Fidelity Garrison Street Trust
10/23/2026 | Press release | Distributed by Public on 10/23/2026 09:30
Annual Report by Investment Company (Form N-CSR)
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 811-04861
Fidelity Garrison Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 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
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Date of fiscal year end: |
August 31 |
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Date of reporting period: |
August 31, 2026 |
Item 1.
Reports to Stockholders
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ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026
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Fidelity® Education Fund
Fidelity® Education Fund
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This annual shareholder report contains information about Fidelity® Education Fund for the period September 1, 2025 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® Education Fund
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$ 0 A
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0.00%B
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AAmount represents less than $.50
BAmount represents less than 0.005%
What affected the Fund's performance this period?
•U.S. taxable investment-grade bonds achieved a gain for the 12 months ending August 31, 2026, buoyed by three policy interest-rate cuts by the Federal Reserve in late 2025, but pulled down since then by rising bond yields amid higher consumer inflation, a resilient economy and heavy U.S. Treasury issuance.
•Against this backdrop, the fund's strategy of overweighting corporate bonds, while underweighting U.S. Treasurys, contributed to its performance versus the Composite index for the fiscal year. Within corporates, debt holdings among financial institutions, especially banks but also insurance firms, added notable value.
•Non-Composite exposure to asset-backed securities, including car loan debt and credit card receivables, also meaningfully helped. A small, out-of-index allocation to commercial mortgage-backed securities was advantageous as well.
•In contrast, the fund's yield-curve positioning slightly detracted from relative performance.
•At period end, corporates made up about 36% of fund assets, versus roughly 32% a year ago and substantially overweight versus the Composite index average of 16%. Exposure to U.S. Treasurys stood at about 54% at the end of the fiscal year, compared with an average of 77% for the Composite index, while exposure to ABS comprised roughly 6% of fund assets as of August 31.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
March 16, 2021 through August 31, 2026.
Initial investment of $10,000.
AVERAGE ANNUAL TOTAL RETURNS:
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1 Year
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5 Year
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Life of Fund A
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Fidelity® Education Fund
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2.15%
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1.70%
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1.72%
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Fidelity Education Income Composite Index
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1.94%
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1.44%
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1.42%
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Bloomberg U.S. 1-5 Year Government/Credit Bond Index
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2.15%
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1.70%
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1.65%
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Bloomberg U.S. Aggregate Bond Index
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1.89%
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-0.29%
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0.22%
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A From March 16, 2021
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Visit www.fidelity.com for more recent performance information.
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The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
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Key Fund Statistics
(as of August 31, 2026)
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KEY FACTS
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Fund Size
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$711,945,166
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Number of Holdings
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298
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Total Advisory Fee
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$0
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Portfolio Turnover
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69%
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What did the Fund invest in?
(as of August 31, 2026)
(as of August 31, 2026)
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QUALITY DIVERSIFICATION (% of Fund's net assets)
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U.S. Government and U.S. Government Agency Obligations - 54.3
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AAA - 6.8
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AA - 2.9
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A - 21.4
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BBB - 11.4
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Not Rated - 1.3
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Short-Term Investments and Net Other Assets (Liabilities) - 1.9
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We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
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ASSET ALLOCATION (% of Fund's net assets)
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U.S. Treasury Obligations - 53.4
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Corporate Bonds - 35.3
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Asset-Backed Securities - 5.6
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CMOs and Other Mortgage Related Securities - 2.5
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U.S. Government Agency - Mortgage Securities - 0.9
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Other Investments - 0.4
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Short-Term Investments and Net Other Assets (Liabilities) - 1.9
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 87.9
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Canada - 2.9
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United Kingdom - 2.9
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Germany - 1.9
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Japan - 1.0
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France - 0.7
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Netherlands - 0.6
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Norway - 0.6
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Ireland - 0.6
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Others - 0.9
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TOP HOLDINGS
(% of Fund's net assets) |
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US Treasury Notes
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53.4
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JPMorgan Chase & Co
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1.7
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Wells Fargo & Co
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1.3
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Morgan Stanley
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1.2
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Bank of America Corp
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1.1
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HSBC Holdings PLC
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1.1
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Deutsche Bank AG/New York NY
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1.1
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Goldman Sachs Group Inc/The
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1.0
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Freddie Mac Multifamily Structured pass-thru certificates
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0.9
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Athene Global Funding
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0.8
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63.6
|
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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
1.9913669.102 6361-TSRA-1026
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Item 2.
Code of Ethics
As of the end of the period, August 31, 2026, Fidelity Garrison 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 Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop 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 Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, Deloitte Entities) in each of the last two fiscal years for services rendered to Fidelity Education Fund (the Fund):
Services Billed by Deloitte Entities
August 31, 2026 FeesA
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Audit Fees |
Audit-Related Fees |
Tax Fees |
All Other Fees |
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Fidelity Education Fund |
$76,900 |
$- |
$9,900 |
$1,600 |
August 31, 2025 FeesA
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Audit Fees |
Audit-Related Fees |
Tax Fees |
All Other Fees |
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Fidelity Education Fund |
$77,500 |
$- |
$9,900 |
$1,400 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities 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 Deloitte Entities
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August 31, 2026A |
August 31, 2025 A |
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Audit-Related Fees |
$154,800 |
$125,000 |
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Tax Fees |
$- |
$- |
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All Other Fees |
$- |
$2,970,400 |
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 Deloitte Entities 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:
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Billed By |
August 31, 2026A |
August 31, 2025A |
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Deloitte Entities |
$2,598,700 |
$3,443,500 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMRs 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 trusts Audit Committee must pre-approve all audit and non-audit services provided by a funds 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 Committees 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 Chairs 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 Funds(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.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® Education Fund
Annual Report
August 31, 2026
Contents
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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report) |
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Fidelity® Education Fund |
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Notes to Financial Statements |
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Report of Independent Registered Public Accounting Firm |
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Distributions |
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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
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Item 9: Proxy Disclosures for Open-End Management Investment Companies |
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Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
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Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
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. © 2026 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Education Fund
Schedule of Investments August 31, 2026
Showing Percentage of Net Assets
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Asset-Backed Securities - 5.6%
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|
Principal
Amount (a)
|
Value ($)
|
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|
UNITED STATES - 5.6%
|
|||
|
AutoNation Finance Trust Series 2026-1A Class A3, 4.03% 8/12/2030 (b)
|
380,000
|
377,045
|
|
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Axis Equipment Finance Receivables LLC Series 2026-1A Class A2, 4.73% 11/21/2033 (b)
|
485,000
|
484,776
|
|
|
Bank of America Credit Card Master Trust Series 2025-A1 Class A, 4.31% 5/15/2030
|
2,860,000
|
2,850,356
|
|
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Bank of America Credit Card Master Trust Series 2026-A1 Class A, 4.22% 4/15/2031
|
1,817,000
|
1,798,605
|
|
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Barings Equipment Finance LLC Series 2026-A Class A3, 4.08% 7/13/2033 (b)
|
1,165,000
|
1,144,776
|
|
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Carvana Auto Receivables Trust Series 2025-P3 Class A3, 4.04% 11/11/2030
|
1,660,000
|
1,646,128
|
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Carvana Auto Receivables Trust Series 2026-P3 Class A3, 4.88% 8/11/2031
|
255,000
|
254,282
|
|
|
Chase Issuance Trust Series 2023-A2 Class A, 5.08% 9/15/2030
|
2,135,000
|
2,156,609
|
|
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Chase Issuance Trust Series 2025-A1 Class A, 4.16% 7/15/2030
|
1,797,000
|
1,784,798
|
|
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Citibank Credit Card Issuance Trust Series 2025-A1 Class A, 4.3% 6/21/2030
|
3,410,000
|
3,394,937
|
|
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Citizens Auto Receivables Trust Series 2024-2 Class A3, 5.33% 8/15/2028 (b)
|
122,328
|
122,690
|
|
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Citizens Auto Receivables Trust Series 2024-2 Class A4, 5.26% 4/15/2031 (b)
|
2,500,000
|
2,517,095
|
|
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Daimler Trucks Retail Trust Series 2024-1 Class A3, 5.49% 12/15/2027
|
309,806
|
310,794
|
|
|
DLLAA Series 2023-1A Class A3, 5.64% 2/22/2028 (b)
|
54,501
|
54,775
|
|
|
DLLMT LLC Series 2026-1A Class A3, 4.2% 12/20/2029 (b)
|
215,000
|
213,153
|
|
|
Fordf Series 2025-1 Class A1, 4.63% 4/15/2030
|
1,145,000
|
1,144,328
|
|
|
GMF Floorplan Owner Revolving Trust Series 2026-1A Class A1, 4.57% 5/15/2031 (b)
|
1,205,000
|
1,200,972
|
|
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Hyundai Auto Receivables Trust Series 2025-B Class A3, 4.36% 12/17/2029
|
2,020,000
|
2,017,344
|
|
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Nissan Auto Receivables Owner Trust Series 2023-B Class A3, 5.93% 3/15/2028
|
147,411
|
147,818
|
|
|
SFS Auto Receivables Securitization Trust Series 2026-1A Class A3, 3.96% 7/21/2031 (b)
|
1,620,000
|
1,596,116
|
|
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SFS Auto Receivables Securitization Trust Series 2026-2A Class A3, 4.54% 1/20/2032 (b)
|
1,115,000
|
1,110,869
|
|
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Stellantis Financial Underwritten Enhanced Lease Trust Series 2026-AA Class A3, 4.35% 11/20/2029 (b)
|
1,933,000
|
1,920,978
|
|
|
Tesla Electric Vehicle Trust Series 2023-1 Class A3, 5.38% 6/20/2028 (b)
|
367,063
|
368,374
|
|
|
Toyota Auto Loan Extended Note Trust Series 2022-1A Class A, 3.82% 4/25/2035 (b)
|
2,500,000
|
2,491,547
|
|
|
USAA Auto Owner Trust Series 2025-1A Class A3, 4.49% 6/17/2030 (b)
|
520,000
|
519,961
|
|
|
Verizon Master Trust Series 2024-8 Class A1A, 4.62% 11/20/2030
|
1,700,000
|
1,702,920
|
|
|
Volkswagen Auto Loan Enhanced Trust Series 2023-2 Class A3, 5.48% 12/20/2028
|
2,121,035
|
2,133,763
|
|
|
Volkswagen Credit Auto Master Trust Series 2026-1A Class A, 4.71% 5/20/2031 (b)
|
1,355,000
|
1,354,095
|
|
|
Wells Fargo Card Issuance Trust Series 2025-A1 Class A, 4.34% 5/15/2030
|
1,965,000
|
1,960,227
|
|
|
Wheels Fleet Lease Funding LLC Series 2025-3A Class A1, 4.08% 9/18/2040 (b)
|
1,265,000
|
1,254,361
|
|
|
TOTAL UNITED STATES
|
40,034,492
|
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|
TOTAL ASSET-BACKED SECURITIES
(Cost $40,075,216)
|
40,034,492
|
||
|
Bank Notes - 0.4%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
UNITED STATES - 0.4%
|
|||
|
Financials - 0.4%
|
|||
|
Banks - 0.4%
|
|||
|
Citibank NA 4.576% 5/29/2027
|
2,140,000
|
2,145,815
|
|
|
Morgan Stanley Bank NA 5.016% 1/12/2029 (c)
|
1,020,000
|
1,024,483
|
|
|
TOTAL UNITED STATES
|
3,170,298
|
||
|
TOTAL BANK NOTES
(Cost $3,160,000)
|
3,170,298
|
||
|
Collateralized Mortgage Obligations - 0.4%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
UNITED STATES - 0.4%
|
|||
|
Fannie Mae Series 2022-28 Class A, 2.5% 2/25/2052
|
272,342
|
257,927
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5236 Class HP, 4.5% 12/25/2042
|
1,389,128
|
1,378,257
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5236 Class P, 5% 4/25/2048
|
1,025,490
|
1,022,149
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5266 Class CD, 4.5% 10/25/2044
|
194,536
|
192,967
|
|
|
TOTAL UNITED STATES
|
2,851,300
|
||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $2,828,778)
|
2,851,300
|
||
|
Commercial Mortgage Securities - 2.1%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
UNITED STATES - 2.1%
|
|||
|
BANK Series 2017-BNK9 Class ASB, 3.47% 11/15/2054
|
783,134
|
777,596
|
|
|
BANK Series 2024-BNK47 Class A2, 6.457% 6/15/2057
|
414,000
|
427,403
|
|
|
BX Commercial Mortgage Trust Series 2024-GPA3 Class A, CME Term SOFR 1 month Index + 1.2928%, 4.932% 12/15/2039 (b)(c)(d)
|
140,371
|
140,634
|
|
|
CD Mortgage Trust Series 2017-CD5 Class AAB, 3.22% 8/15/2050
|
70,974
|
70,653
|
|
|
Cent Trust Series 2025-CITY Class A, 4.92% 7/10/2040 (b)(c)
|
599,000
|
592,442
|
|
|
DBGS Mortgage Trust Series 2018-C1 Class ASB, 4.302% 10/15/2051
|
1,331,375
|
1,326,945
|
|
|
ELP Series 2025-ELP Class A, 4.7573% 11/13/2042 (b)(c)
|
1,515,000
|
1,478,801
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K544 Class A2, 4.266% 7/25/2030 (c)
|
2,080,000
|
2,043,996
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K545 Class A2, 4.29% 7/25/2030
|
1,566,000
|
1,540,648
|
|
|
GS Mortgage Securities Trust Series 2017-GS7 Class AAB, 3.203% 8/10/2050
|
320,871
|
319,642
|
|
|
Int Commercial Mortgage Trust Series 2025-PLAZA Class A, 5.0415% 11/5/2037 (b)(c)
|
271,000
|
266,977
|
|
|
JPMCC Commercial Mortgage Securities Trust Series 2019-COR4 Class ASB, 3.9381% 3/10/2052
|
405,702
|
403,240
|
|
|
Life Financial Services Trust Series 2022-BMR2 Class A1, CME Term SOFR 1 month Index + 1.2952%, 4.9344% 5/15/2039 (b)(c)(d)
|
445,000
|
418,856
|
|
|
Morgan Stanley Capital I Trust Series 2020-L4 Class ASB, 2.624% 2/15/2053
|
1,124,613
|
1,083,951
|
|
|
PSA Trust Series 2026-STOR Class A, 5.5538% 8/15/2043 (b)
|
508,000
|
508,303
|
|
|
Shops Coml Mtg Trust Series 2026-CSTL Class A, 4.8105% 5/5/2039 (b)(c)
|
1,273,000
|
1,248,153
|
|
|
TCO Commercial Mortgage Trust Series 2024-DPM Class A, CME Term SOFR 1 month Index + 1.2429%, 4.8821% 12/15/2039 (b)(c)(d)
|
637,000
|
637,398
|
|
|
Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class ASB, 3.635% 5/15/2052
|
562,382
|
555,916
|
|
|
Wells Fargo Commercial Mortgage Trust Series 2020-C55 Class ASB, 2.651% 2/15/2053
|
1,269,983
|
1,232,268
|
|
|
TOTAL UNITED STATES
|
15,073,822
|
||
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $14,995,923)
|
15,073,822
|
||
|
Non-Convertible Corporate Bonds - 35.3%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
AUSTRALIA - 0.0%
|
|||
|
Materials - 0.0%
|
|||
|
Metals & Mining - 0.0%
|
|||
|
Glencore Funding LLC 4.907% 4/1/2028 (b)
|
449,000
|
449,690
|
|
|
CANADA - 2.9%
|
|||
|
Consumer Staples - 0.2%
|
|||
|
Consumer Staples Distribution & Retail - 0.2%
|
|||
|
Alimentation Couche-Tard Inc 4.148% 9/29/2028 (b)
|
1,426,000
|
1,407,880
|
|
|
Energy - 0.5%
|
|||
|
Oil, Gas & Consumable Fuels - 0.5%
|
|||
|
Canadian Natural Resources Ltd 5% 12/15/2029
|
538,000
|
538,808
|
|
|
Enbridge Inc 4.2% 11/20/2028
|
969,000
|
957,667
|
|
|
Enbridge Inc 4.6% 6/20/2028
|
261,000
|
260,391
|
|
|
Enbridge Inc 5.25% 4/5/2027
|
848,000
|
851,467
|
|
|
Enbridge Inc 5.3% 4/5/2029
|
708,000
|
715,275
|
|
|
TOTAL ENERGY
|
3,323,608
|
||
|
Financials - 2.0%
|
|||
|
Banks - 2.0%
|
|||
|
Bank of Montreal 4.338% 3/19/2030 (c)
|
1,577,000
|
1,558,271
|
|
|
Bank of Montreal 4.64% 9/10/2030 (c)
|
2,140,000
|
2,121,402
|
|
|
Bank of Nova Scotia/The 4.247% 2/2/2030 (c)
|
1,700,000
|
1,673,428
|
|
|
Canadian Imperial Bank of Commerce 3.45% 4/7/2027
|
1,150,000
|
1,144,479
|
|
|
Canadian Imperial Bank of Commerce 5.051% 6/16/2032 (c)
|
1,283,000
|
1,271,724
|
|
|
National Bank of Canada 4.5% 10/10/2029
|
1,225,000
|
1,212,581
|
|
|
Royal Bank of Canada 4.4% 4/17/2030 (c)
|
1,740,000
|
1,715,791
|
|
|
Royal Bank of Canada 4.95% 8/5/2032 (c)
|
2,200,000
|
2,175,663
|
|
|
Toronto Dominion Bank 4.783% 12/17/2029
|
1,526,000
|
1,524,322
|
|
|
TOTAL FINANCIALS
|
14,397,661
|
||
|
Utilities - 0.2%
|
|||
|
Electric Utilities - 0.2%
|
|||
|
Hydro One Inc 4.75% 5/30/2031
|
1,593,000
|
1,573,021
|
|
|
TOTAL CANADA
|
20,702,170
|
||
|
FRANCE - 0.7%
|
|||
|
Communication Services - 0.3%
|
|||
|
Diversified Telecommunication Services - 0.3%
|
|||
|
Orange SA 4% 1/13/2029 (b)
|
798,000
|
783,522
|
|
|
Orange SA 4.25% 1/13/2031 (b)
|
1,226,000
|
1,181,229
|
|
|
TOTAL COMMUNICATION SERVICES
|
1,964,751
|
||
|
Financials - 0.4%
|
|||
|
Banks - 0.4%
|
|||
|
Banque Federative du Credit Mutuel SA 4.786% 7/9/2029 (b)
|
1,489,000
|
1,477,358
|
|
|
Societe Generale SA 2.797% 1/19/2028 (b)(c)
|
950,000
|
942,844
|
|
|
Societe Generale SA 5.5% 4/13/2029 (b)(c)
|
463,000
|
466,014
|
|
|
TOTAL FINANCIALS
|
2,886,216
|
||
|
TOTAL FRANCE
|
4,850,967
|
||
|
GERMANY - 1.9%
|
|||
|
Consumer Discretionary - 0.6%
|
|||
|
Automobiles - 0.6%
|
|||
|
Mercedes-Benz Finance North America LLC 4.8% 8/1/2029 (b)
|
1,800,000
|
1,792,206
|
|
|
Volkswagen Group of America Finance LLC 4.35% 6/8/2027 (b)
|
200,000
|
199,442
|
|
|
Volkswagen Group of America Finance LLC 4.95% 8/15/2029 (b)
|
2,480,000
|
2,465,918
|
|
|
TOTAL CONSUMER DISCRETIONARY
|
4,457,566
|
||
|
Financials - 1.1%
|
|||
|
Capital Markets - 1.1%
|
|||
|
Deutsche Bank AG/New York NY 2.311% 11/16/2027 (c)
|
3,300,000
|
3,283,726
|
|
|
Deutsche Bank AG/New York NY 4.725% 2/6/2032 (c)
|
2,050,000
|
1,991,222
|
|
|
Deutsche Bank AG/New York NY 4.95% 8/4/2031 (c)
|
1,780,000
|
1,753,465
|
|
|
TOTAL FINANCIALS
|
7,028,413
|
||
|
Industrials - 0.2%
|
|||
|
Machinery - 0.2%
|
|||
|
Daimler Truck Finance North America LLC 2% 12/14/2026 (b)
|
500,000
|
496,806
|
|
|
Daimler Truck Finance North America LLC 4.95% 1/13/2028 (b)
|
605,000
|
606,958
|
|
|
Daimler Truck Finance North America LLC 5.125% 9/25/2027 (b)
|
578,000
|
581,549
|
|
|
TOTAL INDUSTRIALS
|
1,685,313
|
||
|
TOTAL GERMANY
|
13,171,292
|
||
|
IRELAND - 0.6%
|
|||
|
Financials - 0.5%
|
|||
|
Banks - 0.1%
|
|||
|
Bank of Ireland Group PLC 4.997% 11/12/2032 (b)(c)
|
646,000
|
634,644
|
|
|
Consumer Finance - 0.4%
|
|||
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.1% 1/15/2027
|
2,500,000
|
2,512,930
|
|
|
TOTAL FINANCIALS
|
3,147,574
|
||
|
Industrials - 0.1%
|
|||
|
Transportation Infrastructure - 0.1%
|
|||
|
Avolon Holdings Funding Ltd 4.2% 4/15/2029 (b)
|
656,000
|
640,504
|
|
|
Avolon Holdings Funding Ltd 5.375% 5/30/2030 (b)
|
268,000
|
268,539
|
|
|
TOTAL INDUSTRIALS
|
909,043
|
||
|
TOTAL IRELAND
|
4,056,617
|
||
|
ITALY - 0.4%
|
|||
|
Utilities - 0.4%
|
|||
|
Electric Utilities - 0.4%
|
|||
|
ENEL Finance International NV 4.125% 9/30/2028 (b)
|
558,000
|
550,701
|
|
|
ENEL Finance International NV 4.625% 7/13/2029 (b)
|
1,209,000
|
1,197,324
|
|
|
ENEL Finance International NV 4.875% 7/13/2031 (b)
|
1,460,000
|
1,434,006
|
|
|
TOTAL ITALY
|
3,182,031
|
||
|
JAPAN - 1.0%
|
|||
|
Communication Services - 0.3%
|
|||
|
Diversified Telecommunication Services - 0.3%
|
|||
|
NTT Finance Corp 4.567% 7/16/2027 (b)
|
200,000
|
200,042
|
|
|
NTT Finance Corp 4.62% 7/16/2028 (b)
|
200,000
|
199,091
|
|
|
NTT Finance Corp 4.8279% 11/1/2029 (b)
|
1,813,000
|
1,801,516
|
|
|
TOTAL COMMUNICATION SERVICES
|
2,200,649
|
||
|
Consumer Staples - 0.1%
|
|||
|
Tobacco - 0.1%
|
|||
|
Japan Tobacco Inc 4.85% 5/15/2028 (b)
|
934,000
|
936,499
|
|
|
Financials - 0.6%
|
|||
|
Banks - 0.6%
|
|||
|
Mitsubishi UFJ Financial Group Inc 4.592% 4/18/2030 (c)
|
200,000
|
198,223
|
|
|
Mitsubishi UFJ Financial Group Inc 4.98% 7/24/2030 (c)
|
305,000
|
304,790
|
|
|
Mizuho Financial Group Inc 4.711% 7/8/2031 (c)
|
1,421,000
|
1,400,651
|
|
|
Mizuho Financial Group Inc 4.782% 7/13/2030 (c)
|
2,190,000
|
2,173,994
|
|
|
TOTAL FINANCIALS
|
4,077,658
|
||
|
TOTAL JAPAN
|
7,214,806
|
||
|
NETHERLANDS - 0.6%
|
|||
|
Financials - 0.6%
|
|||
|
Banks - 0.6%
|
|||
|
Cooperatieve Rabobank UA 1.98% 12/15/2027 (b)(c)
|
3,050,000
|
3,027,137
|
|
|
ING Groep NV 5.335% 3/19/2030 (c)
|
1,031,000
|
1,040,964
|
|
|
TOTAL FINANCIALS
|
4,068,101
|
||
|
Information Technology - 0.0%
|
|||
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
|
NXP BV / NXP Funding LLC / NXP USA Inc 4.3% 8/19/2028
|
473,000
|
468,171
|
|
|
TOTAL NETHERLANDS
|
4,536,272
|
||
|
NORWAY - 0.6%
|
|||
|
Financials - 0.6%
|
|||
|
Banks - 0.6%
|
|||
|
DNB Bank ASA 1.605% 3/30/2028 (b)(c)
|
2,250,000
|
2,212,856
|
|
|
DNB Bank ASA 4.384% 11/4/2031 (b)(c)
|
2,100,000
|
2,036,050
|
|
|
TOTAL NORWAY
|
4,248,906
|
||
|
SPAIN - 0.2%
|
|||
|
Financials - 0.2%
|
|||
|
Banks - 0.2%
|
|||
|
Banco Santander SA 5.005% 8/25/2030 (c)
|
1,200,000
|
1,195,995
|
|
|
SWITZERLAND - 0.3%
|
|||
|
Financials - 0.3%
|
|||
|
Capital Markets - 0.3%
|
|||
|
UBS Group AG 3.091% 5/14/2032 (b)(c)
|
250,000
|
226,921
|
|
|
UBS Group AG 4.194% 4/1/2031 (b)(c)
|
2,200,000
|
2,131,882
|
|
|
TOTAL SWITZERLAND
|
2,358,803
|
||
|
UNITED KINGDOM - 2.9%
|
|||
|
Consumer Staples - 0.2%
|
|||
|
Tobacco - 0.2%
|
|||
|
BAT Capital Corp 4.7% 4/2/2027
|
801,000
|
801,891
|
|
|
Imperial Brands Finance PLC 4.5% 6/30/2028 (b)
|
679,000
|
675,243
|
|
|
TOTAL CONSUMER STAPLES
|
1,477,134
|
||
|
Financials - 2.6%
|
|||
|
Banks - 2.6%
|
|||
|
Barclays PLC 2.279% 11/24/2027 (c)
|
1,300,000
|
1,293,342
|
|
|
Barclays PLC 5.367% 2/25/2031 (c)
|
2,494,000
|
2,503,503
|
|
|
HSBC Holdings PLC 4.899% 3/3/2029 (c)
|
1,431,000
|
1,433,152
|
|
|
HSBC Holdings PLC 5.21% 8/11/2028 (c)
|
2,827,000
|
2,840,720
|
|
|
HSBC Holdings PLC 5.243% 8/14/2032 (c)
|
2,099,000
|
2,085,533
|
|
|
HSBC Holdings PLC 5.597% 5/17/2028 (c)
|
694,000
|
698,443
|
|
|
Lloyds Banking Group PLC 4.425% 11/4/2031 (c)
|
1,840,000
|
1,786,178
|
|
|
Lloyds Banking Group PLC 4.818% 6/13/2029 (c)
|
2,171,000
|
2,171,772
|
|
|
Lloyds Banking Group PLC 5.087% 11/26/2028 (c)
|
414,000
|
415,816
|
|
|
NatWest Group PLC 5.115% 5/23/2031 (c)
|
2,140,000
|
2,135,402
|
|
|
Standard Chartered PLC 4.299% 1/13/2030 (b)(c)
|
982,000
|
965,090
|
|
|
TOTAL FINANCIALS
|
18,328,951
|
||
|
Industrials - 0.1%
|
|||
|
Aerospace & Defense - 0.1%
|
|||
|
BAE Systems PLC 5.125% 3/26/2029 (b)
|
546,000
|
550,767
|
|
|
TOTAL UNITED KINGDOM
|
20,356,852
|
||
|
UNITED STATES - 23.2%
|
|||
|
Communication Services - 1.4%
|
|||
|
Diversified Telecommunication Services - 1.0%
|
|||
|
AT&T Inc 1.65% 2/1/2028
|
2,750,000
|
2,637,194
|
|
|
AT&T Inc 4.25% 3/1/2027
|
400,000
|
399,643
|
|
|
AT&T Inc 4.3% 2/15/2030
|
250,000
|
244,811
|
|
|
AT&T Inc 4.7% 8/15/2030
|
922,000
|
911,930
|
|
|
Space Exploration Technologies Corp 5.35% 7/15/2031 (b)
|
1,117,000
|
1,091,811
|
|
|
Verizon Communications Inc 2.355% 3/15/2032
|
2,000,000
|
1,729,653
|
|
|
7,015,042
|
|||
|
Interactive Media & Services - 0.4%
|
|||
|
Meta Platforms Inc 4.2% 11/15/2030
|
980,000
|
949,848
|
|
|
Meta Platforms Inc 4.55% 5/15/2031
|
840,000
|
820,906
|
|
|
Meta Platforms Inc 4.6% 11/15/2032
|
1,060,000
|
1,017,846
|
|
|
2,788,600
|
|||
|
TOTAL COMMUNICATION SERVICES
|
9,803,642
|
||
|
Consumer Discretionary - 1.3%
|
|||
|
Automobiles - 0.9%
|
|||
|
American Honda Finance Corp 4.55% 4/10/2028
|
358,000
|
356,814
|
|
|
General Motors Financial Co Inc 2.35% 2/26/2027
|
3,000,000
|
2,968,348
|
|
|
General Motors Financial Co Inc 4.2% 10/27/2028
|
788,000
|
777,355
|
|
|
Hyundai Capital America 4.3% 9/24/2027 (b)
|
1,700,000
|
1,692,951
|
|
|
Hyundai Capital America 4.75% 6/18/2029 (b)
|
757,000
|
750,948
|
|
|
6,546,416
|
|||
|
Broadline Retail - 0.4%
|
|||
|
Amazon.com Inc 4.25% 3/13/2031
|
910,000
|
882,481
|
|
|
Amazon.com Inc 4.6% 7/9/2029
|
1,830,000
|
1,821,634
|
|
|
2,704,115
|
|||
|
TOTAL CONSUMER DISCRETIONARY
|
9,250,531
|
||
|
Consumer Staples - 0.3%
|
|||
|
Consumer Staples Distribution & Retail - 0.3%
|
|||
|
Mars Inc 4.6% 3/1/2028 (b)
|
1,422,000
|
1,421,421
|
|
|
Mars Inc 4.8% 3/1/2030 (b)
|
467,000
|
464,630
|
|
|
TOTAL CONSUMER STAPLES
|
1,886,051
|
||
|
Energy - 0.9%
|
|||
|
Oil, Gas & Consumable Fuels - 0.9%
|
|||
|
Energy Transfer LP 4.55% 1/15/2031
|
937,000
|
915,915
|
|
|
MPLX LP 4% 3/15/2028
|
760,000
|
751,355
|
|
|
ONEOK Inc 4.25% 9/24/2027
|
173,000
|
172,529
|
|
|
ONEOK Inc 4.4% 10/15/2029
|
180,000
|
177,100
|
|
|
Targa Resources Corp 4.35% 1/15/2029
|
177,000
|
175,219
|
|
|
Targa Resources Corp 4.35% 4/15/2031
|
1,698,000
|
1,644,031
|
|
|
Williams Cos Inc/The 4.625% 6/30/2030
|
1,870,000
|
1,839,699
|
|
|
Williams Cos Inc/The 4.8% 11/15/2029
|
914,000
|
911,472
|
|
|
TOTAL ENERGY
|
6,587,320
|
||
|
Financials - 15.5%
|
|||
|
Banks - 6.5%
|
|||
|
Bank of America Corp 2.551% 2/4/2028 (c)
|
850,000
|
843,065
|
|
|
Bank of America Corp 2.651% 3/11/2032 (c)
|
2,750,000
|
2,468,837
|
|
|
Bank of America Corp 4.271% 7/23/2029 (c)
|
1,000,000
|
990,400
|
|
|
Bank of America Corp 4.948% 7/22/2028 (c)
|
3,750,000
|
3,760,635
|
|
|
Citibank NA 4.846% 6/18/2032 (c)
|
1,800,000
|
1,774,637
|
|
|
Citigroup Inc 3.07% 2/24/2028 (c)
|
3,000,000
|
2,978,954
|
|
|
Huntington Bancshares Inc/OH 4.443% 8/4/2028 (c)
|
2,261,000
|
2,253,648
|
|
|
JPMorgan Chase & Co 2.58% 4/22/2032 (c)
|
3,000,000
|
2,677,828
|
|
|
JPMorgan Chase & Co 2.947% 2/24/2028 (c)
|
3,318,000
|
3,293,372
|
|
|
JPMorgan Chase & Co 3.54% 5/1/2028 (c)
|
350,000
|
347,565
|
|
|
JPMorgan Chase & Co 4.851% 7/25/2028 (c)
|
3,750,000
|
3,758,831
|
|
|
JPMorgan Chase & Co 5.571% 4/22/2028 (c)
|
1,160,000
|
1,167,037
|
|
|
Morgan Stanley Private Bank NA 4.465% 11/19/2031 (c)
|
2,110,000
|
2,051,709
|
|
|
PNC Financial Services Group Inc/The 5.354% 12/2/2028 (c)
|
1,020,000
|
1,029,292
|
|
|
PNC Financial Services Group Inc/The 5.492% 5/14/2030 (c)
|
2,100,000
|
2,128,783
|
|
|
Regions Bank/Birmingham AL 4.755% 7/27/2029 (c)
|
1,860,000
|
1,852,680
|
|
|
Santander Holdings USA Inc 2.49% 1/6/2028 (c)
|
773,000
|
766,576
|
|
|
Truist Financial Corp 5.071% 5/20/2031 (c)
|
2,829,000
|
2,821,375
|
|
|
Wells Fargo & Co 2.879% 10/30/2030 (c)
|
2,300,000
|
2,157,460
|
|
|
Wells Fargo & Co 3.526% 3/24/2028 (c)
|
3,288,000
|
3,269,366
|
|
|
Wells Fargo & Co 4.808% 7/25/2028 (c)
|
1,250,000
|
1,252,085
|
|
|
Wells Fargo & Co 4.97% 4/23/2029 (c)
|
1,656,000
|
1,661,687
|
|
|
Wells Fargo & Co 5.244% 1/24/2031 (c)
|
937,000
|
942,081
|
|
|
46,247,903
|
|||
|
Capital Markets - 5.0%
|
|||
|
Ares Capital Corp 5.55% 1/15/2030
|
402,000
|
398,055
|
|
|
Ares Strategic Income Fund 4.85% 1/15/2029
|
1,410,000
|
1,385,098
|
|
|
Athene Global Funding 4.721% 10/8/2029 (b)
|
1,400,000
|
1,374,509
|
|
|
Athene Global Funding 5.38% 1/7/2030 (b)
|
2,000,000
|
1,991,338
|
|
|
Athene Global Funding 5.516% 3/25/2027 (b)
|
2,000,000
|
2,009,814
|
|
|
Athene Global Funding 5.583% 1/9/2029 (b)
|
505,000
|
508,060
|
|
|
Bank of New York Mellon 4.729% 4/20/2029 (c)
|
659,000
|
659,874
|
|
|
Depository Trust Co/The 4.3% 3/27/2029 (b)
|
623,000
|
616,894
|
|
|
Equitable America Global Funding 4.65% 6/9/2028 (b)
|
826,000
|
822,383
|
|
|
Equitable America Global Funding 4.95% 6/9/2030 (b)
|
1,118,000
|
1,106,088
|
|
|
GA Global Funding Trust 5.4% 1/13/2030 (b)
|
1,173,000
|
1,165,968
|
|
|
Goldman Sachs Group Inc/The 2.64% 2/24/2028 (c)
|
2,563,000
|
2,540,359
|
|
|
Goldman Sachs Group Inc/The 4.482% 8/23/2028 (c)
|
2,500,000
|
2,494,972
|
|
|
Goldman Sachs Group Inc/The 4.937% 4/23/2028 (c)
|
2,000,000
|
2,004,284
|
|
|
HPS Corporate Lending Fund 4.9% 9/11/2028
|
644,000
|
633,280
|
|
|
HPS Corporate Lending Fund 5.3% 6/5/2027
|
897,000
|
897,764
|
|
|
Intercontinental Exchange Inc 3.75% 9/21/2028
|
125,000
|
122,607
|
|
|
Intercontinental Exchange Inc 4.35% 6/15/2029
|
2,500,000
|
2,470,139
|
|
|
Morgan Stanley 2.239% 7/21/2032 (c)
|
2,750,000
|
2,384,721
|
|
|
Morgan Stanley 3.591% 7/22/2028 (c)
|
1,050,000
|
1,039,398
|
|
|
Morgan Stanley 4.868% 7/12/2029 (c)
|
933,000
|
933,089
|
|
|
Morgan Stanley 4.994% 4/12/2029 (c)
|
1,225,000
|
1,228,994
|
|
|
Morgan Stanley 5.042% 7/19/2030 (c)
|
1,800,000
|
1,802,455
|
|
|
Morgan Stanley 5.23% 1/15/2031 (c)
|
1,311,000
|
1,315,736
|
|
|
Sammons Financial Group Global Funding 5.05% 1/10/2028 (b)
|
1,469,000
|
1,467,922
|
|
|
Sammons Financial Group Global Funding 5.1% 12/10/2029 (b)
|
1,232,000
|
1,222,494
|
|
|
State Street Corp 4.53% 2/20/2029 (c)
|
1,015,000
|
1,013,814
|
|
|
35,610,109
|
|||
|
Consumer Finance - 0.3%
|
|||
|
American Express Co 4.444% 5/3/2030 (c)
|
1,740,000
|
1,720,558
|
|
|
American Express Co 5.085% 1/30/2031 (c)
|
450,000
|
451,268
|
|
|
Toyota Motor Credit Corp 4.55% 8/9/2029
|
240,000
|
238,770
|
|
|
2,410,596
|
|||
|
Financial Services - 0.4%
|
|||
|
Corebridge Financial Inc 3.65% 4/5/2027
|
2,762,000
|
2,747,945
|
|
|
Insurance - 3.3%
|
|||
|
Arthur J Gallagher & Co 4.6% 12/15/2027
|
1,120,000
|
1,119,637
|
|
|
Corebridge Global Funding 4.85% 6/6/2030 (b)
|
2,150,000
|
2,127,171
|
|
|
Corebridge Global Funding 4.9% 1/7/2028 (b)
|
820,000
|
822,057
|
|
|
Equitable Financial Life Global Funding 1.4% 8/27/2027 (b)
|
700,000
|
678,997
|
|
|
Equitable Financial Life Global Funding 5% 3/27/2030 (b)
|
886,000
|
879,520
|
|
|
Guardian Life Global Funding 4.748% 7/16/2029 (b)
|
2,200,000
|
2,191,348
|
|
|
Jackson National Life Global Funding 4.6% 10/1/2029 (b)
|
1,897,000
|
1,866,405
|
|
|
Jackson National Life Global Funding 4.7% 6/5/2028 (b)
|
1,864,000
|
1,854,854
|
|
|
Jackson National Life Global Funding 5.35% 1/13/2030 (b)
|
1,004,000
|
1,004,353
|
|
|
Lincoln Financial Global Funding 5.25% 8/13/2031 (b)
|
1,108,000
|
1,099,355
|
|
|
MassMutual Global Funding II 4.85% 1/17/2029 (b)
|
2,100,000
|
2,100,150
|
|
|
MassMutual Global Funding II 5.1% 4/9/2027 (b)
|
1,834,000
|
1,843,146
|
|
|
Metropolitan Tower Global Funding 4% 10/1/2027 (b)
|
606,000
|
603,061
|
|
|
Pricoa Global Funding I 4.7% 5/28/2030 (b)
|
2,140,000
|
2,116,422
|
|
|
RGA Global Funding 4.35% 8/25/2028 (b)
|
2,100,000
|
2,078,053
|
|
|
RGA Global Funding 5.448% 5/24/2029 (b)
|
1,055,000
|
1,068,929
|
|
|
Western-Southern Global Funding 4.9% 5/1/2030 (b)
|
203,000
|
201,537
|
|
|
23,654,995
|
|||
|
TOTAL FINANCIALS
|
110,671,548
|
||
|
Health Care - 0.2%
|
|||
|
Biotechnology - 0.0%
|
|||
|
Amgen Inc 5.15% 3/2/2028
|
378,000
|
380,313
|
|
|
Health Care Providers & Services - 0.0%
|
|||
|
CVS Health Corp 4.3% 3/25/2028
|
110,000
|
109,234
|
|
|
Life Sciences Tools & Services - 0.2%
|
|||
|
Thermo Fisher Scientific Inc 4.215% 2/12/2031
|
1,313,000
|
1,274,497
|
|
|
TOTAL HEALTH CARE
|
1,764,044
|
||
|
Industrials - 1.1%
|
|||
|
Aerospace & Defense - 0.1%
|
|||
|
Boeing Co 5.04% 5/1/2027
|
500,000
|
501,180
|
|
|
Boeing Co 6.259% 5/1/2027
|
150,000
|
151,600
|
|
|
RTX Corp 5.75% 1/15/2029
|
366,000
|
374,457
|
|
|
1,027,237
|
|||
|
Ground Transportation - 0.0%
|
|||
|
Uber Technologies Inc 4.15% 1/15/2031
|
332,000
|
320,312
|
|
|
Machinery - 0.3%
|
|||
|
Ingersoll Rand Inc 5.176% 6/15/2029
|
2,100,000
|
2,123,265
|
|
|
Parker-Hannifin Corp 4.25% 9/15/2027
|
217,000
|
216,574
|
|
|
2,339,839
|
|||
|
Professional Services - 0.1%
|
|||
|
Leidos Inc 4.1% 3/15/2029
|
537,000
|
526,338
|
|
|
Paychex Inc 5.1% 4/15/2030
|
61,000
|
61,023
|
|
|
587,361
|
|||
|
Trading Companies & Distributors - 0.6%
|
|||
|
Sumisho Air Lease Corp 2.2% 1/15/2027
|
2,530,000
|
2,508,254
|
|
|
Sumisho Air Lease Corp 4.5% 3/24/2029 (b)
|
251,000
|
247,813
|
|
|
Sumisho Air Lease Corp 4.85% 3/24/2031 (b)
|
605,000
|
591,979
|
|
|
3,348,046
|
|||
|
TOTAL INDUSTRIALS
|
7,622,795
|
||
|
Information Technology - 0.5%
|
|||
|
Electronic Equipment, Instruments & Components - 0.4%
|
|||
|
Amphenol Corp 5.05% 4/5/2029
|
430,000
|
433,012
|
|
|
Dell International LLC / EMC Corp 5% 4/1/2030
|
2,148,000
|
2,143,518
|
|
|
2,576,530
|
|||
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
|
Hewlett Packard Enterprise Co 4.4% 9/25/2027
|
821,000
|
819,444
|
|
|
TOTAL INFORMATION TECHNOLOGY
|
3,395,974
|
||
|
Materials - 0.0%
|
|||
|
Chemicals - 0.0%
|
|||
|
Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP 4.75% 5/15/2030 (b)
|
271,000
|
268,571
|
|
|
Real Estate - 0.3%
|
|||
|
Retail REITs - 0.3%
|
|||
|
Regency Centers LP 4.5% 3/15/2033
|
131,000
|
125,170
|
|
|
Simon Property Group LP 4.375% 10/1/2030
|
2,110,000
|
2,068,732
|
|
|
TOTAL REAL ESTATE
|
2,193,902
|
||
|
Utilities - 1.7%
|
|||
|
Electric Utilities - 1.5%
|
|||
|
Alabama Power Co 3.05% 3/15/2032
|
2,526,000
|
2,283,529
|
|
|
Cleveland Electric Illuminating Co/The 5% 2/15/2030 (b)
|
597,000
|
596,271
|
|
|
Duke Energy Carolinas LLC 4.85% 3/15/2030
|
824,000
|
824,380
|
|
|
Duke Energy Corp 4.3% 3/15/2028
|
1,341,000
|
1,332,945
|
|
|
Duke Energy Florida LLC 4.2% 12/1/2030
|
800,000
|
778,411
|
|
|
Exelon Corp 5.15% 3/15/2029
|
381,000
|
383,763
|
|
|
Georgia Power Co 4.65% 5/16/2028
|
948,000
|
948,858
|
|
|
Jersey Central Power & Light Co 4.4% 1/15/2031
|
851,000
|
826,718
|
|
|
Pinnacle West Capital Corp 4.9% 5/15/2028
|
332,000
|
332,735
|
|
|
Pinnacle West Capital Corp 5.15% 5/15/2030
|
355,000
|
356,572
|
|
|
Southern Co/The 5.5% 3/15/2029
|
900,000
|
914,242
|
|
|
Virginia Electric and Power Co 2.4% 3/30/2032
|
500,000
|
433,632
|
|
|
10,012,056
|
|||
|
Multi-Utilities - 0.2%
|
|||
|
DTE Energy Co 5.2% 4/1/2030
|
1,072,000
|
1,077,136
|
|
|
NiSource Inc 4.75% 5/18/2031
|
206,000
|
203,106
|
|
|
Public Service Enterprise Group Inc 4.9% 3/15/2030
|
499,000
|
497,728
|
|
|
1,777,970
|
|||
|
TOTAL UTILITIES
|
11,790,026
|
||
|
TOTAL UNITED STATES
|
165,234,404
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $252,147,951)
|
251,558,805
|
||
|
U.S. Government Agency - Mortgage Securities - 0.9%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
UNITED STATES - 0.9%
|
|||
|
Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2032
|
1,152,203
|
1,083,621
|
|
|
Fannie Mae Mortgage pass-thru certificates 2% 2/1/2028
|
40,037
|
39,434
|
|
|
Fannie Mae Mortgage pass-thru certificates 2% 3/1/2032
|
678,896
|
641,944
|
|
|
Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2028
|
26,351
|
26,139
|
|
|
Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2029
|
118,985
|
117,158
|
|
|
Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2031
|
193,385
|
185,678
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 11/1/2034
|
17,547
|
17,045
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 12/1/2032
|
50,354
|
48,741
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031
|
29,162
|
28,513
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2033
|
240,353
|
231,957
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2033
|
42,987
|
41,343
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2035
|
12,248
|
11,919
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 5/1/2035
|
941,974
|
888,379
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 7/1/2034
|
35,388
|
34,498
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 8/1/2032
|
351,462
|
338,354
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 9/1/2035
|
77,982
|
75,445
|
|
|
Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2030
|
70,089
|
69,178
|
|
|
Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2028
|
1,822
|
1,804
|
|
|
Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2033
|
149,301
|
146,625
|
|
|
Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2029
|
69,186
|
68,388
|
|
|
Freddie Mac Gold Pool 2.5% 1/1/2028
|
21,286
|
21,131
|
|
|
Freddie Mac Gold Pool 2.5% 3/1/2032
|
1,057,021
|
1,009,946
|
|
|
Freddie Mac Gold Pool 3% 10/1/2035
|
59,186
|
55,690
|
|
|
Freddie Mac Gold Pool 3% 12/1/2030
|
9,497
|
9,231
|
|
|
Freddie Mac Gold Pool 3% 12/1/2032
|
708,502
|
681,961
|
|
|
Freddie Mac Gold Pool 3% 2/1/2033
|
8,566
|
8,336
|
|
|
Freddie Mac Gold Pool 3% 3/1/2033
|
34,227
|
32,885
|
|
|
Freddie Mac Gold Pool 3% 7/1/2032
|
241,851
|
233,235
|
|
|
TOTAL UNITED STATES
|
6,148,578
|
||
|
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
(Cost $6,209,149)
|
6,148,578
|
||
|
U.S. Treasury Obligations - 53.4%
|
||||
|
Yield (%) (e)
|
Principal
Amount (a)
|
Value ($)
|
||
|
US Treasury Notes 3.5% 2/28/2031
|
3.52 to 4.01
|
16,767,600
|
16,104,756
|
|
|
US Treasury Notes 3.5% 9/30/2029
|
3.94 to 4.34
|
29,852,200
|
29,069,746
|
|
|
US Treasury Notes 3.625% 8/31/2029
|
3.70 to 3.76
|
45,439,000
|
44,437,922
|
|
|
US Treasury Notes 3.875% 4/15/2029
|
3.91 to 3.98
|
22,362,700
|
22,077,925
|
|
|
US Treasury Notes 3.875% 4/30/2031
|
4.09 to 4.21
|
20,333,000
|
19,812,761
|
|
|
US Treasury Notes 3.875% 5/15/2029
|
4.05
|
13,710,400
|
13,530,451
|
|
|
US Treasury Notes 4% 1/31/2033
|
4.00 to 4.58
|
15,285,500
|
14,788,721
|
|
|
US Treasury Notes 4% 2/15/2034
|
3.88 to 4.39
|
14,746,600
|
14,152,128
|
|
|
US Treasury Notes 4% 3/31/2030
|
3.72 to 4.06
|
24,909,100
|
24,544,221
|
|
|
US Treasury Notes 4.125% 2/15/2036
|
4.43 to 4.70
|
11,677,300
|
11,139,049
|
|
|
US Treasury Notes 4.125% 5/31/2031
|
4.42 to 4.49
|
15,054,700
|
14,817,706
|
|
|
US Treasury Notes 4.25% 2/28/2029
|
3.65 to 4.31
|
73,381,000
|
73,163,150
|
|
|
US Treasury Notes 4.625% 4/30/2029
|
3.63 to 4.72
|
25,600,100
|
25,748,101
|
|
|
US Treasury Notes 4.625% 4/30/2031
|
3.64 to 4.64
|
55,972,900
|
56,272,442
|
|
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $384,876,096)
|
379,659,079
|
|||
|
Money Market Funds - 1.0%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Cash Central Fund (f)
(Cost $7,274,730)
|
3.69
|
7,273,316
|
7,274,770
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.1%
(Cost $711,567,843)
|
705,771,144
|
|
NET OTHER ASSETS (LIABILITIES) - 0.9%
|
6,174,022
|
|
NET ASSETS - 100.0%
|
711,945,166
|
Legend
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
|
(b)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $96,510,598 or 13.6% of net assets.
|
|
(c)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
|
(d)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
|
(e)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
|
Fidelity Cash Central Fund
|
24,241,448
|
164,204,301
|
181,170,358
|
207,158
|
(661)
|
40
|
7,274,770
|
7,273,316
|
|
24,241,448
|
164,204,301
|
181,170,358
|
207,158
|
(661)
|
40
|
7,274,770
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2026, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
|
Valuation Inputs at Reporting Date:
|
||||
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
|
Investments in Securities:
|
||||
|
Asset-Backed Securities
|
40,034,492
|
-
|
40,034,492
|
-
|
|
Bank Notes
|
||||
|
Financials
|
3,170,298
|
-
|
3,170,298
|
-
|
|
Collateralized Mortgage Obligations
|
2,851,300
|
-
|
2,851,300
|
-
|
|
Commercial Mortgage Securities
|
15,073,822
|
-
|
15,073,822
|
-
|
|
Non-Convertible Corporate Bonds
|
||||
|
Communication Services
|
13,969,042
|
-
|
13,969,042
|
-
|
|
Consumer Discretionary
|
13,708,097
|
-
|
13,708,097
|
-
|
|
Consumer Staples
|
5,707,564
|
-
|
5,707,564
|
-
|
|
Energy
|
9,910,928
|
-
|
9,910,928
|
-
|
|
Financials
|
172,409,826
|
-
|
172,409,826
|
-
|
|
Health Care
|
1,764,044
|
-
|
1,764,044
|
-
|
|
Industrials
|
10,767,918
|
-
|
10,767,918
|
-
|
|
Information Technology
|
3,864,145
|
-
|
3,864,145
|
-
|
|
Materials
|
718,261
|
-
|
718,261
|
-
|
|
Real Estate
|
2,193,902
|
-
|
2,193,902
|
-
|
|
Utilities
|
16,545,078
|
-
|
16,545,078
|
-
|
|
U.S. Government Agency - Mortgage Securities
|
6,148,578
|
-
|
6,148,578
|
-
|
|
U.S. Treasury Obligations
|
379,659,079
|
-
|
379,659,079
|
-
|
|
Money Market Funds
|
7,274,770
|
7,274,770
|
-
|
-
|
|
Total Investments in Securities:
|
705,771,144
|
7,274,770
|
698,496,374
|
-
|
Financial Statements
|
Statement of Assets and Liabilities
|
||
|
As of August 31, 2026
|
||
|
Assets
|
||
|
Investments in securities, at value - unaffiliated issuers
|
$
|
698,496,374
|
|
Investments in securities, at value - affiliated issuers
|
7,274,770
|
|
|
Receivable for investments sold
|
14,958,984
|
|
|
Interest receivable
|
5,888,175
|
|
|
Distributions receivable from affiliated funds
|
12,410
|
|
|
Total assets
|
726,630,713
|
|
|
Liabilities
|
||
|
Payable for investments purchased
|
14,685,547
|
|
|
Total liabilities
|
14,685,547
|
|
|
Net Assets
|
$
|
711,945,166
|
|
Net assets consist of:
|
||
|
Paid in capital
|
729,291,765
|
|
|
Total accumulated earnings (loss)
|
(17,346,599)
|
|
|
Net Assets
|
$
|
711,945,166
|
|
Net Asset Value and Maximum Offering
|
||
|
Net Asset Value, offering price and redemption price per share ($711,945,166/78,672,025 shares)
|
$
|
9.05
|
|
Other Information
|
||
|
Unaffiliated issuers, cost
|
704,293,113
|
|
|
Affiliated issuers, cost
|
7,274,730
|
|
|
Statement of Operations
|
||
|
Year ended August 31, 2026
|
||
|
Investment Income
|
||
|
Dividends - affiliated issuers
|
$
|
207,158
|
|
Interest
|
30,070,711
|
|
|
Total investment income
|
30,277,869
|
|
|
Expenses
|
||
|
Independent trustees' fees and expenses
|
1,515
|
|
|
Total expenses
|
1,515
|
|
|
Expense reductions
|
(693)
|
|
|
Total expenses after reductions
|
822
|
|
|
Net investment income (loss)
|
30,277,047
|
|
|
Net realized gain (loss)
|
||
|
Investments - unaffiliated issuers
|
1,341,639
|
|
|
Investments - affiliated issuers
|
(661)
|
|
|
Net realized gain (loss)
|
1,340,978
|
|
|
Change in net unrealized appreciation (depreciation)
|
||
|
Investments - unaffiliated issuers
|
(16,652,987)
|
|
|
Investments - affiliated issuers
|
40
|
|
|
Total change in net unrealized appreciation (depreciation)
|
(16,652,947)
|
|
|
Net gain (loss)
|
(15,311,969)
|
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
14,965,078
|
|
Statement of Changes in Net Assets
|
||||
|
Year ended
August 31, 2026
|
Year ended
August 31, 2025
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
30,277,047
|
$
|
30,899,093
|
|
Net realized gain (loss)
|
1,340,978
|
1,575,073
|
||
|
Change in net unrealized appreciation (depreciation)
|
(16,652,947)
|
956,700
|
||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
14,965,078
|
$
|
33,430,866
|
|
Distributions to shareholders
|
||||
|
Distributions to shareholders
|
(30,388,334)
|
(30,864,345)
|
||
|
Total distributions
|
(30,388,334)
|
(30,864,345)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
28,813,334
|
4,418,345
|
||
|
Total increase (decrease) in net assets
|
13,390,078
|
6,984,866
|
||
|
Net Assets
|
||||
|
Beginning of period
|
698,555,088
|
691,570,222
|
||
|
End of period
|
$
|
711,945,166
|
$
|
698,555,088
|
Financial Highlights
|
Fidelity® Education Fund
|
|
Years ended August 31,
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||
|
Selected Per Share Data
|
||||||||||
|
Net asset value, beginning of period
|
$
|
9.25
|
$
|
9.21
|
$
|
9.01
|
$
|
9.25
|
$
|
10.05
|
|
Income from Investment Operations
|
||||||||||
|
Net investment income (loss) A, B
|
.40
|
.41
|
.40
|
.36
|
.22
|
|||||
|
Net realized and unrealized gain (loss)
|
(.20)
|
.04
|
.20
|
(.24)
|
(.85)
|
|||||
|
Total from investment operations
|
.20
|
.45
|
.60
|
.12
|
(.63)
|
|||||
|
Distributions
|
||||||||||
|
Distributions from net investment income
|
(.40)
|
(.41)
|
(.40)
|
(.36)
|
(.15)
|
|||||
|
Distributions from net realized gain
|
-
|
-
|
-
|
-
|
(.01)
|
|||||
|
Total distributions
|
(.40)
|
(.41)
|
(.40)
|
(.36)
|
(.17) C
|
|||||
|
Net asset value, end of period
|
$
|
9.05
|
$
|
9.25
|
$
|
9.21
|
$
|
9.01
|
$
|
9.25
|
|
Total Return D
|
2.15%
|
5.03%
|
6.83%
|
1.34%
|
(6.34)%
|
|||||
|
Ratios and Supplemental Data B, E, F
|
||||||||||
|
Ratio of expenses to average net assets before reductions
|
-% G
|
-% G
|
-% G
|
-% G
|
-% G
|
|||||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
-% G
|
-% G
|
-% G
|
-% G
|
-% G
|
|||||
|
Ratio of expenses to average net assets net of all reductions, if any
|
-% G
|
-% G
|
-% G
|
-% G
|
-% G
|
|||||
|
Ratio of net investment income (loss) to average net assets
|
4.31%
|
4.49%
|
4.43%
|
3.95%
|
2.40%
|
|||||
|
Net assets, end of period
|
$
|
711,945,166
|
$
|
698,555,088
|
$
|
691,570,222
|
$
|
701,199,170
|
$
|
230,757,790
|
|
Portfolio turnover rate H
|
69%
|
45%
|
77%
|
73%
|
80%
|
|||||
|
ACalculated based on average shares outstanding during the period.
|
|
BNet 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.
|
|
CTotal distributions per share do not sum due to rounding.
|
|
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
EExpense 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.
|
|
FFees 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.
|
|
GAmount represents less than .005%.
|
|
HAmount 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.
|
Notes to Financial Statements
For the period ended August 31, 2026
- 1. Organization.
Fidelity® Education Fund (the Fund) is a fund of Fidelity Garrison Street Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 Massachusetts business trust.
Shares are offered only to Fidelity managed 529 plans.
- 2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. 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 Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted 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 the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations, Bank Notes and Non-Convertible Corporate Bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset-Backed Securities, Collateralized Mortgage Obligations, Commercial Mortgage Securities and U.S. Government Agency - Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For any foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Brokers which make markets in asset backed securities, collateralized mortgage obligations and commercial mortgage securities may also consider such factors as the structure of the issue, cash flow assumptions, the value of underlying assets as well as any guarantees.
Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of period end is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the investment holdings and net asset value (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.
Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.
Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.
Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
As of August 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, 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. These differences may result in distribution reclassifications.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to: capital loss carryforwards, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
|
Tax Cost ($)
|
Gross unrealized appreciation ($)
|
Gross unrealized depreciation ($)
|
Net unrealized appreciation (depreciation) ($)
|
|
|
Fidelity® Education Fund
|
711,601,058
|
1,450,970
|
(7,280,884)
|
(5,829,914)
|
The tax-based components of distributable earnings as of period end were as follows:
|
Capital loss carryforward ($)
|
Net unrealized appreciation (depreciation) on securities and other investments ($)
|
|
|
Fidelity® Education Fund
|
(11,457,626)
|
(5,829,914)
|
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
|
Short-term ($)
|
Long-term ($)
|
Total capital loss carryforward ($)
|
|
|
Fidelity® Education Fund
|
(9,779,401)
|
(1,678,225)
|
(11,457,626)
|
The tax character of distributions paid was as follows:
|
August 31, 2026
|
||
|
Ordinary Income ($)
|
Total ($)
|
|
|
Fidelity® Education Fund
|
30,388,334
|
30,388,334
|
|
August 31, 2025
|
||
|
Ordinary Income ($)
|
Total ($)
|
|
|
Fidelity® Education Fund
|
30,864,345
|
30,864,345
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
- 3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities, and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
|
|
Fidelity® Education Fund
|
102,519,313
|
104,966,311
|
- 4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Fund with investment management related services.
The Fund does not pay a management fee for these services.
Under the management contract, the investment adviser or an affiliate pays all other operating expenses, except fees and expenses of the independent Trustees, and certain other expenses such as proxy and shareholder meeting expenses.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
- 5. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.
The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
- 6. Expense Reductions.
Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.
|
Custodian Credits ($)
|
|
|
Fidelity® Education Fund
|
693
|
- 7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Year ended ($)
|
Year ended ($)
|
|||
|
August 31, 2026
|
August 31, 2025
|
|||
|
Fidelity® Education Fund
|
||||
|
Fidelity® Education Fund
|
30,388,334
|
30,864,345
|
||
|
Total
|
30,388,334
|
30,864,345
|
- 8. Share Transactions.
Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:
|
Shares
|
Shares
|
Dollars
|
Dollars
|
||||||
|
Year ended
|
Year ended
|
Year ended ($)
|
Year ended ($)
|
||||||
|
August 31, 2026
|
August 31, 2025
|
August 31, 2026
|
August 31, 2025
|
||||||
|
Fidelity® Education Fund
|
|||||||||
|
Shares sold
|
6,077,418
|
6,053,433
|
55,715,000
|
55,484,000
|
|||||
|
Reinvestment of distributions
|
3,308,985
|
3,363,139
|
30,388,334
|
30,864,345
|
|||||
|
Shares redeemed
|
(6,232,317)
|
(8,951,514)
|
(57,290,000)
|
(81,930,000)
|
|||||
|
Net increase (decrease)
|
3,154,086
|
465,058
|
28,813,334
|
4,418,345
|
- 9. Other.
A fund's 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 fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
- 10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Garrison Street Trust and the Shareholders of Fidelity Education Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Education Fund (the "Fund"), a fund of Fidelity Garrison Street Trust, including the schedule of investments, as of August 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 12, 2026
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A total of 51.87% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $30,388,334 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.9901557.105
EDI-ANN-1026
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.
Purchase 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 trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trusts 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) |
Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
|
(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 Garrison Street Trust
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By: |
/s/Laura M. Del Prato |
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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 |
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Laura M. Del Prato |
|
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President and Treasurer (Principal Executive Officer) |
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Date: |
October 23, 2026 |
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By: |
/s/Stephanie Caron |
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Stephanie Caron |
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Chief Financial Officer (Principal Financial Officer) |
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Date: |
October 23, 2026 |
Fidelity Garrison Street Trust published this content on October 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 23, 2026 at 15:30 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]