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, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, 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 28 |
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Date of reporting period: | August 31, 2026 |
Item 1.
Reports to Stockholders
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
|
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Fidelity® Multi-Asset Index Fund
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$
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KEY FACTS
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Fund Size
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$
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Number of Holdings
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Portfolio Turnover
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ASSET ALLOCATION (% of Fund's net assets)
|
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Domestic Equity Funds - 51.2
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International Equity Funds - 33.9
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Bond Funds - 14.9
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Short-Term Investments and Net Other Assets (Liabilities) - 0.0
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TOP HOLDINGS (% of Fund's net assets) |
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Fidelity 500 Index Fund
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Fidelity International Index Fund
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Fidelity Extended Market Index Fund
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Fidelity Emerging Markets Index Fund
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Fidelity U.S. Bond Index Fund
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Fidelity Long-Term Treasury Bond Index Fund
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Fidelity International Bond Index Fund
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100.0
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914531.102 355-TSRS-1026
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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.
Financial Statements and Financial Highlights for Open-End Management Investment Companies


Contents
Bond Funds - 14.9%
|
|||
Shares
|
Value ($)
|
||
Fidelity International Bond Index Fund (a)
|
35,217,283
|
318,364,241
|
|
Fidelity Long-Term Treasury Bond Index Fund (a)
|
60,913,045
|
537,253,053
|
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Fidelity U.S. Bond Index Fund (a)
|
73,170,264
|
752,190,318
|
|
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TOTAL BOND FUNDS
(Cost $1,799,051,477)
|
1,607,807,612
|
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Domestic Equity Funds - 51.2%
|
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Shares
|
Value ($)
|
||
Fidelity 500 Index Fund (a)
|
16,565,059
|
4,430,490,804
|
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Fidelity Extended Market Index Fund (a)
|
9,257,478
|
1,080,625,415
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TOTAL DOMESTIC EQUITY FUNDS
(Cost $1,004,532,370)
|
5,511,116,219
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International Equity Funds - 33.9%
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Shares
|
Value ($)
|
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Fidelity Emerging Markets Index Fund (a)
|
63,637,466
|
1,079,927,801
|
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Fidelity International Index Fund (a)
|
37,164,015
|
2,572,121,467
|
|
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TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $2,039,308,580)
|
3,652,049,268
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TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $4,842,892,427)
|
10,770,973,099
|
NET OTHER ASSETS (LIABILITIES) - 0.0%
|
(719,423)
|
NET ASSETS - 100.0%
|
10,770,253,676
|
(a)
|
Affiliated fund.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity 500 Index Fund
|
4,158,473,406
|
98,168,016
|
297,431,907
|
23,002,294
|
5,657,266
|
465,624,023
|
4,430,490,804
|
16,565,059
|
Fidelity Emerging Markets Index Fund
|
1,011,463,237
|
103,947,350
|
130,648,696
|
-
|
26,324,821
|
68,841,089
|
1,079,927,801
|
63,637,466
|
Fidelity Extended Market Index Fund
|
1,013,383,033
|
42,484,971
|
94,423,172
|
-
|
13,504,803
|
105,675,780
|
1,080,625,415
|
9,257,478
|
Fidelity International Bond Index Fund
|
301,965,872
|
42,057,751
|
15,504,334
|
4,022,636
|
(1,535,590)
|
(8,619,458)
|
318,364,241
|
35,217,283
|
Fidelity International Index Fund
|
2,433,153,466
|
151,617,384
|
107,647,278
|
-
|
5,374,455
|
89,623,440
|
2,572,121,467
|
37,164,015
|
Fidelity Long-Term Treasury Bond Index Fund
|
512,131,383
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99,358,935
|
31,132,953
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10,551,349
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(20,165,821)
|
(22,938,491)
|
537,253,053
|
60,913,045
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Fidelity U.S. Bond Index Fund
|
709,806,333
|
116,180,957
|
45,797,389
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13,784,585
|
(3,766,050)
|
(24,233,533)
|
752,190,318
|
73,170,264
|
10,140,376,730
|
653,815,364
|
722,585,729
|
51,360,864
|
25,393,884
|
673,972,850
|
10,770,973,099
|
Valuation Inputs at Reporting Date:
|
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Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Bond Funds
|
1,607,807,612
|
1,607,807,612
|
-
|
-
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Domestic Equity Funds
|
5,511,116,219
|
5,511,116,219
|
-
|
-
|
International Equity Funds
|
3,652,049,268
|
3,652,049,268
|
-
|
-
|
Total Investments in Securities:
|
10,770,973,099
|
10,770,973,099
|
-
|
-
|
Statement of Assets and Liabilities
|
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As of August 31, 2026 (Unaudited)
|
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Assets
|
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Investments in securities, at value - affiliated issuers
|
$
|
10,770,973,099
|
Receivable for investments sold
|
23,745,670
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Receivable for fund shares sold
|
7,748,482
|
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Distributions receivable from affiliated funds
|
4,354,709
|
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Receivable from investment adviser for expense reductions
|
180,872
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Total assets
|
10,807,002,832
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Liabilities
|
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Payable for investments purchased
|
30,282,185
|
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Payable for fund shares redeemed
|
5,566,675
|
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Accrued management fee
|
900,297
|
|
Total liabilities
|
36,749,157
|
|
Net Assets
|
$
|
10,770,253,676
|
Net assets consist of:
|
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Paid in capital
|
4,837,643,453
|
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Total accumulated earnings (loss)
|
5,932,610,223
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Net Assets
|
$
|
10,770,253,676
|
Net Asset Value and Maximum Offering
|
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Net Asset Value, offering price and redemption price per share ($10,770,253,676/143,957,570 shares)
|
$
|
74.82
|
Other Information
|
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Affiliated issuers, cost
|
4,842,892,427
|
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Statement of Operations
|
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Six months ended August 31, 2026 (Unaudited)
|
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Investment Income
|
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Dividends - affiliated issuers
|
$
|
51,360,864
|
Total investment income
|
51,360,864
|
|
Expenses
|
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Management fee
|
5,160,389
|
|
Independent trustees' fees and expenses
|
11,081
|
|
Total expenses
|
5,171,470
|
|
Expense reductions
|
(1,037,869)
|
|
Total expenses after reductions
|
4,133,601
|
|
Net investment income (loss)
|
47,227,263
|
|
Net realized gain (loss)
|
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Investments - affiliated issuers
|
25,393,884
|
|
Net realized gain (loss)
|
25,393,884
|
|
Change in net unrealized appreciation (depreciation)
|
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Investments - affiliated issuers
|
673,972,850
|
|
Total change in net unrealized appreciation (depreciation)
|
673,972,850
|
|
Net gain (loss)
|
699,366,734
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
746,593,997
|
Statement of Changes in Net Assets
|
||||
Six months ended
August 31, 2026
(Unaudited)
|
Year ended
February 28, 2026
|
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Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
47,227,263
|
$
|
188,789,269
|
Net realized gain (loss)
|
25,393,884
|
75,566,168
|
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Change in net unrealized appreciation (depreciation)
|
673,972,850
|
1,560,099,484
|
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Net increase (decrease) in net assets resulting from operations
|
$
|
746,593,997
|
$
|
1,824,454,921
|
Distributions to shareholders
|
||||
Distributions to shareholders
|
(34,710,643)
|
(346,848,905)
|
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Total distributions
|
(34,710,643)
|
(346,848,905)
|
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Net increase (decrease) in net assets resulting from share transactions
|
(81,342,078)
|
191,203,236
|
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Total increase (decrease) in net assets
|
630,541,276
|
1,668,809,252
|
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Net Assets
|
||||
Beginning of period
|
10,139,712,400
|
8,470,903,148
|
||
End of period
|
$
|
10,770,253,676
|
$
|
10,139,712,400
|
Fidelity® Multi-Asset Index Fund |
Six months ended
August 31, 2026 (Unaudited) |
Years ended
February 28, 2026 |
2025
|
2024 A
|
2023
|
2022
|
|||||||
Selected Per Share Data
|
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Net asset value, beginning of period
|
$
|
69.89
|
$
|
59.59
|
$
|
56.29
|
$
|
48.92
|
$
|
56.99
|
$
|
56.29
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) B, C
|
.33
|
1.32
|
1.20
|
1.11
|
.94
|
1.14
|
||||||
Net realized and unrealized gain (loss)
|
4.84
|
11.43
|
5.81
|
7.99
|
(5.65)
|
3.06
|
||||||
Total from investment operations
|
5.17
|
12.75
|
7.01
|
9.10
|
(4.71)
|
4.20
|
||||||
Distributions
|
||||||||||||
Distributions from net investment income
|
(.04)
|
(1.33)
|
(1.24)
|
(1.10)
|
(.96)
|
(1.14)
|
||||||
Distributions from net realized gain
|
(.20)
|
(1.13)
|
(2.48)
|
(.63)
|
(2.40)
|
(2.35)
|
||||||
Total distributions
|
(.24)
|
(2.45) D
|
(3.71) D
|
(1.73)
|
(3.36)
|
(3.50) D
|
||||||
Net asset value, end of period
|
$
|
74.82
|
$
|
69.89
|
$
|
59.59
|
$
|
56.29
|
$
|
48.92
|
$
|
56.99
|
Total Return E, F
|
7.43%
|
22.02%
|
12.82%
|
18.72%
|
(8.43)%
|
7.07%
|
||||||
Ratios and Supplemental Data C, G, H
|
||||||||||||
Ratio of expenses to average net assets before reductions
|
.10% I
|
.10%
|
.10%
|
.10%
|
.10%
|
.10%
|
||||||
Ratio of expenses to average net assets net of fee waivers, if any
|
.08% I
|
.08%
|
.08%
|
.08%
|
.08%
|
.08%
|
||||||
Ratio of expenses to average net assets net of all reductions, if any
|
.08% I
|
.08%
|
.08%
|
.08%
|
.08%
|
.08%
|
||||||
Ratio of net investment income (loss) to average net assets
|
.90% I
|
2.08%
|
2.03%
|
2.13%
|
1.89%
|
1.87%
|
||||||
Net assets, end of period
|
$
|
10,770,253,676
|
$
|
10,139,712,400
|
$
|
8,470,903,148
|
$
|
8,041,715,111
|
$
|
7,185,983,570
|
$
|
8,314,828,836
|
Portfolio turnover rate J
|
13% I
|
14%
|
12%
|
10%
|
17%
|
28%
|
||||||
AFor the year ended February 29.
|
BCalculated based on average shares outstanding during the period.
|
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
|
DTotal distributions per share do not sum due to rounding.
|
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
FTotal returns for periods of less than one year are not annualized.
|
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
|
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
|
IAnnualized.
|
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
|
Tax Cost ($)
|
Gross unrealized appreciation ($)
|
Gross unrealized depreciation ($)
|
Net unrealized appreciation (depreciation) ($)
|
|
Fidelity® Multi-Asset Index Fund
|
4,904,733,039
|
6,076,529,021
|
(210,288,961)
|
5,866,240,060
|
Purchases ($)
|
Sales ($)
|
|
Fidelity® Multi-Asset Index Fund
|
653,815,362
|
722,585,728
|
Annual Management Fee Rate (%)
|
|
Fidelity® Multi-Asset Index Fund
|
0.10
|
Expense Limitation (%)
|
Expiration Date
|
Reimbursement ($)
|
|
Fidelity® Multi-Asset Index Fund
|
0.08
|
June 30, 2027
|
1,037,869
|
Six months ended ($)
|
Year ended ($)
|
|||
August 31, 2026
|
February 28, 2026
|
|||
Fidelity® Multi-Asset Index Fund
|
||||
Fidelity® Multi-Asset Index Fund
|
34,710,643
|
346,848,905
|
||
Total
|
34,710,643
|
346,848,905
|
Shares
|
Shares
|
Dollars
|
Dollars
|
||||||
Six months ended
|
Year ended
|
Six months ended ($)
|
Year ended ($)
|
||||||
August 31, 2026
|
February 28, 2026
|
August 31, 2026
|
February 28, 2026
|
||||||
Fidelity® Multi-Asset Index Fund
|
|||||||||
Shares sold
|
7,339,666
|
14,961,690
|
524,637,766
|
965,903,636
|
|||||
Reinvestment of distributions
|
455,999
|
5,090,824
|
31,185,743
|
312,064,351
|
|||||
Shares redeemed
|
(8,922,435)
|
(17,127,260)
|
(637,165,587)
|
(1,086,764,751)
|
|||||
Net increase (decrease)
|
(1,126,770)
|
2,925,254
|
(81,342,078)
|
191,203,236
|
Fund
|
Fidelity ® Multi-Asset Index Fund
|
Fidelity ® Long-Term Treasury Bond Index Fund
|
11%
|
Fidelity ® International Bond Index Fund
|
23%
|
![]() |
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 Trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Aberdeen Street Trusts (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 Trusts 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 Trusts internal control over financial reporting.
Item 17.
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) | Not applicable. |
| (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: | October 23, 2026 |
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: | October 23, 2026 |
| By: | /s/Stephanie Caron |
|
| Stephanie Caron |
|
| Chief Financial Officer (Principal Financial Officer) |
|
|
|
| Date: | October 23, 2026 |