.11

Distributions from net investment income

  -

(.06)

(.08)

(.06)

(.05)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.13)

(.05)

Total distributions

  (.03)

(.13)

(.34)

(.19) I

(.10)

Net asset value, end of period

$ 8.76

$ 8.77

$ 5.83

$ 10.33

$ 11.01

Total Return B, C, D

  .21%

52.74%

(41.39)%

(4.65)%

11.09%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Net investment income (loss)

  (.22)% A

.78%

1.37%

.69%

.56% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 4,215

$ 4,089

$ 2,231

$ 2,476

$ 776

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.19 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.76

$ 5.82

$ 10.32

$ 11.01

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  (.01)

.06

.11

.08

.05

Net realized and unrealized gain (loss)

  .03

3.01

(4.27)

(.58)

1.06

Total from investment operations

  .02

3.07

(4.16)

(.50)

1.11

Distributions from net investment income

  -

(.06)

(.08)

(.06)

(.05)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.13)

(.05)

Total distributions

  (.03)

(.13)

(.34)

(.19) I

(.10)

Net asset value, end of period

$ 8.75

$ 8.76

$ 5.82

$ 10.32

$ 11.01

Total Return B, C, D

  .21%

52.90%

(41.39)%

(4.74)%

11.08%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Net investment income (loss)

  (.22)% A

.78%

1.37%

.69%

.56% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 7,221

$ 6,199

$ 3,027

$ 2,539

$ 770

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.19 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.85

$ 5.87

$ 10.41

$ 11.07

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) D

  .03

.14

.18

.19

.14

Net realized and unrealized gain (loss)

  .03

3.04

(4.30)

(.59)

1.06

Total from investment operations

  .06

3.18

(4.12)

(.40)

1.20

Distributions from net investment income

  (.01)

(.13)

(.16)

(.13)

(.08)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.14)

(.05)

Total distributions

  (.05) J

(.20)

(.42)

(.26) I

(.13)

Net asset value, end of period

$ 8.86

$ 8.85

$ 5.87

$ 10.41

$ 11.07

Total Return B, C

  .67%

54.35%

(40.81)%

(3.82)%

12.02%

Ratios to Average Net Assets E, H

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% A, F

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00% A

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00% A

Net investment income (loss)

  .78% A

1.78%

2.37%

1.68%

1.56% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 42,763

$ 32,842

$ 12,078

$ 6,631

$ 629

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.26 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.138 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.013 and distributions from net realized gain of $.033 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2050 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.6

3.8

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

5.9

6.5

Fidelity Advisor Equity Income Fund Institutional Class

1.2

5.3

Fidelity Advisor Growth & Income Fund Institutional Class

8.1

9.8

Fidelity Advisor Large Cap Fund Institutional Class

8.0

9.4

Fidelity Advisor Small Cap Fund Institutional Class

2.9

3.0

Fidelity Series 100 Index Fund

6.4

6.2

Fidelity Series All-Sector Equity Fund

11.4

12.8

Fidelity Series Large Cap Value Fund

10.2

7.9

Fidelity Series Small Cap Opportunities Fund

2.9

3.2

 

57.0

64.1

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

4.7

7.5

Fidelity Advisor Overseas Fund Institutional Class

4.7

7.6

Fidelity Series International Growth Fund

5.1

1.8

Fidelity Series International Small Cap Fund

1.0

0.4

Fidelity Series International Value Fund

4.9

1.8

 

20.4

19.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.4

2.6

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

9.9

9.9

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

0.1

0.1

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

0.0*

Fidelity Series Investment Grade Bond Fund

0.6

0.4

 

0.7

0.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid259

Commodity Funds

8.6%

 

fid263

Domestic Equity Funds

57.0%

 

fid265

Developed International Equity Funds

20.4%

 

fid267

Emerging Markets Equity Funds

3.4%

 

fid269

High Yield Bond Funds

9.9%

 

fid273

Investment Grade Bond Funds

0.7%

 

fid557

Six months ago

fid259

Commodity Funds

3.8%

 

fid263

Domestic Equity Funds

64.1%

 

fid265

Developed International Equity Funds

19.1%

 

fid267

Emerging Markets Equity Funds

2.6%

 

fid269

High Yield Bond Funds

9.9%

 

fid273

Investment Grade Bond Funds

0.5%

 

fid565

Expected

fid259

Commodity Funds

9.8%

 

fid263

Domestic Equity Funds

55.4%

 

fid265

Developed International Equity Funds

20.2%

 

fid570

Emerging Markets Equity Funds

3.5%

 

fid269

High Yield Bond Funds

10.0%

 

fid273

Investment Grade Bond Funds

1.1%

 

fid574

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom 2050 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 65.6%

Shares

Value

Commodity Funds - 8.6%

Fidelity Series Commodity Strategy Fund

2,183,152

$ 23,883,683

Domestic Equity Funds - 57.0%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

321,725

16,292,133

Fidelity Advisor Equity Income Fund Institutional Class

156,162

3,334,056

Fidelity Advisor Growth & Income Fund Institutional Class

1,470,013

22,579,399

Fidelity Advisor Large Cap Fund Institutional Class

1,341,717

22,312,756

Fidelity Advisor Small Cap Fund Institutional Class (a)

326,230

8,018,739

Fidelity Series 100 Index Fund

2,218,826

17,883,737

Fidelity Series All-Sector Equity Fund

2,668,829

31,732,376

Fidelity Series Large Cap Value Fund

2,487,941

28,263,015

Fidelity Series Small Cap Opportunities Fund (a)

892,301

8,164,554

TOTAL DOMESTIC EQUITY FUNDS

158,580,765

TOTAL DOMESTIC EQUITY FUNDS

(Cost $171,831,601)

182,464,448

International Equity Funds - 23.8%

 

 

 

 

Developed International Equity Funds - 20.4%

Fidelity Advisor Diversified International Fund Institutional Class

852,475

13,008,764

Fidelity Advisor Overseas Fund Institutional Class

768,288

13,183,829

Fidelity Series International Growth Fund

1,352,256

14,022,892

Fidelity Series International Small Cap Fund

255,857

2,811,870

Fidelity Series International Value Fund

1,432,435

13,651,108

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

56,678,463

 

Shares

Value

Emerging Markets Equity Funds - 3.4%

Fidelity Series Emerging Markets Fund

534,118

$ 9,646,177

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $60,457,949)

66,324,640

Bond Funds - 10.6%

 

 

 

 

High Yield Bond Funds - 9.9%

Fidelity Advisor High Income Advantage Fund Institutional Class

3,000,120

27,361,099

Investment Grade Bond Funds - 0.7%

Fidelity Advisor Strategic Real Return Fund Institutional Class

35,956

327,557

Fidelity Advisor Total Bond Fund Institutional Class

12

133

Fidelity Series Investment Grade Bond Fund

140,550

1,679,567

TOTAL INVESTMENT GRADE BOND FUNDS

2,007,257

TOTAL BOND FUNDS

(Cost $26,154,164)

29,368,356

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $258,443,714)

278,157,444

NET OTHER ASSETS (LIABILITIES) - 0.0%

(66,099)

NET ASSETS - 100%

$ 278,091,345

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $7,387,590 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom 2050 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $258,443,714) - See accompanying schedule

$ 278,157,444

Receivable for investments sold

13,633

Receivable for fund shares sold

818,828

Total assets

278,989,905

 

 

 

Liabilities

Payable to custodian bank

$ 6

Payable for investments purchased

345,235

Payable for fund shares redeemed

487,389

Distribution and service plan fees payable

65,930

Total liabilities

898,560

 

 

 

Net Assets

$ 278,091,345

Net Assets consist of:

 

Paid in capital

$ 277,426,652

Undistributed net investment income

442,897

Accumulated undistributed net realized gain (loss) on investments

(19,491,934)

Net unrealized appreciation (depreciation) on investments

19,713,730

Net Assets

$ 278,091,345

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($163,086,923 ÷ 18,864,200 shares)

$ 8.65

 

 

 

Maximum offering price per share (100/94.25 of $8.65)

$ 9.18

Class T:
Net Asset Value and redemption price per share ($49,557,001 ÷ 5,751,085 shares)

$ 8.62

 

 

 

Maximum offering price per share (100/96.50 of $8.62)

$ 8.93

Class B:
Net Asset Value and offering price per share ($6,086,507 ÷ 710,471 shares)A

$ 8.57

 

 

 

Class C:
Net Asset Value and offering price per share ($9,947,126 ÷ 1,159,536 shares)A

$ 8.58

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($49,413,788 ÷ 5,690,579 shares)

$ 8.68

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 821,682

 

 

 

Expenses

Distribution and service plan fees

$ 372,603

Independent trustees' compensation

458

Total expenses before reductions

373,061

Expense reductions

(458)

372,603

Net investment income (loss)

449,079

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(8,266,578)

Capital gain distribution from underlying funds

301,257

Total net realized gain (loss)

 

(7,965,321)

Change in net unrealized appreciation (depreciation) on underlying funds

9,612,389

Net gain (loss)

1,647,068

Net increase (decrease) in net assets resulting from operations

$ 2,096,147

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 449,079

$ 2,390,969

Net realized gain (loss)

(7,965,321)

234,035

Change in net unrealized appreciation (depreciation)

9,612,389

64,796,791

Net increase (decrease) in net assets resulting from operations

2,096,147

67,421,795

Distributions to shareholders from net investment income

(157,559)

(2,382,215)

Distributions to shareholders from net realized gain

(955,880)

(1,702,157)

Total distributions

(1,113,439)

(4,084,372)

Share transactions - net increase (decrease)

37,235,651

74,234,725

Total increase (decrease) in net assets

38,218,359

137,572,148

 

 

 

Net Assets

Beginning of period

239,872,986

102,300,838

End of period (including undistributed net investment income of $442,897 and undistributed net investment income of $151,377, respectively)

$ 278,091,345

$ 239,872,986

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.66

$ 5.67

$ 10.32

$ 11.04

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  .02

.11

.16

.16

.13

Net realized and unrealized gain (loss)

  .01

3.05

(4.39)

(.60)

1.06

Total from investment operations

  .03

3.16

(4.23)

(.44)

1.19

Distributions from net investment income

  (.01)

(.10)

(.13)

(.11)

(.09)

Distributions from net realized gain

  (.03)

(.07)

(.30)

(.17)

(.06)

Total distributions

  (.04)

(.17)

(.42) I

(.28)

(.15)

Net asset value, end of period

$ 8.65

$ 8.66

$ 5.67

$ 10.32

$ 11.04

Total Return B, C, D

  .38%

55.94%

(42.30)%

(4.27)%

11.91%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25% A

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25% A

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25% A

Net investment income (loss)

  .41% A

1.43%

2.04%

1.39%

1.45% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 163,087

$ 137,716

$ 57,591

$ 55,250

$ 12,907

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.42 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.295 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.64

$ 5.66

$ 10.30

$ 11.02

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  .01

.09

.14

.13

.11

Net realized and unrealized gain (loss)

  .01

3.05

(4.37)

(.59)

1.05

Total from investment operations

  .02

3.14

(4.23)

(.46)

1.16

Distributions from net investment income

  - I

(.09)

(.11)

(.09)

(.08)

Distributions from net realized gain

  (.03)

(.07)

(.30)

(.17)

(.06)

Total distributions

  (.04) K

(.16)

(.41) J

(.26)

(.14)

Net asset value, end of period

$ 8.62

$ 8.64

$ 5.66

$ 10.30

$ 11.02

Total Return B, C, D

  .20%

55.57%

(42.41)%

(4.45)%

11.64%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50% A

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50% A

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50% A

Net investment income (loss)

  .16% A

1.18%

1.79%

1.14%

1.20% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 49,557

$ 46,449

$ 21,186

$ 15,147

$ 3,520

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Amount represents less than $.01 per share. J Total distributions of $.41 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.295 per share. K Total distributions of $.04 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.034 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.60

$ 5.64

$ 10.26

$ 11.00

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  (.01)

.05

.10

.07

.06

Net realized and unrealized gain (loss)

  .01

3.03

(4.35)

(.59)

1.07

Total from investment operations

  -

3.08

(4.25)

(.52)

1.13

Distributions from net investment income

  -

(.05)

(.08)

(.06)

(.07)

Distributions from net realized gain

  (.03)

(.07)

(.29)

(.16)

(.06)

Total distributions

  (.03)

(.12)

(.37) I

(.22)

(.13)

Net asset value, end of period

$ 8.57

$ 8.60

$ 5.64

$ 10.26

$ 11.00

Total Return B, C, D

  (.04)%

54.72%

(42.71)%

(4.93)%

11.31%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Net investment income (loss)

  (.34)% A

.68%

1.29%

.64%

.70% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 6,087

$ 5,847

$ 3,078

$ 3,414

$ 1,177

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.37 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.290 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.61

$ 5.63

$ 10.25

$ 11.00

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  (.01)

.05

.10

.07

.06

Net realized and unrealized gain (loss)

  -I

3.05

(4.35)

(.59)

1.06

Total from investment operations

  (.01)

3.10

(4.25)

(.52)

1.12

Distributions from net investment income

  -

(.05)

(.08)

(.07)

(.06)

Distributions from net realized gain

  (.02)

(.07)

(.29)

(.16)

(.06)

Total distributions

  (.02)

(.12)

(.37) J

(.23)

(.12)

Net asset value, end of period

$ 8.58

$ 8.61

$ 5.63

$ 10.25

$ 11.00

Total Return B, C, D

  (.05)%

55.15%

(42.74)%

(4.99)%

11.25%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Net investment income (loss)

  (.34)% A

.68%

1.29%

.64%

.70% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 9,947

$ 9,646

$ 5,436

$ 5,380

$ 1,507

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Amount represents less than $.01 per share. J Total distributions of $.37 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.290 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.70

$ 5.68

$ 10.35

$ 11.06

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) D

  .03

.13

.17

.18

.15

Net realized and unrealized gain (loss)

  -K

3.08

(4.40)

(.59)

1.06

Total from investment operations

  .03

3.21

(4.23)

(.41)

1.21

Distributions from net investment income

  (.01)

(.12)

(.15)

(.13)

(.09)

Distributions from net realized gain

  (.03)

(.07)

(.30)

(.17)

(.06)

Total distributions

  (.05) J

(.19)

(.44) I

(.30)

(.15)

Net asset value, end of period

$ 8.68

$ 8.70

$ 5.68

$ 10.35

$ 11.06

Total Return B, C

  .32%

56.66%

(42.22)%

(4.02)%

12.16%

Ratios to Average Net Assets E, H

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% A, F

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00% A

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00% A

Net investment income (loss)

  .66% A

1.68%

2.29%

1.64%

1.70% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 49,414

$ 40,214

$ 15,010

$ 6,882

$ 982

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.44 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.295 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.011 and distributions from net realized gain of $.034 per share. K Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended September 30, 2010 (Unaudited)

1. Organization.

Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).

Each Fund offers Class A, Class T, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expenses included in the accompanying financial statements reflect the expenses of the Funds 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, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

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

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

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

Semiannual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

Fund

Tax cost

Gross unrealized
appreciation

Gross unrealized
depreciation

Net unrealized
appreciation
(depreciation)

Advisor Freedom Income

$ 244,574,091

$ 12,638,622

$ (3,297,736)

$ 9,340,886

Advisor Freedom 2005

208,602,255

12,679,420

(6,202,969)

6,476,451

Advisor Freedom 2010

752,515,820

54,987,932

(18,913,279)

36,074,653

Advisor Freedom 2015

1,310,949,027

93,852,866

(41,317,116)

52,535,750

Advisor Freedom 2020

2,019,531,560

169,653,755

(57,035,739)

112,618,016

Advisor Freedom 2025

1,498,956,360

135,116,862

(58,183,709)

76,933,153

Advisor Freedom 2030

1,651,538,428

153,705,595

(57,780,640)

95,924,955

Advisor Freedom 2035

1,010,195,883

94,586,781

(45,295,816)

49,290,965

Advisor Freedom 2040

1,253,546,932

56,918,364

(96,198,486)

(39,280,122)

Advisor Freedom 2045

319,553,141

36,229,908

(12,418,641)

23,811,267

Advisor Freedom 2050

260,064,372

29,344,871

(11,251,799)

18,093,072

3. Purchases and Sales of Investments.

Purchases and redemptions of the Underlying Fund shares are noted in the table below.

 

Purchases ($)

Redemptions ($)

Advisor Freedom Income

55,895,349

39,936,815

Advisor Freedom 2005

47,732,082

46,124,454

Advisor Freedom 2010

156,069,083

208,970,153

Advisor Freedom 2015

278,884,919

233,050,808

Advisor Freedom 2020

451,155,154

455,616,554

Advisor Freedom 2025

333,242,815

238,866,053

Advisor Freedom 2030

372,412,283

346,980,714

Advisor Freedom 2035

230,955,121

147,711,034

Advisor Freedom 2040

254,516,456

240,852,059

Advisor Freedom 2045

91,010,150

42,072,652

Advisor Freedom 2050

72,723,415

35,845,042

4. Fees and Other Transactions with Affiliates.

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

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

Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:

Advisor Freedom Income

Distribution
Fee

Service
Fee

Paid to FDC

Retained
by FDC

Class A

0%

.25%

$ 188,007

$ 24,267

Class T

.25%

.25%

135,517

-

Class B

.75%

.25%

26,366

19,780

Class C

.75%

.25%

79,165

14,894

 

 

 

$ 429,055

$ 58,941

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Paid to FDC

Retained
by FDC

Advisor Freedom 2005

 

 

 

 

Class A

0%

.25%

$ 192,318

$ 44,499

Class T

.25%

.25%

54,043

93

Class B

.75%

.25%

14,055

10,546

Class C

.75%

.25%

45,648

3,605

 

 

 

$ 306,064

$ 58,743

Advisor Freedom 2010

 

 

 

 

Class A

0%

.25%

$ 589,552

$ 91,108

Class T

.25%

.25%

480,808

-

Class B

.75%

.25%

104,125

78,102

Class C

.75%

.25%

226,088

18,398

 

 

 

$ 1,400,573

$ 187,608

Advisor Freedom 2015

 

 

 

 

Class A

0%

.25%

$ 1,036,707

$ 165,108

Class T

.25%

.25%

556,764

-

Class B

.75%

.25%

173,771

130,363

Class C

.75%

.25%

319,762

32,187

 

 

 

$ 2,087,004

$ 327,658

Advisor Freedom 2020

 

 

 

 

Class A

0%

.25%

$ 1,552,936

$ 244,838

Class T

.25%

.25%

1,172,886

-

Class B

.75%

.25%

345,965

259,544

Class C

.75%

.25%

461,841

50,404

 

 

 

$ 3,533,628

$ 554,786

Advisor Freedom 2025

 

 

 

 

Class A

0%

.25%

$ 1,259,692

$ 217,544

Class T

.25%

.25%

562,734

10

Class B

.75%

.25%

187,304

140,539

Class C

.75%

.25%

260,673

31,680

 

 

 

$ 2,270,403

$ 389,773

Advisor Freedom 2030

 

 

 

 

Class A

0%

.25%

$ 1,293,400

$ 197,068

Class T

.25%

.25%

926,856

-

Class B

.75%

.25%

247,149

185,431

Class C

.75%

.25%

305,623

34,829

 

 

 

$ 2,773,028

$ 417,328

Advisor Freedom 2035

 

 

 

 

Class A

0%

.25%

$ 840,533

$ 148,213

Class T

.25%

.25%

355,000

-

Class B

.75%

.25%

132,376

99,331

Class C

.75%

.25%

150,983

21,739

 

 

 

$ 1,478,892

$ 269,283

Advisor Freedom 2040

 

 

 

 

Class A

0%

.25%

$ 836,475

$ 101,028

Class T

.25%

.25%

720,180

-

Class B

.75%

.25%

207,882

155,997

Class C

.75%

.25%

258,942

29,127

 

 

 

$ 2,023,479

$ 286,152

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Paid to FDC

Retained
by FDC

Advisor Freedom 2045

 

 

 

 

Class A

0%

.25%

$ 267,290

$ 47,586

Class T

.25%

.25%

111,787

83

Class B

.75%

.25%

20,236

15,186

Class C

.75%

.25%

32,379

6,442

 

 

 

$ 431,692

$ 69,297

Advisor Freedom 2050

 

 

 

 

Class A

0%

.25%

$ 181,200

$ 18,475

Class T

.25%

.25%

115,202

-

Class B

.75%

.25%

28,960

21,737

Class C

.75%

.25%

47,241

8,701

 

 

 

$ 372,603

$ 48,913

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% for certain purchases of Class A shares (1.00% to .50% prior to July 12, 2010) 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

$ 6,444

Class T

2,380

Class B*

7,489

Class C*

876

 

$ 17,189

Advisor Freedom 2005

 

Class A

$ 3,755

Class T

966

Class B*

1,872

Class C*

111

 

$ 6,704

Advisor Freedom 2010

 

Class A

$ 11,129

Class T

2,803

Class B*

25,637

Class C*

1,566

 

$ 41,135

Advisor Freedom 2015

 

Class A

$ 26,552

Class T

9,317

Class B*

36,687

Class C*

3,173

 

$ 75,729

Advisor Freedom 2020

 

Class A

$ 44,412

Class T

15,150

Class B*

61,152

Class C*

3,206

 

$ 123,920

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows: - continued

 

Retained
by FDC

Advisor Freedom 2025

 

Class A

$ 37,593

Class T

13,531

Class B*

46,075

Class C*

2,614

 

$ 99,813

Advisor Freedom 2030

 

Class A

$ 41,650

Class T

12,226

Class B*

47,761

Class C*

3,694

 

$ 105,331

Advisor Freedom 2035

 

Class A

$ 22,325

Class T

9,892

Class B*

27,871

Class C*

1,739

 

$ 61,827

Advisor Freedom 2040

 

Class A

$ 37,592

Class T

11,280

Class B*

44,338

Class C*

2,636

 

$ 95,846

Advisor Freedom 2045

 

Class A

$ 9,016

Class T

3,237

Class B*

7,904

Class C*

1,113

 

$ 21,270

Advisor Freedom 2050

 

Class A

$ 11,621

Class T

2,632

Class B*

11,761

Class C*

985

 

$ 26,999

* 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.

Semiannual Report

5. Expense Reductions.

FMR voluntarily agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes of each applicable Fund were in reimbursement during the period:

 

Expense
Limitations

Reimbursement
from adviser

Advisor Freedom Income

 

Class A

.25%

$ 281

Class T

.50%

101

Class B

1.00%

10

Class C

1.00%

30

Institutional Class

.00%

36

Advisor Freedom 2005

 

Class A

.25%

289

Class T

.50%

41

Class B

1.00%

5

Class C

1.00%

17

Institutional Class

.00%

41

Advisor Freedom 2010

 

Class A

.25%

900

Class T

.50%

367

Class B

1.00%

40

Class C

1.00%

86

Institutional Class

.00%

151

Advisor Freedom 2015

 

Class A

.25%

1,559

Class T

.50%

419

Class B

1.00%

65

Class C

1.00%

120

Institutional Class

.00%

280

Advisor Freedom 2020

 

Class A

.25%

2,343

Class T

.50%

884

Class B

1.00%

131

Class C

1.00%

174

Institutional Class

.00%

433

Advisor Freedom 2025

 

Class A

.25%

1,883

Class T

.50%

420

Class B

1.00%

70

Class C

1.00%

97

Institutional Class

.00%

282

Advisor Freedom 2030

 

Class A

.25%

1,945

Class T

.50%

696

Class B

1.00%

93

Class C

1.00%

115

Institutional Class

.00%

359

Advisor Freedom 2035

 

Class A

.25%

1,253

Class T

.50%

265

Class B

1.00%

49

Class C

1.00%

56

Institutional Class

.00%

199

Advisor Freedom 2040

 

Class A

.25%

1,260

Class T

.50%

542

Class B

1.00%

78

Class C

1.00%

97

Institutional Class

.00%

251

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Expense Reductions - continued

The following classes of each applicable Fund were in reimbursement during the period: - continued

 

Expense
Limitations

Reimbursement
from adviser

Advisor Freedom 2045

 

Class A

.25%

$ 393

Class T

.50%

82

Class B

1.00%

7

Class C

1.00%

12

Institutional Class

.00%

65

Advisor Freedom 2050

 

Class A

.25%

267

Class T

.50%

85

Class B

1.00%

11

Class C

1.00%

17

Institutional Class

.00%

78

6. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
September 30, 2010

Year ended
March 31, 2010

Advisor Freedom Income

 

 

From net investment income

 

 

Class A

$ 962,542

$ 2,649,510

Class T

287,863

962,627

Class B

14,816

69,674

Class C

45,668

185,548

Institutional Class

147,931

317,793

Total

$ 1,458,820

$ 4,185,152

From net realized gain

 

 

Class A

$ 173,971

$ 732,418

Class T

61,796

282,856

Class B

6,074

27,780

Class C

18,101

75,264

Institutional Class

21,616

82,744

Total

$ 281,558

$ 1,201,062

Advisor Freedom 2005

 

 

From net investment income

 

 

Class A

$ 391,924

$ 2,464,352

Class T

42,103

327,239

Class B

1,970

32,599

Class C

7,111

95,996

Institutional Class

68,487

330,921

Total

$ 511,595

$ 3,251,107

From net realized gain

 

 

Class A

$ 333,881

$ 994,230

Class T

48,418

147,352

Class B

6,474

21,486

Class C

20,447

61,066

Institutional Class

46,330

124,312

Total

$ 455,550

$ 1,348,446

Semiannual Report

6. Distributions to Shareholders - continued

Distributions to shareholders of each class were as follows: - continued

Six months ended
September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2010

 

 

From net investment income

 

 

Class A

$ 1,191,490

$ 9,091,104

Class T

371,130

3,497,344

Class B

12,083

293,043

Class C

30,792

620,780

Institutional Class

242,916

1,468,089

Total

$ 1,848,411

$ 14,970,360

From net realized gain

 

 

Class A

$ 1,103,232

$ 3,593,351

Class T

463,916

1,546,799

Class B

50,323

178,771

Class C

109,978

368,444

Institutional Class

178,614

537,373

Total

$ 1,906,063

$ 6,224,738

Advisor Freedom 2015

 

 

From net investment income

 

 

Class A

$ 2,013,186

$ 13,679,424

Class T

421,915

3,527,564

Class B

20,021

416,674

Class C

42,531

743,299

Institutional Class

441,867

2,473,155

Total

$ 2,939,520

$ 20,840,116

From net realized gain

 

 

Class A

$ 2,013,176

$ 5,842,830

Class T

548,490

1,678,828

Class B

86,747

274,462

Class C

158,009

483,221

Institutional Class

348,137

948,932

Total

$ 3,154,559

$ 9,228,273

Advisor Freedom 2020

 

 

From net investment income

 

 

Class A

$ 2,680,977

$ 18,974,843

Class T

741,301

7,050,784

Class B

19,324

736,617

Class C

25,348

991,170

Institutional Class

593,928

3,574,261

Total

$ 4,060,878

$ 31,327,675

From net realized gain

 

 

Class A

$ 3,686,534

$ 8,917,115

Class T

1,438,999

3,758,542

Class B

212,566

555,113

Class C

278,845

727,102

Institutional Class

653,086

1,527,831

Total

$ 6,270,030

$ 15,485,703

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Distributions to Shareholders - continued

Distributions to shareholders of each class were as follows: - continued

Six months ended
September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2025

 

 

From net investment income

 

 

Class A

$ 1,796,620

$ 14,118,695

Class T

254,995

2,959,037

Class B

-

362,584

Class C

5,069

486,550

Institutional Class

339,126

2,155,759

Total

$ 2,395,810

$ 20,082,625

From net realized gain

 

 

Class A

$ 3,215,012

$ 7,285,104

Class T

722,489

1,738,010

Class B

119,781

307,778

Class C

172,447

396,872

Institutional Class

461,210

996,789

Total

$ 4,690,939

$ 10,724,553

Advisor Freedom 2030

 

 

From net investment income

 

 

Class A

$ 1,671,221

$ 12,452,357

Class T

376,110

4,250,834

Class B

-

365,617

Class C

-

474,232

Institutional Class

392,860

2,328,021

Total

$ 2,440,191

$ 19,871,061

From net realized gain

 

 

Class A

$ 3,528,136

$ 7,715,428

Class T

1,299,296

3,092,971

Class B

155,287

420,885

Class C

199,901

529,883

Institutional Class

622,023

1,265,591

Total

$ 5,804,643

$ 13,024,758

Advisor Freedom 2035

 

 

From net investment income

 

 

Class A

$ 641,982

$ 7,722,463

Class T

54,567

1,461,433

Class B

-

182,301

Class C

-

206,849

Institutional Class

151,379

1,221,702

Total

$ 847,928

$ 10,794,748

From net realized gain

 

 

Class A

$ 2,632,129

$ 4,762,560

Class T

559,334

1,063,886

Class B

83,734

213,235

Class C

99,230

229,952

Institutional Class

387,909

664,843

Total

$ 3,762,336

$ 6,934,476

Semiannual Report

6. Distributions to Shareholders - continued

Distributions to shareholders of each class were as follows: - continued

Six months ended
September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2040

 

 

From net investment income

 

 

Class A

$ 660,823

$ 8,229,546

Class T

106,235

3,279,826

Class B

-

308,904

Class C

-

383,546

Institutional Class

193,009

1,642,482

Total

$ 960,067

$ 13,844,304

From net realized gain

 

 

Class A

$ 2,702,317

$ 4,852,217

Class T

1,195,191

2,246,554

Class B

135,597

335,168

Class C

168,467

406,856

Institutional Class

510,904

851,696

Total

$ 4,712,476

$ 8,692,491

Advisor Freedom 2045

 

 

From net investment income

 

 

Class A

$ 192,648

$ 2,212,999

Class T

15,147

408,091

Class B

-

25,209

Class C

-

39,467

Institutional Class

49,123

374,869

Total

$ 256,918

$ 3,060,635

From net realized gain

 

 

Class A

$ 794,678

$ 1,430,150

Class T

166,637

305,415

Class B

12,818

29,833

Class C

19,911

44,309

Institutional Class

124,697

213,785

Total

$ 1,118,741

$ 2,023,492

Advisor Freedom 2050

 

 

From net investment income

 

 

Class A

$ 99,955

$ 1,439,113

Class T

5,389

429,631

Class B

-

33,433

Class C

-

56,059

Institutional Class

52,215

423,979

Total

$ 157,559

$ 2,382,215

From net realized gain

 

 

Class A

$ 566,420

$ 987,306

Class T

183,263

342,451

Class B

17,572

43,522

Class C

27,234

74,386

Institutional Class

161,391

254,492

Total

$ 955,880

$ 1,702,157

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom Income

 

 

 

 

Class A

 

 

 

 

Shares sold

3,513,426

5,939,919

$ 36,380,972

$ 58,801,119

Reinvestment of distributions

108,877

337,348

1,121,997

3,334,001

Shares redeemed

(2,857,780)

(3,231,976)

(29,605,802)

(32,123,087)

Net increase (decrease)

764,523

3,045,291

$ 7,897,167

$ 30,012,033

Class T

 

 

 

 

Shares sold

1,254,281

2,030,571

$ 12,968,210

$ 19,971,346

Reinvestment of distributions

32,294

121,701

332,657

1,199,887

Shares redeemed

(935,968)

(2,006,879)

(9,676,315)

(19,795,299)

Net increase (decrease)

350,607

145,393

$ 3,624,552

$ 1,375,934

Class B

 

 

 

 

Shares sold

77,440

162,405

$ 799,998

$ 1,613,389

Reinvestment of distributions

1,897

9,197

19,527

90,890

Shares redeemed

(106,810)

(147,684)

(1,105,229)

(1,450,520)

Net increase (decrease)

(27,473)

23,918

$ (285,704)

$ 253,759

Class C

 

 

 

 

Shares sold

249,092

396,874

$ 2,576,460

$ 3,943,497

Reinvestment of distributions

5,455

22,975

56,119

227,312

Shares redeemed

(105,998)

(300,368)

(1,093,702)

(2,962,489)

Net increase (decrease)

148,549

119,481

$ 1,538,877

$ 1,208,320

Institutional Class

 

 

 

 

Shares sold

752,285

1,124,925

$ 7,793,659

$ 11,177,705

Reinvestment of distributions

16,229

40,001

167,570

396,841

Shares redeemed

(438,968)

(381,938)

(4,548,579)

(3,796,827)

Net increase (decrease)

329,546

782,988

$ 3,412,650

$ 7,777,719

Advisor Freedom 2005

 

 

 

 

Class A

 

 

 

 

Shares sold

2,448,790

7,317,164

$ 25,528,650

$ 72,565,372

Reinvestment of distributions

70,134

339,976

721,680

3,435,631

Shares redeemed

(2,604,409)

(3,890,338)

(27,302,518)

(38,525,238)

Net increase (decrease)

(85,485)

3,766,802

$ (1,052,188)

$ 37,475,765

Class T

 

 

 

 

Shares sold

345,938

1,132,309

$ 3,603,797

$ 11,030,532

Reinvestment of distributions

8,445

45,061

86,895

455,100

Shares redeemed

(521,151)

(773,364)

(5,442,672)

(7,549,693)

Net increase (decrease)

(166,768)

404,006

$ (1,751,980)

$ 3,935,939

Class B

 

 

 

 

Shares sold

8,374

54,150

$ 88,186

$ 533,127

Reinvestment of distributions

762

4,964

7,842

50,271

Shares redeemed

(36,905)

(109,244)

(383,305)

(1,080,645)

Net increase (decrease)

(27,769)

(50,130)

$ (287,277)

$ (497,247)

Class C

 

 

 

 

Shares sold

59,065

305,167

$ 619,021

$ 3,018,553

Reinvestment of distributions

2,538

14,510

26,064

146,747

Shares redeemed

(106,851)

(267,085)

(1,120,176)

(2,621,078)

Net increase (decrease)

(45,248)

52,592

$ (475,091)

$ 544,222

Institutional Class

 

 

 

 

Shares sold

755,483

937,114

$ 7,971,105

$ 9,468,701

Reinvestment of distributions

10,984

44,760

113,579

455,233

Shares redeemed

(293,642)

(359,918)

(3,059,757)

(3,572,136)

Net increase (decrease)

472,825

621,956

$ 5,024,927

$ 6,351,798

Semiannual Report

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2010

 

 

 

 

Class A

 

 

 

 

Shares sold

6,885,149

18,880,491

$ 73,713,664

$ 190,682,441

Reinvestment of distributions

215,294

1,212,193

2,267,044

12,543,848

Shares redeemed

(7,614,325)

(17,530,431)

(81,458,391)

(178,487,457)

Net increase (decrease)

(513,882)

2,562,253

$ (5,477,683)

$ 24,738,832

Class T

 

 

 

 

Shares sold

2,343,077

5,949,706

$ 24,921,351

$ 58,943,534

Reinvestment of distributions

78,206

481,295

820,378

4,961,234

Shares redeemed

(7,204,678)

(7,663,328)

(77,518,287)

(76,116,113)

Net increase (decrease)

(4,783,395)

(1,232,327)

$ (51,776,558)

$ (12,211,345)

Class B

 

 

 

 

Shares sold

88,324

182,133

$ 938,484

$ 1,835,344

Reinvestment of distributions

5,642

42,625

59,189

441,800

Shares redeemed

(364,017)

(595,063)

(3,898,581)

(5,991,071)

Net increase (decrease)

(270,051)

(370,305)

$ (2,900,908)

$ (3,713,927)

Class C

 

 

 

 

Shares sold

292,446

952,028

$ 3,118,112

$ 9,446,683

Reinvestment of distributions

12,232

86,895

127,828

896,335

Shares redeemed

(666,621)

(1,279,015)

(7,074,883)

(12,836,486)

Net increase (decrease)

(361,943)

(240,092)

$ (3,828,943)

$ (2,493,468)

Institutional Class

 

 

 

 

Shares sold

2,181,701

3,337,499

$ 23,499,837

$ 33,780,398

Reinvestment of distributions

39,802

192,208

420,706

1,998,866

Shares redeemed

(1,223,406)

(1,682,623)

(13,126,576)

(17,082,328)

Net increase (decrease)

998,097

1,847,084

$ 10,793,967

$ 18,696,936

Advisor Freedom 2015

 

 

 

 

Class A

 

 

 

 

Shares sold

11,313,001

32,164,983

$ 120,516,843

$ 323,357,211

Reinvestment of distributions

380,645

1,876,238

3,981,542

19,317,105

Shares redeemed

(9,870,081)

(16,585,226)

(105,036,385)

(165,743,140)

Net increase (decrease)

1,823,565

17,455,995

$ 19,462,000

$ 176,931,176

Class T

 

 

 

 

Shares sold

3,047,833

6,975,850

$ 32,517,579

$ 68,177,681

Reinvestment of distributions

90,157

490,769

941,236

5,039,209

Shares redeemed

(3,225,696)

(6,790,785)

(34,268,969)

(67,432,006)

Net increase (decrease)

(87,706)

675,834

$ (810,154)

$ 5,784,884

Class B

 

 

 

 

Shares sold

142,538

449,760

$ 1,513,108

$ 4,433,310

Reinvestment of distributions

9,819

64,006

102,310

659,460

Shares redeemed

(326,590)

(633,005)

(3,454,293)

(6,220,872)

Net increase (decrease)

(174,233)

(119,239)

$ (1,838,875)

$ (1,128,102)

Class C

 

 

 

 

Shares sold

583,279

1,453,766

$ 6,168,549

$ 14,350,142

Reinvestment of distributions

17,899

110,378

186,151

1,134,531

Shares redeemed

(719,656)

(1,395,406)

(7,574,343)

(13,893,073)

Net increase (decrease)

(118,478)

168,738

$ (1,219,643)

$ 1,591,600

Institutional Class

 

 

 

 

Shares sold

4,415,671

5,176,355

$ 47,573,566

$ 52,604,404

Reinvestment of distributions

74,328

329,755

781,933

3,408,927

Shares redeemed

(1,751,148)

(2,498,861)

(18,692,490)

(25,183,981)

Net increase (decrease)

2,738,851

3,007,249

$ 29,663,009

$ 30,829,350

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2020

 

 

 

 

Class A

 

 

 

 

Shares sold

18,174,035

45,183,836

$ 199,036,034

$ 463,202,937

Reinvestment of distributions

586,393

2,595,974

6,303,721

27,655,510

Shares redeemed

(14,161,413)

(22,376,535)

(155,023,260)

(229,963,322)

Net increase (decrease)

4,599,015

25,403,275

$ 50,316,495

$ 260,895,125

Class T

 

 

 

 

Shares sold

5,828,308

13,389,476

$ 63,937,646

$ 134,409,911

Reinvestment of distributions

200,295

1,003,112

2,153,168

10,676,415

Shares redeemed

(14,449,452)

(14,031,668)

(159,896,359)

(143,283,312)

Net increase (decrease)

(8,420,849)

360,920

$ (93,805,545)

$ 1,803,014

Class B

 

 

 

 

Shares sold

327,176

786,273

$ 3,570,302

$ 7,911,628

Reinvestment of distributions

20,850

116,218

223,513

1,242,364

Shares redeemed

(782,511)

(1,125,596)

(8,539,390)

(11,397,490)

Net increase (decrease)

(434,485)

(223,105)

$ (4,745,575)

$ (2,243,498)

Class C

 

 

 

 

Shares sold

992,960

2,227,854

$ 10,848,809

$ 22,595,108

Reinvestment of distributions

26,051

147,034

278,747

1,569,561

Shares redeemed

(948,779)

(1,920,594)

(10,321,967)

(19,584,995)

Net increase (decrease)

70,232

454,294

$ 805,589

$ 4,579,674

Institutional Class

 

 

 

 

Shares sold

5,777,603

8,404,614

$ 63,880,926

$ 87,788,002

Reinvestment of distributions

114,914

474,048

1,242,230

5,075,149

Shares redeemed

(1,979,577)

(3,015,266)

(21,817,514)

(31,218,230)

Net increase (decrease)

3,912,940

5,863,396

$ 43,305,642

$ 61,644,921

Advisor Freedom 2025

 

 

 

 

Class A

 

 

 

 

Shares sold

15,619,675

40,250,497

$ 163,851,250

$ 395,216,135

Reinvestment of distributions

484,433

2,082,741

4,970,281

21,253,319

Shares redeemed

(10,479,440)

(17,708,216)

(109,638,387)

(173,855,795)

Net increase (decrease)

5,624,668

24,625,022

$ 59,183,144

$ 242,613,659

Class T

 

 

 

 

Shares sold

3,519,065

8,314,781

$ 36,963,560

$ 80,263,098

Reinvestment of distributions

92,979

448,807

955,820

4,590,362

Shares redeemed

(3,267,706)

(5,953,703)

(34,416,927)

(58,549,334)

Net increase (decrease)

344,338

2,809,885

$ 3,502,453

$ 26,304,126

Class B

 

 

 

 

Shares sold

230,284

580,667

$ 2,387,537

$ 5,471,445

Reinvestment of distributions

11,377

63,222

116,154

646,389

Shares redeemed

(337,101)

(658,819)

(3,504,905)

(6,344,074)

Net increase (decrease)

(95,440)

(14,930)

$ (1,001,214)

$ (226,240)

Class C

 

 

 

 

Shares sold

661,403

1,510,376

$ 6,913,117

$ 14,596,541

Reinvestment of distributions

16,703

82,292

170,204

840,011

Shares redeemed

(571,951)

(907,187)

(5,868,401)

(8,676,397)

Net increase (decrease)

106,155

685,481

$ 1,214,920

$ 6,760,155

Institutional Class

 

 

 

 

Shares sold

4,430,288

4,943,550

$ 47,017,957

$ 48,886,534

Reinvestment of distributions

77,115

307,002

795,829

3,146,123

Shares redeemed

(1,503,614)

(1,470,965)

(15,908,968)

(14,449,276)

Net increase (decrease)

3,003,789

3,779,587

$ 31,904,818

$ 37,583,381

Semiannual Report

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2030

 

 

 

 

Class A

 

 

 

 

Shares sold

16,100,280

38,797,182

$ 175,853,575

$ 395,875,652

Reinvestment of distributions

481,041

1,866,748

5,151,950

19,998,334

Shares redeemed

(11,375,217)

(17,846,987)

(124,250,356)

(181,939,183)

Net increase (decrease)

5,206,104

22,816,943

$ 56,755,169

$ 233,934,803

Class T

 

 

 

 

Shares sold

5,940,633

12,307,212

$ 64,934,246

$ 122,751,803

Reinvestment of distributions

155,286

680,438

1,658,455

7,274,926

Shares redeemed

(11,966,579)

(9,841,745)

(132,045,465)

(99,921,008)

Net increase (decrease)

(5,870,660)

3,145,905

$ (65,452,764)

$ 30,105,721

Class B

 

 

 

 

Shares sold

250,237

600,341

$ 2,715,286

$ 5,980,332

Reinvestment of distributions

14,186

70,777

151,077

763,149

Shares redeemed

(441,198)

(760,195)

(4,807,952)

(7,622,000)

Net increase (decrease)

(176,775)

(89,077)

$ (1,941,589)

$ (878,519)

Class C

 

 

 

 

Shares sold

579,554

1,605,657

$ 6,298,435

$ 16,073,300

Reinvestment of distributions

17,588

87,396

186,957

939,821

Shares redeemed

(735,103)

(1,278,913)

(7,923,324)

(13,072,332)

Net increase (decrease)

(137,961)

414,140

$ (1,437,932)

$ 3,940,789

Institutional Class

 

 

 

 

Shares sold

5,288,346

6,778,493

$ 58,292,084

$ 70,133,488

Reinvestment of distributions

94,198

333,659

1,012,629

3,581,406

Shares redeemed

(1,858,542)

(2,077,011)

(20,423,320)

(21,173,240)

Net increase (decrease)

3,524,002

5,035,141

$ 38,881,393

$ 52,541,654

Advisor Freedom 2035

 

 

 

 

Class A

 

 

 

 

Shares sold

11,725,639

29,478,855

$ 120,314,420

$ 283,259,853

Reinvestment of distributions

322,769

1,224,913

3,243,825

12,371,642

Shares redeemed

(7,456,174)

(11,681,770)

(76,332,903)

(113,019,155)

Net increase (decrease)

4,592,234

19,021,998

$ 47,225,342

$ 182,612,340

Class T

 

 

 

 

Shares sold

2,689,422

5,784,903

$ 27,519,510

$ 54,332,277

Reinvestment of distributions

60,002

245,284

600,617

2,472,154

Shares redeemed

(1,959,949)

(3,918,900)

(20,085,067)

(37,204,051)

Net increase (decrease)

789,475

2,111,287

$ 8,035,060

$ 19,600,380

Class B

 

 

 

 

Shares sold

163,833

405,509

$ 1,659,116

$ 3,788,136

Reinvestment of distributions

8,299

38,336

82,491

387,872

Shares redeemed

(210,913)

(357,555)

(2,139,406)

(3,379,935)

Net increase (decrease)

(38,781)

86,290

$ (397,799)

$ 796,073

Class C

 

 

 

 

Shares sold

408,282

971,148

$ 4,189,820

$ 9,096,299

Reinvestment of distributions

9,665

41,555

96,074

420,018

Shares redeemed

(375,932)

(574,523)

(3,810,437)

(5,371,383)

Net increase (decrease)

42,015

438,180

$ 475,457

$ 4,144,934

Institutional Class

 

 

 

 

Shares sold

3,840,832

3,975,253

$ 39,654,796

$ 38,607,280

Reinvestment of distributions

53,194

186,356

536,725

1,885,670

Shares redeemed

(1,060,674)

(1,088,290)

(10,992,332)

(10,464,439)

Net increase (decrease)

2,833,352

3,073,319

$ 29,199,189

$ 30,028,511

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2040

 

 

 

 

Class A

 

 

 

 

Shares sold

10,808,922

24,913,305

$ 118,317,509

$ 252,890,462

Reinvestment of distributions

308,387

1,193,321

3,305,915

12,861,441

Shares redeemed

(7,948,657)

(12,253,872)

(87,087,206)

(125,782,802)

Net increase (decrease)

3,168,652

13,852,754

$ 34,536,218

$ 139,969,101

Class T

 

 

 

 

Shares sold

4,440,255

10,000,332

$ 48,500,898

$ 99,858,612

Reinvestment of distributions

120,530

509,696

1,288,464

5,481,963

Shares redeemed

(8,858,278)

(8,036,589)

(97,816,301)

(81,578,421)

Net increase (decrease)

(4,297,493)

2,473,439

$ (48,026,939)

$ 23,762,154

Class B

 

 

 

 

Shares sold

184,875

476,095

$ 2,012,747

$ 4,732,469

Reinvestment of distributions

12,453

58,166

132,247

628,599

Shares redeemed

(352,751)

(566,960)

(3,811,089)

(5,619,118)

Net increase (decrease)

(155,423)

(32,699)

$ (1,666,095)

$ (258,050)

Class C

 

 

 

 

Shares sold

588,016

1,191,976

$ 6,430,311

$ 11,944,778

Reinvestment of distributions

15,286

70,129

162,187

756,765

Shares redeemed

(601,218)

(1,050,495)

(6,500,881)

(10,581,828)

Net increase (decrease)

2,084

211,610

$ 91,617

$ 2,119,715

Institutional Class

 

 

 

 

Shares sold

4,034,550

4,937,197

$ 44,567,006

$ 50,576,131

Reinvestment of distributions

65,275

230,524

702,360

2,486,427

Shares redeemed

(1,330,475)

(1,571,826)

(14,700,682)

(15,921,925)

Net increase (decrease)

2,769,350

3,595,895

$ 30,568,684

$ 37,140,633

Advisor Freedom 2045

 

 

 

 

Class A

 

 

 

 

Shares sold

6,805,187

13,663,363

$ 57,663,899

$ 108,131,504

Reinvestment of distributions

118,404

434,034

982,751

3,629,970

Shares redeemed

(3,033,354)

(4,807,430)

(25,533,307)

(38,399,839)

Net increase (decrease)

3,890,237

9,289,967

$ 33,113,343

$ 73,361,635

Class T

 

 

 

 

Shares sold

1,559,936

3,019,866

$ 13,228,390

$ 23,345,550

Reinvestment of distributions

21,808

84,802

180,570

708,733

Shares redeemed

(924,313)

(1,269,123)

(7,872,182)

(9,935,840)

Net increase (decrease)

657,431

1,835,545

$ 5,536,778

$ 14,118,443

Class B

 

 

 

 

Shares sold

57,904

151,912

$ 487,605

$ 1,183,636

Reinvestment of distributions

1,519

6,409

12,550

53,934

Shares redeemed

(44,589)

(75,001)

(375,351)

(599,710)

Net increase (decrease)

14,834

83,320

$ 124,804

$ 637,860

Class C

 

 

 

 

Shares sold

189,084

299,037

$ 1,600,138

$ 2,351,191

Reinvestment of distributions

2,346

9,804

19,379

82,368

Shares redeemed

(73,921)

(118,526)

(625,088)

(901,091)

Net increase (decrease)

117,509

190,315

$ 994,429

$ 1,532,468

Institutional Class

 

 

 

 

Shares sold

1,590,125

2,136,614

$ 13,528,734

$ 16,905,851

Reinvestment of distributions

20,867

70,375

173,820

588,654

Shares redeemed

(498,089)

(553,542)

(4,275,561)

(4,413,315)

Net increase (decrease)

1,112,903

1,653,447

$ 9,426,993

$ 13,081,190

Semiannual Report

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2050

 

 

 

 

Class A

 

 

 

 

Shares sold

5,104,616

9,581,471

$ 42,438,443

$ 73,833,021

Reinvestment of distributions

81,120

291,959

658,691

2,406,119

Shares redeemed

(2,217,420)

(4,148,608)

(18,362,730)

(32,257,966)

Net increase (decrease)

2,968,316

5,724,822

$ 24,734,404

$ 43,981,174

Class T

 

 

 

 

Shares sold

1,570,025

3,635,495

$ 12,963,770

$ 27,820,143

Reinvestment of distributions

23,088

92,896

187,012

765,843

Shares redeemed

(1,217,567)

(2,095,310)

(10,112,802)

(16,196,123)

Net increase (decrease)

375,546

1,633,081

$ 3,037,980

$ 12,389,863

Class B

 

 

 

 

Shares sold

92,786

210,935

$ 768,386

$ 1,592,970

Reinvestment of distributions

2,115

9,042

17,071

75,136

Shares redeemed

(64,234)

(87,238)

(522,546)

(663,372)

Net increase (decrease)

30,667

132,739

$ 262,911

$ 1,004,734

Class C

 

 

 

 

Shares sold

180,221

373,964

$ 1,493,552

$ 2,823,004

Reinvestment of distributions

3,229

14,928

26,088

124,197

Shares redeemed

(143,901)

(224,961)

(1,174,879)

(1,746,454)

Net increase (decrease)

39,549

163,931

$ 344,761

$ 1,200,747

Institutional Class

 

 

 

 

Shares sold

1,681,830

2,689,897

$ 14,019,617

$ 21,086,162

Reinvestment of distributions

26,204

82,208

213,560

678,287

Shares redeemed

(641,837)

(780,619)

(5,377,582)

(6,106,242)

Net increase (decrease)

1,066,197

1,991,486

$ 8,855,595

$ 15,658,207

8. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Advisor Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.

Fund

Advisor Freedom 2020

Advisor Freedom 2030

Fidelity Advisor Large Cap Fund

11%

11%

The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.

Fund

% of shares held

Fidelity Advisor Growth & Income Fund

50%

Fidelity Advisor Large Cap Fund

61%

Fidelity Advisor Overseas Fund

34%

Fidelity Advisor High Income Advantage Fund

28%

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Freedom Funds

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and administration agreement (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established three standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of each fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Strategic Advisers, Inc. (Strategic Advisers), and the administrator, FMR, including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interest of each fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of Strategic Advisers' investment staff, their use of technology, and Strategic Advisers' and FMR's approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board noted FMR's continued focus on strengthening the organization and discipline of equity portfolio management and research.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR and its affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of FMR's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and restructuring and broadening the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) launching Class F of certain funds as a lower-fee class available to Freedom K and Freedom Index Funds; (iv) lowering the initial investment minimums and ongoing balance requirements for Real Estate High Income Fund; (v) eliminating subsequent purchase minimums for all funds and adding a waiver of the investment minimum requirement for new accounts opened with the proceeds of a systematic withdrawal plan; (vi) eliminating the withdrawal minimum and maximum limits for systematic withdrawals from Advisor funds; (vii) expanding sales load waivers on Class A shares for Destiny Planholders and expanding Institutional Class eligibility for Class O Destiny Planholders; and (viii) changing certain Class A and Class T sales charge structures to further align them with industry practices.

Semiannual Report

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance for each class, as well as each fund's relative investment performance for each class measured over multiple periods against a proprietary custom index. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare any of the funds' performance.

For Advisor Freedom 2005 Fund, Advisor Freedom 2010 Fund, and Advisor Freedom 2015 Fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, the cumulative total returns of Institutional Class (Class I) and Class C of the fund and the cumulative total returns of a proprietary custom index ("benchmark"). The returns of Institutional Class (Class I) and Class C show the performance of the highest and lowest performing classes, respectively (based on five-year performance).

For Advisor Freedom 2020 Fund, Advisor Freedom 2025 Fund, Advisor Freedom 2030 Fund, Advisor Freedom 2035 Fund, Adviser Freedom 2040 Fund and Adviser Freedom Income Fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, the cumulative total returns of Institutional Class (Class I) and Class B of the fund and the cumulative total returns of a proprietary custom index ("benchmark"). The returns of Institutional Class (Class I) and Class B show the performance of the highest and lowest performing classes, respectively (based on five-year performance).

For Advisor Freedom 2045 Fund and Advisor Freedom 2050 Fund, because each fund had been in existence less than five calendar years, the following charts considered by the Board show, over the one- and three-year periods ended December 31, 2009, the cumulative total returns of Institutional Class (Class I) and Class B of the fund and the cumulative total returns of a proprietary custom index ("benchmark"). The returns of Institutional Class (Class I) and Class B show the performance of the highest and lowest performing classes, respectively (based on three-year performance).

For each fund, the proprietary custom index is an index developed by FMR that represents the performance of the fund's asset classes according to their respective weightings, adjusted on June 30 and December 31 of each calendar year to reflect the fund's increasingly conservative asset allocations (for each fund other than Advisor Freedom Income Fund).

Fidelity Advisor Freedom 2005 Fund

fid576

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2010 Fund

fid578

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom 2015 Fund

fid580

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

fid582

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom 2025 Fund

fid584

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2030 Fund

fid586

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom 2035 Fund

fid588

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

fid590

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom 2045 Fund

fid592

The Board noted that the investment performance of Institutional Class (Class I) of the fund compared favorably to its benchmark for the one-year period, although the fund's three-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2050 Fund

fid594

The Board noted that the investment performance of Institutional Class (Class I) of the fund compared favorably to its benchmark for the one-year period, although the fund's three-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom Income Fund

fid596

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by Strategic Advisers and FMR to maintain and improve relative performance and factoring in the unprecedented market events in recent years, the Board concluded that the nature, extent, and quality of investment management and support services and of shareholder and administrative services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Semiannual Report

Competitiveness of Management Fee and Total Fund Expenses. The Board noted that the funds do not pay Strategic Advisers a management fee for investment advisory services. The Board considered each fund's management fee and total expenses (which include the fees and expenses of underlying funds) compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 0% means that 100% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Fidelity Advisor Freedom 2005 Fund

fid598

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2010 Fund

fid600

Fidelity Advisor Freedom 2015 Fund

fid602

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

fid604

Fidelity Advisor Freedom 2025 Fund

fid606

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2030 Fund

fid608

Fidelity Advisor Freedom 2035 Fund

fid610

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

fid612

Fidelity Advisor Freedom 2045 Fund

fid614

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2050 Fund

fid616

Fidelity Advisor Freedom Income Fund

fid618

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2009.

Furthermore, the Board considered that, for 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 and Advisor Freedom Income Fund, it had approved an amendment (effective May 19, 2005) to each fund's management contract that eliminated the management fee that the fund paid to Strategic Advisers. The Board considered that each fund's chart reflects the elimination of the fund's management fee for 2005, as if the fee had been eliminated for the entire year.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of the total expenses of each class of each fund, the Board noted that each fund invests in Institutional Class of the underlying fund (if that underlying fund offers multiple classes of shares) to avoid charging fund-paid 12b-1 fees at both fund levels. The Board considered that the funds do not pay transfer agent fees. Instead, Institutional Class of each underlying fund (or the underlying fund, if that underlying fund does not offer multiple classes of shares) bears its pro rata portion of each fund's transfer agent fee according to the percentage of each fund's assets invested in that underlying fund. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions.

Semiannual Report

The Board noted that the total expenses of each of Class A, Class B, Class C, and Institutional Class of each fund ranked below its competitive median for 2009 and the total expenses of Class T ranked equal to its competitive median for 2009.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that the total expenses of each class of each fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contracts because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

Economies of Scale. The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Semiannual Report

Investment Adviser

Strategic Advisers, Inc.

Boston, MA

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

fid620 

AFF-USAN-1110
1.792158.107

Fidelity Advisor Freedom Funds®-
Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 -
Institutional Class

Semiannual Report

September 30, 2010

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

The Chairman's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Fidelity Advisor Freedom Income Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2005 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2010 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2015 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2020 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2025 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2030 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2035 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2040 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2045 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Advisor Freedom 2050 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Notes

<Click Here>

Notes to the financial statements.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

 

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Semiannual Report

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

Equities staged a rally during the third quarter of 2010, shaking off concerns about the European debt crisis and the possibility of a double-dip recession in the U.S. Although the short-term surge pushed major equity indexes back into positive territory for the year, several questions remained about the longer-term outlook, including lackluster economic growth and persistently high unemployment. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.

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

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

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

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

Sincerely,


(The chairman's signature appears here.)

Abigail P. Johnson

Semiannual 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 (April 1, 2010 to September 30, 2010).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 



Annualized
Expense Ratio


Beginning
Account Value
April 1, 2010


Ending
Account Value
September 30, 2010

Expenses Paid
During Period*
April 1, 2010 to
September 30, 2010

Advisor Freedom Income

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.20

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.00

$ 2.54

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.40

$ 5.07

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.50

$ 5.07

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.30

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2005

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.90

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.30

$ 2.53

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Advisor Freedom 2005

 

 

 

 

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.10

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.20

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.50

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2010

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.40

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.80

$ 2.54

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.60

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.80

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,024.90

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2015

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.60

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.10

$ 2.53

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,018.90

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.10

$ 5.06

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,025.00

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2020

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,018.80

$ 1.27

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,018.10

$ 2.53

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Advisor Freedom 2020

 

 

 

 

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,015.00

$ 5.05

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,015.10

$ 5.05

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.00

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2025

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.40

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,014.70

$ 2.53

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,011.70

$ 5.04

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,011.90

$ 5.04

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.90

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2030

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,011.50

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,010.80

$ 2.52

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,007.70

$ 5.03

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,007.80

$ 5.03

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,013.80

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2035

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,007.90

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,006.40

$ 2.51

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Advisor Freedom 2035

 

 

 

 

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,004.20

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,004.30

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,009.40

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2040

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,007.00

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,005.50

$ 2.51

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,003.30

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,002.40

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,008.40

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2045

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,006.10

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,004.30

$ 2.51

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,002.10

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,002.10

$ 5.02

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,006.70

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

Advisor Freedom 2050

 

 

 

 

Class A

.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,003.80

$ 1.26

Hypothetical A

 

$ 1,000.00

$ 1,023.82

$ 1.27

Class T

.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,002.00

$ 2.51

Hypothetical A

 

$ 1,000.00

$ 1,022.56

$ 2.54

Advisor Freedom 2050

 

 

 

 

Class B

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 999.60

$ 5.01

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Class C

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 999.50

$ 5.01

Hypothetical A

 

$ 1,000.00

$ 1,020.05

$ 5.06

Institutional Class

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,003.20

$ .00

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ .00

A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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.

Semiannual Report

Fidelity Advisor Freedom Income Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

0.8

0.7

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

1.4

1.8

Fidelity Advisor Equity Income Fund Institutional Class

0.3

1.5

Fidelity Advisor Growth & Income Fund Institutional Class

2.0

2.7

Fidelity Advisor Large Cap Fund Institutional Class

1.9

2.5

Fidelity Advisor Small Cap Fund Institutional Class

0.7

0.8

Fidelity Series 100 Index Fund

1.5

1.7

Fidelity Series All-Sector Equity Fund

2.8

3.5

Fidelity Series Large Cap Value Fund

2.5

2.1

Fidelity Series Small Cap Opportunities Fund

0.7

0.9

 

13.8

17.5

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

1.0

0.8

Fidelity Advisor Overseas Fund Institutional Class

1.0

0.8

Fidelity Series International Growth Fund

1.1

0.2

Fidelity Series International Small Cap Fund

0.2

0.0*

Fidelity Series International Value Fund

1.0

0.2

 

4.3

2.0

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

0.7

0.2

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

5.1

5.1

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

10.6

4.8

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

4.6

5.4

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

2.2

Fidelity Series Investment Grade Bond Fund

20.7

22.5

 

25.3

30.1

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

19.8

19.8

Fidelity Institutional Money Market Portfolio Institutional Class

19.6

19.8

 

39.4

39.6

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

0.8%

 

fid661

Domestic Equity Funds

13.8%

 

fid663

Developed International Equity Funds

4.3%

 

fid665

Emerging Markets Equity Funds

0.7%

 

fid667

High Yield Bond Funds

5.1%

 

fid669

Inflation-Protected Bond Funds

10.6%

 

fid671

Investment Grade Bond Funds

25.3%

 

fid673

Short-Term Funds

39.4%

 

fid675

Six months ago

fid659

Commodity Funds

0.7%

 

fid678

Domestic Equity Funds

17.5%

 

fid663

Developed International Equity Funds

2.0%

 

fid665

Emerging Markets Equity Funds

0.2%

 

fid667

High Yield Bond Funds

5.1%

 

fid669

Inflation-Protected Bond Funds

4.8%

 

fid671

Investment Grade Bond Funds

30.1%

 

fid673

Short-Term Funds

39.6%

 

fid286

Expected

fid659

Commodity Funds

2.0%

 

fid678

Domestic Equity Funds

12.6%

 

fid663

Developed International Equity Funds

4.6%

 

fid665

Emerging Markets Equity Funds

0.8%

 

fid667

High Yield Bond Funds

5.0%

 

fid669

Inflation-Protected Bond Funds

12.0%

 

fid671

Investment Grade Bond Funds

23.0%

 

fid673

Short-Term Funds

40.0%

 

fid296

The six months ago allocation is based on the fund's holdings as of March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom Income Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 14.6%

Shares

Value

Commodity Funds - 0.8%

Fidelity Series Commodity Strategy Fund

184,624

$ 2,019,790

Domestic Equity Funds - 13.8%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

70,843

3,587,505

Fidelity Advisor Equity Income Fund Institutional Class

35,928

767,062

Fidelity Advisor Growth & Income Fund Institutional Class

326,471

5,014,596

Fidelity Advisor Large Cap Fund Institutional Class

298,585

4,965,461

Fidelity Advisor Small Cap Fund Institutional Class (a)

72,132

1,773,004

Fidelity Series 100 Index Fund

488,447

3,936,879

Fidelity Series All-Sector Equity Fund

591,896

7,037,649

Fidelity Series Large Cap Value Fund

549,331

6,240,403

Fidelity Series Small Cap Opportunities Fund (a)

196,084

1,794,171

TOTAL DOMESTIC EQUITY FUNDS

35,116,730

TOTAL DOMESTIC EQUITY FUNDS

(Cost $34,626,975)

37,136,520

International Equity Funds - 5.0%

 

 

 

 

Developed International Equity Funds - 4.3%

Fidelity Advisor Diversified International Fund Institutional Class

163,149

2,489,654

Fidelity Advisor Overseas Fund Institutional Class

146,101

2,507,086

Fidelity Series International Growth Fund

259,815

2,694,284

Fidelity Series International Small Cap Fund

50,203

551,736

Fidelity Series International Value Fund

274,320

2,614,270

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

10,857,030

Emerging Markets Equity Funds - 0.7%

Fidelity Series Emerging Markets Fund

101,494

1,832,989

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $11,694,646)

12,690,019

Bond Funds - 41.0%

Shares

Value

High Yield Bond Funds - 5.1%

Fidelity Advisor High Income Advantage Fund Institutional Class

1,412,869

$ 12,885,369

Inflation-Protected Bond Funds - 10.6%

Fidelity Series Inflation-Protected Bond Index Fund

2,529,703

26,991,934

Investment Grade Bond Funds - 25.3%

Fidelity Advisor Strategic Real Return Fund Institutional Class

1,281,827

11,677,448

Fidelity Advisor Total Bond Fund Institutional Class

307

3,394

Fidelity Series Investment Grade Bond Fund

4,391,775

52,481,707

TOTAL INVESTMENT GRADE BOND FUNDS

64,162,549

TOTAL BOND FUNDS

(Cost $97,505,801)

104,039,852

Short-Term Funds - 39.4%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

5,420,879

50,197,338

Fidelity Institutional Money Market Portfolio Institutional Class

49,851,248

49,851,248

TOTAL SHORT-TERM FUNDS

(Cost $99,771,460)

100,048,586

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $243,598,882)

253,914,977

NET OTHER ASSETS (LIABILITIES) - 0.0%

(83,738)

NET ASSETS - 100%

$ 253,831,239

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $2,021,981 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom Income Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $243,598,882) - See accompanying schedule

$ 253,914,977

Receivable for investments sold

333,058

Receivable for fund shares sold

283,195

Total assets

254,531,230

 

 

 

Liabilities

Payable for investments purchased

$ 357,352

Payable for fund shares redeemed

269,587

Distribution and service plan fees payable

73,052

Total liabilities

699,991

 

 

 

Net Assets

$ 253,831,239

Net Assets consist of:

 

Paid in capital

$ 249,067,404

Undistributed net investment income

298,299

Accumulated undistributed net realized gain (loss) on investments

(5,850,559)

Net unrealized appreciation (depreciation) on investments

10,316,095

Net Assets

$ 253,831,239

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($153,474,133 ÷ 14,554,316 shares)

$ 10.54

 

 

 

Maximum offering price per share (100/94.25 of $10.54)

$ 11.18

Class T:
Net Asset Value and redemption price per share ($56,723,648 ÷ 5,383,899 shares)

$ 10.54

 

 

 

Maximum offering price per share (100/96.50 of $10.54)

$ 10.92

Class B:
Net Asset Value and offering price per share ($5,130,682 ÷ 487,273 shares)A

$ 10.53

 

 

 

Class C:
Net Asset Value and offering price per share ($16,537,567 ÷ 1,570,964 shares)A

$ 10.53

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($21,965,209 ÷ 2,079,123 shares)

$ 10.56

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 1,887,819

 

 

 

Expenses

Distribution and service plan fees

$ 429,055

Independent trustees' compensation

458

Total expenses before reductions

429,513

Expense reductions

(458)

429,055

Net investment income (loss)

1,458,764

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(560,954)

Capital gain distributions from underlying funds

28,526

Total net realized gain (loss)

 

(532,428)

Change in net unrealized appreciation (depreciation) on underlying funds

5,565,392

Net gain (loss)

5,032,964

Net increase (decrease) in net assets resulting from operations

$ 6,491,728

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,458,764

$ 4,173,414

Net realized gain (loss)

(532,428)

2,394,982

Change in net unrealized appreciation (depreciation)

5,565,392

30,437,609

Net increase (decrease) in net assets resulting from operations

6,491,728

37,006,005

Distributions to shareholders from net investment income

(1,458,820)

(4,185,152)

Distributions to shareholders from net realized gain

(281,558)

(1,201,062)

Total distributions

(1,740,378)

(5,386,214)

Share transactions - net increase (decrease)

16,187,542

40,627,765

Total increase (decrease) in net assets

20,938,892

72,247,556

 

 

 

Net Assets

Beginning of period

232,892,347

160,644,791

End of period (including undistributed net investment income of $298,299 and undistributed net investment income of $298,355, respectively)

$ 253,831,239

$ 232,892,347

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.35

$ 8.74

$ 10.46

$ 10.74

$ 10.52

$ 10.30

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .07

.22

.29

.40

.36

.29

Net realized and unrealized gain (loss)

  .20

1.66

(1.60)

(.21)

.29

.23

Total from investment operations

  .27

1.88

(1.31)

.19

.65

.52

Distributions from net investment income

  (.07)

(.22)

(.30)

(.40)

(.35)

(.27)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.08)

(.27) J

(.41)

(.47) I

(.43)

(.30) H

Net asset value, end of period

$ 10.54

$ 10.35

$ 8.74

$ 10.46

$ 10.74

$ 10.52

Total Return B, C, D

  2.62%

21.74%

(12.78)%

1.73%

6.38%

5.12%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  1.29% A

2.19%

3.03%

3.77%

3.46%

2.83%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 153,474

$ 142,691

$ 93,865

$ 87,469

$ 49,721

$ 18,524

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.30 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share. I Total distributions of $.47 per share is comprised of distributions from net investment income of $.403 and distributions from net realized gain of $.066 per share. J Total distributions of $.27 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.056 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.34

$ 8.73

$ 10.45

$ 10.73

$ 10.51

$ 10.30

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.19

.27

.38

.34

.27

Net realized and unrealized gain (loss)

  .22

1.67

(1.61)

(.22)

.29

.22

Total from investment operations

  .27

1.86

(1.34)

.16

.63

.49

Distributions from net investment income

  (.06)

(.19)

(.27)

(.38)

(.33)

(.24)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.07)

(.25) I

(.38)

(.44) H

(.41)

(.28)

Net asset value, end of period

$ 10.54

$ 10.34

$ 8.73

$ 10.45

$ 10.73

$ 10.51

Total Return B, C, D

  2.60%

21.47%

(13.03)%

1.48%

6.11%

4.78%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  1.04% A

1.94%

2.78%

3.52%

3.21%

2.58%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 56,724

$ 52,047

$ 42,675

$ 44,882

$ 39,739

$ 32,469

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.377 and distributions from net realized gain of $.066 per share. I Total distributions of $.25 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.056 per share.

Financial Highlights - Class B

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.33

$ 8.72

$ 10.44

$ 10.72

$ 10.50

$ 10.29

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.14

.22

.32

.29

.22

Net realized and unrealized gain (loss)

  .21

1.67

(1.60)

(.21)

.28

.21

Total from investment operations

  .24

1.81

(1.38)

.11

.57

.43

Distributions from net investment income

  (.03)

(.14)

(.23)

(.32)

(.27)

(.19)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.04)

(.20) J

(.34)

(.39) I

(.35)

(.22) H

Net asset value, end of period

$ 10.53

$ 10.33

$ 8.72

$ 10.44

$ 10.72

$ 10.50

Total Return B, C, D

  2.34%

20.86%

(13.48)%

.97%

5.57%

4.27%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .54% A

1.44%

2.28%

3.02%

2.71%

2.08%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 5,131

$ 5,319

$ 4,282

$ 5,539

$ 4,993

$ 4,873

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.22 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share. I Total distributions of $.39 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $.066 per share. J Total distributions of $.20 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.056 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.33

$ 8.72

$ 10.43

$ 10.71

$ 10.50

$ 10.28

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.14

.22

.32

.29

.22

Net realized and unrealized gain (loss)

  .21

1.67

(1.60)

(.21)

.27

.22

Total from investment operations

  .24

1.81

(1.38)

.11

.56

.44

Distributions from net investment income

  (.03)

(.14)

(.22)

(.32)

(.27)

(.19)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.04)

(.20) J

(.33)

(.39) I

(.35)

(.22) H

Net asset value, end of period

$ 10.53

$ 10.33

$ 8.72

$ 10.43

$ 10.71

$ 10.50

Total Return B, C, D

  2.35%

20.83%

(13.41)%

.97%

5.48%

4.37%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .54% A

1.44%

2.28%

3.02%

2.71%

2.08%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 16,538

$ 14,697

$ 11,362

$ 14,718

$ 13,279

$ 13,678

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.22 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share. I Total distributions of $.39 per share is comprised of distributions from net investment income of $.323 and distributions from net realized gain of $.066 per share. J Total distributions of $.20 per share is comprised of distributions from net investment income of $.140 and distributions from net realized gain of $.056 per share.

Financial Highlights - Institutional Class

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.37

$ 8.75

$ 10.48

$ 10.76

$ 10.53

$ 10.31

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .08

.24

.31

.43

.39

.32

Net realized and unrealized gain (loss)

  .20

1.68

(1.61)

(.21)

.30

.23

Total from investment operations

  .28

1.92

(1.30)

.22

.69

.55

Distributions from net investment income

  (.08)

(.24)

(.32)

(.43)

(.38)

(.29)

Distributions from net realized gain

  (.01)

(.06)

(.11)

(.07)

(.08)

(.04)

Total distributions

  (.09)

(.30) I

(.43)

(.50) H

(.46)

(.33)

Net asset value, end of period

$ 10.56

$ 10.37

$ 8.75

$ 10.48

$ 10.76

$ 10.53

Total Return B, C

  2.73%

22.16%

(12.63)%

2.00%

6.72%

5.39%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  1.54% A

2.44%

3.28%

4.02%

3.71%

3.08%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 21,965

$ 18,137

$ 8,461

$ 9,119

$ 2,800

$ 1,134

Portfolio turnover rate

  33% A

31%

44%

56%

38%

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.50 per share is comprised of distributions from net investment income of $.432 and distributions from net realized gain of $.066 per share. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.243 and distributions from net realized gain of $.056 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2005 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

4.3

1.9

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

2.9

3.5

Fidelity Advisor Equity Income Fund Institutional Class

0.6

2.8

Fidelity Advisor Growth & Income Fund Institutional Class

4.0

5.2

Fidelity Advisor Large Cap Fund Institutional Class

4.0

5.0

Fidelity Advisor Small Cap Fund Institutional Class

1.4

1.6

Fidelity Series 100 Index Fund

3.2

3.2

Fidelity Series All-Sector Equity Fund

5.6

6.8

Fidelity Series Large Cap Value Fund

5.0

4.1

Fidelity Series Small Cap Opportunities Fund

1.4

1.7

 

28.1

33.9

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

2.1

3.2

Fidelity Advisor Overseas Fund Institutional Class

2.2

3.2

Fidelity Series International Growth Fund

2.4

0.8

Fidelity Series International Small Cap Fund

0.5

0.1

Fidelity Series International Value Fund

2.4

0.7

 

9.6

8.0

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

1.7

1.1

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

5.0

5.1

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

9.0

4.0

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

4.1

4.9

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

2.0

Fidelity Series Investment Grade Bond Fund

17.9

20.7

 

22.0

27.6

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

10.2

9.2

Fidelity Institutional Money Market Portfolio Institutional Class

10.1

9.2

 

20.3

18.4

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

4.3%

 

fid678

Domestic Equity Funds

28.1%

 

fid663

Developed International Equity Funds

9.6%

 

fid665

Emerging Markets Equity Funds

1.7%

 

fid667

High Yield Bond Funds

5.0%

 

fid669

Inflation-Protected Bond Funds

9.0%

 

fid671

Investment Grade Bond Funds

22.0%

 

fid673

Short-Term Funds

20.3%

 

fid306

Six months ago

fid659

Commodity Funds

1.9%

 

fid678

Domestic Equity Funds

33.9%

 

fid663

Developed International Equity Funds

8.0%

 

fid665

Emerging Markets Equity Funds

1.1%

 

fid667

High Yield Bond Funds

5.1%

 

fid669

Inflation-Protected Bond Funds

4.0%

 

fid671

Investment Grade Bond Funds

27.6%

 

fid673

Short-Term Funds

18.4%

 

fid316

Expected

fid659

Commodity Funds

4.5%

 

fid678

Domestic Equity Funds

25.7%

 

fid663

Developed International Equity Funds

9.4%

 

fid665

Emerging Markets Equity Funds

1.6%

 

fid667

High Yield Bond Funds

5.0%

 

fid669

Inflation-Protected Bond Funds

10.0%

 

fid671

Investment Grade Bond Funds

20.9%

 

fid673

Short-Term Funds

22.9%

 

fid326

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2005 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.4%

Shares

Value

Commodity Funds - 4.3%

Fidelity Series Commodity Strategy Fund

843,110

$ 9,223,623

Domestic Equity Funds - 28.1%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

122,852

6,221,209

Fidelity Advisor Equity Income Fund Institutional Class

61,689

1,317,061

Fidelity Advisor Growth & Income Fund Institutional Class

561,485

8,624,411

Fidelity Advisor Large Cap Fund Institutional Class

512,208

8,518,023

Fidelity Advisor Small Cap Fund Institutional Class (a)

124,201

3,052,864

Fidelity Series 100 Index Fund

843,265

6,796,717

Fidelity Series All-Sector Equity Fund

1,019,013

12,116,064

Fidelity Series Large Cap Value Fund

944,031

10,724,191

Fidelity Series Small Cap Opportunities Fund (a)

340,042

3,111,383

TOTAL DOMESTIC EQUITY FUNDS

60,481,923

TOTAL DOMESTIC EQUITY FUNDS

(Cost $66,156,541)

69,705,546

International Equity Funds - 11.3%

 

 

 

 

Developed International Equity Funds - 9.6%

Fidelity Advisor Diversified International Fund Institutional Class

302,205

4,611,646

Fidelity Advisor Overseas Fund Institutional Class

271,991

4,667,367

Fidelity Series International Growth Fund

503,428

5,220,551

Fidelity Series International Small Cap Fund

96,251

1,057,793

Fidelity Series International Value Fund

534,957

5,098,142

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

20,655,499

Emerging Markets Equity Funds - 1.7%

Fidelity Series Emerging Markets Fund

199,966

3,611,389

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $23,872,276)

24,266,888

Bond Funds - 36.0%

Shares

Value

High Yield Bond Funds - 5.0%

Fidelity Advisor High Income Advantage Fund Institutional Class

1,181,538

$ 10,775,623

Inflation-Protected Bond Funds - 9.0%

Fidelity Series Inflation-Protected Bond Index Fund

1,824,132

19,463,484

Investment Grade Bond Funds - 22.0%

Fidelity Advisor Strategic Real Return Fund Institutional Class

969,035

8,827,913

Fidelity Advisor Total Bond Fund Institutional Class

234

2,593

Fidelity Series Investment Grade Bond Fund

3,212,275

38,386,683

TOTAL INVESTMENT GRADE BOND FUNDS

47,217,189

TOTAL BOND FUNDS

(Cost $72,904,980)

77,456,296

Short-Term Funds - 20.3%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

2,365,791

21,907,228

Fidelity Institutional Money Market Portfolio Institutional Class

21,742,748

21,742,748

TOTAL SHORT-TERM FUNDS

(Cost $43,364,277)

43,649,976

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $206,298,074)

215,078,706

NET OTHER ASSETS (LIABILITIES) - 0.0%

(54,099)

NET ASSETS - 100%

$ 215,024,607

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $5,987,852 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom 2005 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $206,298,074) - See accompanying schedule

$ 215,078,706

Cash

10

Receivable for investments sold

1,706,398

Receivable for fund shares sold

157,217

Total assets

216,942,331

 

 

 

Liabilities

Payable for investments purchased

$ 226,775

Payable for fund shares redeemed

1,639,406

Distribution and service plan fees payable

51,543

Total liabilities

1,917,724

 

 

 

Net Assets

$ 215,024,607

Net Assets consist of:

 

Paid in capital

$ 220,499,183

Undistributed net investment income

997,040

Accumulated undistributed net realized gain (loss) on investments

(15,252,248)

Net unrealized appreciation (depreciation) on investments

8,780,632

Net Assets

$ 215,024,607

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($157,300,933 ÷ 14,617,464 shares)

$ 10.76

 

 

 

Maximum offering price per share (100/94.25 of $10.76)

$ 11.42

Class T:
Net Asset Value and redemption price per share ($21,713,134 ÷ 2,019,335 shares)

$ 10.75

 

 

 

Maximum offering price per share (100/96.50 of $10.75)

$ 11.14

Class B:
Net Asset Value and offering price per share ($2,735,278 ÷ 254,882 shares)A

$ 10.73

 

 

 

Class C:
Net Asset Value and offering price per share ($9,039,904 ÷ 844,422 shares)A

$ 10.71

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($24,235,358 ÷ 2,238,894 shares)

$ 10.82

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 1,301,372

 

 

 

Expenses

Distribution and service plan fees

$ 306,064

Independent trustees' compensation

393

Total expenses before reductions

306,457

Expense reductions

(393)

306,064

Net investment income (loss)

995,308

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(3,967,055)

Capital gain distributions from the underlying funds

119,642

Total net realized gain (loss)

 

(3,847,413)

Change in net unrealized appreciation (depreciation) on underlying funds

7,652,624

Net gain (loss)

3,805,211

Net increase (decrease) in net assets resulting from operations

$ 4,800,519

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 995,308

$ 3,296,419

Net realized gain (loss)

(3,847,413)

1,795,521

Change in net unrealized appreciation (depreciation)

7,652,624

39,634,422

Net increase (decrease) in net assets resulting from operations

4,800,519

44,726,362

Distributions to shareholders from net investment income

(511,595)

(3,251,107)

Distributions to shareholders from net realized gain

(455,550)

(1,348,446)

Total distributions

(967,145)

(4,599,553)

Share transactions - net increase (decrease)

1,458,391

47,810,477

Total increase (decrease) in net assets

5,291,765

87,937,286

 

 

 

Net Assets

Beginning of period

209,732,842

121,795,556

End of period (including undistributed net investment income of $997,040 and undistributed net investment income of $513,327, respectively)

$ 215,024,607

$ 209,732,842

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.57

$ 8.10

$ 11.40

$ 11.83

$ 11.33

$ 10.57

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.20

.27

.33

.28

.25

Net realized and unrealized gain (loss)

  .19

2.53

(3.06)

(.34)

.63

.76

Total from investment operations

  .24

2.73

(2.79)

(.01)

.91

1.01

Distributions from net investment income

  (.03)

(.19)

(.28)

(.26)

(.23)

(.20)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.05)

(.26)

(.51)

(.42)

(.41)

(.25)

Net asset value, end of period

$ 10.76

$ 10.57

$ 8.10

$ 11.40

$ 11.83

$ 11.33

Total Return B, C, D

  2.29%

33.91%

(25.09)%

(.23)%

8.21%

9.63%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .99% A

2.01%

2.75%

2.74%

2.49%

2.25%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 157,301

$ 155,482

$ 88,593

$ 98,483

$ 49,418

$ 16,194

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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.

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.57

$ 8.10

$ 11.39

$ 11.81

$ 11.31

$ 10.56

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.17

.25

.30

.25

.22

Net realized and unrealized gain (loss)

  .18

2.54

(3.06)

(.33)

.63

.75

Total from investment operations

  .22

2.71

(2.81)

(.03)

.88

.97

Distributions from net investment income

  (.02)

(.17)

(.25)

(.23)

(.20)

(.17)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.04)

(.24)

(.48)

(.39)

(.38)

(.22)

Net asset value, end of period

$ 10.75

$ 10.57

$ 8.10

$ 11.39

$ 11.81

$ 11.31

Total Return B, C, D

  2.13%

33.61%

(25.27)%

(.44)%

7.95%

9.31%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.50%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.50%

Net investment income (loss)

  .74% A

1.76%

2.50%

2.49%

2.24%

2.00%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 21,713

$ 23,113

$ 14,437

$ 20,837

$ 20,289

$ 13,906

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

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

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.56

$ 8.09

$ 11.37

$ 11.78

$ 11.28

$ 10.53

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.20

.24

.20

.16

Net realized and unrealized gain (loss)

  .19

2.53

(3.06)

(.33)

.62

.76

Total from investment operations

  .20

2.65

(2.86)

(.09)

.82

.92

Distributions from net investment income

  (.01)

(.11)

(.19)

(.16)

(.14)

(.12)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.03)

(.18)

(.42)

(.32)

(.32)

(.17)

Net asset value, end of period

$ 10.73

$ 10.56

$ 8.09

$ 11.37

$ 11.78

$ 11.28

Total Return B, C, D

  1.91%

32.90%

(25.69)%

(.89)%

7.40%

8.80%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Net investment income (loss)

  .24% A

1.26%

2.00%

1.99%

1.74%

1.50%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 2,735

$ 2,986

$ 2,692

$ 4,348

$ 3,974

$ 3,835

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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.

Semiannual Report

Fidelity Advisor Freedom 2005 Fund
Financial Statements - continued

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.54

$ 8.08

$ 11.34

$ 11.76

$ 11.27

$ 10.53

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.20

.24

.20

.16

Net realized and unrealized gain (loss)

  .19

2.53

(3.04)

(.33)

.62

.75

Total from investment operations

  .20

2.65

(2.84)

(.09)

.82

.91

Distributions from net investment income

  (.01)

(.12)

(.19)

(.17)

(.15)

(.12)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.03)

(.19)

(.42)

(.33)

(.33)

(.17)

Net asset value, end of period

$ 10.71

$ 10.54

$ 8.08

$ 11.34

$ 11.76

$ 11.27

Total Return B, C, D

  1.92%

32.90%

(25.61)%

(.91)%

7.36%

8.74%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .24% A

1.26%

2.00%

1.99%

1.74%

1.50%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 9,040

$ 9,377

$ 6,761

$ 11,052

$ 9,107

$ 7,637

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

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

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.63

$ 8.14

$ 11.46

$ 11.87

$ 11.37

$ 10.60

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .07

.22

.29

.35

.31

.28

Net realized and unrealized gain (loss)

  .18

2.55

(3.07)

(.32)

.62

.76

Total from investment operations

  .25

2.77

(2.78)

.03

.93

1.04

Distributions from net investment income

  (.03)

(.21)

(.31)

(.28)

(.25)

(.22)

Distributions from net realized gain

  (.02)

(.07)

(.23)

(.16)

(.18)

(.05)

Total distributions

  (.06) H

(.28)

(.54)

(.44)

(.43)

(.27)

Net asset value, end of period

$ 10.82

$ 10.63

$ 8.14

$ 11.46

$ 11.87

$ 11.37

Total Return B, C

  2.35%

34.28%

(24.93)%

.12%

8.37%

9.92%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.24% A

2.26%

3.00%

2.99%

2.74%

2.50%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 24,235

$ 18,775

$ 9,313

$ 9,645

$ 3,424

$ 1,376

Portfolio turnover rate

  44% A

35%

54%

30%

30%

34%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.06 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.023 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2010 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

5.0

2.1

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

3.3

3.8

Fidelity Advisor Equity Income Fund Institutional Class

0.6

3.1

Fidelity Advisor Growth & Income Fund Institutional Class

4.6

5.7

Fidelity Advisor Large Cap Fund Institutional Class

4.6

5.4

Fidelity Advisor Small Cap Fund Institutional Class

1.6

1.7

Fidelity Series 100 Index Fund

3.6

3.5

Fidelity Series All-Sector Equity Fund

6.4

7.4

Fidelity Series Large Cap Value Fund

5.8

4.5

Fidelity Series Small Cap Opportunities Fund

1.7

1.9

 

32.2

37.0

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

2.6

4.0

Fidelity Advisor Overseas Fund Institutional Class

2.6

4.1

Fidelity Series International Growth Fund

2.9

0.9

Fidelity Series International Small Cap Fund

0.6

0.2

Fidelity Series International Value Fund

2.8

0.9

 

11.5

10.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.0

1.3

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

5.0

5.0

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

9.5

4.1

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

4.6

5.5

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

2.2

Fidelity Series Investment Grade Bond Fund

20.1

22.6

 

24.7

30.3

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

5.1

5.1

Fidelity Institutional Money Market Portfolio Institutional Class

5.0

5.0

 

10.1

10.1

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

5.0%

 

fid678

Domestic Equity Funds

32.2%

 

fid663

Developed International Equity Funds

11.5%

 

fid665

Emerging Markets Equity Funds

2.0%

 

fid667

High Yield Bond Funds

5.0%

 

fid669

Inflation-Protected Bond Funds

9.5%

 

fid671

Investment Grade Bond Funds

24.7%

 

fid673

Short-Term Funds

10.1%

 

fid336

Six months ago

fid659

Commodity Funds

2.1%

 

fid678

Domestic Equity Funds

37.0%

 

fid663

Developed International Equity Funds

10.1%

 

fid665

Emerging Markets Equity Funds

1.3%

 

fid667

High Yield Bond Funds

5.0%

 

fid669

Inflation-Protected Bond Funds

4.1%

 

fid671

Investment Grade Bond Funds

30.3%

 

fid673

Short-Term Funds

10.1%

 

fid346

Expected

fid659

Commodity Funds

5.5%

 

fid678

Domestic Equity Funds

30.8%

 

fid663

Developed International Equity Funds

11.2%

 

fid665

Emerging Markets Equity Funds

2.0%

 

fid667

High Yield Bond Funds

5.0%

 

fid669

Inflation-Protected Bond Funds

10.6%

 

fid671

Investment Grade Bond Funds

24.2%

 

fid673

Short-Term Funds

10.7%

 

fid356

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2010 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.2%

Shares

Value

Commodity Funds - 5.0%

Fidelity Series Commodity Strategy Fund

3,610,438

$ 39,498,188

Domestic Equity Funds - 32.2%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

517,641

26,213,323

Fidelity Advisor Equity Income Fund Institutional Class

241,287

5,151,485

Fidelity Advisor Growth & Income Fund Institutional Class

2,339,616

35,936,507

Fidelity Advisor Large Cap Fund Institutional Class

2,176,355

36,192,777

Fidelity Advisor Small Cap Fund Institutional Class (a)

523,887

12,877,143

Fidelity Series 100 Index Fund

3,510,507

28,294,686

Fidelity Series All-Sector Equity Fund

4,278,828

50,875,265

Fidelity Series Large Cap Value Fund

4,005,723

45,505,018

Fidelity Series Small Cap Opportunities Fund (a)

1,438,689

13,164,005

TOTAL DOMESTIC EQUITY FUNDS

254,210,209

TOTAL DOMESTIC EQUITY FUNDS

(Cost $276,417,957)

293,708,397

International Equity Funds - 13.5%

 

 

 

 

Developed International Equity Funds - 11.5%

Fidelity Advisor Diversified International Fund Institutional Class

1,337,387

20,408,523

Fidelity Advisor Overseas Fund Institutional Class

1,197,782

20,553,941

Fidelity Series International Growth Fund

2,201,622

22,830,822

Fidelity Series International Small Cap Fund

421,832

4,635,936

Fidelity Series International Value Fund

2,336,474

22,266,595

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

90,695,817

Emerging Markets Equity Funds - 2.0%

Fidelity Series Emerging Markets Fund

861,604

15,560,564

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $102,184,820)

106,256,381

Bond Funds - 39.2%

Shares

Value

High Yield Bond Funds - 5.0%

Fidelity Advisor High Income Advantage Fund Institutional Class

4,317,122

$ 39,372,149

Inflation-Protected Bond Funds - 9.5%

Fidelity Series Inflation-Protected Bond Index Fund

6,985,566

74,535,994

Investment Grade Bond Funds - 24.7%

Fidelity Advisor Strategic Real Return Fund Institutional Class

3,964,683

36,118,262

Fidelity Advisor Total Bond Fund Institutional Class

1,033

11,430

Fidelity Series Investment Grade Bond Fund

13,304,451

158,988,185

TOTAL INVESTMENT GRADE BOND FUNDS

195,117,877

TOTAL BOND FUNDS

(Cost $290,954,556)

309,026,020

Short-Term Funds - 10.1%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

4,313,869

39,946,427

Fidelity Institutional Money Market Portfolio Institutional Class

39,653,248

39,653,248

TOTAL SHORT-TERM FUNDS

(Cost $79,492,942)

79,599,675

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $749,050,275)

788,590,473

NET OTHER ASSETS (LIABILITIES) - 0.0%

(240,418)

NET ASSETS - 100%

$ 788,350,055

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $34,281,646 of which $30,891,938 and $3,389,708 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $19,754,233 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2010 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $749,050,275) - See accompanying schedule

$ 788,590,473

Receivable for investments sold

1,943,924

Receivable for fund shares sold

472,873

Total assets

791,007,270

 

 

 

Liabilities

Payable to custodian bank

$ 7

Payable for investments purchased

925,359

Payable for fund shares redeemed

1,508,135

Distribution and service plan fees payable

223,714

Total liabilities

2,657,215

 

 

 

Net Assets

$ 788,350,055

Net Assets consist of:

 

Paid in capital

$ 824,184,096

Undistributed net investment income

3,546,482

Accumulated undistributed net realized gain (loss) on investments

(78,920,721)

Net unrealized appreciation (depreciation) on investments

39,540,198

Net Assets

$ 788,350,055

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($481,309,103 ÷ 43,459,529 shares)

$ 11.07

 

 

 

Maximum offering price per share (100/94.25 of $11.07)

$ 11.75

Class T:
Net Asset Value and redemption price per share ($155,017,645 ÷ 14,058,067 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 ($19,877,616 ÷ 1,806,612 shares)A

$ 11.00

 

 

 

Class C:
Net Asset Value and offering price per share ($44,007,451 ÷ 4,015,955 shares)A

$ 10.96

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($88,138,240 ÷ 7,922,911 shares)

$ 11.12

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 4,922,153

 

 

 

Expenses

Distribution and service plan fees

$ 1,400,573

Independent trustees' compensation

1,544

Total expenses before reductions

1,402,117

Expense reductions

(1,544)

1,400,573

Net investment income (loss)

3,521,580

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(20,314,304)

Capital gain distributions from underlying funds

528,039

Total net realized gain (loss)

 

(19,786,265)

Change in net unrealized appreciation (depreciation) on underlying funds

34,260,144

Net gain (loss)

14,473,879

Net increase (decrease) in net assets resulting from operations

$ 17,995,459

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 3,521,580

$ 14,588,964

Net realized gain (loss)

(19,786,265)

(1,351,879)

Change in net unrealized appreciation (depreciation)

34,260,144

207,984,174

Net increase (decrease) in net assets resulting
from operations

17,995,459

221,221,259

Distributions to shareholders from net investment income

(1,848,411)

(14,970,360)

Distributions to shareholders from net realized gain

(1,906,063)

(6,224,738)

Total distributions

(3,754,474)

(21,195,098)

Share transactions - net increase (decrease)

(53,190,125)

25,017,028

Total increase (decrease) in net assets

(38,949,140)

225,043,189

 

 

 

Net Assets

Beginning of period

827,299,195

602,256,006

End of period (including undistributed net investment income of $3,546,482 and undistributed net investment income of $1,873,313, respectively)

$ 788,350,055

$ 827,299,195

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.87

$ 8.19

$ 11.78

$ 12.28

$ 11.79

$ 11.01

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.21

.27

.33

.29

.25

Net realized and unrealized gain (loss)

  .20

2.76

(3.28)

(.34)

.66

.80

Total from investment operations

  .25

2.97

(3.01)

(.01)

.95

1.05

Distributions from net investment income

  (.03)

(.21)

(.28)

(.30)

(.26)

(.22)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.05) J

(.29) I

(.58)

(.49)

(.46)

(.27) H

Net asset value, end of period

$ 11.07

$ 10.87

$ 8.19

$ 11.78

$ 12.28

$ 11.79

Total Return B, C, D

  2.34%

36.51%

(26.36)%

(.27)%

8.22%

9.65%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .97% A

2.04%

2.77%

2.66%

2.43%

2.23%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 481,309

$ 478,025

$ 339,203

$ 377,118

$ 248,500

$ 146,593

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.055 per share. I Total distributions of $.29 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.083 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.027 and distributions from net realized gain of $.025 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.83

$ 8.16

$ 11.74

$ 12.24

$ 11.75

$ 10.97

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.18

.25

.30

.26

.22

Net realized and unrealized gain (loss)

  .21

2.76

(3.28)

(.34)

.66

.80

Total from investment operations

  .25

2.94

(3.03)

(.04)

.92

1.02

Distributions from net investment income

  (.02)

(.19)

(.25)

(.27)

(.23)

(.19)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.05)

(.27) I

(.55)

(.46)

(.43)

(.24) H

Net asset value, end of period

$ 11.03

$ 10.83

$ 8.16

$ 11.74

$ 12.24

$ 11.75

Total Return B, C, D

  2.28%

36.19%

(26.57)%

(.52)%

8.00%

9.42%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .72% A

1.79%

2.52%

2.41%

2.18%

1.98%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 155,018

$ 204,059

$ 163,842

$ 216,732

$ 194,563

$ 143,012

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.24 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.055 per share. I Total distributions of $.27 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.083 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.82

$ 8.15

$ 11.70

$ 12.20

$ 11.71

$ 10.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.20

.24

.20

.17

Net realized and unrealized gain (loss)

  .20

2.76

(3.26)

(.35)

.66

.79

Total from investment operations

  .21

2.89

(3.06)

(.11)

.86

.96

Distributions from net investment income

  (.01)

(.13)

(.19)

(.20)

(.17)

(.13)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.03) I

(.22) H

(.49)

(.39)

(.37)

(.19)

Net asset value, end of period

$ 11.00

$ 10.82

$ 8.15

$ 11.70

$ 12.20

$ 11.71

Total Return B, C, D

  1.96%

35.54%

(26.92)%

(1.04)%

7.47%

8.83%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .22% A

1.29%

2.03%

1.91%

1.68%

1.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 19,878

$ 22,468

$ 19,950

$ 34,137

$ 34,834

$ 33,404

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.22 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.083 per share. I Total distributions of $.03 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.025 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.78

$ 8.13

$ 11.67

$ 12.17

$ 11.69

$ 10.93

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.20

.23

.20

.17

Net realized and unrealized gain (loss)

  .20

2.74

(3.25)

(.33)

.66

.78

Total from investment operations

  .21

2.87

(3.05)

(.10)

.86

.95

Distributions from net investment income

  (.01)

(.14)

(.19)

(.21)

(.18)

(.14)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.03) J

(.22) I

(.49)

(.40)

(.38)

(.19) H

Net asset value, end of period

$ 10.96

$ 10.78

$ 8.13

$ 11.67

$ 12.17

$ 11.69

Total Return B, C, D

  1.98%

35.45%

(26.88)%

(.97)%

7.45%

8.78%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .22% A

1.29%

2.02%

1.91%

1.68%

1.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 44,007

$ 47,178

$ 37,524

$ 58,378

$ 47,918

$ 38,882

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.19 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.055 per share. I Total distributions of $.22 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $.083 per share. J Total distributions of $.03 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.025 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.91

$ 8.22

$ 11.82

$ 12.32

$ 11.82

$ 11.03

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .07

.23

.30

.36

.32

.28

Net realized and unrealized gain (loss)

  .20

2.78

(3.30)

(.34)

.67

.80

Total from investment operations

  .27

3.01

(3.00)

.02

.99

1.08

Distributions from net investment income

  (.03)

(.23)

(.30)

(.33)

(.29)

(.24)

Distributions from net realized gain

  (.03)

(.08)

(.30)

(.19)

(.20)

(.06)

Total distributions

  (.06)

(.32) I

(.60)

(.52)

(.49)

(.29) H

Net asset value, end of period

$ 11.12

$ 10.91

$ 8.22

$ 11.82

$ 12.32

$ 11.82

Total Return B, C

  2.49%

36.80%

(26.16)%

(.05)%

8.52%

9.94%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  1.22% A

2.29%

3.02%

2.91%

2.68%

2.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 88,138

$ 75,569

$ 41,737

$ 39,922

$ 21,580

$ 11,038

Portfolio turnover rate

  39% A

42%

44%

15%

22%

7%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.29 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.055 per share. I Total distributions of $.32 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.083 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2015 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

5.0

2.2

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

3.4

3.9

Fidelity Advisor Equity Income Fund Institutional Class

0.7

3.2

Fidelity Advisor Growth & Income Fund Institutional Class

4.7

5.9

Fidelity Advisor Large Cap Fund Institutional Class

4.7

5.6

Fidelity Advisor Small Cap Fund Institutional Class

1.7

1.8

Fidelity Series 100 Index Fund

3.8

3.7

Fidelity Series All-Sector Equity Fund

6.7

7.6

Fidelity Series Large Cap Value Fund

5.9

4.7

Fidelity Series Small Cap Opportunities Fund

1.7

1.9

 

33.3

38.3

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

2.7

4.1

Fidelity Advisor Overseas Fund Institutional Class

2.7

4.2

Fidelity Series International Growth Fund

2.9

1.0

Fidelity Series International Small Cap Fund

0.6

0.2

Fidelity Series International Value Fund

2.8

1.0

 

11.7

10.5

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.0

1.4

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

5.1

5.2

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

8.6

3.7

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

4.6

5.4

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

2.1

Fidelity Series Investment Grade Bond Fund

20.7

22.4

 

25.3

29.9

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

4.5

4.4

Fidelity Institutional Money Market Portfolio Institutional Class

4.5

4.4

 

9.0

8.8

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

5.0%

 

fid678

Domestic Equity Funds

33.3%

 

fid663

Developed International Equity Funds

11.7%

 

fid665

Emerging Markets Equity Funds

2.0%

 

fid667

High Yield Bond Funds

5.1%

 

fid669

Inflation-Protected Bond Funds

8.6%

 

fid756

Investment Grade Bond Funds

25.3%

 

fid673

Short-Term Funds

9.0%

 

fid367

Six months ago

fid659

Commodity Funds

2.2%

 

fid678

Domestic Equity Funds

38.3%

 

fid663

Developed International Equity Funds

10.5%

 

fid665

Emerging Markets Equity Funds

1.4%

 

fid667

High Yield Bond Funds

5.2%

 

fid669

Inflation-Protected Bond Funds

3.7%

 

fid671

Investment Grade Bond Funds

29.9%

 

fid673

Short-Term Funds

8.8%

 

fid377

Expected

fid769

Commodity Funds

5.6%

 

fid678

Domestic Equity Funds

31.6%

 

fid663

Developed International Equity Funds

11.5%

 

fid773

Emerging Markets Equity Funds

2.1%

 

fid667

High Yield Bond Funds

5.1%

 

fid669

Inflation-Protected Bond Funds

9.9%

 

fid671

Investment Grade Bond Funds

24.7%

 

fid673

Short-Term Funds

9.5%

 

fid389

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2015 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 38.3%

Shares

Value

Commodity Funds - 5.0%

Fidelity Series Commodity Strategy Fund

6,231,040

$ 68,167,580

Domestic Equity Funds - 33.3%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

919,646

46,570,859

Fidelity Advisor Equity Income Fund Institutional Class

452,963

9,670,765

Fidelity Advisor Growth & Income Fund Institutional Class

4,197,475

64,473,221

Fidelity Advisor Large Cap Fund Institutional Class

3,845,719

63,954,303

Fidelity Advisor Small Cap Fund Institutional Class (a)

940,070

23,106,929

Fidelity Series 100 Index Fund

6,326,808

50,994,075

Fidelity Series All-Sector Equity Fund

7,630,193

90,722,995

Fidelity Series Large Cap Value Fund

7,088,833

80,529,137

Fidelity Series Small Cap Opportunities Fund (a)

2,563,738

23,458,201

TOTAL DOMESTIC EQUITY FUNDS

453,480,485

TOTAL DOMESTIC EQUITY FUNDS

(Cost $502,690,639)

521,648,065

International Equity Funds - 13.7%

 

 

 

 

Developed International Equity Funds - 11.7%

Fidelity Advisor Diversified International Fund Institutional Class

2,403,516

36,677,658

Fidelity Advisor Overseas Fund Institutional Class

2,160,396

37,072,391

Fidelity Series International Growth Fund

3,818,694

39,599,857

Fidelity Series International Small Cap Fund

726,481

7,984,031

Fidelity Series International Value Fund

4,038,903

38,490,745

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

159,824,682

Emerging Markets Equity Funds - 2.0%

Fidelity Series Emerging Markets Fund

1,514,521

27,352,246

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $180,179,402)

187,176,928

Bond Funds - 39.0%

Shares

Value

High Yield Bond Funds - 5.1%

Fidelity Advisor High Income Advantage Fund Institutional Class

7,612,227

$ 69,423,512

Inflation-Protected Bond Funds - 8.6%

Fidelity Series Inflation-Protected Bond Index Fund

10,952,190

116,859,870

Investment Grade Bond Funds - 25.3%

Fidelity Advisor Strategic Real Return Fund Institutional Class

6,873,138

62,614,286

Fidelity Advisor Total Bond Fund Institutional Class

1,667

18,458

Fidelity Series Investment Grade Bond Fund

23,616,590

282,218,257

TOTAL INVESTMENT GRADE BOND FUNDS

344,851,001

TOTAL BOND FUNDS

(Cost $500,902,469)

531,134,383

Short-Term Funds - 9.0%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

6,688,670

61,937,087

Fidelity Institutional Money Market Portfolio Institutional Class

61,588,314

61,588,314

TOTAL SHORT-TERM FUNDS

(Cost $122,827,297)

123,525,401

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,306,599,807)

1,363,484,777

NET OTHER ASSETS (LIABILITIES) - 0.0%

(373,960)

NET ASSETS - 100%

$ 1,363,110,817

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $35,532,008 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $20,405,712 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2015 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,306,599,807) - See accompanying schedule

$ 1,363,484,777

Cash

868

Receivable for investments sold

2,422,491

Receivable for fund shares sold

870,769

Total assets

1,366,778,905

 

 

 

Liabilities

Payable for investments purchased

$ 1,659,215

Payable for fund shares redeemed

1,656,813

Distribution and service plan fees payable

352,060

Total liabilities

3,668,088

 

 

 

Net Assets

$ 1,363,110,817

Net Assets consist of:

 

Paid in capital

$ 1,392,590,289

Undistributed net investment income

5,771,268

Accumulated undistributed net realized gain (loss) on investments

(92,135,710)

Net unrealized appreciation (depreciation) on investments

56,884,970

Net Assets

$ 1,363,110,817

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($865,170,129 ÷ 78,614,319 shares)

$ 11.01

 

 

 

Maximum offering price per share (100/94.25 of $11.01)

$ 11.68

Class T:
Net Asset Value and redemption price per share ($228,358,254 ÷ 20,797,159 shares)

$ 10.98

 

 

 

Maximum offering price per share (100/96.50 of $10.98)

$ 11.38

Class B:
Net Asset Value and offering price per share ($34,611,340 ÷ 3,165,333 shares)A

$ 10.93

 

 

 

Class C:
Net Asset Value and offering price per share ($64,556,053 ÷ 5,916,167 shares)A

$ 10.91

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($170,415,041 ÷ 15,381,547 shares)

$ 11.08

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 7,860,251

 

 

 

Expenses

Distribution and service plan fees

$ 2,087,004

Independent trustees' compensation

2,443

Total expenses before reductions

2,089,447

Expense reductions

(2,443)

2,087,004

Net investment income (loss)

5,773,247

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(30,785,687)

Capital gain distributions from underlying funds

873,520

Total net realized gain (loss)

 

(29,912,167)

Change in net unrealized appreciation (depreciation) on underlying funds

54,460,088

Net gain (loss)

24,547,921

Net increase (decrease) in net assets resulting from operations

$ 30,321,168

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,773,247

$ 20,862,802

Net realized gain (loss)

(29,912,167)

5,172,111

Change in net unrealized appreciation (depreciation)

54,460,088

290,904,573

Net increase (decrease) in net assets resulting from operations

30,321,168

316,939,486

Distributions to shareholders from net investment income

(2,939,520)

(20,840,116)

Distributions to shareholders from net realized gain

(3,154,559)

(9,228,273)

Total distributions

(6,094,079)

(30,068,389)

Share transactions - net increase (decrease)

45,256,337

214,008,908

Total increase (decrease) in net assets

69,483,426

500,880,005

 

 

 

Net Assets

Beginning of period

1,293,627,391

792,747,386

End of period (including undistributed net investment income of $5,771,268 and undistributed net investment income of $2,937,541, respectively)

$ 1,363,110,817

$ 1,293,627,391

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.81

$ 8.05

$ 11.85

$ 12.40

$ 11.84

$ 10.77

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.20

.26

.31

.26

.22

Net realized and unrealized gain (loss)

  .20

2.84

(3.47)

(.35)

.74

1.07

Total from investment operations

  .25

3.04

(3.21)

(.04)

1.00

1.29

Distributions from net investment income

  (.03)

(.20)

(.26)

(.27)

(.23)

(.16)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.05) K

(.28) J

(.59) I

(.51) H

(.44)

(.22)

Net asset value, end of period

$ 11.01

$ 10.81

$ 8.05

$ 11.85

$ 12.40

$ 11.84

Total Return B, C, D

  2.36%

37.95%

(28.01)%

(.53)%

8.56%

12.12%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .96% A

2.02%

2.69%

2.46%

2.21%

1.93%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 865,170

$ 830,024

$ 477,641

$ 517,888

$ 291,783

$ 128,241

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.51 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.243 per share. I Total distributions of $.59 per share is comprised of distributions from net investment income of $.262 and distributions from net realized gain of $.325 per share. J Total distributions of $.28 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.082 per share. K Total distributions of $.05 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $.026 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.79

$ 8.04

$ 11.82

$ 12.38

$ 11.81

$ 10.76

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.18

.24

.28

.23

.19

Net realized and unrealized gain (loss)

  .20

2.82

(3.46)

(.36)

.75

1.06

Total from investment operations

  .24

3.00

(3.22)

(.08)

.98

1.25

Distributions from net investment income

  (.02)

(.17)

(.23)

(.23)

(.20)

(.14)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.05)

(.25) J

(.56) I

(.48) H

(.41)

(.20)

Net asset value, end of period

$ 10.98

$ 10.79

$ 8.04

$ 11.82

$ 12.38

$ 11.81

Total Return B, C, D

  2.21%

37.53%

(28.13)%

(.89)%

8.40%

11.71%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .71% A

1.77%

2.44%

2.21%

1.96%

1.68%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 228,358

$ 225,384

$ 162,439

$ 203,822

$ 186,106

$ 125,323

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.48 per share is comprised of distributions from net investment income of $.233 and distributions from net realized gain of $.243 per share. I Total distributions of $.56 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.325 per share. J Total distributions of $.25 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.082 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.76

$ 8.02

$ 11.77

$ 12.33

$ 11.77

$ 10.73

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.19

.21

.17

.13

Net realized and unrealized gain (loss)

  .19

2.82

(3.44)

(.36)

.74

1.06

Total from investment operations

  .20

2.95

(3.25)

(.15)

.91

1.19

Distributions from net investment income

  (.01)

(.12)

(.17)

(.17)

(.14)

(.09)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.03) K

(.21) J

(.50) I

(.41) H

(.35)

(.15)

Net asset value, end of period

$ 10.93

$ 10.76

$ 8.02

$ 11.77

$ 12.33

$ 11.77

Total Return B, C, D

  1.89%

36.85%

(28.47)%

(1.37)%

7.83%

11.17%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .21% A

1.27%

1.94%

1.71%

1.46%

1.18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 34,611

$ 35,932

$ 27,727

$ 43,608

$ 41,424

$ 33,633

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.41 per share is comprised of distributions from net investment income of $.171 and distributions from net realized gain of $.243 per share. I Total distributions of $.50 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.325 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.082 per share. K Total distributions of $.03 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.026 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.74

$ 8.00

$ 11.76

$ 12.32

$ 11.77

$ 10.73

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.19

.21

.17

.13

Net realized and unrealized gain (loss)

  .19

2.82

(3.45)

(.35)

.74

1.06

Total from investment operations

  .20

2.95

(3.26)

(.14)

.91

1.19

Distributions from net investment income

  (.01)

(.13)

(.18)

(.18)

(.15)

(.09)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.03) K

(.21) J

(.50) I

(.42) H

(.36)

(.15)

Net asset value, end of period

$ 10.91

$ 10.74

$ 8.00

$ 11.76

$ 12.32

$ 11.77

Total Return B, C, D

  1.91%

36.97%

(28.53)%

(1.34)%

7.81%

11.19%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .21% A

1.27%

1.94%

1.71%

1.46%

1.18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 64,556

$ 64,801

$ 46,942

$ 65,543

$ 56,686

$ 35,656

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.42 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.243 per share. I Total distributions of $.50 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.325 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.082 per share. K Total distributions of $.03 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.026 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.87

$ 8.09

$ 11.91

$ 12.47

$ 11.89

$ 10.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .06

.23

.29

.34

.29

.25

Net realized and unrealized gain (loss)

  .21

2.85

(3.50)

(.36)

.75

1.07

Total from investment operations

  .27

3.08

(3.21)

(.02)

1.04

1.32

Distributions from net investment income

  (.03)

(.22)

(.29)

(.29)

(.25)

(.18)

Distributions from net realized gain

  (.03)

(.08)

(.33)

(.24)

(.21)

(.06)

Total distributions

  (.06)

(.30) J

(.61) I

(.54) H

(.46)

(.24)

Net asset value, end of period

$ 11.08

$ 10.87

$ 8.09

$ 11.91

$ 12.47

$ 11.89

Total Return B, C

  2.50%

38.30%

(27.85)%

(.42)%

8.90%

12.36%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.21% A

2.27%

2.94%

2.71%

2.46%

2.18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 170,415

$ 137,487

$ 77,998

$ 68,797

$ 39,631

$ 26,886

Portfolio turnover rate

  36% A

29%

36%

13%

11%

4%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.54 per share is comprised of distributions from net investment income of $.293 and distributions from net realized gain of $.243 per share. I Total distributions of $.61 per share is comprised of distributions from net investment income of $.286 and distributions from net realized gain of $.325 per share. J Total distributions of $.30 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.082 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

6.0

2.7

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

4.1

4.7

Fidelity Advisor Equity Income Fund Institutional Class

0.8

3.9

Fidelity Advisor Growth & Income Fund Institutional Class

5.6

7.1

Fidelity Advisor Large Cap Fund Institutional Class

5.6

6.8

Fidelity Advisor Small Cap Fund Institutional Class

2.0

2.2

Fidelity Series 100 Index Fund

4.4

4.4

Fidelity Series All-Sector Equity Fund

7.9

9.2

Fidelity Series Large Cap Value Fund

7.1

5.6

Fidelity Series Small Cap Opportunities Fund

2.1

2.3

 

39.6

46.2

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

3.2

5.0

Fidelity Advisor Overseas Fund Institutional Class

3.3

5.1

Fidelity Series International Growth Fund

3.5

1.2

Fidelity Series International Small Cap Fund

0.7

0.2

Fidelity Series International Value Fund

3.4

1.2

 

14.1

12.7

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.4

1.7

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

6.7

7.0

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

6.4

2.7

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

3.9

4.4

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

1.7

Fidelity Series Investment Grade Bond Fund

17.7

18.4

 

21.6

24.5

Short-Term Funds

Fidelity Advisor Short Fixed-Income Fund Institutional Class

1.6

1.3

Fidelity Institutional Money Market Portfolio Institutional Class

1.6

1.2

 

3.2

2.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

6.0%

 

fid678

Domestic Equity Funds

39.6%

 

fid663

Developed International Equity Funds

14.1%

 

fid665

Emerging Markets Equity Funds

2.4%

 

fid667

High Yield Bond Funds

6.7%

 

fid669

Inflation-Protected Bond Funds

6.4%

 

fid671

Investment Grade Bond Funds

21.6%

 

fid673

Short-Term Funds

3.2%

 

fid399

Six months ago

fid659

Commodity Funds

2.7%

 

fid678

Domestic Equity Funds

46.2%

 

fid663

Developed International Equity Funds

12.7%

 

fid665

Emerging Markets Equity Funds

1.7%

 

fid667

High Yield Bond Funds

7.0%

 

fid669

Inflation-Protected Bond Funds

2.7%

 

fid671

Investment Grade Bond Funds

24.5%

 

fid673

Short-Term Funds

2.5%

 

fid409

Expected

fid659

Commodity Funds

6.6%

 

fid678

Domestic Equity Funds

37.2%

 

fid663

Developed International Equity Funds

13.6%

 

fid665

Emerging Markets Equity Funds

2.4%

 

fid667

High Yield Bond Funds

6.5%

 

fid669

Inflation-Protected Bond Funds

7.7%

 

fid671

Investment Grade Bond Funds

22.0%

 

fid673

Short-Term Funds

4.0%

 

fid419

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 45.6%

Shares

Value

Commodity Funds - 6.0%

Fidelity Series Commodity Strategy Fund

11,772,654

$ 128,792,833

Domestic Equity Funds - 39.6%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,711,247

86,657,551

Fidelity Advisor Equity Income Fund Institutional Class

826,058

17,636,330

Fidelity Advisor Growth & Income Fund Institutional Class

7,757,972

119,162,453

Fidelity Advisor Large Cap Fund Institutional Class

7,194,596

119,646,135

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,732,274

42,579,294

Fidelity Series 100 Index Fund

11,685,723

94,186,926

Fidelity Series All-Sector Equity Fund

14,185,587

168,666,633

Fidelity Series Large Cap Value Fund

13,287,488

150,945,866

Fidelity Series Small Cap Opportunities Fund (a)

4,758,681

43,541,932

TOTAL DOMESTIC EQUITY FUNDS

843,023,120

TOTAL DOMESTIC EQUITY FUNDS

(Cost $913,041,497)

971,815,953

International Equity Funds - 16.5%

 

 

 

 

Developed International Equity Funds - 14.1%

Fidelity Advisor Diversified International Fund Institutional Class

4,481,589

68,389,051

Fidelity Advisor Overseas Fund Institutional Class

4,038,894

69,307,422

Fidelity Series International Growth Fund

7,202,294

74,687,787

Fidelity Series International Small Cap Fund

1,373,271

15,092,253

Fidelity Series International Value Fund

7,618,364

72,603,010

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

300,079,523

Emerging Markets Equity Funds - 2.4%

Fidelity Series Emerging Markets Fund

2,823,436

50,991,258

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $330,898,972)

351,070,781

Bond Funds - 34.7%

Shares

Value

High Yield Bond Funds - 6.7%

Fidelity Advisor High Income Advantage Fund Institutional Class

15,641,121

$ 142,647,019

Inflation-Protected Bond Funds - 6.4%

Fidelity Series Inflation-Protected Bond Index Fund

12,873,366

137,358,819

Investment Grade Bond Funds - 21.6%

Fidelity Advisor Strategic Real Return Fund Institutional Class

9,197,549

83,789,675

Fidelity Advisor Total Bond Fund Institutional Class

2,359

26,110

Fidelity Series Investment Grade Bond Fund

31,532,980

376,819,114

TOTAL INVESTMENT GRADE BOND FUNDS

460,634,899

TOTAL BOND FUNDS

(Cost $699,361,363)

740,640,737

Short-Term Funds - 3.2%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

3,722,859

34,473,673

Fidelity Institutional Money Market Portfolio Institutional Class

34,148,432

34,148,432

TOTAL SHORT-TERM FUNDS

(Cost $68,003,289)

68,622,105

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,011,305,121)

2,132,149,576

NET OTHER ASSETS (LIABILITIES) - 0.0%

(611,434)

NET ASSETS - 100%

$ 2,131,538,142

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $83,490,631 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $46,197,827 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $2,011,305,121) - See accompanying schedule

$ 2,132,149,576

Cash

869

Receivable for investments sold

3,738,731

Receivable for fund shares sold

1,469,868

Total assets

2,137,359,044

 

 

 

Liabilities

Payable for investments purchased

$ 2,384,097

Payable for fund shares redeemed

2,856,619

Distribution and service plan fees payable

580,186

Total liabilities

5,820,902

 

 

 

Net Assets

$ 2,131,538,142

Net Assets consist of:

 

Paid in capital

$ 2,208,775,308

Undistributed net investment income

8,231,508

Accumulated undistributed net realized gain (loss) on investments

(206,313,129)

Net unrealized appreciation (depreciation) on investments

120,844,455

Net Assets

$ 2,131,538,142

 

 

 

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,307,035,631 ÷ 115,017,261 shares)

$ 11.36

 

 

 

Maximum offering price per share (100/94.25 of $11.36)

$ 12.05

Class T:
Net Asset Value and redemption price per share ($398,847,539 ÷ 35,148,298 shares)

$ 11.35

 

 

 

Maximum offering price per share (100/96.50 of $11.35)

$ 11.76

Class B:
Net Asset Value and offering price per share ($67,820,256 ÷ 6,002,741 shares)A

$ 11.30

 

 

 

Class C:
Net Asset Value and offering price per share ($95,118,587 ÷ 8,436,616 shares)A

$ 11.27

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($262,716,129 ÷ 22,974,236 shares)

$ 11.44

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 11,808,276

 

 

 

Expenses

Distribution and service plan fees

$ 3,533,628

Independent trustees' compensation

3,965

Total expenses before reductions

3,537,593

Expense reductions

(3,965)

3,533,628

Net investment income (loss)

8,274,648

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(66,255,490)

Capital gain distributions from underlying funds

1,703,921

Total net realized gain (loss)

 

(64,551,569)

Change in net unrealized appreciation (depreciation) on underlying funds

96,128,671

Net gain (loss)

31,577,102

Net increase (decrease) in net assets resulting from operations

$ 39,851,750

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 8,274,648

$ 31,695,503

Net realized gain (loss)

(64,551,569)

(9,984,453)

Change in net unrealized appreciation (depreciation)

96,128,671

562,202,605

Net increase (decrease) in net assets resulting from operations

39,851,750

583,913,655

Distributions to shareholders from net investment income

(4,060,878)

(31,327,675)

Distributions to shareholders from net realized gain

(6,270,030)

(15,485,703)

Total distributions

(10,330,908)

(46,813,378)

Share transactions - net increase (decrease)

(4,123,394)

326,679,236

Total increase (decrease) in net assets

25,397,448

863,779,513

 

 

 

Net Assets

Beginning of period

2,106,140,694

1,242,361,181

End of period (including undistributed net investment income of $8,231,508 and undistributed net investment income of $4,017,738, respectively)

$ 2,131,538,142

$ 2,106,140,694

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.21

$ 7.97

$ 12.73

$ 13.49

$ 12.85

$ 11.53

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .05

.20

.25

.28

.24

.19

Net realized and unrealized gain (loss)

  .16

3.32

(4.33)

(.49)

.92

1.36

Total from investment operations

  .21

3.52

(4.08)

(.21)

1.16

1.55

Distributions from net investment income

  (.02)

(.19)

(.25)

(.25)

(.23)

(.16)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.08)

Total distributions

  (.06) K

(.28) J

(.68)

(.55)

(.52) I

(.23) H

Net asset value, end of period

$ 11.36

$ 11.21

$ 7.97

$ 12.73

$ 13.49

$ 12.85

Total Return B, C, D

  1.88%

44.32%

(33.34)%

(1.83)%

9.21%

13.62%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .87% A

1.92%

2.49%

2.07%

1.89%

1.60%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,307,036

$ 1,238,015

$ 677,210

$ 811,992

$ 511,536

$ 284,466

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.23 per share is comprised of distributions from net investment income of $.158 and distributions from net realized gain of $.075 per share. I Total distributions of $.52 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.295 per share. J Total distributions of $.28 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.087 per share. K Total distributions of $.06 per share is comprised of distributions from net investment income of $.024 and distributions from net realized gain of $.033 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.20

$ 7.96

$ 12.72

$ 13.47

$ 12.83

$ 11.52

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.17

.23

.25

.21

.16

Net realized and unrealized gain (loss)

  .17

3.32

(4.34)

(.49)

.92

1.36

Total from investment operations

  .20

3.49

(4.11)

(.24)

1.13

1.52

Distributions from net investment income

  (.02)

(.16)

(.22)

(.21)

(.19)

(.13)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.08)

Total distributions

  (.05)

(.25) I

(.65)

(.51)

(.49) H

(.21)

Net asset value, end of period

$ 11.35

$ 11.20

$ 7.96

$ 12.72

$ 13.47

$ 12.83

Total Return B, C, D

  1.81%

44.02%

(33.56)%

(2.02)%

8.97%

13.28%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .62% A

1.67%

2.24%

1.82%

1.63%

1.35%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 398,848

$ 488,097

$ 343,919

$ 458,465

$ 431,886

$ 296,477

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.49 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.295 per share. I Total distributions of $.25 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.087 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.17

$ 7.94

$ 12.66

$ 13.41

$ 12.78

$ 11.48

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.18

.18

.15

.10

Net realized and unrealized gain (loss)

  .16

3.31

(4.31)

(.48)

.91

1.35

Total from investment operations

  .17

3.43

(4.13)

(.30)

1.06

1.45

Distributions from net investment income

  - H

(.12)

(.16)

(.15)

(.13)

(.08)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.07)

Total distributions

  (.04) K

(.20) J

(.59)

(.45)

(.43) I

(.15)

Net asset value, end of period

$ 11.30

$ 11.17

$ 7.94

$ 12.66

$ 13.41

$ 12.78

Total Return B, C, D

  1.50%

43.34%

(33.87)%

(2.51)%

8.40%

12.71%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .12% A

1.17%

1.74%

1.32%

1.13%

.85%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 67,820

$ 71,888

$ 52,871

$ 89,049

$ 85,981

$ 71,232

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.43 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.295 per share. J Total distributions of $.20 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.087 per share. K Total distributions of $.04 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.033 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2020 Fund
Financial Statements - continued

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.14

$ 7.92

$ 12.64

$ 13.40

$ 12.77

$ 11.48

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.18

.18

.15

.10

Net realized and unrealized gain (loss)

  .16

3.31

(4.31)

(.49)

.91

1.34

Total from investment operations

  .17

3.43

(4.13)

(.31)

1.06

1.44

Distributions from net investment income

  - H

(.12)

(.16)

(.15)

(.14)

(.08)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.07)

Total distributions

  (.04) K

(.21) J

(.59)

(.45)

(.43) I

(.15)

Net asset value, end of period

$ 11.27

$ 11.14

$ 7.92

$ 12.64

$ 13.40

$ 12.77

Total Return B, C, D

  1.51%

43.38%

(33.90)%

(2.56)%

8.45%

12.66%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .12% A

1.17%

1.74%

1.32%

1.14%

.85%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 95,119

$ 93,237

$ 62,702

$ 95,224

$ 85,076

$ 61,442

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.43 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.295 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.087 per share. K Total distributions of $.04 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.033 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.27

$ 8.01

$ 12.79

$ 13.55

$ 12.90

$ 11.57

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .06

.22

.28

.32

.28

.23

Net realized and unrealized gain (loss)

  .17

3.34

(4.35)

(.50)

.92

1.36

Total from investment operations

  .23

3.56

(4.07)

(.18)

1.20

1.59

Distributions from net investment income

  (.03)

(.21)

(.28)

(.28)

(.25)

(.18)

Distributions from net realized gain

  (.03)

(.09)

(.43)

(.30)

(.30)

(.08)

Total distributions

  (.06)

(.30) I

(.71)

(.58)

(.55) H

(.26)

Net asset value, end of period

$ 11.44

$ 11.27

$ 8.01

$ 12.79

$ 13.55

$ 12.90

Total Return B, C

  2.10%

44.65%

(33.16)%

(1.62)%

9.47%

13.88%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.12% A

2.17%

2.74%

2.32%

2.13%

1.85%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 262,716

$ 214,905

$ 105,660

$ 87,568

$ 38,153

$ 21,212

Portfolio turnover rate

  43% A

26%

31%

10%

13%

6%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.55 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.295 per share. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.087 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2025 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

6.8

3.0

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

4.6

5.3

Fidelity Advisor Equity Income Fund Institutional Class

1.0

4.3

Fidelity Advisor Growth & Income Fund Institutional Class

6.4

7.9

Fidelity Advisor Large Cap Fund Institutional Class

6.3

7.5

Fidelity Advisor Small Cap Fund Institutional Class

2.3

2.4

Fidelity Series 100 Index Fund

5.1

4.9

Fidelity Series All-Sector Equity Fund

9.0

10.3

Fidelity Series Large Cap Value Fund

8.0

6.3

Fidelity Series Small Cap Opportunities Fund

2.3

2.6

 

45.0

51.5

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

3.7

5.6

Fidelity Advisor Overseas Fund Institutional Class

3.7

5.6

Fidelity Series International Growth Fund

3.9

1.3

Fidelity Series International Small Cap Fund

0.8

0.3

Fidelity Series International Value Fund

3.8

1.3

 

15.9

14.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.7

1.9

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

7.4

7.5

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

3.8

1.6

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

3.3

3.6

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

1.5

Fidelity Series Investment Grade Bond Fund

15.1

15.3

 

18.4

20.4

Short-Term Funds

Fidelity Advisor Short-Fixed Income Fund Institutional Class

0.0*

0.0*

Fidelity Institutional Money Market Portfolio Institutional Class

0.0*

0.0*

 

0.0*

0.0*

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

6.8%

 

fid678

Domestic Equity Funds

45.0%

 

fid663

Developed International Equity Funds

15.9%

 

fid665

Emerging Markets Equity Funds

2.7%

 

fid667

High Yield Bond Funds

7.4%

 

fid669

Inflation-Protected Bond Funds

3.8%

 

fid671

Investment Grade Bond Funds

18.4%

 

fid673

Short-Term Funds

0.0%*

 

fid429

Six months ago

fid659

Commodity Funds

3.0%

 

fid678

Domestic Equity Funds

51.5%

 

fid663

Developed International Equity Funds

14.1%

 

fid665

Emerging Markets Equity Funds

1.9%

 

fid667

High Yield Bond Funds

7.5%

 

fid669

Inflation-Protected Bond Funds

1.6%

 

fid671

Investment Grade Bond Funds

20.4%

 

fid673

Short-Term Funds

0.0%*

 

fid439

Expected

fid659

Commodity Funds

7.6%

 

fid678

Domestic Equity Funds

43.2%

 

fid663

Developed International Equity Funds

15.7%

 

fid665

Emerging Markets Equity Funds

2.8%

 

fid667

High Yield Bond Funds

7.5%

 

fid669

Inflation-Protected Bond Funds

4.6%

 

fid671

Investment Grade Bond Funds

18.5%

 

fid673

Short-Term Funds

0.1%

 

fid449

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2025 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 51.8%

Shares

Value

Commodity Funds - 6.8%

Fidelity Series Commodity Strategy Fund

9,733,612

$ 106,485,713

Domestic Equity Funds - 45.0%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,442,067

73,026,278

Fidelity Advisor Equity Income Fund Institutional Class

706,345

15,080,472

Fidelity Advisor Growth & Income Fund Institutional Class

6,578,025

101,038,459

Fidelity Advisor Large Cap Fund Institutional Class

6,011,960

99,978,892

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,461,627

35,926,803

Fidelity Series 100 Index Fund

9,906,166

79,843,699

Fidelity Series All-Sector Equity Fund

11,955,621

142,152,332

Fidelity Series Large Cap Value Fund

11,118,517

126,306,352

Fidelity Series Small Cap Opportunities Fund (a)

3,985,411

36,466,514

TOTAL DOMESTIC EQUITY FUNDS

709,819,801

TOTAL DOMESTIC EQUITY FUNDS

(Cost $777,416,659)

816,305,514

International Equity Funds - 18.6%

 

 

 

 

Developed International Equity Funds - 15.9%

Fidelity Advisor Diversified International Fund Institutional Class

3,758,766

57,358,766

Fidelity Advisor Overseas Fund Institutional Class

3,384,796

58,083,097

Fidelity Series International Growth Fund

5,963,190

61,838,280

Fidelity Series International Small Cap Fund

1,130,510

12,424,310

Fidelity Series International Value Fund

6,319,796

60,227,660

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

249,932,113

Emerging Markets Equity Funds - 2.7%

Fidelity Series Emerging Markets Fund

2,359,163

42,606,475

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $275,918,823)

292,538,588

Bond Funds - 29.6%

Shares

Value

High Yield Bond Funds - 7.4%

Fidelity Advisor High Income Advantage Fund Institutional Class

12,819,150

$ 116,910,649

Inflation-Protected Bond Funds - 3.8%

Fidelity Series Inflation-Protected Bond Index Fund

5,571,129

59,443,946

Investment Grade Bond Funds - 18.4%

Fidelity Advisor Strategic Real Return Fund Institutional Class

5,757,145

52,447,588

Fidelity Advisor Total Bond Fund Institutional Class

1,361

15,063

Fidelity Series Investment Grade Bond Fund

19,883,385

237,606,455

TOTAL INVESTMENT GRADE BOND FUNDS

290,069,106

TOTAL BOND FUNDS

(Cost $440,139,536)

466,423,701

Short-Term Funds - 0.0%

 

 

 

 

Fidelity Advisor Short Fixed-Income Fund Institutional Class

33,625

311,371

Fidelity Institutional Money Market Portfolio Institutional Class

310,339

310,339

TOTAL SHORT-TERM FUNDS

(Cost $620,686)

621,710

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,494,095,704)

1,575,889,513

NET OTHER ASSETS (LIABILITIES) - 0.0%

(405,542)

NET ASSETS - 100%

$ 1,575,483,971

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $53,781,443 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $25,145,573 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2025 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,494,095,704) - See accompanying schedule

$ 1,575,889,513

Cash

8

Receivable for investments sold

1,652,951

Receivable for fund shares sold

1,375,994

Total assets

1,578,918,466

 

 

 

Liabilities

Payable for investments purchased

$ 1,397,240

Payable for fund shares redeemed

1,646,886

Distribution and service plan fees payable

390,369

Total liabilities

3,434,495

 

 

 

Net Assets

$ 1,575,483,971

Net Assets consist of:

 

Paid in capital

$ 1,619,168,560

Undistributed net investment income

5,283,293

Accumulated undistributed net realized gain (loss) on investments

(130,761,691)

Net unrealized appreciation (depreciation) on investments

81,793,809

Net Assets

$ 1,575,483,971

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,071,497,402 ÷ 98,521,069 shares)

$ 10.88

 

 

 

Maximum offering price per share (100/94.25 of $10.88)

$ 11.54

Class T:
Net Asset Value and redemption price per share ($236,070,338 ÷ 21,676,579 shares)

$ 10.89

 

 

 

Maximum offering price per share (100/96.50 of $10.89)

$ 11.28

Class B:
Net Asset Value and offering price per share ($38,127,887 ÷ 3,533,120 shares)A

$ 10.79

 

 

 

Class C:
Net Asset Value and offering price per share ($54,352,890 ÷ 5,047,811 shares)A

$ 10.77

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($175,435,454 ÷ 16,023,130 shares)

$ 10.95

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 7,537,850

 

 

 

Expenses

Distribution and service plan fees

$ 2,270,403

Independent trustees' compensation

2,752

Total expenses before reductions

2,273,155

Expense reductions

(2,752)

2,270,403

Net investment income (loss)

5,267,447

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(44,653,241)

Capital gain distributions from underlying funds

1,361,853

Total net realized gain (loss)

 

(43,291,388)

Change in net unrealized appreciation (depreciation) on underlying funds

63,579,822

Net gain (loss)

20,288,434

Net increase (decrease) in net assets resulting from operations

$ 25,555,881

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,267,447

$ 20,292,796

Net realized gain (loss)

(43,291,388)

(6,348,081)

Change in net unrealized appreciation (depreciation)

63,579,822

385,554,148

Net increase (decrease) in net assets resulting from operations

25,555,881

399,498,863

Distributions to shareholders from net investment income

(2,395,810)

(20,082,625)

Distributions to shareholders from net realized gain

(4,690,939)

(10,724,553)

Total distributions

(7,086,749)

(30,807,178)

Share transactions - net increase (decrease)

94,804,121

313,035,081

Total increase (decrease) in net assets

113,273,253

681,726,766

 

 

 

Net Assets

Beginning of period

1,462,210,718

780,483,952

End of period (including undistributed net investment income of $5,283,293 and undistributed net investment income of $2,411,656, respectively)

$ 1,575,483,971

$ 1,462,210,718

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.76

$ 7.51

$ 12.26

$ 13.01

$ 12.34

$ 10.96

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.18

.23

.26

.22

.17

Net realized and unrealized gain (loss)

  .13

3.32

(4.36)

(.50)

.90

1.39

Total from investment operations

  .17

3.50

(4.13)

(.24)

1.12

1.56

Distributions from net investment income

  (.02)

(.17)

(.22)

(.22)

(.19)

(.13)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.05)

Total distributions

  (.05)

(.25) H

(.62)

(.51)

(.45)

(.18)

Net asset value, end of period

$ 10.88

$ 10.76

$ 7.51

$ 12.26

$ 13.01

$ 12.34

Total Return B, C, D

  1.64%

46.86%

(34.98)%

(2.14)%

9.26%

14.35%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.25%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.25%

Net investment income (loss)

  .77% A

1.82%

2.41%

1.95%

1.79%

1.44%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,071,497

$ 999,687

$ 512,482

$ 558,890

$ 306,544

$ 128,504

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.25 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.085 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.78

$ 7.52

$ 12.28

$ 13.03

$ 12.35

$ 10.97

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.15

.21

.23

.19

.14

Net realized and unrealized gain (loss)

  .13

3.34

(4.37)

(.51)

.91

1.39

Total from investment operations

  .16

3.49

(4.16)

(.28)

1.10

1.53

Distributions from net investment income

  (.01)

(.15)

(.20)

(.18)

(.16)

(.11)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.05)

Total distributions

  (.05) J

(.23) I

(.60)

(.47)

(.42)

(.15) H

Net asset value, end of period

$ 10.89

$ 10.78

$ 7.52

$ 12.28

$ 13.03

$ 12.35

Total Return B, C, D

  1.47%

46.60%

(35.20)%

(2.40)%

9.10%

14.07%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.50%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.50%

Net investment income (loss)

  .52% A

1.57%

2.16%

1.70%

1.54%

1.19%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 236,070

$ 230,003

$ 139,330

$ 173,946

$ 154,042

$ 83,955

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.15 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $.046 per share. I Total distributions of $.23 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.085 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.012 and distributions from net realized gain of $.034 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.70

$ 7.47

$ 12.17

$ 12.93

$ 12.26

$ 10.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  - I

.10

.16

.16

.13

.08

Net realized and unrealized gain (loss)

  .12

3.32

(4.32)

(.51)

.90

1.38

Total from investment operations

  .12

3.42

(4.16)

(.35)

1.03

1.46

Distributions from net investment income

  -

(.10)

(.14)

(.12)

(.10)

(.07)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.04)

Total distributions

  (.03)

(.19) H

(.54)

(.41)

(.36)

(.11)

Net asset value, end of period

$ 10.79

$ 10.70

$ 7.47

$ 12.17

$ 12.93

$ 12.26

Total Return B, C, D

  1.17%

45.83%

(35.45)%

(2.95)%

8.57%

13.46%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .02% A

1.07%

1.66%

1.20%

1.04%

.69%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 38,128

$ 38,816

$ 27,207

$ 43,016

$ 37,881

$ 27,111

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.19 per share is comprised of distributions from net investment income of $.100 and distributions from net realized gain of $.085 per share. I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.68

$ 7.46

$ 12.16

$ 12.92

$ 12.26

$ 10.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  - H

.10

.16

.16

.13

.08

Net realized and unrealized gain (loss)

  .13

3.31

(4.32)

(.50)

.89

1.38

Total from investment operations

  .13

3.41

(4.16)

(.34)

1.02

1.46

Distributions from net investment income

  - H

(.11)

(.14)

(.13)

(.10)

(.07)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.04)

Total distributions

  (.04) J

(.19) I

(.54)

(.42)

(.36)

(.11)

Net asset value, end of period

$ 10.77

$ 10.68

$ 7.46

$ 12.16

$ 12.92

$ 12.26

Total Return B, C, D

  1.19%

45.83%

(35.44)%

(2.91)%

8.51%

13.46%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  .02% A

1.07%

1.66%

1.20%

1.04%

.69%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 54,353

$ 52,756

$ 31,735

$ 40,426

$ 32,679

$ 20,323

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.19 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.085 per share. J Total distributions of $.04 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.034 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.83

$ 7.55

$ 12.33

$ 13.08

$ 12.39

$ 10.99

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .05

.20

.26

.29

.25

.20

Net realized and unrealized gain (loss)

  .13

3.35

(4.39)

(.50)

.91

1.40

Total from investment operations

  .18

3.55

(4.13)

(.21)

1.16

1.60

Distributions from net investment income

  (.03)

(.19)

(.25)

(.25)

(.21)

(.15)

Distributions from net realized gain

  (.03)

(.09)

(.40)

(.29)

(.26)

(.05)

Total distributions

  (.06)

(.27) H

(.65)

(.54)

(.47)

(.20)

Net asset value, end of period

$ 10.95

$ 10.83

$ 7.55

$ 12.33

$ 13.08

$ 12.39

Total Return B, C

  1.69%

47.31%

(34.83)%

(1.93)%

9.60%

14.69%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.02% A

2.07%

2.66%

2.20%

2.04%

1.69%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 175,435

$ 140,948

$ 69,731

$ 52,762

$ 13,903

$ 5,167

Portfolio turnover rate

  32% A

19%

29%

10%

3%

5%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.085 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2030 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

7.3

3.2

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

4.9

5.7

Fidelity Advisor Equity Income Fund Institutional Class

1.0

4.7

Fidelity Advisor Growth & Income Fund Institutional Class

6.8

8.6

Fidelity Advisor Large Cap Fund Institutional Class

6.8

8.2

Fidelity Advisor Small Cap Fund Institutional Class

2.4

2.6

Fidelity Series 100 Index Fund

5.4

5.4

Fidelity Series All-Sector Equity Fund

9.6

11.2

Fidelity Series Large Cap Value Fund

8.6

6.9

Fidelity Series Small Cap Opportunities Fund

2.5

2.8

 

48.0

56.1

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

3.9

6.1

Fidelity Advisor Overseas Fund Institutional Class

4.0

6.2

Fidelity Series International Growth Fund

4.2

1.4

Fidelity Series International Small Cap Fund

0.9

0.3

Fidelity Series International Value Fund

4.1

1.4

 

17.1

15.4

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.9

2.0

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

7.4

7.5

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

0.9

0.2

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

2.9

2.8

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

1.1

Fidelity Series Investment Grade Bond Fund

13.5

11.7

 

16.4

15.6

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

7.3%

 

fid678

Domestic Equity Funds

48.0%

 

fid663

Developed International Equity Funds

17.1%

 

fid665

Emerging Markets Equity Funds

2.9%

 

fid667

High Yield Bond Funds

7.4%

 

fid669

Inflation-Protected Bond Funds

0.9%

 

fid673

Investment Grade Bond Funds

16.4%

 

fid458

Six months ago

fid659

Commodity Funds

3.2%

 

fid678

Domestic Equity Funds

56.1%

 

fid663

Developed International Equity Funds

15.4%

 

fid665

Emerging Markets Equity Funds

2.0%

 

fid667

High Yield Bond Funds

7.5%

 

fid669

Inflation-Protected Bond Funds

0.2%

 

fid673

Investment Grade Bond Funds

15.6%

 

fid467

Expected

fid659

Commodity Funds

8.1%

 

fid678

Domestic Equity Funds

45.7%

 

fid663

Developed International Equity Funds

16.7%

 

fid665

Emerging Markets Equity Funds

2.9%

 

fid667

High Yield Bond Funds

7.5%

 

fid669

Inflation-Protected Bond Funds

1.3%

 

fid673

Investment Grade Bond Funds

17.8%

 

fid476

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Advisor Freedom 2030 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 55.3%

Shares

Value

Commodity Funds - 7.3%

Fidelity Series Commodity Strategy Fund

11,721,521

$ 128,233,437

Domestic Equity Funds - 48.0%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,705,713

86,377,290

Fidelity Advisor Equity Income Fund Institutional Class

790,127

16,869,210

Fidelity Advisor Growth & Income Fund Institutional Class

7,721,022

118,594,892

Fidelity Advisor Large Cap Fund Institutional Class

7,166,225

119,174,323

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,720,992

42,301,983

Fidelity Series 100 Index Fund

11,623,017

93,681,515

Fidelity Series All-Sector Equity Fund

14,114,884

167,825,974

Fidelity Series Large Cap Value Fund

13,240,369

150,410,587

Fidelity Series Small Cap Opportunities Fund (a)

4,726,434

43,246,869

TOTAL DOMESTIC EQUITY FUNDS

838,482,643

TOTAL DOMESTIC EQUITY FUNDS

(Cost $910,678,789)

966,716,080

International Equity Funds - 20.0%

 

 

 

 

Developed International Equity Funds - 17.1%

Fidelity Advisor Diversified International Fund Institutional Class

4,466,494

68,158,691

Fidelity Advisor Overseas Fund Institutional Class

4,030,903

69,170,299

Fidelity Series International Growth Fund

7,173,275

74,386,859

Fidelity Series International Small Cap Fund

1,366,469

15,017,499

Fidelity Series International Value Fund

7,593,232

72,363,505

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

299,096,853

 

Shares

Value

Emerging Markets Equity Funds - 2.9%

Fidelity Series Emerging Markets Fund

2,800,941

$ 50,584,993

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $327,187,312)

349,681,846

Bond Funds - 24.7%

 

 

 

 

High Yield Bond Funds - 7.4%

Fidelity Advisor High Income Advantage Fund Institutional Class

14,169,553

129,226,320

Inflation-Protected Bond Funds - 0.9%

Fidelity Series Inflation-Protected Bond Index Fund

1,395,093

14,885,646

Investment Grade Bond Funds - 16.4%

Fidelity Advisor Strategic Real Return Fund Institutional Class

5,674,321

51,693,065

Fidelity Advisor Total Bond Fund Institutional Class

1,400

15,501

Fidelity Series Investment Grade Bond Fund

19,685,768

235,244,925

TOTAL INVESTMENT GRADE BOND FUNDS

286,953,491

TOTAL BOND FUNDS

(Cost $406,472,956)

431,065,457

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,644,339,057)

1,747,463,383

NET OTHER ASSETS (LIABILITIES) - 0.0%

(474,467)

NET ASSETS - 100%

$ 1,746,988,916

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $75,012,132 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $40,381,036 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2030 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,644,339,057) - See accompanying schedule

$ 1,747,463,383

Cash

2,482

Receivable for investments sold

2,099,408

Receivable for fund shares sold

1,699,316

Total assets

1,751,264,589

 

 

 

Liabilities

Payable for investments purchased

$ 1,411,982

Payable for fund shares redeemed

2,404,821

Distribution and service plan fees payable

458,870

Total liabilities

4,275,673

 

 

 

Net Assets

$ 1,746,988,916

Net Assets consist of:

 

Paid in capital

$ 1,832,703,849

Undistributed net investment income

5,116,149

Accumulated undistributed net realized gain (loss) on investments

(193,955,408)

Net unrealized appreciation (depreciation) on investments

103,124,326

Net Assets

$ 1,746,988,916

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,097,107,067 ÷ 96,557,883 shares)

$ 11.36

 

 

 

Maximum offering price per share (100/94.25 of $11.36)

$ 12.05

Class T:
Net Asset Value and redemption price per share ($317,994,459 ÷ 28,094,299 shares)

$ 11.32

 

 

 

Maximum offering price per share (100/96.50 of $11.32)

$ 11.73

Class B:
Net Asset Value and offering price per share ($49,627,378 ÷ 4,405,997 shares)A

$ 11.26

 

 

 

Class C:
Net Asset Value and offering price per share ($62,464,328 ÷ 5,556,197 shares)A

$ 11.24

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($219,795,684 ÷ 19,253,896 shares)

$ 11.42

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 7,943,379

 

 

 

Expenses

Distribution and service plan fees

$ 2,773,028

Independent trustees' compensation

3,208

Total expenses before reductions

2,776,236

Expense reductions

(3,208)

2,773,028

Net investment income (loss)

5,170,351

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(70,322,785)

Capital gain distributions from underlying fund shares

1,695,425

Total net realized gain (loss)

 

(68,627,360)

Change in net unrealized appreciation (depreciation) on underlying funds

85,531,687

Net gain (loss)

16,904,327

Net increase (decrease) in net assets resulting from operations

$ 22,074,678

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,170,351

$ 20,740,984

Net realized gain (loss)

(68,627,360)

(16,413,025)

Change in net unrealized appreciation (depreciation)

85,531,687

493,374,347

Net increase (decrease) in net assets resulting from operations

22,074,678

497,702,306

Distributions to shareholders from net investment income

(2,440,191)

(19,871,061)

Distributions to shareholders from net realized gain

(5,804,643)

(13,024,758)

Total distributions

(8,244,834)

(32,895,819)

Share transactions - net increase (decrease)

26,804,277

319,644,448

Total increase (decrease) in net assets

40,634,121

784,450,935

 

 

 

Net Assets

Beginning of period

1,706,354,795

921,903,860

End of period (including undistributed net investment income of $5,116,149 and undistributed net investment income of $2,385,989, respectively)

$ 1,746,988,916

$ 1,706,354,795

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.29

$ 7.69

$ 13.29

$ 14.27

$ 13.47

$ 11.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .04

.16

.21

.22

.20

.15

Net realized and unrealized gain (loss)

  .09

3.68

(5.10)

(.63)

1.09

1.70

Total from investment operations

  .13

3.84

(4.89)

(.41)

1.29

1.85

Distributions from net investment income

  (.02)

(.15)

(.21)

(.19)

(.18)

(.11)

Distributions from net realized gain

  (.04)

(.09)

(.50)

(.38)

(.31)

(.08)

Total distributions

  (.06)

(.24) H

(.71)

(.57)

(.49)

(.19)

Net asset value, end of period

$ 11.36

$ 11.29

$ 7.69

$ 13.29

$ 14.27

$ 13.47

Total Return B, C, D

  1.15%

50.17%

(38.49)%

(3.22)%

9.82%

15.84%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .68% A

1.61%

2.08%

1.53%

1.49%

1.17%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,097,107

$ 1,030,972

$ 527,042

$ 626,641

$ 343,345

$ 156,916

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.24 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.093 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.25

$ 7.67

$ 13.25

$ 14.23

$ 13.43

$ 11.78

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .02

.14

.19

.19

.17

.11

Net realized and unrealized gain (loss)

  .10

3.66

(5.09)

(.64)

1.09

1.70

Total from investment operations

  .12

3.80

(4.90)

(.45)

1.26

1.81

Distributions from net investment income

  (.01)

(.13)

(.18)

(.15)

(.15)

(.09)

Distributions from net realized gain

  (.04)

(.09)

(.50)

(.38)

(.31)

(.08)

Total distributions

  (.05)

(.22) I

(.68)

(.53)

(.46)

(.16) H

Net asset value, end of period

$ 11.32

$ 11.25

$ 7.67

$ 13.25

$ 14.23

$ 13.43

Total Return B, C, D

  1.08%

49.72%

(38.62)%

(3.49)%

9.59%

15.52%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .43% A

1.36%

1.83%

1.28%

1.24%

.92%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 317,994

$ 382,092

$ 236,333

$ 297,618

$ 281,508

$ 184,029

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.16 per share is comprised of distributions from net investment income of $.087 and distributions from net realized gain of $.077 per share. I Total distributions of $.22 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.093 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.21

$ 7.64

$ 13.17

$ 14.15

$ 13.37

$ 11.74

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  - I

.09

.14

.11

.10

.05

Net realized and unrealized gain (loss)

  .08

3.65

(5.06)

(.63)

1.08

1.70

Total from investment operations

  .08

3.74

(4.92)

(.52)

1.18

1.75

Distributions from net investment income

  -

(.08)

(.11)

(.09)

(.09)

(.05)

Distributions from net realized gain

  (.03)

(.09)

(.50)

(.37)

(.31)

(.07)

Total distributions

  (.03)

(.17) H

(.61)

(.46)

(.40)

(.12)

Net asset value, end of period

$ 11.26

$ 11.21

$ 7.64

$ 13.17

$ 14.15

$ 13.37

Total Return B, C, D

  .77%

49.07%

(38.94)%

(3.96)%

8.98%

14.96%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  (.07)% A

.86%

1.33%

.78%

.74%

.42%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 49,627

$ 51,360

$ 35,701

$ 60,367

$ 56,845

$ 43,099

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.17 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.092 per share. I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.19

$ 7.63

$ 13.17

$ 14.15

$ 13.37

$ 11.74

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  - I

.09

.14

.11

.10

.05

Net realized and unrealized gain (loss)

  .09

3.65

(5.06)

(.63)

1.08

1.70

Total from investment operations

  .09

3.74

(4.92)

(.52)

1.18

1.75

Distributions from net investment income

  -

(.08)

(.12)

(.09)

(.09)

(.05)

Distributions from net realized gain

  (.04)

(.09)

(.50)

(.37)

(.31)

(.07)

Total distributions

  (.04)

(.18) H

(.62)

(.46)

(.40)

(.12)

Net asset value, end of period

$ 11.24

$ 11.19

$ 7.63

$ 13.17

$ 14.15

$ 13.37

Total Return B, C, D

  .78%

49.06%

(38.96)%

(3.95)%

9.00%

14.99%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  (.07)% A

.86%

1.33%

.78%

.74%

.42%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 62,464

$ 63,700

$ 40,294

$ 58,768

$ 54,338

$ 37,940

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.18 per share is comprised of distributions from net investment income of $.083 and distributions from net realized gain of $.093 per share. I Amount represents less than $.01 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.33

$ 7.72

$ 13.34

$ 14.32

$ 13.51

$ 11.84

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .05

.19

.23

.26

.24

.18

Net realized and unrealized gain (loss)

  .10

3.69

(5.11)

(.64)

1.09

1.71

Total from investment operations

  .15

3.88

(4.88)

(.38)

1.33

1.89

Distributions from net investment income

  (.02)

(.17)

(.24)

(.22)

(.21)

(.13)

Distributions from net realized gain

  (.04)

(.09)

(.50)

(.38)

(.31)

(.09)

Total distributions

  (.06)

(.27) H

(.74)

(.60)

(.52)

(.22)

Net asset value, end of period

$ 11.42

$ 11.33

$ 7.72

$ 13.34

$ 14.32

$ 13.51

Total Return B, C

  1.38%

50.42%

(38.31)%

(3.01)%

10.08%

16.10%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  .93% A

1.86%

2.33%

1.78%

1.74%

1.42%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 219,796

$ 178,232

$ 82,534

$ 69,011

$ 24,902

$ 10,918

Portfolio turnover rate

  41% A

20%

22%

10%

8%

4%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.093 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2035 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.0

3.5

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

5.5

6.2

Fidelity Advisor Equity Income Fund Institutional Class

1.1

5.0

Fidelity Advisor Growth & Income Fund Institutional Class

7.5

9.2

Fidelity Advisor Large Cap Fund Institutional Class

7.5

8.9

Fidelity Advisor Small Cap Fund Institutional Class

2.7

2.8

Fidelity Series 100 Index Fund

6.0

5.8

Fidelity Series All-Sector Equity Fund

10.6

12.1

Fidelity Series Large Cap Value Fund

9.4

7.4

Fidelity Series Small Cap Opportunities Fund

2.7

3.1

 

53.0

60.5

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

4.3

6.6

Fidelity Advisor Overseas Fund Institutional Class

4.4

6.6

Fidelity Series International Growth Fund

4.6

1.6

Fidelity Series International Small Cap Fund

0.9

0.3

Fidelity Series International Value Fund

4.5

1.5

 

18.7

16.6

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.2

2.2

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

7.4

7.5

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

1.7

1.7

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

0.7

Fidelity Series Investment Grade Bond Fund

8.0

7.3

 

9.7

9.7

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

8.0%

 

fid663

Domestic Equity Funds

53.0%

 

fid665

Developed International Equity Funds

18.7%

 

fid667

Emerging Markets Equity Funds

3.2%

 

fid669

High Yield Bond Funds

7.4%

 

fid673

Investment Grade Bond Funds

9.7%

 

fid484

Six months ago

fid659

Commodity Funds

3.5%

 

fid663

Domestic Equity Funds

60.5%

 

fid665

Developed International Equity Funds

16.6%

 

fid667

Emerging Markets Equity Funds

2.2%

 

fid669

High Yield Bond Funds

7.5%

 

fid673

Investment Grade Bond Funds

9.7%

 

fid492

Expected

fid659

Commodity Funds

9.1%

 

fid663

Domestic Equity Funds

51.3%

 

fid665

Developed International Equity Funds

18.7%

 

fid667

Emerging Markets Equity Funds

3.3%

 

fid669

High Yield Bond Funds

7.5%

 

fid673

Investment Grade Bond Funds

10.1%

 

fid500

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom 2035 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.0%

Shares

Value

Commodity Funds - 8.0%

Fidelity Series Commodity Strategy Fund

7,709,327

$ 84,340,042

Domestic Equity Funds - 53.0%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,142,611

57,861,821

Fidelity Advisor Equity Income Fund Institutional Class

553,020

11,806,985

Fidelity Advisor Growth & Income Fund Institutional Class

5,213,298

80,076,253

Fidelity Advisor Large Cap Fund Institutional Class

4,760,029

79,159,275

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,156,315

28,422,221

Fidelity Series 100 Index Fund

7,846,849

63,245,599

Fidelity Series All-Sector Equity Fund

9,456,124

112,433,314

Fidelity Series Large Cap Value Fund

8,806,430

100,041,048

Fidelity Series Small Cap Opportunities Fund (a)

3,156,224

28,879,445

TOTAL DOMESTIC EQUITY FUNDS

561,925,961

TOTAL DOMESTIC EQUITY FUNDS

(Cost $619,041,557)

646,266,003

International Equity Funds - 21.9%

 

 

 

 

Developed International Equity Funds - 18.7%

Fidelity Advisor Diversified International Fund Institutional Class

2,977,424

45,435,490

Fidelity Advisor Overseas Fund Institutional Class

2,678,923

45,970,318

Fidelity Series International Growth Fund

4,720,057

48,946,988

Fidelity Series International Small Cap Fund

896,815

9,855,992

Fidelity Series International Value Fund

5,003,187

47,680,373

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

197,889,161

 

Shares

Value

Emerging Markets Equity Funds - 3.2%

Fidelity Series Emerging Markets Fund

1,864,326

$ 33,669,735

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $217,385,641)

231,558,896

Bond Funds - 17.1%

 

 

 

 

High Yield Bond Funds - 7.4%

Fidelity Advisor High Income Advantage Fund Institutional Class

8,593,396

78,371,776

Investment Grade Bond Funds - 9.7%

Fidelity Advisor Strategic Real Return Fund Institutional Class

2,029,062

18,484,753

Fidelity Advisor Total Bond Fund Institutional Class

462

5,119

Fidelity Series Investment Grade Bond Fund

7,096,260

84,800,301

TOTAL INVESTMENT GRADE BOND FUNDS

103,290,173

TOTAL BOND FUNDS

(Cost $170,660,490)

181,661,949

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,007,087,688)

1,059,486,848

NET OTHER ASSETS (LIABILITIES) - 0.0%

(256,119)

NET ASSETS - 100%

$ 1,059,230,729

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $37,616,185 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $14,528,420 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Advisor Freedom 2035 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,007,087,688) - See accompanying schedule

$ 1,059,486,848

Cash

12

Receivable for investments sold

1,114,687

Receivable for fund shares sold

1,188,416

Total assets

1,061,789,963

 

 

 

Liabilities

Payable for investments purchased

$ 460,845

Payable for fund shares redeemed

1,842,417

Distribution and service plan fees payable

255,972

Total liabilities

2,559,234

 

 

 

Net Assets

$ 1,059,230,729

Net Assets consist of:

 

Paid in capital

$ 1,096,643,358

Undistributed net investment income

2,263,604

Accumulated undistributed net realized gain (loss) on investments

(92,075,393)

Net unrealized appreciation (depreciation) on investments

52,399,160

Net Assets

$ 1,059,230,729

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($720,509,866 ÷ 67,473,169 shares)

$ 10.68

 

 

 

Maximum offering price per share (100/94.25 of $10.68)

$ 11.33

Class T:
Net Asset Value and redemption price per share ($151,829,222 ÷ 14,291,101 shares)

$ 10.62

 

 

 

Maximum offering price per share (100/96.50 of $10.62)

$ 11.01

Class B:
Net Asset Value and offering price per share ($27,030,336 ÷ 2,566,060 shares)A

$ 10.53

 

 

 

Class C:
Net Asset Value and offering price per share ($31,468,160 ÷ 2,987,545 shares)A

$ 10.53

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($128,393,145 ÷ 11,965,232 shares)

$ 10.73

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 3,716,770

 

 

 

Expenses

Distribution and service plan fees

$ 1,478,892

Independent trustees' compensation

1,822

Total expenses before reductions

1,480,714

Expense reductions

(1,822)

1,478,892

Net investment income (loss)

2,237,878

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(34,318,252)

Capital gain distributions from underlying funds

1,070,150

Total net realized gain (loss)

 

(33,248,102)

Change in net unrealized appreciation (depreciation) on underlying funds

41,726,489

Net gain (loss)

8,478,387

Net increase (decrease) in net assets resulting from operations

$ 10,716,265

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,237,878

$ 10,755,699

Net realized gain (loss)

(33,248,102)

(5,148,261)

Change in net unrealized appreciation (depreciation)

41,726,489

267,687,993

Net increase (decrease) in net assets resulting from operations

10,716,265

273,295,431

Distributions to shareholders from net investment income

(847,928)

(10,794,748)

Distributions to shareholders from net realized gain

(3,762,336)

(6,934,476)

Total distributions

(4,610,264)

(17,729,224)

Share transactions - net increase (decrease)

84,537,249

237,182,238

Total increase (decrease) in net assets

90,643,250

492,748,445

 

 

 

Net Assets

Beginning of period

968,587,479

475,839,034

End of period (including undistributed net investment income of $2,263,604 and undistributed net investment income of $873,654, respectively)

$ 1,059,230,729

$ 968,587,479

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.65

$ 7.18

$ 12.53

$ 13.44

$ 12.67

$ 11.06

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.14

.20

.20

.19

.14

Net realized and unrealized gain (loss)

  .05

3.55

(4.92)

(.60)

1.02

1.62

Total from investment operations

  .08

3.69

(4.72)

(.40)

1.21

1.76

Distributions from net investment income

  (.01)

(.14)

(.18)

(.17)

(.15)

(.11)

Distributions from net realized gain

  (.04)

(.08)

(.45)

(.34)

(.29)

(.04)

Total distributions

  (.05)

(.22)

(.63) I

(.51)

(.44) H

(.15)

Net asset value, end of period

$ 10.68

$ 10.65

$ 7.18

$ 12.53

$ 13.44

$ 12.67

Total Return B, C, D

  .79%

51.59%

(39.29)%

(3.34)%

9.74%

16.03%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.25%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.25%

Net investment income (loss)

  .51% A

1.51%

2.04%

1.51%

1.48%

1.20%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 720,510

$ 669,450

$ 314,996

$ 336,805

$ 146,175

$ 49,877

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.287 per share. I Total distributions of $.63 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.445 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.60

$ 7.15

$ 12.47

$ 13.38

$ 12.62

$ 11.02

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.12

.17

.17

.16

.11

Net realized and unrealized gain (loss)

  .06

3.53

(4.89)

(.62)

1.01

1.63

Total from investment operations

  .07

3.65

(4.72)

(.45)

1.17

1.74

Distributions from net investment income

  - H

(.12)

(.16)

(.13)

(.13)

(.10)

Distributions from net realized gain

  (.04)

(.08)

(.45)

(.33)

(.28)

(.04)

Total distributions

  (.05) K

(.20)

(.60) J

(.46)

(.41) I

(.14)

Net asset value, end of period

$ 10.62

$ 10.60

$ 7.15

$ 12.47

$ 13.38

$ 12.62

Total Return B, C, D

  .64%

51.17%

(39.42)%

(3.66)%

9.46%

15.84%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.50%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.50%

Net investment income (loss)

  .26% A

1.26%

1.79%

1.26%

1.23%

.95%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 151,829

$ 143,106

$ 81,463

$ 99,531

$ 84,368

$ 45,421

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.41 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.280 per share. J Total distributions of $.60 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.445 per share. K Total distributions of $.05 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.041 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.52

$ 7.10

$ 12.38

$ 13.29

$ 12.54

$ 10.98

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

.07

.13

.10

.09

.05

Net realized and unrealized gain (loss)

  .05

3.50

(4.86)

(.61)

1.02

1.61

Total from investment operations

  .04

3.57

(4.73)

(.51)

1.11

1.66

Distributions from net investment income

  -

(.07)

(.10)

(.08)

(.09)

(.06)

Distributions from net realized gain

  (.03)

(.08)

(.45)

(.32)

(.27)

(.04)

Total distributions

  (.03)

(.15)

(.55) I

(.40)

(.36) H

(.10)

Net asset value, end of period

$ 10.53

$ 10.52

$ 7.10

$ 12.38

$ 13.29

$ 12.54

Total Return B, C, D

  .42%

50.43%

(39.76)%

(4.10)%

8.98%

15.17%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Net investment income (loss)

  (.24)% A

.76%

1.30%

.76%

.73%

.45%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 27,030

$ 27,408

$ 17,892

$ 27,854

$ 23,065

$ 15,351

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.36 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.270 per share. I Total distributions of $.55 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.445 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.52

$ 7.11

$ 12.39

$ 13.30

$ 12.55

$ 10.99

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

.07

.12

.10

.09

.05

Net realized and unrealized gain (loss)

  .05

3.50

(4.85)

(.61)

1.02

1.61

Total from investment operations

  .04

3.57

(4.73)

(.51)

1.11

1.66

Distributions from net investment income

  -

(.08)

(.11)

(.08)

(.09)

(.06)

Distributions from net realized gain

  (.03)

(.08)

(.45)

(.32)

(.27)

(.04)

Total distributions

  (.03)

(.16)

(.55) I

(.40)

(.36) H

(.10)

Net asset value, end of period

$ 10.53

$ 10.52

$ 7.11

$ 12.39

$ 13.30

$ 12.55

Total Return B, C, D

  .43%

50.28%

(39.70)%

(4.10)%

8.99%

15.15%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.00%

Net investment income (loss)

  (.24)% A

.76%

1.29%

.76%

.73%

.45%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 31,468

$ 30,994

$ 17,821

$ 23,168

$ 19,041

$ 12,023

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.36 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.270 per share. I Total distributions of $.55 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.445 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.69

$ 7.21

$ 12.57

$ 13.49

$ 12.71

$ 11.07

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .04

.17

.22

.24

.22

.17

Net realized and unrealized gain (loss)

  .06

3.55

(4.93)

(.62)

1.02

1.64

Total from investment operations

  .10

3.72

(4.71)

(.38)

1.24

1.81

Distributions from net investment income

  (.02)

(.16)

(.21)

(.20)

(.18)

(.13)

Distributions from net realized gain

  (.04)

(.08)

(.45)

(.34)

(.29)

(.04)

Total distributions

  (.06)

(.24)

(.65) I

(.54)

(.46) H

(.17)

Net asset value, end of period

$ 10.73

$ 10.69

$ 7.21

$ 12.57

$ 13.49

$ 12.71

Total Return B, C

  .94%

51.81%

(39.08)%

(3.19)%

9.98%

16.45%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% F

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  .76% A

1.76%

2.29%

1.76%

1.72%

1.45%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 128,393

$ 97,629

$ 43,667

$ 34,162

$ 6,371

$ 2,207

Portfolio turnover rate

  30% A

16%

21%

9%

5%

4%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.46 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.287 per share. I Total distributions of $.65 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.445 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.2

3.6

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

5.5

6.3

Fidelity Advisor Equity Income Fund Institutional Class

1.1

5.1

Fidelity Advisor Growth & Income Fund Institutional Class

7.5

9.4

Fidelity Advisor Large Cap Fund Institutional Class

7.6

9.0

Fidelity Advisor Small Cap Fund Institutional Class

2.7

2.9

Fidelity Series 100 Index Fund

6.0

5.9

Fidelity Series All-Sector Equity Fund

10.7

12.2

Fidelity Series Large Cap Value Fund

9.6

7.5

Fidelity Series Small Cap Opportunities Fund

2.8

3.1

 

53.5

61.4

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

4.3

6.7

Fidelity Advisor Overseas Fund Institutional Class

4.4

6.7

Fidelity Series International Growth Fund

4.8

1.6

Fidelity Series International Small Cap Fund

1.0

0.3

Fidelity Series International Value Fund

4.6

1.6

 

19.1

16.9

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.2

2.2

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

8.4

8.8

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

1.3

1.3

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

0.5

Fidelity Series Investment Grade Bond Fund

6.3

5.3

 

7.6

7.1

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

8.2%

 

fid663

Domestic Equity Funds

53.5%

 

fid665

Developed International Equity Funds

19.1%

 

fid667

Emerging Markets Equity Funds

3.2%

 

fid669

High Yield Bond Funds

8.4%

 

fid673

Investment Grade Bond Funds

7.6%

 

fid508

Six months ago

fid659

Commodity Funds

3.6%

 

fid663

Domestic Equity Funds

61.4%

 

fid665

Developed International Equity Funds

16.9%

 

fid667

Emerging Markets Equity Funds

2.2%

 

fid669

High Yield Bond Funds

8.8%

 

fid673

Investment Grade Bond Funds

7.1%

 

fid516

Expected

fid659

Commodity Funds

9.2%

 

fid663

Domestic Equity Funds

51.9%

 

fid665

Developed International Equity Funds

18.9%

 

fid667

Emerging Markets Equity Funds

3.3%

 

fid669

High Yield Bond Funds

8.2%

 

fid673

Investment Grade Bond Funds

8.5%

 

fid524

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.7%

Shares

Value

Commodity Funds - 8.2%

Fidelity Series Commodity Strategy Fund

9,091,846

$ 99,464,793

Domestic Equity Funds - 53.5%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

1,320,980

66,894,446

Fidelity Advisor Equity Income Fund Institutional Class

618,082

13,196,047

Fidelity Advisor Growth & Income Fund Institutional Class

5,971,588

91,723,598

Fidelity Advisor Large Cap Fund Institutional Class

5,547,393

92,253,139

Fidelity Advisor Small Cap Fund Institutional Class (a)

1,334,507

32,802,191

Fidelity Series 100 Index Fund

9,015,982

72,668,812

Fidelity Series All-Sector Equity Fund

10,923,098

129,875,637

Fidelity Series Large Cap Value Fund

10,243,123

116,361,873

Fidelity Series Small Cap Opportunities Fund (a)

3,669,192

33,573,110

TOTAL DOMESTIC EQUITY FUNDS

649,348,853

TOTAL DOMESTIC EQUITY FUNDS

(Cost $764,240,089)

748,813,646

International Equity Funds - 22.3%

 

 

 

 

Developed International Equity Funds - 19.1%

Fidelity Advisor Diversified International Fund Institutional Class

3,452,188

52,680,395

Fidelity Advisor Overseas Fund Institutional Class

3,113,258

53,423,510

Fidelity Series International Growth Fund

5,561,105

57,668,655

Fidelity Series International Small Cap Fund

1,063,260

11,685,229

Fidelity Series International Value Fund

5,896,629

56,194,871

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

231,652,660

 

Shares

Value

Emerging Markets Equity Funds - 3.2%

Fidelity Series Emerging Markets Fund

2,167,525

$ 39,145,505

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $289,856,292)

270,798,165

Bond Funds - 16.0%

 

 

 

 

High Yield Bond Funds - 8.4%

Fidelity Advisor High Income Advantage Fund Institutional Class

11,145,506

101,647,019

Investment Grade Bond Funds - 7.6%

Fidelity Advisor Strategic Real Return Fund Institutional Class

1,830,286

16,673,904

Fidelity Advisor Total Bond Fund Institutional Class

452

5,006

Fidelity Series Investment Grade Bond Fund

6,387,370

76,329,070

TOTAL INVESTMENT GRADE BOND FUNDS

93,007,980

TOTAL BOND FUNDS

(Cost $195,373,909)

194,654,999

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,249,470,290)

1,214,266,810

NET OTHER ASSETS (LIABILITIES) - 0.0%

(340,207)

NET ASSETS - 100%

$ 1,213,926,603

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $36,100,262 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,249,470,290) - See accompanying schedule

$ 1,214,266,810

Cash

7

Receivable for investments sold

3,396,023

Receivable for fund shares sold

1,698,302

Total assets

1,219,361,142

 

 

 

Liabilities

Payable for investments purchased

$ 261,948

Payable for fund shares redeemed

4,837,423

Distribution and service plan fees payable

335,168

Total liabilities

5,434,539

 

 

 

Net Assets

$ 1,213,926,603

Net Assets consist of:

 

Paid in capital

$ 1,284,311,135

Undistributed net investment income

2,496,780

Accumulated undistributed net realized gain (loss) on investments

(37,677,832)

Net unrealized appreciation (depreciation) on investments

(35,203,480)

Net Assets

$ 1,213,926,603

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($707,958,148 ÷ 62,130,052 shares)

$ 11.39

 

 

 

Maximum offering price per share (100/94.25 of $11.39)

$ 12.08

Class T:
Net Asset Value and redemption price per share ($252,140,079 ÷ 22,205,688 shares)

$ 11.35

 

 

 

Maximum offering price per share (100/96.50 of $11.35)

$ 11.76

Class B:
Net Asset Value and offering price per share ($42,020,133 ÷ 3,732,764 shares)A

$ 11.26

 

 

 

Class C:
Net Asset Value and offering price per share ($53,353,704 ÷ 4,744,771 shares)A

$ 11.24

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($158,454,539 ÷ 13,841,845 shares)

$ 11.45

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 4,553,600

 

 

 

Expenses

Distribution and service plan fees

$ 2,023,479

Independent trustees' compensation

2,228

Total expenses before reductions

2,025,707

Expense reductions

(2,228)

2,023,479

Net investment income (loss)

2,530,121

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

2,122,086

Capital gain distributions from underlying Funds

1,306,901

Total net realized gain (loss)

 

3,428,987

Change in net unrealized appreciation (depreciation) on underlying funds

3,323,016

Net gain (loss)

6,752,003

Net increase (decrease) in net assets resulting from operations

$ 9,282,124

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,530,121

$ 13,624,680

Net realized gain (loss)

3,428,987

36,682,501

Change in net unrealized appreciation (depreciation)

3,323,016

319,580,977

Net increase (decrease) in net assets resulting from operations

9,282,124

369,888,158

Distributions to shareholders from net investment income

(960,067)

(13,844,304)

Distributions to shareholders from net realized gain

(4,712,476)

(8,692,491)

Total distributions

(5,672,543)

(22,536,795)

Share transactions - net increase (decrease)

15,503,485

202,733,553

Total increase (decrease) in net assets

19,113,066

550,084,916

 

 

 

Net Assets

Beginning of period

1,194,813,537

644,728,621

End of period (including undistributed net investment income of $2,496,780 and undistributed net investment income of $926,726, respectively)

$ 1,213,926,603

$ 1,194,813,537

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.37

$ 7.59

$ 13.57

$ 14.69

$ 13.83

$ 12.03

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .03

.15

.21

.22

.21

.15

Net realized and unrealized gain (loss)

  .05

3.87

(5.44)

(.74)

1.16

1.84

Total from investment operations

  .08

4.02

(5.23)

(.52)

1.37

1.99

Distributions from net investment income

  (.01)

(.15)

(.20)

(.20)

(.18)

(.12)

Distributions from net realized gain

  (.05)

(.09)

(.56)

(.40)

(.33)

(.07)

Total distributions

  (.06)

(.24)

(.75) I

(.60)

(.51) H

(.19)

Net asset value, end of period

$ 11.39

$ 11.37

$ 7.59

$ 13.57

$ 14.69

$ 13.83

Total Return B, C, D

  .70%

53.15%

(40.42)%

(3.92)%

10.09%

16.65%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25%

.26%

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25%

.26%

Net investment income (loss)

  .52% A

1.52%

2.02%

1.47%

1.48%

1.18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 707,958

$ 670,673

$ 342,357

$ 428,381

$ 263,733

$ 133,817

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.51 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.325 per share. I Total distributions of $.75 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.555 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.34

$ 7.57

$ 13.54

$ 14.64

$ 13.79

$ 12.00

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

.13

.18

.18

.17

.12

Net realized and unrealized gain (loss)

  .05

3.86

(5.43)

(.72)

1.16

1.83

Total from investment operations

  .06

3.99

(5.25)

(.54)

1.33

1.95

Distributions from net investment income

  - H

(.13)

(.17)

(.16)

(.15)

(.10)

Distributions from net realized gain

  (.05)

(.09)

(.56)

(.40)

(.33)

(.06)

Total distributions

  (.05)

(.22)

(.72) J

(.56)

(.48) I

(.16)

Net asset value, end of period

$ 11.35

$ 11.34

$ 7.57

$ 13.54

$ 14.64

$ 13.79

Total Return B, C, D

  .55%

52.83%

(40.61)%

(4.05)%

9.81%

16.35%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50%

.51%

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50%

.51%

Net investment income (loss)

  .27% A

1.27%

1.77%

1.22%

1.23%

.93%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 252,140

$ 300,594

$ 181,917

$ 238,675

$ 221,815

$ 136,679

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Amount represents less than $.01 per share. I Total distributions of $.48 per share is comprised of distributions from net investment income of $.150 and distributions from net realized gain of $.325 per share. J Total distributions of $.72 per share is comprised of distributions from net investment income of $.168 and distributions from net realized gain of $.555 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.26

$ 7.52

$ 13.42

$ 14.53

$ 13.70

$ 11.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

.08

.13

.11

.10

.05

Net realized and unrealized gain (loss)

  .05

3.83

(5.37)

(.73)

1.14

1.83

Total from investment operations

  .04

3.91

(5.24)

(.62)

1.24

1.88

Distributions from net investment income

  -

(.08)

(.11)

(.10)

(.10)

(.06)

Distributions from net realized gain

  (.04)

(.09)

(.55)

(.39)

(.32)

(.06)

Total distributions

  (.04)

(.17)

(.66) I

(.49)

(.41) H

(.12)

Net asset value, end of period

$ 11.26

$ 11.26

$ 7.52

$ 13.42

$ 14.53

$ 13.70

Total Return B, C, D

  .33%

52.08%

(40.85)%

(4.59)%

9.25%

15.81%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  (.23)% A

.77%

1.28%

.72%

.73%

.43%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 42,020

$ 43,773

$ 29,479

$ 50,827

$ 46,110

$ 32,658

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.41 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share. I Total distributions of $.66 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.550 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.25

$ 7.51

$ 13.42

$ 14.52

$ 13.70

$ 11.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

.08

.13

.11

.10

.05

Net realized and unrealized gain (loss)

  .04

3.83

(5.37)

(.72)

1.13

1.83

Total from investment operations

  .03

3.91

(5.24)

(.61)

1.23

1.88

Distributions from net investment income

  -

(.08)

(.12)

(.10)

(.10)

(.06)

Distributions from net realized gain

  (.04)

(.09)

(.55)

(.39)

(.32)

(.06)

Total distributions

  (.04)

(.17)

(.67) I

(.49)

(.41) H

(.12)

Net asset value, end of period

$ 11.24

$ 11.25

$ 7.51

$ 13.42

$ 14.52

$ 13.70

Total Return B, C, D

  .24%

52.18%

(40.91)%

(4.54)%

9.17%

15.82%

Ratios to Average Net Assets F, G

 

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00%

1.01%

Net investment income (loss)

  (.23)% A

.77%

1.28%

.72%

.73%

.43%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 53,354

$ 53,334

$ 34,036

$ 54,549

$ 54,022

$ 38,947

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.41 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share. I Total distributions of $.67 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.550 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.42

$ 7.62

$ 13.62

$ 14.74

$ 13.87

$ 12.05

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .04

.18

.23

.25

.24

.18

Net realized and unrealized gain (loss)

  .05

3.88

(5.45)

(.74)

1.17

1.85

Total from investment operations

  .09

4.06

(5.22)

(.49)

1.41

2.03

Distributions from net investment income

  (.02)

(.17)

(.22)

(.23)

(.21)

(.14)

Distributions from net realized gain

  (.05)

(.09)

(.56)

(.40)

(.33)

(.07)

Total distributions

  (.06) J

(.26)

(.78) I

(.63)

(.54) H

(.21)

Net asset value, end of period

$ 11.45

$ 11.42

$ 7.62

$ 13.62

$ 14.74

$ 13.87

Total Return B, C

  .84%

53.53%

(40.24)%

(3.70)%

10.36%

16.99%

Ratios to Average Net Assets E, F

 

 

 

 

 

 

Expenses before reductions

  .00% A,G

.00% G

.00% G

.00% G

.00% G

.01%

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  .77% A

1.77%

2.27%

1.72%

1.73%

1.43%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 158,455

$ 126,440

$ 56,940

$ 46,457

$ 19,197

$ 7,227

Portfolio turnover rate

  41% A

18%

18%

9%

7%

4%

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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions 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. G Amount represents less than .01%. H Total distributions of $.54 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.325 per share. I Total distributions of $.78 per share is comprised of distributions from net investment income of $.224 and distributions from net realized gain of $.555 per share. J Total distributions of $.06 per share is comprised of distributions from net investment income of $.017 and distributions from net realized gain of $.045 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2045 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.2

3.7

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

5.6

6.3

Fidelity Advisor Equity Income Fund Institutional Class

1.1

5.1

Fidelity Advisor Growth & Income Fund Institutional Class

7.8

9.5

Fidelity Advisor Large Cap Fund Institutional Class

7.7

9.1

Fidelity Advisor Small Cap Fund Institutional Class

2.8

2.9

Fidelity Series 100 Index Fund

6.2

6.0

Fidelity Series All-Sector Equity Fund

10.9

12.4

Fidelity Series Large Cap Value Fund

9.7

7.7

Fidelity Series Small Cap Opportunities Fund

2.8

3.1

 

54.6

62.1

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

4.4

6.8

Fidelity Advisor Overseas Fund Institutional Class

4.4

6.8

Fidelity Series International Growth Fund

4.8

1.6

Fidelity Series International Small Cap Fund

0.9

0.3

Fidelity Series International Value Fund

4.7

1.6

 

19.2

17.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.3

2.3

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

9.8

9.9

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

0.9

0.8

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

0.4

Fidelity Series Investment Grade Bond Fund

4.0

3.7

 

4.9

4.9

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

8.2%

 

fid663

Domestic Equity Funds

54.6%

 

fid665

Developed International Equity Funds

19.2%

 

fid667

Emerging Markets Equity Funds

3.3%

 

fid669

High Yield Bond Funds

9.8%

 

fid673

Investment Grade Bond Funds

4.9%

 

fid532

Six months ago

fid907

Commodity Funds

3.7%

 

fid663

Domestic Equity Funds

62.1%

 

fid665

Developed International Equity Funds

17.1%

 

fid667

Emerging Markets Equity Funds

2.3%

 

fid669

High Yield Bond Funds

9.9%

 

fid673

Investment Grade Bond Funds

4.9%

 

fid541

Expected

fid659

Commodity Funds

9.4%

 

fid663

Domestic Equity Funds

52.9%

 

fid665

Developed International Equity Funds

19.3%

 

fid667

Emerging Markets Equity Funds

3.4%

 

fid669

High Yield Bond Funds

10.0%

 

fid673

Investment Grade Bond Funds

5.0%

 

fid549

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom 2045 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 62.8%

Shares

Value

Commodity Funds - 8.2%

Fidelity Series Commodity Strategy Fund

2,575,191

$ 28,172,591

Domestic Equity Funds - 54.6%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

380,276

19,257,175

Fidelity Advisor Equity Income Fund Institutional Class

181,101

3,866,502

Fidelity Advisor Growth & Income Fund Institutional Class

1,735,272

26,653,773

Fidelity Advisor Large Cap Fund Institutional Class

1,587,106

26,393,570

Fidelity Advisor Small Cap Fund Institutional Class (a)

385,895

9,485,296

Fidelity Series 100 Index Fund

2,622,878

21,140,399

Fidelity Series All-Sector Equity Fund

3,155,117

37,514,338

Fidelity Series Large Cap Value Fund

2,947,921

33,488,382

Fidelity Series Small Cap Opportunities Fund (a)

1,052,615

9,631,431

TOTAL DOMESTIC EQUITY FUNDS

187,430,866

TOTAL DOMESTIC EQUITY FUNDS

(Cost $201,249,969)

215,603,457

International Equity Funds - 22.5%

 

 

 

 

Developed International Equity Funds - 19.2%

Fidelity Advisor Diversified International Fund Institutional Class

991,396

15,128,703

Fidelity Advisor Overseas Fund Institutional Class

889,817

15,269,253

Fidelity Series International Growth Fund

1,576,569

16,349,020

Fidelity Series International Small Cap Fund

296,986

3,263,876

Fidelity Series International Value Fund

1,675,764

15,970,032

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

65,980,884

 

Shares

Value

Emerging Markets Equity Funds - 3.3%

Fidelity Series Emerging Markets Fund

622,894

$ 11,249,465

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $70,549,580)

77,230,349

Bond Funds - 14.7%

 

 

 

 

High Yield Bond Funds - 9.8%

Fidelity Advisor High Income Advantage Fund Institutional Class

3,705,778

33,796,694

Investment Grade Bond Funds - 4.9%

Fidelity Advisor Strategic Real Return Fund Institutional Class

320,903

2,923,429

Fidelity Advisor Total Bond Fund Institutional Class

79

878

Fidelity Series Investment Grade Bond Fund

1,155,615

13,809,601

TOTAL INVESTMENT GRADE BOND FUNDS

16,733,908

TOTAL BOND FUNDS

(Cost $45,791,197)

50,530,602

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $317,590,746)

343,364,408

NET OTHER ASSETS (LIABILITIES) - 0.0%

(77,992)

NET ASSETS - 100%

$ 343,286,416

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $7,479,724 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom 2045 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $317,590,746) - See accompanying schedule

$ 343,364,408

Cash

54

Receivable for investments sold

77,341

Receivable for fund shares sold

1,130,781

Total assets

344,572,584

 

 

 

Liabilities

Payable for investments purchased

$ 826,160

Payable for fund shares redeemed

382,844

Distribution and service plan fees payable

77,164

Total liabilities

1,286,168

 

 

 

Net Assets

$ 343,286,416

Net Assets consist of:

 

Paid in capital

$ 335,170,929

Undistributed net investment income

763,067

Accumulated undistributed net realized gain (loss) on investments

(18,421,242)

Net unrealized appreciation (depreciation) on investments

25,773,662

Net Assets

$ 343,286,416

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($239,963,875 ÷ 27,180,841 shares)

$ 8.83

 

 

 

Maximum offering price per share (100/94.25 of $8.83)

$ 9.37

Class T:
Net Asset Value and redemption price per share ($49,123,445 ÷ 5,586,266 shares)

$ 8.79

 

 

 

Maximum offering price per share (100/96.50 of $8.79)

$ 9.11

Class B:
Net Asset Value and offering price per share ($4,214,985 ÷ 481,153 shares)A

$ 8.76

 

 

 

Class C:
Net Asset Value and offering price per share ($7,221,478 ÷ 824,955 shares)A

$ 8.75

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($42,762,633 ÷ 4,824,481 shares)

$ 8.86

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 1,181,897

 

 

 

Expenses

Distribution and service plan fees

$ 431,692

Independent trustees' compensation

559

Total expenses before reductions

432,251

Expense reductions

(559)

431,692

Net investment income (loss)

750,205

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(6,177,092)

Capital gain distributions from underlying Funds

353,871

Total net realized gain (loss)

 

(5,823,221)

Change in net unrealized appreciation (depreciation) on underlying funds

8,676,947

Net gain (loss)

2,853,726

Net increase (decrease) in net assets resulting from operations

$ 3,603,931

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 750,205

$ 3,090,802

Net realized gain (loss)

(5,823,221)

(580,792)

Change in net unrealized appreciation (depreciation)

8,676,947

74,319,321

Net increase (decrease) in net assets resulting from operations

3,603,931

76,829,331

Distributions to shareholders from net investment income

(256,918)

(3,060,635)

Distributions to shareholders from net realized gain

(1,118,741)

(2,023,492)

Total distributions

(1,375,659)

(5,084,127)

Share transactions - net increase (decrease)

49,196,347

102,731,596

Total increase (decrease) in net assets

51,424,619

174,476,800

 

 

 

Net Assets

Beginning of period

291,861,797

117,384,997

End of period (including undistributed net investment income of $763,067 and undistributed net investment income of $269,780, respectively)

$ 343,286,416

$ 291,861,797

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.82

$ 5.86

$ 10.39

$ 11.05

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  .02

.12

.16

.16

.12

Net realized and unrealized gain (loss)

  .03

3.02

(4.29)

(.57)

1.06

Total from investment operations

  .05

3.14

(4.13)

(.41)

1.18

Distributions from net investment income

  (.01)

(.11)

(.14)

(.11)

(.08)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.14)

(.05)

Total distributions

  (.04)

(.18)

(.40)

(.25) I

(.13)

Net asset value, end of period

$ 8.83

$ 8.82

$ 5.86

$ 10.39

$ 11.05

Total Return B, C, D

  .61%

53.81%

(40.93)%

(3.96)%

11.78%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25% A

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25% A

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25% A

Net investment income (loss)

  .53% A

1.53%

2.12%

1.44%

1.31% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 239,964

$ 205,405

$ 81,985

$ 61,721

$ 12,550

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.25 per share is comprised of distributions from net investment income of $.110 and distributions from net realized gain of $.138 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.79

$ 5.84

$ 10.36

$ 11.03

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  .01

.10

.14

.13

.09

Net realized and unrealized gain (loss)

  .03

3.02

(4.28)

(.57)

1.06

Total from investment operations

  .04

3.12

(4.14)

(.44)

1.15

Distributions from net investment income

  - I

(.10)

(.12)

(.09)

(.07)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.14)

(.05)

Total distributions

  (.04) K

(.17)

(.38)

(.23) J

(.12)

Net asset value, end of period

$ 8.79

$ 8.79

$ 5.84

$ 10.36

$ 11.03

Total Return B, C, D

  .43%

53.52%

(41.08)%

(4.23)%

11.53%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50% A

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50% A

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50% A

Net investment income (loss)

  .28% A

1.28%

1.87%

1.19%

1.06% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 49,123

$ 43,326

$ 18,065

$ 11,746

$ 3,339

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Amount represents less than $.01 per share. J Total distributions of $.23 per share is comprised of distributions from net investment income of $.090 and distributions from net realized gain of $.137 per share. K Total distributions of $.04 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.033 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.77

$ 5.83

$ 10.33

$ 11.01

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  (.01)

.06

.11

.08

.05

Net realized and unrealized gain (loss)

  .03

3.01

(4.27)

(.57)

1.06

Total from investment operations

  .02

3.07

(4.16)

(.49)

1.11

Distributions from net investment income

  -

(.06)

(.08)

(.06)

(.05)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.13)

(.05)

Total distributions

  (.03)

(.13)

(.34)

(.19) I

(.10)

Net asset value, end of period

$ 8.76

$ 8.77

$ 5.83

$ 10.33

$ 11.01

Total Return B, C, D

  .21%

52.74%

(41.39)%

(4.65)%

11.09%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Net investment income (loss)

  (.22)% A

.78%

1.37%

.69%

.56% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 4,215

$ 4,089

$ 2,231

$ 2,476

$ 776

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.19 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.76

$ 5.82

$ 10.32

$ 11.01

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  (.01)

.06

.11

.08

.05

Net realized and unrealized gain (loss)

  .03

3.01

(4.27)

(.58)

1.06

Total from investment operations

  .02

3.07

(4.16)

(.50)

1.11

Distributions from net investment income

  -

(.06)

(.08)

(.06)

(.05)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.13)

(.05)

Total distributions

  (.03)

(.13)

(.34)

(.19) I

(.10)

Net asset value, end of period

$ 8.75

$ 8.76

$ 5.82

$ 10.32

$ 11.01

Total Return B, C, D

  .21%

52.90%

(41.39)%

(4.74)%

11.08%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Net investment income (loss)

  (.22)% A

.78%

1.37%

.69%

.56% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 7,221

$ 6,199

$ 3,027

$ 2,539

$ 770

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.19 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.85

$ 5.87

$ 10.41

$ 11.07

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) D

  .03

.14

.18

.19

.14

Net realized and unrealized gain (loss)

  .03

3.04

(4.30)

(.59)

1.06

Total from investment operations

  .06

3.18

(4.12)

(.40)

1.20

Distributions from net investment income

  (.01)

(.13)

(.16)

(.13)

(.08)

Distributions from net realized gain

  (.03)

(.07)

(.26)

(.14)

(.05)

Total distributions

  (.05) J

(.20)

(.42)

(.26) I

(.13)

Net asset value, end of period

$ 8.86

$ 8.85

$ 5.87

$ 10.41

$ 11.07

Total Return B, C

  .67%

54.35%

(40.81)%

(3.82)%

12.02%

Ratios to Average Net Assets E, H

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% A, F

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00% A

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00% A

Net investment income (loss)

  .78% A

1.78%

2.37%

1.68%

1.56% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 42,763

$ 32,842

$ 12,078

$ 6,631

$ 629

Portfolio turnover rate

  28% A

14%

18%

22%

16% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.26 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.138 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.013 and distributions from net realized gain of $.033 per share.

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

Semiannual Report

Fidelity Advisor Freedom 2050 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.6

3.8

Domestic Equity Funds

Fidelity Advisor Equity Growth Fund Institutional Class

5.9

6.5

Fidelity Advisor Equity Income Fund Institutional Class

1.2

5.3

Fidelity Advisor Growth & Income Fund Institutional Class

8.1

9.8

Fidelity Advisor Large Cap Fund Institutional Class

8.0

9.4

Fidelity Advisor Small Cap Fund Institutional Class

2.9

3.0

Fidelity Series 100 Index Fund

6.4

6.2

Fidelity Series All-Sector Equity Fund

11.4

12.8

Fidelity Series Large Cap Value Fund

10.2

7.9

Fidelity Series Small Cap Opportunities Fund

2.9

3.2

 

57.0

64.1

Developed International Equity Funds

Fidelity Advisor Diversified International Fund Institutional Class

4.7

7.5

Fidelity Advisor Overseas Fund Institutional Class

4.7

7.6

Fidelity Series International Growth Fund

5.1

1.8

Fidelity Series International Small Cap Fund

1.0

0.4

Fidelity Series International Value Fund

4.9

1.8

 

20.4

19.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.4

2.6

High Yield Bond Funds

Fidelity Advisor High Income Advantage Fund Institutional Class

9.9

9.9

Investment Grade Bond Funds

Fidelity Advisor Strategic Real Return Fund Institutional Class

0.1

0.1

Fidelity Advisor Total Bond Fund Institutional Class

0.0*

0.0*

Fidelity Series Investment Grade Bond Fund

0.6

0.4

 

0.7

0.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

8.6%

 

fid663

Domestic Equity Funds

57.0%

 

fid665

Developed International Equity Funds

20.4%

 

fid667

Emerging Markets Equity Funds

3.4%

 

fid669

High Yield Bond Funds

9.9%

 

fid673

Investment Grade Bond Funds

0.7%

 

fid557

Six months ago

fid659

Commodity Funds

3.8%

 

fid663

Domestic Equity Funds

64.1%

 

fid665

Developed International Equity Funds

19.1%

 

fid667

Emerging Markets Equity Funds

2.6%

 

fid669

High Yield Bond Funds

9.9%

 

fid673

Investment Grade Bond Funds

0.5%

 

fid565

Expected

fid659

Commodity Funds

9.8%

 

fid663

Domestic Equity Funds

55.4%

 

fid665

Developed International Equity Funds

20.2%

 

fid939

Emerging Markets Equity Funds

3.5%

 

fid669

High Yield Bond Funds

10.0%

 

fid673

Investment Grade Bond Funds

1.1%

 

fid574

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Advisor Freedom 2050 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 65.6%

Shares

Value

Commodity Funds - 8.6%

Fidelity Series Commodity Strategy Fund

2,183,152

$ 23,883,683

Domestic Equity Funds - 57.0%

Fidelity Advisor Equity Growth Fund Institutional Class (a)

321,725

16,292,133

Fidelity Advisor Equity Income Fund Institutional Class

156,162

3,334,056

Fidelity Advisor Growth & Income Fund Institutional Class

1,470,013

22,579,399

Fidelity Advisor Large Cap Fund Institutional Class

1,341,717

22,312,756

Fidelity Advisor Small Cap Fund Institutional Class (a)

326,230

8,018,739

Fidelity Series 100 Index Fund

2,218,826

17,883,737

Fidelity Series All-Sector Equity Fund

2,668,829

31,732,376

Fidelity Series Large Cap Value Fund

2,487,941

28,263,015

Fidelity Series Small Cap Opportunities Fund (a)

892,301

8,164,554

TOTAL DOMESTIC EQUITY FUNDS

158,580,765

TOTAL DOMESTIC EQUITY FUNDS

(Cost $171,831,601)

182,464,448

International Equity Funds - 23.8%

 

 

 

 

Developed International Equity Funds - 20.4%

Fidelity Advisor Diversified International Fund Institutional Class

852,475

13,008,764

Fidelity Advisor Overseas Fund Institutional Class

768,288

13,183,829

Fidelity Series International Growth Fund

1,352,256

14,022,892

Fidelity Series International Small Cap Fund

255,857

2,811,870

Fidelity Series International Value Fund

1,432,435

13,651,108

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

56,678,463

 

Shares

Value

Emerging Markets Equity Funds - 3.4%

Fidelity Series Emerging Markets Fund

534,118

$ 9,646,177

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $60,457,949)

66,324,640

Bond Funds - 10.6%

 

 

 

 

High Yield Bond Funds - 9.9%

Fidelity Advisor High Income Advantage Fund Institutional Class

3,000,120

27,361,099

Investment Grade Bond Funds - 0.7%

Fidelity Advisor Strategic Real Return Fund Institutional Class

35,956

327,557

Fidelity Advisor Total Bond Fund Institutional Class

12

133

Fidelity Series Investment Grade Bond Fund

140,550

1,679,567

TOTAL INVESTMENT GRADE BOND FUNDS

2,007,257

TOTAL BOND FUNDS

(Cost $26,154,164)

29,368,356

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $258,443,714)

278,157,444

NET OTHER ASSETS (LIABILITIES) - 0.0%

(66,099)

NET ASSETS - 100%

$ 278,091,345

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $7,387,590 all of which will expire on March 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Advisor Freedom 2050 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $258,443,714) - See accompanying schedule

$ 278,157,444

Receivable for investments sold

13,633

Receivable for fund shares sold

818,828

Total assets

278,989,905

 

 

 

Liabilities

Payable to custodian bank

$ 6

Payable for investments purchased

345,235

Payable for fund shares redeemed

487,389

Distribution and service plan fees payable

65,930

Total liabilities

898,560

 

 

 

Net Assets

$ 278,091,345

Net Assets consist of:

 

Paid in capital

$ 277,426,652

Undistributed net investment income

442,897

Accumulated undistributed net realized gain (loss) on investments

(19,491,934)

Net unrealized appreciation (depreciation) on investments

19,713,730

Net Assets

$ 278,091,345

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($163,086,923 ÷ 18,864,200 shares)

$ 8.65

 

 

 

Maximum offering price per share (100/94.25 of $8.65)

$ 9.18

Class T:
Net Asset Value and redemption price per share ($49,557,001 ÷ 5,751,085 shares)

$ 8.62

 

 

 

Maximum offering price per share (100/96.50 of $8.62)

$ 8.93

Class B:
Net Asset Value and offering price per share ($6,086,507 ÷ 710,471 shares)A

$ 8.57

 

 

 

Class C:
Net Asset Value and offering price per share ($9,947,126 ÷ 1,159,536 shares)A

$ 8.58

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($49,413,788 ÷ 5,690,579 shares)

$ 8.68

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

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 821,682

 

 

 

Expenses

Distribution and service plan fees

$ 372,603

Independent trustees' compensation

458

Total expenses before reductions

373,061

Expense reductions

(458)

372,603

Net investment income (loss)

449,079

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(8,266,578)

Capital gain distribution from underlying funds

301,257

Total net realized gain (loss)

 

(7,965,321)

Change in net unrealized appreciation (depreciation) on underlying funds

9,612,389

Net gain (loss)

1,647,068

Net increase (decrease) in net assets resulting from operations

$ 2,096,147

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 449,079

$ 2,390,969

Net realized gain (loss)

(7,965,321)

234,035

Change in net unrealized appreciation (depreciation)

9,612,389

64,796,791

Net increase (decrease) in net assets resulting from operations

2,096,147

67,421,795

Distributions to shareholders from net investment income

(157,559)

(2,382,215)

Distributions to shareholders from net realized gain

(955,880)

(1,702,157)

Total distributions

(1,113,439)

(4,084,372)

Share transactions - net increase (decrease)

37,235,651

74,234,725

Total increase (decrease) in net assets

38,218,359

137,572,148

 

 

 

Net Assets

Beginning of period

239,872,986

102,300,838

End of period (including undistributed net investment income of $442,897 and undistributed net investment income of $151,377, respectively)

$ 278,091,345

$ 239,872,986

Financial Highlights - Class A

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.66

$ 5.67

$ 10.32

$ 11.04

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  .02

.11

.16

.16

.13

Net realized and unrealized gain (loss)

  .01

3.05

(4.39)

(.60)

1.06

Total from investment operations

  .03

3.16

(4.23)

(.44)

1.19

Distributions from net investment income

  (.01)

(.10)

(.13)

(.11)

(.09)

Distributions from net realized gain

  (.03)

(.07)

(.30)

(.17)

(.06)

Total distributions

  (.04)

(.17)

(.42) I

(.28)

(.15)

Net asset value, end of period

$ 8.65

$ 8.66

$ 5.67

$ 10.32

$ 11.04

Total Return B, C, D

  .38%

55.94%

(42.30)%

(4.27)%

11.91%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .25% A

.25%

.25%

.25%

.25% A

Expenses net of fee waivers, if any

  .25% A

.25%

.25%

.25%

.25% A

Expenses net of all reductions

  .25% A

.25%

.25%

.25%

.25% A

Net investment income (loss)

  .41% A

1.43%

2.04%

1.39%

1.45% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 163,087

$ 137,716

$ 57,591

$ 55,250

$ 12,907

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.42 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.295 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.64

$ 5.66

$ 10.30

$ 11.02

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  .01

.09

.14

.13

.11

Net realized and unrealized gain (loss)

  .01

3.05

(4.37)

(.59)

1.05

Total from investment operations

  .02

3.14

(4.23)

(.46)

1.16

Distributions from net investment income

  - I

(.09)

(.11)

(.09)

(.08)

Distributions from net realized gain

  (.03)

(.07)

(.30)

(.17)

(.06)

Total distributions

  (.04) K

(.16)

(.41) J

(.26)

(.14)

Net asset value, end of period

$ 8.62

$ 8.64

$ 5.66

$ 10.30

$ 11.02

Total Return B, C, D

  .20%

55.57%

(42.41)%

(4.45)%

11.64%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .50% A

.50%

.50%

.50%

.50% A

Expenses net of fee waivers, if any

  .50% A

.50%

.50%

.50%

.50% A

Expenses net of all reductions

  .50% A

.50%

.50%

.50%

.50% A

Net investment income (loss)

  .16% A

1.18%

1.79%

1.14%

1.20% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 49,557

$ 46,449

$ 21,186

$ 15,147

$ 3,520

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Amount represents less than $.01 per share. J Total distributions of $.41 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.295 per share. K Total distributions of $.04 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.034 per share.

Financial Highlights - Class B

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.60

$ 5.64

$ 10.26

$ 11.00

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  (.01)

.05

.10

.07

.06

Net realized and unrealized gain (loss)

  .01

3.03

(4.35)

(.59)

1.07

Total from investment operations

  -

3.08

(4.25)

(.52)

1.13

Distributions from net investment income

  -

(.05)

(.08)

(.06)

(.07)

Distributions from net realized gain

  (.03)

(.07)

(.29)

(.16)

(.06)

Total distributions

  (.03)

(.12)

(.37) I

(.22)

(.13)

Net asset value, end of period

$ 8.57

$ 8.60

$ 5.64

$ 10.26

$ 11.00

Total Return B, C, D

  (.04)%

54.72%

(42.71)%

(4.93)%

11.31%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Net investment income (loss)

  (.34)% A

.68%

1.29%

.64%

.70% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 6,087

$ 5,847

$ 3,078

$ 3,414

$ 1,177

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.37 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.290 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.61

$ 5.63

$ 10.25

$ 11.00

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) E

  (.01)

.05

.10

.07

.06

Net realized and unrealized gain (loss)

  -I

3.05

(4.35)

(.59)

1.06

Total from investment operations

  (.01)

3.10

(4.25)

(.52)

1.12

Distributions from net investment income

  -

(.05)

(.08)

(.07)

(.06)

Distributions from net realized gain

  (.02)

(.07)

(.29)

(.16)

(.06)

Total distributions

  (.02)

(.12)

(.37) J

(.23)

(.12)

Net asset value, end of period

$ 8.58

$ 8.61

$ 5.63

$ 10.25

$ 11.00

Total Return B, C, D

  (.05)%

55.15%

(42.74)%

(4.99)%

11.25%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of fee waivers, if any

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Expenses net of all reductions

  1.00% A

1.00%

1.00%

1.00%

1.00% A

Net investment income (loss)

  (.34)% A

.68%

1.29%

.64%

.70% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 9,947

$ 9,646

$ 5,436

$ 5,380

$ 1,507

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Amounts do not include the activity of the underlying funds. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Amount represents less than $.01 per share. J Total distributions of $.37 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.290 per share.

Financial Highlights - Institutional Class

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.70

$ 5.68

$ 10.35

$ 11.06

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) D

  .03

.13

.17

.18

.15

Net realized and unrealized gain (loss)

  -K

3.08

(4.40)

(.59)

1.06

Total from investment operations

  .03

3.21

(4.23)

(.41)

1.21

Distributions from net investment income

  (.01)

(.12)

(.15)

(.13)

(.09)

Distributions from net realized gain

  (.03)

(.07)

(.30)

(.17)

(.06)

Total distributions

  (.05) J

(.19)

(.44) I

(.30)

(.15)

Net asset value, end of period

$ 8.68

$ 8.70

$ 5.68

$ 10.35

$ 11.06

Total Return B, C

  .32%

56.66%

(42.22)%

(4.02)%

12.16%

Ratios to Average Net Assets E, H

 

 

 

 

 

Expenses before reductions

  .00% A, F

.00% F

.00% F

.00% F

.00% A, F

Expenses net of fee waivers, if any

  .00% A

.00%

.00%

.00%

.00% A

Expenses net of all reductions

  .00% A

.00%

.00%

.00%

.00% A

Net investment income (loss)

  .66% A

1.68%

2.29%

1.64%

1.70% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 49,414

$ 40,214

$ 15,010

$ 6,882

$ 982

Portfolio turnover rate

  29% A

15%

16%

25%

4% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Amount represents less than .01%. G For the period June 1, 2006 (commencement of operations) to March 31, 2007. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests. I Total distributions of $.44 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.295 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.011 and distributions from net realized gain of $.034 per share. K Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended September 30, 2010 (Unaudited)

1. Organization.

Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).

Each Fund offers Class A, Class T, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expenses included in the accompanying financial statements reflect the expenses of the Funds 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, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

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

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

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

Semiannual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

Fund

Tax cost

Gross unrealized
appreciation

Gross unrealized
depreciation

Net unrealized
appreciation
(depreciation)

Advisor Freedom Income

$ 244,574,091

$ 12,638,622

$ (3,297,736)

$ 9,340,886

Advisor Freedom 2005

208,602,255

12,679,420

(6,202,969)

6,476,451

Advisor Freedom 2010

752,515,820

54,987,932

(18,913,279)

36,074,653

Advisor Freedom 2015

1,310,949,027

93,852,866

(41,317,116)

52,535,750

Advisor Freedom 2020

2,019,531,560

169,653,755

(57,035,739)

112,618,016

Advisor Freedom 2025

1,498,956,360

135,116,862

(58,183,709)

76,933,153

Advisor Freedom 2030

1,651,538,428

153,705,595

(57,780,640)

95,924,955

Advisor Freedom 2035

1,010,195,883

94,586,781

(45,295,816)

49,290,965

Advisor Freedom 2040

1,253,546,932

56,918,364

(96,198,486)

(39,280,122)

Advisor Freedom 2045

319,553,141

36,229,908

(12,418,641)

23,811,267

Advisor Freedom 2050

260,064,372

29,344,871

(11,251,799)

18,093,072

3. Purchases and Sales of Investments.

Purchases and redemptions of the Underlying Fund shares are noted in the table below.

 

Purchases ($)

Redemptions ($)

Advisor Freedom Income

55,895,349

39,936,815

Advisor Freedom 2005

47,732,082

46,124,454

Advisor Freedom 2010

156,069,083

208,970,153

Advisor Freedom 2015

278,884,919

233,050,808

Advisor Freedom 2020

451,155,154

455,616,554

Advisor Freedom 2025

333,242,815

238,866,053

Advisor Freedom 2030

372,412,283

346,980,714

Advisor Freedom 2035

230,955,121

147,711,034

Advisor Freedom 2040

254,516,456

240,852,059

Advisor Freedom 2045

91,010,150

42,072,652

Advisor Freedom 2050

72,723,415

35,845,042

4. Fees and Other Transactions with Affiliates.

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

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

Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:

Advisor Freedom Income

Distribution
Fee

Service
Fee

Paid to FDC

Retained
by FDC

Class A

0%

.25%

$ 188,007

$ 24,267

Class T

.25%

.25%

135,517

-

Class B

.75%

.25%

26,366

19,780

Class C

.75%

.25%

79,165

14,894

 

 

 

$ 429,055

$ 58,941

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Paid to FDC

Retained
by FDC

Advisor Freedom 2005

 

 

 

 

Class A

0%

.25%

$ 192,318

$ 44,499

Class T

.25%

.25%

54,043

93

Class B

.75%

.25%

14,055

10,546

Class C

.75%

.25%

45,648

3,605

 

 

 

$ 306,064

$ 58,743

Advisor Freedom 2010

 

 

 

 

Class A

0%

.25%

$ 589,552

$ 91,108

Class T

.25%

.25%

480,808

-

Class B

.75%

.25%

104,125

78,102

Class C

.75%

.25%

226,088

18,398

 

 

 

$ 1,400,573

$ 187,608

Advisor Freedom 2015

 

 

 

 

Class A

0%

.25%

$ 1,036,707

$ 165,108

Class T

.25%

.25%

556,764

-

Class B

.75%

.25%

173,771

130,363

Class C

.75%

.25%

319,762

32,187

 

 

 

$ 2,087,004

$ 327,658

Advisor Freedom 2020

 

 

 

 

Class A

0%

.25%

$ 1,552,936

$ 244,838

Class T

.25%

.25%

1,172,886

-

Class B

.75%

.25%

345,965

259,544

Class C

.75%

.25%

461,841

50,404

 

 

 

$ 3,533,628

$ 554,786

Advisor Freedom 2025

 

 

 

 

Class A

0%

.25%

$ 1,259,692

$ 217,544

Class T

.25%

.25%

562,734

10

Class B

.75%

.25%

187,304

140,539

Class C

.75%

.25%

260,673

31,680

 

 

 

$ 2,270,403

$ 389,773

Advisor Freedom 2030

 

 

 

 

Class A

0%

.25%

$ 1,293,400

$ 197,068

Class T

.25%

.25%

926,856

-

Class B

.75%

.25%

247,149

185,431

Class C

.75%

.25%

305,623

34,829

 

 

 

$ 2,773,028

$ 417,328

Advisor Freedom 2035

 

 

 

 

Class A

0%

.25%

$ 840,533

$ 148,213

Class T

.25%

.25%

355,000

-

Class B

.75%

.25%

132,376

99,331

Class C

.75%

.25%

150,983

21,739

 

 

 

$ 1,478,892

$ 269,283

Advisor Freedom 2040

 

 

 

 

Class A

0%

.25%

$ 836,475

$ 101,028

Class T

.25%

.25%

720,180

-

Class B

.75%

.25%

207,882

155,997

Class C

.75%

.25%

258,942

29,127

 

 

 

$ 2,023,479

$ 286,152

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Paid to FDC

Retained
by FDC

Advisor Freedom 2045

 

 

 

 

Class A

0%

.25%

$ 267,290

$ 47,586

Class T

.25%

.25%

111,787

83

Class B

.75%

.25%

20,236

15,186

Class C

.75%

.25%

32,379

6,442

 

 

 

$ 431,692

$ 69,297

Advisor Freedom 2050

 

 

 

 

Class A

0%

.25%

$ 181,200

$ 18,475

Class T

.25%

.25%

115,202

-

Class B

.75%

.25%

28,960

21,737

Class C

.75%

.25%

47,241

8,701

 

 

 

$ 372,603

$ 48,913

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% for certain purchases of Class A shares (1.00% to .50% prior to July 12, 2010) 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

$ 6,444

Class T

2,380

Class B*

7,489

Class C*

876

 

$ 17,189

Advisor Freedom 2005

 

Class A

$ 3,755

Class T

966

Class B*

1,872

Class C*

111

 

$ 6,704

Advisor Freedom 2010

 

Class A

$ 11,129

Class T

2,803

Class B*

25,637

Class C*

1,566

 

$ 41,135

Advisor Freedom 2015

 

Class A

$ 26,552

Class T

9,317

Class B*

36,687

Class C*

3,173

 

$ 75,729

Advisor Freedom 2020

 

Class A

$ 44,412

Class T

15,150

Class B*

61,152

Class C*

3,206

 

$ 123,920

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows: - continued

 

Retained
by FDC

Advisor Freedom 2025

 

Class A

$ 37,593

Class T

13,531

Class B*

46,075

Class C*

2,614

 

$ 99,813

Advisor Freedom 2030

 

Class A

$ 41,650

Class T

12,226

Class B*

47,761

Class C*

3,694

 

$ 105,331

Advisor Freedom 2035

 

Class A

$ 22,325

Class T

9,892

Class B*

27,871

Class C*

1,739

 

$ 61,827

Advisor Freedom 2040

 

Class A

$ 37,592

Class T

11,280

Class B*

44,338

Class C*

2,636

 

$ 95,846

Advisor Freedom 2045

 

Class A

$ 9,016

Class T

3,237

Class B*

7,904

Class C*

1,113

 

$ 21,270

Advisor Freedom 2050

 

Class A

$ 11,621

Class T

2,632

Class B*

11,761

Class C*

985

 

$ 26,999

* 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.

Semiannual Report

5. Expense Reductions.

FMR voluntarily agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes of each applicable Fund were in reimbursement during the period:

 

Expense
Limitations

Reimbursement
from adviser

Advisor Freedom Income

 

Class A

.25%

$ 281

Class T

.50%

101

Class B

1.00%

10

Class C

1.00%

30

Institutional Class

.00%

36

Advisor Freedom 2005

 

Class A

.25%

289

Class T

.50%

41

Class B

1.00%

5

Class C

1.00%

17

Institutional Class

.00%

41

Advisor Freedom 2010

 

Class A

.25%

900

Class T

.50%

367

Class B

1.00%

40

Class C

1.00%

86

Institutional Class

.00%

151

Advisor Freedom 2015

 

Class A

.25%

1,559

Class T

.50%

419

Class B

1.00%

65

Class C

1.00%

120

Institutional Class

.00%

280

Advisor Freedom 2020

 

Class A

.25%

2,343

Class T

.50%

884

Class B

1.00%

131

Class C

1.00%

174

Institutional Class

.00%

433

Advisor Freedom 2025

 

Class A

.25%

1,883

Class T

.50%

420

Class B

1.00%

70

Class C

1.00%

97

Institutional Class

.00%

282

Advisor Freedom 2030

 

Class A

.25%

1,945

Class T

.50%

696

Class B

1.00%

93

Class C

1.00%

115

Institutional Class

.00%

359

Advisor Freedom 2035

 

Class A

.25%

1,253

Class T

.50%

265

Class B

1.00%

49

Class C

1.00%

56

Institutional Class

.00%

199

Advisor Freedom 2040

 

Class A

.25%

1,260

Class T

.50%

542

Class B

1.00%

78

Class C

1.00%

97

Institutional Class

.00%

251

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Expense Reductions - continued

The following classes of each applicable Fund were in reimbursement during the period: - continued

 

Expense
Limitations

Reimbursement
from adviser

Advisor Freedom 2045

 

Class A

.25%

$ 393

Class T

.50%

82

Class B

1.00%

7

Class C

1.00%

12

Institutional Class

.00%

65

Advisor Freedom 2050

 

Class A

.25%

267

Class T

.50%

85

Class B

1.00%

11

Class C

1.00%

17

Institutional Class

.00%

78

6. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
September 30, 2010

Year ended
March 31, 2010

Advisor Freedom Income

 

 

From net investment income

 

 

Class A

$ 962,542

$ 2,649,510

Class T

287,863

962,627

Class B

14,816

69,674

Class C

45,668

185,548

Institutional Class

147,931

317,793

Total

$ 1,458,820

$ 4,185,152

From net realized gain

 

 

Class A

$ 173,971

$ 732,418

Class T

61,796

282,856

Class B

6,074

27,780

Class C

18,101

75,264

Institutional Class

21,616

82,744

Total

$ 281,558

$ 1,201,062

Advisor Freedom 2005

 

 

From net investment income

 

 

Class A

$ 391,924

$ 2,464,352

Class T

42,103

327,239

Class B

1,970

32,599

Class C

7,111

95,996

Institutional Class

68,487

330,921

Total

$ 511,595

$ 3,251,107

From net realized gain

 

 

Class A

$ 333,881

$ 994,230

Class T

48,418

147,352

Class B

6,474

21,486

Class C

20,447

61,066

Institutional Class

46,330

124,312

Total

$ 455,550

$ 1,348,446

Semiannual Report

6. Distributions to Shareholders - continued

Distributions to shareholders of each class were as follows: - continued

Six months ended
September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2010

 

 

From net investment income

 

 

Class A

$ 1,191,490

$ 9,091,104

Class T

371,130

3,497,344

Class B

12,083

293,043

Class C

30,792

620,780

Institutional Class

242,916

1,468,089

Total

$ 1,848,411

$ 14,970,360

From net realized gain

 

 

Class A

$ 1,103,232

$ 3,593,351

Class T

463,916

1,546,799

Class B

50,323

178,771

Class C

109,978

368,444

Institutional Class

178,614

537,373

Total

$ 1,906,063

$ 6,224,738

Advisor Freedom 2015

 

 

From net investment income

 

 

Class A

$ 2,013,186

$ 13,679,424

Class T

421,915

3,527,564

Class B

20,021

416,674

Class C

42,531

743,299

Institutional Class

441,867

2,473,155

Total

$ 2,939,520

$ 20,840,116

From net realized gain

 

 

Class A

$ 2,013,176

$ 5,842,830

Class T

548,490

1,678,828

Class B

86,747

274,462

Class C

158,009

483,221

Institutional Class

348,137

948,932

Total

$ 3,154,559

$ 9,228,273

Advisor Freedom 2020

 

 

From net investment income

 

 

Class A

$ 2,680,977

$ 18,974,843

Class T

741,301

7,050,784

Class B

19,324

736,617

Class C

25,348

991,170

Institutional Class

593,928

3,574,261

Total

$ 4,060,878

$ 31,327,675

From net realized gain

 

 

Class A

$ 3,686,534

$ 8,917,115

Class T

1,438,999

3,758,542

Class B

212,566

555,113

Class C

278,845

727,102

Institutional Class

653,086

1,527,831

Total

$ 6,270,030

$ 15,485,703

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Distributions to Shareholders - continued

Distributions to shareholders of each class were as follows: - continued

Six months ended
September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2025

 

 

From net investment income

 

 

Class A

$ 1,796,620

$ 14,118,695

Class T

254,995

2,959,037

Class B

-

362,584

Class C

5,069

486,550

Institutional Class

339,126

2,155,759

Total

$ 2,395,810

$ 20,082,625

From net realized gain

 

 

Class A

$ 3,215,012

$ 7,285,104

Class T

722,489

1,738,010

Class B

119,781

307,778

Class C

172,447

396,872

Institutional Class

461,210

996,789

Total

$ 4,690,939

$ 10,724,553

Advisor Freedom 2030

 

 

From net investment income

 

 

Class A

$ 1,671,221

$ 12,452,357

Class T

376,110

4,250,834

Class B

-

365,617

Class C

-

474,232

Institutional Class

392,860

2,328,021

Total

$ 2,440,191

$ 19,871,061

From net realized gain

 

 

Class A

$ 3,528,136

$ 7,715,428

Class T

1,299,296

3,092,971

Class B

155,287

420,885

Class C

199,901

529,883

Institutional Class

622,023

1,265,591

Total

$ 5,804,643

$ 13,024,758

Advisor Freedom 2035

 

 

From net investment income

 

 

Class A

$ 641,982

$ 7,722,463

Class T

54,567

1,461,433

Class B

-

182,301

Class C

-

206,849

Institutional Class

151,379

1,221,702

Total

$ 847,928

$ 10,794,748

From net realized gain

 

 

Class A

$ 2,632,129

$ 4,762,560

Class T

559,334

1,063,886

Class B

83,734

213,235

Class C

99,230

229,952

Institutional Class

387,909

664,843

Total

$ 3,762,336

$ 6,934,476

Semiannual Report

6. Distributions to Shareholders - continued

Distributions to shareholders of each class were as follows: - continued

Six months ended
September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2040

 

 

From net investment income

 

 

Class A

$ 660,823

$ 8,229,546

Class T

106,235

3,279,826

Class B

-

308,904

Class C

-

383,546

Institutional Class

193,009

1,642,482

Total

$ 960,067

$ 13,844,304

From net realized gain

 

 

Class A

$ 2,702,317

$ 4,852,217

Class T

1,195,191

2,246,554

Class B

135,597

335,168

Class C

168,467

406,856

Institutional Class

510,904

851,696

Total

$ 4,712,476

$ 8,692,491

Advisor Freedom 2045

 

 

From net investment income

 

 

Class A

$ 192,648

$ 2,212,999

Class T

15,147

408,091

Class B

-

25,209

Class C

-

39,467

Institutional Class

49,123

374,869

Total

$ 256,918

$ 3,060,635

From net realized gain

 

 

Class A

$ 794,678

$ 1,430,150

Class T

166,637

305,415

Class B

12,818

29,833

Class C

19,911

44,309

Institutional Class

124,697

213,785

Total

$ 1,118,741

$ 2,023,492

Advisor Freedom 2050

 

 

From net investment income

 

 

Class A

$ 99,955

$ 1,439,113

Class T

5,389

429,631

Class B

-

33,433

Class C

-

56,059

Institutional Class

52,215

423,979

Total

$ 157,559

$ 2,382,215

From net realized gain

 

 

Class A

$ 566,420

$ 987,306

Class T

183,263

342,451

Class B

17,572

43,522

Class C

27,234

74,386

Institutional Class

161,391

254,492

Total

$ 955,880

$ 1,702,157

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom Income

 

 

 

 

Class A

 

 

 

 

Shares sold

3,513,426

5,939,919

$ 36,380,972

$ 58,801,119

Reinvestment of distributions

108,877

337,348

1,121,997

3,334,001

Shares redeemed

(2,857,780)

(3,231,976)

(29,605,802)

(32,123,087)

Net increase (decrease)

764,523

3,045,291

$ 7,897,167

$ 30,012,033

Class T

 

 

 

 

Shares sold

1,254,281

2,030,571

$ 12,968,210

$ 19,971,346

Reinvestment of distributions

32,294

121,701

332,657

1,199,887

Shares redeemed

(935,968)

(2,006,879)

(9,676,315)

(19,795,299)

Net increase (decrease)

350,607

145,393

$ 3,624,552

$ 1,375,934

Class B

 

 

 

 

Shares sold

77,440

162,405

$ 799,998

$ 1,613,389

Reinvestment of distributions

1,897

9,197

19,527

90,890

Shares redeemed

(106,810)

(147,684)

(1,105,229)

(1,450,520)

Net increase (decrease)

(27,473)

23,918

$ (285,704)

$ 253,759

Class C

 

 

 

 

Shares sold

249,092

396,874

$ 2,576,460

$ 3,943,497

Reinvestment of distributions

5,455

22,975

56,119

227,312

Shares redeemed

(105,998)

(300,368)

(1,093,702)

(2,962,489)

Net increase (decrease)

148,549

119,481

$ 1,538,877

$ 1,208,320

Institutional Class

 

 

 

 

Shares sold

752,285

1,124,925

$ 7,793,659

$ 11,177,705

Reinvestment of distributions

16,229

40,001

167,570

396,841

Shares redeemed

(438,968)

(381,938)

(4,548,579)

(3,796,827)

Net increase (decrease)

329,546

782,988

$ 3,412,650

$ 7,777,719

Advisor Freedom 2005

 

 

 

 

Class A

 

 

 

 

Shares sold

2,448,790

7,317,164

$ 25,528,650

$ 72,565,372

Reinvestment of distributions

70,134

339,976

721,680

3,435,631

Shares redeemed

(2,604,409)

(3,890,338)

(27,302,518)

(38,525,238)

Net increase (decrease)

(85,485)

3,766,802

$ (1,052,188)

$ 37,475,765

Class T

 

 

 

 

Shares sold

345,938

1,132,309

$ 3,603,797

$ 11,030,532

Reinvestment of distributions

8,445

45,061

86,895

455,100

Shares redeemed

(521,151)

(773,364)

(5,442,672)

(7,549,693)

Net increase (decrease)

(166,768)

404,006

$ (1,751,980)

$ 3,935,939

Class B

 

 

 

 

Shares sold

8,374

54,150

$ 88,186

$ 533,127

Reinvestment of distributions

762

4,964

7,842

50,271

Shares redeemed

(36,905)

(109,244)

(383,305)

(1,080,645)

Net increase (decrease)

(27,769)

(50,130)

$ (287,277)

$ (497,247)

Class C

 

 

 

 

Shares sold

59,065

305,167

$ 619,021

$ 3,018,553

Reinvestment of distributions

2,538

14,510

26,064

146,747

Shares redeemed

(106,851)

(267,085)

(1,120,176)

(2,621,078)

Net increase (decrease)

(45,248)

52,592

$ (475,091)

$ 544,222

Institutional Class

 

 

 

 

Shares sold

755,483

937,114

$ 7,971,105

$ 9,468,701

Reinvestment of distributions

10,984

44,760

113,579

455,233

Shares redeemed

(293,642)

(359,918)

(3,059,757)

(3,572,136)

Net increase (decrease)

472,825

621,956

$ 5,024,927

$ 6,351,798

Semiannual Report

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2010

 

 

 

 

Class A

 

 

 

 

Shares sold

6,885,149

18,880,491

$ 73,713,664

$ 190,682,441

Reinvestment of distributions

215,294

1,212,193

2,267,044

12,543,848

Shares redeemed

(7,614,325)

(17,530,431)

(81,458,391)

(178,487,457)

Net increase (decrease)

(513,882)

2,562,253

$ (5,477,683)

$ 24,738,832

Class T

 

 

 

 

Shares sold

2,343,077

5,949,706

$ 24,921,351

$ 58,943,534

Reinvestment of distributions

78,206

481,295

820,378

4,961,234

Shares redeemed

(7,204,678)

(7,663,328)

(77,518,287)

(76,116,113)

Net increase (decrease)

(4,783,395)

(1,232,327)

$ (51,776,558)

$ (12,211,345)

Class B

 

 

 

 

Shares sold

88,324

182,133

$ 938,484

$ 1,835,344

Reinvestment of distributions

5,642

42,625

59,189

441,800

Shares redeemed

(364,017)

(595,063)

(3,898,581)

(5,991,071)

Net increase (decrease)

(270,051)

(370,305)

$ (2,900,908)

$ (3,713,927)

Class C

 

 

 

 

Shares sold

292,446

952,028

$ 3,118,112

$ 9,446,683

Reinvestment of distributions

12,232

86,895

127,828

896,335

Shares redeemed

(666,621)

(1,279,015)

(7,074,883)

(12,836,486)

Net increase (decrease)

(361,943)

(240,092)

$ (3,828,943)

$ (2,493,468)

Institutional Class

 

 

 

 

Shares sold

2,181,701

3,337,499

$ 23,499,837

$ 33,780,398

Reinvestment of distributions

39,802

192,208

420,706

1,998,866

Shares redeemed

(1,223,406)

(1,682,623)

(13,126,576)

(17,082,328)

Net increase (decrease)

998,097

1,847,084

$ 10,793,967

$ 18,696,936

Advisor Freedom 2015

 

 

 

 

Class A

 

 

 

 

Shares sold

11,313,001

32,164,983

$ 120,516,843

$ 323,357,211

Reinvestment of distributions

380,645

1,876,238

3,981,542

19,317,105

Shares redeemed

(9,870,081)

(16,585,226)

(105,036,385)

(165,743,140)

Net increase (decrease)

1,823,565

17,455,995

$ 19,462,000

$ 176,931,176

Class T

 

 

 

 

Shares sold

3,047,833

6,975,850

$ 32,517,579

$ 68,177,681

Reinvestment of distributions

90,157

490,769

941,236

5,039,209

Shares redeemed

(3,225,696)

(6,790,785)

(34,268,969)

(67,432,006)

Net increase (decrease)

(87,706)

675,834

$ (810,154)

$ 5,784,884

Class B

 

 

 

 

Shares sold

142,538

449,760

$ 1,513,108

$ 4,433,310

Reinvestment of distributions

9,819

64,006

102,310

659,460

Shares redeemed

(326,590)

(633,005)

(3,454,293)

(6,220,872)

Net increase (decrease)

(174,233)

(119,239)

$ (1,838,875)

$ (1,128,102)

Class C

 

 

 

 

Shares sold

583,279

1,453,766

$ 6,168,549

$ 14,350,142

Reinvestment of distributions

17,899

110,378

186,151

1,134,531

Shares redeemed

(719,656)

(1,395,406)

(7,574,343)

(13,893,073)

Net increase (decrease)

(118,478)

168,738

$ (1,219,643)

$ 1,591,600

Institutional Class

 

 

 

 

Shares sold

4,415,671

5,176,355

$ 47,573,566

$ 52,604,404

Reinvestment of distributions

74,328

329,755

781,933

3,408,927

Shares redeemed

(1,751,148)

(2,498,861)

(18,692,490)

(25,183,981)

Net increase (decrease)

2,738,851

3,007,249

$ 29,663,009

$ 30,829,350

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2020

 

 

 

 

Class A

 

 

 

 

Shares sold

18,174,035

45,183,836

$ 199,036,034

$ 463,202,937

Reinvestment of distributions

586,393

2,595,974

6,303,721

27,655,510

Shares redeemed

(14,161,413)

(22,376,535)

(155,023,260)

(229,963,322)

Net increase (decrease)

4,599,015

25,403,275

$ 50,316,495

$ 260,895,125

Class T

 

 

 

 

Shares sold

5,828,308

13,389,476

$ 63,937,646

$ 134,409,911

Reinvestment of distributions

200,295

1,003,112

2,153,168

10,676,415

Shares redeemed

(14,449,452)

(14,031,668)

(159,896,359)

(143,283,312)

Net increase (decrease)

(8,420,849)

360,920

$ (93,805,545)

$ 1,803,014

Class B

 

 

 

 

Shares sold

327,176

786,273

$ 3,570,302

$ 7,911,628

Reinvestment of distributions

20,850

116,218

223,513

1,242,364

Shares redeemed

(782,511)

(1,125,596)

(8,539,390)

(11,397,490)

Net increase (decrease)

(434,485)

(223,105)

$ (4,745,575)

$ (2,243,498)

Class C

 

 

 

 

Shares sold

992,960

2,227,854

$ 10,848,809

$ 22,595,108

Reinvestment of distributions

26,051

147,034

278,747

1,569,561

Shares redeemed

(948,779)

(1,920,594)

(10,321,967)

(19,584,995)

Net increase (decrease)

70,232

454,294

$ 805,589

$ 4,579,674

Institutional Class

 

 

 

 

Shares sold

5,777,603

8,404,614

$ 63,880,926

$ 87,788,002

Reinvestment of distributions

114,914

474,048

1,242,230

5,075,149

Shares redeemed

(1,979,577)

(3,015,266)

(21,817,514)

(31,218,230)

Net increase (decrease)

3,912,940

5,863,396

$ 43,305,642

$ 61,644,921

Advisor Freedom 2025

 

 

 

 

Class A

 

 

 

 

Shares sold

15,619,675

40,250,497

$ 163,851,250

$ 395,216,135

Reinvestment of distributions

484,433

2,082,741

4,970,281

21,253,319

Shares redeemed

(10,479,440)

(17,708,216)

(109,638,387)

(173,855,795)

Net increase (decrease)

5,624,668

24,625,022

$ 59,183,144

$ 242,613,659

Class T

 

 

 

 

Shares sold

3,519,065

8,314,781

$ 36,963,560

$ 80,263,098

Reinvestment of distributions

92,979

448,807

955,820

4,590,362

Shares redeemed

(3,267,706)

(5,953,703)

(34,416,927)

(58,549,334)

Net increase (decrease)

344,338

2,809,885

$ 3,502,453

$ 26,304,126

Class B

 

 

 

 

Shares sold

230,284

580,667

$ 2,387,537

$ 5,471,445

Reinvestment of distributions

11,377

63,222

116,154

646,389

Shares redeemed

(337,101)

(658,819)

(3,504,905)

(6,344,074)

Net increase (decrease)

(95,440)

(14,930)

$ (1,001,214)

$ (226,240)

Class C

 

 

 

 

Shares sold

661,403

1,510,376

$ 6,913,117

$ 14,596,541

Reinvestment of distributions

16,703

82,292

170,204

840,011

Shares redeemed

(571,951)

(907,187)

(5,868,401)

(8,676,397)

Net increase (decrease)

106,155

685,481

$ 1,214,920

$ 6,760,155

Institutional Class

 

 

 

 

Shares sold

4,430,288

4,943,550

$ 47,017,957

$ 48,886,534

Reinvestment of distributions

77,115

307,002

795,829

3,146,123

Shares redeemed

(1,503,614)

(1,470,965)

(15,908,968)

(14,449,276)

Net increase (decrease)

3,003,789

3,779,587

$ 31,904,818

$ 37,583,381

Semiannual Report

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2030

 

 

 

 

Class A

 

 

 

 

Shares sold

16,100,280

38,797,182

$ 175,853,575

$ 395,875,652

Reinvestment of distributions

481,041

1,866,748

5,151,950

19,998,334

Shares redeemed

(11,375,217)

(17,846,987)

(124,250,356)

(181,939,183)

Net increase (decrease)

5,206,104

22,816,943

$ 56,755,169

$ 233,934,803

Class T

 

 

 

 

Shares sold

5,940,633

12,307,212

$ 64,934,246

$ 122,751,803

Reinvestment of distributions

155,286

680,438

1,658,455

7,274,926

Shares redeemed

(11,966,579)

(9,841,745)

(132,045,465)

(99,921,008)

Net increase (decrease)

(5,870,660)

3,145,905

$ (65,452,764)

$ 30,105,721

Class B

 

 

 

 

Shares sold

250,237

600,341

$ 2,715,286

$ 5,980,332

Reinvestment of distributions

14,186

70,777

151,077

763,149

Shares redeemed

(441,198)

(760,195)

(4,807,952)

(7,622,000)

Net increase (decrease)

(176,775)

(89,077)

$ (1,941,589)

$ (878,519)

Class C

 

 

 

 

Shares sold

579,554

1,605,657

$ 6,298,435

$ 16,073,300

Reinvestment of distributions

17,588

87,396

186,957

939,821

Shares redeemed

(735,103)

(1,278,913)

(7,923,324)

(13,072,332)

Net increase (decrease)

(137,961)

414,140

$ (1,437,932)

$ 3,940,789

Institutional Class

 

 

 

 

Shares sold

5,288,346

6,778,493

$ 58,292,084

$ 70,133,488

Reinvestment of distributions

94,198

333,659

1,012,629

3,581,406

Shares redeemed

(1,858,542)

(2,077,011)

(20,423,320)

(21,173,240)

Net increase (decrease)

3,524,002

5,035,141

$ 38,881,393

$ 52,541,654

Advisor Freedom 2035

 

 

 

 

Class A

 

 

 

 

Shares sold

11,725,639

29,478,855

$ 120,314,420

$ 283,259,853

Reinvestment of distributions

322,769

1,224,913

3,243,825

12,371,642

Shares redeemed

(7,456,174)

(11,681,770)

(76,332,903)

(113,019,155)

Net increase (decrease)

4,592,234

19,021,998

$ 47,225,342

$ 182,612,340

Class T

 

 

 

 

Shares sold

2,689,422

5,784,903

$ 27,519,510

$ 54,332,277

Reinvestment of distributions

60,002

245,284

600,617

2,472,154

Shares redeemed

(1,959,949)

(3,918,900)

(20,085,067)

(37,204,051)

Net increase (decrease)

789,475

2,111,287

$ 8,035,060

$ 19,600,380

Class B

 

 

 

 

Shares sold

163,833

405,509

$ 1,659,116

$ 3,788,136

Reinvestment of distributions

8,299

38,336

82,491

387,872

Shares redeemed

(210,913)

(357,555)

(2,139,406)

(3,379,935)

Net increase (decrease)

(38,781)

86,290

$ (397,799)

$ 796,073

Class C

 

 

 

 

Shares sold

408,282

971,148

$ 4,189,820

$ 9,096,299

Reinvestment of distributions

9,665

41,555

96,074

420,018

Shares redeemed

(375,932)

(574,523)

(3,810,437)

(5,371,383)

Net increase (decrease)

42,015

438,180

$ 475,457

$ 4,144,934

Institutional Class

 

 

 

 

Shares sold

3,840,832

3,975,253

$ 39,654,796

$ 38,607,280

Reinvestment of distributions

53,194

186,356

536,725

1,885,670

Shares redeemed

(1,060,674)

(1,088,290)

(10,992,332)

(10,464,439)

Net increase (decrease)

2,833,352

3,073,319

$ 29,199,189

$ 30,028,511

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2040

 

 

 

 

Class A

 

 

 

 

Shares sold

10,808,922

24,913,305

$ 118,317,509

$ 252,890,462

Reinvestment of distributions

308,387

1,193,321

3,305,915

12,861,441

Shares redeemed

(7,948,657)

(12,253,872)

(87,087,206)

(125,782,802)

Net increase (decrease)

3,168,652

13,852,754

$ 34,536,218

$ 139,969,101

Class T

 

 

 

 

Shares sold

4,440,255

10,000,332

$ 48,500,898

$ 99,858,612

Reinvestment of distributions

120,530

509,696

1,288,464

5,481,963

Shares redeemed

(8,858,278)

(8,036,589)

(97,816,301)

(81,578,421)

Net increase (decrease)

(4,297,493)

2,473,439

$ (48,026,939)

$ 23,762,154

Class B

 

 

 

 

Shares sold

184,875

476,095

$ 2,012,747

$ 4,732,469

Reinvestment of distributions

12,453

58,166

132,247

628,599

Shares redeemed

(352,751)

(566,960)

(3,811,089)

(5,619,118)

Net increase (decrease)

(155,423)

(32,699)

$ (1,666,095)

$ (258,050)

Class C

 

 

 

 

Shares sold

588,016

1,191,976

$ 6,430,311

$ 11,944,778

Reinvestment of distributions

15,286

70,129

162,187

756,765

Shares redeemed

(601,218)

(1,050,495)

(6,500,881)

(10,581,828)

Net increase (decrease)

2,084

211,610

$ 91,617

$ 2,119,715

Institutional Class

 

 

 

 

Shares sold

4,034,550

4,937,197

$ 44,567,006

$ 50,576,131

Reinvestment of distributions

65,275

230,524

702,360

2,486,427

Shares redeemed

(1,330,475)

(1,571,826)

(14,700,682)

(15,921,925)

Net increase (decrease)

2,769,350

3,595,895

$ 30,568,684

$ 37,140,633

Advisor Freedom 2045

 

 

 

 

Class A

 

 

 

 

Shares sold

6,805,187

13,663,363

$ 57,663,899

$ 108,131,504

Reinvestment of distributions

118,404

434,034

982,751

3,629,970

Shares redeemed

(3,033,354)

(4,807,430)

(25,533,307)

(38,399,839)

Net increase (decrease)

3,890,237

9,289,967

$ 33,113,343

$ 73,361,635

Class T

 

 

 

 

Shares sold

1,559,936

3,019,866

$ 13,228,390

$ 23,345,550

Reinvestment of distributions

21,808

84,802

180,570

708,733

Shares redeemed

(924,313)

(1,269,123)

(7,872,182)

(9,935,840)

Net increase (decrease)

657,431

1,835,545

$ 5,536,778

$ 14,118,443

Class B

 

 

 

 

Shares sold

57,904

151,912

$ 487,605

$ 1,183,636

Reinvestment of distributions

1,519

6,409

12,550

53,934

Shares redeemed

(44,589)

(75,001)

(375,351)

(599,710)

Net increase (decrease)

14,834

83,320

$ 124,804

$ 637,860

Class C

 

 

 

 

Shares sold

189,084

299,037

$ 1,600,138

$ 2,351,191

Reinvestment of distributions

2,346

9,804

19,379

82,368

Shares redeemed

(73,921)

(118,526)

(625,088)

(901,091)

Net increase (decrease)

117,509

190,315

$ 994,429

$ 1,532,468

Institutional Class

 

 

 

 

Shares sold

1,590,125

2,136,614

$ 13,528,734

$ 16,905,851

Reinvestment of distributions

20,867

70,375

173,820

588,654

Shares redeemed

(498,089)

(553,542)

(4,275,561)

(4,413,315)

Net increase (decrease)

1,112,903

1,653,447

$ 9,426,993

$ 13,081,190

Semiannual Report

7. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended September 30, 2010

Year ended
March 31, 2010

Six months ended September 30, 2010

Year ended
March 31, 2010

Advisor Freedom 2050

 

 

 

 

Class A

 

 

 

 

Shares sold

5,104,616

9,581,471

$ 42,438,443

$ 73,833,021

Reinvestment of distributions

81,120

291,959

658,691

2,406,119

Shares redeemed

(2,217,420)

(4,148,608)

(18,362,730)

(32,257,966)

Net increase (decrease)

2,968,316

5,724,822

$ 24,734,404

$ 43,981,174

Class T

 

 

 

 

Shares sold

1,570,025

3,635,495

$ 12,963,770

$ 27,820,143

Reinvestment of distributions

23,088

92,896

187,012

765,843

Shares redeemed

(1,217,567)

(2,095,310)

(10,112,802)

(16,196,123)

Net increase (decrease)

375,546

1,633,081

$ 3,037,980

$ 12,389,863

Class B

 

 

 

 

Shares sold

92,786

210,935

$ 768,386

$ 1,592,970

Reinvestment of distributions

2,115

9,042

17,071

75,136

Shares redeemed

(64,234)

(87,238)

(522,546)

(663,372)

Net increase (decrease)

30,667

132,739

$ 262,911

$ 1,004,734

Class C

 

 

 

 

Shares sold

180,221

373,964

$ 1,493,552

$ 2,823,004

Reinvestment of distributions

3,229

14,928

26,088

124,197

Shares redeemed

(143,901)

(224,961)

(1,174,879)

(1,746,454)

Net increase (decrease)

39,549

163,931

$ 344,761

$ 1,200,747

Institutional Class

 

 

 

 

Shares sold

1,681,830

2,689,897

$ 14,019,617

$ 21,086,162

Reinvestment of distributions

26,204

82,208

213,560

678,287

Shares redeemed

(641,837)

(780,619)

(5,377,582)

(6,106,242)

Net increase (decrease)

1,066,197

1,991,486

$ 8,855,595

$ 15,658,207

8. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Advisor Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.

Fund

Advisor Freedom 2020

Advisor Freedom 2030

Fidelity Advisor Large Cap Fund

11%

11%

The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.

Fund

% of shares held

Fidelity Advisor Growth & Income Fund

50%

Fidelity Advisor Large Cap Fund

61%

Fidelity Advisor Overseas Fund

34%

Fidelity Advisor High Income Advantage Fund

28%

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Freedom Funds

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and administration agreement (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established three standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of each fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Strategic Advisers, Inc. (Strategic Advisers), and the administrator, FMR, including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interest of each fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of Strategic Advisers' investment staff, their use of technology, and Strategic Advisers' and FMR's approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board noted FMR's continued focus on strengthening the organization and discipline of equity portfolio management and research.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR and its affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of FMR's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and restructuring and broadening the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) launching Class F of certain funds as a lower-fee class available to Freedom K and Freedom Index Funds; (iv) lowering the initial investment minimums and ongoing balance requirements for Real Estate High Income Fund; (v) eliminating subsequent purchase minimums for all funds and adding a waiver of the investment minimum requirement for new accounts opened with the proceeds of a systematic withdrawal plan; (vi) eliminating the withdrawal minimum and maximum limits for systematic withdrawals from Advisor funds; (vii) expanding sales load waivers on Class A shares for Destiny Planholders and expanding Institutional Class eligibility for Class O Destiny Planholders; and (viii) changing certain Class A and Class T sales charge structures to further align them with industry practices.

Semiannual Report

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance for each class, as well as each fund's relative investment performance for each class measured over multiple periods against a proprietary custom index. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare any of the funds' performance.

For Advisor Freedom 2005 Fund, Advisor Freedom 2010 Fund, and Advisor Freedom 2015 Fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, the cumulative total returns of Institutional Class (Class I) and Class C of the fund and the cumulative total returns of a proprietary custom index ("benchmark"). The returns of Institutional Class (Class I) and Class C show the performance of the highest and lowest performing classes, respectively (based on five-year performance).

For Advisor Freedom 2020 Fund, Advisor Freedom 2025 Fund, Advisor Freedom 2030 Fund, Advisor Freedom 2035 Fund, Adviser Freedom 2040 Fund and Adviser Freedom Income Fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, the cumulative total returns of Institutional Class (Class I) and Class B of the fund and the cumulative total returns of a proprietary custom index ("benchmark"). The returns of Institutional Class (Class I) and Class B show the performance of the highest and lowest performing classes, respectively (based on five-year performance).

For Advisor Freedom 2045 Fund and Advisor Freedom 2050 Fund, because each fund had been in existence less than five calendar years, the following charts considered by the Board show, over the one- and three-year periods ended December 31, 2009, the cumulative total returns of Institutional Class (Class I) and Class B of the fund and the cumulative total returns of a proprietary custom index ("benchmark"). The returns of Institutional Class (Class I) and Class B show the performance of the highest and lowest performing classes, respectively (based on three-year performance).

For each fund, the proprietary custom index is an index developed by FMR that represents the performance of the fund's asset classes according to their respective weightings, adjusted on June 30 and December 31 of each calendar year to reflect the fund's increasingly conservative asset allocations (for each fund other than Advisor Freedom Income Fund).

Fidelity Advisor Freedom 2005 Fund

fid576

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2010 Fund

fid578

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom 2015 Fund

fid580

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

fid582

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom 2025 Fund

fid584

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2030 Fund

fid586

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom 2035 Fund

fid588

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

fid590

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom 2045 Fund

fid592

The Board noted that the investment performance of Institutional Class (Class I) of the fund compared favorably to its benchmark for the one-year period, although the fund's three-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2050 Fund

fid594

The Board noted that the investment performance of Institutional Class (Class I) of the fund compared favorably to its benchmark for the one-year period, although the fund's three-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Advisor Freedom Income Fund

fid596

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year cumulative total return of Institutional Class (Class I) compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by Strategic Advisers and FMR to maintain and improve relative performance and factoring in the unprecedented market events in recent years, the Board concluded that the nature, extent, and quality of investment management and support services and of shareholder and administrative services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Semiannual Report

Competitiveness of Management Fee and Total Fund Expenses. The Board noted that the funds do not pay Strategic Advisers a management fee for investment advisory services. The Board considered each fund's management fee and total expenses (which include the fees and expenses of underlying funds) compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 0% means that 100% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Fidelity Advisor Freedom 2005 Fund

fid598

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2010 Fund

fid600

Fidelity Advisor Freedom 2015 Fund

fid602

Semiannual Report

Fidelity Advisor Freedom 2020 Fund

fid604

Fidelity Advisor Freedom 2025 Fund

fid606

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2030 Fund

fid608

Fidelity Advisor Freedom 2035 Fund

fid610

Semiannual Report

Fidelity Advisor Freedom 2040 Fund

fid612

Fidelity Advisor Freedom 2045 Fund

fid614

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Advisor Freedom 2050 Fund

fid616

Fidelity Advisor Freedom Income Fund

fid618

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2009.

Furthermore, the Board considered that, for 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 and Advisor Freedom Income Fund, it had approved an amendment (effective May 19, 2005) to each fund's management contract that eliminated the management fee that the fund paid to Strategic Advisers. The Board considered that each fund's chart reflects the elimination of the fund's management fee for 2005, as if the fee had been eliminated for the entire year.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of the total expenses of each class of each fund, the Board noted that each fund invests in Institutional Class of the underlying fund (if that underlying fund offers multiple classes of shares) to avoid charging fund-paid 12b-1 fees at both fund levels. The Board considered that the funds do not pay transfer agent fees. Instead, Institutional Class of each underlying fund (or the underlying fund, if that underlying fund does not offer multiple classes of shares) bears its pro rata portion of each fund's transfer agent fee according to the percentage of each fund's assets invested in that underlying fund. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions.

Semiannual Report

The Board noted that the total expenses of each of Class A, Class B, Class C, and Institutional Class of each fund ranked below its competitive median for 2009 and the total expenses of Class T ranked equal to its competitive median for 2009.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that the total expenses of each class of each fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contracts because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

Economies of Scale. The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Semiannual Report

Investment Adviser

Strategic Advisers, Inc.

Boston, MA

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

fid620 

AFFI-USAN-1110
1.792159.107

Fidelity Freedom Funds® -
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050

Semiannual Report

September 30, 2010

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

The Chairman's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Fidelity Freedom Income Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2000 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2005 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2010 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2015 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2020 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2025 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2030 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2035 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2040 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2045 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom 2050 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Notes

<Click Here>

Notes to the financial statements.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

 

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Semiannual Report

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

Equities staged a rally during the third quarter of 2010, shaking off concerns about the European debt crisis and the possibility of a double-dip recession in the U.S. Although the short-term surge pushed major equity indexes back into positive territory for the year, several questions remained about the longer-term outlook, including lackluster economic growth and persistently high unemployment. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.

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

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

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

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

Sincerely,


(The chairman's signature appears here.)

Abigail P. Johnson

Semiannual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2010 to September 30, 2010).

Actual Expenses

The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 

Annualized
Expense Ratio

Beginning
Account Value
April 1, 2010

Ending
Account Value
September 30, 2010

Expenses Paid
During Period*
April 1, 2010 to September 30, 2010

Freedom Income

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.60

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2000

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.90

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2005

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.10

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2010

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.80

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2015

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.20

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2020

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,017.70

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2025

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,014.80

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2030

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,010.50

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

 

Annualized
Expense Ratio

Beginning
Account Value
April 1, 2010

Ending
Account Value
September 30, 2010

Expenses Paid
During Period*
April 1, 2010 to September 30, 2010

Freedom 2035

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,006.00

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2040

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,005.10

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2045

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,003.80

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

Freedom 2050

.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,000.40

$ -

Hypothetical A

 

$ 1,000.00

$ 1,025.07

$ -

A 5% return per year before expenses

* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

Semiannual Report

Fidelity Freedom Income Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

0.8

0.7

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

0.8

0.9

Fidelity Disciplined Equity Fund

2.5

3.1

Fidelity Equity-Income Fund

0.5

1.7

Fidelity Growth Company Fund

2.2

2.7

Fidelity Series 100 Index Fund

1.7

2.1

Fidelity Series All-Sector Equity Fund

2.8

2.9

Fidelity Series Large Cap Value Fund

2.6

3.1

Fidelity Series Small Cap Opportunities Fund

0.4

0.5

Fidelity Small Cap Growth Fund

0.3

0.3

Fidelity Small Cap Value Fund

0.3

0.3

 

14.1

17.6

Developed International Equity Funds

Fidelity Diversified International Fund

0.9

0.5

Fidelity Japan Fund

0.0*

0.0

Fidelity Overseas Fund

1.0

0.5

Fidelity Series International Growth Fund

1.0

0.2

Fidelity Series International Small Cap Fund

0.2

0.1

Fidelity Series International Value Fund

0.9

0.2

 

4.0

1.5

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

0.7

0.2

High Yield Bond Funds

Fidelity Capital & Income Fund

2.6

2.6

Fidelity High Income Fund

2.6

2.6

 

5.2

5.2

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

10.3

4.4

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

20.7

22.3

Fidelity Strategic Real Return Fund

4.9

6.7

Fidelity Total Bond Fund

0.0

2.0

 

25.6

31.0

Short-Term Funds

Fidelity Institutional Money Market Portfolio Institutional Class

19.6

19.6

Fidelity Short-Term Bond Fund

19.7

19.8

 

39.3

39.4

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

0.8%

 

fid663

Domestic Equity Funds

14.1%

 

fid1009

Developed International Equity Funds

4.0%

 

fid773

Emerging Markets Equity Funds

0.7%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected
Bond Funds

10.3%

 

fid1015

Investment Grade
Bond Funds

25.6%

 

fid673

Short-Term Funds

39.3%

 

fid1018

Six months ago

fid659

Commodity Funds

0.7%

 

fid663

Domestic Equity Funds

17.6%

 

fid1009

Developed International Equity Funds

1.5%

 

fid773

Emerging Markets Equity Funds

0.2%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected
Bond Funds

4.4%

 

fid1015

Investment Grade
Bond Funds

31.0%

 

fid673

Short-Term Funds

39.4%

 

fid1028

Expected

fid659

Commodity Funds

2.0%

 

fid663

Domestic Equity Funds

12.6%

 

fid1009

Developed International Equity Funds

4.6%

 

fid773

Emerging Markets Equity Funds

0.8%

 

fid667

High Yield Bond Funds

5.0%

 

fid1013

Inflation-Protected
Bond Funds

12.0%

 

fid1015

Investment Grade
Bond Funds

23.0%

 

fid673

Short-Term Funds

40.0%

 

fid1038

The six months ago allocation is based on the fund's holdings as of March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom Income Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 14.9%

Shares

Value

Commodity Funds - 0.8%

Fidelity Series Commodity Strategy Fund

2,032,787

$ 22,238,686

Domestic Equity Funds - 14.1%

Fidelity Blue Chip Growth Fund

594,457

23,706,942

Fidelity Disciplined Equity Fund

3,318,246

69,085,876

Fidelity Equity-Income Fund

350,578

14,058,180

Fidelity Growth Company Fund

816,989

60,849,342

Fidelity Series 100 Index Fund

5,830,543

46,994,177

Fidelity Series All-Sector Equity Fund

6,491,047

77,178,548

Fidelity Series Large Cap Value Fund

6,530,490

74,186,366

Fidelity Series Small Cap Opportunities Fund (a)

1,355,746

12,405,074

Fidelity Small Cap Growth Fund (a)

572,417

7,733,348

Fidelity Small Cap Value Fund

558,008

7,773,052

TOTAL DOMESTIC EQUITY FUNDS

393,970,905

TOTAL DOMESTIC EQUITY FUNDS

(Cost $369,066,973)

416,209,591

International Equity Funds - 4.7%

 

 

 

 

Developed International Equity Funds - 4.0%

Fidelity Diversified International Fund

929,400

26,357,779

Fidelity Japan Fund

110,754

1,141,869

Fidelity Overseas Fund

876,107

26,388,336

Fidelity Series International Growth Fund

2,570,248

26,653,473

Fidelity Series International Small Cap Fund

474,779

5,217,821

Fidelity Series International Value Fund

2,748,384

26,192,104

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

111,951,382

Emerging Markets Equity Funds - 0.7%

Fidelity Series Emerging Markets Fund

1,038,757

18,759,949

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $121,074,709)

130,711,331

Bond Funds - 41.1%

Shares

Value

High Yield Bond Funds - 5.2%

Fidelity Capital & Income Fund

7,955,305

$ 72,234,168

Fidelity High Income Fund

8,182,893

72,336,776

TOTAL HIGH YIELD BOND FUNDS

144,570,944

Inflation-Protected Bond Funds - 10.3%

Fidelity Series Inflation-Protected Bond Index Fund

27,029,544

288,405,238

Investment Grade Bond Funds - 25.6%

Fidelity Series Investment Grade Bond Fund

48,439,809

578,855,718

Fidelity Strategic Real Return Fund

15,170,304

138,504,878

Fidelity Total Bond Fund

2,749

30,464

TOTAL INVESTMENT GRADE BOND FUNDS

717,391,060

TOTAL BOND FUNDS

(Cost $1,067,169,072)

1,150,367,242

Short-Term Funds - 39.3%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class

549,097,789

549,097,789

Fidelity Short-Term Bond Fund

65,028,456

552,741,872

TOTAL SHORT-TERM FUNDS

(Cost $1,115,215,844)

1,101,839,661

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,672,526,598)

2,799,127,825

NET OTHER ASSETS (LIABILITIES) - 0.0%

(37,644)

NET ASSETS - 100%

$ 2,799,090,181

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $77,775,539 of which $8,879,718 and $68,895,821 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Freedom Income Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $2,672,526,598) - See accompanying schedule

$ 2,799,127,825

Cash

11

Receivable for investments sold

4,630,718

Receivable for fund shares sold

3,781,971

Total assets

2,807,540,525

 

 

 

Liabilities

Payable for investments purchased

$ 3,363,094

Payable for fund shares redeemed

5,087,250

Total liabilities

8,450,344

 

 

 

Net Assets

$ 2,799,090,181

Net Assets consist of:

 

Paid in capital

$ 2,782,908,484

Undistributed net investment income

5,371,407

Accumulated undistributed net realized gain (loss) on investments

(115,790,937)

Net unrealized appreciation (depreciation) on investments

126,601,227

Net Assets, for 250,814,239 shares outstanding

$ 2,799,090,181

Net Asset Value, offering price and redemption price per share ($2,799,090,181 ÷ 250,814,239 shares)

$ 11.16

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 21,321,455

Interest

 

3

Total income

 

21,321,458

 

 

 

Expenses

Independent trustees' compensation

$ 5,171

Total expenses before reductions

5,171

Expense reductions

(5,171)

-

Net investment income (loss)

21,321,458

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(11,527,019)

Capital gain distributions from underlying funds

347,420

 

Total net realized gain (loss)

 

(11,179,599)

Change in net unrealized appreciation (depreciation) on underlying funds

63,643,918

Net gain (loss)

52,464,319

Net increase (decrease) in net assets resulting from operations

$ 73,785,777

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

Semiannual Report

Fidelity Freedom Income Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 21,321,458

$ 64,407,433

Net realized gain (loss)

(11,179,599)

(8,680,699)

Change in net unrealized appreciation (depreciation)

63,643,918

403,672,807

Net increase (decrease) in net assets resulting from operations

73,785,777

459,399,541

Distributions to shareholders from net investment income

(22,470,543)

(63,175,897)

Distributions to shareholders from net realized gain

(2,502,164)

(14,824,837)

Total distributions

(24,972,707)

(78,000,734)

Share transactions
Proceeds from sales of shares

559,377,247

968,686,363

Reinvestment of distributions

24,710,650

77,241,763

Cost of shares redeemed

(568,208,714)

(872,834,802)

Net increase (decrease) in net assets resulting from share transactions

15,879,183

173,093,324

Total increase (decrease) in net assets

64,692,253

554,492,131

 

 

 

Net Assets

Beginning of period

2,734,397,928

2,179,905,797

End of period (including undistributed net investment income of $5,371,407 and undistributed net investment income of $6,520,492, respectively)

$ 2,799,090,181

$ 2,734,397,928

Other Information

Shares

Sold

51,089,617

92,393,391

Issued in reinvestment of distributions

2,266,605

7,398,045

Redeemed

(51,980,765)

(82,889,945)

Net increase (decrease)

1,375,457

16,901,491

Financial Highlights

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.96

$ 9.37

$ 11.19

$ 11.66

$ 11.49

$ 11.20

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .09

.26

.36

.47

.44

.35

Net realized and unrealized gain (loss)

  .21

1.65

(1.66)

(.30)

.29

.28

Total from investment operations

  .30

1.91

(1.30)

.17

.73

.63

Distributions from net investment income

  (.09)

(.26)

(.37)

(.47)

(.44)

(.31)

Distributions from net realized gain

  (.01)

(.06)

(.15)

(.17)

(.12)

(.03)

Total distributions

  (.10)

(.32)G

(.52)

(.64)

(.56)

(.34)

Net asset value, end of period

$ 11.16

$ 10.96

$ 9.37

$ 11.19

$ 11.66

$ 11.49

Total ReturnB,C

  2.76%

20.60%

(11.97)%

1.41%

6.54%

5.71%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  1.56%A

2.54%

3.46%

4.06%

3.81%

3.07%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 2,799,090

$ 2,734,398

$ 2,179,906

$ 2,523,176

$ 2,376,277

$ 2,132,031

Portfolio turnover rate

  37%A

29%

35%

33%

26%

18%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.32 per share is comprised of distributions from net investment income of $.260 and distributions from net realized gain of $.060 per share.

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

Semiannual Report

Fidelity Freedom 2000 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

2.1

0.8

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

0.9

1.0

Fidelity Disciplined Equity Fund

2.6

3.4

Fidelity Equity-Income Fund

0.5

1.9

Fidelity Growth Company Fund

2.3

2.9

Fidelity Series 100 Index Fund

1.7

2.3

Fidelity Series All-Sector Equity Fund

2.9

3.1

Fidelity Series Large Cap Value Fund

2.8

3.3

Fidelity Series Small Cap Opportunities Fund

0.5

0.6

Fidelity Small Cap Growth Fund

0.3

0.3

Fidelity Small Cap Value Fund

0.3

0.3

 

14.8

19.1

Developed International Equity Funds

Fidelity Diversified International Fund

1.0

0.6

Fidelity Europe Fund

0.0*

0.0*

Fidelity Japan Fund

0.0*

0.0*

Fidelity Overseas Fund

1.0

0.6

Fidelity Series International Growth Fund

1.0

0.2

Fidelity Series International Small Cap Fund

0.2

0.1

Fidelity Series International Value Fund

1.0

0.2

 

4.2

1.7

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

0.7

0.2

High Yield Bond Funds

Fidelity Capital & Income Fund

2.6

2.6

Fidelity High Income Fund

2.6

2.6

 

5.2

5.2

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

9.9

4.1

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

19.3

21.3

Fidelity Strategic Real Return Fund

4.6

6.5

Fidelity Total Bond Fund

0.0

1.9

 

23.9

29.7

Short-Term Funds

Fidelity Institutional Money Market Portfolio Institutional Class

19.5

19.6

Fidelity Short-Term Bond Fund

19.7

19.6

 

39.2

39.2

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

2.1%

 

fid663

Domestic Equity Funds

14.8%

 

fid1009

Developed International Equity Funds

4.2%

 

fid773

Emerging Markets Equity Funds

0.7%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected
Bond Funds

9.9%

 

fid1015

Investment Grade
Bond Funds

23.9%

 

fid673

Short-Term Funds

39.2%

 

fid1048

Six months ago

fid659

Commodity Funds

0.8%

 

fid663

Domestic Equity Funds

19.1%

 

fid1009

Developed International Equity Funds

1.7%

 

fid773

Emerging Markets Equity Funds

0.2%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected
Bond Funds

4.1%

 

fid1015

Investment Grade
Bond Funds

29.7%

 

fid673

Short-Term Funds

39.2%

 

fid1058

Expected

fid659

Commodity Funds

2.2%

 

fid663

Domestic Equity Funds

13.0%

 

fid1009

Developed International Equity Funds

4.7%

 

fid773

Emerging Markets Equity Funds

0.9%

 

fid667

High Yield Bond Funds

5.0%

 

fid1013

Inflation-Protected
Bond Funds

11.7%

 

fid1015

Investment Grade
Bond Funds

22.5%

 

fid673

Short-Term Funds

40.0%

 

fid1068

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2000 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 16.9%

Shares

Value

Commodity Funds - 2.1%

Fidelity Series Commodity Strategy Fund

2,986,741

$ 32,674,944

Domestic Equity Funds - 14.8%

Fidelity Blue Chip Growth Fund

353,448

14,095,499

Fidelity Disciplined Equity Fund

1,974,780

41,114,914

Fidelity Equity-Income Fund

205,947

8,258,472

Fidelity Growth Company Fund

486,100

36,204,757

Fidelity Series 100 Index Fund

3,470,111

27,969,091

Fidelity Series All-Sector Equity Fund

3,865,632

45,962,366

Fidelity Series Large Cap Value Fund

3,888,861

44,177,456

Fidelity Series Small Cap Opportunities Fund (a)

807,606

7,389,598

Fidelity Small Cap Growth Fund (a)

341,123

4,608,569

Fidelity Small Cap Value Fund

332,650

4,633,811

TOTAL DOMESTIC EQUITY FUNDS

234,414,533

TOTAL DOMESTIC EQUITY FUNDS

(Cost $238,611,046)

267,089,477

International Equity Funds - 4.9%

 

 

 

 

Developed International Equity Funds - 4.2%

Fidelity Diversified International Fund

552,987

15,682,700

Fidelity Europe Fund

1,314

38,740

Fidelity Japan Fund

69,739

719,010

Fidelity Overseas Fund

520,854

15,688,135

Fidelity Series International Growth Fund

1,529,332

15,859,168

Fidelity Series International Small Cap Fund

282,454

3,104,171

Fidelity Series International Value Fund

1,635,173

15,583,198

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

66,675,122

Emerging Markets Equity Funds - 0.7%

Fidelity Series Emerging Markets Fund

618,911

11,177,534

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $71,854,728)

77,852,656

Bond Funds - 39.0%

Shares

Value

High Yield Bond Funds - 5.2%

Fidelity Capital & Income Fund

4,497,859

$ 40,840,558

Fidelity High Income Fund

4,626,759

40,900,552

TOTAL HIGH YIELD BOND FUNDS

81,741,110

Inflation-Protected Bond Funds - 9.9%

Fidelity Series Inflation-Protected Bond Index Fund

14,744,199

157,320,608

Investment Grade Bond Funds - 23.9%

Fidelity Series Investment Grade Bond Fund

25,514,058

304,892,992

Fidelity Strategic Real Return Fund

8,040,577

73,410,465

Fidelity Total Bond Fund

1,468

16,264

TOTAL INVESTMENT GRADE BOND FUNDS

378,319,721

TOTAL BOND FUNDS

(Cost $572,025,604)

617,381,439

Short-Term Funds - 39.2%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class

309,689,436

309,689,436

Fidelity Short-Term Bond Fund

36,674,856

311,736,274

TOTAL SHORT-TERM FUNDS

(Cost $630,314,071)

621,425,710

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,512,805,449)

1,583,749,282

NET OTHER ASSETS (LIABILITIES) - 0.0%

(17,408)

NET ASSETS - 100%

$ 1,583,731,874

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $54,246,502 of which $7,629,953 and $46,616,549 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $19,079,223 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Freedom 2000 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,512,805,449) - See accompanying schedule

$ 1,583,749,282

Receivable for investments sold

2,981,244

Receivable for fund shares sold

1,672,512

Total assets

1,588,403,038

 

 

 

Liabilities

Payable for investments purchased

$ 1,775,063

Payable for fund shares redeemed

2,896,101

Total liabilities

4,671,164

 

 

 

Net Assets

$ 1,583,731,874

Net Assets consist of:

 

Paid in capital

$ 1,586,101,446

Undistributed net investment income

11,610,702

Accumulated undistributed net realized gain (loss) on investments

(84,924,107)

Net unrealized appreciation (depreciation) on investments

70,943,833

Net Assets, for 133,677,851 shares outstanding

$ 1,583,731,874

Net Asset Value, offering price and redemption price per share ($1,583,731,874 ÷ 133,677,851 shares)

$ 11.85

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 12,090,929

 

 

 

Expenses

Independent trustees' compensation

$ 3,066

Total expenses before reductions

3,066

Expense reductions

(3,066)

-

Net investment income (loss)

12,090,929

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(7,240,677)

Capital gain distributions from underlying funds

450,223

 

Total net realized gain (loss)

 

(6,790,454)

Change in net unrealized appreciation (depreciation) on underlying funds

36,726,386

Net gain (loss)

29,935,932

Net increase (decrease) in net assets resulting from operations

$ 42,026,861

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

Semiannual Report

Fidelity Freedom 2000 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 12,090,929

$ 40,393,571

Net realized gain (loss)

(6,790,454)

(15,943,454)

Change in net unrealized appreciation (depreciation)

36,726,386

285,167,878

Net increase (decrease) in net assets resulting from operations

42,026,861

309,617,995

Distributions to shareholders from net investment income

(6,917,715)

(42,261,213)

Distributions to shareholders from net realized gain

(2,767,159)

(8,723,849)

Total distributions

(9,684,874)

(50,985,062)

Share transactions
Proceeds from sales of shares

228,792,093

455,202,594

Reinvestment of distributions

9,630,753

50,682,616

Cost of shares redeemed

(395,851,213)

(499,244,047)

Net increase (decrease) in net assets resulting from share transactions

(157,428,367)

6,641,163

Total increase (decrease) in net assets

(125,086,380)

265,274,096

 

 

 

Net Assets

Beginning of period

1,708,818,254

1,443,544,158

End of period (including undistributed net investment income of $11,610,702 and undistributed net investment income of $6,437,488, respectively)

$ 1,583,731,874

$ 1,708,818,254

Other Information

Shares

Sold

19,732,544

41,095,009

Issued in reinvestment of distributions

840,379

4,538,435

Redeemed

(34,113,363)

(44,829,633)

Net increase (decrease)

(13,540,440)

803,811

Financial Highlights

 

Six months ended
September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.61

$ 9.86

$ 12.08

$ 12.66

$ 12.41

$ 12.00

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .09

.27

.37

.48

.44

.36

Net realized and unrealized gain (loss)

  .22

1.83

(1.97)

(.31)

.38

.40

Total from investment operations

  .31

2.10

(1.60)

.17

.82

.76

Distributions from net investment income

  (.05)

(.29)

(.41)

(.48)

(.43)

(.33)

Distributions from net realized gain

  (.02)

(.06)

(.21)

(.27)

(.14)

(.02)

Total distributions

  (.07)

(.35)G

(.62)

(.75)

(.57)

(.35)

Net asset value, end of period

$ 11.85

$ 11.61

$ 9.86

$ 12.08

$ 12.66

$ 12.41

Total ReturnB,C

  2.69%

21.46%

(13.60)%

1.23%

6.72%

6.40%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  1.52%A

2.47%

3.33%

3.80%

3.54%

2.98%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,583,732

$ 1,708,818

$ 1,443,544

$ 1,780,803

$ 1,694,377

$ 1,601,127

Portfolio turnover rate

  32%A

31%

33%

36%

34%

20%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.35 per share is comprised of distributions from net investment income of $.290 and distributions from net realized gain of $.060 per share.

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

Semiannual Report

Fidelity Freedom 2005 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

4.1

1.6

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

1.7

1.8

Fidelity Disciplined Equity Fund

5.0

6.1

Fidelity Equity-Income Fund

0.9

3.4

Fidelity Growth Company Fund

4.4

5.2

Fidelity Series 100 Index Fund

3.4

4.1

Fidelity Series All-Sector Equity Fund

5.6

5.5

Fidelity Series Large Cap Value Fund

5.4

5.9

Fidelity Series Small Cap Opportunities Fund

0.9

1.0

Fidelity Small Cap Growth Fund

0.5

0.6

Fidelity Small Cap Value Fund

0.6

0.6

 

28.4

34.2

Developed International Equity Funds

Fidelity Diversified International Fund

2.2

2.9

Fidelity Europe Fund

0.4

1.1

Fidelity Japan Fund

0.2

0.4

Fidelity Overseas Fund

2.2

2.7

Fidelity Series International Growth Fund

2.2

0.4

Fidelity Series International Small Cap Fund

0.4

0.1

Fidelity Series International Value Fund

2.2

0.4

 

9.8

8.0

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

1.6

0.9

Fidelity Southeast Asia Fund

0.0

0.1

 

1.6

1.0

High Yield Bond Funds

Fidelity Capital & Income Fund

2.5

2.6

Fidelity High Income Fund

2.6

2.5

 

5.1

5.1

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

8.7

3.6

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

17.9

20.4

Fidelity Strategic Real Return Fund

4.3

6.3

Fidelity Total Bond Fund

0.0*

1.8

 

22.2

28.5

Short-Term Funds

Fidelity Institutional Money Market Portfolio Institutional Class

10.0

9.0

Fidelity Short-Term Bond Fund

10.1

9.0

 

20.1

18.0

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

4.1%

 

fid663

Domestic Equity Funds

28.4%

 

fid1009

Developed International Equity Funds

9.8%

 

fid773

Emerging Markets Equity Funds

1.6%

 

fid667

High Yield Bond Funds

5.1%

 

fid1013

Inflation-Protected
Bond Funds

8.7%

 

fid1015

Investment Grade
Bond Funds

22.2%

 

fid673

Short-Term Funds

20.1%

 

fid1078

Six months ago

fid659

Commodity Funds

1.6%

 

fid663

Domestic Equity Funds

34.2%

 

fid1009

Developed International Equity Funds

8.0%

 

fid773

Emerging Markets Equity Funds

1.0%

 

fid667

High Yield Bond Funds

5.1%

 

fid1013

Inflation-Protected
Bond Funds

3.6%

 

fid1015

Investment Grade
Bond Funds

28.5%

 

fid673

Short-Term Funds

18.0%

 

fid1088

Expected

fid659

Commodity Funds

4.5%

 

fid663

Domestic Equity Funds

25.7%

 

fid1009

Developed International Equity Funds

9.4%

 

fid773

Emerging Markets Equity Funds

1.6%

 

fid667

High Yield Bond Funds

5.0%

 

fid1013

Inflation-Protected
Bond Funds

10.0%

 

fid1015

Investment Grade
Bond Funds

20.9%

 

fid673

Short-Term Funds

22.9%

 

fid1098

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2005 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.5%

Shares

Value

Commodity Funds - 4.1%

Fidelity Series Commodity Strategy Fund

3,507,265

$ 38,369,476

Domestic Equity Funds - 28.4%

Fidelity Blue Chip Growth Fund

395,399

15,768,503

Fidelity Disciplined Equity Fund

2,213,928

46,093,980

Fidelity Equity-Income Fund

201,702

8,088,247

Fidelity Growth Company Fund

543,744

40,498,054

Fidelity Series 100 Index Fund

3,888,015

31,337,401

Fidelity Series All-Sector Equity Fund

4,370,864

51,969,571

Fidelity Series Large Cap Value Fund

4,385,664

49,821,142

Fidelity Series Small Cap Opportunities Fund (a)

910,554

8,331,568

Fidelity Small Cap Growth Fund (a)

385,621

5,209,738

Fidelity Small Cap Value Fund

376,075

5,238,731

TOTAL DOMESTIC EQUITY FUNDS

262,356,935

TOTAL DOMESTIC EQUITY FUNDS

(Cost $317,230,081)

300,726,411

International Equity Funds - 11.4%

 

 

 

 

Developed International Equity Funds - 9.8%

Fidelity Diversified International Fund

707,694

20,070,213

Fidelity Europe Fund

146,210

4,311,745

Fidelity Japan Fund

151,545

1,562,433

Fidelity Overseas Fund

665,652

20,049,428

Fidelity Series International Growth Fund

1,985,675

20,591,449

Fidelity Series International Small Cap Fund

360,026

3,956,691

Fidelity Series International Value Fund

2,122,159

20,224,178

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

90,766,137

Emerging Markets Equity Funds - 1.6%

Fidelity Series Emerging Markets Fund

802,123

14,486,336

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $114,141,644)

105,252,473

Bond Funds - 36.0%

Shares

Value

High Yield Bond Funds - 5.1%

Fidelity Capital & Income Fund

2,593,662

$ 23,550,451

Fidelity High Income Fund

2,669,534

23,598,681

TOTAL HIGH YIELD BOND FUNDS

47,149,132

Inflation-Protected Bond Funds - 8.7%

Fidelity Series Inflation-Protected Bond Index Fund

7,512,021

80,153,260

Investment Grade Bond Funds - 22.2%

Fidelity Series Investment Grade Bond Fund

13,848,615

165,490,952

Fidelity Strategic Real Return Fund

4,392,838

40,106,616

Fidelity Total Bond Fund

809

8,962

TOTAL INVESTMENT GRADE BOND FUNDS

205,606,530

TOTAL BOND FUNDS

(Cost $321,984,288)

332,908,922

Short-Term Funds - 20.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class

92,747,462

92,747,462

Fidelity Short-Term Bond Fund

10,983,872

93,362,908

TOTAL SHORT-TERM FUNDS

(Cost $187,389,219)

186,110,370

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $940,745,232)

924,998,176

NET OTHER ASSETS (LIABILITIES) - 0.0%

(9,013)

NET ASSETS - 100%

$ 924,989,163

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $62,884,681 of which $15,520,321 and $47,364,360 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Freedom 2005 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $940,745,232) - See accompanying schedule

$ 924,998,176

Receivable for investments sold

9,765,798

Receivable for fund shares sold

1,317,109

Total assets

936,081,083

 

 

 

Liabilities

Payable for investments purchased

$ 946,583

Payable for fund shares redeemed

10,145,337

Total liabilities

11,091,920

 

 

 

Net Assets

$ 924,989,163

Net Assets consist of:

 

Paid in capital

$ 1,009,314,667

Undistributed net investment income

5,918,276

Accumulated undistributed net realized gain (loss) on investments

(74,496,724)

Net unrealized appreciation (depreciation) on investments

(15,747,056)

Net Assets, for 88,272,954 shares outstanding

$ 924,989,163

Net Asset Value, offering price and redemption price per share ($924,989,163 ÷ 88,272,954 shares)

$ 10.48

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 6,110,762

 

 

 

Expenses

Independent trustees' compensation

$ 1,848

Total expenses before reductions

1,848

Expense reductions

(1,848)

-

Net investment income (loss)

6,110,762

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(4,002,497)

Capital gain distributions from underlying funds

530,196

 

Total net realized gain (loss)

 

(3,472,301)

Change in net unrealized appreciation (depreciation) on underlying funds

15,612,326

Net gain (loss)

12,140,025

Net increase (decrease) in net assets resulting from operations

$ 18,250,787

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 6,110,762

$ 22,561,635

Net realized gain (loss)

(3,472,301)

1,289,925

Change in net unrealized appreciation (depreciation)

15,612,326

232,793,552

Net increase (decrease) in net assets resulting from operations

18,250,787

256,645,112

Distributions to shareholders from net investment income

(3,870,480)

(22,987,842)

Distributions to shareholders from net realized gain

(2,419,045)

(7,836,515)

Total distributions

(6,289,525)

(30,824,357)

Share transactions
Proceeds from sales of shares

136,123,565

303,175,884

Reinvestment of distributions

6,264,344

30,691,240

Cost of shares redeemed

(243,283,605)

(316,406,592)

Net increase (decrease) in net assets resulting from share transactions

(100,895,696)

17,460,532

Total increase (decrease) in net assets

(88,934,434)

243,281,287

 

 

 

Net Assets

Beginning of period

1,013,923,597

770,642,310

End of period (including undistributed net investment income of $5,918,276 and undistributed net investment income of $3,677,994, respectively)

$ 924,989,163

$ 1,013,923,597

Other Information

Shares

Sold

13,358,328

31,547,176

Issued in reinvestment of distributions

625,184

3,127,790

Redeemed

(23,953,683)

(32,508,477)

Net increase (decrease)

(9,970,171)

2,166,489

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.32

$ 8.02

$ 11.19

$ 11.84

$ 11.44

$ 10.67

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .07

.23

.29

.35

.31

.28

Net realized and unrealized gain (loss)

  .16

2.39

(2.88)

(.34)

.62

.78

Total from investment operations

  .23

2.62

(2.59)

.01

.93

1.06

Distributions from net investment income

  (.04)

(.24)

(.32)

(.32)

(.29)

(.21)

Distributions from net realized gain

  (.03)

(.08)

(.26)

(.34)

(.24)

(.08)

Total distributions

  (.07)

(.32)G

(.58)

(.66)

(.53)

(.29)

Net asset value, end of period

$ 10.48

$ 10.32

$ 8.02

$ 11.19

$ 11.84

$ 11.44

Total ReturnB,C

  2.21%

32.83%

(23.91)%

(.17)%

8.27%

1.005%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.28%A

2.37%

3.03%

2.94%

2.70%

2.55%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 924,989

$ 1,013,924

$ 770,642

$ 1,051,703

$ 867,318

$ 530,216

Portfolio turnover rate

  37%A

34%

43%

31%

12%

4%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.32 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.080 per share.

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

Semiannual Report

Fidelity Freedom 2010 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

4.7

1.9

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

2.0

1.9

Fidelity Disciplined Equity Fund

5.7

6.7

Fidelity Equity-Income Fund

1.1

3.7

Fidelity Growth Company Fund

5.0

5.6

Fidelity Series 100 Index Fund

3.9

4.5

Fidelity Series All-Sector Equity Fund

6.4

6.0

Fidelity Series Large Cap Value Fund

6.2

6.4

Fidelity Series Small Cap Opportunities Fund

1.0

1.1

Fidelity Small Cap Growth Fund

0.6

0.7

Fidelity Small Cap Value Fund

0.6

0.6

 

32.5

37.2

Developed International Equity Funds

Fidelity Diversified International Fund

2.6

3.5

Fidelity Europe Fund

0.6

1.4

Fidelity Japan Fund

0.2

0.5

Fidelity Overseas Fund

2.7

3.4

Fidelity Series International Growth Fund

2.6

0.5

Fidelity Series International Small Cap Fund

0.5

0.1

Fidelity Series International Value Fund

2.6

0.5

 

11.8

9.9

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

1.8

1.0

Fidelity Southeast Asia Fund

0.0

0.2

 

1.8

1.2

High Yield Bond Funds

Fidelity Capital & Income Fund

2.5

2.6

Fidelity High Income Fund

2.6

2.6

 

5.1

5.2

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

8.8

3.4

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

20.3

22.4

Fidelity Strategic Real Return Fund

4.9

6.7

Fidelity Total Bond Fund

0.0*

2.1

 

25.2

31.2

Short-Term Funds

Fidelity Institutional Money Market Portfolio Institutional Class

5.0

5.0

Fidelity Short-Term Bond Fund

5.1

5.0

 

10.1

10.0

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

4.7%

 

fid663

Domestic Equity Funds

32.5%

 

fid1009

Developed International Equity Funds

11.8%

 

fid773

Emerging Markets Equity Funds

1.8%

 

fid667

High Yield Bond Funds

5.1%

 

fid1013

Inflation-Protected
Bond Funds

8.8%

 

fid1015

Investment Grade
Bond Funds

25.2%

 

fid673

Short-Term Funds

10.1%

 

fid1108

Six months ago

fid659

Commodity Funds

1.9%

 

fid663

Domestic Equity Funds

37.2%

 

fid1009

Developed International Equity Funds

9.9%

 

fid773

Emerging Markets Equity Funds

1.2%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected
Bond Funds

3.4%

 

fid1015

Investment Grade
Bond Funds

31.2%

 

fid673

Short-Term Funds

10.0%

 

fid1118

Expected

fid659

Commodity Funds

5.5%

 

fid663

Domestic Equity Funds

30.8%

 

fid1009

Developed International Equity Funds

11.2%

 

fid773

Emerging Markets Equity Funds

2.0%

 

fid667

High Yield Bond Funds

5.0%

 

fid1013

Inflation-Protected
Bond Funds

10.6%

 

fid1015

Investment Grade
Bond Funds

24.2%

 

fid673

Short-Term Funds

10.7%

 

fid1128

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2010 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.2%

Shares

Value

Commodity Funds - 4.7%

Fidelity Series Commodity Strategy Fund

42,659,266

$ 466,692,366

Domestic Equity Funds - 32.5%

Fidelity Blue Chip Growth Fund

4,897,740

195,321,885

Fidelity Disciplined Equity Fund

27,347,603

569,377,104

Fidelity Equity-Income Fund

2,701,736

108,339,626

Fidelity Growth Company Fund

6,726,455

500,986,339

Fidelity Series 100 Index Fund

48,046,339

387,253,492

Fidelity Series All-Sector Equity Fund

53,727,937

638,825,172

Fidelity Series Large Cap Value Fund

53,989,557

613,321,373

Fidelity Series Small Cap Opportunities Fund (a)

11,219,649

102,659,787

Fidelity Small Cap Growth Fund (a)

4,740,995

64,050,837

Fidelity Small Cap Value Fund

4,623,619

64,407,011

TOTAL DOMESTIC EQUITY FUNDS

3,244,542,626

TOTAL DOMESTIC EQUITY FUNDS

(Cost $3,782,399,473)

3,711,234,992

International Equity Funds - 13.6%

 

 

 

 

Developed International Equity Funds - 11.8%

Fidelity Diversified International Fund

9,253,651

262,433,556

Fidelity Europe Fund

2,098,206

61,876,099

Fidelity Japan Fund

2,010,720

20,730,526

Fidelity Overseas Fund

8,729,178

262,922,844

Fidelity Series International Growth Fund

25,004,942

259,301,250

Fidelity Series International Small Cap Fund

4,519,086

49,664,759

Fidelity Series International Value Fund

26,714,676

254,590,862

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

1,171,519,896

Emerging Markets Equity Funds - 1.8%

Fidelity Series Emerging Markets Fund

10,134,935

183,036,928

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $1,405,646,127)

1,354,556,824

Bond Funds - 39.1%

Shares

Value

High Yield Bond Funds - 5.1%

Fidelity Capital & Income Fund

27,912,958

$ 253,449,656

Fidelity High Income Fund

28,679,149

253,523,679

TOTAL HIGH YIELD BOND FUNDS

506,973,335

Inflation-Protected Bond Funds - 8.8%

Fidelity Series Inflation-Protected Bond Index Fund

82,129,260

876,319,200

Investment Grade Bond Funds - 25.2%

Fidelity Series Investment Grade Bond Fund

169,112,972

2,020,900,012

Fidelity Strategic Real Return Fund

54,213,740

494,971,442

Fidelity Total Bond Fund

9,940

110,134

TOTAL INVESTMENT GRADE BOND FUNDS

2,515,981,588

TOTAL BOND FUNDS

(Cost $3,745,804,911)

3,899,274,123

Short-Term Funds - 10.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class

502,166,355

502,166,355

Fidelity Short-Term Bond Fund

59,489,161

505,657,867

TOTAL SHORT-TERM FUNDS

(Cost $1,025,233,990)

1,007,824,222

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $9,959,084,501)

9,972,890,161

NET OTHER ASSETS (LIABILITIES) - 0.0%

(140,548)

NET ASSETS - 100%

$ 9,972,749,613

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $810,927,279 of which $133,502,896 and $677,424,383 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Freedom 2010 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $9,959,084,501) - See accompanying schedule

$ 9,972,890,161

Cash

8

Receivable for investments sold

39,972,829

Receivable for fund shares sold

6,732,684

Other receivables

36,308

Total assets

10,019,631,990

 

 

 

Liabilities

Payable for investments purchased

$ 11,447,094

Payable for fund shares redeemed

35,398,975

Other payables and accrued expenses

36,308

Total liabilities

46,882,377

 

 

 

Net Assets

$ 9,972,749,613

Net Assets consist of:

 

Paid in capital

$ 10,784,615,839

Undistributed net investment income

63,116,437

Accumulated undistributed net realized gain (loss) on investments

(888,788,323)

Net unrealized appreciation (depreciation) on investments

13,805,660

Net Assets, for 761,468,492 shares outstanding

$ 9,972,749,613

Net Asset Value, offering price and redemption price per share ($9,972,749,613 ÷ 761,468,492 shares)

$ 13.10

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 64,544,733

 

 

 

Expenses

Independent trustees' compensation

$ 19,941

Total expenses before reductions

19,941

Expense reductions

(19,941)

-

Net investment income (loss)

64,544,733

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

19,420,014

Capital gain distributions from underlying funds

6,446,520

 

Total net realized gain (loss)

 

25,866,534

Change in net unrealized appreciation (depreciation) on underlying funds

107,630,580

Net gain (loss)

133,497,114

Net increase (decrease) in net assets resulting from operations

$ 198,041,847

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

Semiannual Report

Fidelity Freedom 2010 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 64,544,733

$ 258,956,797

Net realized gain (loss)

25,866,534

10,900,289

Change in net unrealized appreciation (depreciation)

107,630,580

2,854,058,038

Net increase (decrease) in net assets resulting from operations

198,041,847

3,123,915,124

Distributions to shareholders from net investment income

(41,845,595)

(269,625,081)

Distributions to shareholders from net realized gain

(25,107,345)

(92,210,865)

Total distributions

(66,952,940)

(361,835,946)

Share transactions
Proceeds from sales of shares

920,502,237

2,174,611,735

Reinvestment of distributions

66,644,935

360,201,134

Cost of shares redeemed

(2,233,714,481)

(3,339,360,670)

Net increase (decrease) in net assets resulting from share transactions

(1,246,567,309)

(804,547,801)

Total increase (decrease) in net assets

(1,115,478,402)

1,957,531,377

 

 

 

Net Assets

Beginning of period

11,088,228,015

9,130,696,638

End of period (including undistributed net investment income of $63,116,437 and undistributed net investment income of $40,417,299, respectively)

$ 9,972,749,613

$ 11,088,228,015

Other Information

Shares

Sold

72,454,390

182,073,341

Issued in reinvestment of distributions

5,348,711

29,453,525

Redeemed

(176,542,196)

(276,183,780)

Net increase (decrease)

(98,739,095)

(64,656,914)

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 12.89

$ 9.87

$ 14.07

$ 14.89

$ 14.48

$ 13.45

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .08

.29

.37

.43

.39

.35

Net realized and unrealized gain (loss)

  .21

3.14

(3.77)

(.37)

.77

1.05

Total from investment operations

  .29

3.43

(3.40)

.06

1.16

1.40

Distributions from net investment income

  (.05)

(.31)

(.40)

(.41)

(.38)

(.30)

Distributions from net realized gain

  (.03)

(.11)

(.40)

(.47)

(.37)

(.07)

Total distributions

  (.08)

(.41)G

(.80)

(.88)

(.75)

(.37)

Net asset value, end of period

$ 13.10

$ 12.89

$ 9.87

$ 14.07

$ 14.89

$ 14.48

Total ReturnB,C

  2.28%

34.99%

(25.06)%

.14%

8.17%

10.54%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  1.26%A

2.40%

3.03%

2.86%

2.67%

2.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 9,972,750

$ 11,088,228

$ 9,130,697

$ 13,903,554

$ 13,102,900

$ 10,689,271

Portfolio turnover rate

  33%A

25%

39%

34%

12%

8%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.41 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.105 per share.

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

Semiannual Report

Fidelity Freedom 2015 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

4.8

2.1

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

2.0

1.9

Fidelity Disciplined Equity Fund

5.9

6.9

Fidelity Equity-Income Fund

1.1

3.8

Fidelity Growth Company Fund

5.1

5.8

Fidelity Series 100 Index Fund

4.0

4.6

Fidelity Series All-Sector Equity Fund

6.6

6.2

Fidelity Series Large Cap Value Fund

6.3

6.7

Fidelity Series Small Cap Opportunities Fund

1.0

1.1

Fidelity Small Cap Growth Fund

0.7

0.7

Fidelity Small Cap Value Fund

0.7

0.7

 

33.4

38.4

Developed International Equity Funds

Fidelity Diversified International Fund

2.7

3.7

Fidelity Europe Fund

0.6

1.4

Fidelity Japan Fund

0.2

0.5

Fidelity Overseas Fund

2.7

3.5

Fidelity Series International Growth Fund

2.7

0.6

Fidelity Series International Small Cap Fund

0.5

0.1

Fidelity Series International Value Fund

2.7

0.6

 

12.1

10.4

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

1.9

1.1

Fidelity Southeast Asia Fund

0.0

0.2

 

1.9

1.3

High Yield Bond Funds

Fidelity Capital & Income Fund

2.6

2.7

Fidelity High Income Fund

2.6

2.7

 

5.2

5.4

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

8.2

3.5

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

20.5

21.8

Fidelity Strategic Real Return Fund

4.9

6.2

Fidelity Total Bond Fund

0.0*

2.1

 

25.4

30.1

Short-Term Funds

Fidelity Institutional Money Market Portfolio Institutional Class

4.5

4.4

Fidelity Short-Term Bond Fund

4.5

4.4

 

9.0

8.8

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

4.8%

 

fid663

Domestic Equity Funds

33.4%

 

fid1009

Developed International Equity Funds

12.1%

 

fid773

Emerging Markets Equity Funds

1.9%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected
Bond Funds

8.2%

 

fid1015

Investment Grade
Bond Funds

25.4%

 

fid673

Short-Term Funds

9.0%

 

fid1138

Six months ago

fid659

Commodity Funds

2.1%

 

fid663

Domestic Equity Funds

38.4%

 

fid1009

Developed International Equity Funds

10.4%

 

fid773

Emerging Markets Equity Funds

1.3%

 

fid667

High Yield Bond Funds

5.4%

 

fid1013

Inflation-Protected
Bond Funds

3.5%

 

fid1015

Investment Grade
Bond Funds

30.1%

 

fid673

Short-Term Funds

8.8%

 

fid1148

Expected

fid659

Commodity Funds

5.6%

 

fid663

Domestic Equity Funds

31.6%

 

fid1009

Developed International Equity Funds

11.5%

 

fid773

Emerging Markets Equity Funds

2.1%

 

fid667

High Yield Bond Funds

5.1%

 

fid1013

Inflation-Protected
Bond Funds

9.9%

 

fid1015

Investment Grade
Bond Funds

24.7%

 

fid673

Short-Term Funds

9.5%

 

fid1158

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2015 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 38.2%

Shares

Value

Commodity Funds - 4.8%

Fidelity Series Commodity Strategy Fund

37,668,713

$ 412,095,716

Domestic Equity Funds - 33.4%

Fidelity Blue Chip Growth Fund

4,306,435

171,740,620

Fidelity Disciplined Equity Fund

24,075,371

501,249,229

Fidelity Equity-Income Fund

2,319,284

93,003,273

Fidelity Growth Company Fund

5,915,373

440,576,991

Fidelity Series 100 Index Fund

42,276,140

340,745,688

Fidelity Series All-Sector Equity Fund

47,349,402

562,984,393

Fidelity Series Large Cap Value Fund

47,568,949

540,383,255

Fidelity Series Small Cap Opportunities Fund (a)

9,874,856

90,354,933

Fidelity Small Cap Growth Fund (a)

4,175,964

56,417,277

Fidelity Small Cap Value Fund

4,071,791

56,720,052

TOTAL DOMESTIC EQUITY FUNDS

2,854,175,711

TOTAL DOMESTIC EQUITY FUNDS

(Cost $3,104,572,869)

3,266,271,427

International Equity Funds - 14.0%

 

 

 

 

Developed International Equity Funds - 12.1%

Fidelity Diversified International Fund

8,163,921

231,528,803

Fidelity Europe Fund

1,702,197

50,197,795

Fidelity Japan Fund

1,714,223

17,673,636

Fidelity Overseas Fund

7,691,766

231,675,980

Fidelity Series International Growth Fund

22,126,852

229,455,457

Fidelity Series International Small Cap Fund

4,009,388

44,063,173

Fidelity Series International Value Fund

23,641,892

225,307,232

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

1,029,902,076

Emerging Markets Equity Funds - 1.9%

Fidelity Series Emerging Markets Fund

8,949,843

161,634,170

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $1,138,274,470)

1,191,536,246

Bond Funds - 38.8%

Shares

Value

High Yield Bond Funds - 5.2%

Fidelity Capital & Income Fund

24,371,068

$ 221,289,299

Fidelity High Income Fund

25,028,517

221,252,092

TOTAL HIGH YIELD BOND FUNDS

442,541,391

Inflation-Protected Bond Funds - 8.2%

Fidelity Series Inflation-Protected Bond Index Fund

65,459,584

698,453,762

Investment Grade Bond Funds - 25.4%

Fidelity Series Investment Grade Bond Fund

146,397,989

1,749,455,974

Fidelity Strategic Real Return Fund

46,326,543

422,961,336

Fidelity Total Bond Fund

8,787

97,355

TOTAL INVESTMENT GRADE BOND FUNDS

2,172,514,665

TOTAL BOND FUNDS

(Cost $3,070,469,701)

3,313,509,818

Short-Term Funds - 9.0%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class

382,841,813

382,841,813

Fidelity Short-Term Bond Fund

45,357,614

385,539,717

TOTAL SHORT-TERM FUNDS

(Cost $767,614,666)

768,381,530

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $8,080,931,706)

8,539,699,021

NET OTHER ASSETS (LIABILITIES) - 0.0%

(100,109)

NET ASSETS - 100%

$ 8,539,598,912

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $448,557,563 of which $98,777,053 and $349,780,510 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $216,116,008 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Freedom 2015 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $8,080,931,706) - See accompanying schedule

$ 8,539,699,021

Receivable for investments sold

57,691,373

Receivable for fund shares sold

10,465,674

Total assets

8,607,856,068

 

 

 

Liabilities

Payable to custodian bank

$ 1

Payable for investments purchased

10,258,721

Payable for fund shares redeemed

57,998,434

Total liabilities

68,257,156

 

 

 

Net Assets

$ 8,539,598,912

Net Assets consist of:

 

Paid in capital

$ 8,994,475,473

Undistributed net investment income

51,393,349

Accumulated undistributed net realized gain (loss) on investments

(965,037,225)

Net unrealized appreciation (depreciation) on investments

458,767,315

Net Assets, for 782,595,765 shares outstanding

$ 8,539,598,912

Net Asset Value, offering price and redemption price per share ($8,539,598,912 ÷ 782,595,765 shares)

$ 10.91

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 53,319,841

 

 

 

Expenses

Independent trustees' compensation

$ 16,329

Total expenses before reductions

16,329

Expense reductions

(16,329)

-

Net investment income (loss)

53,319,841

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(262,955,663)

Capital gain distributions from underlying funds

5,650,377

 

Total net realized gain (loss)

 

(257,305,286)

Change in net unrealized appreciation (depreciation) on underlying funds

371,698,999

Net gain (loss)

114,393,713

Net increase (decrease) in net assets resulting from operations

$ 167,713,554

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

Semiannual Report

Fidelity Freedom 2015 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 53,319,841

$ 189,068,555

Net realized gain (loss)

(257,305,286)

(252,083,509)

Change in net unrealized appreciation (depreciation)

371,698,999

2,373,045,954

Net increase (decrease) in net assets resulting from operations

167,713,554

2,310,031,000

Distributions to shareholders from net investment income

(33,115,595)

(186,347,613)

Distributions to shareholders from net realized gain

(20,697,261)

(72,444,592)

Total distributions

(53,812,856)

(258,792,205)

Share transactions
Proceeds from sales of shares

1,325,555,605

2,794,438,936

Reinvestment of distributions

53,693,317

258,226,466

Cost of shares redeemed

(1,802,069,713)

(2,344,790,821)

Net increase (decrease) in net assets resulting from share transactions

(422,820,791)

707,874,581

Total increase (decrease) in net assets

(308,920,093)

2,759,113,376

 

 

 

Net Assets

Beginning of period

8,848,519,005

6,089,405,629

End of period (including undistributed net investment income of $51,393,349 and undistributed net investment income of $31,189,103, respectively)

$ 8,539,598,912

$ 8,848,519,005

Other Information

Shares

Sold

125,250,106

280,942,107

Issued in reinvestment of distributions

5,177,755

25,204,965

Redeemed

(171,491,494)

(231,218,469)

Net increase (decrease)

(41,063,633)

74,928,603

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.74

$ 8.13

$ 11.73

$ 12.45

$ 11.98

$ 10.87

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .07

.24

.29

.34

.29

.25

Net realized and unrealized gain (loss)

  .17

2.70

(3.29)

(.38)

.72

1.13

Total from investment operations

  .24

2.94

(3.00)

(.04)

1.01

1.38

Distributions from net investment income

  (.04)

(.24)

(.30)

(.30)

(.23)

(.19)

Distributions from net realized gain

  (.03)

(.09)

(.30)

(.38)

(.31)

(.08)

Total distributions

  (.07)

(.33)G

(.60)

(.68)

(.54)

(.27)

Net asset value, end of period

$ 10.91

$ 10.74

$ 8.13

$ 11.73

$ 12.45

$ 11.98

Total ReturnB,C

  2.22%

36.33%

(26.45)%

(.62)%

8.58%

12.83%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.25%A

2.38%

2.97%

2.68%

2.37%

2.20%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 8,539,599

$ 8,848,519

$ 6,089,406

$ 7,116,671

$ 5,098,514

$ 2,677,779

Portfolio turnover rate

  41%A

30%

36%

24%

4%

1%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.33 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.091 per share.

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

Semiannual Report

Fidelity Freedom 2020 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

5.6

2.5

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

2.4

2.4

Fidelity Disciplined Equity Fund

7.0

8.3

Fidelity Equity-Income Fund

1.2

4.6

Fidelity Growth Company Fund

6.1

7.1

Fidelity Series 100 Index Fund

4.7

5.6

Fidelity Series All-Sector Equity Fund

7.9

7.5

Fidelity Series Large Cap Value Fund

7.5

8.1

Fidelity Series Small Cap Opportunities Fund

1.3

1.4

Fidelity Small Cap Growth Fund

0.8

0.8

Fidelity Small Cap Value Fund

0.8

0.8

 

39.7

46.6

Developed International Equity Funds

Fidelity Diversified International Fund

3.3

4.4

Fidelity Europe Fund

0.8

1.7

Fidelity Japan Fund

0.3

0.6

Fidelity Overseas Fund

3.3

4.2

Fidelity Series International Growth Fund

3.2

0.8

Fidelity Series International Small Cap Fund

0.6

0.2

Fidelity Series International Value Fund

3.2

0.7

 

14.7

12.6

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.3

1.3

Fidelity Southeast Asia Fund

0.0

0.2

 

2.3

1.5

High Yield Bond Funds

Fidelity Capital & Income Fund

3.5

3.8

Fidelity High Income Fund

3.4

3.6

 

6.9

7.4

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

5.9

2.5

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

17.6

17.6

Fidelity Strategic Real Return Fund

4.2

5.0

Fidelity Total Bond Fund

0.0*

1.8

 

21.8

24.4

Short-Term Funds

Fidelity Institutional Money Market Portfolio Institutional Class

1.5

1.2

Fidelity Short-Term Bond Fund

1.6

1.3

 

3.1

2.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

5.6%

 

fid663

Domestic Equity Funds

39.7%

 

fid1009

Developed International Equity Funds

14.7%

 

fid773

Emerging Markets Equity Funds

2.3%

 

fid667

High Yield Bond Funds

6.9%

 

fid1013

Inflation-Protected
Bond Funds

5.9%

 

fid1015

Investment Grade
Bond Funds

21.8%

 

fid673

Short-Term Funds

3.1%

 

fid1168

Six months ago

fid659

Commodity Funds

2.5%

 

fid663

Domestic Equity Funds

46.6%

 

fid1009

Developed International Equity Funds

12.6%

 

fid773

Emerging Markets Equity Funds

1.5%

 

fid667

High Yield Bond Funds

7.4%

 

fid1013

Inflation-Protected
Bond Funds

2.5%

 

fid1015

Investment Grade
Bond Funds

24.4%

 

fid673

Short-Term Funds

2.5%

 

fid1178

Expected

fid659

Commodity Funds

6.6%

 

fid663

Domestic Equity Funds

37.2%

 

fid1009

Developed International Equity Funds

13.6%

 

fid773

Emerging Markets Equity Funds

2.4%

 

fid667

High Yield Bond Funds

6.5%

 

fid1013

Inflation-Protected
Bond Funds

7.7%

 

fid1015

Investment Grade
Bond Funds

22.0%

 

fid673

Short-Term Funds

4.0%

 

fid1188

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2020 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 45.3%

Shares

Value

Commodity Funds - 5.6%

Fidelity Series Commodity Strategy Fund

98,266,014

$ 1,075,030,191

Domestic Equity Funds - 39.7%

Fidelity Blue Chip Growth Fund

11,553,214

460,742,168

Fidelity Disciplined Equity Fund

64,436,211

1,341,561,908

Fidelity Equity-Income Fund

5,984,926

239,995,545

Fidelity Growth Company Fund

15,813,426

1,177,783,953

Fidelity Series 100 Index Fund

113,072,177

911,361,743

Fidelity Series All-Sector Equity Fund

126,985,473

1,509,857,277

Fidelity Series Large Cap Value Fund

127,461,174

1,447,958,934

Fidelity Series Small Cap Opportunities Fund (a)

26,441,060

241,935,696

Fidelity Small Cap Growth Fund (a)

11,171,532

150,927,396

Fidelity Small Cap Value Fund

10,896,361

151,786,304

TOTAL DOMESTIC EQUITY FUNDS

7,633,910,924

TOTAL DOMESTIC EQUITY FUNDS

(Cost $8,084,775,393)

8,708,941,115

International Equity Funds - 17.0%

 

 

 

 

Developed International Equity Funds - 14.7%

Fidelity Diversified International Fund

22,272,324

631,643,115

Fidelity Europe Fund

4,882,193

143,975,870

Fidelity Japan Fund

6,235,431

64,287,294

Fidelity Overseas Fund

21,116,433

636,026,953

Fidelity Series International Growth Fund

59,897,063

621,132,541

Fidelity Series International Small Cap Fund

10,905,092

119,846,966

Fidelity Series International Value Fund

64,071,781

610,604,075

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

2,827,516,814

Emerging Markets Equity Funds - 2.3%

Fidelity Series Emerging Markets Fund

24,033,953

434,053,182

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $2,928,798,507)

3,261,569,996

Bond Funds - 34.6%

Shares

Value

High Yield Bond Funds - 6.9%

Fidelity Capital & Income Fund

73,115,997

$ 663,893,253

Fidelity High Income Fund

74,921,775

662,308,492

TOTAL HIGH YIELD BOND FUNDS

1,326,201,745

Inflation-Protected Bond Funds - 5.9%

Fidelity Series Inflation-Protected Bond Index Fund

106,402,827

1,135,318,165

Investment Grade Bond Funds - 21.8%

Fidelity Series Investment Grade Bond Fund

282,502,056

3,375,899,572

Fidelity Strategic Real Return Fund

89,460,433

816,773,756

Fidelity Total Bond Fund

17,260

191,241

TOTAL INVESTMENT GRADE BOND FUNDS

4,192,864,569

TOTAL BOND FUNDS

(Cost $6,168,706,860)

6,654,384,479

Short-Term Funds - 3.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class

298,201,683

298,201,683

Fidelity Short-Term Bond Fund

35,345,137

300,433,661

TOTAL SHORT-TERM FUNDS

(Cost $593,536,451)

598,635,344

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $17,775,817,211)

19,223,530,934

NET OTHER ASSETS (LIABILITIES) - 0.0%

(193,511)

NET ASSETS - 100%

$ 19,223,337,423

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $1,397,297,546 of which $233,519,669 and $1,163,777,877 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $558,714,949 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Freedom 2020 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $17,775,817,211) - See accompanying schedule

$ 19,223,530,934

Cash

11

Receivable for investments sold

92,055,826

Receivable for fund shares sold

19,404,428

Other receivables

57,862

Total assets

19,335,049,061

 

 

 

Liabilities

Payable for investments purchased

$ 19,774,646

Payable for fund shares redeemed

91,879,130

Other payables and accrued expenses

57,862

Total liabilities

111,711,638

 

 

 

Net Assets

$ 19,223,337,423

Net Assets consist of:

 

Paid in capital

$ 20,367,715,751

Undistributed net investment income

107,838,034

Accumulated undistributed net realized gain (loss) on investments

(2,699,930,085)

Net unrealized appreciation (depreciation) on investments

1,447,713,723

Net Assets, for 1,464,871,012 shares outstanding

$ 19,223,337,423

Net Asset Value, offering price and redemption price per share ($19,223,337,423 ÷ 1,464,871,012 shares)

$ 13.12

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 114,116,951

 

 

 

Expenses

Independent trustees' compensation

$ 37,227

Total expenses before reductions

37,227

Expense reductions

(37,227)

-

Net investment income (loss)

114,116,951

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(643,102,206)

Capital gain distributions from underlying funds

14,664,867

 

Total net realized gain (loss)

 

(628,437,339)

Change in net unrealized appreciation (depreciation) on underlying funds

795,159,749

Net gain (loss)

166,722,410

Net increase (decrease) in net assets resulting from operations

$ 280,839,361

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

Semiannual Report

Fidelity Freedom 2020 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 114,116,951

$ 430,982,832

Net realized gain (loss)

(628,437,339)

(861,069,719)

Change in net unrealized appreciation (depreciation)

795,159,749

6,624,475,024

Net increase (decrease) in net assets resulting from operations

280,839,361

6,194,388,137

Distributions to shareholders from net investment income

(62,434,867)

(444,938,539)

Distributions to shareholders from net realized gain

(70,239,613)

(164,228,908)

Total distributions

(132,674,480)

(609,167,447)

Share transactions
Proceeds from sales of shares

2,193,488,006

5,028,232,698

Reinvestment of distributions

132,404,757

607,974,246

Cost of shares redeemed

(3,813,760,187)

(4,975,083,602)

Net increase (decrease) in net assets resulting from share transactions

(1,487,867,424)

661,123,342

Total increase (decrease) in net assets

(1,339,702,543)

6,246,344,032

 

 

 

Net Assets

Beginning of period

20,563,039,966

14,316,695,934

End of period (including undistributed net investment income of $107,838,034 and undistributed net investment income of $56,155,950, respectively)

$ 19,223,337,423

$ 20,563,039,966

Other Information

Shares

Sold

172,795,837

424,742,366

Issued in reinvestment of distributions

10,660,612

49,503,195

Redeemed

(302,378,889)

(410,596,584)

Net increase (decrease)

(118,922,440)

63,648,977

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 12.98

$ 9.42

$ 14.66

$ 15.84

$ 15.37

$ 13.71

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .07

.27

.33

.36

.31

.27

Net realized and unrealized gain (loss)

  .16

3.68

(4.74)

(.50)

1.03

1.72

Total from investment operations

  .23

3.95

(4.41)

(.14)

1.34

1.99

Distributions from net investment income

  (.04)

(.29)

(.31)

(.37)

(.28)

(.23)

Distributions from net realized gain

  (.05)

(.11)

(.52)

(.67)

(.59)

(.10)

Total distributions

  (.09)

(.39)G

(.83)

(1.04)

(.87)

(.33)

Net asset value, end of period

$ 13.12

$ 12.98

$ 9.42

$ 14.66

$ 15.84

$ 15.37

Total ReturnB,C

  1.77%

42.19%

(31.39)%

(1.32)%

8.95%

14.64%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  1.18%A

2.30%

2.73%

2.24%

1.99%

1.87%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 19,223,337

$ 20,563,040

$ 14,316,696

$ 20,028,445

$ 18,305,525

$ 13,847,298

Portfolio turnover rate

  37%A

29%

35%

35%

7%

4%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.39 per share is comprised of distributions from net investment income of $.285 and distributions from net realized gain of $.105 per share.

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

Semiannual Report

Fidelity Freedom 2025 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

6.5

2.9

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

2.7

2.6

Fidelity Disciplined Equity Fund

7.9

9.3

Fidelity Equity-Income Fund

1.5

5.2

Fidelity Growth Company Fund

7.0

7.9

Fidelity Series 100 Index Fund

5.4

6.2

Fidelity Series All-Sector Equity Fund

8.9

8.4

Fidelity Series Large Cap Value Fund

8.6

9.0

Fidelity Series Small Cap Opportunities Fund

1.4

1.5

Fidelity Small Cap Growth Fund

0.9

0.9

Fidelity Small Cap Value Fund

0.9

0.9

 

45.2

51.9

Developed International Equity Funds

Fidelity Diversified International Fund

3.7

4.8

Fidelity Europe Fund

0.7

1.8

Fidelity Japan Fund

0.3

0.7

Fidelity Overseas Fund

3.7

4.7

Fidelity Series International Growth Fund

3.6

1.0

Fidelity Series International Small Cap Fund

0.7

0.2

Fidelity Series International Value Fund

3.5

0.9

 

16.2

14.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.6

1.5

Fidelity Southeast Asia Fund

0.0

0.2

 

2.6

1.7

High Yield Bond Funds

Fidelity Capital & Income Fund

3.8

3.9

Fidelity High Income Fund

3.8

3.7

 

7.6

7.6

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

3.5

1.5

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

14.8

14.8

Fidelity Strategic Real Return Fund

3.6

4.0

Fidelity Total Bond Fund

0.0*

1.5

 

18.4

20.3

Short-Term Funds

Fidelity Institutional Money Market Portfolio Institutional Class

0.0*

0.0*

Fidelity Short-Term Bond Fund

0.0*

0.0*

 

0.0*

0.0*

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

6.5%

 

fid663

Domestic Equity Funds

45.2%

 

fid1009

Developed International Equity Funds

16.2%

 

fid773

Emerging Markets Equity Funds

2.6%

 

fid667

High Yield Bond Funds

7.6%

 

fid1013

Inflation-Protected
Bond Funds

3.5%

 

fid1015

Investment Grade
Bond Funds

18.4%

 

fid673

Short-Term Funds*

0.0%

 

fid1198

Six months ago

fid659

Commodity Funds

2.9%

 

fid663

Domestic Equity Funds

51.9%

 

fid1009

Developed International Equity Funds

14.1%

 

fid773

Emerging Markets Equity Funds

1.7%

 

fid667

High Yield Bond Funds

7.6%

 

fid1013

Inflation-Protected
Bond Funds

1.5%

 

fid1015

Investment Grade
Bond Funds

20.3%

 

fid673

Short-Term Funds*

0.0%

 

fid1208

Expected

fid659

Commodity Funds

7.6%

 

fid663

Domestic Equity Funds

43.2%

 

fid1009

Developed International Equity Funds

15.7%

 

fid773

Emerging Markets Equity Funds

2.8%

 

fid667

High Yield Bond Funds

7.5%

 

fid1013

Inflation-Protected
Bond Funds

4.6%

 

fid1015

Investment Grade
Bond Funds

18.5%

 

fid673

Short-Term Funds

0.1%

 

fid1218

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2025 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 51.7%

Shares

Value

Commodity Funds - 6.5%

Fidelity Series Commodity Strategy Fund

54,104,919

$ 591,907,813

Domestic Equity Funds - 45.2%

Fidelity Blue Chip Growth Fund

6,267,412

249,944,403

Fidelity Disciplined Equity Fund

34,956,262

727,789,374

Fidelity Equity-Income Fund

3,357,820

134,648,594

Fidelity Growth Company Fund

8,591,477

639,893,191

Fidelity Series 100 Index Fund

61,382,460

494,742,628

Fidelity Series All-Sector Equity Fund

68,804,374

818,084,004

Fidelity Series Large Cap Value Fund

69,085,255

784,808,500

Fidelity Series Small Cap Opportunities Fund (a)

14,329,752

131,117,228

Fidelity Small Cap Growth Fund (a)

6,063,498

81,917,853

Fidelity Small Cap Value Fund

5,911,385

82,345,597

TOTAL DOMESTIC EQUITY FUNDS

4,145,291,372

TOTAL DOMESTIC EQUITY FUNDS

(Cost $4,959,560,876)

4,737,199,185

International Equity Funds - 18.8%

 

 

 

 

Developed International Equity Funds - 16.2%

Fidelity Diversified International Fund

11,813,779

335,038,783

Fidelity Europe Fund

2,333,071

68,802,275

Fidelity Japan Fund

2,717,319

28,015,558

Fidelity Overseas Fund

11,116,826

334,838,787

Fidelity Series International Growth Fund

31,915,336

330,962,030

Fidelity Series International Small Cap Fund

5,781,384

63,537,410

Fidelity Series International Value Fund

34,091,423

324,891,262

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

1,486,086,105

Emerging Markets Equity Funds - 2.6%

Fidelity Series Emerging Markets Fund

12,956,910

234,001,797

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $1,840,466,574)

1,720,087,902

Bond Funds - 29.5%

Shares

Value

High Yield Bond Funds - 7.6%

Fidelity Capital & Income Fund

38,058,059

$ 345,567,173

Fidelity High Income Fund

39,066,009

345,343,516

TOTAL HIGH YIELD BOND FUNDS

690,910,689

Inflation-Protected Bond Funds - 3.5%

Fidelity Series Inflation-Protected Bond Index Fund

30,400,354

324,371,777

Investment Grade Bond Funds - 18.4%

Fidelity Series Investment Grade Bond Fund

113,550,492

1,356,928,374

Fidelity Strategic Real Return Fund

35,933,776

328,075,373

Fidelity Total Bond Fund

6,831

75,684

TOTAL INVESTMENT GRADE BOND FUNDS

1,685,079,431

TOTAL BOND FUNDS

(Cost $2,607,054,292)

2,700,361,897

Short-Term Funds - 0.0%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class

1,662,030

1,662,030

Fidelity Short-Term Bond Fund

196,430

1,669,655

TOTAL SHORT-TERM FUNDS

(Cost $3,323,592)

3,331,685

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $9,410,405,334)

9,160,980,669

NET OTHER ASSETS (LIABILITIES) - 0.0%

(75,924)

NET ASSETS - 100%

$ 9,160,904,745

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $325,610,187 of which $128,436,443 and $197,173,744 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Freedom 2025 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $9,410,405,334) - See accompanying schedule

$ 9,160,980,669

Cash

11

Receivable for investments sold

71,074,511

Receivable for fund shares sold

13,673,151

Total assets

9,245,728,342

 

 

 

Liabilities

Payable for investments purchased

$ 7,962,455

Payable for fund shares redeemed

76,861,142

Total liabilities

84,823,597

 

 

 

Net Assets

$ 9,160,904,745

Net Assets consist of:

 

Paid in capital

$ 9,713,201,388

Undistributed net investment income

47,982,208

Accumulated undistributed net realized gain (loss) on investments

(350,854,186)

Net unrealized appreciation (depreciation) on investments

(249,424,665)

Net Assets, for 843,710,375 shares outstanding

$ 9,160,904,745

Net Asset Value, offering price and redemption price per share ($9,160,904,745 ÷ 843,710,375 shares)

$ 10.86

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 48,712,695

 

 

 

Expenses

Independent trustees' compensation

$ 17,152

Total expenses before reductions

17,152

Expense reductions

(17,152)

-

Net investment income (loss)

48,712,695

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(7,316,109)

Capital gain distributions from underlying funds

8,165,359

 

Total net realized gain (loss)

 

849,250

Change in net unrealized appreciation (depreciation) on underlying funds

57,824,394

Net gain (loss)

58,673,644

Net increase (decrease) in net assets resulting from operations

$ 107,386,339

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

Semiannual Report

Fidelity Freedom 2025 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 48,712,695

$ 178,667,186

Net realized gain (loss)

849,250

105,898,735

Change in net unrealized appreciation (depreciation)

57,824,394

2,466,360,217

Net increase (decrease) in net assets resulting from operations

107,386,339

2,750,926,138

Distributions to shareholders from net investment income

(26,143,223)

(173,115,738)

Distributions to shareholders from net realized gain

(30,500,393)

(78,645,788)

Total distributions

(56,643,616)

(251,761,526)

Share transactions
Proceeds from sales of shares

1,428,241,307

2,944,744,149

Reinvestment of distributions

56,576,535

251,459,641

Cost of shares redeemed

(1,676,107,413)

(2,192,604,773)

Net increase (decrease) in net assets resulting from share transactions

(191,289,571)

1,003,599,017

Total increase (decrease) in net assets

(140,546,848)

3,502,763,629

 

 

 

Net Assets

Beginning of period

9,301,451,593

5,798,687,964

End of period (including undistributed net investment income of $47,982,208 and undistributed net investment income of $25,412,736, respectively)

$ 9,160,904,745

$ 9,301,451,593

Other Information

Shares

Sold

136,097,634

301,762,904

Issued in reinvestment of distributions

5,519,662

24,578,310

Redeemed

(161,350,717)

(218,232,354)

Net increase (decrease)

(19,733,421)

108,108,860

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.77

$ 7.68

$ 12.15

$ 13.05

$ 12.52

$ 11.07

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .06

.22

.26

.28

.24

.21

Net realized and unrealized gain (loss)

  .10

3.18

(4.10)

(.49)

.89

1.48

Total from investment operations

  .16

3.40

(3.84)

(.21)

1.13

1.69

Distributions from net investment income

  (.03)

(.21)

(.26)

(.25)

(.19)

(.15)

Distributions from net realized gain

  (.04)

(.10)

(.37)

(.44)

(.41)

(.10)

Total distributions

  (.07)

(.31)G

(.63)

(.69)

(.60)

(.24)H

Net asset value, end of period

$ 10.86

$ 10.77

$ 7.68

$ 12.15

$ 13.05

$ 12.52

Total ReturnB,C

  1.48%

44.43%

(32.84)%

(2.00)%

9.18%

15.41%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  1.08%A

2.21%

2.64%

2.16%

1.88%

1.75%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 9,160,905

$ 9,301,452

$ 5,798,688

$ 6,651,041

$ 4,349,197

$ 2,099,810

Portfolio turnover rate

  43%A

26%

29%

24%

3%

1%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.31 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.095 per share. H Total distributions of $.24 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.095 per share.

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

Semiannual Report

Fidelity Freedom 2030 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

6.7

3.4

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

2.9

2.9

Fidelity Disciplined Equity Fund

8.5

10.1

Fidelity Equity-Income Fund

1.4

5.7

Fidelity Growth Company Fund

7.4

8.6

Fidelity Series 100 Index Fund

5.7

6.8

Fidelity Series All-Sector Equity Fund

9.6

9.1

Fidelity Series Large Cap Value Fund

9.1

9.8

Fidelity Series Small Cap Opportunities Fund

1.5

1.7

Fidelity Small Cap Growth Fund

1.0

1.0

Fidelity Small Cap Value Fund

1.0

1.0

 

48.1

56.7

Developed International Equity Funds

Fidelity Diversified International Fund

4.0

5.2

Fidelity Europe Fund

0.9

2.0

Fidelity Japan Fund

0.3

0.8

Fidelity Overseas Fund

4.0

5.0

Fidelity Series International Growth Fund

4.0

1.1

Fidelity Series International Small Cap Fund

0.8

0.2

Fidelity Series International Value Fund

3.9

1.1

 

17.9

15.4

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

2.8

1.7

Fidelity Southeast Asia Fund

0.0

0.3

 

2.8

2.0

High Yield Bond Funds

Fidelity Capital & Income Fund

3.8

4.0

Fidelity High Income Fund

3.8

3.8

 

7.6

7.8

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund

0.8

0.2

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

13.0

10.9

Fidelity Strategic Real Return Fund

3.1

2.5

Fidelity Total Bond Fund

0.0*

1.1

 

16.1

14.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

6.7%

 

fid663

Domestic Equity Funds

48.1%

 

fid773

Developed International Equity Funds

17.9%

 

fid1013

Emerging Markets Equity Funds

2.8%

 

fid1015

High Yield Bond Funds

7.6%

 

fid671

Inflation-Protected
Bond Funds

0.8%

 

fid673

Investment Grade
Bond Funds

16.1%

 

fid1227

Six months ago

fid659

Commodity Funds

3.4%

 

fid663

Domestic Equity Funds

56.7%

 

fid773

Developed International Equity Funds

15.4%

 

fid1013

Emerging Markets Equity Funds

2.0%

 

fid1015

High Yield Bond Funds

7.8%

 

fid671

Inflation-Protected
Bond Funds

0.2%

 

fid673

Investment Grade
Bond Funds

14.5%

 

fid1236

Expected

fid659

Commodity Funds

8.1%

 

fid663

Domestic Equity Funds

45.7%

 

fid773

Developed International Equity Funds

16.7%

 

fid1013

Emerging Markets Equity Funds

2.9%

 

fid1015

High Yield Bond Funds

7.5%

 

fid671

Inflation-Protected
Bond Funds

1.3%

 

fid673

Investment Grade
Bond Funds

17.8%

 

fid1245

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2030 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 54.8%

Shares

Value

Commodity Funds - 6.7%

Fidelity Series Commodity Strategy Fund

86,064,745

$ 941,548,308

Domestic Equity Funds - 48.1%

Fidelity Blue Chip Growth Fund

10,191,192

406,424,726

Fidelity Disciplined Equity Fund

56,586,466

1,178,130,212

Fidelity Equity-Income Fund

4,824,891

193,478,120

Fidelity Growth Company Fund

13,853,754

1,031,827,600

Fidelity Series 100 Index Fund

99,196,437

799,523,279

Fidelity Series All-Sector Equity Fund

112,103,736

1,332,913,423

Fidelity Series Large Cap Value Fund

112,186,435

1,274,437,906

Fidelity Series Small Cap Opportunities Fund (a)

23,241,081

212,655,895

Fidelity Small Cap Growth Fund (a)

9,823,976

132,721,910

Fidelity Small Cap Value Fund

9,567,487

133,275,091

TOTAL DOMESTIC EQUITY FUNDS

6,695,388,162

TOTAL DOMESTIC EQUITY FUNDS

(Cost $7,209,852,996)

7,636,936,470

International Equity Funds - 20.7%

 

 

 

 

Developed International Equity Funds - 17.9%

Fidelity Diversified International Fund

19,541,308

554,191,489

Fidelity Europe Fund

4,184,438

123,399,091

Fidelity Japan Fund

5,036,253

51,923,770

Fidelity Overseas Fund

18,491,944

556,977,344

Fidelity Series International Growth Fund

53,725,891

557,137,492

Fidelity Series International Small Cap Fund

9,811,985

107,833,718

Fidelity Series International Value Fund

57,484,337

547,825,729

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

2,499,288,633

 

Shares

Value

Emerging Markets Equity Funds - 2.8%

Fidelity Series Emerging Markets Fund

21,360,952

$ 385,778,801

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $2,664,257,376)

2,885,067,434

Bond Funds - 24.5%

 

 

 

 

High Yield Bond Funds - 7.6%

Fidelity Capital & Income Fund

57,937,121

526,069,057

Fidelity High Income Fund

59,410,861

525,192,009

TOTAL HIGH YIELD BOND FUNDS

1,051,261,066

Inflation-Protected Bond Funds - 0.8%

Fidelity Series Inflation-Protected Bond Index Fund

9,898,976

105,622,074

Investment Grade Bond Funds - 16.1%

Fidelity Series Investment Grade Bond Fund

151,409,576

1,809,344,437

Fidelity Strategic Real Return Fund

48,149,079

439,601,091

Fidelity Total Bond Fund

9,828

108,889

TOTAL INVESTMENT GRADE BOND FUNDS

2,249,054,417

TOTAL BOND FUNDS

(Cost $3,187,537,257)

3,405,937,557

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $13,061,647,629)

13,927,941,461

NET OTHER ASSETS (LIABILITIES) - 0.0%

(109,214)

NET ASSETS - 100%

$ 13,927,832,247

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $1,009,569,832 of which $175,742,492 and $833,827,340 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $463,232,705 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Freedom 2030 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $13,061,647,629) - See accompanying schedule

$ 13,927,941,461

Cash

59

Receivable for investments sold

73,243,877

Receivable for fund shares sold

17,711,160

Other receivables

39,540

Total assets

14,018,936,097

 

 

 

Liabilities

Payable for investments purchased

$ 10,611,707

Payable for fund shares redeemed

80,452,603

Other payables and accrued expenses

39,540

Total liabilities

91,103,850

 

 

 

Net Assets

$ 13,927,832,247

Net Assets consist of:

 

Paid in capital

$ 15,128,770,767

Undistributed net investment income

67,664,751

Accumulated undistributed net realized gain (loss) on investments

(2,134,897,103)

Net unrealized appreciation (depreciation) on investments

866,293,832

Net Assets, for 1,078,419,060 shares outstanding

$ 13,927,832,247

Net Asset Value, offering price and redemption price per share ($13,927,832,247 ÷ 1,078,419,060 shares)

$ 12.92

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 68,506,024

 

 

 

Expenses

Independent trustees' compensation

$ 26,545

Total expenses before reductions

26,545

Expense reductions

(26,545)

-

Net investment income (loss)

68,506,024

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(581,133,616)

Capital gain distributions from underlying funds

12,294,131

 

Total net realized gain (loss)

 

(568,839,485)

Change in net unrealized appreciation (depreciation) on underlying funds

597,646,144

Net gain (loss)

28,806,659

Net increase (decrease) in net assets resulting from operations

$ 97,312,683

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

Semiannual Report

Fidelity Freedom 2030 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 68,506,024

$ 262,653,257

Net realized gain (loss)

(568,839,485)

(790,026,782)

Change in net unrealized appreciation (depreciation)

597,646,144

5,268,821,959

Net increase (decrease) in net assets resulting from operations

97,312,683

4,741,448,434

Distributions to shareholders from net investment income

(33,876,926)

(265,989,973)

Distributions to shareholders from net realized gain

(56,461,615)

(116,585,700)

Total distributions

(90,338,541)

(382,575,673)

Share transactions
Proceeds from sales of shares

1,774,316,780

3,811,353,981

Reinvestment of distributions

90,202,075

381,969,443

Cost of shares redeemed

(2,539,088,534)

(3,642,108,716)

Net increase (decrease) in net assets resulting from share transactions

(674,569,679)

551,214,708

Total increase (decrease) in net assets

(667,595,537)

4,910,087,469

 

 

 

Net Assets

Beginning of period

14,595,427,784

9,685,340,315

End of period (including undistributed net investment income of $67,664,751 and undistributed net investment income of $33,035,653, respectively)

$ 13,927,832,247

$ 14,595,427,784

Other Information

Shares

Sold

142,246,923

330,014,978

Issued in reinvestment of distributions

7,405,747

31,482,504

Redeemed

(205,508,724)

(306,616,363)

Net increase (decrease)

(55,856,054)

54,881,119

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 12.87

$ 8.97

$ 15.02

$ 16.36

$ 15.82

$ 13.81

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .06

.23

.27

.28

.24

.22

Net realized and unrealized gain (loss)

  .07

4.02

(5.46)

(.63)

1.21

2.09

Total from investment operations

  .13

4.25

(5.19)

(.35)

1.45

2.31

Distributions from net investment income

  (.03)

(.24)

(.27)

(.27)

(.21)

(.19)

Distributions from net realized gain

  (.05)

(.11)

(.59)

(.72)

(.70)

(.11)

Total distributions

  (.08)

(.35)G

(.86)

(.99)

(.91)

(.30)

Net asset value, end of period

$ 12.92

$ 12.87

$ 8.97

$ 15.02

$ 16.36

$ 15.82

Total ReturnB,C

  1.05%

47.57%

(36.25)%

(2.65)%

9.40%

16.86%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  .99%A

2.01%

2.29%

1.72%

1.51%

1.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 13,927,832

$ 14,595,428

$ 9,685,340

$ 13,446,741

$ 11,878,413

$ 8,550,504

Portfolio turnover rate

  38%A

29%

23%

36%

6%

5%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.35 per share is comprised of distributions from net investment income of $.240 and distributions from net realized gain of $.105 per share.

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

Semiannual Report

Fidelity Freedom 2035 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

7.7

3.5

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

3.2

3.1

Fidelity Disciplined Equity Fund

9.3

10.9

Fidelity Equity-Income Fund

1.7

6.1

Fidelity Growth Company Fund

8.2

9.2

Fidelity Series 100 Index Fund

6.4

7.3

Fidelity Series All-Sector Equity Fund

10.5

9.9

Fidelity Series Large Cap Value Fund

10.1

10.6

Fidelity Series Small Cap Opportunities Fund

1.7

1.8

Fidelity Small Cap Growth Fund

1.1

1.1

Fidelity Small Cap Value Fund

1.1

1.0

 

53.3

61.0

Developed International Equity Funds

Fidelity Diversified International Fund

4.3

5.6

Fidelity Europe Fund

0.9

2.0

Fidelity Japan Fund

0.3

0.8

Fidelity Overseas Fund

4.3

5.5

Fidelity Series International Growth Fund

4.2

1.2

Fidelity Series International Small Cap Fund

0.8

0.2

Fidelity Series International Value Fund

4.1

1.2

 

18.9

16.5

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.0

1.9

Fidelity Southeast Asia Fund

0.0

0.2

 

3.0

2.1

High Yield Bond Funds

Fidelity Capital & Income Fund

3.8

3.8

Fidelity High Income Fund

3.7

3.7

 

7.5

7.5

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

7.8

6.9

Fidelity Strategic Real Return Fund

1.8

1.7

Fidelity Total Bond Fund

0.0*

0.8

 

9.6

9.4

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

7.7%

 

fid663

Domestic Equity Funds

53.3%

 

fid773

Developed International Equity Funds

18.9%

 

fid1013

Emerging Markets Equity Funds

3.0%

 

fid671

High Yield Bond Funds

7.5%

 

fid673

Investment Grade Bond Funds

9.6%

 

fid1253

Six months ago

fid659

Commodity Funds

3.5%

 

fid663

Domestic Equity Funds

61.0%

 

fid773

Developed International Equity Funds

16.5%

 

fid1013

Emerging Markets Equity Funds

2.1%

 

fid671

High Yield Bond Funds

7.5%

 

fid673

Investment Grade Bond Funds

9.4%

 

fid1261

Expected

fid659

Commodity Funds

9.1%

 

fid663

Domestic Equity Funds

51.3%

 

fid773

Developed International Equity Funds

18.7%

 

fid1013

Emerging Markets Equity Funds

3.3%

 

fid671

High Yield Bond Funds

7.5%

 

fid673

Investment Grade Bond Funds

10.1%

 

fid1269

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2035 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.0%

Shares

Value

Commodity Funds - 7.7%

Fidelity Series Commodity Strategy Fund

42,726,708

$ 467,430,185

Domestic Equity Funds - 53.3%

Fidelity Blue Chip Growth Fund

4,906,196

195,659,077

Fidelity Disciplined Equity Fund

27,351,212

569,452,238

Fidelity Equity-Income Fund

2,635,301

105,675,571

Fidelity Growth Company Fund

6,722,475

500,689,940

Fidelity Series 100 Index Fund

48,028,553

387,110,136

Fidelity Series All-Sector Equity Fund

53,826,123

639,992,602

Fidelity Series Large Cap Value Fund

54,046,670

613,970,172

Fidelity Series Small Cap Opportunities Fund (a)

11,208,258

102,555,561

Fidelity Small Cap Growth Fund (a)

4,742,590

64,072,397

Fidelity Small Cap Value Fund

4,623,575

64,406,397

TOTAL DOMESTIC EQUITY FUNDS

3,243,584,091

TOTAL DOMESTIC EQUITY FUNDS

(Cost $3,853,209,102)

3,711,014,276

International Equity Funds - 21.9%

 

 

 

 

Developed International Equity Funds - 18.9%

Fidelity Diversified International Fund

9,193,997

260,741,747

Fidelity Europe Fund

1,763,530

52,006,514

Fidelity Japan Fund

1,852,556

19,099,850

Fidelity Overseas Fund

8,651,583

260,585,675

Fidelity Series International Growth Fund

24,859,609

257,794,150

Fidelity Series International Small Cap Fund

4,500,530

49,460,823

Fidelity Series International Value Fund

26,544,891

252,972,809

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

1,152,661,568

 

Shares

Value

Emerging Markets Equity Funds - 3.0%

Fidelity Series Emerging Markets Fund

10,119,558

$ 182,759,223

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $1,417,116,239)

1,335,420,791

Bond Funds - 17.1%

 

 

 

 

High Yield Bond Funds - 7.5%

Fidelity Capital & Income Fund

25,178,667

228,622,293

Fidelity High Income Fund

25,835,133

228,382,577

TOTAL HIGH YIELD BOND FUNDS

457,004,870

Investment Grade Bond Funds - 9.6%

Fidelity Series Investment Grade Bond Fund

39,607,197

473,306,002

Fidelity Strategic Real Return Fund

12,397,831

113,192,201

Fidelity Total Bond Fund

2,354

26,077

TOTAL INVESTMENT GRADE BOND FUNDS

586,524,280

TOTAL BOND FUNDS

(Cost $1,004,443,318)

1,043,529,150

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $6,274,768,659)

6,089,964,217

NET OTHER ASSETS (LIABILITIES) - 0.0%

(26,160)

NET ASSETS - 100%

$ 6,089,938,057

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $185,857,582 of which $97,863,769 and $87,993,813 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Fidelity Freedom 2035 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $6,274,768,659) - See accompanying schedule

$ 6,089,964,217

Receivable for investments sold

38,141,762

Receivable for fund shares sold

10,633,975

Total assets

6,138,739,954

 

 

 

Liabilities

Payable to custodian bank

$ 2

Payable for investments purchased

32

Payable for fund shares redeemed

48,801,863

Total liabilities

48,801,897

 

 

 

Net Assets

$ 6,089,938,057

Net Assets consist of:

 

Paid in capital

$ 6,470,574,080

Undistributed net investment income

21,891,083

Accumulated undistributed net realized gain (loss) on investments

(217,722,664)

Net unrealized appreciation (depreciation) on investments

(184,804,442)

Net Assets, for 571,242,330 shares outstanding

$ 6,089,938,057

Net Asset Value, offering price and redemption price per share ($6,089,938,057 ÷ 571,242,330 shares)

$ 10.66

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 24,259,089

 

 

 

Expenses

Independent trustees' compensation

$ 11,208

Total expenses before reductions

11,208

Expense reductions

(11,208)

-

Net investment income (loss)

24,259,089

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(20,820,298)

Capital gain distributions from underlying funds

6,336,338

 

Total net realized gain (loss)

 

(14,483,960)

Change in net unrealized appreciation (depreciation) on underlying funds

15,635,960

Net gain (loss)

1,152,000

Net increase (decrease) in net assets resulting from operations

$ 25,411,089

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

Semiannual Report

Fidelity Freedom 2035 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 24,259,089

$ 99,093,044

Net realized gain (loss)

(14,483,960)

78,372,080

Change in net unrealized appreciation (depreciation)

15,635,960

1,711,374,473

Net increase (decrease) in net assets resulting from operations

25,411,089

1,888,839,597

Distributions to shareholders from net investment income

(14,420,929)

(97,268,213)

Distributions to shareholders from net realized gain

(20,189,257)

(51,556,134)

Total distributions

(34,610,186)

(148,824,347)

Share transactions
Proceeds from sales of shares

1,024,819,795

2,084,364,224

Reinvestment of distributions

34,578,096

148,704,385

Cost of shares redeemed

(1,042,263,702)

(1,467,111,621)

Net increase (decrease) in net assets resulting from share transactions

17,134,189

765,956,988

Total increase (decrease) in net assets

7,935,092

2,505,972,238

 

 

 

Net Assets

Beginning of period

6,082,002,965

3,576,030,727

End of period (including undistributed net investment income of $21,891,083 and undistributed net investment income of $12,052,923, respectively)

$ 6,089,938,057

$ 6,082,002,965

Other Information

Shares

Sold

99,713,360

218,713,922

Issued in reinvestment of distributions

3,444,034

14,708,985

Redeemed

(102,453,007)

(148,683,585)

Net increase (decrease)

704,387

84,739,322

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.66

$ 7.36

$ 12.41

$ 13.48

$ 12.89

$ 11.22

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .04

.18

.22

.23

.19

.18

Net realized and unrealized gain (loss)

  .02

3.40

(4.63)

(.57)

1.01

1.73

Total from investment operations

  .06

3.58

(4.41)

(.34)

1.20

1.91

Distributions from net investment income

  (.03)

(.18)

(.20)

(.21)

(.17)

(.13)

Distributions from net realized gain

  (.04)

(.10)

(.44)

(.52)

(.44)

(.11)

Total distributions

  (.06)H

(.28)G

(.64)

(.73)

(.61)

(.24)

Net asset value, end of period

$ 10.66

$ 10.66

$ 7.36

$ 12.41

$ 13.48

$ 12.89

Total ReturnB,C

  .60%

48.79%

(37.11)%

(3.00)%

9.51%

17.18%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.00%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.00%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.00%

Net investment income (loss)

  .82%A

1.91%

2.24%

1.70%

1.50%

1.48%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 6,089,938

$ 6,082,003

$ 3,576,031

$ 3,914,977

$ 2,553,737

$ 1,155,906

Portfolio turnover rate

  42%A

25%

20%

28%

3%

1%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.28 per share is comprised of distributions from net investment income of $.180 and distributions from net realized gain of $.095 per share. H Total distributions of $.06 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.035 per share.

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

Semiannual Report

Fidelity Freedom 2040 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

7.7

3.5

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

3.2

3.1

Fidelity Disciplined Equity Fund

9.5

11.1

Fidelity Equity-Income Fund

1.8

6.1

Fidelity Growth Company Fund

8.3

9.4

Fidelity Series 100 Index Fund

6.4

7.4

Fidelity Series All-Sector Equity Fund

10.6

10.0

Fidelity Series Large Cap Value Fund

10.2

10.7

Fidelity Series Small Cap Opportunities Fund

1.7

1.8

Fidelity Small Cap Growth Fund

1.1

1.1

Fidelity Small Cap Value Fund

1.1

1.1

 

53.9

61.8

Developed International Equity Funds

Fidelity Diversified International Fund

4.4

5.7

Fidelity Europe Fund

0.9

2.1

Fidelity Japan Fund

0.3

0.8

Fidelity Overseas Fund

4.4

5.6

Fidelity Series International Growth Fund

4.2

1.2

Fidelity Series International Small Cap Fund

0.8

0.2

Fidelity Series International Value Fund

4.2

1.2

 

19.2

16.8

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.0

1.9

Fidelity Southeast Asia Fund

0.0

0.2

 

3.0

2.1

High Yield Bond Funds

Fidelity Capital & Income Fund

4.3

4.6

Fidelity High Income Fund

4.4

4.5

 

8.7

9.1

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

6.1

5.0

Fidelity Strategic Real Return Fund

1.4

1.1

Fidelity Total Bond Fund

0.0*

0.6

 

7.5

6.7

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

7.7%

 

fid663

Domestic Equity Funds

53.9%

 

fid773

Developed International Equity Funds

19.2%

 

fid1013

Emerging Markets Equity Funds

3.0%

 

fid671

High Yield Bond Funds

8.7%

 

fid673

Investment Grade
Bond Funds

7.5%

 

fid1277

Six months ago

fid659

Commodity Funds

3.5%

 

fid663

Domestic Equity Funds

61.8%

 

fid773

Developed International Equity Funds

16.8%

 

fid1013

Emerging Markets Equity Funds

2.1%

 

fid671

High Yield Bond Funds

9.1%

 

fid673

Investment Grade
Bond Funds

6.7%

 

fid1285

Expected

fid659

Commodity Funds

9.2%

 

fid663

Domestic Equity Funds

51.9%

 

fid773

Developed International Equity Funds

18.9%

 

fid1013

Emerging Markets Equity Funds

3.3%

 

fid671

High Yield Bond Funds

8.2%

 

fid673

Investment Grade
Bond Funds

8.5%

 

fid1293

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2040 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.6%

Shares

Value

Commodity Funds - 7.7%

Fidelity Series Commodity Strategy Fund

58,953,030

$ 644,946,148

Domestic Equity Funds - 53.9%

Fidelity Blue Chip Growth Fund

6,836,505

272,639,839

Fidelity Disciplined Equity Fund

38,139,875

794,072,204

Fidelity Equity-Income Fund

3,702,218

148,458,933

Fidelity Growth Company Fund

9,372,820

698,087,625

Fidelity Series 100 Index Fund

66,971,944

539,793,872

Fidelity Series All-Sector Equity Fund

74,983,209

891,550,351

Fidelity Series Large Cap Value Fund

75,333,334

855,786,679

Fidelity Series Small Cap Opportunities Fund (a)

15,626,735

142,984,627

Fidelity Small Cap Growth Fund (a)

6,610,074

89,302,104

Fidelity Small Cap Value Fund

6,444,587

89,773,099

TOTAL DOMESTIC EQUITY FUNDS

4,522,449,333

TOTAL DOMESTIC EQUITY FUNDS

(Cost $4,922,464,540)

5,167,395,481

International Equity Funds - 22.2%

 

 

 

 

Developed International Equity Funds - 19.2%

Fidelity Diversified International Fund

12,855,711

364,587,957

Fidelity Europe Fund

2,596,574

76,572,980

Fidelity Japan Fund

2,779,622

28,657,901

Fidelity Overseas Fund

12,104,977

364,601,913

Fidelity Series International Growth Fund

34,315,321

355,849,881

Fidelity Series International Small Cap Fund

6,194,015

68,072,230

Fidelity Series International Value Fund

36,626,340

349,049,021

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

1,607,391,883

 

Shares

Value

Emerging Markets Equity Funds - 3.0%

Fidelity Series Emerging Markets Fund

14,033,729

$ 253,449,144

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $1,731,099,852)

1,860,841,027

Bond Funds - 16.2%

 

 

 

 

High Yield Bond Funds - 8.7%

Fidelity Capital & Income Fund

39,883,582

362,142,927

Fidelity High Income Fund

40,988,636

362,339,546

TOTAL HIGH YIELD BOND FUNDS

724,482,473

Investment Grade Bond Funds - 7.5%

Fidelity Series Investment Grade Bond Fund

42,557,108

508,557,438

Fidelity Strategic Real Return Fund

13,257,350

121,039,602

Fidelity Total Bond Fund

2,774

30,736

TOTAL INVESTMENT GRADE BOND FUNDS

629,627,776

TOTAL BOND FUNDS

(Cost $1,266,663,275)

1,354,110,249

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $7,920,227,667)

8,382,346,757

NET OTHER ASSETS (LIABILITIES) - 0.0%

(30,794)

NET ASSETS - 100%

$ 8,382,315,963

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $513,694,934 of which $90,976,931 and $422,718,003 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $242,537,064 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Freedom 2040 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $7,920,227,667) - See accompanying schedule

$ 8,382,346,757

Cash

39

Receivable for investments sold

27,721,879

Receivable for fund shares sold

13,613,817

Total assets

8,423,682,492

 

 

 

Liabilities

Payable for investments purchased

$ 843,597

Payable for fund shares redeemed

40,522,932

Total liabilities

41,366,529

 

 

 

Net Assets

$ 8,382,315,963

Net Assets consist of:

 

Paid in capital

$ 9,058,834,942

Undistributed net investment income

33,907,599

Accumulated undistributed net realized gain (loss) on investments

(1,172,545,668)

Net unrealized appreciation (depreciation) on investments

462,119,090

Net Assets, for 1,126,862,149 shares outstanding

$ 8,382,315,963

Net Asset Value, offering price and redemption price per share ($8,382,315,963 ÷ 1,126,862,149 shares)

$ 7.44

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 34,668,250

 

 

 

Expenses

Independent trustees' compensation

$ 15,693

Total expenses before reductions

15,693

Expense reductions

(15,693)

-

Net investment income (loss)

34,668,250

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(369,866,090)

Capital gain distributions from underlying funds

8,770,576

 

Total net realized gain (loss)

 

(361,095,514)

Change in net unrealized appreciation (depreciation) on underlying funds

344,916,480

Net gain (loss)

(16,179,034)

Net increase (decrease) in net assets resulting from operations

$ 18,489,216

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

Semiannual Report

Fidelity Freedom 2040 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 34,668,250

$ 145,813,757

Net realized gain (loss)

(361,095,514)

(411,828,625)

Change in net unrealized appreciation (depreciation)

344,916,480

3,087,940,223

Net increase (decrease) in net assets resulting from operations

18,489,216

2,821,925,355

Distributions to shareholders from net investment income

(17,321,756)

(139,996,855)

Distributions to shareholders from net realized gain

(34,644,046)

(78,180,781)

Total distributions

(51,965,802)

(218,177,636)

Share transactions
Proceeds from sales of shares

1,275,349,669

2,742,492,861

Reinvestment of distributions

51,861,622

217,751,292

Cost of shares redeemed

(1,533,929,276)

(2,277,784,584)

Net increase (decrease) in net assets resulting from share transactions

(206,717,985)

682,459,569

Total increase (decrease) in net assets

(240,194,571)

3,286,207,288

 

 

 

Net Assets

Beginning of period

8,622,510,534

5,336,303,246

End of period (including undistributed net investment income of $33,907,599 and undistributed net investment income of $16,561,105, respectively)

$ 8,382,315,963

$ 8,622,510,534

Other Information

Shares

Sold

177,894,324

412,793,081

Issued in reinvestment of distributions

7,398,237

30,945,035

Redeemed

(215,801,554)

(333,242,094)

Net increase (decrease)

(30,508,993)

110,496,022

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007

2006

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 7.45

$ 5.10

$ 8.79

$ 9.68

$ 9.33

$ 8.10

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .03

.13

.15

.16

.14

.13

Net realized and unrealized gain (loss)

  .01H

2.42

(3.35)

(.42)

.74

1.29

Total from investment operations

  .04

2.55

(3.20)

(.26)

.88

1.42

Distributions from net investment income

  (.02)

(.13)

(.15)

(.15)

(.13)

(.10)

Distributions from net realized gain

  (.03)

(.07)

(.34)

(.48)

(.40)

(.09)

Total distributions

  (.05)

(.20)G

(.49)

(.63)

(.53)

(.19)

Net asset value, end of period

$ 7.44

$ 7.45

$ 5.10

$ 8.79

$ 9.68

$ 9.33

Total ReturnB,C

  .51%

50.14%

(38.20)%

(3.29)%

9.68%

17.65%

Ratios to Average Net AssetsE,F

 

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%

.01%

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%

.01%

Net investment income (loss)

  .84%A

1.94%

2.22%

1.66%

1.49%

1.45%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 8,382,316

$ 8,622,511

$ 5,336,303

$ 7,010,562

$ 5,894,929

$ 3,867,885

Portfolio turnover rate

  39%A

27%

17%

37%

4%

4%

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 Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.20 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.070 per share. H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

Semiannual Report

Fidelity Freedom 2045 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

7.9

3.6

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

3.3

3.2

Fidelity Disciplined Equity Fund

9.6

11.2

Fidelity Equity-Income Fund

1.8

6.2

Fidelity Growth Company Fund

8.5

9.5

Fidelity Series 100 Index Fund

6.5

7.5

Fidelity Series All-Sector Equity Fund

10.8

10.2

Fidelity Series Large Cap Value Fund

10.4

10.8

Fidelity Series Small Cap Opportunities Fund

1.7

1.8

Fidelity Small Cap Growth Fund

1.1

1.1

Fidelity Small Cap Value Fund

1.1

1.1

 

54.8

62.6

Developed International Equity Funds

Fidelity Diversified International Fund

4.4

5.9

Fidelity Europe Fund

0.8

1.9

Fidelity Japan Fund

0.3

0.7

Fidelity Overseas Fund

4.4

5.7

Fidelity Series International Growth Fund

4.4

1.3

Fidelity Series International Small Cap Fund

0.8

0.3

Fidelity Series International Value Fund

4.3

1.3

 

19.4

17.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.1

1.9

Fidelity Southeast Asia Fund

0.0

0.2

 

3.1

2.1

High Yield Bond Funds

Fidelity Capital & Income Fund

5.0

5.1

Fidelity High Income Fund

5.0

4.9

 

10.0

10.0

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

3.9

3.4

Fidelity Strategic Real Return Fund

0.9

0.8

Fidelity Total Bond Fund

0.0*

0.4

 

4.8

4.6

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

7.9%

 

fid663

Domestic Equity Funds

54.8%

 

fid773

Developed International Equity Funds

19.4%

 

fid1013

Emerging Markets Equity Funds

3.1%

 

fid671

High Yield Bond Funds

10.0%

 

fid673

Investment Grade
Bond Funds

4.8%

 

fid1301

Six months ago

fid659

Commodity Funds

3.6%

 

fid663

Domestic Equity Funds

62.6%

 

fid773

Developed International Equity Funds

17.1%

 

fid1013

Emerging Markets Equity Funds

2.1%

 

fid671

High Yield Bond Funds

10.0%

 

fid673

Investment Grade
Bond Funds

4.6%

 

fid1309

Expected

fid659

Commodity Funds

9.4%

 

fid663

Domestic Equity Funds

52.9%

 

fid773

Developed International Equity Funds

19.3%

 

fid1013

Emerging Markets Equity Funds

3.4%

 

fid671

High Yield Bond Funds

10.0%

 

fid673

Investment Grade
Bond Funds

5.0%

 

fid1317

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2045 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 62.7%

Shares

Value

Commodity Funds - 7.9%

Fidelity Series Commodity Strategy Fund

16,104,237

$ 176,180,353

Domestic Equity Funds - 54.8%

Fidelity Blue Chip Growth Fund

1,849,558

73,760,385

Fidelity Disciplined Equity Fund

10,299,797

214,441,764

Fidelity Equity-Income Fund

992,300

39,791,225

Fidelity Growth Company Fund

2,530,500

188,471,624

Fidelity Series 100 Index Fund

18,080,854

145,731,684

Fidelity Series All-Sector Equity Fund

20,272,977

241,045,693

Fidelity Series Large Cap Value Fund

20,349,103

231,165,809

Fidelity Series Small Cap Opportunities Fund (a)

4,213,660

38,554,988

Fidelity Small Cap Growth Fund (a)

1,783,967

24,101,393

Fidelity Small Cap Value Fund

1,738,769

24,221,046

TOTAL DOMESTIC EQUITY FUNDS

1,221,285,611

TOTAL DOMESTIC EQUITY FUNDS

(Cost $1,270,705,169)

1,397,465,964

International Equity Funds - 22.5%

 

 

 

 

Developed International Equity Funds - 19.4%

Fidelity Diversified International Fund

3,465,363

98,277,691

Fidelity Europe Fund

585,281

17,259,924

Fidelity Japan Fund

664,914

6,855,261

Fidelity Overseas Fund

3,255,539

98,056,845

Fidelity Series International Growth Fund

9,391,455

97,389,386

Fidelity Series International Small Cap Fund

1,705,330

18,741,582

Fidelity Series International Value Fund

10,029,345

95,579,662

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

432,160,351

 

Shares

Value

Emerging Markets Equity Funds - 3.1%

Fidelity Series Emerging Markets Fund

3,808,621

$ 68,783,700

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $454,634,811)

500,944,051

Bond Funds - 14.8%

 

 

 

 

High Yield Bond Funds - 10.0%

Fidelity Capital & Income Fund

12,260,750

111,327,612

Fidelity High Income Fund

12,571,006

111,127,697

TOTAL HIGH YIELD BOND FUNDS

222,455,309

Investment Grade Bond Funds - 4.8%

Fidelity Series Investment Grade Bond Fund

7,269,851

86,874,715

Fidelity Strategic Real Return Fund

2,183,181

19,932,440

Fidelity Total Bond Fund

460

5,099

TOTAL INVESTMENT GRADE BOND FUNDS

106,812,254

TOTAL BOND FUNDS

(Cost $290,575,370)

329,267,563

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,015,915,350)

2,227,677,578

NET OTHER ASSETS (LIABILITIES) - 0.0%

(5,118)

NET ASSETS - 100%

$ 2,227,672,460

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $61,918,206 of which $23,238,703 and $38,679,503 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $33,530,028 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Freedom 2045 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $2,015,915,350) - See accompanying schedule

$ 2,227,677,578

Receivable for investments sold

6,785,633

Receivable for fund shares sold

6,729,017

Total assets

2,241,192,228

 

 

 

Liabilities

Payable to custodian bank

$ 7

Payable for investments purchased

89,136

Payable for fund shares redeemed

13,430,625

Total liabilities

13,519,768

 

 

 

Net Assets

$ 2,227,672,460

Net Assets consist of:

 

Paid in capital

$ 2,162,120,176

Undistributed net investment income

8,970,824

Accumulated undistributed net realized gain (loss) on investments

(155,180,768)

Net unrealized appreciation (depreciation) on investments

211,762,228

Net Assets, for 253,387,251 shares outstanding

$ 2,227,672,460

Net Asset Value, offering price and redemption price per share ($2,227,672,460 ÷ 253,387,251 shares)

$ 8.79

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 8,824,656

 

 

 

Expenses

Independent trustees' compensation

$ 3,878

Total expenses before reductions

3,878

Expense reductions

(3,878)

-

Net investment income (loss)

8,824,656

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(46,466,460)

Capital gain distributions from underlying funds

2,372,353

 

Total net realized gain (loss)

 

(44,094,107)

Change in net unrealized appreciation (depreciation) on underlying funds

46,566,141

Net gain (loss)

2,472,034

Net increase (decrease) in net assets resulting from operations

$ 11,296,690

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

Semiannual Report

Fidelity Freedom 2045 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 8,824,656

$ 31,376,404

Net realized gain (loss)

(44,094,107)

(41,745,649)

Change in net unrealized appreciation (depreciation)

46,566,141

589,014,197

Net increase (decrease) in net assets resulting from operations

11,296,690

578,644,952

Distributions to shareholders from net investment income

(3,590,611)

(30,152,902)

Distributions to shareholders from net realized gain

(8,378,073)

(14,843,567)

Total distributions

(11,968,684)

(44,996,469)

Share transactions
Proceeds from sales of shares

520,395,840

997,159,409

Reinvestment of distributions

11,964,821

44,980,767

Cost of shares redeemed

(375,159,415)

(451,584,379)

Net increase (decrease) in net assets resulting from share transactions

157,201,246

590,555,797

Total increase (decrease) in net assets

156,529,252

1,124,204,280

 

 

 

Net Assets

Beginning of period

2,071,143,208

946,938,928

End of period (including undistributed net investment income of $8,970,824 and undistributed net investment income of $3,736,779, respectively)

$ 2,227,672,460

$ 2,071,143,208

Other Information

Shares

Sold

61,488,304

127,120,429

Issued in reinvestment of distributions

1,445,026

5,354,881

Redeemed

(44,647,585)

(55,444,602)

Net increase (decrease)

18,285,745

77,030,708

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007F

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.81

$ 5.99

$ 10.24

$ 10.96

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss)D

  .04

.16

.18

.18

.11

Net realized and unrealized gain (loss)

  (.01)J

2.88

(4.00)

(.49)

1.01

Total from investment operations

  .03

3.04

(3.82)

(.31)

1.12

Distributions from net investment income

  (.02)

(.15)

(.15)

(.13)

(.07)

Distributions from net realized gain

  (.04)

(.07)

(.28)

(.28)

(.09)

Total distributions

  (.05)I

(.22)H

(.43)

(.41)

(.16)

Net asset value, end of period

$ 8.79

$ 8.81

$ 5.99

$ 10.24

$ 10.96

Total ReturnB,C

  .38%

50.86%

(38.60)%

(3.19)%

11.23%

Ratios to Average Net AssetsE,G

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%A

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%A

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%A

Net investment income (loss)

  .85%A

1.97%

2.29%

1.65%

1.30%A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 2,227,672

$ 2,071,143

$ 946,939

$ 656,210

$ 177,837

Portfolio turnover rate

  38%A

24%

17%

17%

0%A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F For the period June 1, 2006 (commencement of operations) to March 31, 2007. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.22 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.070 per share. I Total distributions of $.05 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.035 per share. J The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

Semiannual Report

Fidelity Freedom 2050 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund

8.3

3.8

Domestic Equity Funds

Fidelity Blue Chip Growth Fund

3.5

3.3

Fidelity Disciplined Equity Fund

10.1

11.5

Fidelity Equity-Income Fund

1.9

6.3

Fidelity Growth Company Fund

8.8

9.7

Fidelity Series 100 Index Fund

6.8

7.7

Fidelity Series All-Sector Equity Fund

11.3

10.5

Fidelity Series Large Cap Value Fund

10.8

11.2

Fidelity Series Small Cap Opportunities Fund

1.8

1.9

Fidelity Small Cap Growth Fund

1.1

1.1

Fidelity Small Cap Value Fund

1.1

1.1

 

57.2

64.3

Developed International Equity Funds

Fidelity Diversified International Fund

4.9

6.8

Fidelity Europe Fund

0.9

2.3

Fidelity Japan Fund

0.4

0.9

Fidelity Overseas Fund

4.8

6.5

Fidelity Series International Growth Fund

4.5

1.2

Fidelity Series International Small Cap Fund

0.8

0.2

Fidelity Series International Value Fund

4.4

1.2

 

20.7

19.1

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund

3.3

2.1

Fidelity Southeast Asia Fund

0.0

0.3

 

3.3

2.4

High Yield Bond Funds

Fidelity Capital & Income Fund

5.0

5.0

Fidelity High Income Fund

5.0

5.0

 

10.0

10.0

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund

0.4

0.3

Fidelity Strategic Real Return Fund

0.1

0.0*

Fidelity Total Bond Fund

0.0*

0.1

 

0.5

0.4

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

8.3%

 

fid663

Domestic Equity Funds

57.2%

 

fid773

Developed International Equity Funds

20.7%

 

fid1013

Emerging Markets Equity Funds

3.3%

 

fid671

High Yield Bond Funds

10.0%

 

fid673

Investment Grade
Bond Funds

0.5%

 

fid1325

Six months ago

fid659

Commodity Funds

3.8%

 

fid663

Domestic Equity Funds

64.3%

 

fid773

Developed International Equity Funds

19.1%

 

fid1013

Emerging Markets Equity Funds

2.4%

 

fid671

High Yield Bond Funds

10.0%

 

fid673

Investment Grade
Bond Funds

0.4%

 

fid1333

Expected

fid659

Commodity Funds

9.8%

 

fid663

Domestic Equity Funds

55.4%

 

fid773

Developed International Equity Funds

20.2%

 

fid1013

Emerging Markets Equity Funds

3.5%

 

fid671

High Yield Bond Funds

10.0%

 

fid673

Investment Grade
Bond Funds

1.1%

 

fid1341

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%

Semiannual Report

Fidelity Freedom 2050 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 65.5%

Shares

Value

Commodity Funds - 8.3%

Fidelity Series Commodity Strategy Fund

13,558,993

$ 148,335,383

Domestic Equity Funds - 57.2%

Fidelity Blue Chip Growth Fund

1,549,307

61,786,374

Fidelity Disciplined Equity Fund

8,629,453

179,665,204

Fidelity Equity-Income Fund

824,288

33,053,934

Fidelity Growth Company Fund

2,119,536

157,863,071

Fidelity Series 100 Index Fund

15,147,618

122,089,804

Fidelity Series All-Sector Equity Fund

16,986,325

201,967,406

Fidelity Series Large Cap Value Fund

17,052,860

193,720,490

Fidelity Series Small Cap Opportunities Fund (a)

3,531,608

32,314,214

Fidelity Small Cap Growth Fund (a)

1,495,314

20,201,690

Fidelity Small Cap Value Fund

1,457,454

20,302,332

TOTAL DOMESTIC EQUITY FUNDS

1,022,964,519

TOTAL DOMESTIC EQUITY FUNDS

(Cost $1,082,167,777)

1,171,299,902

International Equity Funds - 24.0%

 

 

 

 

Developed International Equity Funds - 20.7%

Fidelity Diversified International Fund

3,059,363

86,763,530

Fidelity Europe Fund

570,046

16,810,656

Fidelity Japan Fund

710,608

7,326,365

Fidelity Overseas Fund

2,878,467

86,699,418

Fidelity Series International Growth Fund

7,690,919

79,754,833

Fidelity Series International Small Cap Fund

1,373,480

15,094,541

Fidelity Series International Value Fund

8,189,767

78,048,477

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

370,497,820

 

Shares

Value

Emerging Markets Equity Funds - 3.3%

Fidelity Series Emerging Markets Fund

3,208,022

$ 57,936,884

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $388,636,782)

428,434,704

Bond Funds - 10.5%

 

 

 

 

High Yield Bond Funds - 10.0%

Fidelity Capital & Income Fund

9,826,074

89,220,749

Fidelity High Income Fund

10,082,685

89,130,934

TOTAL HIGH YIELD BOND FUNDS

178,351,683

Investment Grade Bond Funds - 0.5%

Fidelity Series Investment Grade Bond Fund

704,251

8,415,802

Fidelity Strategic Real Return Fund

195,949

1,789,012

Fidelity Total Bond Fund

51

560

TOTAL INVESTMENT GRADE BOND FUNDS

10,205,374

TOTAL BOND FUNDS

(Cost $165,734,593)

188,557,057

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,636,539,152)

1,788,291,663

NET OTHER ASSETS (LIABILITIES) - 0.0%

(560)

NET ASSETS - 100%

$ 1,788,291,103

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At March 31, 2010, the Fund had a capital loss carryforward of approximately $65,424,633 of which $23,028,339 and $42,396,294 will expire on March 31, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $27,177,925 of losses recognized during the period November 1, 2009 to March 31, 2010.

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

Semiannual Report

Fidelity Freedom 2050 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,636,539,152) - See accompanying schedule

$ 1,788,291,663

Receivable for investments sold

3,247,546

Receivable for fund shares sold

5,460,191

Total assets

1,796,999,400

 

 

 

Liabilities

Payable for fund shares redeemed

 

8,708,297

 

 

 

Net Assets

$ 1,788,291,103

Net Assets consist of:

 

Paid in capital

$ 1,788,988,565

Undistributed net investment income

6,134,740

Accumulated undistributed net realized gain (loss) on investments

(158,584,713)

Net unrealized appreciation (depreciation) on investments

151,752,511

Net Assets, for 206,947,205 shares outstanding

$ 1,788,291,103

Net Asset Value, offering price and redemption price per share ($1,788,291,103 ÷ 206,947,205 shares)

$ 8.64

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 6,124,213

 

 

 

Expenses

Independent trustees' compensation

$ 3,106

Total expenses before reductions

3,106

Expense reductions

(3,106)

-

Net investment income (loss)

6,124,213

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(52,008,855)

Capital gain distributions from underlying funds

2,016,721

 

Total net realized gain (loss)

 

(49,992,134)

Change in net unrealized appreciation (depreciation) on underlying funds

47,536,290

Net gain (loss)

(2,455,844)

Net increase (decrease) in net assets resulting from operations

$ 3,668,369

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

Year ended
March 31,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 6,124,213

$ 23,880,863

Net realized gain (loss)

(49,992,134)

(43,375,923)

Change in net unrealized appreciation (depreciation)

47,536,290

498,333,061

Net increase (decrease) in net assets resulting from operations

3,668,369

478,838,001

Distributions to shareholders from net investment income

(2,932,644)

(22,281,807)

Distributions to shareholders from net realized gain

(6,842,833)

(12,878,641)

Total distributions

(9,775,477)

(35,160,448)

Share transactions
Proceeds from sales of shares

464,362,562

893,918,327

Reinvestment of distributions

9,758,520

35,097,259

Cost of shares redeemed

(345,018,666)

(475,346,573)

Net increase (decrease) in net assets resulting from share transactions

129,102,416

453,669,013

Total increase (decrease) in net assets

122,995,308

897,346,566

 

 

 

Net Assets

Beginning of period

1,665,295,795

767,949,229

End of period (including undistributed net investment income of $6,134,740 and undistributed net investment income of $2,943,171, respectively)

$ 1,788,291,103

$ 1,665,295,795

Other Information

Shares

Sold

55,844,198

115,703,679

Issued in reinvestment of distributions

1,200,310

4,238,923

Redeemed

(41,741,170)

(59,785,173)

Net increase (decrease)

15,303,338

60,157,429

Financial Highlights

 

Six months ended September 30, 2010

Years ended March 31,

 

(Unaudited)

2010

2009

2008

2007F

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 8.69

$ 5.84

$ 10.26

$ 10.98

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss)D

  .03

.14

.17

.18

.11

Net realized and unrealized gain (loss)

  (.03)

2.92

(4.15)

(.53)

1.02

Total from investment operations

  .00

3.06

(3.98)

(.35)

1.13

Distributions from net investment income

  (.02)

(.13)

(.15)

(.12)

(.06)

Distributions from net realized gain

  (.04)

(.08)

(.29)

(.25)

(.09)

Total distributions

  (.05)I

(.21)H

(.44)

(.37)

(.15)

Net asset value, end of period

$ 8.64

$ 8.69

$ 5.84

$ 10.26

$ 10.98

Total ReturnB,C

  .04%

52.51%

(40.19)%

(3.53)%

11.33%

Ratios to Average Net AssetsE,G

 

 

 

 

 

Expenses before reductions

  .00%A

.00%

.00%

.00%

.00%A

Expenses net of fee waivers, if any

  .00%A

.00%

.00%

.00%

.00%A

Expenses net of all reductions

  .00%A

.00%

.00%

.00%

.00%A

Net investment income (loss)

  .74%A

1.85%

2.13%

1.59%

1.23%A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,788,291

$ 1,665,296

$ 767,949

$ 624,662

$ 148,033

Portfolio turnover rate

  38%A

23%

20%

16%

2%A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F For the period June 1, 2006 (commencement of operations) to March 31, 2007. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. H Total distributions of $.21 per share is comprised of distributions from net investment income of $.130 and distributions from net realized gain of $.075 per share. I Total distributions of $.05 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.035 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended September 30, 2010 (Unaudited)

1. Organization.

Freedom Income Fund, Freedom 2000 Fund, Freedom 2005 Fund, Freedom 2010 Fund, Freedom 2015 Fund, Freedom 2020 Fund, Freedom 2025 Fund, Freedom 2030 Fund, Freedom 2035 Fund, Freedom 2040 Fund, Freedom 2045 Fund and Freedom 2050 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned. 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 amongst each fund in the Trust. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Freedom 2010 Fund, Freedom 2020 Fund and Freedom 2030 Fund, independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, deferred trustees compensation, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

 

Tax cost

Gross unrealized
appreciation

Gross unrealized
depreciation

Net unrealized
appreciation
(depreciation)

Freedom Income

$ 2,678,823,169

$ 166,466,125

$ (46,161,469)

$ 120,304,656

Freedom 2000

1,517,021,673

96,508,903

(29,781,294)

66,727,609

Freedom 2005

943,894,802

41,035,281

(59,931,907)

(18,896,626)

Freedom 2010

10,030,823,853

593,402,597

(651,336,289)

(57,933,692)

Freedom 2015

8,103,328,508

780,389,133

(344,018,620)

436,370,513

Freedom 2020

17,849,090,000

2,111,307,832

(736,866,898)

1,374,440,934

Freedom 2025

9,422,030,708

519,838,100

(780,888,139)

(261,050,039)

Freedom 2030

13,105,663,291

1,523,450,206

(701,172,036)

822,278,170

Freedom 2035

6,283,328,923

358,757,664

(552,122,370)

(193,364,706)

Freedom 2040

7,945,053,775

894,264,061

(456,971,079)

437,292,982

Freedom 2045

2,027,373,481

276,834,932

(76,530,835)

200,304,097

Freedom 2050

1,646,944,801

215,150,444

(73,803,582)

141,346,862

3. Purchases and Sales of Investments.

Purchases and redemptions of the Underlying Fund shares are noted in the table below.

 

Purchases ($)

Redemptions ($)

Freedom Income

511,559,045

498,948,967

Freedom 2000

251,195,560

405,749,725

Freedom 2005

177,497,072

278,032,415

Freedom 2010

1,673,221,085

2,915,630,511

Freedom 2015

1,729,602,094

2,147,182,209

Freedom 2020

3,599,107,395

5,090,682,418

Freedom 2025

1,924,797,901

2,115,779,987

Freedom 2030

2,616,116,542

3,300,119,124

Freedom 2035

1,260,926,656

1,247,783,077

Freedom 2040

1,608,066,144

1,823,282,828

Freedom 2045

553,159,263

396,725,762

Freedom 2050

443,696,741

316,229,598

4. Fees and Other Transactions with Affiliates.

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

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

Reallocation of Underlying Fund Investments. During the period, Strategic Advisers reallocated investments of certain Funds. This involved a taxable redemption of certain Funds' interest, or partial interest, in Fidelity Europe Fund for securities in-kind and non-taxable exchanges of those securities for shares of Fidelity Series International Growth Fund and Fidelity Series International Value Fund. Realized gains and losses on redemptions of Fidelity Europe Fund in connection with the reallocation are presented in the accompanying Statement of Operations as "Realized gain (loss) on sale of underlying fund shares."

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Reallocation of Underlying Fund Investments - continued

Details of these transactions with the related gain/(loss) for the Funds are presented in the accompanying table:

 

Value of Cash
and Securities
reallocated

Realized Gain/(Loss) on
redemptions of
Fidelity Europe Fund

Freedom 2000

$ 101,315

$ 7,209

Freedom 2005

5,287,243

(2,254,760)

Freedom 2010

72,781,751

(25,546,061)

Freedom 2015

58,391,028

(25,221,283)

Freedom 2020

166,802,239

(38,416,307)

Freedom 2025

80,049,760

(33,770,835)

Freedom 2030

143,089,100

(55,390,325)

Freedom 2035

59,798,705

(24,911,463)

Freedom 2040

87,895,386

(36,764,319)

Freedom 2045

19,512,928

(6,864,298)

Freedom 2050

18,913,699

(8,312,888)

5. Expense Reductions.

FMR voluntarily agreed to reimburse each Fund's operating expenses. Some expenses, for example interest expense, are excluded from this reimbursement.

During the period ended September 30, 2010, this reimbursement reduced each Fund's expenses by the following:

 

Reimbursement
from adviser

Freedom Income

$ 5,171

Freedom 2000

3,066

Freedom 2005

1,848

Freedom 2010

19,941

Freedom 2015

16,329

Freedom 2020

37,227

Freedom 2025

17,152

Freedom 2030

26,545

Freedom 2035

11,208

Freedom 2040

15,693

Freedom 2045

3,878

Freedom 2050

3,106

6. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.

Semiannual Report

6. Other - continued

 

Freedom 2010

Freedom 2015

Freedom 2020

Freedom 2030

Fidelity Disciplined Equity Fund

-

-

13%

12%

Fidelity Series 100 Index Fund

-

-

16%

14%

Fidelity Series All-Sector Equity Fund

-

-

16%

14%

Fidelity Series Commodity Strategy Fund

-

-

16%

14%

Fidelity Series Emerging Markets Fund

-

-

16%

15%

Fidelity Series Inflation-Protected Bond Index Fund

19%

15%

24%

-

Fidelity Series International Growth Fund

-

-

16%

15%

Fidelity Series International Small Cap Fund

-

-

16%

15%

Fidelity Series International Value Fund

-

-

16%

15%

Fidelity Series Investment Grade Bond Fund

12%

11%

21%

11%

Fidelity Series Large Cap Value Fund

-

-

16%

14%

Fidelity Series Small Cap Opportunities Fund

-

-

15%

13%

Fidelity Small Cap Growth Fund

-

-

10%

-

Fidelity Strategic Real Return Fund

-

-

15%

-

The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.

 

% of shares held

Fidelity Capital & Income Fund

24%

Fidelity Disciplined Equity Fund

62%

Fidelity Europe Fund

41%

Fidelity High Income Fund

38%

Fidelity Japan Fund

31%

Fidelity Overseas Fund

45%

Fidelity Series 100 Index Fund

76%

Fidelity Series All-Sector Equity Fund

75%

Fidelity Series Commodity Strategy Fund

74%

Fidelity Series Emerging Markets Fund

75%

Fidelity Series Inflation-Protected Bond Index Fund

78%

Fidelity Series International Growth Fund

75%

Fidelity Series International Small Cap Fund

75%

Fidelity Series International Value Fund

75%

Fidelity Series Investment Grade Bond Fund

76%

Fidelity Series Large Cap Value Fund

76%

Fidelity Series Small Cap Opportunities Fund

71%

Fidelity Short-Term Bond Fund

26%

Fidelity Small Cap Growth Fund

47%

Fidelity Small Cap Value Fund

32%

Fidelity Strategic Real Return Fund

54%

Subsequent to period end, Strategic Advisers reallocated investments of certain Funds. This involved a taxable redemption of certain Funds' interest in Fidelity Europe Fund for securities in-kind and a non-taxable exchange of those securities for shares of Fidelity Series International Growth Fund and Fidelity Series International Value Fund. As a result of this redemption, the Freedom Funds' ownership of Fidelity Europe Fund was reduced to 0%.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Freedom Funds

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and administration agreement (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established three standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of each fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Strategic Advisers, Inc. (Strategic Advisers), and the administrator, FMR, including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interest of each fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of Strategic Advisers' investment staff, their use of technology, and Strategic Advisers' and FMR's approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board noted FMR's continued focus on strengthening the organization and discipline of equity portfolio management and research.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR and its affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of FMR's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and restructuring and broadening the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) launching Class F of certain funds as a lower-fee class available to Freedom K and Freedom Index Funds; (iv) lowering the initial investment minimums and ongoing balance requirements for Real Estate High Income Fund; (v) eliminating subsequent purchase minimums for all funds and adding a waiver of the investment minimum requirement for new accounts opened with the proceeds of a systematic withdrawal plan; (vi) eliminating the withdrawal minimum and maximum limits for systematic withdrawals from Advisor funds; (vii) expanding sales load waivers on Class A shares for Destiny Planholders and expanding Institutional Class eligibility for Class O Destiny Planholders; and (viii) changing certain Class A and Class T sales charge structures to further align them with industry practices.

Semiannual Report

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance, as well as each fund's relative investment performance measured over multiple periods against a proprietary custom index. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare any of the funds' performance.

For each of Freedom 2000 Fund, Freedom 2005 Fund, Freedom 2010 Fund, Freedom 2015 Fund, Freedom 2020 Fund, Freedom 2025 Fund, Freedom 2030 Fund, Freedom 2035 Fund, Freedom 2040 Fund, and Freedom Income Fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2009, the fund's cumulative total returns and the cumulative total returns of a proprietary custom index ("benchmark").

Because each of Freedom 2045 Fund and Freedom 2050 Fund had been in existence less than five calendar years, for each fund the following charts considered by the Board show, over the one- and three-year periods ended December 31, 2009, the fund's cumulative total returns and the cumulative total returns of a proprietary custom index ("benchmark").

For each fund, the proprietary custom index is an index developed by FMR that represents the performance of the fund's asset classes according to their respective weightings, adjusted on June 30 and December 31 of each calendar year to reflect the fund's increasingly conservative asset allocations (for each fund other than Freedom Income Fund).

Fidelity Freedom 2000 Fund

fid1343

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom 2005 Fund

fid1345

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Freedom 2010 Fund

fid1347

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Fidelity Freedom 2015 Fund

fid1349

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Freedom 2020 Fund

fid1351

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom 2025 Fund

fid1353

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Freedom 2030 Fund

fid1355

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Fidelity Freedom 2035 Fund

fid1357

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Freedom 2040 Fund

fid1359

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom 2045 Fund

fid1361

The Board noted that the investment performance of the fund compared favorably to its benchmark for the one-year period, although the fund's three-year cumulative total return was lower than its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Freedom 2050 Fund

fid1363

The Board noted that the investment performance of the fund compared favorably to its benchmark for the one-year period, although the fund's three-year cumulative total return was lower than its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Semiannual Report

Fidelity Freedom Income Fund

fid1365

The Board noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by Strategic Advisers and FMR to maintain and improve relative performance and factoring in the unprecedented market events in recent years, the Board concluded that the nature, extent, and quality of investment management and support services and of shareholder and administrative services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board noted that the funds do not pay Strategic Advisers a management fee for investment advisory services. The Board considered each fund's management fee and total expenses (which include the fees and expenses of underlying funds) compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 0% means that 100% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom 2000 Fund

fid1367

Fidelity Freedom 2005 Fund

fid1369

Semiannual Report

Fidelity Freedom 2010 Fund

fid1371

Fidelity Freedom 2015 Fund

fid1373

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom 2020 Fund

fid1375

Fidelity Freedom 2025 Fund

fid1377

Semiannual Report

Fidelity Freedom 2030 Fund

fid1379

Fidelity Freedom 2035 Fund

fid1381

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom 2040 Fund

fid1383

Fidelity Freedom 2045 Fund

fid1385

Semiannual Report

Fidelity Freedom 2050 Fund

fid1387

Fidelity Freedom Income Fund

fid1389

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2009.

Furthermore, the Board considered that, for Freedom 2000 Fund, Freedom 2005 Fund, Freedom 2010 Fund, Freedom 2015 Fund, Freedom 2020 Fund, Freedom 2025 Fund, Freedom 2030 Fund, Freedom 2035 Fund, Freedom 2040 Fund and Freedom Income Fund, it had approved an amendment (effective May 19, 2005) to each fund's management contract that eliminated the management fee that the fund paid to Strategic Advisers. The Board considered that each fund's chart reflects the elimination of the fund's management fee for 2005, as if the fee had been eliminated for the entire year.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of each fund's total expenses, the Board considered that the funds do not pay transfer agent fees. Instead, each underlying fund (or the retail class of the underlying fund, if that underlying fund offers multiple classes of shares) bears its pro rata portion of each fund's transfer agent fee according to the percentage of each fund's assets invested in that underlying fund. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions.

The Board noted that each fund's total expenses ranked below its competitive median for 2009.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that each fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contracts because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

Economies of Scale. The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

Fidelity Automated Service Telephone (FAST®)
1-800-544-5555

Press

fid1391For mutual fund and brokerage trading.

fid1393For quotes.*

fid1395For account balances and holdings.

fid1397To review orders and mutual fund activity.

fid1399To change your PIN.

fid1401fid1403To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours, 
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

304 Strander Blvd
Tukwila, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Semiannual Report

Investment Adviser

Strategic Advisers, Inc.

Boston, MA

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

fid1405 

FF-USAN-1110
1.792160.107

Fidelity Freedom K® Funds -
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050

Semiannual Report

September 30, 2010

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

The Chairman's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Fidelity Freedom K® Income Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2000 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2005 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2010 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2015 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2020 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2025 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2030 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2035 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2040 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2045 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom K® 2050 Fund

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Notes

<Click Here>

Notes to the financial statements.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

 

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Semiannual Report

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

Equities staged a rally during the third quarter of 2010, shaking off concerns about the European debt crisis and the possibility of a double-dip recession in the U.S. Although the short-term surge pushed major equity indexes back into positive territory for the year, several questions remained about the longer-term outlook, including lackluster economic growth and persistently high unemployment. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.

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

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

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

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

Sincerely,


(The chairman's signature appears here.)

Abigail P. Johnson

Semiannual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2010 to September 30, 2010).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 

Annualized
Expense Ratio

Beginning
Account Value
April 1, 2010

Ending
Account Value
September 30, 2010

Expenses Paid
During Period*
April 1, 2010
to September 30, 2010

Fidelity Freedom K® Income Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.20

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2000 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.90

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2005 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.60

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2010 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.50

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2015 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.80

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2020 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,018.10

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2025 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,015.00

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2030 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,011.50

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2035 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,006.80

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

 

Annualized
Expense Ratio

Beginning
Account Value
April 1, 2010

Ending
Account Value
September 30, 2010

Expenses Paid
During Period*
April 1, 2010
to September 30, 2010

Fidelity Freedom K® 2040 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,005.10

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2045 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,004.80

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

Fidelity Freedom K® 2050 Fund

.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,001.30

$ .25

HypotheticalA

 

$ 1,000.00

$ 1,024.82

$ .25

A 5% return per year before expenses

* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

Semiannual Report

Fidelity Freedom K® Income Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

0.8

0.6

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

0.8

0.9

Fidelity Disciplined Equity Fund Class F

2.5

3.1

Fidelity Equity-Income Fund Class F

0.5

1.7

Fidelity Growth Company Fund Class F

2.2

2.7

Fidelity Series 100 Index Fund

1.7

2.1

Fidelity Series All-Sector Equity Fund Class F

2.8

2.9

Fidelity Series Large Cap Value Fund Class F

2.6

3.1

Fidelity Series Small Cap Opportunities Fund Class F

0.4

0.5

Fidelity Small Cap Growth Fund Class F

0.3

0.3

Fidelity Small Cap Value Fund Class F

0.3

0.3

 

14.1

17.6

Developed International Equity Funds

Fidelity Diversified International Fund Class F

0.9

0.5

Fidelity Japan Fund Class F

0.0*

0.0

Fidelity Overseas Fund Class F

1.0

0.5

Fidelity Series International Growth Fund Class F

1.0

0.2

Fidelity Series International Small Cap Fund Class F

0.2

0.1

Fidelity Series International Value Fund Class F

0.9

0.2

 

4.0

1.5

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

0.7

0.2

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

2.6

2.6

Fidelity High Income Fund Class F

2.6

2.6

 

5.2

5.2

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

10.3

4.4

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

20.7

22.3

Fidelity Strategic Real Return Fund Class F

4.9

6.7

Fidelity Total Bond Fund Class F

0.0

2.0

 

25.6

31.0

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

19.6

19.7

Fidelity Short Term Bond Fund Class F

19.7

19.8

 

39.3

39.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

0.8%

 

fid663

Domestic Equity Funds

14.1%

 

fid1009

Developed International Equity Funds

4.0%

 

fid773

Emerging Markets Equity Funds

0.7%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected Bond Funds

10.3%

 

fid1015

Investment Grade Bond Funds

25.6%

 

fid673

Short-Term Funds

39.3%

 

fid1455

Six months ago

fid659

Commodity Funds

0.6%

 

fid663

Domestic Equity Funds

17.6%

 

fid1459

Developed International Equity Funds

1.5%

 

fid773

Emerging Markets Equity Funds

0.2%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected Bond Funds

4.4%

 

fid1015

Investment Grade Bond Funds

31.0%

 

fid673

Short-Term Funds

39.5%

 

fid1466

Expected

fid659

Commodity Funds

2.0%

 

fid663

Domestic Equity Funds

12.6%

 

fid1009

Developed International Equity Funds

4.6%

 

fid773

Emerging Markets Equity Funds

0.8%

 

fid667

High Yield Bond Funds

5.0%

 

fid1013

Inflation-Protected Bond Funds

12.0%

 

fid1015

Investment Grade Bond Funds

23.0%

 

fid673

Short-Term Funds

40.0%

 

fid1476

The six months ago allocation is based on the fund's holdings as of March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® Income Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 14.9%

Shares

Value

Commodity Funds - 0.8%

Fidelity Series Commodity Strategy Fund Class F

286,066

$ 3,132,425

Domestic Equity Funds - 14.1%

Fidelity Blue Chip Growth Fund Class F

83,699

3,339,601

Fidelity Disciplined Equity Fund Class F

467,059

9,733,511

Fidelity Equity-Income Fund Class F

49,319

1,978,663

Fidelity Growth Company Fund Class F

115,036

8,572,467

Fidelity Series 100 Index Fund

821,244

6,619,226

Fidelity Series All-Sector Equity Fund Class F

912,833

10,871,844

Fidelity Series Large Cap Value Fund Class F

918,487

10,452,383

Fidelity Series Small Cap Opportunities Fund Class F (a)

190,700

1,750,622

Fidelity Small Cap Growth Fund Class F (a)

80,385

1,090,023

Fidelity Small Cap Value Fund Class F

78,578

1,095,370

TOTAL DOMESTIC EQUITY FUNDS

55,503,710

TOTAL DOMESTIC EQUITY FUNDS

(Cost $56,495,964)

58,636,135

International Equity Funds - 4.7%

 

 

 

 

Developed International Equity Funds - 4.0%

Fidelity Diversified International Fund Class F

130,740

3,710,411

Fidelity Japan Fund Class F

15,480

159,905

Fidelity Overseas Fund Class F

123,235

3,713,070

Fidelity Series International Growth Fund Class F

361,442

3,758,995

Fidelity Series International Small Cap Fund Class F

66,742

734,827

Fidelity Series International Value Fund Class F

386,197

3,688,186

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

15,765,394

Emerging Markets Equity Funds - 0.7%

Fidelity Series Emerging Markets Fund Class F

145,803

2,639,042

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $16,889,896)

18,404,436

Bond Funds - 41.1%

Shares

Value

High Yield Bond Funds - 5.2%

Fidelity Capital & Income Fund Class F

1,121,561

$ 10,172,560

Fidelity High Income Fund Class F

1,152,361

10,175,349

TOTAL HIGH YIELD BOND FUNDS

20,347,909

Inflation-Protected Bond Funds - 10.3%

Fidelity Series Inflation-Protected Bond Index Fund Class F

3,806,228

40,612,455

Investment Grade Bond Funds - 25.6%

Fidelity Series Investment Grade Bond Fund Class F

6,819,832

81,496,991

Fidelity Strategic Real Return Fund Class F

2,138,022

19,520,137

TOTAL INVESTMENT GRADE BOND FUNDS

101,017,128

TOTAL BOND FUNDS

(Cost $156,693,704)

161,977,492

Short-Term Funds - 39.3%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F

77,319,885

77,319,885

Fidelity Short Term Bond Fund Class F

9,157,497

77,838,728

TOTAL SHORT-TERM FUNDS

(Cost $154,231,200)

155,158,613

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $384,310,764)

394,176,676

NET OTHER ASSETS (LIABILITIES) - 0.0%

(15,696)

NET ASSETS - 100%

$ 394,160,980

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® Income Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $384,310,764) - See accompanying schedule

$ 394,176,676

Receivable for investments sold

465,275

Receivable for fund shares sold

520,608

Total assets

395,162,559

 

 

 

Liabilities

Payable to custodian bank

$ 2

Payable for investments purchased

831,216

Payable for fund shares redeemed

154,675

Transfer agent fee payable

15,686

Total liabilities

1,001,579

 

 

 

Net Assets

$ 394,160,980

Net Assets consist of:

 

Paid in capital

$ 383,676,336

Undistributed net investment income

669,468

Accumulated undistributed net realized gain (loss) on investments

(50,736)

Net unrealized appreciation (depreciation) on investments

9,865,912

Net Assets, for 34,805,230 shares outstanding

$ 394,160,980

Net Asset Value, offering price and redemption price per share ($394,160,980 ÷ 34,805,230 shares)

$ 11.32

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 2,126,356

 

 

 

Expenses

Transfer agent fees

$ 69,720

Independent trustees' compensation

413

Total expenses

70,133

Net investment income (loss)

2,056,223

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(53,355)

 

Capital gain distributions from underlying funds

48,159

(5,196)

Change in net unrealized appreciation (depreciation) on underlying funds

8,177,003

Net gain (loss)

8,171,807

Net increase (decrease) in net assets resulting from operations

$ 10,228,030

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

Semiannual Report

Fidelity Freedom K® Income Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

For the period
July 2, 2009
(commencement
of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,056,223

$ 604,437

Net realized gain (loss)

(5,196)

260,460

Change in net unrealized appreciation (depreciation)

8,177,003

1,688,909

Net increase (decrease) in net assets resulting from operations

10,228,030

2,553,806

Distributions to shareholders from net investment income

(1,603,073)

(388,119)

Distributions to shareholders from net realized gain

(164,848)

(141,152)

Total distributions

(1,767,921)

(529,271)

Share transactions
Proceeds from sales of shares

299,744,910

130,282,128

Reinvestment of distributions

1,767,921

529,271

Cost of shares redeemed

(39,588,737)

(9,059,157)

Net increase (decrease) in net assets resulting from share transactions

261,924,094

121,752,242

Total increase (decrease) in net assets

270,384,203

123,776,777

Net Assets

Beginning of period

123,776,777

-

End of period (including undistributed net investment income of $669,468 and undistributed net investment income of $216,318, respectively)

$ 394,160,980

$ 123,776,777

Other Information

Shares

Sold

27,062,258

11,929,920

Issued in reinvestment of distributions

159,878

48,564

Redeemed

(3,568,174)

(827,216)

Net increase (decrease)

23,653,962

11,151,268

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 11.10

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .09

.17

Net realized and unrealized gain (loss)

  .21

1.09

Total from investment operations

  .30

1.26

Distributions from net investment income

  (.07)

(.13)

Distributions from net realized gain

  (.01)

(.03)

Total distributions

  (.08)

(.16)

Net asset value, end of period

$ 11.32

$ 11.10

Total Return B

  2.72%

12.66%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  1.54% A

2.18% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 394,161

$ 123,777

Portfolio turnover rate

  29% A

32% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.

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

Semiannual Report

Fidelity Freedom K® 2000 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

2.1

0.8

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

0.9

1.0

Fidelity Disciplined Equity Fund Class F

2.6

3.4

Fidelity Equity-Income Fund Class F

0.5

1.9

Fidelity Growth Company Fund Class F

2.3

2.9

Fidelity Series 100 Index Fund

1.7

2.3

Fidelity Series All-Sector Equity Fund Class F

2.9

3.1

Fidelity Series Large Cap Value Fund Class F

2.8

3.3

Fidelity Series Small Cap Opportunities Fund Class F

0.5

0.6

Fidelity Small Cap Growth Fund Class F

0.3

0.3

Fidelity Small Cap Value Fund Class F

0.3

0.3

 

14.8

19.1

Developed International Equity Funds

Fidelity Diversified International Fund Class F

1.0

0.6

Fidelity Europe Fund Class F

0.0*

0.0*

Fidelity Japan Fund Class F

0.0*

0.0*

Fidelity Overseas Fund Class F

1.0

0.6

Fidelity Series International Growth Fund Class F

1.0

0.2

Fidelity Series International Small Cap Fund Class F

0.2

0.1

Fidelity Series International Value Fund Class F

1.0

0.2

 

4.2

1.7

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

0.7

0.2

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

2.6

2.6

Fidelity High Income Fund Class F

2.6

2.6

 

5.2

5.2

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

9.9

4.1

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

19.2

21.3

Fidelity Strategic Real Return Fund Class F

4.7

6.5

Fidelity Total Bond Fund Class F

0.0

1.8

 

23.9

29.6

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

19.5

19.6

Fidelity Short Term Bond Fund Class F

19.7

19.7

 

39.2

39.3

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

2.1%

 

fid663

Domestic Equity Funds

14.8%

 

fid1009

Developed International Equity Funds

4.2%

 

fid773

Emerging Markets Equity Funds

0.7%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected Bond Funds

9.9%

 

fid1015

Investment Grade Bond Funds

23.9%

 

fid673

Short-Term Funds

39.2%

 

fid1486

Six months ago

fid659

Commodity Funds

0.8%

 

fid663

Domestic Equity Funds

19.1%

 

fid1009

Developed International Equity Funds

1.7%

 

fid773

Emerging Markets Equity Funds

0.2%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected Bond Funds

4.1%

 

fid1015

Investment Grade Bond Funds

29.6%

 

fid673

Short-Term Funds

39.3%

 

fid1496

Expected

fid769

Commodity Funds

2.2%

 

fid663

Domestic Equity Funds

13.0%

 

fid1009

Developed International Equity Funds

4.7%

 

fid773

Emerging Markets Equity Funds

0.9%

 

fid667

High Yield Bond Funds

5.0%

 

fid1013

Inflation-Protected Bond Funds

11.7%

 

fid1015

Investment Grade Bond Funds

22.5%

 

fid673

Short-Term Funds

40.0%

 

fid1506

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2000 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 16.9%

Shares

Value

Commodity Funds - 2.1%

Fidelity Series Commodity Strategy Fund Class F

517,686

$ 5,668,657

Domestic Equity Funds - 14.8%

Fidelity Blue Chip Growth Fund Class F

61,141

2,439,528

Fidelity Disciplined Equity Fund Class F

341,230

7,111,233

Fidelity Equity-Income Fund Class F

35,601

1,428,308

Fidelity Growth Company Fund Class F

84,044

6,262,978

Fidelity Series 100 Index Fund

600,247

4,837,988

Fidelity Series All-Sector Equity Fund Class F

667,997

7,955,847

Fidelity Series Large Cap Value Fund Class F

671,743

7,644,440

Fidelity Series Small Cap Opportunities Fund Class F (a)

139,488

1,280,502

Fidelity Small Cap Growth Fund Class F (a)

58,829

797,716

Fidelity Small Cap Value Fund Class F

57,547

802,209

TOTAL DOMESTIC EQUITY FUNDS

40,560,749

TOTAL DOMESTIC EQUITY FUNDS

(Cost $45,183,809)

46,229,406

International Equity Funds - 4.9%

 

 

 

 

Developed International Equity Funds - 4.2%

Fidelity Diversified International Fund Class F

95,837

2,719,858

Fidelity Europe Fund Class F

316

9,320

Fidelity Japan Fund Class F

12,189

125,912

Fidelity Overseas Fund Class F

90,274

2,719,957

Fidelity Series International Growth Fund Class F

264,924

2,755,205

Fidelity Series International Small Cap Fund Class F

48,884

538,218

Fidelity Series International Value Fund Class F

282,918

2,701,864

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

11,570,334

Emerging Markets Equity Funds - 0.7%

Fidelity Series Emerging Markets Fund Class F

107,051

1,937,624

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $12,523,611)

13,507,958

Bond Funds - 39.0%

Shares

Value

High Yield Bond Funds - 5.2%

Fidelity Capital & Income Fund Class F

779,519

$ 7,070,239

Fidelity High Income Fund Class F

801,061

7,073,370

TOTAL HIGH YIELD BOND FUNDS

14,143,609

Inflation-Protected Bond Funds - 9.9%

Fidelity Series Inflation-Protected Bond Index Fund Class F

2,554,878

27,260,549

Investment Grade Bond Funds - 23.9%

Fidelity Series Investment Grade Bond Fund Class F

4,413,323

52,739,205

Fidelity Strategic Real Return Fund Class F

1,396,967

12,754,305

TOTAL INVESTMENT GRADE BOND FUNDS

65,493,510

TOTAL BOND FUNDS

(Cost $103,240,827)

106,897,668

Short-Term Funds - 39.2%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F

53,600,735

53,600,735

Fidelity Short Term Bond Fund Class F

6,348,098

53,958,838

TOTAL SHORT-TERM FUNDS

(Cost $106,835,311)

107,559,573

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $267,783,558)

274,194,605

NET OTHER ASSETS (LIABILITIES) - 0.0%

(11,263)

NET ASSETS - 100%

$ 274,183,342

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2000 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $267,783,558) - See accompanying schedule

$ 274,194,605

Receivable for investments sold

276,028

Receivable for fund shares sold

272,748

Total assets

274,743,381

 

 

 

Liabilities

Payable to custodian bank

$ 1

Payable for investments purchased

369,904

Payable for fund shares redeemed

178,874

Transfer agent fee payable

11,260

Total liabilities

560,039

 

 

 

Net Assets

$ 274,183,342

Net Assets consist of:

 

Paid in capital

$ 266,414,733

Undistributed net investment income

1,542,618

Accumulated undistributed net realized gain (loss) on investments

(185,056)

Net unrealized appreciation (depreciation) on investments

6,411,047

Net Assets, for 23,896,192 shares outstanding

$ 274,183,342

Net Asset Value, offering price and redemption price per share ($274,183,342 ÷ 23,896,192 shares)

$ 11.47

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 1,642,121

 

 

 

Expenses

Transfer agent fees

$ 55,446

Independent trustees' compensation

334

Total expenses

55,780

Net investment income (loss)

1,586,341

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(211,228)

Capital gain distributions from underlying funds

80,685

(130,543)

Change in net unrealized appreciation (depreciation) on underlying funds

4,778,977

Net gain (loss)

4,648,434

Net increase (decrease) in net assets resulting from operations

$ 6,234,775

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

For the period
July 2, 2009
(commencement
of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,586,341

$ 583,523

Net realized gain (loss)

(130,543)

354,117

Change in net unrealized appreciation (depreciation)

4,778,977

1,632,070

Net increase (decrease) in net assets resulting from operations

6,234,775

2,569,710

Distributions to shareholders from net investment income

(342,223)

(285,023)

Distributions to shareholders from net realized gain

(171,111)

(237,519)

Total distributions

(513,334)

(522,542)

Share transactions
Proceeds from sales of shares

203,512,078

91,423,228

Reinvestment of distributions

513,334

522,542

Cost of shares redeemed

(23,037,441)

(6,519,008)

Net increase (decrease) in net assets resulting from share transactions

180,987,971

85,426,762

Total increase (decrease) in net assets

186,709,412

87,473,930

Net Assets

Beginning of period

87,473,930

-

End of period (including undistributed net investment income of $1,542,618 and undistributed net investment income of $298,500, respectively)

$ 274,183,342

$ 87,473,930

Other Information

Shares

Sold

18,094,270

8,351,510

Issued in reinvestment of distributions

45,915

47,634

Redeemed

(2,053,153)

(589,984)

Net increase (decrease)

16,087,032

7,809,160

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 11.20

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .08

.19

Net realized and unrealized gain (loss)

  .22

1.12

Total from investment operations

  .30

1.31

Distributions from net investment income

  (.02)

(.06)

Distributions from net realized gain

  (.01)

(.05)

Total distributions

  (.03)

(.11)

Net asset value, end of period

$ 11.47

$ 11.20

Total Return B

  2.69%

13.12%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  1.50% A

2.40% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 274,183

$ 87,474

Portfolio turnover rate

  31% A

35% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.

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

Semiannual Report

Fidelity Freedom K® 2005 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

4.0

1.7

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

1.7

1.7

Fidelity Disciplined Equity Fund Class F

5.0

6.1

Fidelity Equity-Income Fund Class F

1.0

3.4

Fidelity Growth Company Fund Class F

4.4

5.2

Fidelity Series 100 Index Fund

3.4

4.1

Fidelity Series All-Sector Equity Fund Class F

5.6

5.5

Fidelity Series Large Cap Value Fund Class F

5.4

5.9

Fidelity Series Small Cap Opportunities Fund Class F

0.9

1.0

Fidelity Small Cap Growth Fund Class F

0.5

0.6

Fidelity Small Cap Value Fund Class F

0.6

0.6

 

28.5

34.1

Developed International Equity Funds

Fidelity Diversified International Fund Class F

2.2

2.9

Fidelity Europe Fund Class F

0.5

1.1

Fidelity Japan Fund Class F

0.2

0.4

Fidelity Overseas Fund Class F

2.2

2.8

Fidelity Series International Growth Fund Class F

2.2

0.4

Fidelity Series International Small Cap Fund Class F

0.4

0.1

Fidelity Series International Value Fund Class F

2.1

0.4

 

9.8

8.1

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

1.6

0.8

Fidelity Southeast Asia Fund Class F

0.0

0.1

 

1.6

0.9

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

2.5

2.6

Fidelity High Income Fund Class F

2.6

2.5

 

5.1

5.1

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

8.5

3.6

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

18.1

20.4

Fidelity Strategic Real Return Fund Class F

4.3

6.2

Fidelity Total Bond Fund Class F

0.0

1.8

 

22.4

28.4

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

10.0

9.0

Fidelity Short Term Bond Fund Class F

10.1

9.1

 

20.1

18.1

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

4.0%

 

fid663

Domestic Equity Funds

28.5%

 

fid1009

Developed International Equity Funds

9.8%

 

fid773

Emerging Markets Equity Funds

1.6%

 

fid667

High Yield Bond Funds

5.1%

 

fid1013

Inflation-Protected Bond Funds

8.5%

 

fid1015

Investment Grade Bond Funds

22.4%

 

fid673

Short-Term Funds

20.1%

 

fid1516

Six months ago

fid659

Commodity Funds

1.7%

 

fid663

Domestic Equity Funds

34.1%

 

fid1009

Developed International Equity Funds

8.1%

 

fid773

Emerging Markets Equity Funds

0.9%

 

fid667

High Yield Bond Funds

5.1%

 

fid1013

Inflation-Protected Bond Funds

3.6%

 

fid1015

Investment Grade Bond Funds

28.4%

 

fid673

Short-Term Funds

18.1%

 

fid1526

Expected

fid659

Commodity Funds

4.5%

 

fid663

Domestic Equity Funds

25.7%

 

fid1009

Developed International Equity Funds

9.4%

 

fid773

Emerging Markets Equity Funds

1.6%

 

fid667

High Yield Bond Funds

5.0%

 

fid1013

Inflation-Protected Bond Funds

10.0%

 

fid1015

Investment Grade Bond Funds

20.9%

 

fid673

Short-Term Funds

22.9%

 

fid1536

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2005 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.5%

Shares

Value

Commodity Funds - 4.0%

Fidelity Series Commodity Strategy Fund Class F

582,327

$ 6,376,480

Domestic Equity Funds - 28.5%

Fidelity Blue Chip Growth Fund Class F

67,533

2,694,554

Fidelity Disciplined Equity Fund Class F

375,860

7,832,926

Fidelity Equity-Income Fund Class F

38,843

1,558,394

Fidelity Growth Company Fund Class F

92,563

6,897,775

Fidelity Series 100 Index Fund

660,915

5,326,976

Fidelity Series All-Sector Equity Fund Class F

737,270

8,780,882

Fidelity Series Large Cap Value Fund Class F

740,843

8,430,789

Fidelity Series Small Cap Opportunities Fund Class F (a)

153,436

1,408,545

Fidelity Small Cap Growth Fund Class F (a)

64,798

878,656

Fidelity Small Cap Value Fund Class F

63,369

883,366

TOTAL DOMESTIC EQUITY FUNDS

44,692,863

TOTAL DOMESTIC EQUITY FUNDS

(Cost $48,791,395)

51,069,343

International Equity Funds - 11.4%

 

 

 

 

Developed International Equity Funds - 9.8%

Fidelity Diversified International Fund Class F

122,386

3,473,313

Fidelity Europe Fund Class F

25,494

753,099

Fidelity Japan Fund Class F

27,059

279,523

Fidelity Overseas Fund Class F

115,160

3,469,782

Fidelity Series International Growth Fund Class F

329,470

3,426,484

Fidelity Series International Small Cap Fund Class F

59,736

657,690

Fidelity Series International Value Fund Class F

352,329

3,364,739

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

15,424,630

Emerging Markets Equity Funds - 1.6%

Fidelity Series Emerging Markets Fund Class F

132,989

2,407,108

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $16,448,826)

17,831,738

Bond Funds - 36.0%

Shares

Value

High Yield Bond Funds - 5.1%

Fidelity Capital & Income Fund Class F

440,475

$ 3,995,106

Fidelity High Income Fund Class F

453,035

4,000,299

TOTAL HIGH YIELD BOND FUNDS

7,995,405

Inflation-Protected Bond Funds - 8.5%

Fidelity Series Inflation-Protected Bond Index Fund Class F

1,249,077

13,327,652

Investment Grade Bond Funds - 22.4%

Fidelity Series Investment Grade Bond Fund Class F

2,374,162

28,371,234

Fidelity Strategic Real Return Fund Class F

751,422

6,860,481

TOTAL INVESTMENT GRADE BOND FUNDS

35,231,715

TOTAL BOND FUNDS

(Cost $54,528,095)

56,554,772

Short-Term Funds - 20.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F

15,728,276

15,728,276

Fidelity Short Term Bond Fund Class F

1,862,785

15,833,675

TOTAL SHORT-TERM FUNDS

(Cost $31,372,777)

31,561,951

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $151,141,093)

157,017,804

NET OTHER ASSETS (LIABILITIES) - 0.0%

(6,475)

NET ASSETS - 100%

$ 157,011,329

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2005 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $151,141,093) - See accompanying schedule

$ 157,017,804

Receivable for investments sold

159,317

Receivable for fund shares sold

108,410

Total assets

157,285,531

 

 

 

Liabilities

Payable to custodian bank

$ 1

Payable for investments purchased

180,680

Payable for fund shares redeemed

87,049

Transfer agent fee payable

6,472

Total liabilities

274,202

 

 

 

Net Assets

$ 157,011,329

Net Assets consist of:

 

Paid in capital

$ 150,556,289

Undistributed net investment income

669,834

Accumulated undistributed net realized gain (loss) on investments

(91,505)

Net unrealized appreciation (depreciation) on investments

5,876,711

Net Assets, for 13,023,329 shares outstanding

$ 157,011,329

Net Asset Value, offering price and redemption price per share ($157,011,329 ÷ 13,023,329 shares)

$ 12.06

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 723,549

 

 

 

Expenses

Transfer agent fees

$ 29,523

Independent trustees' compensation

177

Total expenses

29,700

Net investment income (loss)

693,849

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(127,112)

Capital gain distributions from underlying funds

92,556

(34,556)

Change in net unrealized appreciation (depreciation) on underlying funds

4,252,259

Net gain (loss)

4,217,703

Net increase (decrease) in net assets resulting from operations

$ 4,911,552

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

Semiannual Report

Fidelity Freedom K® 2005 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

For the period
July 2, 2009
(commencement
of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 693,849

$ 354,814

Net realized gain (loss)

(34,556)

260,156

Change in net unrealized appreciation (depreciation)

4,252,259

1,624,452

Net increase (decrease) in net assets resulting from operations

4,911,552

2,239,422

Distributions to shareholders from net investment income

(210,629)

(168,200)

Distributions to shareholders from net realized gain

(182,545)

(134,560)

Total distributions

(393,174)

(302,760)

Share transactions
Proceeds from sales of shares

104,331,218

67,784,563

Reinvestment of distributions

393,174

302,759

Cost of shares redeemed

(17,314,479)

(4,940,946)

Net increase (decrease) in net assets resulting from share transactions

87,409,913

63,146,376

Total increase (decrease) in net assets

91,928,291

65,083,038

 

 

 

Net Assets

Beginning of period

65,083,038

-

End of period (including undistributed net investment income of $669,834 and undistributed net investment income of $186,614, respectively)

$ 157,011,329

$ 65,083,038

Other Information

Shares

Sold

8,978,903

5,890,801

Issued in reinvestment of distributions

33,691

26,190

Redeemed

(1,481,124)

(425,132)

Net increase (decrease)

7,531,470

5,491,859

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 11.85

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .07

.18

Net realized and unrealized gain (loss)

  .20

1.76

Total from investment operations

  .27

1.94

Distributions from net investment income

  (.03)

(.05)

Distributions from net realized gain

  (.03)

(.04)

Total distributions

  (.06)

(.09)

Net asset value, end of period

$ 12.06

$ 11.85

Total Return B

  2.26%

19.42%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.06% A

Expenses net of fee waivers, if any

  .05% A

.06% A

Expenses net of all reductions

  .05% A

.06% A

Net investment income (loss)

  1.25% A

2.11% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 157,011

$ 65,083

Portfolio turnover rate

  44% A

40% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.

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

Semiannual Report

Fidelity Freedom K® 2010 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

4.7

1.8

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

2.0

1.9

Fidelity Disciplined Equity Fund Class F

5.7

6.7

Fidelity Equity-Income Fund Class F

1.1

3.7

Fidelity Growth Company Fund Class F

5.0

5.6

Fidelity Series 100 Index Fund

3.9

4.5

Fidelity Series All-Sector Equity Fund Class F

6.4

6.0

Fidelity Series Large Cap Value Fund Class F

6.2

6.4

Fidelity Series Small Cap Opportunities Fund Class F

1.0

1.1

Fidelity Small Cap Growth Fund Class F

0.6

0.7

Fidelity Small Cap Value Fund Class F

0.6

0.6

 

32.5

37.2

Developed International Equity Funds

Fidelity Diversified International Fund Class F

2.6

3.5

Fidelity Europe Fund Class F

0.6

1.4

Fidelity Japan Fund Class F

0.2

0.5

Fidelity Overseas Fund Class F

2.7

3.4

Fidelity Series International Growth Fund Class F

2.6

0.5

Fidelity Series International Small Cap Fund Class F

0.5

0.1

Fidelity Series International Value Fund Class F

2.6

0.5

 

11.8

9.9

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

1.8

1.0

Fidelity Southeast Asia Fund Class F

0.0

0.2

 

1.8

1.2

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

2.6

2.7

Fidelity High Income Fund Class F

2.5

2.6

 

5.1

5.3

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

8.8

3.4

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

20.2

22.4

Fidelity Strategic Real Return Fund Class F

5.0

6.7

Fidelity Total Bond Fund Class F

0.0

2.1

 

25.2

31.2

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

5.0

5.0

Fidelity Short Term Bond Fund Class F

5.1

5.0

 

10.1

10.0

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

4.7%

 

fid663

Domestic Equity Funds

32.5%

 

fid1009

Developed International Equity Funds

11.8%

 

fid773

Emerging Markets Equity Funds

1.8%

 

fid667

High Yield Bond Funds

5.1%

 

fid1013

Inflation-Protected Bond Funds

8.8%

 

fid1015

Investment Grade Bond Funds

25.2%

 

fid673

Short-Term Funds

10.1%

 

fid1546

Six months ago

fid659

Commodity Funds

1.8%

 

fid663

Domestic Equity Funds

37.2%

 

fid1009

Developed International Equity Funds

9.9%

 

fid773

Emerging Markets Equity Funds

1.2%

 

fid667

High Yield Bond Funds

5.3%

 

fid1013

Inflation-Protected Bond Funds

3.4%

 

fid1015

Investment Grade Bond Funds

31.2%

 

fid673

Short-Term Funds

10.0%

 

fid1556

Expected

fid659

Commodity Funds

5.5%

 

fid663

Domestic Equity Funds

30.8%

 

fid1009

Developed International Equity Funds

11.2%

 

fid773

Emerging Markets Equity Funds

2.0%

 

fid667

High Yield Bond Funds

5.0%

 

fid1013

Inflation-Protected Bond Funds

10.6%

 

fid1015

Investment Grade Bond Funds

24.2%

 

fid673

Short-Term Funds

10.7%

 

fid1566

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2010 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.2%

Shares

Value

Commodity Funds - 4.7%

Fidelity Series Commodity Strategy Fund Class F

6,602,999

$ 72,302,838

Domestic Equity Funds - 32.5%

Fidelity Blue Chip Growth Fund Class F

760,273

30,334,899

Fidelity Disciplined Equity Fund Class F

4,242,466

88,412,997

Fidelity Equity-Income Fund Class F

428,219

17,180,145

Fidelity Growth Company Fund Class F

1,043,913

77,792,419

Fidelity Series 100 Index Fund

7,460,069

60,128,153

Fidelity Series All-Sector Equity Fund Class F

8,324,148

99,140,597

Fidelity Series Large Cap Value Fund Class F

8,366,030

95,205,421

Fidelity Series Small Cap Opportunities Fund Class F (a)

1,737,519

15,950,426

Fidelity Small Cap Growth Fund Class F (a)

732,978

9,939,178

Fidelity Small Cap Value Fund Class F

717,015

9,995,194

TOTAL DOMESTIC EQUITY FUNDS

504,079,429

TOTAL DOMESTIC EQUITY FUNDS

(Cost $555,987,726)

576,382,267

International Equity Funds - 13.6%

 

 

 

 

Developed International Equity Funds - 11.8%

Fidelity Diversified International Fund Class F

1,437,424

40,794,103

Fidelity Europe Fund Class F

325,796

9,624,024

Fidelity Japan Fund Class F

312,464

3,227,752

Fidelity Overseas Fund Class F

1,356,111

40,859,613

Fidelity Series International Growth Fund Class F

3,870,324

40,251,366

Fidelity Series International Small Cap Fund Class F

698,996

7,695,943

Fidelity Series International Value Fund Class F

4,130,841

39,449,534

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

181,902,335

Emerging Markets Equity Funds - 1.8%

Fidelity Series Emerging Markets Fund Class F

1,565,666

28,338,559

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $195,371,719)

210,240,894

Bond Funds - 39.1%

Shares

Value

High Yield Bond Funds - 5.1%

Fidelity Capital & Income Fund Class F

4,338,123

$ 39,346,780

Fidelity High Income Fund Class F

4,451,921

39,310,466

TOTAL HIGH YIELD BOND FUNDS

78,657,246

Inflation-Protected Bond Funds - 8.8%

Fidelity Series Inflation-Protected Bond Index Fund Class F

12,725,681

135,783,011

Investment Grade Bond Funds - 25.2%

Fidelity Series Investment Grade Bond Fund Class F

26,283,258

314,084,940

Fidelity Strategic Real Return Fund Class F

8,450,364

77,151,821

TOTAL INVESTMENT GRADE BOND FUNDS

391,236,761

TOTAL BOND FUNDS

(Cost $584,131,898)

605,677,018

Short-Term Funds - 10.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F

77,951,953

77,951,953

Fidelity Short Term Bond Fund Class F

9,235,694

78,503,400

TOTAL SHORT-TERM FUNDS

(Cost $155,433,341)

156,455,353

TOTAL INVESTMENT
PORTFOLIO - 100.0%

(Cost $1,490,924,684)

1,548,755,532

NET OTHER ASSETS (LIABILITIES) - 0.0%

(62,970)

NET ASSETS - 100%

$ 1,548,692,562

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2010 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,490,924,684) - See accompanying schedule

$ 1,548,755,532

Receivable for investments sold

2,655,689

Receivable for fund shares sold

704,878

Total assets

1,552,116,099

 

 

 

Liabilities

Payable for investments purchased

$ 1,751,395

Payable for fund shares redeemed

1,609,206

Transfer agent fee payable

62,936

Total liabilities

3,423,537

 

 

 

Net Assets

$ 1,548,692,562

Net Assets consist of:

 

Paid in capital

$ 1,485,386,305

Undistributed net investment income

6,806,225

Accumulated undistributed net realized gain (loss) on investments

(1,330,816)

Net unrealized appreciation (depreciation) on investments

57,830,848

Net Assets, for 126,983,244 shares outstanding

$ 1,548,692,562

Net Asset Value, offering price and redemption price per share ($1,548,692,562 ÷ 126,983,244 shares)

$ 12.20

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 7,285,965

 

 

 

Expenses

Transfer agent fees

$ 294,968

Independent trustees' compensation

1,831

Total expenses

296,799

Net investment income (loss)

6,989,166

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(1,881,442)

Capital gain distributions from underlying funds

1,007,967

(873,475)

Change in net unrealized appreciation (depreciation) on underlying funds

40,961,343

Net gain (loss)

40,087,868

Net increase (decrease) in net assets resulting from operations

$ 47,077,034

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

For the period
July 2, 2009
(commencement
of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 6,989,166

$ 3,251,744

Net realized gain (loss)

(873,475)

2,684,403

Change in net unrealized appreciation (depreciation)

40,961,343

16,869,505

Net increase (decrease) in net assets resulting from operations

47,077,034

22,805,652

Distributions to shareholders from net investment income

(1,969,982)

(1,464,703)

Distributions to shareholders from net realized gain

(1,969,982)

(1,171,762)

Total distributions

(3,939,964)

(2,636,465)

Share transactions
Proceeds from sales of shares

975,967,225

694,362,957

Reinvestment of distributions

3,939,964

2,636,465

Cost of shares redeemed

(150,055,467)

(41,464,839)

Net increase (decrease) in net assets resulting from share transactions

829,851,722

655,534,583

Total increase (decrease) in net assets

872,988,792

675,703,770

 

 

 

Net Assets

Beginning of period

675,703,770

-

End of period (including undistributed net investment income of $6,806,225 and undistributed net investment income of $1,787,041, respectively)

$ 1,548,692,562

$ 675,703,770

Other Information

Shares

Sold

82,971,327

59,763,680

Issued in reinvestment of distributions

335,031

226,112

Redeemed

(12,765,522)

(3,547,384)

Net increase (decrease)

70,540,836

56,442,408

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 11.97

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .07

.17

Net realized and unrealized gain (loss)

  .21

1.89

Total from investment operations

  .28

2.06

Distributions from net investment income

  (.03)

(.05)

Distributions from net realized gain

  (.03)

(.04)

Total distributions

  (.05) G

(.09)

Net asset value, end of period

$ 12.20

$ 11.97

Total Return B

  2.35%

20.62%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  1.23% A

2.04% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 1,548,693

$ 675,704

Portfolio turnover rate

  40% A

29% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.05 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.025 per share.

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

Semiannual Report

Fidelity Freedom K® 2015 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

4.8

2.0

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

2.0

2.0

Fidelity Disciplined Equity Fund Class F

5.9

6.9

Fidelity Equity-Income Fund Class F

1.1

3.8

Fidelity Growth Company Fund Class F

5.2

5.8

Fidelity Series 100 Index Fund

4.0

4.6

Fidelity Series All-Sector Equity Fund Class F

6.6

6.2

Fidelity Series Large Cap Value Fund Class F

6.3

6.7

Fidelity Series Small Cap Opportunities Fund Class F

1.0

1.1

Fidelity Small Cap Growth Fund Class F

0.7

0.7

Fidelity Small Cap Value Fund Class F

0.7

0.7

 

33.5

38.5

Developed International Equity Funds

Fidelity Diversified International Fund Class F

2.7

3.7

Fidelity Europe Fund Class F

0.6

1.4

Fidelity Japan Fund Class F

0.2

0.5

Fidelity Overseas Fund Class F

2.7

3.5

Fidelity Series International Growth Fund Class F

2.7

0.6

Fidelity Series International Small Cap Fund Class F

0.5

0.1

Fidelity Series International Value Fund Class F

2.6

0.6

 

12.0

10.4

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

1.9

1.1

Fidelity Southeast Asia Fund Class F

0.0

0.2

 

1.9

1.3

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

2.6

2.7

Fidelity High Income Fund Class F

2.6

2.7

 

5.2

5.4

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

8.1

3.5

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

20.5

21.8

Fidelity Strategic Real Return Fund Class F

5.0

6.2

Fidelity Total Bond Fund Class F

0.0

2.1

 

25.5

30.1

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

4.5

4.4

Fidelity Short Term Bond Fund Class F

4.5

4.4

 

9.0

8.8

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

4.8%

 

fid663

Domestic Equity Funds

33.5%

 

fid1009

Developed International Equity Funds

12.0%

 

fid773

Emerging Markets Equity Funds

1.9%

 

fid667

High Yield Bond Funds

5.2%

 

fid1013

Inflation-Protected Bond Funds

8.1%

 

fid1015

Investment Grade Bond Funds

25.5%

 

fid673

Short-Term Funds

9.0%

 

fid1576

Six months ago

fid659

Commodity Funds

2.0%

 

fid663

Domestic Equity Funds

38.5%

 

fid1009

Developed International Equity Funds

10.4%

 

fid773

Emerging Markets Equity Funds

1.3%

 

fid667

High Yield Bond Funds

5.4%

 

fid1013

Inflation-Protected Bond Funds

3.5%

 

fid1015

Investment Grade Bond Funds

30.1%

 

fid673

Short-Term Funds

8.8%

 

fid1586

Expected

fid659

Commodity Funds

5.6%

 

fid663

Domestic Equity Funds

31.6%

 

fid1009

Developed International Equity Funds

11.5%

 

fid773

Emerging Markets Equity Funds

2.1%

 

fid667

High Yield Bond Funds

5.1%

 

fid1013

Inflation-Protected Bond Funds

9.9%

 

fid1015

Investment Grade Bond Funds

24.7%

 

fid673

Short-Term Funds

9.5%

 

fid1596

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2015 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 38.3%

Shares

Value

Commodity Funds - 4.8%

Fidelity Series Commodity Strategy Fund Class F

7,694,099

$ 84,250,381

Domestic Equity Funds - 33.5%

Fidelity Blue Chip Growth Fund Class F

884,099

35,275,568

Fidelity Disciplined Equity Fund Class F

4,945,296

103,059,965

Fidelity Equity-Income Fund Class F

496,747

19,929,504

Fidelity Growth Company Fund Class F

1,215,378

90,569,935

Fidelity Series 100 Index Fund

8,690,495

70,045,386

Fidelity Series All-Sector Equity Fund Class F

9,704,912

115,585,503

Fidelity Series Large Cap Value Fund Class F

9,756,106

111,024,488

Fidelity Series Small Cap Opportunities Fund Class F (a)

2,024,328

18,583,331

Fidelity Small Cap Growth Fund Class F (a)

854,480

11,586,751

Fidelity Small Cap Value Fund Class F

835,735

11,650,149

TOTAL DOMESTIC EQUITY FUNDS

587,310,580

TOTAL DOMESTIC EQUITY FUNDS

(Cost $643,928,958)

671,560,961

International Equity Funds - 13.9%

 

 

 

 

Developed International Equity Funds - 12.0%

Fidelity Diversified International Fund Class F

1,681,041

47,707,953

Fidelity Europe Fund Class F

351,774

10,391,412

Fidelity Japan Fund Class F

354,908

3,666,201

Fidelity Overseas Fund Class F

1,584,073

47,728,130

Fidelity Series International Growth Fund Class F

4,519,386

47,001,611

Fidelity Series International Small Cap Fund Class F

818,231

9,008,723

Fidelity Series International Value Fund Class F

4,823,566

46,065,054

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

211,569,084

Emerging Markets Equity Funds - 1.9%

Fidelity Series Emerging Markets Fund Class F

1,824,638

33,025,951

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $227,226,434)

244,595,035

Bond Funds - 38.8%

Shares

Value

High Yield Bond Funds - 5.2%

Fidelity Capital & Income Fund Class F

5,012,563

$ 45,463,946

Fidelity High Income Fund Class F

5,139,889

45,385,224

TOTAL HIGH YIELD BOND FUNDS

90,849,170

Inflation-Protected Bond Funds - 8.1%

Fidelity Series Inflation-Protected Bond Index Fund Class F

13,378,773

142,751,504

Investment Grade Bond Funds - 25.5%

Fidelity Series Investment Grade Bond Fund Class F

30,135,825

360,123,109

Fidelity Strategic Real Return Fund Class F

9,604,637

87,690,334

TOTAL INVESTMENT GRADE BOND FUNDS

447,813,443

TOTAL BOND FUNDS

(Cost $656,248,884)

681,414,117

Short-Term Funds - 9.0%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F

78,624,829

78,624,829

Fidelity Short Term Bond Fund Class F

9,316,199

79,187,688

TOTAL SHORT-TERM FUNDS

(Cost $156,756,106)

157,812,517

TOTAL INVESTMENT
PORTFOLIO - 100.0%

(Cost $1,684,160,382)

1,755,382,630

NET OTHER ASSETS (LIABILITIES) - 0.0%

(70,695)

NET ASSETS - 100%

$ 1,755,311,935

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2015 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,684,160,382) - See accompanying schedule

$ 1,755,382,630

Receivable for investments sold

2,096,374

Receivable for fund shares sold

1,234,332

Total assets

1,758,713,336

 

 

 

Liabilities

Payable for investments purchased

$ 2,013,603

Payable for fund shares redeemed

1,317,138

Transfer agent fee payable

70,660

Total liabilities

3,401,401

 

 

 

Net Assets

$ 1,755,311,935

Net Assets consist of:

 

Paid in capital

$ 1,677,106,760

Undistributed net investment income

7,573,303

Accumulated undistributed net realized gain (loss) on investments

(590,376)

Net unrealized appreciation (depreciation) on investments

71,222,248

Net Assets, for 143,621,129 shares outstanding

$ 1,755,311,935

Net Asset Value, offering price and redemption price per share ($1,755,311,935 ÷ 143,621,129 shares)

$ 12.22

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 8,238,665

 

 

 

Expenses

Transfer agent fees

$ 335,101

Independent trustees' compensation

2,121

Total expenses

337,222

Net investment income (loss)

7,901,443

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(1,297,598)

Capital gain distributions from underlying funds

1,165,509

(132,089)

Change in net unrealized appreciation (depreciation) on underlying funds

48,055,979

Net gain (loss)

47,923,890

Net increase (decrease) in net assets resulting from operations

$ 55,825,333

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

Semiannual Report

Fidelity Freedom K® 2015 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

For the period
July 2, 2009
(commencement
of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 7,901,443

$ 5,103,464

Net realized gain (loss)

(132,089)

4,530,965

Change in net unrealized appreciation (depreciation)

48,055,979

23,166,269

Net increase (decrease) in net assets resulting from operations

55,825,333

32,800,698

Distributions to shareholders from net investment income

(2,568,277)

(2,863,327)

Distributions to shareholders from net realized gain

(2,739,495)

(2,249,757)

Total distributions

(5,307,772)

(5,113,084)

Share transactions
Proceeds from sales of shares

955,943,347

876,846,062

Reinvestment of distributions

5,307,772

5,113,083

Cost of shares redeemed

(126,799,157)

(39,304,347)

Net increase (decrease) in net assets resulting from share transactions

834,451,962

842,654,798

Total increase (decrease) in net assets

884,969,523

870,342,412

 

 

 

Net Assets

Beginning of period

870,342,412

-

End of period (including undistributed net investment income of $7,573,303 and undistributed net investment income of $2,240,137, respectively)

$ 1,755,311,935

$ 870,342,412

Other Information

Shares

Sold

81,491,515

75,347,988

Issued in reinvestment of distributions

450,193

437,016

Redeemed

(10,759,331)

(3,346,252)

Net increase (decrease)

71,182,377

72,438,752

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 12.01

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .07

.19

Net realized and unrealized gain (loss)

  .20

1.95

Total from investment operations

  .27

2.14

Distributions from net investment income

  (.03)

(.07)

Distributions from net realized gain

  (.03)

(.06)

Total distributions

  (.06)

(.13)

Net asset value, end of period

$ 12.22

$ 12.01

Total Return B

  2.28%

21.38%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  1.23% A

2.26% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 1,755,312

$ 870,342

Portfolio turnover rate

  30% A

23% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.

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

Semiannual Report

Fidelity Freedom K® 2020 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

5.6

2.5

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

2.4

2.4

Fidelity Disciplined Equity Fund Class F

7.0

8.3

Fidelity Equity-Income Fund Class F

1.3

4.6

Fidelity Growth Company Fund Class F

6.1

7.1

Fidelity Series 100 Index Fund

4.7

5.6

Fidelity Series All-Sector Equity Fund Class F

7.8

7.5

Fidelity Series Large Cap Value Fund Class F

7.5

8.1

Fidelity Series Small Cap Opportunities Fund Class F

1.3

1.4

Fidelity Small Cap Growth Fund Class F

0.8

0.8

Fidelity Small Cap Value Fund Class F

0.8

0.8

 

39.7

46.6

Developed International Equity Funds

Fidelity Diversified International Fund Class F

3.3

4.4

Fidelity Europe Fund Class F

0.8

1.7

Fidelity Japan Fund Class F

0.3

0.6

Fidelity Overseas Fund Class F

3.3

4.2

Fidelity Series International Growth Fund Class F

3.2

0.8

Fidelity Series International Small Cap Fund Class F

0.6

0.2

Fidelity Series International Value Fund Class F

3.2

0.7

 

14.7

12.6

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

2.3

1.3

Fidelity Southeast Asia Fund Class F

0.0

0.2

 

2.3

1.5

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

3.5

3.8

Fidelity High Income Fund Class F

3.4

3.6

 

6.9

7.4

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

5.9

2.5

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

17.6

17.6

Fidelity Strategic Real Return Fund Class F

4.2

5.0

Fidelity Total Bond Fund Class F

0.0

1.8

 

21.8

24.4

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

1.5

1.2

Fidelity Short Term Bond Fund Class F

1.6

1.3

 

3.1

2.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

5.6%

 

fid663

Domestic Equity Funds

39.7%

 

fid1009

Developed International Equity Funds

14.7%

 

fid773

Emerging Markets Equity Funds

2.3%

 

fid667

High Yield Bond Funds

6.9%

 

fid1013

Inflation-Protected Bond Funds

5.9%

 

fid1015

Investment Grade Bond Funds

21.8%

 

fid673

Short-Term Funds

3.1%

 

fid1606

Six months ago

fid659

Commodity Funds

2.5%

 

fid663

Domestic Equity Funds

46.6%

 

fid1009

Developed International Equity Funds

12.6%

 

fid773

Emerging Markets Equity Funds

1.5%

 

fid1612

High Yield Bond Funds

7.4%

 

fid1013

Inflation-Protected Bond Funds

2.5%

 

fid1015

Investment Grade Bond Funds

24.4%

 

fid673

Short-Term Funds

2.5%

 

fid1617

Expected

fid659

Commodity Funds

6.6%

 

fid663

Domestic Equity Funds

37.2%

 

fid1009

Developed International Equity Funds

13.6%

 

fid773

Emerging Markets Equity Funds

2.4%

 

fid667

High Yield Bond Funds

6.5%

 

fid1013

Inflation-Protected Bond Funds

7.7%

 

fid1015

Investment Grade Bond Funds

22.0%

 

fid673

Short-Term Funds

4.0%

 

fid1627

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2020 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 45.3%

Shares

Value

Commodity Funds - 5.6%

Fidelity Series Commodity Strategy Fund Class F

18,438,086

$ 201,897,039

Domestic Equity Funds - 39.7%

Fidelity Blue Chip Growth Fund Class F

2,177,331

86,875,524

Fidelity Disciplined Equity Fund Class F

12,147,420

253,152,223

Fidelity Equity-Income Fund Class F

1,172,583

47,044,022

Fidelity Growth Company Fund Class F

2,981,866

222,208,619

Fidelity Series 100 Index Fund

21,333,348

171,946,782

Fidelity Series All-Sector Equity Fund Class F

23,892,282

284,557,080

Fidelity Series Large Cap Value Fund Class F

23,993,922

273,050,828

Fidelity Series Small Cap Opportunities Fund Class F (a)

4,975,026

45,670,742

Fidelity Small Cap Growth Fund Class F (a)

2,097,972

28,448,499

Fidelity Small Cap Value Fund Class F

2,052,452

28,611,181

TOTAL DOMESTIC EQUITY FUNDS

1,441,565,500

TOTAL DOMESTIC EQUITY FUNDS

(Cost $1,583,695,730)

1,643,462,539

International Equity Funds - 17.0%

 

 

 

 

Developed International Equity Funds - 14.7%

Fidelity Diversified International Fund Class F

4,207,143

119,398,720

Fidelity Europe Fund Class F

923,803

27,289,147

Fidelity Japan Fund Class F

1,177,085

12,159,284

Fidelity Overseas Fund Class F

3,988,978

120,187,918

Fidelity Series International Growth Fund Class F

11,238,699

116,882,468

Fidelity Series International Small Cap Fund Class F

2,044,514

22,510,094

Fidelity Series International Value Fund Class F

12,008,477

114,680,959

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

533,108,590

Emerging Markets Equity Funds - 2.3%

Fidelity Series Emerging Markets Fund Class F

4,500,852

81,465,415

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $571,182,466)

614,574,005

Bond Funds - 34.6%

Shares

Value

High Yield Bond Funds - 6.9%

Fidelity Capital & Income Fund Class F

13,803,250

$ 125,195,480

Fidelity High Income Fund Class F

14,123,900

124,714,040

TOTAL HIGH YIELD BOND FUNDS

249,909,520

Inflation-Protected Bond Funds - 5.9%

Fidelity Series Inflation-Protected Bond Index Fund Class F

19,986,919

213,260,426

Investment Grade Bond Funds - 21.8%

Fidelity Series Investment Grade Bond Fund Class F

53,346,609

637,491,981

Fidelity Strategic Real Return Fund Class F

16,970,777

154,943,197

TOTAL INVESTMENT GRADE BOND FUNDS

792,435,178

TOTAL BOND FUNDS

(Cost $1,210,673,664)

1,255,605,124

Short-Term Funds - 3.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F

56,176,483

56,176,483

Fidelity Short Term Bond Fund Class F

6,658,990

56,601,413

TOTAL SHORT-TERM FUNDS

(Cost $112,110,485)

112,777,896

TOTAL INVESTMENT
PORTFOLIO - 100.0%

(Cost $3,477,662,345)

3,626,419,564

NET OTHER ASSETS (LIABILITIES) - 0.0%

(146,015)

NET ASSETS - 100%

$ 3,626,273,549

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2020 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $3,477,662,345) - See accompanying schedule

$ 3,626,419,564

Receivable for investments sold

3,719,232

Receivable for fund shares sold

2,776,366

Total assets

3,632,915,162

 

 

 

Liabilities

Payable to custodian bank

$ 1

Payable for investments purchased

5,310,303

Payable for fund shares redeemed

1,185,356

Transfer agent fee payable

145,953

Total liabilities

6,641,613

 

 

 

Net Assets

$ 3,626,273,549

Net Assets consist of:

 

Paid in capital

$ 3,467,410,453

Undistributed net investment income

14,498,016

Accumulated undistributed net realized gain (loss) on investments

(4,392,139)

Net unrealized appreciation (depreciation) on investments

148,757,219

Net Assets, for 289,395,282 shares outstanding

$ 3,626,273,549

Net Asset Value, offering price and redemption price per share ($3,626,273,549 ÷ 289,395,282 shares)

$ 12.53

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 15,797,055

 

 

 

Expenses

Transfer agent fees

$ 679,605

Independent trustees' compensation

4,221

Total expenses

683,826

Net investment income (loss)

15,113,229

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(5,409,881)

Capital gain distributions from underlying funds

2,759,771

(2,650,110)

Change in net unrealized appreciation (depreciation) on underlying funds

100,396,056

Net gain (loss)

97,745,946

Net increase (decrease) in net assets resulting from operations

$ 112,859,175

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

For the period
July 2, 2009
(commencement
of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 15,113,229

$ 7,657,611

Net realized gain (loss)

(2,650,110)

7,624,485

Change in net unrealized appreciation (depreciation)

100,396,056

48,361,163

Net increase (decrease) in net assets resulting from operations

112,859,175

63,643,259

Distributions to shareholders from net investment income

(4,331,368)

(3,941,456)

Distributions to shareholders from net realized gain

(6,410,422)

(2,956,092)

Total distributions

(10,741,790)

(6,897,548)

Share transactions
Proceeds from sales of shares

2,120,968,414

1,574,861,111

Reinvestment of distributions

10,741,790

6,897,547

Cost of shares redeemed

(192,903,640)

(53,154,769)

Net increase (decrease) in net assets resulting from share transactions

1,938,806,564

1,528,603,889

Total increase (decrease) in net assets

2,040,923,949

1,585,349,600

 

 

 

Net Assets

Beginning of period

1,585,349,600

-

End of period (including undistributed net investment income of $14,498,016 and undistributed net investment income of $3,716,155, respectively)

$ 3,626,273,549

$ 1,585,349,600

Other Information

Shares

Sold

176,376,569

132,007,180

Issued in reinvestment of distributions

889,958

573,839

Redeemed

(16,028,481)

(4,423,783)

Net increase (decrease)

161,238,046

128,157,236

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 12.37

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .07

.18

Net realized and unrealized gain (loss)

  .15

2.30

Total from investment operations

  .22

2.48

Distributions from net investment income

  (.03)

(.06)

Distributions from net realized gain

  (.04)

(.05)

Total distributions

  (.06) G

(.11)

Net asset value, end of period

$ 12.53

$ 12.37

Total Return B

  1.81%

24.78%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  1.16% A

2.01% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 3,626,274

$ 1,585,350

Portfolio turnover rate

  31% A

20% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.06 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.037 per share.

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

Semiannual Report

Fidelity Freedom K® 2025 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

6.4

2.9

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

2.7

2.6

Fidelity Disciplined Equity Fund Class F

8.0

9.3

Fidelity Equity-Income Fund Class F

1.5

5.2

Fidelity Growth Company Fund Class F

7.0

7.9

Fidelity Series 100 Index Fund

5.4

6.2

Fidelity Series All-Sector Equity Fund Class F

8.9

8.4

Fidelity Series Large Cap Value Fund Class F

8.6

9.0

Fidelity Series Small Cap Opportunities Fund Class F

1.4

1.5

Fidelity Small Cap Growth Fund Class F

0.9

0.9

Fidelity Small Cap Value Fund Class F

0.9

0.9

 

45.3

51.9

Developed International Equity Funds

Fidelity Diversified International Fund Class F

3.7

4.8

Fidelity Europe Fund Class F

0.7

1.8

Fidelity Japan Fund Class F

0.3

0.7

Fidelity Overseas Fund Class F

3.7

4.7

Fidelity Series International Growth Fund Class F

3.6

1.0

Fidelity Series International Small Cap Fund Class F

0.7

0.2

Fidelity Series International Value Fund Class F

3.5

0.9

 

16.2

14.1

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

2.6

1.5

Fidelity Southeast Asia Fund Class F

0.0

0.2

 

2.6

1.7

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

3.8

3.9

Fidelity High Income Fund Class F

3.7

3.7

 

7.5

7.6

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

3.5

1.5

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

14.9

14.8

Fidelity Strategic Real Return Fund Class F

3.6

4.0

Fidelity Total Bond Fund Class F

0.0

1.5

 

18.5

20.3

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

0.0*

0.0*

Fidelity Short Term Bond Fund Class F

0.0*

0.0*

 

0.0*

0.0*

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

6.4%

 

fid663

Domestic Equity Funds

45.3%

 

fid1009

Developed International Equity Funds

16.2%

 

fid773

Emerging Markets Equity Funds

2.6%

 

fid667

High Yield Bond Funds

7.5%

 

fid1013

Inflation-Protected Bond Funds

3.5%

 

fid1015

Investment Grade Bond Funds

18.5%

 

fid1636

Short-Term Funds

0.0%*

 

fid1638

Six months ago

fid659

Commodity Funds

2.9%

 

fid663

Domestic Equity Funds

51.9%

 

fid1009

Developed International Equity Funds

14.1%

 

fid773

Emerging Markets Equity Funds

1.7%

 

fid667

High Yield Bond Funds

7.6%

 

fid1013

Inflation-Protected Bond Funds

1.5%

 

fid1015

Investment Grade Bond Funds

20.3%

 

fid1636

Short-Term Funds

0.0%*

 

fid1648

Expected

fid659

Commodity Funds

7.6%

 

fid663

Domestic Equity Funds

43.2%

 

fid1009

Developed International Equity Funds

15.7%

 

fid773

Emerging Markets Equity Funds

2.8%

 

fid667

High Yield Bond Funds

7.5%

 

fid1013

Inflation-Protected Bond Funds

4.6%

 

fid1015

Investment Grade Bond Funds

18.5%

 

fid673

Short-Term Funds

0.1%

 

fid1658

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

* Amount represents less than 0.1%.

Semiannual Report

Fidelity Freedom K® 2025 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 51.7%

Shares

Value

Commodity Funds - 6.4%

Fidelity Series Commodity Strategy Fund Class F

11,032,098

$ 120,801,477

Domestic Equity Funds - 45.3%

Fidelity Blue Chip Growth Fund Class F

1,287,083

51,354,618

Fidelity Disciplined Equity Fund Class F

7,187,279

149,782,899

Fidelity Equity-Income Fund Class F

721,129

28,931,709

Fidelity Growth Company Fund Class F

1,766,695

131,654,147

Fidelity Series 100 Index Fund

12,630,152

101,799,029

Fidelity Series All-Sector Equity Fund Class F

14,106,028

168,002,789

Fidelity Series Large Cap Value Fund Class F

14,177,321

161,337,914

Fidelity Series Small Cap Opportunities Fund Class F (a)

2,938,910

26,979,193

Fidelity Small Cap Growth Fund Class F (a)

1,241,165

16,830,196

Fidelity Small Cap Value Fund Class F

1,213,656

16,918,363

TOTAL DOMESTIC EQUITY FUNDS

853,590,857

TOTAL DOMESTIC EQUITY FUNDS

(Cost $936,069,551)

974,392,334

International Equity Funds - 18.8%

 

 

 

 

Developed International Equity Funds - 16.2%

Fidelity Diversified International Fund Class F

2,437,945

69,188,880

Fidelity Europe Fund Class F

484,543

14,313,414

Fidelity Japan Fund Class F

562,943

5,815,205

Fidelity Overseas Fund Class F

2,294,408

69,130,507

Fidelity Series International Growth Fund Class F

6,507,206

67,674,937

Fidelity Series International Small Cap Fund Class F

1,177,795

12,967,520

Fidelity Series International Value Fund Class F

6,943,377

66,309,248

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

305,399,711

Emerging Markets Equity Funds - 2.6%

Fidelity Series Emerging Markets Fund Class F

2,637,039

47,730,412

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $328,554,285)

353,130,123

Bond Funds - 29.5%

Shares

Value

High Yield Bond Funds - 7.5%

Fidelity Capital & Income Fund Class F

7,832,530

$ 71,041,044

Fidelity High Income Fund Class F

8,026,570

70,874,614

TOTAL HIGH YIELD BOND FUNDS

141,915,658

Inflation-Protected Bond Funds - 3.5%

Fidelity Series Inflation-Protected Bond Index Fund Class F

6,205,470

66,212,362

Investment Grade Bond Funds - 18.5%

Fidelity Series Investment Grade Bond Fund Class F

23,393,861

279,556,639

Fidelity Strategic Real Return Fund Class F

7,436,456

67,894,846

TOTAL INVESTMENT GRADE BOND FUNDS

347,451,485

TOTAL BOND FUNDS

(Cost $534,740,202)

555,579,505

Short-Term Funds - 0.0%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F

339,573

339,573

Fidelity Short Term Bond Fund Class F

40,134

341,136

TOTAL SHORT-TERM FUNDS

(Cost $679,068)

680,709

TOTAL INVESTMENT
PORTFOLIO - 100.0%

(Cost $1,800,043,106)

1,883,782,671

NET OTHER ASSETS (LIABILITIES) - 0.0%

(75,657)

NET ASSETS - 100%

$ 1,883,707,014

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2025 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,800,043,106) - See accompanying schedule

$ 1,883,782,671

Receivable for investments sold

1,627,282

Receivable for fund shares sold

2,532,218

Total assets

1,887,942,171

 

 

 

Liabilities

Payable for investments purchased

$ 3,624,043

Payable for fund shares redeemed

535,484

Transfer agent fee payable

75,630

Total liabilities

4,235,157

 

 

 

Net Assets

$ 1,883,707,014

Net Assets consist of:

 

Paid in capital

$ 1,794,096,226

Undistributed net investment income

7,134,676

Accumulated undistributed net realized gain (loss) on investments

(1,263,453)

Net unrealized appreciation (depreciation) on investments

83,739,565

Net Assets, for 149,262,916 shares outstanding

$ 1,883,707,014

Net Asset Value, offering price and redemption price per share ($1,883,707,014 ÷ 149,262,916 shares)

$ 12.62

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 7,562,541

 

 

 

Expenses

Transfer agent fees

$ 354,939

Independent trustees' compensation

2,234

Total expenses

357,173

Net investment income (loss)

7,205,368

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(2,345,028)

Capital gain distributions from underlying funds

1,689,028

(656,000)

Change in net unrealized appreciation (depreciation) on underlying funds

52,738,899

Net gain (loss)

52,082,899

Net increase (decrease) in net assets resulting from operations

$ 59,288,267

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

Semiannual Report

Fidelity Freedom K® 2025 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

For the period
July 2, 2009
(commencement
of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 7,205,368

$ 4,790,898

Net realized gain (loss)

(656,000)

5,316,627

Change in net unrealized appreciation (depreciation)

52,738,899

31,000,666

Net increase (decrease) in net assets resulting from operations

59,288,267

41,108,191

Distributions to shareholders from net investment income

(1,976,616)

(2,884,974)

Distributions to shareholders from net realized gain

(3,863,385)

(2,060,695)

Total distributions

(5,840,001)

(4,945,669)

Share transactions
Proceeds from sales of shares

989,169,156

924,624,223

Reinvestment of distributions

5,840,001

4,945,668

Cost of shares redeemed

(95,167,878)

(35,314,944)

Net increase (decrease) in net assets resulting from share transactions

899,841,279

894,254,947

Total increase (decrease) in net assets

953,289,545

930,417,469

 

 

 

Net Assets

Beginning of period

930,417,469

-

End of period (including undistributed net investment income of $7,134,676 and undistributed net investment income of $1,905,924, respectively)

$ 1,883,707,014

$ 930,417,469

Other Information

Shares

Sold

82,209,889

76,929,257

Issued in reinvestment of distributions

481,054

407,722

Redeemed

(7,848,807)

(2,916,199)

Net increase (decrease)

74,842,136

74,420,780

Financial Highlights

 

Six months ended
September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 12.50

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .06

.18

Net realized and unrealized gain (loss)

  .13

2.44

Total from investment operations

  .19

2.62

Distributions from net investment income

  (.02)

(.07)

Distributions from net realized gain

  (.04)

(.05)

Total distributions

  (.07) G

(.12)

Net asset value, end of period

$ 12.62

$ 12.50

Total Return B

  1.50%

26.24%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  1.06% A

2.02% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 1,883,707

$ 930,417

Portfolio turnover rate

  26% A

19% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.07 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.043 per share.

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

Semiannual Report

Fidelity Freedom K® 2030 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

6.7

3.4

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

2.9

2.9

Fidelity Disciplined Equity Fund Class F

8.5

10.1

Fidelity Equity-Income Fund
Class F

1.5

5.7

Fidelity Growth Company Fund Class F

7.4

8.6

Fidelity Series 100 Index Fund

5.7

6.8

Fidelity Series All-Sector Equity Fund Class F

9.6

9.1

Fidelity Series Large Cap Value Fund Class F

9.1

9.8

Fidelity Series Small Cap Opportunities Fund Class F

1.5

1.7

Fidelity Small Cap Growth Fund Class F

1.0

1.0

Fidelity Small Cap Value Fund Class F

1.0

1.0

 

48.2

56.7

Developed International Equity Funds

Fidelity Diversified International Fund Class F

4.0

5.2

Fidelity Europe Fund Class F

0.9

2.0

Fidelity Japan Fund Class F

0.4

0.8

Fidelity Overseas Fund Class F

4.0

5.0

Fidelity Series International Growth Fund Class F

4.0

1.1

Fidelity Series International Small Cap Fund Class F

0.7

0.2

Fidelity Series International Value Fund Class F

3.9

1.1

 

17.9

15.4

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

2.8

1.7

Fidelity Southeast Asia Fund
Class F

0.0

0.3

 

2.8

2.0

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

3.8

4.0

Fidelity High Income Fund Class F

3.7

3.8

 

7.5

7.8

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

0.7

0.2

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

13.0

10.9

Fidelity Strategic Real Return Fund Class F

3.2

2.5

Fidelity Total Bond Fund Class F

0.0

1.1

 

16.2

14.5

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

6.7%

 

fid1661

Domestic Equity Funds

48.2%

 

fid1009

Developed International Equity Funds

17.9%

 

fid773

Emerging Markets Equity Funds

2.8%

 

fid667

High Yield Bond Funds

7.5%

 

fid1015

Inflation-Protected Bond Funds

0.7%

 

fid673

Investment Grade Bond Funds

16.2%

 

fid1668

Six months ago

fid659

Commodity Funds

3.4%

 

fid1661

Domestic Equity Funds

56.7%

 

fid1009

Developed International Equity Funds

15.4%

 

fid773

Emerging Markets Equity Funds

2.0%

 

fid667

High Yield Bond Funds

7.8%

 

fid1015

Inflation-Protected Bond Funds

0.2%

 

fid673

Investment Grade Bond Funds

14.5%

 

fid1677

Expected

fid659

Commodity Funds

8.1%

 

fid1661

Domestic Equity Funds

45.7%

 

fid1009

Developed International Equity Funds

16.7%

 

fid773

Emerging Markets Equity Funds

2.9%

 

fid667

High Yield Bond Funds

7.5%

 

fid1015

Inflation-Protected Bond Funds

1.3%

 

fid673

Investment Grade Bond Funds

17.8%

 

fid1686

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2030 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 54.9%

Shares

Value

Commodity Funds - 6.7%

Fidelity Series Commodity Strategy Fund Class F

16,116,767

$ 176,478,600

Domestic Equity Funds - 48.2%

Fidelity Blue Chip Growth Fund Class F

1,918,215

76,536,776

Fidelity Disciplined Equity Fund Class F

10,656,270

222,076,659

Fidelity Equity-Income Fund Class F

947,634

38,019,094

Fidelity Growth Company Fund Class F

2,609,569

194,465,101

Fidelity Series 100 Index Fund

18,695,866

150,688,680

Fidelity Series All-Sector Equity Fund Class F

21,064,334

250,876,213

Fidelity Series Large Cap Value Fund Class F

21,093,006

240,038,404

Fidelity Series Small Cap Opportunities Fund Class F (a)

4,367,379

40,092,543

Fidelity Small Cap Growth Fund Class F (a)

1,842,827

24,988,739

Fidelity Small Cap Value Fund Class F

1,799,953

25,091,345

TOTAL DOMESTIC EQUITY FUNDS

1,262,873,554

TOTAL DOMESTIC EQUITY FUNDS

(Cost $1,384,089,522)

1,439,352,154

International Equity Funds - 20.7%

 

 

 

 

Developed International Equity Funds - 17.9%

Fidelity Diversified International Fund Class F

3,688,968

104,692,906

Fidelity Europe Fund Class F

792,144

23,399,933

Fidelity Japan Fund Class F

951,328

9,827,223

Fidelity Overseas Fund Class F

3,491,038

105,184,982

Fidelity Series International Growth Fund Class F

10,060,595

104,630,184

Fidelity Series International Small Cap Fund Class F

1,835,830

20,212,485

Fidelity Series International Value Fund Class F

10,752,454

102,685,934

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

470,633,647

Emerging Markets Equity Funds - 2.8%

Fidelity Series Emerging Markets Fund Class F

3,992,437

72,263,102

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $505,939,965)

542,896,749

Bond Funds - 24.4%

Shares

Value

High Yield Bond Funds - 7.5%

Fidelity Capital & Income Fund Class F

10,923,857

$ 99,079,384

Fidelity High Income Fund Class F

11,185,053

98,764,015

TOTAL HIGH YIELD BOND FUNDS

197,843,399

Inflation-Protected Bond Funds - 0.7%

Fidelity Series Inflation-Protected Bond Index Fund Class F

1,855,653

19,799,813

Investment Grade Bond Funds - 16.2%

Fidelity Series Investment Grade Bond Fund Class F

28,530,804

340,943,113

Fidelity Strategic Real Return Fund
Class F

9,101,204

83,093,994

TOTAL INVESTMENT GRADE BOND FUNDS

424,037,107

TOTAL BOND FUNDS

(Cost $617,736,400)

641,680,319

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,507,765,887)

2,623,929,222

NET OTHER ASSETS (LIABILITIES) - 0.0%

(105,554)

NET ASSETS - 100%

$ 2,623,823,668

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2030 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $2,507,765,887) - See accompanying schedule

$ 2,623,929,222

Receivable for investments sold

1,988,196

Receivable for fund shares sold

2,955,098

Total assets

2,628,872,516

 

 

 

Liabilities

Payable to custodian bank

$ 1

Payable for investments purchased

3,948,246

Payable for fund shares redeemed

995,081

Transfer agent fee payable

105,520

Total liabilities

5,048,848

 

 

 

Net Assets

$ 2,623,823,668

Net Assets consist of:

 

Paid in capital

$ 2,501,212,837

Undistributed net investment income

9,226,141

Accumulated undistributed net realized gain (loss) on investments

(2,778,645)

Net unrealized appreciation (depreciation) on investments

116,163,335

Net Assets, for 205,853,489 shares outstanding

$ 2,623,823,668

Net Asset Value, offering price and redemption price per share ($2,623,823,668 ÷ 205,853,489 shares)

$ 12.75

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 9,747,283

 

 

 

Expenses

Transfer agent fees

$ 498,308

Independent trustees' compensation

3,130

Total expenses

501,438

Net investment income (loss)

9,245,845

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(4,249,229)

Capital gain distributions from underlying funds

2,321,673

(1,927,556)

Change in net unrealized appreciation (depreciation) on underlying funds

68,462,573

Net gain (loss)

66,535,017

Net increase (decrease) in net assets resulting from operations

$ 75,780,862

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period
July 2, 2009
(commencement
of operations) to March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 9,245,845

$ 6,361,295

Net realized gain (loss)

(1,927,556)

8,047,518

Change in net unrealized appreciation (depreciation)

68,462,573

47,700,762

Net increase (decrease) in net assets resulting from operations

75,780,862

62,109,575

Distributions to shareholders from net investment income

(2,179,535)

(4,201,464)

Distributions to shareholders from net realized gain

(5,897,562)

(3,001,045)

Total distributions

(8,077,097)

(7,202,509)

Share transactions
Proceeds from sales of shares

1,398,615,931

1,268,664,895

Reinvestment of distributions

8,077,097

7,202,508

Cost of shares redeemed

(131,483,498)

(49,864,096)

Net increase (decrease) in net assets resulting from share transactions

1,275,209,530

1,226,003,307

Total increase (decrease) in net assets

1,342,913,295

1,280,910,373

 

 

 

Net Assets

Beginning of period

1,280,910,373

-

End of period (including undistributed net investment income of $9,226,141 and undistributed net investment income of $2,159,831, respectively)

$ 2,623,823,668

$ 1,280,910,373

Other Information

Shares

Sold

114,879,693

104,547,125

Issued in reinvestment of distributions

658,280

586,523

Redeemed

(10,750,362)

(4,067,770)

Net increase (decrease)

104,787,611

101,065,878

Financial Highlights

 

Six months ended
September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 12.67

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .06

.17

Net realized and unrealized gain (loss)

  .08

2.62

Total from investment operations

  .14

2.79

Distributions from net investment income

  (.02)

(.07)

Distributions from net realized gain

  (.05)

(.05)

Total distributions

  (.06) G

(.12)

Net asset value, end of period

$ 12.75

$ 12.67

Total Return B

  1.15%

27.94%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  .97% A

1.93% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 2,623,824

$ 1,280,910

Portfolio turnover rate

  27% A

23% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.06 per share is comprised of distributions from net investment income of $.017 and distributions from net realized gain of $.046 per share.

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

Semiannual Report

Fidelity Freedom K® 2035 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

7.6

3.5

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

3.2

3.1

Fidelity Disciplined Equity Fund Class F

9.4

10.9

Fidelity Equity-Income Fund
Class F

1.8

6.1

Fidelity Growth Company Fund Class F

8.2

9.2

Fidelity Series 100 Index Fund

6.4

7.3

Fidelity Series All-Sector Equity Fund Class F

10.5

9.9

Fidelity Series Large Cap Value Fund Class F

10.1

10.6

Fidelity Series Small Cap Opportunities Fund Class F

1.7

1.8

Fidelity Small Cap Growth Fund Class F

1.0

1.1

Fidelity Small Cap Value Fund Class F

1.1

1.0

 

53.4

61.0

Developed International Equity Funds

Fidelity Diversified International Fund Class F

4.3

5.6

Fidelity Europe Fund Class F

0.9

2.0

Fidelity Japan Fund Class F

0.3

0.8

Fidelity Overseas Fund Class F

4.3

5.5

Fidelity Series International Growth Fund Class F

4.2

1.2

Fidelity Series International Small Cap Fund Class F

0.8

0.2

Fidelity Series International Value Fund Class F

4.1

1.2

 

18.9

16.5

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

3.0

1.9

Fidelity Southeast Asia Fund
Class F

0.0

0.2

 

3.0

2.1

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

3.8

3.8

Fidelity High Income Fund Class F

3.7

3.7

 

7.5

7.5

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

7.8

6.9

Fidelity Strategic Real Return Fund Class F

1.8

1.7

Fidelity Total Bond Fund Class F

0.0

0.8

 

9.6

9.4

Net Other Assets (Liabilities)

Net Other Assets

0.0 *

0.0 *

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

7.6%

 

fid1661

Domestic Equity Funds

53.4%

 

fid1009

Developed International Equity Funds

18.9%

 

fid667

Emerging Markets Equity Funds

3.0%

 

fid1015

High Yield Bond Funds

7.5%

 

fid673

Investment Grade Bond Funds

9.6%

 

fid1694

Six months ago

fid659

Commodity Funds

3.5%

 

fid1661

Domestic Equity Funds

61.0%

 

fid1009

Developed International Equity Funds

16.5%

 

fid667

Emerging Markets Equity Funds

2.1%

 

fid1015

High Yield Bond Funds

7.5%

 

fid673

Investment Grade Bond Funds

9.4%

 

fid1702

Expected

fid659

Commodity Funds

9.1%

 

fid1661

Domestic Equity Funds

51.3%

 

fid1009

Developed International Equity Funds

18.7%

 

fid667

Emerging Markets Equity Funds

3.3%

 

fid671

High Yield Bond Funds

7.5%

 

fid673

Investment Grade Bond Funds

10.1%

 

fid1710

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 March 30, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2035 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.0%

Shares

Value

Commodity Funds - 7.6%

Fidelity Series Commodity Strategy Fund Class F

8,529,224

$ 93,395,004

Domestic Equity Funds - 53.4%

Fidelity Blue Chip Growth Fund Class F

985,586

39,324,893

Fidelity Disciplined Equity Fund Class F

5,498,902

114,597,109

Fidelity Equity-Income Fund Class F

550,727

22,095,165

Fidelity Growth Company Fund Class F

1,351,725

100,730,542

Fidelity Series 100 Index Fund

9,663,428

77,887,231

Fidelity Series All-Sector Equity Fund Class F

10,793,665

128,552,533

Fidelity Series Large Cap Value Fund Class F

10,846,509

123,433,274

Fidelity Series Small Cap Opportunities Fund Class F (a)

2,247,842

20,635,194

Fidelity Small Cap Growth Fund
Class F (a)

949,367

12,873,421

Fidelity Small Cap Value Fund Class F

928,244

12,939,723

TOTAL DOMESTIC EQUITY FUNDS

653,069,085

TOTAL DOMESTIC EQUITY FUNDS

(Cost $717,234,619)

746,464,089

International Equity Funds - 21.9%

 

 

 

 

Developed International Equity Funds - 18.9%

Fidelity Diversified International Fund Class F

1,854,394

52,627,709

Fidelity Europe Fund Class F

357,616

10,563,986

Fidelity Japan Fund Class F

376,622

3,890,507

Fidelity Overseas Fund Class F

1,745,140

52,581,073

Fidelity Series International Growth Fund Class F

4,962,883

51,613,984

Fidelity Series International Small Cap Fund Class F

897,709

9,883,776

Fidelity Series International Value Fund Class F

5,293,280

50,550,820

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

231,711,855

Emerging Markets Equity Funds - 3.0%

Fidelity Series Emerging Markets Fund Class F

2,016,079

36,491,022

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $249,799,166)

268,202,877

Bond Funds - 17.1%

Shares

Value

High Yield Bond Funds - 7.5%

Fidelity Capital & Income Fund
Class F

5,068,050

$ 45,967,218

Fidelity High Income Fund Class F

5,191,861

45,844,135

TOTAL HIGH YIELD BOND FUNDS

91,811,353

Investment Grade Bond Funds - 9.6%

Fidelity Series Investment Grade Bond Fund Class F

7,978,051

95,337,706

Fidelity Strategic Real Return Fund
Class F

2,502,396

22,846,873

TOTAL INVESTMENT GRADE BOND FUNDS

118,184,579

TOTAL BOND FUNDS

(Cost $201,604,022)

209,995,932

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,168,637,807)

1,224,662,898

NET OTHER ASSETS (LIABILITIES) - 0.0%

(49,109)

NET ASSETS - 100%

$ 1,224,613,789

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2035 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,168,637,807) - See accompanying schedule

$ 1,224,662,898

Receivable for investments sold

546,484

Receivable for fund shares sold

2,259,769

Total assets

1,227,469,151

 

 

 

Liabilities

Payable for investments purchased

$ 2,220,207

Payable for fund shares redeemed

586,056

Transfer agent fee payable

49,099

Total liabilities

2,855,362

 

 

 

Net Assets

$ 1,224,613,789

Net Assets consist of:

 

Paid in capital

$ 1,166,329,335

Undistributed net investment income

3,561,344

Accumulated undistributed net realized gain (loss) on investments

(1,301,981)

Net unrealized appreciation (depreciation) on investments

56,025,091

Net Assets, for 95,687,482 shares outstanding

$ 1,224,613,789

Net Asset Value, offering price and redemption price per share ($1,224,613,789 ÷ 95,687,482 shares)

$ 12.80

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 3,807,667

 

 

 

Expenses

Transfer agent fees

$ 234,919

Independent trustees' compensation

1,480

Total expenses

236,399

Net investment income (loss)

3,571,268

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(2,065,951)

Capital gain distributions from underlying funds

1,285,179

(780,772)

Change in net unrealized appreciation (depreciation) on underlying funds

31,599,741

Net gain (loss)

30,818,969

Net increase (decrease) in net assets resulting from operations

$ 34,390,237

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 3,571,268

$ 2,789,678

Net realized gain (loss)

(780,772)

3,718,641

Change in net unrealized appreciation (depreciation)

31,599,741

24,425,350

Net increase (decrease) in net assets resulting from operations

34,390,237

30,933,669

Distributions to shareholders from net investment income

(1,072,604)

(1,726,998)

Distributions to shareholders from net realized gain

(2,800,685)

(1,439,165)

Total distributions

(3,873,289)

(3,166,163)

Share transactions
Proceeds from sales of shares

624,156,725

625,206,915

Reinvestment of distributions

3,873,289

3,166,162

Cost of shares redeemed

(65,985,274)

(24,088,482)

Net increase (decrease) in net assets resulting from share transactions

562,044,740

604,284,595

Total increase (decrease) in net assets

592,561,688

632,052,101

 

 

 

Net Assets

Beginning of period

632,052,101

-

End of period (including undistributed net investment income of $3,561,344 and undistributed net investment income of $1,062,680, respectively)

$ 1,224,613,789

$ 632,052,101

Other Information

Shares

Sold

51,303,154

51,160,662

Issued in reinvestment of distributions

314,390

255,748

Redeemed

(5,387,673)

(1,958,799)

Net increase (decrease)

46,229,871

49,457,611

Financial Highlights

 

Six months ended
September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 12.78

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .05

.15

Net realized and unrealized gain (loss)

  .04

2.74

Total from investment operations

  .09

2.89

Distributions from net investment income

  (.02)

(.06)

Distributions from net realized gain

  (.05)

(.05)

Total distributions

  (.07)

(.11)

Net asset value, end of period

$ 12.80

$ 12.78

Total Return B

  .68%

28.94%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  .80% A

1.72% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 1,224,614

$ 632,052

Portfolio turnover rate

  26% A

19% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.

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

Semiannual Report

Fidelity Freedom K® 2040 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

7.7

3.5

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

3.3

3.1

Fidelity Disciplined Equity Fund Class F

9.5

11.1

Fidelity Equity-Income Fund
Class F

1.8

6.1

Fidelity Growth Company Fund Class F

8.3

9.4

Fidelity Series 100 Index Fund

6.4

7.4

Fidelity Series All-Sector Equity Fund Class F

10.6

10.0

Fidelity Series Large Cap Value Fund Class F

10.2

10.7

Fidelity Series Small Cap Opportunities Fund Class F

1.7

1.8

Fidelity Small Cap Growth Fund Class F

1.1

1.1

Fidelity Small Cap Value Fund Class F

1.1

1.1

 

54.0

61.8

Developed International Equity Funds

Fidelity Diversified International Fund Class F

4.4

5.7

Fidelity Europe Fund Class F

0.9

2.1

Fidelity Japan Fund Class F

0.3

0.8

Fidelity Overseas Fund Class F

4.4

5.6

Fidelity Series International Growth Fund Class F

4.2

1.2

Fidelity Series International Small Cap Fund Class F

0.8

0.2

Fidelity Series International Value Fund Class F

4.2

1.2

 

19.2

16.8

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

3.0

1.9

Fidelity Southeast Asia Fund
Class F

0.0

0.2

 

3.0

2.1

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

4.3

4.6

Fidelity High Income Fund Class F

4.3

4.5

 

8.6

9.1

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

6.1

5.0

Fidelity Strategic Real Return Fund Class F

1.4

1.1

Fidelity Total Bond Fund Class F

0.0

0.6

 

7.5

6.7

Net Other Assets (Liabilities)

Net Other Assets

0.0 *

0.0 *

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

7.7%

 

fid1661

Domestic Equity Funds

54.0%

 

fid1009

Developed International Equity Funds

19.2%

 

fid667

Emerging Markets Equity Funds

3.0%

 

fid1015

High Yield Bond Funds

8.6%

 

fid673

Investment Grade Bond Funds

7.5%

 

fid1718

Six months ago

fid659

Commodity Funds

3.5%

 

fid1661

Domestic Equity Funds

61.8%

 

fid1009

Developed International Equity Funds

16.8%

 

fid667

Emerging Markets Equity Funds

2.1%

 

fid1015

High Yield Bond Funds

9.1%

 

fid673

Investment Grade Bond Funds

6.7%

 

fid1726

Expected

fid659

Commodity Funds

9.2%

 

fid1661

Domestic Equity Funds

51.9%

 

fid1009

Developed International Equity Funds

18.9%

 

fid667

Emerging Markets Equity Funds

3.3%

 

fid1015

High Yield Bond Funds

8.2%

 

fid673

Investment Grade Bond Funds

8.5%

 

fid1734

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 March 30, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2040 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.7%

Shares

Value

Commodity Funds - 7.7%

Fidelity Series Commodity Strategy Fund Class F

10,772,296

$ 117,956,644

Domestic Equity Funds - 54.0%

Fidelity Blue Chip Growth Fund Class F

1,253,144

50,000,464

Fidelity Disciplined Equity Fund Class F

6,991,004

145,692,531

Fidelity Equity-Income Fund Class F

693,645

27,829,028

Fidelity Growth Company Fund Class F

1,718,480

128,061,110

Fidelity Series 100 Index Fund

12,286,387

99,028,280

Fidelity Series All-Sector Equity Fund Class F

13,723,197

163,443,265

Fidelity Series Large Cap Value Fund Class F

13,791,620

156,948,633

Fidelity Series Small Cap Opportunities Fund Class F (a)

2,859,241

26,247,831

Fidelity Small Cap Growth Fund Class F (a)

1,207,420

16,372,609

Fidelity Small Cap Value Fund Class F

1,180,713

16,459,142

TOTAL DOMESTIC EQUITY FUNDS

830,082,893

TOTAL DOMESTIC EQUITY FUNDS

(Cost $912,280,618)

948,039,537

International Equity Funds - 22.2%

 

 

 

 

Developed International Equity Funds - 19.2%

Fidelity Diversified International Fund Class F

2,359,795

66,970,987

Fidelity Europe Fund Class F

477,146

14,094,899

Fidelity Japan Fund Class F

511,163

5,280,310

Fidelity Overseas Fund Class F

2,222,151

66,953,403

Fidelity Series International Growth Fund Class F

6,270,921

65,217,577

Fidelity Series International Small Cap Fund Class F

1,130,941

12,451,655

Fidelity Series International Value Fund Class F

6,685,630

63,847,769

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

294,816,600

Emerging Markets Equity Funds - 3.0%

Fidelity Series Emerging Markets Fund Class F

2,559,214

46,321,780

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $317,617,369)

341,138,380

Bond Funds - 16.1%

Shares

Value

High Yield Bond Funds - 8.6%

Fidelity Capital & Income Fund Class F

7,323,489

$ 66,424,049

Fidelity High Income Fund Class F

7,515,984

66,366,138

TOTAL HIGH YIELD BOND FUNDS

132,790,187

Investment Grade Bond Funds - 7.5%

Fidelity Series Investment Grade Bond Fund Class F

7,813,149

93,367,130

Fidelity Strategic Real Return Fund
Class F

2,436,781

22,247,808

TOTAL INVESTMENT GRADE BOND FUNDS

115,614,938

TOTAL BOND FUNDS

(Cost $238,646,663)

248,405,125

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,468,544,650)

1,537,583,042

NET OTHER ASSETS (LIABILITIES) - 0.0%

(61,706)

NET ASSETS - 100%

$ 1,537,521,336

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2040 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $1,468,544,650) - See accompanying schedule

$ 1,537,583,042

Receivable for investments sold

533,362

Receivable for fund shares sold

2,699,876

Total assets

1,540,816,280

 

 

 

Liabilities

Payable for investments purchased

$ 2,273,496

Payable for fund shares redeemed

959,752

Transfer agent fee payable

61,696

Total liabilities

3,294,944

 

 

 

Net Assets

$ 1,537,521,336

Net Assets consist of:

 

Paid in capital

$ 1,466,191,069

Undistributed net investment income

4,461,933

Accumulated undistributed net realized gain (loss) on investments

(2,170,058)

Net unrealized appreciation (depreciation) on investments

69,038,392

Net Assets, for 119,640,920 shares outstanding

$ 1,537,521,336

Net Asset Value, offering price and redemption price per share ($1,537,521,336 ÷ 119,640,920 shares)

$ 12.85

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 4,827,055

 

 

 

Expenses

Transfer agent fees

$ 290,644

Independent trustees' compensation

1,811

Total expenses

292,455

Net investment income (loss)

4,534,600

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(3,140,927)

Capital gain distributions from underlying funds

1,612,141

(1,528,786)

Change in net unrealized appreciation (depreciation) on underlying funds

39,418,400

Net gain (loss)

37,889,614

Net increase (decrease) in net assets resulting from operations

$ 42,424,214

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

Semiannual Report

Fidelity Freedom K® 2040 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 4,534,600

$ 3,060,472

Net realized gain (loss)

(1,528,786)

4,172,484

Change in net unrealized appreciation (depreciation)

39,418,400

29,619,992

Net increase (decrease) in net assets resulting from operations

42,424,214

36,852,948

Distributions to shareholders from net investment income

(1,177,922)

(1,955,217)

Distributions to shareholders from net realized gain

(3,460,144)

(1,353,612)

Total distributions

(4,638,066)

(3,308,829)

Share transactions
Proceeds from sales of shares

836,262,402

742,165,707

Reinvestment of distributions

4,638,066

3,308,828

Cost of shares redeemed

(90,525,299)

(29,658,635)

Net increase (decrease) in net assets resulting from share transactions

750,375,169

715,815,900

Total increase (decrease) in net assets

788,161,317

749,360,019

 

 

 

Net Assets

Beginning of period

749,360,019

-

End of period (including undistributed net investment income of $4,461,933 and undistributed net investment income of $1,105,255, respectively)

$ 1,537,521,336

$ 749,360,019

Other Information

Shares

Sold

68,277,455

60,467,063

Issued in reinvestment of distributions

374,642

265,983

Redeemed

(7,346,543)

(2,397,680)

Net increase (decrease)

61,305,554

58,335,366

Financial Highlights

 

Six months ended
September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 12.85

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .05

.15

Net realized and unrealized gain (loss)

  .01

2.81

Total from investment operations

  .06

2.96

Distributions from net investment income

  (.02)

(.07)

Distributions from net realized gain

  (.05)

(.05)

Total distributions

  (.06) H

(.11) G

Net asset value, end of period

$ 12.85

$ 12.85

Total Return B

  .51%

29.64%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  .82% A

1.70% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 1,537,521

$ 749,360

Portfolio turnover rate

  26% A

19% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.11 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.045 per share. H Total distributions of $.06 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.047 per share.

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

Semiannual Report

Fidelity Freedom K® 2045 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

7.9

3.6

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

3.3

3.2

Fidelity Disciplined Equity Fund Class F

9.6

11.2

Fidelity Equity-Income Fund
Class F

1.8

6.2

Fidelity Growth Company Fund Class F

8.5

9.5

Fidelity Series 100 Index Fund

6.5

7.5

Fidelity Series All-Sector Equity Fund Class F

10.8

10.2

Fidelity Series Large Cap Value Fund Class F

10.4

10.8

Fidelity Series Small Cap Opportunities Fund Class F

1.7

1.8

Fidelity Small Cap Growth Fund Class F

1.1

1.1

Fidelity Small Cap Value Fund Class F

1.1

1.1

 

54.8

62.6

Developed International Equity Funds

Fidelity Diversified International Fund Class F

4.4

5.9

Fidelity Europe Fund Class F

0.8

1.9

Fidelity Japan Fund Class F

0.3

0.7

Fidelity Overseas Fund Class F

4.4

5.7

Fidelity Series International Growth Fund Class F

4.4

1.3

Fidelity Series International Small Cap Fund Class F

0.8

0.3

Fidelity Series International Value Fund Class F

4.3

1.3

 

19.4

17.1

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

3.1

1.9

Fidelity Southeast Asia Fund
Class F

0.0

0.2

 

3.1

2.1

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

5.0

5.1

Fidelity High Income Fund Class F

5.0

4.9

 

10.0

10.0

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

3.9

3.4

Fidelity Strategic Real Return Fund Class F

0.9

0.8

Fidelity Total Bond Fund Class F

0.0

0.4

 

4.8

4.6

Net Other Assets (Liabilities)

Net Other Assets

0.0 *

0.0 *

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

7.9%

 

fid1661

Domestic Equity Funds

54.8%

 

fid1009

Developed International Equity Funds

19.4%

 

fid667

Emerging Markets Equity Funds

3.1%

 

fid1015

High Yield Bond Funds

10.0%

 

fid673

Investment Grade Bond Funds

4.8%

 

fid1742

Six months ago

fid659

Commodity Funds

3.6%

 

fid1661

Domestic Equity Funds

62.6%

 

fid1009

Developed International Equity Funds

17.1%

 

fid667

Emerging Markets Equity Funds

2.1%

 

fid1015

High Yield Bond Funds

10.0%

 

fid673

Investment Grade Bond Funds

4.6%

 

fid1750

Expected

fid659

Commodity Funds

9.4%

 

fid1661

Domestic Equity Funds

52.9%

 

fid1009

Developed International Equity Funds

19.3%

 

fid667

Emerging Markets Equity Funds

3.4%

 

fid1015

High Yield Bond Funds

10.0%

 

fid673

Investment Grade Bond Funds

5.0%

 

fid1758

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 March 30, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2045 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 62.7%

Shares

Value

Commodity Funds - 7.9%

Fidelity Series Commodity Strategy Fund Class F

2,915,250

$ 31,921,987

Domestic Equity Funds - 54.8%

Fidelity Blue Chip Growth Fund Class F

335,703

13,394,535

Fidelity Disciplined Equity Fund Class F

1,869,960

38,969,962

Fidelity Equity-Income Fund Class F

185,149

7,428,163

Fidelity Growth Company Fund Class F

459,526

34,243,854

Fidelity Series 100 Index Fund

3,285,574

26,481,723

Fidelity Series All-Sector Equity Fund Class F

3,674,896

43,768,010

Fidelity Series Large Cap Value Fund Class F

3,689,951

41,991,646

Fidelity Series Small Cap Opportunities Fund Class F (a)

763,895

7,012,560

Fidelity Small Cap Growth Fund
Class F (a)

322,848

4,377,817

Fidelity Small Cap Value Fund Class F

315,599

4,399,454

TOTAL DOMESTIC EQUITY FUNDS

222,067,724

TOTAL DOMESTIC EQUITY FUNDS

(Cost $244,441,708)

253,989,711

International Equity Funds - 22.5%

 

 

 

 

Developed International Equity Funds - 19.4%

Fidelity Diversified International Fund Class F

629,860

17,875,436

Fidelity Europe Fund Class F

106,872

3,157,003

Fidelity Japan Fund Class F

121,787

1,258,057

Fidelity Overseas Fund Class F

591,736

17,829,000

Fidelity Series International Growth Fund Class F

1,700,422

17,684,393

Fidelity Series International Small Cap Fund Class F

308,447

3,396,006

Fidelity Series International Value Fund Class F

1,813,285

17,316,874

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

78,516,769

Emerging Markets Equity Funds - 3.1%

Fidelity Series Emerging Markets Fund Class F

688,039

12,453,501

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $84,469,723)

90,970,270

Bond Funds - 14.8%

Shares

Value

High Yield Bond Funds - 10.0%

Fidelity Capital & Income Fund Class F

2,229,827

$ 20,224,532

Fidelity High Income Fund Class F

2,282,686

20,156,117

TOTAL HIGH YIELD BOND FUNDS

40,380,649

Investment Grade Bond Funds - 4.8%

Fidelity Series Investment Grade Bond Fund Class F

1,323,016

15,810,037

Fidelity Strategic Real Return Fund
Class F

398,357

3,636,995

TOTAL INVESTMENT GRADE BOND FUNDS

19,447,032

TOTAL BOND FUNDS

(Cost $57,547,415)

59,827,681

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $386,458,846)

404,787,662

NET OTHER ASSETS (LIABILITIES) - 0.0%

(16,180)

NET ASSETS - 100%

$ 404,771,482

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2045 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $386,458,846) - See accompanying schedule

$ 404,787,662

Receivable for investments sold

90,495

Receivable for fund shares sold

1,317,943

Total assets

406,196,100

 

 

 

Liabilities

Payable for investments purchased

$ 1,083,276

Payable for fund shares redeemed

325,164

Transfer agent fee payable

16,178

Total liabilities

1,424,618

 

 

 

Net Assets

$ 404,771,482

Net Assets consist of:

 

Paid in capital

$ 385,996,760

Undistributed net investment income

1,138,505

Accumulated undistributed net realized gain (loss) on investments

(692,599)

Net unrealized appreciation (depreciation) on investments

18,328,816

Net Assets, for 31,365,161 shares outstanding

$ 404,771,482

Net Asset Value, offering price and redemption price per share ($404,771,482 ÷ 31,365,161 shares)

$ 12.91

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 1,241,874

 

 

 

Expenses

Transfer agent fees

$ 75,191

Independent trustees' compensation

452

Total expenses

75,643

Net investment income (loss)

1,166,231

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(925,659)

Capital gain distributions from underlying funds

440,323

(485,336)

Change in net unrealized appreciation (depreciation) on underlying funds

11,169,414

Net gain (loss)

10,684,078

Net increase (decrease) in net assets resulting from operations

$ 11,850,309

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

Semiannual Report

Fidelity Freedom K® 2045 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,166,231

$ 640,871

Net realized gain (loss)

(485,336)

861,178

Change in net unrealized appreciation (depreciation)

11,169,414

7,159,402

Net increase (decrease) in net assets resulting from operations

11,850,309

8,661,451

Distributions to shareholders from net investment income

(272,027)

(396,568)

Distributions to shareholders from net realized gain

(816,081)

(252,361)

Total distributions

(1,088,108)

(648,929)

Share transactions
Proceeds from sales of shares

239,362,196

175,251,337

Reinvestment of distributions

1,088,108

648,928

Cost of shares redeemed

(22,433,315)

(7,920,495)

Net increase (decrease) in net assets resulting from share transactions

218,016,989

167,979,770

Total increase (decrease) in net assets

228,779,190

175,992,292

 

 

 

Net Assets

Beginning of period

175,992,292

-

End of period (including undistributed net investment income of $1,138,505 and undistributed net investment income of $244,301, respectively)

$ 404,771,482

$ 175,992,292

Other Information

Shares

Sold

19,457,566

14,220,480

Issued in reinvestment of distributions

87,539

51,956

Redeemed

(1,815,751)

(636,629)

Net increase (decrease)

17,729,354

13,635,807

Financial Highlights

 

Six months ended
September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 12.91

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .05

.14

Net realized and unrealized gain (loss)

  .01

2.86

Total from investment operations

  .06

3.00

Distributions from net investment income

  (.02)

(.06)

Distributions from net realized gain

  (.05)

(.04)

Total distributions

  (.06) H

(.09) G

Net asset value, end of period

$ 12.91

$ 12.91

Total Return B

  .48%

30.03%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  .83% A

1.55% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 404,771

$ 175,992

Portfolio turnover rate

  23% A

20% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.09 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.035 per share. H Total distributions of $.06 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.045 per share.

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

Semiannual Report

Fidelity Freedom K® 2050 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

8.3

3.8

Domestic Equity Funds

Fidelity Blue Chip Growth Fund Class F

3.5

3.3

Fidelity Disciplined Equity Fund Class F

10.1

11.5

Fidelity Equity-Income Fund
Class F

1.9

6.3

Fidelity Growth Company Fund Class F

8.8

9.7

Fidelity Series 100 Index Fund

6.8

7.7

Fidelity Series All-Sector Equity Fund Class F

11.3

10.5

Fidelity Series Large Cap Value Fund Class F

10.8

11.2

Fidelity Series Small Cap Opportunities Fund Class F

1.8

1.9

Fidelity Small Cap Growth Fund Class F

1.1

1.1

Fidelity Small Cap Value Fund Class F

1.1

1.1

 

57.2

64.3

Developed International Equity Funds

Fidelity Diversified International Fund Class F

4.9

6.8

Fidelity Europe Fund Class F

0.9

2.3

Fidelity Japan Fund Class F

0.4

0.9

Fidelity Overseas Fund Class F

4.8

6.5

Fidelity Series International Growth Fund Class F

4.5

1.2

Fidelity Series International Small Cap Fund Class F

0.8

0.2

Fidelity Series International Value Fund Class F

4.4

1.2

 

20.7

19.1

 

 

% of fund's
net assets

% of fund's net assets
6 months ago

Emerging Markets Equity Funds

Fidelity Series Emerging Markets Fund Class F

3.3

2.1

Fidelity Southeast Asia Fund
Class F

0.0

0.3

 

3.3

2.4

High Yield Bond Funds

Fidelity Capital & Income Fund Class F

5.0

5.0

Fidelity High Income Fund Class F

4.9

5.0

 

9.9

10.0

Investment Grade Bond Funds

Fidelity Series Investment Grade Bond Fund Class F

0.5

0.3

Fidelity Strategic Real Return Fund Class F

0.1

0.0*

Fidelity Total Bond Fund Class F

0.0

0.1

 

0.6

0.4

Net Other Assets (Liabilities)

Net Other Assets

0.0 *

0.0 *

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

8.3%

 

fid1661

Domestic Equity Funds

57.2%

 

fid1009

Developed International Equity Funds

20.7%

 

fid667

Emerging Markets Equity Funds

3.3%

 

fid1015

High Yield Bond Funds

9.9%

 

fid673

Investment Grade Bond Funds

0.6%

 

fid1766

Six months ago

fid659

Commodity Funds

3.8%

 

fid1661

Domestic Equity Funds

64.3%

 

fid1009

Developed International Equity Funds

19.1%

 

fid667

Emerging Markets Equity Funds

2.4%

 

fid1015

High Yield Bond Funds

10.0%

 

fid673

Investment Grade Bond Funds

0.4%

 

fid1774

Expected

fid659

Commodity Funds

9.8%

 

fid1661

Domestic Equity Funds

55.4%

 

fid1009

Developed International Equity Funds

20.2%

 

fid667

Emerging Markets Equity Funds

3.5%

 

fid1015

High Yield Bond Funds

10.0%

 

fid673

Investment Grade Bond Funds

1.1%

 

fid1782

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 March 30, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom K® 2050 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 65.5%

Shares

Value

Commodity Funds - 8.3%

Fidelity Series Commodity Strategy Fund Class F

2,131,627

$ 23,341,314

Domestic Equity Funds - 57.2%

Fidelity Blue Chip Growth Fund Class F

243,868

9,730,337

Fidelity Disciplined Equity Fund Class F

1,358,199

28,304,877

Fidelity Equity-Income Fund Class F

131,151

5,261,770

Fidelity Growth Company Fund Class F

333,631

24,862,192

Fidelity Series 100 Index Fund

2,386,089

19,231,879

Fidelity Series All-Sector Equity Fund Class F

2,670,737

31,808,472

Fidelity Series Large Cap Value Fund Class F

2,681,443

30,514,814

Fidelity Series Small Cap Opportunities Fund Class F (a)

555,087

5,095,699

Fidelity Small Cap Growth Fund Class F (a)

234,657

3,181,952

Fidelity Small Cap Value Fund Class F

229,401

3,197,853

TOTAL DOMESTIC EQUITY FUNDS

161,189,845

TOTAL DOMESTIC EQUITY FUNDS

(Cost $177,828,541)

184,531,159

International Equity Funds - 24.0%

 

 

 

 

Developed International Equity Funds - 20.7%

Fidelity Diversified International Fund Class F

481,495

13,664,824

Fidelity Europe Fund Class F

89,608

2,647,033

Fidelity Japan Fund Class F

111,478

1,151,563

Fidelity Overseas Fund Class F

453,042

13,650,165

Fidelity Series International Growth Fund Class F

1,209,900

12,582,961

Fidelity Series International Small Cap Fund Class F

215,889

2,376,941

Fidelity Series International Value Fund Class F

1,286,570

12,286,739

TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS

58,360,226

Emerging Markets Equity Funds - 3.3%

Fidelity Series Emerging Markets Fund Class F

503,193

9,107,788

TOTAL INTERNATIONAL EQUITY FUNDS

(Cost $62,724,387)

67,468,014

Bond Funds - 10.5%

Shares

Value

High Yield Bond Funds - 9.9%

Fidelity Capital & Income Fund Class F

1,549,421

$ 14,053,246

Fidelity High Income Fund Class F

1,587,502

14,017,645

TOTAL HIGH YIELD BOND FUNDS

28,070,891

Investment Grade Bond Funds - 0.6%

Fidelity Series Investment Grade Bond Fund Class F

112,266

1,341,581

Fidelity Strategic Real Return Fund
Class F

31,116

284,093

TOTAL INVESTMENT GRADE BOND FUNDS

1,625,674

TOTAL BOND FUNDS

(Cost $28,538,679)

29,696,565

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $269,091,607)

281,695,738

NET OTHER ASSETS (LIABILITIES) - 0.0%

(11,133)

NET ASSETS - 100%

$ 281,684,605

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom K® 2050 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $269,091,607) - See accompanying schedule

$ 281,695,738

Receivable for investments sold

7,532

Receivable for fund shares sold

744,155

Total assets

282,447,425

 

 

 

Liabilities

Payable for investments purchased

$ 597,800

Payable for fund shares redeemed

153,887

Transfer agent fee payable

11,133

Total liabilities

762,820

 

 

 

Net Assets

$ 281,684,605

Net Assets consist of:

 

Paid in capital

$ 269,081,423

Undistributed net investment income

696,205

Accumulated undistributed net realized gain (loss) on investments

(697,154)

Net unrealized appreciation (depreciation) on investments

12,604,131

Net Assets, for 21,835,156 shares outstanding

$ 281,684,605

Net Asset Value, offering price and redemption price per share ($281,684,605 ÷ 21,835,156 shares)

$ 12.90

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 738,867

 

 

 

Expenses

Transfer agent fees

$ 51,826

Independent trustees' compensation

309

Total expenses

52,135

Net investment income (loss)

686,732

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(851,504)

Capital gain distributions from underlying funds

313,156

(538,348)

Change in net unrealized appreciation (depreciation) on underlying funds

7,598,837

Net gain (loss)

7,060,489

Net increase (decrease) in net assets resulting from operations

$ 7,747,221

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 686,732

$ 439,221

Net realized gain (loss)

(538,348)

595,854

Change in net unrealized appreciation (depreciation)

7,598,837

5,005,294

Net increase (decrease) in net assets resulting from operations

7,747,221

6,040,369

Distributions to shareholders from net investment income

(124,028)

(305,720)

Distributions to shareholders from net realized gain

(558,125)

(196,535)

Total distributions

(682,153)

(502,255)

Share transactions
Proceeds from sales of shares

176,046,095

120,013,597

Reinvestment of distributions

682,153

502,254

Cost of shares redeemed

(20,002,581)

(8,160,095)

Net increase (decrease) in net assets resulting from share transactions

156,725,667

112,355,756

Total increase (decrease) in net assets

163,790,735

117,893,870

 

 

 

Net Assets

Beginning of period

117,893,870

-

End of period (including undistributed net investment income of $696,205 and undistributed net investment income of $133,501, respectively)

$ 281,684,605

$ 117,893,870

Other Information

Shares

Sold

14,293,654

9,729,235

Issued in reinvestment of distributions

54,924

40,084

Redeemed

(1,623,506)

(659,235)

Net increase (decrease)

12,725,072

9,110,084

Financial Highlights

 

Six months ended
September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 12.94

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) C

  .04

.15

Net realized and unrealized gain (loss)

  (.02) G

2.91

Total from investment operations

  .02

3.06

Distributions from net investment income

  (.01)

(.07)

Distributions from net realized gain

  (.05)

(.05)

Total distributions

  (.06)

(.12)

Net asset value, end of period

$ 12.90

$ 12.94

Total Return B

  .13%

30.59%

Ratios to Average Net Assets D, F

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .05% A

.05% A

Expenses net of all reductions

  .05% A

.05% A

Net investment income (loss)

  .71% A

1.62% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 281,685

$ 117,894

Portfolio turnover rate

  24% A

24% A

A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

Semiannual Report

Notes to Financial Statements

For the period ended September 30, 2010 (Unaudited)

1. Organization.

Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 Fund, Fidelity Freedom K® 2020 Fund, Fidelity Freedom K 2025® Fund, Fidelity Freedom K® 2030 Fund, Fidelity Freedom K® 2035 Fund, Fidelity Freedom K® 2040 Fund, Fidelity Freedom K® 2045 Fund and Fidelity Freedom K® 2050 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

Income Tax Information and Distributions to Shareholders. Each year each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

 

Tax cost

Gross unrealized appreciation

Gross unrealized depreciation

Net unrealized appreciation (depreciation)

Fidelity Freedom K® Income Fund

$ 384,503,995

$ 10,154,984

$ (482,303)

$ 9,672,681

Fidelity Freedom K® 2000 Fund

268,018,155

7,013,522

(837,072)

6,176,450

Fidelity Freedom K® 2005 Fund

151,356,444

5,952,427

(291,067)

5,661,360

Fidelity Freedom K® 2010 Fund

1,492,682,682

61,574,704

(5,501,854)

56,072,850

Fidelity Freedom K® 2015 Fund

1,685,905,263

73,298,510

(3,821,143)

69,477,367

Fidelity Freedom K® 2020 Fund

3,482,592,006

157,754,921

(13,927,363)

143,827,558

Fidelity Freedom K® 2025 Fund

1,802,334,762

87,732,872

(6,284,963)

81,447,909

Fidelity Freedom K® 2030 Fund

2,511,571,860

123,182,409

(10,825,047)

112,357,362

Fidelity Freedom K® 2035 Fund

1,170,508,314

59,199,332

(5,044,748)

54,154,584

Fidelity Freedom K® 2040 Fund

1,471,107,164

73,915,139

(7,439,261)

66,475,878

Fidelity Freedom K® 2045 Fund

387,150,904

19,826,133

(2,189,375)

17,636,758

Fidelity Freedom K® 2050 Fund

269,746,471

13,729,211

(1,779,944)

11,949,267

3. Purchases and Sales of Investments.

Purchases and redemptions of the Underlying Fund shares are noted in the table below.

 

Purchases ($)

Redemptions ($)

Fidelity Freedom K® Income Fund

299,984,268

37,712,855

Fidelity Freedom K® 2000 Fund

214,243,700

32,094,188

Fidelity Freedom K® 2005 Fund

112,243,717

24,436,995

Fidelity Freedom K® 2010 Fund

1,061,088,990

227,149,496

Fidelity Freedom K® 2015 Fund

1,031,899,838

193,656,027

Fidelity Freedom K® 2020 Fund

2,344,738,695

398,730,085

Fidelity Freedom K® 2025 Fund

1,082,632,873

179,703,040

Fidelity Freedom K® 2030 Fund

1,537,956,423

259,211,070

Fidelity Freedom K® 2035 Fund

677,715,539

114,667,149

Fidelity Freedom K® 2040 Fund

895,349,334

143,438,683

Fidelity Freedom K® 2045 Fund

250,629,737

32,086,441

Fidelity Freedom K® 2050 Fund

180,156,327

23,107,524

4. Fees and Other Transactions with Affiliates.

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

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

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each Fund were as follows:

 

Amount

% of Average
Net Assets *

Fidelity Freedom K® Income Fund

$ 69,720

.05%

Fidelity Freedom K® 2000 Fund

55,446

.05%

Fidelity Freedom K® 2005 Fund

29,523

.05%

Fidelity Freedom K® 2010 Fund

294,968

.05%

Fidelity Freedom K® 2015 Fund

335,101

.05%

Fidelity Freedom K® 2020 Fund

679,605

.05%

Fidelity Freedom K® 2025 Fund

354,939

.05%

Fidelity Freedom K® 2030 Fund

498,308

.05%

Fidelity Freedom K® 2035 Fund

234,919

.05%

Fidelity Freedom K® 2040 Fund

290,644

.05%

Fidelity Freedom K® 2045 Fund

75,191

.05%

Fidelity Freedom K® 2050 Fund

51,826

.05%

* Annualized

Reallocation of Underlying Fund Investments. During the period, Strategic Advisers reallocated investments of certain Funds. This involved a taxable redemption of certain Funds' interest, or partial interest, in Fidelity Europe Fund Class F for securities in-kind and non-taxable exchanges of those securities for shares of Fidelity Series International Growth Fund Class F and Fidelity Series International Value Fund Class F. Realized gains and losses on redemptions of Fidelity Europe Fund Class F in connection with the reallocation are presented in the accompanying Statement of Operations as "Realized gain (loss) on sale of underlying fund shares."

Details of these transactions with the related gain/(loss) for the Funds are presented in the accompanying table:

 

Value of Cash and
Securities reallocated

Realized Gain/(Loss)
on redemptions of
Europe Fund Class F

Fidelity Freedom K® 2000 Fund

$ 11,872

$ (843)

Fidelity Freedom K® 2005 Fund

504,184

(41,216)

Fidelity Freedom K® 2010 Fund

7,180,078

(551,724)

Fidelity Freedom K® 2015 Fund

7,830,762

(670,321)

Fidelity Freedom K® 2020 Fund

20,108,390

(1,601,412)

Fidelity Freedom K® 2025 Fund

10,690,884

(877,037)

Fidelity Freedom K® 2030 Fund

17,722,518

(1,429,954)

Fidelity Freedom K® 2035 Fund

8,210,916

(675,381)

Fidelity Freedom K® 2040 Fund

10,700,495

(856,021)

Fidelity Freedom K® 2045 Fund

2,410,154

(187,579)

Fidelity Freedom K® 2050 Fund

2,006,593

(153,256)

5. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

Subsequent to period end, Strategic Advisers reallocated investments of certain Funds. This involved a taxable redemption of certain Funds' interest in Fidelity Europe Fund Class F for securities in-kind and a non-taxable exchange of those securities for shares of Fidelity Series International Growth Fund Class F and Fidelity Series International Value Fund Class F.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Freedom K® Funds

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and administration agreement (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established three standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of each fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Strategic Advisers, Inc. (Strategic Advisers), and the administrator, FMR, including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interest of each fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of Strategic Advisers' investment staff, their use of technology, and Strategic Advisers' and FMR's approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board noted FMR's continued focus on strengthening the organization and discipline of equity portfolio management and research.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR and its affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and restructuring and broadening the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) launching Class F of certain funds as a lower-fee class available to Freedom K and Freedom Index Funds; (iv) lowering the initial investment minimums and ongoing balance requirements for Real Estate High Income Fund; (v) eliminating subsequent purchase minimums for all funds and adding a waiver of the investment minimum requirement for new accounts opened with the proceeds of a systematic withdrawal plan; (vi) eliminating the withdrawal minimum and maximum limits for systematic withdrawals from Advisor funds; (vii) expanding sales load waivers on Class A shares for Destiny Planholders and expanding Institutional Class eligibility for Class O Destiny Planholders; and (viii) changing certain Class A and Class T sales charge structures to further align them with industry practices.

Semiannual Report

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board noted that it is not possible to evaluate performance in any comprehensive fashion because each fund had been in operation for less than one calendar year. Once a fund has been in operation for at least one calendar year, the Board will review the fund's absolute investment performance, as well as the fund's relative investment performance measured against a proprietary custom index and, if a meaningful peer group exists, a peer group of mutual funds.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by Strategic Advisers and FMR to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of investment management and support services and of shareholder and administrative services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board noted that the funds do not pay Strategic Advisers a management fee for investment advisory services. The Board considered each fund's management fee and total expenses (which include the fees and expenses of underlying funds) compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the period of each fund's operations shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 0% means that 100% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Fidelity Freedom K® 2000 Fund

fid1784

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom K® 2005 Fund

fid1786

Fidelity Freedom K® 2010 Fund

fid1788

Semiannual Report

Fidelity Freedom K® 2015 Fund

fid1790

Fidelity Freedom K® 2020 Fund

fid1792

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom K® 2025 Fund

fid1794

Fidelity Freedom K® 2030 Fund

fid1796

Semiannual Report

Fidelity Freedom K® 2035 Fund

fid1798

Fidelity Freedom K® 2040 Fund

fid1800

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom K® 2045 Fund

fid1802

Fidelity Freedom K® 2050 Fund

fid1804

Semiannual Report

Fidelity Freedom K® Income Fund

fid1806

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for the period.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of each fund's total expenses, the Board considered that the funds pay transfer agency fees. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions.

The Board noted that each fund's total expenses ranked below its competitive median for the period.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that each fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contracts because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

Economies of Scale. The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.

By Phone

Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

Fidelity Workplace Investing
1-800-835-5092

By PC

Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.401k.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

Investment Adviser

Strategic Advisers, Inc.

Boston, MA

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

fid1405 

FF-K-USAN-1110
1.892600.101

Fidelity FreedomSM Index Funds - Class K
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050
(To be renamed Fidelity FreedomSM Index Funds - Class W Income, 2000, 2005, 2010, 2015, 2020,
2025, 2030, 2035, 2040, 2045, 2050 effective December 1, 2010)

Semiannual Report

September 30, 2010

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

The Chairman's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Fidelity Freedom Index Income Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2000 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2005 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2010 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2015 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2020 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2025 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2030 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2035 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2040 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2045 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Fidelity Freedom Index 2050 Fund - Class K

<Click Here>
<Click Here>
<Click Here>

Investment Changes
Investments
Financial Statements

Notes

<Click Here>

Notes to the financial statements.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

 

Semiannual Report

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

Equities staged a rally during the third quarter of 2010, shaking off concerns about the European debt crisis and the possibility of a double-dip recession in the U.S. Although the short-term surge pushed major equity indexes back into positive territory for the year, several questions remained about the longer-term outlook, including lackluster economic growth and persistently high unemployment. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.

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

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

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

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

Sincerely,


(The chairman's signature appears here.)

Abigail P. Johnson

Semiannual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2010 to September 30, 2010).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 

Annualized
Expense Ratio

Beginning
Account Value
April 1, 2010

Ending
Account Value
September 30, 2010

Expenses Paid
During Period*
April 1, 2010 to
September 30, 2010

Fidelity Freedom Index Income Fund

.04%

 

 

 

Actual

 

$ 1,000.00

$ 1,025.90

$ .20

HypotheticalA

 

$ 1,000.00

$ 1,024.87

$ .20

Fidelity Freedom Index 2000 Fund

.04%

 

 

 

Actual

 

$ 1,000.00

$ 1,024.90

$ .20

HypotheticalA

 

$ 1,000.00

$ 1,024.87

$ .20

Fidelity Freedom Index 2005 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.10

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

Fidelity Freedom Index 2010 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,028.20

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

Fidelity Freedom Index 2015 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,028.20

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

Fidelity Freedom Index 2020 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,025.60

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

Fidelity Freedom Index 2025 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,025.10

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

Fidelity Freedom Index 2030 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,020.40

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

Fidelity Freedom Index 2035 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,017.90

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

 

Annualized
Expense Ratio

Beginning
Account Value
April 1, 2010

Ending
Account Value
September 30, 2010

Expenses Paid
During Period*
April 1, 2010 to
September 30, 2010

Fidelity Freedom Index 2040 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.30

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

Fidelity Freedom Index 2045 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.40

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

Fidelity Freedom Index 2050 Fund

.03%

 

 

 

Actual

 

$ 1,000.00

$ 1,013.00

$ .15

HypotheticalA

 

$ 1,000.00

$ 1,024.92

$ .15

A 5% return per year before expenses

* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

Semiannual Report

Fidelity Freedom Index Income Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

2.0

2.0

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

13.3

15.6

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

4.6

2.3

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

12.0

12.0

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

28.1

28.1

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

40.0

40.0

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

2.0%

 

fid663

Domestic Equity Funds

13.3%

 

fid665

Developed International Equity Funds

4.6%

 

fid667

Inflation-Protected Bond Funds

12.0%

 

fid669

Investment Grade Bond Funds

28.1%

 

fid673

Short-Term Funds

40.0%

 

fid1855

Six months ago

fid659

Commodity Funds

2.0%

 

fid1858

Domestic Equity Funds

15.6%

 

fid665

Developed International Equity Funds

2.3%

 

fid667

Inflation-Protected Bond Funds

12.0%

 

fid669

Investment Grade Bond Funds

28.1%

 

fid673

Short-Term Funds

40.0%

 

fid1864

Expected

fid659

Commodity Funds

2.0%

 

fid663

Domestic Equity Funds

12.6%

 

fid665

Developed International Equity Funds

5.4%

 

fid667

Inflation-Protected Bond Funds

12.0%

 

fid669

Investment Grade Bond Funds

28.0%

 

fid673

Short-Term Funds

40.0%

 

fid1872

The six months ago allocation is based on the fund's holdings as of March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index Income Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 15.3%

Shares

Value

Commodity Funds - 2.0%

Fidelity Series Commodity Strategy Fund Class F

33,787

$ 369,970

Domestic Equity Funds - 13.3%

Fidelity Spartan Total Market Index Fund Class F

74,420

2,461,828

TOTAL DOMESTIC EQUITY FUNDS

(Cost $2,751,867)

2,831,798

International Equity Funds - 4.6%

 

 

 

 

Developed International Equity Funds - 4.6%

Fidelity Series Global ex U.S. Index Fund
(Cost $798,136)

80,045

854,877

Bond Funds - 40.1%

 

 

 

 

Inflation-Protected Bond Funds - 12.0%

Fidelity Series Inflation-Protected Bond Index Fund Class F

207,710

2,216,271

 

Shares

Value

Investment Grade Bond Funds - 28.1%

Fidelity U.S. Bond Index Fund Class F

445,057

$ 5,184,910

TOTAL BOND FUNDS

(Cost $7,209,118)

7,401,181

Short-Term Funds - 40.0%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F
(Cost $7,393,754)

7,393,754

7,393,754

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $18,152,875)

18,481,610

NET OTHER ASSETS (LIABILITIES) - 0.0%

(304)

NET ASSETS - 100%

$ 18,481,306

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index Income Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $18,152,875) - See accompanying schedule

$ 18,481,610

Cash

6

Receivable for investments sold

291,625

Receivable for fund shares sold

3,378

Receivable from affiliate for expense reductions

208

Other receivables

123

Total assets

18,776,950

 

 

 

Liabilities

Payable for investments purchased

$ 238,935

Payable for fund shares redeemed

56,069

Other affiliated payables

640

Total liabilities

295,644

 

 

 

Net Assets

$ 18,481,306

Net Assets consist of:

 

Paid in capital

$ 18,144,931

Undistributed net investment income

17,168

Accumulated undistributed net realized gain (loss) on investments

(9,528)

Net unrealized appreciation (depreciation) on investments

328,735

Net Assets, for 1,759,697 shares outstanding

$ 18,481,306

Net Asset Value, offering price and redemption price per share ($18,481,306 ÷ 1,759,697 shares)

$ 10.50

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 61,696

 

 

 

Expenses

Transfer agent fees

$ 2,845

Independent trustees' compensation

18

Total expenses before reductions

2,863

Expense reductions

(788)

2,075

Net investment income (loss)

59,621

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(11,440)

Capital gain distributions from underlying funds

4,804

 

Total net realized gain (loss)

 

(6,636)

Change in net unrealized appreciation (depreciation) on investment securities

292,552

Net gain (loss)

285,916

Net increase (decrease) in net assets resulting from operations

$ 345,537

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

Semiannual Fund

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 59,621

$ 17,172

Net realized gain (loss)

(6,636)

2,305

Change in net unrealized appreciation (depreciation)

292,552

36,183

Net increase (decrease) in net assets resulting from operations

345,537

55,660

Distributions to shareholders from net investment income

(52,057)

(7,568)

Distributions to shareholders from net realized gain

(5,098)

(100)

Total distributions

(57,155)

(7,668)

Share transactions
Proceeds from sales of shares

12,709,516

6,763,552

Reinvestment of distributions

57,154

7,668

Cost of shares redeemed

(975,028)

(417,930)

Net increase (decrease) in net assets resulting from share transactions

11,791,642

6,353,290

Total increase (decrease) in net assets

12,080,024

6,401,282

 

 

 

Net Assets

Beginning of period

6,401,282

-

End of period (including undistributed net investment income of $17,168 and undistributed net investment income of $9,604, respectively)

$ 18,481,306

$ 6,401,282

Other Information

Shares

Sold

1,226,460

661,779

Issued in reinvestment of distributions

5,557

753

Redeemed

(94,194)

(40,658)

Net increase (decrease)

1,137,823

621,874

Financial Highlights

 

Six months ended
September 30, 2010

Period ended March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.29

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .05

.06

Net realized and unrealized gain (loss)

  .22

.30

Total from investment operations

  .27

.36

Distributions from net investment income

  (.06)

(.07)

Distributions from net realized gain

  (.01)

(.01)

Total distributions

  (.06) H

(.07) I

Net asset value, end of period

$ 10.50

$ 10.29

Total Return B, C

  2.59%

3.62%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .04% A

.04% A

Expenses net of all reductions

  .04% A

.04% A

Net investment income (loss)

  1.04% A

1.13% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 18,481

$ 6,401

Portfolio turnover rate

  27% A

18%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds. H Total distributions of $.06 per share is comprised of distributions from net investment income of $.050 and distributions from net realized gain of $.005 per share. I Total distributions of $.07 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.005 per share.

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

Semiannual Report

Fidelity Freedom Index 2000 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

2.3

2.4

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

14.0

16.7

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

4.9

2.5

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

11.5

11.4

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

27.4

27.2

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

39.9

39.8

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

2.3%

 

fid663

Domestic Equity Funds

14.0%

 

fid665

Developed International Equity Funds

4.9%

 

fid667

Inflation-Protected Bond Funds

11.5%

 

fid669

Investment Grade Bond Funds

27.4%

 

fid673

Short-Term Funds

39.9%

 

fid1880

Six months ago

fid659

Commodity Funds

2.4%

 

fid663

Domestic Equity Funds

16.7%

 

fid665

Developed International Equity Funds

2.5%

 

fid667

Inflation-Protected Bond Funds

11.4%

 

fid669

Investment Grade Bond Funds

27.2%

 

fid673

Short-Term Funds

39.8%

 

fid1888

Expected

fid659

Commodity Funds

2.2%

 

fid663

Domestic Equity Funds

13.0%

 

fid773

Developed International Equity Funds

5.6%

 

fid1013

Inflation-Protected Bond Funds

11.7%

 

fid671

Investment Grade Bond Funds

27.5%

 

fid673

Short-Term Funds

40.0%

 

fid1896

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2000 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 16.3%

Shares

Value

Commodity Funds - 2.3%

Fidelity Series Commodity Strategy Fund Class F

31,116

$ 340,720

Domestic Equity Funds - 14.0%

Fidelity Spartan Total Market Index Fund Class F

61,594

2,037,536

TOTAL DOMESTIC EQUITY FUNDS

(Cost $2,314,449)

2,378,256

International Equity Funds - 4.9%

 

 

 

 

Developed International Equity Funds - 4.9%

Fidelity Series Global ex U.S. Index Fund
(Cost $664,274)

66,331

708,417

Bond Funds - 38.9%

 

 

 

 

Inflation-Protected Bond Funds - 11.5%

Fidelity Series Inflation-Protected Bond Index Fund Class F

157,581

1,681,390

 

Shares

Value

Investment Grade Bond Funds - 27.4%

Fidelity U.S. Bond Index Fund Class F

341,942

$ 3,983,622

TOTAL BOND FUNDS

(Cost $5,507,953)

5,665,012

Short-Term Funds - 39.9%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F
(Cost $5,813,069)

5,813,069

5,813,069

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $14,299,745)

14,564,754

NET OTHER ASSETS (LIABILITIES) - 0.0%

(212)

NET ASSETS - 100%

$ 14,564,542

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2000 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $14,299,745) - See accompanying schedule

$ 14,564,754

Cash

2

Receivable for investments sold

240,374

Receivable for fund shares sold

1,607

Receivable from affiliate for expense reductions

163

Other receivables

123

Total assets

14,807,023

 

 

 

Liabilities

Payable for investments purchased

$ 241,981

Other affiliated payables

500

Total liabilities

242,481

 

 

 

Net Assets

$ 14,564,542

Net Assets consist of:

 

Paid in capital

$ 14,254,919

Undistributed net investment income

47,680

Accumulated undistributed net realized gain (loss) on investments

(3,066)

Net unrealized appreciation (depreciation) on investments

265,009

Net Assets, for 1,379,903 shares outstanding

$ 14,564,542

Net Asset Value, offering price and redemption price per share ($14,564,542 ÷ 1,379,903 shares)

$ 10.55

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 49,355

 

 

 

Expenses

Transfer agent fees

$ 2,305

Independent trustees' compensation

16

Total expenses before reductions

2,321

Expense reductions

(651)

1,670

Net investment income (loss)

47,685

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(5,538)

Capital gain distributions from underlying funds

4,221

 

Total net realized gain (loss)

 

(1,317)

Change in net unrealized appreciation (depreciation) on investment securities

221,533

Net gain (loss)

220,216

Net increase (decrease) in net assets resulting from operations

$ 267,901

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 47,685

$ 18,234

Net realized gain (loss)

(1,317)

3,463

Change in net unrealized appreciation (depreciation)

221,533

43,476

Net increase (decrease) in net assets resulting from operations

267,901

65,173

Distributions to shareholders from net investment income

(17,039)

(1,200)

Distributions to shareholders from net realized gain

(5,112)

(100)

Total distributions

(22,151)

(1,300)

Share transactions
Proceeds from sales of shares

8,524,402

7,585,006

Reinvestment of distributions

22,151

1,300

Cost of shares redeemed

(1,068,779)

(809,161)

Net increase (decrease) in net assets resulting from share transactions

7,477,774

6,777,145

Total increase (decrease) in net assets

7,723,524

6,841,018

 

 

 

Net Assets

Beginning of period

6,841,018

-

End of period (including undistributed net investment income of $47,680 and undistributed net investment income of $17,034, respectively)

$ 14,564,542

$ 6,841,018

Other Information

Shares

Sold

818,001

741,203

Issued in reinvestment of distributions

2,151

128

Redeemed

(102,928)

(78,652)

Net increase (decrease)

717,224

662,679

Financial Highlights

 

Six months ended September 30, 2010

Period ended March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.32

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .05

.05

Net realized and unrealized gain (loss)

  .21

.34

Total from investment operations

  .26

.39

Distributions from net investment income

  (.02)

(.06)

Distributions from net realized gain

  (.01)

(.01)

Total distributions

  (.03)

(.07)

Net asset value, end of period

$ 10.55

$ 10.32

Total Return B,C

  2.49%

3.86%

Ratios to Average Net Assets F,G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .04% A

.04% A

Expenses net of all reductions

  .04% A

.04% A

Net investment income (loss)

  1.03% A

1.09% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 14,565

$ 6,841

Portfolio turnover rate

  32% A

30%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds.

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

Semiannual Report

Fidelity Freedom Index 2005 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

4.7

4.8

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

27.3

30.1

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

10.7

9.1

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

10.1

10.3

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

26.4

26.9

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

20.8

18.8

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

4.7%

 

fid663

Domestic Equity Funds

27.3%

 

fid773

Developed International Equity Funds

10.7%

 

fid1013

Inflation-Protected Bond Funds

10.1%

 

fid671

Investment Grade Bond Funds

26.4%

 

fid673

Short-Term Funds

20.8%

 

fid1904

Six months ago

fid659

Commodity Funds

4.8%

 

fid1858

Domestic Equity Funds

30.1%

 

fid665

Developed International Equity Funds

9.1%

 

fid667

Inflation-Protected Bond Funds

10.3%

 

fid669

Investment Grade Bond Funds

26.9%

 

fid673

Short-Term Funds

18.8%

 

fid1912

Expected

fid659

Commodity Funds

4.5%

 

fid663

Domestic Equity Funds

25.7%

 

fid665

Developed International Equity Funds

11.0%

 

fid667

Inflation-Protected Bond Funds

10.0%

 

fid669

Investment Grade Bond Funds

25.9%

 

fid673

Short-Term Funds

22.9%

 

fid1920

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2005 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.0%

Shares

Value

Commodity Funds - 4.7%

Fidelity Series Commodity Strategy Fund Class F

30,294

$ 331,723

Domestic Equity Funds - 27.3%

Fidelity Spartan Total Market Index Fund Class F

58,075

1,921,119

TOTAL DOMESTIC EQUITY FUNDS

(Cost $2,156,615)

2,252,842

International Equity Funds - 10.7%

 

 

 

 

Developed International Equity Funds - 10.7%

Fidelity Series Global ex U.S. Index Fund
(Cost $704,636)

70,455

752,455

Bond Funds - 36.5%

 

 

 

 

Inflation-Protected Bond Funds - 10.1%

Fidelity Series Inflation-Protected Bond Index Fund Class F

66,720

711,899

 

Shares

Value

Investment Grade Bond Funds - 26.4%

Fidelity U.S. Bond Index Fund Class F

159,673

$ 1,860,185

TOTAL BOND FUNDS

(Cost $2,518,475)

2,572,084

Short-Term Funds - 20.8%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F
(Cost $1,464,858)

1,464,858

1,464,858

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $6,844,584)

7,042,239

NET OTHER ASSETS (LIABILITIES) - 0.0%

(9)

NET ASSETS - 100%

$ 7,042,230

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2005 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $6,844,584) - See accompanying schedule

$ 7,042,239

Cash

1

Receivable for investments sold

184,118

Receivable for fund shares sold

353

Receivable from affiliate for expense reductions

90

Other receivables

123

Total assets

7,226,924

 

 

 

Liabilities

Payable for investments purchased

$ 160,556

Payable for fund shares redeemed

23,914

Other affiliated payables

224

Total liabilities

184,694

 

 

 

Net Assets

$ 7,042,230

Net Assets consist of:

 

Paid in capital

$ 6,834,708

Undistributed net investment income

16,035

Accumulated undistributed net realized gain (loss) on investments

(6,168)

Net unrealized appreciation (depreciation) on investments

197,655

Net Assets, for 650,399 shares outstanding

$ 7,042,230

Net Asset Value, offering price and redemption price per share ($7,042,230 ÷ 650,399 shares)

$ 10.83

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 17,149

 

 

 

Expenses

Transfer agent fees

$ 837

Independent trustees' compensation

5

Total expenses before reductions

842

Expense reductions

(283)

559

Net investment income (loss)

16,590

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(8,100)

Capital gain distributions from underlying funds

3,432

 

Total net realized gain (loss)

 

(4,668)

Change in net unrealized appreciation (depreciation) on investment securities

168,382

Net gain (loss)

163,714

Net increase (decrease) in net assets resulting from operations

$ 180,304

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 16,590

$ 6,551

Net realized gain (loss)

(4,668)

822

Change in net unrealized appreciation (depreciation)

168,382

29,273

Net increase (decrease) in net assets resulting from operations

180,304

36,646

Distributions to shareholders from net investment income

(5,506)

(1,600)

Distributions to shareholders from net realized gain

(2,202)

(120)

Total distributions

(7,708)

(1,720)

Share transactions
Proceeds from sales of shares

5,474,483

2,208,240

Reinvestment of distributions

7,708

1,720

Cost of shares redeemed

(779,947)

(77,496)

Net increase (decrease) in net assets resulting from share transactions

4,702,244

2,132,464

Total increase (decrease) in net assets

4,874,840

2,167,390

 

 

 

Net Assets

Beginning of period

2,167,390

-

End of period (including undistributed net investment income of $16,035 and undistributed net investment income of $4,951, respectively)

$ 7,042,230

$ 2,167,390

Other Information

Shares

Sold

518,853

211,842

Issued in reinvestment of distributions

737

166

Redeemed

(73,807)

(7,392)

Net increase (decrease)

445,783

204,616

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.59

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .05

.06

Net realized and unrealized gain (loss)

  .23

.62

Total from investment operations

  .28

.68

Distributions from net investment income

  (.03)

(.08)

Distributions from net realized gain

  (.01)

(.01)

Total distributions

  (.04)

(.09)

Net asset value, end of period

$ 10.83

$ 10.59

Total Return B, C

  2.61%

6.78%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.03% A

Expenses net of all reductions

  .03% A

.03% A

Net investment income (loss)

  .98% A

1.19% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 7,042

$ 2,167

Portfolio turnover rate

  63% A

15%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds.

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

Semiannual Report

Fidelity Freedom Index 2010 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

5.5

5.4

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

31.3

32.8

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

12.7

11.4

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

10.6

10.6

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

29.4

29.5

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

10.5

10.3

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid907

Commodity Funds

5.5%

 

fid663

Domestic Equity Funds

31.3%

 

fid665

Developed International Equity Funds

12.7%

 

fid667

Inflation-Protected Bond Funds

10.6%

 

fid669

Investment Grade Bond Funds

29.4%

 

fid673

Short-Term Funds

10.5%

 

fid1928

Six months ago

fid659

Commodity Funds

5.4%

 

fid663

Domestic Equity Funds

32.8%

 

fid665

Developed International Equity Funds

11.4%

 

fid667

Inflation-Protected Bond Funds

10.6%

 

fid669

Investment Grade Bond Funds

29.5%

 

fid673

Short-Term Funds

10.3%

 

fid1936

Expected

fid659

Commodity Funds

5.5%

 

fid663

Domestic Equity Funds

30.8%

 

fid665

Developed International Equity Funds

13.2%

 

fid667

Inflation-Protected Bond Funds

10.6%

 

fid669

Investment Grade Bond Funds

29.2%

 

fid673

Short-Term Funds

10.7%

 

fid1944

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2010 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 36.8%

Shares

Value

Commodity Funds - 5.5%

Fidelity Series Commodity Strategy Fund Class F

439,431

$ 4,811,765

Domestic Equity Funds - 31.3%

Fidelity Spartan Total Market Index Fund Class F

833,463

27,570,944

TOTAL DOMESTIC EQUITY FUNDS

(Cost $31,565,029)

32,382,709

International Equity Funds - 12.7%

 

 

 

 

Developed International Equity Funds - 12.7%

Fidelity Series Global ex U.S. Index Fund
(Cost $10,678,361)

1,049,865

11,212,556

Bond Funds - 40.0%

 

 

 

 

Inflation-Protected Bond Funds - 10.6%

Fidelity Series Inflation-Protected Bond Index Fund Class F

872,604

9,310,681

 

Shares

Value

Investment Grade Bond Funds - 29.4%

Fidelity U.S. Bond Index Fund Class F

2,217,711

$ 25,836,335

TOTAL BOND FUNDS

(Cost $34,440,824)

35,147,016

Short-Term Funds - 10.5%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F
(Cost $9,218,179)

9,218,179

9,218,179

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $85,902,393)

87,960,460

NET OTHER ASSETS (LIABILITIES) - 0.0%

(1,295)

NET ASSETS - 100%

$ 87,959,165

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2010 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $85,902,393) - See accompanying schedule

$ 87,960,460

Cash

2

Receivable for investments sold

1,998,795

Receivable for fund shares sold

16,338

Receivable from affiliate for expense reductions

1,308

Other receivables

123

Total assets

89,977,026

 

 

 

Liabilities

Payable for investments purchased

$ 2,000,451

Payable for fund shares redeemed

14,685

Other affiliated payables

2,725

Total liabilities

2,017,861

 

 

 

Net Assets

$ 87,959,165

Net Assets consist of:

 

Paid in capital

$ 85,749,770

Undistributed net investment income

210,035

Accumulated undistributed net realized gain (loss) on investments

(58,707)

Net unrealized appreciation (depreciation) on investments

2,058,067

Net Assets, for 8,049,292 shares outstanding

$ 87,959,165

Net Asset Value, offering price and redemption price per share ($87,959,165 ÷ 8,049,292 shares)

$ 10.93

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 222,787

 

 

 

Expenses

Transfer agent fees

$ 10,318

Independent trustees' compensation

62

Total expenses before reductions

10,380

Expense reductions

(4,292)

6,088

Net investment income (loss)

216,699

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(83,769)

Capital gain distributions from underlying funds

41,696

 

Total net realized gain (loss)

 

(42,073)

Change in net unrealized appreciation (depreciation) on investment securities

1,880,619

Net gain (loss)

1,838,546

Net increase (decrease) in net assets resulting from operations

$ 2,055,245

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

Semiannual Report

Fidelity Freedom Index 2010 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended
September 30, 2010
(Unaudited)

For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 216,699

$ 48,380

Net realized gain (loss)

(42,073)

1,214

Change in net unrealized appreciation (depreciation)

1,880,619

177,448

Net increase (decrease) in net assets resulting from operations

2,055,245

227,042

Distributions to shareholders from net investment income

(53,244)

(1,800)

Distributions to shareholders from net realized gain

(17,748)

(100)

Total distributions

(70,992)

(1,900)

Share transactions
Proceeds from sales of shares

71,270,071

20,673,381

Reinvestment of distributions

70,991

1,900

Cost of shares redeemed

(5,139,173)

(1,127,400)

Net increase (decrease) in net assets resulting from share transactions

66,201,889

19,547,881

Total increase (decrease) in net assets

68,186,142

19,773,023

 

 

 

Net Assets

Beginning of period

19,773,023

-

End of period (including undistributed net investment income of $210,035 and undistributed net investment income of $46,580, respectively)

$ 87,959,165

$ 19,773,023

Other Information

Shares

Sold

6,670,340

1,965,113

Issued in reinvestment of distributions

6,755

182

Redeemed

(485,112)

(107,986)

Net increase (decrease)

6,191,983

1,857,309

Financial Highlights

 

Six months ended September 30, 2010

Period ended March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.65

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .05

.05

Net realized and unrealized gain (loss)

  .25

.70

Total from investment operations

  .30

.75

Distributions from net investment income

  (.02)

(.09)

Distributions from net realized gain

  (.01)

(.01)

Total distributions

  (.02) H

(.10)

Net asset value, end of period

$ 10.93

$ 10.65

Total Return B, C

  2.82%

7.47%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.03% A

Expenses net of all reductions

  .03% A

.03% A

Net investment income (loss)

  1.05% A

1.08% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 87,959

$ 19,773

Portfolio turnover rate

  37% A

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds. H Total distributions of $.02 is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.005 per share.

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

Semiannual Report

Fidelity Freedom Index 2015 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

5.6

5.7

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

32.3

33.9

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

13.1

11.8

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

9.8

9.7

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

29.9

29.9

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

9.3

9.0

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

5.6%

 

fid663

Domestic Equity Funds

32.3%

 

fid665

Developed International Equity Funds

13.1%

 

fid667

Inflation-Protected Bond Funds

9.8%

 

fid669

Investment Grade Bond Funds

29.9%

 

fid673

Short-Term Funds

9.3%

 

fid1952

Six months ago

fid659

Commodity Funds

5.7%

 

fid663

Domestic Equity Funds

33.9%

 

fid665

Developed International Equity Funds

11.8%

 

fid667

Inflation-Protected Bond Funds

9.7%

 

fid669

Investment Grade Bond Funds

29.9%

 

fid673

Short-Term Funds

9.0%

 

fid1960

Expected

fid659

Commodity Funds

5.6%

 

fid663

Domestic Equity Funds

31.6%

 

fid665

Developed International Equity Funds

13.6%

 

fid667

Inflation-Protected Bond Funds

10.0%

 

fid669

Investment Grade Bond Funds

29.7%

 

fid673

Short-Term Funds

9.5%

 

fid1968

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2015 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.9%

Shares

Value

Commodity Funds - 5.6%

Fidelity Series Commodity Strategy Fund Class F

516,736

$ 5,658,264

Domestic Equity Funds - 32.3%

Fidelity Spartan Total Market Index Fund Class F

979,716

32,409,019

TOTAL DOMESTIC EQUITY FUNDS

(Cost $37,007,761)

38,067,283

International Equity Funds - 13.1%

 

 

 

 

Developed International Equity Funds - 13.1%

Fidelity Series Global ex U.S. Index Fund
(Cost $12,667,876)

1,235,739

13,197,693

Bond Funds - 39.7%

 

 

 

 

Inflation-Protected Bond Funds - 9.8%

Fidelity Series Inflation-Protected Bond Index Fund Class F

923,066

9,849,113

 

Shares

Value

Investment Grade Bond Funds - 29.9%

Fidelity U.S. Bond Index Fund Class F

2,574,427

$ 29,992,070

TOTAL BOND FUNDS

(Cost $39,282,232)

39,841,183

Short-Term Funds - 9.3%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F
(Cost $9,386,350)

9,386,350

9,386,350

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $98,344,219)

100,492,509

NET OTHER ASSETS (LIABILITIES) - 0.0%

(1,258)

NET ASSETS - 100%

$ 100,491,251

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2015 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $98,344,219) - See accompanying schedule

$ 100,492,509

Cash

1

Receivable for investments sold

2,256,996

Receivable for fund shares sold

94,732

Receivable from affiliate for expense reductions

1,368

Other receivables

123

Total assets

102,845,729

 

 

 

Liabilities

Payable for investments purchased

$ 2,345,599

Payable for fund shares redeemed

6,129

Other affiliated payables

2,750

Total liabilities

2,354,478

 

 

 

Net Assets

$ 100,491,251

Net Assets consist of:

 

Paid in capital

$ 98,241,953

Undistributed net investment income

170,125

Accumulated undistributed net realized gain (loss) on investments

(69,117)

Net unrealized appreciation (depreciation) on investments

2,148,290

Net Assets, for 9,173,724 shares outstanding

$ 100,491,251

Net Asset Value, offering price and redemption price per share ($100,491,251 ÷ 9,173,724 shares)

$ 10.95

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 175,004

 

 

 

Expenses

Transfer agent fees

$ 8,021

Independent trustees' compensation

43

Total expenses before reductions

8,064

Expense reductions

(3,581)

4,483

Net investment income (loss)

170,521

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(88,391)

Capital gain distributions from underlying funds

31,170

 

Total net realized gain (loss)

 

(57,221)

Change in net unrealized appreciation (depreciation) on investment securities

1,988,152

Net gain (loss)

1,930,931

Net increase (decrease) in net assets resulting from operations

$ 2,101,452

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

Semiannual Report

Fidelity Freedom Index 2015 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 170,521

$ 36,639

Net realized gain (loss)

(57,221)

(51)

Change in net unrealized appreciation (depreciation)

1,988,152

160,138

Net increase (decrease) in net assets resulting from operations

2,101,452

196,726

Distributions to shareholders from net investment income

(35,235)

(1,800)

Distributions to shareholders from net realized gain

(11,745)

(100)

Total distributions

(46,980)

(1,900)

Share transactions
Proceeds from sales of shares

87,171,917

15,098,409

Reinvestment of distributions

46,980

1,900

Cost of shares redeemed

(2,683,107)

(1,394,146)

Net increase (decrease) in net assets resulting from share transactions

84,535,790

13,706,163

Total increase (decrease) in net assets

86,590,262

13,900,989

 

 

 

Net Assets

Beginning of period

13,900,989

-

End of period (including undistributed net investment income of $170,125 and undistributed net investment income of $34,839, respectively)

$ 100,491,251

$ 13,900,989

Other Information

Shares

Sold

8,121,098

1,436,198

Issued in reinvestment of distributions

4,466

182

Redeemed

(254,771)

(133,449)

Net increase (decrease)

7,870,793

1,302,931

Financial Highlights

 

Six months ended September 30, 2010

Period ended March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.67

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .05

.06

Net realized and unrealized gain (loss)

  .25

.71

Total from investment operations

  .30

.77

Distributions from net investment income

  (.02)

(.09)

Distributions from net realized gain

  (.01)

(.01)

Total distributions

  (.02) H

(.10)

Net asset value, end of period

$ 10.95

$ 10.67

Total Return B,C

  2.82%

7.67%

Ratios to Average Net Assets F,G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.03% A

Expenses net of all reductions

  .03% A

.03% A

Net investment income (loss)

  1.05% A

1.10% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 100,491

$ 13,901

Portfolio turnover rate

  33% A

31%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds. H Total distributions of $.02 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.005 per share.

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

Semiannual Report

Fidelity Freedom Index 2020 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

6.8

6.8

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

38.6

41.2

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

15.7

14.3

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

7.3

7.0

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

28.3

28.0

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

3.3

2.7

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

6.8%

 

fid663

Domestic Equity Funds

38.6%

 

fid665

Developed International Equity Funds

15.7%

 

fid667

Inflation-Protected Bond Funds

7.3%

 

fid669

Investment Grade Bond Funds

28.3%

 

fid673

Short-Term Funds

3.3%

 

fid1976

Six months ago

fid659

Commodity Funds

6.8%

 

fid663

Domestic Equity Funds

41.2%

 

fid665

Developed International Equity Funds

14.3%

 

fid667

Inflation-Protected Bond Funds

7.0%

 

fid669

Investment Grade Bond Funds

28.0%

 

fid673

Short-Term Funds

2.7%

 

fid1984

Expected

fid659

Commodity Funds

6.6%

 

fid663

Domestic Equity Funds

37.2%

 

fid665

Developed International Equity Funds

16.0%

 

fid667

Inflation-Protected Bond Funds

7.6%

 

fid669

Investment Grade Bond Funds

28.6%

 

fid673

Short-Term Funds

4.0%

 

fid1992

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2020 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 45.4%

Shares

Value

Commodity Funds - 6.8%

Fidelity Series Commodity Strategy Fund Class F

1,398,587

$ 15,314,532

Domestic Equity Funds - 38.6%

Fidelity Spartan Total Market Index Fund Class F

2,651,727

87,719,117

TOTAL DOMESTIC EQUITY FUNDS

(Cost $100,441,053)

103,033,649

International Equity Funds - 15.7%

 

 

 

 

Developed International Equity Funds - 15.7%

Fidelity Series Global ex U.S. Index Fund
(Cost $34,015,642)

3,344,688

35,721,269

Bond Funds - 35.6%

 

 

 

 

Inflation-Protected Bond Funds - 7.3%

Fidelity Series Inflation-Protected Bond Index Fund Class F

1,561,126

16,657,216

 

Shares

Value

Investment Grade Bond Funds - 28.3%

Fidelity U.S. Bond Index Fund Class F

5,513,017

$ 64,226,648

TOTAL BOND FUNDS

(Cost $79,496,222)

80,883,864

Short-Term Funds - 3.3%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F
(Cost $7,541,096)

7,541,096

7,541,096

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $221,494,013)

227,179,878

NET OTHER ASSETS (LIABILITIES) - 0.0%

(3,173)

NET ASSETS - 100%

$ 227,176,705

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2020 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $221,494,013) - See accompanying schedule

$ 227,179,878

Cash

2

Receivable for investments sold

5,411,188

Receivable for fund shares sold

90,661

Receivable from affiliate for expense reductions

3,443

Other receivables

123

Total assets

232,685,295

 

 

 

Liabilities

Payable for investments purchased

$ 5,279,708

Payable for fund shares redeemed

222,141

Other affiliated payables

6,741

Total liabilities

5,508,590

 

 

 

Net Assets

$ 227,176,705

Net Assets consist of:

 

Paid in capital

$ 221,148,946

Undistributed net investment income

448,053

Accumulated undistributed net realized gain (loss) on investments

(106,159)

Net unrealized appreciation (depreciation) on investments

5,685,865

Net Assets, for 20,520,668 shares outstanding

$ 227,176,705

Net Asset Value, offering price and redemption price per share ($227,176,705 ÷ 20,520,668 shares)

$ 11.07

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 464,759

 

 

 

Expenses

Transfer agent fees

$ 23,249

Independent trustees' compensation

135

Total expenses before reductions

23,384

Expense reductions

(9,977)

13,407

Net investment income (loss)

451,352

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(197,344)

Capital gain distributions from underlying funds

116,352

 

Total net realized gain (loss)

 

(80,992)

Change in net unrealized appreciation (depreciation) on investment securities

5,272,606

Net gain (loss)

5,191,614

Net increase (decrease) in net assets resulting from operations

$ 5,642,966

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

Semiannual Report

Fidelity Freedom Index 2020 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 451,352

$ 87,020

Net realized gain (loss)

(80,992)

4,399

Change in net unrealized appreciation (depreciation)

5,272,606

413,259

Net increase (decrease) in net assets resulting from operations

5,642,966

504,678

Distributions to shareholders from net investment income

(88,339)

(1,980)

Distributions to shareholders from net realized gain

(29,446)

(120)

Total distributions

(117,785)

(2,100)

Share transactions
Proceeds from sales of shares

191,738,643

40,441,152

Reinvestment of distributions

117,785

2,100

Cost of shares redeemed

(8,938,695)

(2,212,039)

Net increase (decrease) in net assets resulting from share transactions

182,917,733

38,231,213

Total increase (decrease) in net assets

188,442,914

38,733,791

 

 

 

Net Assets

Beginning of period

38,733,791

-

End of period (including undistributed net investment income of $448,053 and undistributed net investment income of $85,040, respectively)

$ 227,176,705

$ 38,733,791

Other Information

Shares

Sold

17,762,544

3,793,016

Issued in reinvestment of distributions

11,101

199

Redeemed

(837,216)

(208,976)

Net increase (decrease)

16,936,429

3,584,239

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.81

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .05

.05

Net realized and unrealized gain (loss)

  .23

.87

Total from investment operations

  .28

.92

Distributions from net investment income

  (.01)

(.10)

Distributions from net realized gain

  - I

(.01)

Total distributions

  (.02) H

(.11)

Net asset value, end of period

$ 11.07

$ 10.81

Total Return B, C

  2.56%

9.18%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.03% A

Expenses net of all reductions

  .03% A

.03% A

Net investment income (loss)

  .96% A

.98% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 227,177

$ 38,734

Portfolio turnover rate

  34% A

21%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds. H Total distributions of $.02 are comprised of distributions from net investment income of $.012 and distributions from net realized gain of $.004 per share. I Amount represents less than $.01 per share.

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

Semiannual Report

Fidelity Freedom Index 2025 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

7.7

7.7

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

44.0

46.1

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

17.9

16.1

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

4.3

4.0

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

26.0

26.1

Short-Term Funds

Fidelity Institutional Money Market Portfolio Class F

0.1

0.0

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

7.7%

 

fid663

Domestic Equity Funds

44.0%

 

fid665

Developed International Equity Funds

17.9%

 

fid667

Inflation-Protected Bond Funds

4.3%

 

fid669

Investment Grade Bond Funds

26.0%

 

fid673

Short-Term Funds

0.1%

 

fid2000

Six months ago

fid659

Commodity Funds

7.7%

 

fid663

Domestic Equity Funds

46.1%

 

fid665

Developed International Equity Funds

16.1%

 

fid667

Inflation-Protected Bond Funds

4.0%

 

fid669

Investment Grade Bond Funds

26.1%

 

fid2007

Expected

fid659

Commodity Funds

7.6%

 

fid663

Domestic Equity Funds

43.2%

 

fid665

Developed International Equity Funds

18.5%

 

fid667

Inflation-Protected Bond Funds

4.6%

 

fid669

Investment Grade Bond Funds

26.0%

 

fid673

Short-Term Funds

0.1%

 

fid2015

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2025 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 51.7%

Shares

Value

Commodity Funds - 7.7%

Fidelity Series Commodity Strategy Fund Class F

721,840

$ 7,904,147

Domestic Equity Funds - 44.0%

Fidelity Spartan Total Market Index Fund Class F

1,368,643

45,274,726

TOTAL DOMESTIC EQUITY FUNDS

(Cost $51,479,940)

53,178,873

International Equity Funds - 17.9%

 

 

 

 

Developed International Equity Funds - 17.9%

Fidelity Series Global ex U.S. Index Fund
(Cost $17,582,246)

1,726,304

18,436,928

Bond Funds - 30.3%

 

 

 

 

Inflation-Protected Bond Funds - 4.3%

Fidelity Series Inflation-Protected Bond Index Fund Class F

414,523

4,422,960

 

Shares

Value

Investment Grade Bond Funds - 26.0%

Fidelity U.S. Bond Index Fund Class F

2,292,377

$ 26,706,188

TOTAL BOND FUNDS

(Cost $30,644,989)

31,129,148

Short-Term Funds - 0.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class F
(Cost $45,105)

45,105

45,105

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $99,752,280)

102,790,054

NET OTHER ASSETS (LIABILITIES) - 0.0%

(1,367)

NET ASSETS - 100%

$ 102,788,687

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2025 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $99,752,280) - See accompanying schedule

$ 102,790,054

Cash

2

Receivable for investments sold

2,283,927

Receivable for fund shares sold

45,610

Receivable from affiliate for expense reductions

1,589

Other receivables

123

Total assets

105,121,305

 

 

 

Liabilities

Payable for investments purchased

$ 1,899,288

Payable for fund shares redeemed

430,249

Other affiliated payables

3,081

Total liabilities

2,332,618

 

 

 

Net Assets

$ 102,788,687

Net Assets consist of:

 

Paid in capital

$ 99,618,180

Undistributed net investment income

171,976

Accumulated undistributed net realized gain (loss) on investments

(39,243)

Net unrealized appreciation (depreciation) on investments

3,037,774

Net Assets, for 9,238,298 shares outstanding

$ 102,788,687

Net Asset Value, offering price and redemption price per share ($102,788,687 ÷ 9,238,298 shares)

$ 11.13

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 178,099

 

 

 

Expenses

Transfer agent fees

$ 9,279

Independent trustees' compensation

52

Total expenses before reductions

9,331

Expense reductions

(4,152)

5,179

Net investment income (loss)

172,920

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(71,405)

Capital gain distributions from underlying funds

54,963

 

Total net realized gain (loss)

 

(16,442)

Change in net unrealized appreciation (depreciation) on investment securities

2,743,361

Net gain (loss)

2,726,919

Net increase (decrease) in net assets resulting from operations

$ 2,899,839

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

Semiannual Report

Fidelity Freedom Index 2025 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010
(Unaudited)

For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 172,920

$ 41,051

Net realized gain (loss)

(16,442)

(7,717)

Change in net unrealized appreciation (depreciation)

2,743,361

294,413

Net increase (decrease) in net assets resulting from operations

2,899,839

327,747

Distributions to shareholders from net investment income

(39,912)

(2,080)

Distributions to shareholders from net realized gain

(14,967)

(120)

Total distributions

(54,879)

(2,200)

Share transactions
Proceeds from sales of shares

86,198,129

19,882,081

Reinvestment of distributions

54,879

2,200

Cost of shares redeemed

(4,458,919)

(2,060,190)

Net increase (decrease) in net assets resulting from share transactions

81,794,089

17,824,091

Total increase (decrease) in net assets

84,639,049

18,149,638

 

 

 

Net Assets

Beginning of period

18,149,638

-

End of period (including undistributed net investment income of $171,976 and undistributed net investment income of $38,968, respectively)

$ 102,788,687

$ 18,149,638

Other Information

Shares

Sold

7,978,928

1,860,696

Issued in reinvestment of distributions

5,163

208

Redeemed

(413,471)

(193,226)

Net increase (decrease)

7,570,620

1,667,678

Financial Highlights

 

Six months ended September 30, 2010

Period ended March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.88

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .05

.05

Net realized and unrealized gain (loss)

  .22

.94

Total from investment operations

  .27

.99

Distributions from net investment income

  (.02)

(.10)

Distributions from net realized gain

  (.01)

(.01)

Total distributions

  (.02) H

(.11)

Net asset value, end of period

$ 11.13

$ 10.88

Total Return B,C

  2.51%

9.93%

Ratios to Average Net Assets F,G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.03% A

Expenses net of all reductions

  .03% A

.03% A

Net investment income (loss)

  .93% A

.92% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 102,789

$ 18,150

Portfolio turnover rate

  36% A

33%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds. H Total distributions of $.02 per share is comprised of distributions from net investment income $.016 and distributions from net realized gain of $.006 per share.

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

Semiannual Report

Fidelity Freedom Index 2030 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

8.3

8.3

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

47.2

50.3

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

19.2

17.5

Inflation-Protected Bond Funds

Fidelity Series Inflation-Protected Bond Index Fund Class F

0.9

0.6

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

24.4

23.3

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%.

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

8.3%

 

fid663

Domestic Equity Funds

47.2%

 

fid667

Developed International Equity Funds

19.2%

 

fid671

Inflation-Protected Bond Funds

0.9%

 

fid673

Investment Grade Bond Funds

24.4%

 

fid2022

Six months ago

fid659

Commodity Funds

8.3%

 

fid663

Domestic Equity Funds

50.3%

 

fid667

Developed International Equity Funds

17.5%

 

fid671

Inflation-Protected Bond Funds

0.6%

 

fid673

Investment Grade Bond Funds

23.3%

 

fid2029

Expected

fid659

Commodity Funds

8.1%

 

fid663

Domestic Equity Funds

45.7%

 

fid667

Developed International Equity Funds

19.6%

 

fid671

Inflation-Protected Bond Funds

1.3%

 

fid673

Investment Grade Bond Funds

25.3%

 

fid2036

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2030 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 55.5%

Shares

Value

Commodity Funds - 8.3%

Fidelity Series Commodity Strategy Fund Class F

1,227,737

$ 13,443,726

Domestic Equity Funds - 47.2%

Fidelity Spartan Total Market Index Fund Class F

2,327,908

77,007,184

TOTAL DOMESTIC EQUITY FUNDS

(Cost $88,066,658)

90,450,910

International Equity Funds - 19.2%

 

 

 

 

Developed International Equity Funds - 19.2%

Fidelity Series Global ex U.S. Index Fund
(Cost $29,832,718)

2,936,241

31,359,058

Bond Funds - 25.3%

 

 

 

 

Inflation-Protected Bond Funds - 0.9%

Fidelity Series Inflation-Protected Bond Index Fund Class F

136,003

1,451,155

 

Shares

Value

Investment Grade Bond Funds - 24.4%

Fidelity U.S. Bond Index Fund Class F

3,417,516

$ 39,814,057

TOTAL BOND FUNDS

(Cost $40,592,306)

41,265,212

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $158,491,682)

163,075,180

NET OTHER ASSETS (LIABILITIES) - 0.0%

(2,249)

NET ASSETS - 100%

$ 163,072,931

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2030 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $158,491,682) - See accompanying schedule

$ 163,075,180

Cash

2

Receivable for investments sold

3,139,995

Receivable for fund shares sold

48,941

Receivable from affiliate for expense reductions

2,588

Other receivables

123

Total assets

166,266,829

 

 

 

Liabilities

Payable for investments purchased

$ 3,126,718

Payable for fund shares redeemed

62,215

Other affiliated payables

4,965

Total liabilities

3,193,898

 

 

 

Net Assets

$ 163,072,931

Net Assets consist of:

 

Paid in capital

$ 158,246,124

Undistributed net investment income

267,334

Accumulated undistributed net realized gain (loss) on investments

(24,025)

Net unrealized appreciation (depreciation) on investments

4,583,498

Net Assets, for 14,601,536 shares outstanding

$ 163,072,931

Net Asset Value, offering price and redemption price per share ($163,072,931 ÷ 14,601,536 shares)

$ 11.17

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 278,606

 

 

 

Expenses

Transfer agent fees

$ 16,255

Independent trustees' compensation

93

Total expenses before reductions

16,348

Expense reductions

(7,123)

9,225

Net investment income (loss)

269,381

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(100,798)

Capital gain distributions from underlying funds

98,055

 

Total net realized gain (loss)

 

(2,743)

Change in net unrealized appreciation (depreciation) on investment securities

4,206,292

Net gain (loss)

4,203,549

Net increase (decrease) in net assets resulting from operations

$ 4,472,930

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

Semiannual Report

Fidelity Freedom Index 2030 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period October 2, 2009 (commencement of operations) to March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 269,381

$ 49,478

Net realized gain (loss)

(2,743)

(6,385)

Change in net unrealized appreciation (depreciation)

4,206,292

377,206

Net increase (decrease) in net assets resulting from operations

4,472,930

420,299

Distributions to shareholders from net investment income

(49,325)

(2,200)

Distributions to shareholders from net realized gain

(14,797)

(100)

Total distributions

(64,122)

(2,300)

Share transactions
Proceeds from sales of shares

135,089,225

28,776,953

Reinvestment of distributions

64,122

2,300

Cost of shares redeemed

(4,055,747)

(1,630,729)

Net increase (decrease) in net assets resulting from share transactions

131,097,600

27,148,524

Total increase (decrease) in net assets

135,506,408

27,566,523

 

 

 

Net Assets

Beginning of period

27,566,523

-

End of period (including undistributed net investment income of $267,334 and undistributed net investment income of $47,278, respectively)

$ 163,072,931

$ 27,566,523

Other Information

Shares

Sold

12,460,146

2,669,440

Issued in reinvestment of distributions

6,004

216

Redeemed

(380,783)

(153,487)

Net increase (decrease)

12,085,367

2,516,169

Financial Highlights

 

Six months ended
September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.96

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .04

.04

Net realized and unrealized gain (loss)

  .18

1.04

Total from investment operations

  .22

1.08

Distributions from net investment income

  (.01)

(.11)

Distributions from net realized gain

  - H

(.01)

Total distributions

  (.01)

(.12)

Net asset value, end of period

$ 11.17

$ 10.96

Total Return B, C

  2.04%

10.78%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.03% A

Expenses net of all reductions

  .03% A

.03% A

Net investment income (loss)

  .82% A

.78% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 163,073

$ 27,567

Portfolio turnover rate

  25% A

21%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EFor the period October 2, 2009 (commencement of operations) to March 31, 2010. FExpense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. GAmounts do not include the activity of the underlying funds. HAmount represents less than $.01 per share.

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

Semiannual Report

Fidelity Freedom Index 2035 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

9.1

9.1

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

52.1

54.4

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

21.2

18.9

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

17.6

17.6

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

9.1%

 

fid663

Domestic Equity Funds

52.1%

 

fid667

Developed International Equity Funds

21.2%

 

fid673

Investment Grade Bond Funds

17.6%

 

fid2042

Six months ago

fid907

Commodity Funds

9.1%

 

fid663

Domestic Equity Funds

54.4%

 

fid667

Developed International Equity Funds

18.9%

 

fid673

Investment Grade Bond Funds

17.6%

 

fid2048

Expected

fid659

Commodity Funds

9.1%

 

fid663

Domestic Equity Funds

51.3%

 

fid667

Developed International Equity Funds

22.0%

 

fid673

Investment Grade Bond Funds

17.6%

 

fid2054

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2035 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.2%

Shares

Value

Commodity Funds - 9.1%

Fidelity Series Commodity Strategy Fund Class F

516,698

$ 5,657,841

Domestic Equity Funds - 52.1%

Fidelity Spartan Total Market Index Fund Class F

979,744

32,409,920

TOTAL DOMESTIC EQUITY FUNDS

(Cost $36,970,976)

38,067,761

International Equity Funds - 21.2%

 

 

 

 

Developed International Equity Funds - 21.2%

Fidelity Series Global ex U.S. Index Fund
(Cost $12,611,472)

1,235,774

13,198,061

Bond Funds - 17.6%

Shares

Value

Investment Grade Bond Funds - 17.6%

Fidelity U.S. Bond Index Fund Class F
(Cost $10,775,086)

938,975

$ 10,939,058

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $60,357,534)

62,204,880

NET OTHER ASSETS (LIABILITIES) - 0.0%

(890)

NET ASSETS - 100%

$ 62,203,990

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2035 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $60,357,534) - See accompanying schedule

$ 62,204,880

Cash

2

Receivable for investments sold

849,753

Receivable for fund shares sold

9,896

Receivable from affiliate for expense reductions

798

Other receivables

123

Total assets

63,065,452

 

 

 

Liabilities

Payable for investments purchased

$ 848,261

Payable for fund shares redeemed

11,389

Other affiliated payables

1,812

Total liabilities

861,462

 

 

 

Net Assets

$ 62,203,990

Net Assets consist of:

 

Paid in capital

$ 60,290,317

Undistributed net investment income

72,667

Accumulated undistributed net realized gain (loss) on investments

(6,340)

Net unrealized appreciation (depreciation) on investments

1,847,346

Net Assets, for 5,555,407 shares outstanding

$ 62,203,990

Net Asset Value, offering price and redemption price per share ($62,203,990 ÷ 5,555,407 shares)

$ 11.20

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 77,463

 

 

 

Expenses

Transfer agent fees

$ 5,478

Independent trustees' compensation

31

Total expenses before reductions

5,509

Expense reductions

(2,073)

3,436

Net investment income (loss)

74,027

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(31,524)

Capital gain distributions from underlying funds

36,233

 

Total net realized gain (loss)

 

4,709

Change in net unrealized appreciation (depreciation) on investment securities

1,650,281

Net gain (loss)

1,654,990

Net increase (decrease) in net assets resulting from operations

$ 1,729,017

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

Semiannual Report

Fidelity Freedom Index 2035 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period October 2, 2009 (commencement of operations) to March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 74,027

$ 16,387

Net realized gain (loss)

4,709

(1,600)

Change in net unrealized appreciation (depreciation)

1,650,281

197,065

Net increase (decrease) in net assets resulting from operations

1,729,017

211,852

Distributions to shareholders from net investment income

(15,560)

(2,200)

Distributions to shareholders from net realized gain

(9,336)

(100)

Total distributions

(24,896)

(2,300)

Share transactions
Proceeds from sales of shares

51,836,582

11,279,888

Reinvestment of distributions

24,896

2,300

Cost of shares redeemed

(2,089,767)

(763,582)

Net increase (decrease) in net assets resulting from share transactions

49,771,711

10,518,606

Total increase (decrease) in net assets

51,475,832

10,728,158

 

 

 

Net Assets

Beginning of period

10,728,158

-

End of period (including undistributed net investment income of $72,667 and undistributed net investment income of $14,200, respectively)

$ 62,203,990

$ 10,728,158

Other Information

Shares

Sold

4,773,477

1,044,052

Issued in reinvestment of distributions

2,327

215

Redeemed

(193,561)

(71,103)

Net increase (decrease)

4,582,243

973,164

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 11.02

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .04

.03

Net realized and unrealized gain (loss)

  .16

1.11

Total from investment operations

  .20

1.14

Distributions from net investment income

  (.01)

(.11)

Distributions from net realized gain

  (.01)

(.01)

Total distributions

  (.02)

(.12)

Net asset value, end of period

$ 11.20

$ 11.02

Total Return B, C

  1.79%

11.38%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.03% A

Expenses net of all reductions

  .03% A

.03% A

Net investment income (loss)

  .67% A

.64% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 62,204

$ 10,728

Portfolio turnover rate

  24% A

23%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds.

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

Semiannual Report

Fidelity Freedom Index 2040 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

9.2

9.2

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

52.8

55.3

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

21.5

19.2

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

16.5

16.3

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

9.2%

 

fid773

Domestic Equity Funds

52.8%

 

fid1015

Developed International Equity Funds

21.5%

 

fid673

Investment Grade Bond Funds

16.5%

 

fid2060

Six months ago

fid659

Commodity Funds

9.2%

 

fid773

Domestic Equity Funds

55.3%

 

fid1015

Developed International Equity Funds

19.2%

 

fid673

Investment Grade Bond Funds

16.3%

 

fid2066

Expected

fid659

Commodity Funds

9.2%

 

fid773

Domestic Equity Funds

51.9%

 

fid1015

Developed International Equity Funds

22.2%

 

fid673

Investment Grade Bond Funds

16.7%

 

fid2072

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2040 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 62.0%

Shares

Value

Commodity Funds - 9.2%

Fidelity Series Commodity Strategy Fund Class F

821,759

$ 8,998,257

Domestic Equity Funds - 52.8%

Fidelity Spartan Total Market Index Fund Class F

1,558,193

51,545,013

TOTAL DOMESTIC EQUITY FUNDS

(Cost $58,905,039)

60,543,270

International Equity Funds - 21.5%

 

 

 

 

Developed International Equity Funds - 21.5%

Fidelity Series Global ex U.S. Index Fund
(Cost $19,885,496)

1,965,380

20,990,263

Bond Funds - 16.5%

Shares

Value

Investment Grade Bond Funds - 16.5%

Fidelity U.S. Bond Index Fund Class F
(Cost $15,862,729)

1,385,366

$ 16,139,512

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $94,653,264)

97,673,045

NET OTHER ASSETS (LIABILITIES) - 0.0%

(1,663)

NET ASSETS - 100%

$ 97,671,382

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2040 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $94,653,264) - See accompanying schedule

$ 97,673,045

Cash

3

Receivable for investments sold

1,330,012

Receivable for fund shares sold

40,074

Receivable from affiliate for expense reductions

1,323

Other receivables

123

Total assets

99,044,580

 

 

 

Liabilities

Payable for investments purchased

$ 1,320,703

Payable for fund shares redeemed

49,382

Other affiliated payables

3,113

Total liabilities

1,373,198

 

 

 

Net Assets

$ 97,671,382

Net Assets consist of:

 

Paid in capital

$ 94,524,583

Undistributed net investment income

119,467

Accumulated undistributed net realized gain (loss) on investments

7,551

Net unrealized appreciation (depreciation) on investments

3,019,781

Net Assets, for 8,709,890 shares outstanding

$ 97,671,382

Net Asset Value, offering price and redemption price per share ($97,671,382 ÷ 8,709,890 shares)

$ 11.21

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 128,334

 

 

 

Expenses

Transfer agent fees

$ 10,174

Independent trustees' compensation

58

Total expenses before reductions

10,232

Expense reductions

(3,586)

6,646

Net investment income (loss)

121,688

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(45,959)

Capital gain distributions from underlying funds

67,321

 

Total net realized gain (loss)

 

21,362

Change in net unrealized appreciation (depreciation) on investment securities

2,798,558

Net gain (loss)

2,819,920

Net increase (decrease) in net assets resulting from operations

$ 2,941,608

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

Semiannual Report

Fidelity Freedom Index 2040 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period October 2, 2009 (commencement of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 121,688

$ 21,059

Net realized gain (loss)

21,362

(4,677)

Change in net unrealized appreciation (depreciation)

2,798,558

221,223

Net increase (decrease) in net assets resulting from operations

2,941,608

237,605

Distributions to shareholders from net investment income

(21,080)

(2,200)

Distributions to shareholders from net realized gain

(9,034)

(100)

Total distributions

(30,114)

(2,300)

Share transactions
Proceeds from sales of shares

81,571,071

17,226,575

Reinvestment of distributions

30,114

2,300

Cost of shares redeemed

(3,100,282)

(1,205,195)

Net increase (decrease) in net assets resulting from share transactions

78,500,903

16,023,680

Total increase (decrease) in net assets

81,412,397

16,258,985

 

 

 

Net Assets

Beginning of period

16,258,985

-

End of period (including undistributed net investment income of $119,467 and undistributed net investment income of $18,859, respectively)

$ 97,671,382

$ 16,258,985

Other Information

Shares

Sold

7,524,238

1,584,140

Issued in reinvestment of distributions

2,809

214

Redeemed

(289,259)

(112,252)

Net increase (decrease)

7,237,788

1,472,102

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 11.04

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .03

.03

Net realized and unrealized gain (loss)

  .15

1.13

Total from investment operations

  .18

1.16

Distributions from net investment income

  (.01)

(.11)

Distributions from net realized gain

- H

(.01)

Total distributions

  (.01)

(.12)

Net asset value, end of period

$ 11.21

$ 11.04

Total Return B, C

  1.63%

11.58%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.03% A

Expenses net of all reductions

  .03% A

.03% A

Net investment income (loss)

  .59% A

.56% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 97,671

$ 16,259

Portfolio turnover rate

  23% A

22%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EFor the period October 2, 2009 (commencement of operations) to March 31, 2010. FExpense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. GAmounts do not include the activity of the underlying funds. HAmount represents less than $.01 per share.

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

Semiannual Report

Fidelity Freedom Index 2045 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

9.4

9.3

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

53.7

56.1

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

21.9

19.5

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

15.0

15.1

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

9.4%

 

fid773

Domestic Equity Funds

53.7%

 

fid1015

Developed International Equity Funds

21.9%

 

fid673

Investment Grade Bond Funds

15.0%

 

fid2078

Six months ago

fid659

Commodity Funds

9.3%

 

fid773

Domestic Equity Funds

56.1%

 

fid1015

Developed International Equity Funds

19.5%

 

fid673

Investment Grade Bond Funds

15.1%

 

fid2084

Expected

fid659

Commodity Funds

9.4%

 

fid773

Domestic Equity Funds

52.9%

 

fid1015

Developed International Equity Funds

22.7%

 

fid673

Investment Grade Bond Funds

15.0%

 

fid2090

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2045 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 63.1%

Shares

Value

Commodity Funds - 9.4%

Fidelity Series Commodity Strategy Fund Class F

202,448

$ 2,216,807

Domestic Equity Funds - 53.7%

Fidelity Spartan Total Market Index Fund Class F

383,877

12,698,656

TOTAL DOMESTIC EQUITY FUNDS

(Cost $14,518,668)

14,915,463

International Equity Funds - 21.9%

 

 

 

 

Developed International Equity Funds - 21.9%

Fidelity Series Global ex U.S. Index Fund
(Cost $4,941,915)

484,194

5,171,188

Bond Funds - 15.0%

Shares

Value

Investment Grade Bond Funds - 15.0%

Fidelity U.S. Bond Index Fund Class F
(Cost $3,507,680)

305,601

$ 3,560,248

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $22,968,263)

23,646,899

NET OTHER ASSETS (LIABILITIES) - 0.0%

(280)

NET ASSETS - 100%

$ 23,646,619

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2045 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $22,968,263) - See accompanying schedule

$ 23,646,899

Cash

2

Receivable for investments sold

302,503

Receivable for fund shares sold

9,003

Receivable from affiliate for expense reductions

277

Other receivables

123

Total assets

23,958,807

 

 

 

Liabilities

Payable for investments purchased

$ 285,274

Payable for fund shares redeemed

26,233

Other affiliated payables

681

Total liabilities

312,188

 

 

 

Net Assets

$ 23,646,619

Net Assets consist of:

 

Paid in capital

$ 22,938,958

Undistributed net investment income

24,209

Accumulated undistributed net realized gain (loss) on investments

4,816

Net unrealized appreciation (depreciation) on investments

678,636

Net Assets, for 2,107,966 shares outstanding

$ 23,646,619

Net Asset Value, offering price and redemption price per share ($23,646,619 ÷ 2,107,966 shares)

$ 11.22

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 25,621

 

 

 

Expenses

Transfer agent fees

$ 2,079

Independent trustees' compensation

12

Total expenses before reductions

2,091

Expense reductions

(724)

1,367

Net investment income (loss)

24,254

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(5,367)

Capital gain distributions from underlying funds

13,759

 

Total net realized gain (loss)

 

8,392

Change in net unrealized appreciation (depreciation) on investment securities

592,008

Net gain (loss)

600,400

Net increase (decrease) in net assets resulting from operations

$ 624,654

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

Semiannual Report

Fidelity Freedom Index 2045 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period October 2, 2009 (commencement of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 24,254

$ 6,808

Net realized gain (loss)

8,392

(817)

Change in net unrealized appreciation (depreciation)

592,008

86,628

Net increase (decrease) in net assets resulting from operations

624,654

92,619

Distributions to shareholders from net investment income

(4,653)

(2,200)

Distributions to shareholders from net realized gain

(2,659)

(100)

Total distributions

(7,312)

(2,300)

Share transactions
Proceeds from sales of shares

19,888,123

4,466,705

Reinvestment of distributions

7,312

2,300

Cost of shares redeemed

(1,078,971)

(346,511)

Net increase (decrease) in net assets resulting from share transactions

18,816,464

4,122,494

Total increase (decrease) in net assets

19,433,806

4,212,813

 

 

 

Net Assets

Beginning of period

4,212,813

-

End of period (including undistributed net investment income of $24,209 and undistributed net investment income of $4,608, respectively)

$ 23,646,619

$ 4,212,813

Other Information

Shares

Sold

1,827,466

412,963

Issued in reinvestment of distributions

682

214

Redeemed

(101,272)

(32,087)

Net increase (decrease)

1,726,876

381,090

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 11.05

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .03

.03

Net realized and unrealized gain (loss)

  .15

1.14

Total from investment operations

  .18

1.17

Distributions from net investment income

  (.01)

(.11)

Distributions from net realized gain

  - H

(.01)

Total distributions

  (.01)

(.12)

Net asset value, end of period

$ 11.22

$ 11.05

Total Return B, C

  1.64%

11.68%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.04% A

Expenses net of all reductions

  .03% A

.04% A

Net investment income (loss)

  .58% A

.67% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 23,647

$ 4,213

Portfolio turnover rate

  23% A

24%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds. H Amount represents less than $.01 per share.

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

Semiannual Report

Fidelity Freedom Index 2050 Fund

Investment Changes (Unaudited)

Fund Holdings as of September 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Commodity Funds

Fidelity Series Commodity Strategy Fund Class F

9.9

9.8

Domestic Equity Funds

Fidelity Spartan Total Market Index Fund Class F

56.1

57.9

Developed International Equity Funds

Fidelity Series Global ex U.S. Index Fund

23.3

21.7

Investment Grade Bond Funds

Fidelity U.S. Bond Index Fund Class F

10.7

10.6

Net Other Assets (Liabilities)

Net Other Assets

0.0*

0.0*

 

100.0

100.0

* Amount represents less than 0.1%

Asset Allocation (% of fund's net assets)

Current

fid659

Commodity Funds

9.9%

 

fid663

Domestic Equity Funds

56.1%

 

fid667

Developed International Equity Funds

23.3%

 

fid673

Investment Grade Bond Funds

10.7%

 

fid2096

Six months ago

fid659

Commodity Funds

9.8%

 

fid663

Domestic Equity Funds

57.9%

 

fid667

Developed International Equity Funds

21.7%

 

fid673

Investment Grade Bond Funds

10.6%

 

fid2102

Expected

fid659

Commodity Funds

9.8%

 

fid663

Domestic Equity Funds

55.4%

 

fid667

Developed International Equity Funds

23.7%

 

fid673

Investment Grade Bond Funds

11.1%

 

fid2108

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 March 31, 2010. The current allocation is based on the fund's holdings as of September 30, 2010. The expected allocation represents the fund's anticipated allocation at March 31, 2011.

Semiannual Report

Fidelity Freedom Index 2050 Fund

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 66.0%

Shares

Value

Commodity Funds - 9.9%

Fidelity Series Commodity Strategy Fund Class F

156,308

$ 1,711,573

Domestic Equity Funds - 56.1%

Fidelity Spartan Total Market Index Fund Class F

294,913

9,755,727

TOTAL DOMESTIC EQUITY FUNDS

(Cost $11,165,194)

11,467,300

International Equity Funds - 23.3%

 

 

 

 

Developed International Equity Funds - 23.3%

Fidelity Series Global ex U.S. Index Fund
(Cost $3,816,541)

378,426

4,041,589

Bond Funds - 10.7%

Shares

Value

Investment Grade Bond Funds - 10.7%

Fidelity U.S. Bond Index Fund Class F
(Cost $1,839,734)

160,334

$ 1,867,896

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $16,821,469)

17,376,785

NET OTHER ASSETS (LIABILITIES) - 0.0%

(218)

NET ASSETS - 100%

$ 17,376,567

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

Semiannual Report

Fidelity Freedom Index 2050 Fund

Financial Statements

Statement of Assets and Liabilities

 

September 30, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $16,821,469) - See accompanying schedule

$ 17,376,785

Cash

2

Receivable for investments sold

179,962

Receivable for fund shares sold

8,003

Receivable from affiliate for expense reductions

204

Other receivables

123

Total assets

17,565,079

 

 

 

Liabilities

Payable for investments purchased

$ 181,113

Payable for fund shares redeemed

6,853

Other affiliated payables

546

Total liabilities

188,512

 

 

 

Net Assets

$ 17,376,567

Net Assets consist of:

 

Paid in capital

$ 16,808,128

Undistributed net investment income

11,173

Accumulated undistributed net realized gain (loss) on investments

1,950

Net unrealized appreciation (depreciation) on investments

555,316

Net Assets, for 1,546,288 shares outstanding

$ 17,376,567

Net Asset Value, offering price and redemption price per share ($17,376,567 ÷ 1,546,288 shares)

$ 11.24

Statement of Operations

Six months ended September 30, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 13,357

 

 

 

Expenses

Transfer agent fees

$ 1,670

Independent trustees' compensation

9

Total expenses before reductions

1,679

Expense reductions

(505)

1,174

Net investment income (loss)

12,183

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(7,917)

Capital gain distributions from underlying funds

11,539

 

Total net realized gain (loss)

 

3,622

Change in net unrealized appreciation (depreciation) on investment securities

514,170

Net gain (loss)

517,792

Net increase (decrease) in net assets resulting from operations

$ 529,975

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

Semiannual Report

Fidelity Freedom Index 2050 Fund
Financial Statements - continued

Statement of Changes in Net Assets

 

Six months ended September 30, 2010 (Unaudited)

For the period October 2, 2009 (commencement of operations) to
March 31, 2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 12,183

$ 3,371

Net realized gain (loss)

3,622

(1,572)

Change in net unrealized appreciation (depreciation)

514,170

41,146

Net increase (decrease) in net assets resulting from operations

529,975

42,945

Distributions to shareholders from net investment income

(2,181)

(2,200)

Distributions to shareholders from net realized gain

-

(100)

Total distributions

(2,181)

(2,300)

Share transactions
Proceeds from sales of shares

16,245,330

1,707,439

Reinvestment of distributions

2,181

2,300

Cost of shares redeemed

(1,036,964)

(112,158)

Net increase (decrease) in net assets resulting from share transactions

15,210,547

1,597,581

Total increase (decrease) in net assets

15,738,341

1,638,226

 

 

 

Net Assets

Beginning of period

1,638,226

-

End of period (including undistributed net investment income of $11,173 and undistributed net investment income of $1,171, respectively)

$ 17,376,567

$ 1,638,226

Other Information

Shares

Sold

1,496,254

157,905

Issued in reinvestment of distributions

203

213

Redeemed

(97,781)

(10,506)

Net increase (decrease)

1,398,676

147,612

Financial Highlights

 

Six months ended September 30, 2010

Period ended
March 31,

 

(Unaudited)

2010 E

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 11.10

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .02

.04

Net realized and unrealized gain (loss)

  .12

1.18

Total from investment operations

  .14

1.22

Distributions from net investment income

  - H

(.11)

Distributions from net realized gain

  -

(.01)

Total distributions

  - H

(.12)

Net asset value, end of period

$ 11.24

$ 11.10

Total Return B, C

  1.30%

12.18%

Ratios to Average Net Assets F, G

 

 

Expenses before reductions

  .05% A

.05% A

Expenses net of fee waivers, if any

  .03% A

.04% A

Expenses net of all reductions

  .03% A

.04% A

Net investment income (loss)

  .36% A

.81% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 17,377

$ 1,638

Portfolio turnover rate G

  25% A

19%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period October 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund, but do not include expenses of the investment companies in which the Fund invests. G Amounts do not include the activity of the underlying funds. H Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended September 30, 2010 (Unaudited)

1. Organization.

Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, and Fidelity Freedom Index 2050 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. Each fund currently offers Class K shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

Income Tax Information and Distributions to Shareholders. Each year each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

 

Tax
cost

Gross unrealized
appreciation

Gross unrealized
depreciation

Net unrealized
appreciation
(depreciation)

Fidelity Freedom Index Income Fund

$ 18,167,534

$ 319,256

$ (5,180)

$ 314,076

Fidelity Freedom Index 2000 Fund

14,308,967

260,111

(4,324)

255,787

Fidelity Freedom Index 2005 Fund

6,859,689

184,216

(1,666)

182,550

Fidelity Freedom Index 2010 Fund

85,999,481

2,028,105

(67,126)

1,960,979

Fidelity Freedom Index 2015 Fund

98,446,570

2,088,529

(42,590)

2,045,939

Fidelity Freedom Index 2020 Fund

221,722,062

5,650,136

(192,320)

5,457,816

Semiannual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

 

Tax
cost

Gross unrealized
appreciation

Gross unrealized
depreciation

Net unrealized
appreciation
(depreciation)

Fidelity Freedom Index 2025 Fund

$ 99,850,269

$ 3,000,002

$ (60,217)

$ 2,939,785

Fidelity Freedom Index 2030 Fund

158,613,803

4,648,033

(186,656)

4,461,377

Fidelity Freedom Index 2035 Fund

60,400,602

1,862,727

(58,449)

1,804,278

Fidelity Freedom Index 2040 Fund

94,715,111

3,091,620

(133,686)

2,957,934

Fidelity Freedom Index 2045 Fund

22,979,501

694,749

(27,351)

667,398

Fidelity Freedom Index 2050 Fund

16,831,745

575,767

(30,727)

545,040

3. Purchases and Sales of Investments.

Purchases and redemptions of the Underlying Fund shares are noted in the table below.

 

Purchases ($)

Redemptions ($)

Fidelity Freedom Index Income Fund

13,361,063

1,562,049

Fidelity Freedom Index 2000 Fund

8,984,766

1,477,247

Fidelity Freedom Index 2005 Fund

5,835,105

1,120,596

Fidelity Freedom Index 2010 Fund

74,161,911

7,771,790

Fidelity Freedom Index 2015 Fund

90,520,215

5,828,778

Fidelity Freedom Index 2020 Fund

199,788,531

16,418,612

Fidelity Freedom Index 2025 Fund

89,266,820

7,298,783

Fidelity Freedom Index 2030 Fund

140,002,759

8,600,254

Fidelity Freedom Index 2035 Fund

52,759,304

2,901,630

Fidelity Freedom Index 2040 Fund

83,401,854

4,740,847

Fidelity Freedom Index 2045 Fund

19,863,587

1,016,261

Fidelity Freedom Index 2050 Fund

16,069,566

837,305

4. Fees and Other Transactions with Affiliates.

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

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each Fund were as follows:

 

Amount

% of Average
Net Assets*

Fidelity Freedom Index Income Fund

$ 2,845

.05%

Fidelity Freedom Index 2000 Fund

2,305

.05%

Fidelity Freedom Index 2005 Fund

837

.05%

Fidelity Freedom Index 2010 Fund

10,318

.05%

Fidelity Freedom Index 2015 Fund

8,021

.05%

Fidelity Freedom Index 2020 Fund

23,249

.05%

Fidelity Freedom Index 2025 Fund

9,279

.05%

Fidelity Freedom Index 2030 Fund

16,255

.05%

Fidelity Freedom Index 2035 Fund

5,478

.05%

Fidelity Freedom Index 2040 Fund

10,174

.05%

Fidelity Freedom Index 2045 Fund

2,079

.05%

Fidelity Freedom Index 2050 Fund

1,670

.05%

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Expense Reductions. FMR contractually agreed to reimburse each Fund to the extent annual operating expenses, including acquired fund fees and expenses, exceeded .19% of average net assets. This reimbursement will remain in place through May 30, 2011. Some expenses, for example interest expense, are excluded from this reimbursement. The following Funds were in reimbursement during the period:

The following Funds were in reimbursement during the period:

 

Reimbursement
from adviser

Fidelity Freedom Index Income Fund

$ 788

Fidelity Freedom Index 2000 Fund

651

Fidelity Freedom Index 2005 Fund

283

Fidelity Freedom Index 2010 Fund

4,292

Fidelity Freedom Index 2015 Fund

3,581

Fidelity Freedom Index 2020 Fund

9,977

Fidelity Freedom Index 2025 Fund

4,152

Fidelity Freedom Index 2030 Fund

7,123

Fidelity Freedom Index 2035 Fund

2,073

Fidelity Freedom Index 2040 Fund

3,586

Fidelity Freedom Index 2045 Fund

724

Fidelity Freedom Index 2050 Fund

505

5. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Freedom Index Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.

Fund

Fidelity Freedom
Index 2020

Fidelity Freedom
Index 2025

Fidelity Freedom
Index 2030

Fidelity Freedom
Index 2040

Fidelity Series Global ex U.S. Index Fund

21%

11%

19%

13%

The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.

Fund

% of Shares held

Fidelity Series Global ex U.S. Index Fund

93%

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Freedom Index Funds

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and administration agreement (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established three standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of each fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Strategic Advisers, Inc. (Strategic Advisers), and the administrator, FMR, including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interest of each fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of Strategic Advisers' investment staff, their use of technology, and Strategic Advisers' and FMR's approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted FMR's continued focus on strengthening the organization and discipline of equity portfolio management and research.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR and its affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and restructuring and broadening the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) launching Class F of certain funds as a lower-fee class available to Freedom K and Freedom Index Funds; (iv) lowering the initial investment minimums and ongoing balance requirements for Real Estate High Income Fund; (v) eliminating subsequent purchase minimums for all funds and adding a waiver of the investment minimum requirement for new accounts opened with the proceeds of a systematic withdrawal plan; (vi) eliminating the withdrawal minimum and maximum limits for systematic withdrawals from Advisor funds; (vii) expanding sales load waivers on Class A shares for Destiny Planholders and expanding Institutional Class eligibility for Class O Destiny Planholders; and (viii) changing certain Class A and Class T sales charge structures to further align them with industry practices.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board noted that it is not possible to evaluate performance in any comprehensive fashion because each fund had been in operation for less than one calendar year. Once a fund has been in operation for at least one calendar year, the Board will review the fund's absolute investment performance, as well as the fund's relative investment performance measured against a proprietary custom index and, if a meaningful peer group exists, a peer group of mutual funds.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by Strategic Advisers and FMR to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of investment management and support services and of shareholder and administrative services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board noted that the funds do not pay Strategic Advisers a management fee for investment advisory services. The Board considered each fund's management fee and total expenses (which include the fees and expenses of underlying funds) compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the period of each fund's operations shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 0% means that 100% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Fidelity Freedom Index 2000 Fund

fid2110

Semiannual Report

Fidelity Freedom Index 2005 Fund

fid2112

Fidelity Freedom Index 2010 Fund

fid2114

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom Index 2015 Fund

fid2116

Fidelity Freedom Index 2020 Fund

fid2118

Semiannual Report

Fidelity Freedom Index 2025 Fund

fid2120

Fidelity Freedom Index 2030 Fund

fid2122

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom Index 2035 Fund

fid2124

Fidelity Freedom Index 2040 Fund

fid2126

Semiannual Report

Fidelity Freedom Index 2045 Fund

fid2128

Fidelity Freedom Index 2050 Fund

fid2130

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Freedom Index Income Fund

fid2132

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for the period.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expenses. In its review of each fund's total expenses, the Board considered that the funds pay transfer agency fees. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions.

The Board noted that each fund's total expenses ranked below its competitive median for the period.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expenses and fees charged to other Fidelity clients, the Board concluded that each fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contracts because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

Economies of Scale. The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests.

Semiannual Report

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.

By Phone

Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

Fidelity Workplace Investing
1-800-835-5092

By PC

Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.401k.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

Investment Adviser

Strategic Advisers, Inc.

Boston, MA

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY 

FRX-K-USAN-1110
1.899266.100

fid620

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Aberdeen Street Trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Aberdeen Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Aberdeen Street Trust

By:

/s/ John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

December 1, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

December 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 1, 2010