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 811-06440
Fidelity Aberdeen Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | February 29 |
Date of reporting period: | February 29, 2024 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Multi-Asset Index Fund | 18.72% | 9.39% | 8.14% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Asset Index Fund on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Fidelity 500 Index Fund | 41.1 | |
Fidelity International Index Fund | 23.9 | |
Fidelity Extended Market Index Fund | 10.1 | |
Fidelity Emerging Markets Index Fund | 10.0 | |
Fidelity U.S. Bond Index Fund | 7.0 | |
Fidelity Long-Term Treasury Bond Index Fund | 5.0 | |
Fidelity International Bond Index Fund | 2.9 | |
100.0 | ||
Asset Allocation (% of Fund's net assets) |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
Domestic Equity Funds - 51.2% | |||
Shares | Value ($) | ||
Fidelity 500 Index Fund (a) | 18,656,114 | 3,306,796,235 | |
Fidelity Extended Market Index Fund (a) | 9,988,299 | 807,054,561 | |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,097,755,139) | 4,113,850,796 | ||
International Equity Funds - 33.9% | |||
Shares | Value ($) | ||
Fidelity Emerging Markets Index Fund (a) | 79,995,786 | 802,357,733 | |
Fidelity International Index Fund (a) | 39,703,754 | 1,924,440,971 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,326,446,384) | 2,726,798,704 | ||
Bond Funds - 14.9% | |||
Shares | Value ($) | ||
Fidelity International Bond Index Fund (a) | 26,325,844 | 239,038,660 | |
Fidelity Long-Term Treasury Bond Index Fund (a) | 41,473,079 | 400,629,948 | |
Fidelity U.S. Bond Index Fund (a) | 54,951,258 | 561,052,340 | |
TOTAL BOND FUNDS (Cost $1,410,683,284) | 1,200,720,948 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $4,834,884,807) | 8,041,370,448 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 344,663 |
NET ASSETS - 100.0% | 8,041,715,111 |
(a) | Affiliated Fund |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity 500 Index Fund | 2,949,832,517 | 99,011,460 | 524,659,342 | 48,259,382 | 235,700,097 | 546,911,503 | 3,306,796,235 |
Fidelity Emerging Markets Index Fund | 711,125,258 | 131,680,425 | 80,555,312 | 20,151,360 | (11,533,970) | 51,641,332 | 802,357,733 |
Fidelity Extended Market Index Fund | 718,678,873 | 127,211,645 | 171,992,161 | 9,693,542 | 13,830,982 | 119,325,222 | 807,054,561 |
Fidelity International Bond Index Fund | 218,307,761 | 43,759,018 | 28,059,721 | 7,974,679 | (1,832,012) | 6,863,614 | 239,038,660 |
Fidelity International Index Fund | 1,723,630,107 | 169,194,891 | 171,474,366 | 51,706,916 | 5,445,020 | 197,645,319 | 1,924,440,971 |
Fidelity Long-Term Treasury Bond Index Fund | 360,242,746 | 95,837,316 | 32,577,401 | 12,323,574 | (2,055,254) | (20,817,459) | 400,629,948 |
Fidelity U.S. Bond Index Fund | 503,831,886 | 113,634,909 | 56,199,357 | 16,007,155 | (3,516,447) | 3,301,349 | 561,052,340 |
7,185,649,148 | 780,329,664 | 1,065,517,660 | 166,116,608 | 236,038,416 | 904,870,880 | 8,041,370,448 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Domestic Equity Funds | 4,113,850,796 | 4,113,850,796 | - | - |
International Equity Funds | 2,726,798,704 | 2,726,798,704 | - | - |
Bond Funds | 1,200,720,948 | 1,200,720,948 | - | - |
Total Investments in Securities: | 8,041,370,448 | 8,041,370,448 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investments in securities, at value (cost $4,834,884,807)- See accompanying schedule: | $ | 8,041,370,448 | ||
Cash | 242,981 | |||
Receivable for investments sold | 75,515,186 | |||
Receivable for fund shares sold | 1,468,251 | |||
Receivable from investment adviser for expense reductions | 134,795 | |||
Total assets | 8,118,731,661 | |||
Liabilities | ||||
Payable for investments purchased | $ | 71,952,636 | ||
Payable for fund shares redeemed | 4,400,076 | |||
Accrued management fee | 663,838 | |||
Total Liabilities | 77,016,550 | |||
Net Assets | $ | 8,041,715,111 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,764,261,646 | ||
Total accumulated earnings (loss) | 3,277,453,465 | |||
Net Assets | $ | 8,041,715,111 | ||
Net Asset Value, offering price and redemption price per share ($8,041,715,111 ÷ 142,867,347 shares) | $ | 56.29 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends (including $166,116,608 earned from other affiliated issuers) | $ | 166,116,608 | ||
Expenses | ||||
Management fee | $ | 7,485,493 | ||
Independent trustees' fees and expenses | 24,457 | |||
Total expenses before reductions | 7,509,950 | |||
Expense reductions | (1,518,537) | |||
Total expenses after reductions | 5,991,413 | |||
Net Investment income (loss) | 160,125,195 | |||
Realized and Unrealized Gain (Loss) | ||||
Realized gain (loss) on sale of underlying fund shares | 236,038,416 | |||
Total net realized gain (loss) | 236,038,416 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 904,870,880 | |||
Net gain (loss) | 1,140,909,296 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,301,034,491 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 160,125,195 | $ | 138,878,455 |
Net realized gain (loss) | 236,038,416 | 46,033,599 | ||
Change in net unrealized appreciation (depreciation) | 904,870,880 | (895,993,858) | ||
Net increase (decrease) in net assets resulting from operations | 1,301,034,491 | (711,081,804) | ||
Distributions to shareholders | (243,802,883) | (485,751,172) | ||
Share transactions | ||||
Proceeds from sales of shares | 515,838,689 | 565,002,271 | ||
Reinvestment of distributions | 221,521,868 | 449,193,594 | ||
Cost of shares redeemed | (938,860,624) | (946,208,155) | ||
Net increase (decrease) in net assets resulting from share transactions | (201,500,067) | 67,987,710 | ||
Total increase (decrease) in net assets | 855,731,541 | (1,128,845,266) | ||
Net Assets | ||||
Beginning of period | 7,185,983,570 | 8,314,828,836 | ||
End of period | $ | 8,041,715,111 | $ | 7,185,983,570 |
Other Information | ||||
Shares | ||||
Sold | 9,855,615 | 11,238,416 | ||
Issued in reinvestment of distributions | 4,061,839 | 8,771,360 | ||
Redeemed | (17,946,934) | (19,019,260) | ||
Net increase (decrease) | (4,029,480) | 990,516 | ||
Fidelity® Multi-Asset Index Fund |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 48.92 | $ | 56.99 | $ | 56.29 | $ | 45.60 | $ | 44.37 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.11 | .94 | 1.14 | .86 | 1.09 | |||||
Net realized and unrealized gain (loss) | 7.99 | (5.65) | 3.06 | 11.42 | 1.59 | |||||
Total from investment operations | 9.10 | (4.71) | 4.20 | 12.28 | 2.68 | |||||
Distributions from net investment income | (1.10) | (.96) | (1.14) | (.88) | (1.10) | |||||
Distributions from net realized gain | (.63) | (2.40) | (2.35) | (.70) | (.35) | |||||
Total distributions | (1.73) | (3.36) | (3.50) D | (1.59) D | (1.45) | |||||
Net asset value, end of period | $ | 56.29 | $ | 48.92 | $ | 56.99 | $ | 56.29 | $ | 45.60 |
Total Return E | 18.72% | (8.43)% | 7.07% | 27.10% | 5.88% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .10% | .10% | .10% | .10% | .10% | |||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | |||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | |||||
Net investment income (loss) | 2.13% | 1.89% | 1.87% | 1.73% | 2.32% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 8,041,715 | $ | 7,185,984 | $ | 8,314,829 | $ | 7,597,894 | $ | 6,446,754 |
Portfolio turnover rate H | 10% | 17% | 28% | 16% | 11% |
Gross unrealized appreciation | $3,502,311,533 |
Gross unrealized depreciation | (363,903,635) |
Net unrealized appreciation (depreciation) | $3,138,407,898 |
Tax Cost | $4,902,962,550 |
Undistributed ordinary income | $10,179,285 |
Undistributed long-term capital gain | $128,866,281 |
Net unrealized appreciation (depreciation) on securities and other investments | $3,138,407,898 |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $155,221,049 | $ 138,517,165 |
Long-term Capital Gains | 88,581,834 | 347,234,007 |
Total | $243,802,883 | $ 485,751,172 |
Purchases ($) | Sales ($) | |
Fidelity Multi-Asset Index Fund | 780,329,664 | 1,065,517,660 |
Fund | Fidelity Multi-Asset Index Fund |
Fidelity Emerging Markets Index Fund | 11% |
Fidelity International Bond Index Fund | 31% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Fidelity® Multi-Asset Index Fund | .08% | |||||||||
Actual | $ 1,000 | $ 1,099.40 | $ .42 | |||||||
Hypothetical-B | $ 1,000 | $ 1,024.47 | $ .40 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
A special meeting of shareholders was held on December 14, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | ||
Proposal 1 | ||
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Abigail P. Johnson | ||
Affirmative | 109,107,309,767.05 | 94.95 |
Withheld | 5,799,378,291.64 | 5.05 |
TOTAL | 114,906,688,058.69 | 100.00 |
Jennifer Toolin McAuliffe | ||
Affirmative | 109,175,275,002.33 | 95.01 |
Withheld | 5,731,413,056.36 | 4.99 |
TOTAL | 114,906,688,058.69 | 100.00 |
Christine J. Thompson | ||
Affirmative | 108,987,783,842.76 | 94.85 |
Withheld | 5,918,904,215.93 | 5.15 |
TOTAL | 114,906,688,058.69 | 100.00 |
Elizabeth S. Acton | ||
Affirmative | 108,779,130,187.70 | 94.67 |
Withheld | 6,127,557,870.99 | 5.33 |
TOTAL | 114,906,688,058.69 | 100.00 |
Laura M. Bishop | ||
Affirmative | 109,090,772,959.30 | 94.94 |
Withheld | 5,815,915,099.39 | 5.06 |
TOTAL | 114,906,688,058.69 | 100.00 |
Ann E. Dunwoody | ||
Affirmative | 108,992,925,653.09 | 94.85 |
Withheld | 5,913,762,405.60 | 5.15 |
TOTAL | 114,906,688,058.69 | 100.00 |
John Engler | ||
Affirmative | 107,582,823,815.81 | 93.63 |
Withheld | 7,323,864,242.88 | 6.37 |
TOTAL | 114,906,688,058.69 | 100.00 |
Robert F. Gartland | ||
Affirmative | 108,309,686,614.41 | 94.26 |
Withheld | 6,597,001,444.28 | 5.74 |
TOTAL | 114,906,688,058.69 | 100.00 |
Robert W. Helm | ||
Affirmative | 108,644,546,000.05 | 94.55 |
Withheld | 6,262,142,058.64 | 5.45 |
TOTAL | 114,906,688,058.69 | 100.00 |
Arthur E. Johnson | ||
Affirmative | 108,147,753,320.09 | 94.12 |
Withheld | 6,758,934,738.60 | 5.88 |
TOTAL | 114,906,688,058.69 | 100.00 |
Michael E. Kenneally | ||
Affirmative | 108,653,379,991.15 | 94.56 |
Withheld | 6,253,308,067.54 | 5.44 |
TOTAL | 114,906,688,058.69 | 100.00 |
Mark A. Murray | ||
Affirmative | 108,772,153,970.12 | 94.66 |
Withheld | 6,134,534,088.57 | 5.34 |
TOTAL | 114,906,688,058.69 | 100.00 |
Carol J. Zierhoffer | ||
Affirmative | 109,153,849,069.06 | 94.99 |
Withheld | 5,752,838,989.63 | 5.01 |
TOTAL | 114,906,688,058.69 | 100.00 |
Proposal 1 reflects trust wide proposal and voting results. |
Item 2.
Code of Ethics
As of the end of the period, February 29, 2024, Fidelity Aberdeen Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Multi-Asset Index Fund (the “Fund”):
Services Billed by PwC
February 29, 2024 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Multi-Asset Index Fund | $14,600 | $1,400 | $5,100 | $600 |
February 28, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Multi-Asset Index Fund | $14,300 | $1,400 | $5,100 | $600 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
February 29, 2024A | February 28, 2023A | |
Audit-Related Fees | $9,422,800 | $8,469,200 |
Tax Fees | $61,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | February 29, 2024A | February 28, 2023A |
PwC | $15,035,600 | $14,171,100 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into
account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable
to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer (Principal Executive Officer) | |
Date: | April 22, 2024 |
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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer (Principal Executive Officer) | |
Date: | April 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer (Principal Financial Officer) | |
Date: | April 22, 2024 |