Fidelity Garrison Street Trust
04/22/2026 | Press release | Distributed by Public on 04/22/2026 08:40
Semi-Annual Report by Investment Company (Form N-CSRS)
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, 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
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Date of fiscal year end: |
August 31 |
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Date of reporting period: |
February 28, 2026 |
Item 1.
Reports to Stockholders
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF FEBRUARY 28, 2026
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Fidelity® Education Fund
Fidelity® Education Fund
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This semi-annual shareholder report contains information about Fidelity® Education Fund for the period September 1, 2025 to February 28, 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 six months?
(based on hypothetical $10,000 investment)
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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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A Amount represents less than $.50
B Amount represents less than 0.005%
Key Fund Statistics
(as of February 28, 2026)
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KEY FACTS
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Fund Size
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$691,267,261
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Number of Holdings
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313
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Portfolio Turnover
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57%
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What did the Fund invest in?
(as of February 28, 2026)
(as of February 28, 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 - 55.4
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AAA - 10.6
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AA - 2.4
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A - 18.8
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BBB - 10.6
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Not Rated - 1.2
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Short-Term Investments and Net Other Assets (Liabilities) - 1.0
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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 - 54.3
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Corporate Bonds - 31.7
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Asset-Backed Securities - 9.4
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CMOs and Other Mortgage Related Securities - 2.5
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U.S. Government Agency - Mortgage Securities - 1.1
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Short-Term Investments and Net Other Assets (Liabilities) - 1.0
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 90.5
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United Kingdom - 2.8
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Canada - 1.7
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Germany - 1.7
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Netherlands - 0.7
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Norway - 0.6
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Ireland - 0.5
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France - 0.5
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Japan - 0.4
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Others - 0.6
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TOP HOLDINGS
(% of Fund's net assets) |
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US Treasury Notes
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54.3
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JPMorgan Chase & Co
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1.6
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Bank of America Corp
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1.2
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Morgan Stanley
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1.2
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Deutsche Bank AG/New York NY
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1.1
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Wells Fargo & Co
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1.0
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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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1.0
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HSBC Holdings PLC
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0.9
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Athene Global Funding
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0.9
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64.2
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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
1.9915470.101 6361-TSRS-0426
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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
Fidelity® Education Fund
Semi-Annual Report
February 28, 2026
Contents
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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report) |
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Fidelity® Education Fund |
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Notes to Financial Statements |
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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 (Semi-Annual Report)
Fidelity® Education Fund
Schedule of Investments February 28, 2026 (Unaudited)
Showing Percentage of Net Assets
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Asset-Backed Securities - 9.4%
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|||
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Principal
Amount (a)
|
Value ($)
|
||
|
UNITED STATES - 9.4%
|
|||
|
Ally Auto Receivables Trust Series 2024-1 Class A3, 5.08% 12/15/2028
|
200,961
|
202,262
|
|
|
American Express Credit Account Master Trust Series 2024-1 Class A, 5.23% 4/15/2029
|
1,700,000
|
1,729,965
|
|
|
AutoNation Finance Trust Series 2026-1A Class A3, 4.03% 8/12/2030 (b)
|
380,000
|
382,123
|
|
|
Bank of America Credit Card Master Trust Series 2025-A1 Class A, 4.31% 5/15/2030
|
2,860,000
|
2,903,519
|
|
|
Barings Equipment Finance LLC Series 2026-A Class A3, 4.08% 7/13/2033 (b)
|
1,165,000
|
1,175,281
|
|
|
BMW Vehicle Lease Trust Series 2025-1 Class A3, 4.43% 6/26/2028
|
1,495,000
|
1,507,322
|
|
|
BofA Auto Trust Series 2024-1A Class A3, 5.35% 11/15/2028 (b)
|
90,087
|
90,890
|
|
|
Capital One Prime Auto Receivables Trust 2023-2 Series 2023-2 Class A3, 5.82% 6/15/2028
|
962,883
|
973,446
|
|
|
Capital One Prime Auto Receivables Trust Series 2024-1 Class A3, 4.62% 7/16/2029
|
1,280,000
|
1,291,548
|
|
|
CarMax Auto Owner Trust Series 2023-4 Class A3, 6% 7/17/2028
|
202,215
|
204,541
|
|
|
CarMax Auto Owner Trust Series 2024-1 Class A3, 4.92% 10/16/2028
|
593,484
|
597,628
|
|
|
CarMax Auto Owner Trust Series 2024-2 Class A3, 5.5% 1/16/2029
|
208,333
|
210,910
|
|
|
Carvana Auto Receivables Trust 2025-P2 Series 2025-P2 Class A3, 4.55% 8/12/2030
|
1,070,000
|
1,080,558
|
|
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Carvana Auto Receivables Trust Series 2025-P3 Class A3, 4.04% 11/11/2030
|
1,660,000
|
1,669,610
|
|
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Chase Auto Owner Trust Series 2024-1A Class A3, 5.13% 5/25/2029 (b)
|
218,376
|
220,436
|
|
|
Chase Auto Owner Trust Series 2024-3A Class A3, 5.22% 7/25/2029 (b)
|
1,166,898
|
1,179,326
|
|
|
Chase Issuance Trust Series 2023-A2 Class A, 5.08% 9/15/2030
|
2,135,000
|
2,211,385
|
|
|
Chase Issuance Trust Series 2024-A1 Class A, 4.6% 1/15/2029 (c)
|
1,892,000
|
1,906,863
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|
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Chase Issuance Trust Series 2025-A1 Class A, 4.16% 7/15/2030
|
1,797,000
|
1,820,265
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|
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Citibank Credit Card Issuance Trust Series 2025-A1 Class A, 4.3% 6/21/2030
|
3,410,000
|
3,460,452
|
|
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Citizens Auto Receivables Trust Series 2024-1 Class A3, 5.11% 4/17/2028 (b)
|
462,308
|
464,634
|
|
|
Citizens Auto Receivables Trust Series 2024-2 Class A3, 5.33% 8/15/2028 (b)
|
256,026
|
257,344
|
|
|
Citizens Auto Receivables Trust Series 2024-2 Class A4, 5.26% 4/15/2031 (b)
|
2,500,000
|
2,549,650
|
|
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Daimler Trucks Retail Trust Series 2024-1 Class A3, 5.49% 12/15/2027
|
661,187
|
665,957
|
|
|
Dell Equipment Finance Trust Series 2023-2 Class A3, 5.65% 1/22/2029 (b)
|
60,126
|
60,196
|
|
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Dell Equipment Finance Trust Series 2023-3 Class A3, 5.93% 4/23/2029 (b)
|
238,573
|
239,568
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|
|
Dell Equipment Finance Trust Series 2024-1 Class A3, 5.39% 3/22/2030 (b)
|
335,176
|
337,387
|
|
|
DLLAA Series 2023-1A Class A3, 5.64% 2/22/2028 (b)
|
97,017
|
98,022
|
|
|
DLLAD Series 2024-1A Class A3, 5.3% 7/20/2029 (b)
|
105,000
|
107,177
|
|
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DLLMT LLC Series 2026-1A Class A3, 4.2% 12/20/2029 (b)
|
215,000
|
216,498
|
|
|
Ford Credit Auto Owner Trust Series 2023-B Class A3, 5.23% 5/15/2028
|
525,908
|
528,630
|
|
|
Ford Credit Auto Owner Trust Series 2024-D Class A3, 4.61% 8/15/2029
|
710,000
|
717,369
|
|
|
Fordf Series 2025-1 Class A1, 4.63% 4/15/2030
|
1,145,000
|
1,165,681
|
|
|
GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class A3, 5.78% 8/16/2028
|
790,503
|
798,365
|
|
|
GMF Floorplan Owner Revolving Trust Series 2024-4A Class A1, 4.73% 11/15/2029 (b)
|
395,000
|
401,239
|
|
|
Hyundai Auto Receivables Trust Series 2023-B Class A3, 5.48% 4/17/2028
|
133,936
|
134,778
|
|
|
Hyundai Auto Receivables Trust Series 2025-B Class A3, 4.36% 12/17/2029
|
2,020,000
|
2,042,455
|
|
|
Mercedes-Benz Auto Lease Trust Series 2024-A Class A3, 5.32% 1/18/2028
|
370,000
|
372,825
|
|
|
Mercedes-Benz Auto Lease Trust Series 2025-A Class A3, 4.61% 4/16/2029
|
1,375,000
|
1,394,124
|
|
|
Nissan Auto Receivables Owner Trust Series 2023-B Class A3, 5.93% 3/15/2028
|
414,478
|
417,434
|
|
|
Nissan Master Owner Tr Receivable Series 2024-B Class A, 5.05% 2/15/2029 (b)
|
589,000
|
595,344
|
|
|
Porsche Finl Auto Securitization Tr 2023-2 Series 2023-2A Class A3, 5.79% 1/22/2029 (b)
|
240,633
|
242,339
|
|
|
SBNA Auto Lease Trust Series 2024-B Class A3, 5.56% 11/22/2027 (b)
|
223,287
|
224,283
|
|
|
SFS Auto Receivables Securitization Trust Series 2024-1A Class A3, 4.95% 5/21/2029 (b)
|
376,586
|
378,626
|
|
|
SFS Auto Receivables Securitization Trust Series 2024-2A Class A3, 5.33% 11/20/2029 (b)
|
156,429
|
158,197
|
|
|
SFS Auto Receivables Securitization Trust Series 2026-1A Class A3, 3.96% 7/21/2031 (b)
|
1,620,000
|
1,625,011
|
|
|
T-Mobile US Trust Series 2025-2A Class A, 4.34% 4/22/2030 (b)
|
1,640,000
|
1,658,877
|
|
|
Tesla Electric Vehicle Trust Series 2023-1 Class A3, 5.38% 6/20/2028 (b)
|
645,426
|
651,121
|
|
|
Tesla Series 2024-A Class A3, 5.3% 6/21/2027 (b)
|
261,418
|
262,133
|
|
|
Toyota Auto Loan Extended Note Trust Series 2022-1A Class A, 3.82% 4/25/2035 (b)
|
2,500,000
|
2,502,732
|
|
|
Usaa Auto Owner Trust 2023-A Series 2023-A Class A3, 5.58% 5/15/2028 (b)
|
243,999
|
245,370
|
|
|
USB Auto Owner Trust 2025-1 Series 2025-1A Class A3, 4.49% 6/17/2030 (b)
|
520,000
|
525,249
|
|
|
Verizon Master Trust Series 2023-4 Class A1A, 5.16% 6/20/2029
|
1,806,000
|
1,812,858
|
|
|
Verizon Master Trust Series 2024-8 Class A1A, 4.62% 11/20/2030
|
1,700,000
|
1,726,366
|
|
|
Volkswagen Auto Loan Enhanced Trust 2023-2 Series 2023-2 Class A3, 5.48% 12/20/2028
|
3,370,219
|
3,410,046
|
|
|
Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A3, 5.02% 6/20/2028
|
411,372
|
413,963
|
|
|
Volkswagen Auto Loan Enhanced Trust Series 2024-1 Class A3, 4.63% 7/20/2029
|
1,720,000
|
1,741,158
|
|
|
Volvo Financial Equipment LLC Series 2024-1A Class A3, 4.29% 10/16/2028 (b)
|
136,000
|
136,692
|
|
|
Wells Fargo Card Issuance Trust Series 2025-A1 Class A, 4.34% 5/15/2030
|
1,965,000
|
1,994,655
|
|
|
Wheels Fleet Lease Funding LLC Series 2025-2A Class A1, 4.41% 5/18/2040 (b)
|
2,150,000
|
2,171,400
|
|
|
Wheels Fleet Lease Funding LLC Series 2025-3A Class A1, 4.08% 9/18/2040 (b)
|
1,265,000
|
1,270,412
|
|
|
World Omni Auto Receivables Tr 2023-D Series 2023-D Class A3, 5.79% 2/15/2029
|
727,876
|
736,301
|
|
|
World Omni Auto Receivables Tr Series 2024-A Class A3, 4.86% 3/15/2029
|
1,444,470
|
1,454,463
|
|
|
World Omni Auto Receivables Trust 2023-C Series 2023-C Class A3, 5.15% 11/15/2028
|
89,959
|
90,448
|
|
|
World Omni Auto Receivables Trust Series 2024-B Class A3, 5.27% 9/17/2029
|
729,766
|
737,151
|
|
|
World Omni Automobile Lease Securitization Trust Series 2024-A Class A3, 5.26% 10/15/2027
|
681,818
|
685,102
|
|
|
TOTAL UNITED STATES
|
65,237,960
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $64,442,521)
|
65,237,960
|
||
|
Collateralized Mortgage Obligations - 0.5%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
UNITED STATES - 0.5%
|
|||
|
Fannie Mae Series 2022-28 Class A, 2.5% 2/25/2052
|
298,988
|
288,755
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5236 Class HP, 4.5% 12/25/2042
|
1,620,180
|
1,633,127
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5236 Class P, 5% 4/25/2048
|
1,138,625
|
1,154,996
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5266 Class CD, 4.5% 10/25/2044
|
222,800
|
223,855
|
|
|
TOTAL UNITED STATES
|
3,300,733
|
||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,220,122)
|
3,300,733
|
||
|
Commercial Mortgage Securities - 2.0%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
UNITED STATES - 2.0%
|
|||
|
BANK Series 2017-BNK9 Class ASB, 3.47% 11/15/2054
|
1,151,203
|
1,143,511
|
|
|
BX Commercial Mortgage Trust Series 2021-PAC Class A, CME Term SOFR 1 month Index + 0.8036%, 4.4636% 10/15/2036 (b)(c)(e)
|
100,000
|
99,813
|
|
|
BX Commercial Mortgage Trust Series 2022-LP2 Class A, CME Term SOFR 1 month Index + 1.0129%, 4.6726% 2/15/2039 (b)(c)(e)
|
12,122
|
12,118
|
|
|
BX Commercial Mortgage Trust Series 2024-GPA3 Class A, CME Term SOFR 1 month Index + 1.2928%, 4.9525% 12/15/2039 (b)(c)(e)
|
145,063
|
145,108
|
|
|
BX Trust Series 2021-BXMF Class A, CME Term SOFR 1 month Index + 0.7504%, 4.4104% 10/15/2026 (b)(c)(e)
|
71,623
|
71,600
|
|
|
CD Mortgage Trust Series 2017-CD5 Class AAB, 3.22% 8/15/2050
|
149,385
|
148,468
|
|
|
Cent Trust Series 2025-CITY Class A, 4.92% 7/10/2040 (b)(c)
|
421,000
|
431,584
|
|
|
DBGS Mortgage Trust Series 2018-C1 Class ASB, 4.302% 10/15/2051
|
1,742,559
|
1,745,599
|
|
|
ELP Series 2025-ELP Class A, 4.7573% 11/13/2042 (b)
|
309,000
|
311,435
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K544 Class A2, 4.266% 7/25/2030 (c)
|
2,080,000
|
2,118,691
|
|
|
Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K545 Class A2, 4.29% 7/25/2030
|
1,566,000
|
1,596,952
|
|
|
GS Mortgage Securities Trust Series 2017-GS7 Class AAB, 3.203% 8/10/2050
|
645,233
|
641,952
|
|
|
Int Commercial Mortgage Trust Series 2025-PLAZA Class A, 5.0415% 11/5/2037 (b)(c)
|
271,000
|
276,611
|
|
|
JPMCC Commercial Mortgage Securities Trust Series 2019-COR4 Class ASB, 3.9381% 3/10/2052
|
529,767
|
529,919
|
|
|
Life Financial Services Trust Series 2022-BMR2 Class A1, CME Term SOFR 1 month Index + 1.2952%, 4.9549% 5/15/2039 (b)(c)(e)
|
445,000
|
429,981
|
|
|
Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class ASB, 2.624% 2/15/2053
|
1,284,962
|
1,254,530
|
|
|
SREIT Trust Series 2021-MFP Class A, CME Term SOFR 1 month Index + 0.8453%, 4.5049% 11/15/2038 (b)(c)(e)
|
167,768
|
167,716
|
|
|
TCO Commercial Mortgage Trust Series 2024-DPM Class A, CME Term SOFR 1 month Index + 1.2429%, 4.9026% 12/15/2039 (b)(c)(e)
|
637,000
|
637,797
|
|
|
Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class ASB, 3.635% 5/15/2052
|
669,972
|
664,586
|
|
|
Wells Fargo Commercial Mortgage Trust Series 2020-C55 Class ASB, 2.651% 2/15/2053
|
1,351,538
|
1,319,241
|
|
|
TOTAL UNITED STATES
|
13,747,212
|
||
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $13,365,866)
|
13,747,212
|
||
|
Non-Convertible Corporate Bonds - 31.7%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
AUSTRALIA - 0.1%
|
|||
|
Materials - 0.1%
|
|||
|
Metals & Mining - 0.1%
|
|||
|
Glencore Funding LLC 4.907% 4/1/2028 (b)
|
449,000
|
457,207
|
|
|
CANADA - 1.7%
|
|||
|
Communication Services - 0.0%
|
|||
|
Wireless Telecommunication Services - 0.0%
|
|||
|
Rogers Communications Inc 3.2% 3/15/2027
|
19,000
|
18,861
|
|
|
Consumer Staples - 0.2%
|
|||
|
Consumer Staples Distribution & Retail - 0.2%
|
|||
|
Alimentation Couche-Tard Inc 4.148% 9/29/2028 (b)
|
1,426,000
|
1,434,022
|
|
|
Energy - 0.5%
|
|||
|
Oil, Gas & Consumable Fuels - 0.5%
|
|||
|
Canadian Natural Resources Ltd 5% 12/15/2029
|
538,000
|
555,240
|
|
|
Enbridge Inc 4.2% 11/20/2028
|
969,000
|
974,953
|
|
|
Enbridge Inc 4.6% 6/20/2028
|
261,000
|
264,507
|
|
|
Enbridge Inc 5.25% 4/5/2027
|
848,000
|
859,323
|
|
|
Enbridge Inc 5.3% 4/5/2029
|
708,000
|
733,819
|
|
|
TOTAL ENERGY
|
3,387,842
|
||
|
Financials - 0.8%
|
|||
|
Banks - 0.8%
|
|||
|
Bank of Nova Scotia/The 4.247% 2/2/2030 (c)
|
1,700,000
|
1,708,389
|
|
|
Canadian Imperial Bank of Commerce 3.45% 4/7/2027
|
1,150,000
|
1,146,592
|
|
|
National Bank of Canada 4.5% 10/10/2029
|
1,225,000
|
1,245,053
|
|
|
Toronto Dominion Bank 4.783% 12/17/2029
|
1,526,000
|
1,569,678
|
|
|
TOTAL FINANCIALS
|
5,669,712
|
||
|
Industrials - 0.2%
|
|||
|
Ground Transportation - 0.2%
|
|||
|
Canadian Pacific Railway Co 1.75% 12/2/2026
|
1,517,000
|
1,493,634
|
|
|
TOTAL CANADA
|
12,004,071
|
||
|
FRANCE - 0.5%
|
|||
|
Communication Services - 0.3%
|
|||
|
Diversified Telecommunication Services - 0.3%
|
|||
|
Orange SA 4% 1/13/2029 (b)
|
798,000
|
800,482
|
|
|
Orange SA 4.25% 1/13/2031 (b)
|
1,226,000
|
1,227,998
|
|
|
TOTAL COMMUNICATION SERVICES
|
2,028,480
|
||
|
Financials - 0.2%
|
|||
|
Banks - 0.2%
|
|||
|
Societe Generale SA 2.797% 1/19/2028 (b)(c)
|
950,000
|
939,759
|
|
|
Societe Generale SA 5.5% 4/13/2029 (b)(c)
|
463,000
|
475,096
|
|
|
TOTAL FINANCIALS
|
1,414,855
|
||
|
TOTAL FRANCE
|
3,443,335
|
||
|
GERMANY - 1.7%
|
|||
|
Consumer Discretionary - 0.4%
|
|||
|
Automobiles - 0.4%
|
|||
|
Mercedes-Benz Finance North America LLC 4.8% 8/1/2029 (b)
|
1,800,000
|
1,843,639
|
|
|
Volkswagen Group of America Finance LLC 4.35% 6/8/2027 (b)
|
200,000
|
200,552
|
|
|
Volkswagen Group of America Finance LLC 4.95% 8/15/2029 (b)
|
920,000
|
937,343
|
|
|
TOTAL CONSUMER DISCRETIONARY
|
2,981,534
|
||
|
Financials - 1.1%
|
|||
|
Capital Markets - 1.1%
|
|||
|
Deutsche Bank AG/New York NY 2.311% 11/16/2027 (c)
|
3,300,000
|
3,259,917
|
|
|
Deutsche Bank AG/New York NY 4.725% 2/6/2032 (c)
|
2,050,000
|
2,067,517
|
|
|
Deutsche Bank AG/New York NY 4.95% 8/4/2031 (c)
|
1,780,000
|
1,812,876
|
|
|
TOTAL FINANCIALS
|
7,140,310
|
||
|
Industrials - 0.2%
|
|||
|
Machinery - 0.2%
|
|||
|
Daimler Truck Finance North America LLC 2% 12/14/2026 (b)
|
500,000
|
492,928
|
|
|
Daimler Truck Finance North America LLC 4.95% 1/13/2028 (b)
|
605,000
|
615,346
|
|
|
Daimler Truck Finance North America LLC 5.125% 9/25/2027 (b)
|
578,000
|
587,957
|
|
|
TOTAL INDUSTRIALS
|
1,696,231
|
||
|
TOTAL GERMANY
|
11,818,075
|
||
|
IRELAND - 0.5%
|
|||
|
Financials - 0.4%
|
|||
|
Consumer Finance - 0.4%
|
|||
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.1% 1/15/2027
|
2,500,000
|
2,542,410
|
|
|
Industrials - 0.1%
|
|||
|
Transportation Infrastructure - 0.1%
|
|||
|
Avolon Holdings Funding Ltd 4.2% 4/15/2029 (b)
|
656,000
|
654,252
|
|
|
Avolon Holdings Funding Ltd 5.375% 5/30/2030 (b)
|
268,000
|
277,193
|
|
|
TOTAL INDUSTRIALS
|
931,445
|
||
|
TOTAL IRELAND
|
3,473,855
|
||
|
ITALY - 0.1%
|
|||
|
Utilities - 0.1%
|
|||
|
Electric Utilities - 0.1%
|
|||
|
Enel Finance International NV 4.125% 9/30/2028 (b)
|
558,000
|
559,187
|
|
|
JAPAN - 0.4%
|
|||
|
Communication Services - 0.1%
|
|||
|
Diversified Telecommunication Services - 0.1%
|
|||
|
NTT Finance Corp 4.567% 7/16/2027 (b)
|
200,000
|
201,814
|
|
|
NTT Finance Corp 4.62% 7/16/2028 (b)
|
200,000
|
203,022
|
|
|
TOTAL COMMUNICATION SERVICES
|
404,836
|
||
|
Consumer Staples - 0.1%
|
|||
|
Tobacco - 0.1%
|
|||
|
Japan Tobacco Inc 4.85% 5/15/2028 (b)
|
934,000
|
953,006
|
|
|
Financials - 0.2%
|
|||
|
Banks - 0.2%
|
|||
|
Mizuho Financial Group Inc 4.711% 7/8/2031 (c)
|
1,421,000
|
1,448,973
|
|
|
TOTAL JAPAN
|
2,806,815
|
||
|
NETHERLANDS - 0.7%
|
|||
|
Financials - 0.6%
|
|||
|
Banks - 0.6%
|
|||
|
Cooperatieve Rabobank UA 1.98% 12/15/2027 (b)(c)
|
3,050,000
|
3,003,762
|
|
|
ING Groep NV 5.335% 3/19/2030 (c)
|
1,031,000
|
1,068,061
|
|
|
TOTAL FINANCIALS
|
4,071,823
|
||
|
Information Technology - 0.1%
|
|||
|
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
|
NXP BV / NXP Funding LLC / NXP USA Inc 4.3% 8/19/2028
|
473,000
|
476,165
|
|
|
TOTAL NETHERLANDS
|
4,547,988
|
||
|
NORWAY - 0.6%
|
|||
|
Financials - 0.6%
|
|||
|
Banks - 0.6%
|
|||
|
DNB Bank ASA 1.605% 3/30/2028 (b)(c)
|
2,250,000
|
2,195,372
|
|
|
DNB Bank ASA 4.384% 11/4/2031 (b)(c)
|
2,100,000
|
2,110,054
|
|
|
TOTAL NORWAY
|
4,305,426
|
||
|
SWITZERLAND - 0.4%
|
|||
|
Financials - 0.4%
|
|||
|
Capital Markets - 0.4%
|
|||
|
UBS Group AG 3.091% 5/14/2032 (b)(c)
|
250,000
|
233,942
|
|
|
UBS Group AG 4.703% 8/5/2027 (b)(c)
|
2,500,000
|
2,506,573
|
|
|
TOTAL SWITZERLAND
|
2,740,515
|
||
|
UNITED KINGDOM - 2.8%
|
|||
|
Consumer Staples - 0.2%
|
|||
|
Tobacco - 0.2%
|
|||
|
BAT Capital Corp 4.7% 4/2/2027
|
801,000
|
806,431
|
|
|
Imperial Brands Finance PLC 4.5% 6/30/2028 (b)
|
679,000
|
686,096
|
|
|
TOTAL CONSUMER STAPLES
|
1,492,527
|
||
|
Financials - 2.5%
|
|||
|
Banks - 2.5%
|
|||
|
Barclays PLC 2.279% 11/24/2027 (c)
|
1,300,000
|
1,282,554
|
|
|
Barclays PLC 5.367% 2/25/2031 (c)
|
1,794,000
|
1,862,223
|
|
|
HSBC Holdings PLC 4.899% 3/3/2029 (c)
|
1,431,000
|
1,454,350
|
|
|
HSBC Holdings PLC 5.21% 8/11/2028 (c)
|
2,827,000
|
2,871,485
|
|
|
HSBC Holdings PLC 5.597% 5/17/2028 (c)
|
2,100,000
|
2,138,410
|
|
|
Lloyds Banking Group PLC 4.818% 6/13/2029 (c)
|
2,171,000
|
2,207,744
|
|
|
Lloyds Banking Group PLC 5.087% 11/26/2028 (c)
|
414,000
|
421,648
|
|
|
NatWest Group PLC 5.115% 5/23/2031 (c)
|
2,140,000
|
2,207,025
|
|
|
NatWest Markets PLC 5.416% 5/17/2027 (b)
|
1,800,000
|
1,833,849
|
|
|
Standard Chartered PLC 4.299% 1/13/2030 (b)(c)
|
982,000
|
984,812
|
|
|
TOTAL FINANCIALS
|
17,264,100
|
||
|
Industrials - 0.1%
|
|||
|
Aerospace & Defense - 0.1%
|
|||
|
BAE Systems PLC 5.125% 3/26/2029 (b)
|
546,000
|
565,604
|
|
|
TOTAL UNITED KINGDOM
|
19,322,231
|
||
|
UNITED STATES - 22.2%
|
|||
|
Communication Services - 1.3%
|
|||
|
Diversified Telecommunication Services - 1.0%
|
|||
|
AT&T Inc 1.65% 2/1/2028
|
2,750,000
|
2,637,127
|
|
|
AT&T Inc 4.25% 3/1/2027
|
400,000
|
401,003
|
|
|
AT&T Inc 4.3% 2/15/2030
|
250,000
|
252,373
|
|
|
AT&T Inc 4.7% 8/15/2030
|
922,000
|
945,344
|
|
|
Comcast Corp 2.35% 1/15/2027
|
500,000
|
493,705
|
|
|
Verizon Communications Inc 2.1% 3/22/2028
|
500,000
|
483,149
|
|
|
Verizon Communications Inc 2.355% 3/15/2032
|
2,000,000
|
1,785,982
|
|
|
6,998,683
|
|||
|
Interactive Media & Services - 0.3%
|
|||
|
Meta Platforms Inc 4.2% 11/15/2030
|
980,000
|
988,618
|
|
|
Meta Platforms Inc 4.6% 11/15/2032
|
1,060,000
|
1,077,779
|
|
|
2,066,397
|
|||
|
TOTAL COMMUNICATION SERVICES
|
9,065,080
|
||
|
Consumer Discretionary - 0.8%
|
|||
|
Automobiles - 0.8%
|
|||
|
General Motors Financial Co Inc 2.35% 2/26/2027
|
3,000,000
|
2,952,791
|
|
|
General Motors Financial Co Inc 4.2% 10/27/2028
|
788,000
|
791,009
|
|
|
Hyundai Capital America 4.3% 9/24/2027 (b)
|
1,700,000
|
1,707,634
|
|
|
TOTAL CONSUMER DISCRETIONARY
|
5,451,434
|
||
|
Consumer Staples - 0.3%
|
|||
|
Consumer Staples Distribution & Retail - 0.3%
|
|||
|
Mars Inc 4.6% 3/1/2028 (b)
|
1,422,000
|
1,442,628
|
|
|
Mars Inc 4.8% 3/1/2030 (b)
|
467,000
|
480,073
|
|
|
TOTAL CONSUMER STAPLES
|
1,922,701
|
||
|
Energy - 0.5%
|
|||
|
Oil, Gas & Consumable Fuels - 0.5%
|
|||
|
Energy Transfer LP 4.55% 1/15/2031
|
937,000
|
945,980
|
|
|
MPLX LP 4% 3/15/2028
|
760,000
|
760,905
|
|
|
ONEOK Inc 4.25% 9/24/2027
|
173,000
|
173,827
|
|
|
ONEOK Inc 4.4% 10/15/2029
|
180,000
|
181,520
|
|
|
Targa Resources Corp 4.35% 1/15/2029
|
177,000
|
178,441
|
|
|
Targa Resources Corp 4.35% 4/15/2031
|
198,000
|
198,016
|
|
|
Williams Cos Inc/The 4.625% 6/30/2030
|
410,000
|
417,068
|
|
|
Williams Cos Inc/The 4.8% 11/15/2029
|
914,000
|
936,816
|
|
|
TOTAL ENERGY
|
3,792,573
|
||
|
Financials - 15.0%
|
|||
|
Banks - 6.0%
|
|||
|
Bank of America Corp 2.551% 2/4/2028 (c)
|
850,000
|
838,964
|
|
|
Bank of America Corp 2.651% 3/11/2032 (c)
|
2,750,000
|
2,549,707
|
|
|
Bank of America Corp 4.271% 7/23/2029 (c)
|
1,000,000
|
1,005,656
|
|
|
Bank of America Corp 4.948% 7/22/2028 (c)
|
3,750,000
|
3,797,076
|
|
|
Citibank NA 4.576% 5/29/2027
|
2,140,000
|
2,158,812
|
|
|
Citigroup Inc 3.07% 2/24/2028 (c)
|
3,000,000
|
2,971,024
|
|
|
Huntington Bancshares Inc/OH 4.443% 8/4/2028 (c)
|
2,261,000
|
2,275,814
|
|
|
JPMorgan Chase & Co 2.58% 4/22/2032 (c)
|
3,000,000
|
2,768,742
|
|
|
JPMorgan Chase & Co 2.947% 2/24/2028 (c)
|
3,318,000
|
3,284,488
|
|
|
JPMorgan Chase & Co 3.54% 5/1/2028 (c)
|
350,000
|
348,068
|
|
|
JPMorgan Chase & Co 4.851% 7/25/2028 (c)
|
3,750,000
|
3,793,448
|
|
|
JPMorgan Chase & Co 5.571% 4/22/2028 (c)
|
1,160,000
|
1,180,800
|
|
|
Morgan Stanley Bank NA 5.016% 1/12/2029 (c)
|
1,020,000
|
1,039,650
|
|
|
Morgan Stanley Private Bank NA 4.465% 11/19/2031 (c)
|
2,110,000
|
2,122,987
|
|
|
PNC Financial Services Group Inc/The 5.354% 12/2/2028 (c)
|
1,020,000
|
1,045,801
|
|
|
Santander Holdings USA Inc 2.49% 1/6/2028 (c)
|
773,000
|
761,858
|
|
|
Santander Holdings USA Inc 6.124% 5/31/2027 (c)
|
590,000
|
592,444
|
|
|
Truist Financial Corp 5.071% 5/20/2031 (c)
|
1,689,000
|
1,743,233
|
|
|
Wells Fargo & Co 3.526% 3/24/2028 (c)
|
3,288,000
|
3,271,006
|
|
|
Wells Fargo & Co 4.808% 7/25/2028 (c)
|
1,250,000
|
1,263,723
|
|
|
Wells Fargo & Co 4.97% 4/23/2029 (c)
|
1,656,000
|
1,688,318
|
|
|
Wells Fargo & Co 5.244% 1/24/2031 (c)
|
937,000
|
972,109
|
|
|
41,473,728
|
|||
|
Capital Markets - 5.2%
|
|||
|
Ares Strategic Income Fund 4.85% 1/15/2029 (b)
|
1,410,000
|
1,387,961
|
|
|
Athene Global Funding 4.721% 10/8/2029 (b)
|
1,400,000
|
1,400,744
|
|
|
Athene Global Funding 5.38% 1/7/2030 (b)
|
2,000,000
|
2,030,206
|
|
|
Athene Global Funding 5.516% 3/25/2027 (b)
|
2,000,000
|
2,029,444
|
|
|
Athene Global Funding 5.583% 1/9/2029 (b)
|
505,000
|
516,233
|
|
|
Bank of New York Mellon 4.729% 4/20/2029 (c)
|
659,000
|
670,242
|
|
|
Equitable America Global Funding 4.65% 6/9/2028 (b)
|
826,000
|
835,429
|
|
|
Equitable America Global Funding 4.95% 6/9/2030 (b)
|
1,118,000
|
1,142,231
|
|
|
GA Global Funding Trust 5.4% 1/13/2030 (b)
|
1,173,000
|
1,201,961
|
|
|
Goldman Sachs Group Inc/The 2.64% 2/24/2028 (c)
|
2,563,000
|
2,527,921
|
|
|
Goldman Sachs Group Inc/The 4.482% 8/23/2028 (c)
|
2,500,000
|
2,517,043
|
|
|
Goldman Sachs Group Inc/The 4.937% 4/23/2028 (c)
|
2,000,000
|
2,018,888
|
|
|
HPS Corporate Lending Fund 4.9% 9/11/2028 (b)
|
644,000
|
635,383
|
|
|
HPS Corporate Lending Fund 5.3% 6/5/2027 (b)
|
897,000
|
899,943
|
|
|
Intercontinental Exchange Inc 3.75% 9/21/2028
|
125,000
|
124,441
|
|
|
Intercontinental Exchange Inc 4% 9/15/2027
|
1,981,000
|
1,986,712
|
|
|
Intercontinental Exchange Inc 4.35% 6/15/2029
|
2,500,000
|
2,530,740
|
|
|
Morgan Stanley 2.239% 7/21/2032 (c)
|
2,750,000
|
2,465,916
|
|
|
Morgan Stanley 3.591% 7/22/2028 (c)
|
1,050,000
|
1,043,517
|
|
|
Morgan Stanley 4.994% 4/12/2029 (c)
|
1,225,000
|
1,247,325
|
|
|
Morgan Stanley 5.042% 7/19/2030 (c)
|
1,800,000
|
1,852,099
|
|
|
Morgan Stanley 5.23% 1/15/2031 (c)
|
1,311,000
|
1,357,649
|
|
|
Sammons Financial Group Global Funding 5.05% 1/10/2028 (b)
|
1,469,000
|
1,494,225
|
|
|
Sammons Financial Group Global Funding 5.1% 12/10/2029 (b)
|
1,232,000
|
1,263,709
|
|
|
State Street Corp 4.53% 2/20/2029 (c)
|
1,015,000
|
1,028,693
|
|
|
36,208,655
|
|||
|
Consumer Finance - 0.1%
|
|||
|
American Express Co 5.085% 1/30/2031 (c)
|
450,000
|
464,926
|
|
|
Toyota Motor Credit Corp 4.55% 8/9/2029
|
240,000
|
245,376
|
|
|
710,302
|
|||
|
Financial Services - 0.4%
|
|||
|
Corebridge Financial Inc 3.65% 4/5/2027
|
2,762,000
|
2,747,504
|
|
|
Insurance - 3.3%
|
|||
|
Arthur J Gallagher & Co 4.6% 12/15/2027
|
1,120,000
|
1,132,577
|
|
|
Corebridge Global Funding 4.85% 6/6/2030 (b)
|
2,150,000
|
2,190,524
|
|
|
Corebridge Global Funding 4.9% 1/7/2028 (b)
|
820,000
|
833,918
|
|
|
Equitable Financial Life Global Funding 1.4% 8/27/2027 (b)
|
700,000
|
674,755
|
|
|
Equitable Financial Life Global Funding 4.6% 4/1/2027 (b)
|
1,220,000
|
1,228,771
|
|
|
Equitable Financial Life Global Funding 5% 3/27/2030 (b)
|
886,000
|
907,544
|
|
|
Jackson National Life Global Funding 4.6% 10/1/2029 (b)
|
1,897,000
|
1,903,429
|
|
|
Jackson National Life Global Funding 4.7% 6/5/2028 (b)
|
1,864,000
|
1,881,016
|
|
|
Jackson National Life Global Funding 5.35% 1/13/2030 (b)
|
1,004,000
|
1,034,647
|
|
|
Jackson National Life Global Funding 5.55% 7/2/2027 (b)
|
586,000
|
596,597
|
|
|
MassMutual Global Funding II 4.85% 1/17/2029 (b)
|
2,100,000
|
2,154,397
|
|
|
MassMutual Global Funding II 5.1% 4/9/2027 (b)
|
1,834,000
|
1,860,644
|
|
|
Metropolitan Tower Global Funding 4% 10/1/2027 (b)
|
606,000
|
607,929
|
|
|
Pricoa Global Funding I 4.7% 5/28/2030 (b)
|
2,140,000
|
2,187,071
|
|
|
RGA Global Funding 4.35% 8/25/2028 (b)
|
2,100,000
|
2,110,647
|
|
|
RGA Global Funding 5.448% 5/24/2029 (b)
|
1,055,000
|
1,095,164
|
|
|
Western-Southern Global Funding 4.9% 5/1/2030 (b)
|
203,000
|
208,170
|
|
|
22,607,800
|
|||
|
TOTAL FINANCIALS
|
103,747,989
|
||
|
Health Care - 0.3%
|
|||
|
Biotechnology - 0.1%
|
|||
|
Amgen Inc 5.15% 3/2/2028
|
378,000
|
387,103
|
|
|
Health Care Providers & Services - 0.0%
|
|||
|
CVS Health Corp 4.3% 3/25/2028
|
110,000
|
110,646
|
|
|
Life Sciences Tools & Services - 0.2%
|
|||
|
Thermo Fisher Scientific Inc 4.215% 2/12/2031
|
1,313,000
|
1,323,776
|
|
|
TOTAL HEALTH CARE
|
1,821,525
|
||
|
Industrials - 1.3%
|
|||
|
Aerospace & Defense - 0.2%
|
|||
|
Boeing Co 5.04% 5/1/2027
|
500,000
|
505,257
|
|
|
Boeing Co 6.259% 5/1/2027
|
150,000
|
153,666
|
|
|
RTX Corp 5.75% 1/15/2029
|
366,000
|
384,552
|
|
|
1,043,475
|
|||
|
Ground Transportation - 0.0%
|
|||
|
Uber Technologies Inc 4.15% 1/15/2031
|
332,000
|
330,700
|
|
|
Machinery - 0.7%
|
|||
|
Ingersoll Rand Inc 5.176% 6/15/2029
|
2,100,000
|
2,178,091
|
|
|
Ingersoll Rand Inc 5.197% 6/15/2027
|
2,100,000
|
2,130,701
|
|
|
Parker-Hannifin Corp 4.25% 9/15/2027
|
217,000
|
218,365
|
|
|
4,527,157
|
|||
|
Professional Services - 0.0%
|
|||
|
Leidos Inc 4.1% 3/15/2029 (d)
|
537,000
|
538,375
|
|
|
Paychex Inc 5.1% 4/15/2030
|
61,000
|
62,297
|
|
|
600,672
|
|||
|
Trading Companies & Distributors - 0.4%
|
|||
|
Air Lease Corp 2.2% 1/15/2027
|
2,530,000
|
2,491,635
|
|
|
TOTAL INDUSTRIALS
|
8,993,639
|
||
|
Information Technology - 0.5%
|
|||
|
Electronic Equipment, Instruments & Components - 0.2%
|
|||
|
Amphenol Corp 5.05% 4/5/2029
|
430,000
|
444,518
|
|
|
Dell International LLC / EMC Corp 5% 4/1/2030
|
728,000
|
748,719
|
|
|
1,193,237
|
|||
|
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
|
Broadcom Inc 5.05% 7/12/2029
|
1,365,000
|
1,412,346
|
|
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
|
Hewlett Packard Enterprise Co 4.4% 9/25/2027
|
821,000
|
825,723
|
|
|
TOTAL INFORMATION TECHNOLOGY
|
3,431,306
|
||
|
Materials - 0.0%
|
|||
|
Chemicals - 0.0%
|
|||
|
Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP 4.75% 5/15/2030 (b)
|
271,000
|
276,862
|
|
|
Real Estate - 0.3%
|
|||
|
Retail REITs - 0.3%
|
|||
|
Regency Centers LP 4.5% 3/15/2033
|
131,000
|
131,046
|
|
|
Simon Property Group LP 4.375% 10/1/2030
|
2,110,000
|
2,136,960
|
|
|
TOTAL REAL ESTATE
|
2,268,006
|
||
|
Utilities - 1.9%
|
|||
|
Electric Utilities - 1.6%
|
|||
|
Alabama Power Co 3.05% 3/15/2032
|
2,526,000
|
2,371,354
|
|
|
Duke Energy Carolinas LLC 4.85% 3/15/2030
|
824,000
|
852,616
|
|
|
Duke Energy Corp 4.3% 3/15/2028
|
1,341,000
|
1,351,697
|
|
|
Duke Energy Florida LLC 4.2% 12/1/2030
|
800,000
|
805,697
|
|
|
Exelon Corp 2.75% 3/15/2027
|
1,006,000
|
994,145
|
|
|
Exelon Corp 5.15% 3/15/2029
|
381,000
|
393,832
|
|
|
Georgia Power Co 4.65% 5/16/2028
|
948,000
|
963,412
|
|
|
Jersey Central Power & Light Co 4.4% 1/15/2031 (b)
|
851,000
|
855,902
|
|
|
Pinnacle West Capital Corp 4.9% 5/15/2028
|
332,000
|
338,445
|
|
|
Pinnacle West Capital Corp 5.15% 5/15/2030
|
355,000
|
367,797
|
|
|
Southern Co/The 5.5% 3/15/2029
|
900,000
|
938,067
|
|
|
Virginia Electric and Power Co 2.4% 3/30/2032
|
500,000
|
450,245
|
|
|
10,683,209
|
|||
|
Multi-Utilities - 0.3%
|
|||
|
DTE Energy Co 4.95% 7/1/2027
|
574,000
|
580,837
|
|
|
DTE Energy Co 5.2% 4/1/2030
|
1,072,000
|
1,114,670
|
|
|
Public Service Enterprise Group Inc 4.9% 3/15/2030
|
499,000
|
513,752
|
|
|
2,209,259
|
|||
|
TOTAL UTILITIES
|
12,892,468
|
||
|
TOTAL UNITED STATES
|
153,663,583
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $215,127,450)
|
219,142,288
|
||
|
U.S. Government Agency - Mortgage Securities - 1.1%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
UNITED STATES - 1.1%
|
|||
|
Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2032
|
1,334,552
|
1,274,473
|
|
|
Fannie Mae Mortgage pass-thru certificates 2% 2/1/2028
|
62,985
|
62,021
|
|
|
Fannie Mae Mortgage pass-thru certificates 2% 3/1/2032
|
788,011
|
757,766
|
|
|
Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2028
|
52,810
|
52,322
|
|
|
Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2029
|
171,741
|
169,460
|
|
|
Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2031
|
229,417
|
223,647
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 11/1/2034
|
21,188
|
20,876
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 12/1/2032
|
59,277
|
58,287
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031
|
36,131
|
35,663
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2033
|
273,842
|
268,948
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2033
|
48,808
|
47,880
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2035
|
14,687
|
14,477
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 5/1/2035
|
1,026,085
|
996,570
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 7/1/2034
|
42,494
|
41,901
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 8/1/2032
|
401,765
|
394,206
|
|
|
Fannie Mae Mortgage pass-thru certificates 3% 9/1/2035
|
93,301
|
91,742
|
|
|
Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2030
|
89,065
|
88,667
|
|
|
Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2028
|
2,282
|
2,272
|
|
|
Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2033
|
181,421
|
180,491
|
|
|
Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2029
|
91,849
|
91,442
|
|
|
Freddie Mac Gold Pool 2.5% 1/1/2028
|
45,058
|
44,661
|
|
|
Freddie Mac Gold Pool 2.5% 3/1/2032
|
1,216,805
|
1,182,743
|
|
|
Freddie Mac Gold Pool 3% 10/1/2035
|
64,945
|
62,982
|
|
|
Freddie Mac Gold Pool 3% 12/1/2030
|
11,384
|
11,216
|
|
|
Freddie Mac Gold Pool 3% 12/1/2032
|
806,454
|
791,634
|
|
|
Freddie Mac Gold Pool 3% 2/1/2033
|
10,227
|
10,081
|
|
|
Freddie Mac Gold Pool 3% 3/1/2033
|
38,821
|
38,068
|
|
|
Freddie Mac Gold Pool 3% 7/1/2032
|
275,520
|
270,656
|
|
|
TOTAL UNITED STATES
|
7,285,152
|
||
|
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
(Cost $7,205,505)
|
7,285,152
|
||
|
U.S. Treasury Obligations - 54.3%
|
||||
|
Yield (%) (f)
|
Principal
Amount (a)
|
Value ($)
|
||
|
US Treasury Notes 3.5% 1/15/2029
|
3.56
|
10,282,200
|
10,313,529
|
|
|
US Treasury Notes 3.5% 2/15/2029
|
3.39
|
9,607,900
|
9,637,925
|
|
|
US Treasury Notes 3.5% 2/28/2031
|
3.52
|
8,285,600
|
8,279,127
|
|
|
US Treasury Notes 3.5% 9/30/2029
|
3.94 to 4.31
|
23,255,100
|
23,305,062
|
|
|
US Treasury Notes 3.625% 12/31/2030
|
3.71 to 3.74
|
5,569,500
|
5,595,172
|
|
|
US Treasury Notes 3.75% 10/31/2032
|
3.95
|
2,061,100
|
2,066,896
|
|
|
US Treasury Notes 3.875% 11/30/2027
|
3.78 to 4.01
|
8,730,300
|
8,797,823
|
|
|
US Treasury Notes 4% 1/31/2029
|
3.54 to 3.89
|
9,222,600
|
9,376,790
|
|
|
US Treasury Notes 4% 2/15/2034
|
3.88 to 4.39
|
14,746,600
|
14,940,725
|
|
|
US Treasury Notes 4% 2/29/2028
|
3.81 to 4.16
|
13,182,500
|
13,334,408
|
|
|
US Treasury Notes 4% 3/31/2030
|
3.72 to 4.06
|
24,909,100
|
25,407,282
|
|
|
US Treasury Notes 4.125% 3/31/2029
|
3.74 to 4.52
|
50,769,500
|
51,836,453
|
|
|
US Treasury Notes 4.25% 2/28/2029
|
3.65 to 4.31
|
88,381,000
|
90,511,120
|
|
|
US Treasury Notes 4.25% 8/15/2035
|
3.93 to 4.10
|
8,888,300
|
9,109,119
|
|
|
US Treasury Notes 4.625% 4/30/2029
|
3.63 to 4.72
|
25,600,100
|
26,525,104
|
|
|
US Treasury Notes 4.625% 4/30/2031
|
3.64 to 4.64
|
63,010,900
|
66,188,520
|
|
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $368,732,125)
|
375,225,055
|
|||
|
Money Market Funds - 0.2%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Cash Central Fund (g)
(Cost $1,751,890)
|
3.70
|
1,751,540
|
1,751,890
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.2%
(Cost $673,845,479)
|
685,690,290
|
|
NET OTHER ASSETS (LIABILITIES) - 0.8%
|
5,576,971
|
|
NET ASSETS - 100.0%
|
691,267,261
|
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 $91,067,978 or 13.2% of net assets.
|
|
(c)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
|
(d)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
|
(e)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
|
(f)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
|
(g)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
|
Fidelity Cash Central Fund
|
24,241,448
|
74,073,542
|
96,562,929
|
102,418
|
(171)
|
-
|
1,751,890
|
1,751,540
|
0.0%
|
|
Total
|
24,241,448
|
74,073,542
|
96,562,929
|
102,418
|
(171)
|
-
|
1,751,890
|
||
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 February 28, 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
|
65,237,960
|
-
|
65,237,960
|
-
|
|
Collateralized Mortgage Obligations
|
3,300,733
|
-
|
3,300,733
|
-
|
|
Commercial Mortgage Securities
|
13,747,212
|
-
|
13,747,212
|
-
|
|
Non-Convertible Corporate Bonds
|
||||
|
Communication Services
|
11,517,257
|
-
|
11,517,257
|
-
|
|
Consumer Discretionary
|
8,432,968
|
-
|
8,432,968
|
-
|
|
Consumer Staples
|
5,802,256
|
-
|
5,802,256
|
-
|
|
Energy
|
7,180,415
|
-
|
7,180,415
|
-
|
|
Financials
|
150,346,113
|
-
|
150,346,113
|
-
|
|
Health Care
|
1,821,525
|
-
|
1,821,525
|
-
|
|
Industrials
|
13,680,553
|
-
|
13,680,553
|
-
|
|
Information Technology
|
3,907,471
|
-
|
3,907,471
|
-
|
|
Materials
|
734,069
|
-
|
734,069
|
-
|
|
Real Estate
|
2,268,006
|
-
|
2,268,006
|
-
|
|
Utilities
|
13,451,655
|
-
|
13,451,655
|
-
|
|
U.S. Government Agency - Mortgage Securities
|
7,285,152
|
-
|
7,285,152
|
-
|
|
U.S. Treasury Obligations
|
375,225,055
|
-
|
375,225,055
|
-
|
|
Money Market Funds
|
1,751,890
|
1,751,890
|
-
|
-
|
|
Total Investments in Securities:
|
685,690,290
|
1,751,890
|
683,938,400
|
-
|
Financial Statements (Unaudited)
|
Statement of Assets and Liabilities
|
||||
|
As of February 28, 2026 (Unaudited)
|
||||
|
Assets
|
||||
|
Investment in securities, at value - See accompanying schedule:
|
||||
|
Unaffiliated issuers (cost $672,093,589)
|
$
|
683,938,400
|
||
|
Fidelity Central Funds (cost $1,751,890)
|
1,751,890
|
|||
|
Total Investment in Securities (cost $673,845,479)
|
$
|
685,690,290
|
||
|
Cash
|
4,900
|
|||
|
Receivable for investments sold
|
17,618,975
|
|||
|
Interest receivable
|
7,976,669
|
|||
|
Distributions receivable from Fidelity Central Funds
|
7,615
|
|||
|
Total assets
|
711,298,449
|
|||
|
Liabilities
|
||||
|
Payable for investments purchased
|
||||
|
Regular delivery
|
$
|
19,494,532
|
||
|
Delayed delivery
|
536,656
|
|||
|
Total liabilities
|
20,031,188
|
|||
|
Net Assets
|
$
|
691,267,261
|
||
|
Net Assets consist of:
|
||||
|
Paid in capital
|
$
|
690,371,763
|
||
|
Total accumulated earnings (loss)
|
895,498
|
|||
|
Net Assets
|
$
|
691,267,261
|
||
|
Net Asset Value, offering price and redemption price per share ($691,267,261 ÷ 74,424,258 shares)
|
$
|
9.29
|
||
|
Statement of Operations
|
||||
|
Six months ended February 28, 2026 (Unaudited)
|
||||
|
Investment Income
|
||||
|
Interest
|
$
|
14,845,844
|
||
|
Income from Fidelity Central Funds
|
102,418
|
|||
|
Total income
|
14,948,262
|
|||
|
Expenses
|
||||
|
Independent trustees' fees and expenses
|
$
|
744
|
||
|
Total expenses before reductions
|
744
|
|||
|
Expense reductions
|
(376)
|
|||
|
Total expenses after reductions
|
368
|
|||
|
Net Investment income (loss)
|
14,947,894
|
|||
|
Realized and Unrealized Gain (Loss)
|
||||
|
Net realized gain (loss) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers
|
1,940,887
|
|||
|
Fidelity Central Funds
|
(171)
|
|||
|
Total net realized gain (loss)
|
1,940,716
|
|||
|
Change in net unrealized appreciation (depreciation) on investment securities
|
988,563
|
|||
|
Net gain (loss)
|
2,929,279
|
|||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
17,877,173
|
||
|
Statement of Changes in Net Assets
|
||||
|
Six months ended
February 28, 2026
(Unaudited)
|
Year ended
August 31, 2025
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
14,947,894
|
$
|
30,899,093
|
|
Net realized gain (loss)
|
1,940,716
|
1,575,073
|
||
|
Change in net unrealized appreciation (depreciation)
|
988,563
|
956,700
|
||
|
Net increase (decrease) in net assets resulting from operations
|
17,877,173
|
33,430,866
|
||
|
Distributions to shareholders
|
(15,058,331)
|
(30,864,345)
|
||
|
Share transactions
|
||||
|
Proceeds from sales of shares
|
11,985,000
|
55,484,000
|
||
|
Reinvestment of distributions
|
15,058,331
|
30,864,345
|
||
|
Cost of shares redeemed
|
(37,150,000)
|
(81,930,000)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
(10,106,669)
|
4,418,345
|
||
|
Total increase (decrease) in net assets
|
(7,287,827)
|
6,984,866
|
||
|
Net Assets
|
||||
|
Beginning of period
|
698,555,088
|
691,570,222
|
||
|
End of period
|
$
|
691,267,261
|
$
|
698,555,088
|
|
Other Information
|
||||
|
Shares
|
||||
|
Sold
|
1,294,981
|
6,053,433
|
||
|
Issued in reinvestment of distributions
|
1,626,577
|
3,363,139
|
||
|
Redeemed
|
(4,015,240)
|
(8,951,514)
|
||
|
Net increase (decrease)
|
(1,093,682)
|
465,058
|
||
Financial Highlights
|
Fidelity® Education Fund
|
|
Six months ended
February 28, 2026
(Unaudited)
|
Years ended August 31, 2025
|
2024
|
2023
|
2022
|
2021 A
|
|||||||
|
Selected Per-Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
9.25
|
$
|
9.21
|
$
|
9.01
|
$
|
9.25
|
$
|
10.05
|
$
|
10.00
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) B,C
|
.199
|
.411
|
.401
|
.360
|
.224
|
.036
|
||||||
|
Net realized and unrealized gain (loss)
|
.041
|
.040
|
.199
|
(.240)
|
(.858)
|
.052
|
||||||
|
Total from investment operations
|
.240
|
.451
|
.600
|
.120
|
(.634)
|
.088
|
||||||
|
Distributions from net investment income
|
(.200)
|
(.411)
|
(.400)
|
(.360)
|
(.153)
|
(.038)
|
||||||
|
Distributions from net realized gain
|
-
|
-
|
-
|
-
|
(.013)
|
-
|
||||||
|
Total distributions
|
(.200)
|
(.411)
|
(.400)
|
(.360)
|
(.166)
|
(.038)
|
||||||
|
Net asset value, end of period
|
$
|
9.29
|
$
|
9.25
|
$
|
9.21
|
$
|
9.01
|
$
|
9.25
|
$
|
10.05
|
|
Total Return D,E
|
2.62
%
|
5.03%
|
6.83%
|
1.34%
|
(6.34)%
|
.89%
|
||||||
|
Ratios to Average Net Assets C,F,G
|
||||||||||||
|
Expenses before reductions H
|
-% I
|
-%
|
-%
|
-%
|
-%
|
-% I
|
||||||
|
Expenses net of fee waivers, if any H
|
-
% I
|
-%
|
-%
|
-%
|
-%
|
-% I
|
||||||
|
Expenses net of all reductions, if any H
|
-% I
|
-%
|
-%
|
-%
|
-%
|
-% I
|
||||||
|
Net investment income (loss)
|
4.33% I
|
4.49%
|
4.43%
|
3.95%
|
2.40%
|
.79% I
|
||||||
|
Supplemental Data
|
||||||||||||
|
Net assets, end of period (000 omitted)
|
$
|
691,267
|
$
|
698,555
|
$
|
691,570
|
$
|
701,199
|
$
|
230,758
|
$
|
30,938
|
|
Portfolio turnover rate J
|
57
% I
|
45%
|
77%
|
73%
|
80%
|
87% K,L
|
AFor the period March 16, 2021 (commencement of operations) through August 31, 2021.
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 returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
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.
HAmount represents less than .005%.
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.
KAmount not annualized.
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)
For the period ended February 28, 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. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. 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 income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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. Corporate bonds and U.S. government and government agency obligations 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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central 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 February 28, 2026 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, 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.
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.
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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
|
Gross unrealized appreciation
|
$11,996,887
|
|
Gross unrealized depreciation
|
(153,962)
|
|
Net unrealized appreciation (depreciation)
|
$11,842,925
|
|
Tax cost
|
$673,847,365
|
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
|
Short-term
|
$(8,522,527)
|
|
Long-term
|
(4,309,293)
|
|
Total capital loss carryforward
|
$(12,831,820)
|
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
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.
4. 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
|
33,593,492
|
52,528,886
|
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous 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.
6. 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 plus a .10% spread adjustment, (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.
Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $376.
8. 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.
9. 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.
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)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Education Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by Fidelity under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for 529 plans managed by Fidelity and ultimately to enhance the performance of those 529 plans.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.
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1.9901558.104
EDI-SANN-0426
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 Garrison 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 Garrison 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
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(a) |
(1) |
Not applicable. |
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(a) |
(2) |
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(a) |
(3) |
Not applicable. |
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(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 Garrison Street Trust
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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: |
April 22, 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.
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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: |
April 22, 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: |
April 22, 2026 |
Fidelity Garrison Street Trust published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 22, 2026 at 14:41 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]