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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 22
074 J000700 0
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SIGNATURE JOHN H. COSTELLO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
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<TABLE> <S> <C>
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.500
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.520
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.290
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</TABLE>
<TABLE> <S> <C>
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<NAME> Fidelity Aberdeen Street Trust
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79,133
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13,113
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<OVERDISTRIBUTION-GAINS>
0
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238,069
<NET-ASSETS>
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<DIVIDEND-INCOME>
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<NET-INVESTMENT-INCOME>
43,079
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49,841
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6,204
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0
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0
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13.760
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.430
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.490
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.420
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8
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000880195
<NAME> Fidelity Aberdeen Street Trust
<SERIES>
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<MULTIPLIER> 1,000
<S>
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<FISCAL-YEAR-END>
MAR-31-2000
<PERIOD-END>
MAR-31-2000
<INVESTMENTS-AT-COST>
1,648,154
<INVESTMENTS-AT-VALUE>
1,964,360
<RECEIVABLES>
10,412
<ASSETS-OTHER>
1
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
1,974,773
<PAYABLE-FOR-SECURITIES>
8,480
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
2,115
<TOTAL-LIABILITIES>
10,595
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
1,570,522
<SHARES-COMMON-STOCK>
113,689
<SHARES-COMMON-PRIOR>
68,343
<ACCUMULATED-NII-CURRENT>
8,148
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
69,301
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
316,207
<NET-ASSETS>
1,964,178
<DIVIDEND-INCOME>
28,759
<INTEREST-INCOME>
8
<OTHER-INCOME>
0
<EXPENSES-NET>
941
<NET-INVESTMENT-INCOME>
27,826
<REALIZED-GAINS-CURRENT>
114,727
<APPREC-INCREASE-CURRENT>
197,717
<NET-CHANGE-FROM-OPS>
340,270
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
39,756
<DISTRIBUTIONS-OF-GAINS>
45,679
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
67,844
<NUMBER-OF-SHARES-REDEEMED>
28,010
<SHARES-REINVESTED>
5,512
<NET-CHANGE-IN-ASSETS>
969,530
<ACCUMULATED-NII-PRIOR>
2,740
<ACCUMULATED-GAINS-PRIOR>
17,592
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
1,341
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
1,345
<AVERAGE-NET-ASSETS>
1,344,670
<PER-SHARE-NAV-BEGIN>
14.550
<PER-SHARE-NII>
.320
<PER-SHARE-GAIN-APPREC>
3.430
<PER-SHARE-DIVIDEND>
.450
<PER-SHARE-DISTRIBUTIONS>
.570
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
17.280
<EXPENSE-RATIO>
8
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000880195
<NAME> Fidelity Aberdeen Street Trust
<SERIES>
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<S>
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1
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1,226,233
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5,498
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
4,366
<TOTAL-LIABILITIES>
9,864
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
1,028,152
<SHARES-COMMON-STOCK>
68,176
<SHARES-COMMON-PRIOR>
25,134
<ACCUMULATED-NII-CURRENT>
3,132
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
27,553
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
157,532
<NET-ASSETS>
1,216,369
<DIVIDEND-INCOME>
11,249
<INTEREST-INCOME>
4
<OTHER-INCOME>
0
<EXPENSES-NET>
413
<NET-INVESTMENT-INCOME>
10,840
<REALIZED-GAINS-CURRENT>
47,889
<APPREC-INCREASE-CURRENT>
124,367
<NET-CHANGE-FROM-OPS>
183,096
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
17,425
<DISTRIBUTIONS-OF-GAINS>
16,767
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
64,352
<NUMBER-OF-SHARES-REDEEMED>
23,460
<SHARES-REINVESTED>
2,150
<NET-CHANGE-IN-ASSETS>
850,712
<ACCUMULATED-NII-PRIOR>
1,018
<ACCUMULATED-GAINS-PRIOR>
5,130
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
634
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
635
<AVERAGE-NET-ASSETS>
635,336
<PER-SHARE-NAV-BEGIN>
14.550
<PER-SHARE-NII>
.270
<PER-SHARE-GAIN-APPREC>
3.910
<PER-SHARE-DIVIDEND>
.410
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.480
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0
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17.840
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8
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
____
To the Trustees of Fidelity Aberdeen Street Trust:
In planning and performing our audits of the financial
statements and financial highlights (hereafter referred to as
"financial statements") of the Funds of Fidelity Aberdeen Street
Trust: Fidelity Freedom Income Fund, Fidelity Freedom 2000 Fund,
Fidelity Freedom 2010 Fund, Fidelity Freedom 2020 Fund, and
Fidelity Freedom 2030 Fund for the year ended March 31, 2000 we
considered their internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that misstatements due to errors or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of March 31, 2000.
This report is intended solely for the information and use of
management and the Trustees of the Trust and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 9, 2000
FIDELITY ABERDEEN STREET TRUST
(the "Trust")
RECONVENED SPECIAL MEETING OF SHAREHOLDERS
APRIL 19, 2000
Pursuant to notice duly given, a Special Meeting of Shareholders of
FIDELITY FREEDOM INCOME FUND(Registered trademark)
FIDELITY FREEDOM 2000 FUND(Registered trademark)
FIDELITY FREEDOM 2010 FUND(Registered trademark)
FIDELITY FREEDOM 2020 FUND(Registered trademark)
FIDELITY FREEDOM 2030 FUND(Registered trademark)
(the "Funds")
was held on April 19, 2000 at 10:00 a.m. at an office of the Trust,
10th Floor, 27 State Street, Boston, Massachusetts.
Mr. Bob Dwight, Treasurer of the Fidelity funds, acted as Chairman in
the absence of Mr. Edward C. Johnson 3d and Ms. Debra Capua, Director
of the Legal Product Group, acting as Secretary Pro Tempore, recorded
the minutes. Mr. Gerald McDonough, an Independent Trustee of the
Trust, and Mr. Eric Roiter, General Counsel of FMR, were appointed to
act as proxy agents for all shareholders who had properly returned
their proxy cards.
Ms. Capua reported that this reconvened special meeting of the
shareholders of the Funds was originally scheduled for March 15, 2000,
however, as of that date, sufficient votes had not been received.
Therefore, in order to afford additional time to solicit further
shareholder votes, the meeting of the Funds was adjourned.
Mr. Dwight noted that the Trust has shareholder voting rights based
on the number of shares owned. Accordingly, each shareholder is
entitled to one vote for each share of the Fund held on the record
date for the meeting.
Ms. Capua reported that proxies representing 51.919% of the
outstanding voting securities of the trust and at least 50.001% of
each Fund had been received. Mr. Dwight announced that a quorum was
present and called the meeting of the shareholders of the Trust to
order.
Mr. Dwight stated that the Secretary had presented him with the
following documents relating to the meeting:
Notice of Meeting dated January 18, 2000
Proxy Statement dated January 18, 2000
Form of Proxy
Affidavit attesting to the mailing of these documents to the record
shareholders entitled to vote at this meeting
Substitute proxy form dated March 15, 2000
Mr. Dwight indicated that a list of shareholders entitled to vote at
this meeting would be made available for viewing upon request.
Mr. Dwight recommended that the reading of the Notice of Meeting be
waived. There was no objection to the recommendation.
Mr. Dwight stated that the first item of business as stated in the
Notice of Meeting and described in the Proxy Statement was to elect a
Board of Trustees for the Trust.
Ms. Capua reported that each of the twelve nominees listed in the
Proxy Statement received the affirmative vote of at least 95.725% of
the votes cast at the meeting. Whereupon, it was
VOTED: That the twelve nominees listed in the Proxy Statement January
18, 2000, be, and they hereby are, elected as Trustees of Fidelity
Aberdeen Street Trust.
Mr. Dwight stated that the second item of business as stated in the
Notice of Meeting and described in the Proxy Statement was to ratify
the selection of PricewaterhouseCoopers LLP ("PwC") as independent
accountant of each Fund.
Ms. Capua reported that the proposal to ratify the selection of PwC as
independent accountant of each Fund, as set forth in the Proxy
Statement, received 12,431,379.235 affirmative votes of Fidelity
Freedom Income Fund, or 93.724% of the votes cast at the meeting;
received 29,048,026.702 affirmative votes of Fidelity Freedom 2000
Fund, or 94.261% of the votes cast at the meeting; received
57,234,760.309 affirmative votes of Fidelity Freedom 2010 Fund, or
94.524% of the votes cast at the meeting; received 47,449,184.687
affirmative votes of Fidelity Freedom 2020 Fund, or 92.716% of the
votes cast at the meeting; and received 22,101,073.654 affirmative
votes of Fidelity Freedom 2030 Fund, or 87.318% of the votes cast at
the meeting. Whereupon, it was
VOTED: That the selection of PricewaterhouseCoopers LLP as independent
accountant of each Fund, as set forth in the Proxy Statement dated
January 18, 2000, be, and it hereby is, ratified and approved.
Mr. Dwight stated that the third and final item of business as stated
in the Notice of Meeting and described in the Proxy Statement was to
authorize the Trustees to adopt an Amended and Restated Trust
Instrument for the Trust and the Funds of the Trust, which would allow
the Trustees more flexibility and broader authority to act, subject to
applicable requirements of Federal and State laws and the Trustees'
continuing fiduciary duty to act in the shareholders' interests and
would also provide for voting rights based on a shareholder's total
dollar investment (dollar-based voting) rather than on the number of
shares owned.
Ms. Capua reported that the proposal to authorize the Trustees to
adopt an Amended and Restated Trust Instrument received
160,612,386.461 affirmative votes of Fidelity Aberdeen Street Trust,
or 88.680% of the votes cast at the meeting; received 12,076,311.66
affirmative votes of Fidelity Freedom Income Fund, or 91.047% of the
votes cast at the meeting; received 28,000,119.410 affirmative votes
of Fidelity Freedom 2000 Fund, or 90.862% of the votes cast at the
meeting; received 54,234,760.309 affirmative votes of Fidelity Freedom
2010 Fund, or 90.168% of the votes cast at the meeting; received
44,887,546.233 affirmative votes of Fidelity Freedom 2020 Fund, or
87.712% of the votes cast at the meeting; and received 21,054,047.395
affirmative votes of Fidelity Freedom 2030 Fund, or 83.181% of the
votes cast at the meeting. Whereupon, it was
VOTED: That the Trustees, be, and they hereby are, authorized to adopt
an Amended and Restated Trust Instrument for the Trust and the Funds
of the Trust, as set forth in the Proxy Statement dated January 18,
2000.
There being no further business to come before the meeting, upon
motion duly made and seconded, it was
VOTED: To Adjourn.
ADJOURNED.
A TRUE RECORD.
ATTEST:
Debra Capua
Secretary Pro Tempore
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
____
To the Trustees of Fidelity Aberdeen Street Trust:
In planning and performing our audits of the financial
statements and financial highlights (hereafter referred to as
"financial statements") of the Funds of Fidelity Aberdeen Street
Trust: Fidelity Freedom Income Fund, Fidelity Freedom 2000 Fund,
Fidelity Freedom 2010 Fund, Fidelity Freedom 2020 Fund, and
Fidelity Freedom 2030 Fund for the year ended March 31, 2000 we
considered their internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that misstatements due to errors or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of March 31, 2000.
This report is intended solely for the information and use of
management and the Trustees of the Trust and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 9, 2000