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)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | August 31 |
Date of reporting period: | February 29, 2024 |
Item 1.
Reports to Stockholders
Contents
Quality Diversification (% of Fund's net assets) |
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. |
Asset Allocation (% of Fund's net assets) |
Nonconvertible Bonds - 29.4% | |||
Principal Amount (a) | Value ($) | ||
COMMUNICATION SERVICES - 1.0% | |||
Diversified Telecommunication Services - 0.8% | |||
AT&T, Inc.: | |||
1.65% 2/1/28 | 2,750,000 | 2,419,730 | |
4.25% 3/1/27 | 400,000 | 389,959 | |
4.3% 2/15/30 | 250,000 | 238,427 | |
Verizon Communications, Inc.: | |||
2.1% 3/22/28 | 500,000 | 445,196 | |
2.355% 3/15/32 | 2,000,000 | 1,621,577 | |
3% 3/22/27 | 78,000 | 73,418 | |
5,188,307 | |||
Entertainment - 0.0% | |||
The Walt Disney Co. 1.75% 1/13/26 | 306,000 | 288,627 | |
Media - 0.2% | |||
Comcast Corp. 2.35% 1/15/27 | 500,000 | 466,152 | |
Warnermedia Holdings, Inc.: | |||
3.755% 3/15/27 | 1,000,000 | 946,239 | |
4.054% 3/15/29 | 6,000 | 5,558 | |
1,417,949 | |||
Wireless Telecommunication Services - 0.0% | |||
Rogers Communications, Inc. 3.2% 3/15/27 | 19,000 | 17,890 | |
TOTAL COMMUNICATION SERVICES | 6,912,773 | ||
CONSUMER DISCRETIONARY - 2.1% | |||
Automobiles - 1.4% | |||
Daimler Finance North America LLC 1.45% 3/2/26 (b) | 2,500,000 | 2,323,465 | |
General Motors Financial Co., Inc.: | |||
1.05% 3/8/24 | 18,000 | 17,991 | |
1.25% 1/8/26 | 500,000 | 463,325 | |
2.35% 2/26/27 | 3,000,000 | 2,750,079 | |
Hyundai Capital America 1% 9/17/24 (b) | 74,000 | 72,082 | |
Volkswagen Group of America Finance LLC: | |||
1.25% 11/24/25 (b) | 1,000,000 | 931,184 | |
3.95% 6/6/25 (b) | 227,000 | 222,308 | |
4.35% 6/8/27 (b) | 200,000 | 195,034 | |
5.7% 9/12/26 (b) | 2,500,000 | 2,523,190 | |
9,498,658 | |||
Specialty Retail - 0.7% | |||
Lowe's Companies, Inc.: | |||
4.4% 9/8/25 | 2,275,000 | 2,247,025 | |
4.8% 4/1/26 | 261,000 | 259,405 | |
O'Reilly Automotive, Inc. 5.75% 11/20/26 | 516,000 | 523,300 | |
The Home Depot, Inc. 2.875% 4/15/27 | 2,028,000 | 1,916,239 | |
4,945,969 | |||
TOTAL CONSUMER DISCRETIONARY | 14,444,627 | ||
CONSUMER STAPLES - 1.3% | |||
Consumer Staples Distribution & Retail - 0.3% | |||
Dollar General Corp. 4.625% 11/1/27 | 2,406,000 | 2,359,966 | |
Personal Care Products - 0.3% | |||
Kenvue, Inc.: | |||
5.05% 3/22/28 | 1,262,000 | 1,270,038 | |
5.35% 3/22/26 | 598,000 | 601,884 | |
1,871,922 | |||
Tobacco - 0.7% | |||
BAT Capital Corp. 4.7% 4/2/27 | 801,000 | 783,926 | |
BAT International Finance PLC 1.668% 3/25/26 | 2,750,000 | 2,547,804 | |
Philip Morris International, Inc. 4.75% 2/12/27 | 1,503,000 | 1,484,334 | |
4,816,064 | |||
TOTAL CONSUMER STAPLES | 9,047,952 | ||
ENERGY - 0.6% | |||
Energy Equipment & Services - 0.0% | |||
Baker Hughes Co. 2.061% 12/15/26 | 15,000 | 13,834 | |
Oil, Gas & Consumable Fuels - 0.6% | |||
Canadian Natural Resources Ltd. 2.05% 7/15/25 | 315,000 | 300,591 | |
Enbridge, Inc. 5.9% 11/15/26 | 720,000 | 733,459 | |
Exxon Mobil Corp. 2.992% 3/19/25 | 210,000 | 205,259 | |
MPLX LP: | |||
1.75% 3/1/26 | 2,000,000 | 1,865,817 | |
4% 3/15/28 | 760,000 | 728,690 | |
3,833,816 | |||
TOTAL ENERGY | 3,847,650 | ||
FINANCIALS - 20.6% | |||
Banks - 13.5% | |||
Bank of America Corp.: | |||
1.197% 10/24/26 (c) | 500,000 | 465,835 | |
1.734% 7/22/27 (c) | 500,000 | 458,491 | |
2.456% 10/22/25 (c) | 500,000 | 489,493 | |
2.551% 2/4/28 (c) | 850,000 | 786,625 | |
2.651% 3/11/32 (c) | 2,750,000 | 2,301,440 | |
3.458% 3/15/25 (c) | 393,000 | 392,687 | |
4.827% 7/22/26 (c) | 2,500,000 | 2,478,984 | |
4.948% 7/22/28 (c) | 3,750,000 | 3,712,759 | |
Banque Federative du Credit Mutuel SA 4.524% 7/13/25 (b) | 449,000 | 443,774 | |
Barclays PLC: | |||
2.279% 11/24/27 (c) | 1,300,000 | 1,188,139 | |
2.852% 5/7/26 (c) | 750,000 | 725,076 | |
5.304% 8/9/26 (c) | 2,500,000 | 2,484,036 | |
BNP Paribas SA U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.000% 1.323% 1/13/27 (b)(c)(d) | 750,000 | 693,650 | |
Canadian Imperial Bank of Commerce: | |||
3.45% 4/7/27 | 1,150,000 | 1,096,571 | |
3.945% 8/4/25 | 495,000 | 485,292 | |
Citigroup, Inc.: | |||
1.122% 1/28/27 (c) | 3,000,000 | 2,764,775 | |
3.07% 2/24/28 (c) | 3,000,000 | 2,810,064 | |
3.106% 4/8/26 (c) | 1,100,000 | 1,070,643 | |
4.14% 5/24/25 (c) | 2,500,000 | 2,488,490 | |
DNB Bank ASA: | |||
0.856% 9/30/25 (b)(c) | 2,500,000 | 2,428,671 | |
1.605% 3/30/28 (b)(c) | 2,250,000 | 2,002,965 | |
HSBC Holdings PLC: | |||
1.589% 5/24/27 (c) | 550,000 | 503,546 | |
2.251% 11/22/27 (c) | 1,300,000 | 1,190,858 | |
3.803% 3/11/25 (c) | 2,250,000 | 2,248,869 | |
5.21% 8/11/28 (c) | 2,827,000 | 2,799,585 | |
Huntington Bancshares, Inc.: | |||
2.625% 8/6/24 | 450,000 | 444,290 | |
4.443% 8/4/28 (c) | 2,261,000 | 2,171,478 | |
Huntington National Bank 5.699% 11/18/25 (c) | 1,490,000 | 1,477,618 | |
JPMorgan Chase & Co.: | |||
0.824% 6/1/25 (c) | 63,000 | 62,170 | |
1.47% 9/22/27 (c) | 3,080,000 | 2,798,590 | |
2.083% 4/22/26 (c) | 500,000 | 481,058 | |
2.58% 4/22/32 (c) | 3,000,000 | 2,510,117 | |
2.947% 2/24/28 (c) | 3,318,000 | 3,108,162 | |
3.54% 5/1/28 (c) | 350,000 | 332,690 | |
4.851% 7/25/28 (c) | 3,750,000 | 3,708,443 | |
KeyBank NA 4.15% 8/8/25 | 250,000 | 242,106 | |
KeyCorp 3.878% 5/23/25 (c) | 177,000 | 175,202 | |
Lloyds Banking Group PLC 5.985% 8/7/27 (c) | 901,000 | 907,315 | |
Mitsubishi UFJ Financial Group, Inc.: | |||
0.953% 7/19/25 (c) | 750,000 | 736,230 | |
1.64% 10/13/27 (c) | 1,300,000 | 1,185,207 | |
Mizuho Financial Group, Inc.: | |||
1.234% 5/22/27 (c) | 2,050,000 | 1,873,362 | |
2.651% 5/22/26 (c) | 500,000 | 482,656 | |
Morgan Stanley Bank, West Valley City Utah: | |||
4.754% 4/21/26 | 1,062,000 | 1,055,261 | |
5.882% 10/30/26 | 1,700,000 | 1,731,250 | |
NatWest Group PLC: | |||
1.642% 6/14/27 (c) | 3,300,000 | 3,015,616 | |
4.269% 3/22/25 (c) | 200,000 | 199,827 | |
PNC Financial Services Group, Inc. 5.354% 12/2/28 (c) | 1,020,000 | 1,020,435 | |
Rabobank Nederland 1.98% 12/15/27 (b)(c) | 3,050,000 | 2,766,903 | |
Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c) | 773,000 | 699,031 | |
Societe Generale: | |||
2.226% 1/21/26 (b)(c) | 2,500,000 | 2,416,031 | |
2.797% 1/19/28 (b)(c) | 950,000 | 871,720 | |
Sumitomo Mitsui Financial Group, Inc.: | |||
1.402% 9/17/26 | 750,000 | 683,355 | |
1.474% 7/8/25 | 2,500,000 | 2,375,887 | |
2.696% 7/16/24 | 500,000 | 494,658 | |
The Toronto-Dominion Bank 2.8% 3/10/27 | 64,000 | 60,028 | |
Truist Financial Corp. 4.26% 7/28/26 (c) | 2,960,000 | 2,899,719 | |
Wells Fargo & Co.: | |||
2.164% 2/11/26 (c) | 750,000 | 725,429 | |
2.188% 4/30/26 (c) | 2,676,000 | 2,567,707 | |
3.526% 3/24/28 (c) | 3,288,000 | 3,117,424 | |
4.808% 7/25/28 (c) | 1,250,000 | 1,227,590 | |
Wells Fargo Bank NA 5.254% 12/11/26 | 1,800,000 | 1,806,585 | |
90,942,468 | |||
Capital Markets - 4.6% | |||
Athene Global Funding: | |||
1.716% 1/7/25 (b) | 600,000 | 580,294 | |
1.73% 10/2/26 (b) | 573,000 | 515,512 | |
5.583% 1/9/29 (b) | 505,000 | 503,114 | |
Deutsche Bank AG New York Branch: | |||
2.129% 11/24/26 (c) | 750,000 | 702,891 | |
2.311% 11/16/27 (c) | 3,300,000 | 2,997,866 | |
Goldman Sachs Group, Inc.: | |||
2.64% 2/24/28 (c) | 2,563,000 | 2,373,683 | |
4.482% 8/23/28 (c) | 2,500,000 | 2,437,559 | |
Intercontinental Exchange, Inc.: | |||
3.75% 9/21/28 | 125,000 | 119,275 | |
4% 9/15/27 | 1,981,000 | 1,908,351 | |
4.35% 6/15/29 | 2,500,000 | 2,420,161 | |
Moody's Corp. 3.75% 3/24/25 | 750,000 | 737,277 | |
Morgan Stanley: | |||
0.79% 5/30/25 (c) | 750,000 | 739,444 | |
2.188% 4/28/26 (c) | 750,000 | 721,768 | |
2.239% 7/21/32 (c) | 2,750,000 | 2,215,442 | |
3.591% 7/22/28 (c) | 1,050,000 | 993,935 | |
4.679% 7/17/26 (c) | 1,842,000 | 1,822,241 | |
S&P Global, Inc. 2.45% 3/1/27 | 2,814,000 | 2,623,359 | |
UBS Group AG: | |||
1.305% 2/2/27 (b)(c) | 1,300,000 | 1,195,198 | |
2.593% 9/11/25 (b)(c) | 2,500,000 | 2,457,069 | |
3.091% 5/14/32 (b)(c) | 250,000 | 210,084 | |
4.703% 8/5/27 (b)(c) | 2,500,000 | 2,450,474 | |
6.373% 7/15/26 (b)(c) | 300,000 | 302,058 | |
31,027,055 | |||
Consumer Finance - 1.4% | |||
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust: | |||
2.45% 10/29/26 | 700,000 | 645,674 | |
6.1% 1/15/27 | 2,500,000 | 2,531,238 | |
American Express Co. 2.55% 3/4/27 | 54,000 | 50,118 | |
Capital One Financial Corp.: | |||
1.878% 11/2/27 (c) | 3,400,000 | 3,085,982 | |
4.985% 7/24/26 (c) | 2,701,000 | 2,676,334 | |
John Deere Capital Corp. 4.75% 6/8/26 | 804,000 | 801,586 | |
9,790,932 | |||
Financial Services - 0.5% | |||
Corebridge Financial, Inc.: | |||
3.5% 4/4/25 | 508,000 | 496,152 | |
3.65% 4/5/27 | 2,762,000 | 2,620,797 | |
3,116,949 | |||
Insurance - 0.6% | |||
Equitable Financial Life Global Funding: | |||
1.1% 11/12/24 (b) | 500,000 | 483,751 | |
1.4% 8/27/27 (b) | 700,000 | 605,756 | |
1.7% 11/12/26 (b) | 799,000 | 722,318 | |
MassMutual Global Funding II 4.85% 1/17/29 (b) | 2,100,000 | 2,078,114 | |
RGA Global Funding 2% 11/30/26 (b) | 30,000 | 27,300 | |
3,917,239 | |||
TOTAL FINANCIALS | 138,794,643 | ||
HEALTH CARE - 0.8% | |||
Biotechnology - 0.1% | |||
Amgen, Inc. 5.15% 3/2/28 | 378,000 | 378,730 | |
Health Care Providers & Services - 0.4% | |||
CVS Health Corp. 4.3% 3/25/28 | 110,000 | 106,755 | |
Humana, Inc. 3.7% 3/23/29 | 2,500,000 | 2,338,053 | |
UnitedHealth Group, Inc. 3.7% 5/15/27 | 399,000 | 386,377 | |
2,831,185 | |||
Pharmaceuticals - 0.3% | |||
Bristol-Myers Squibb Co.: | |||
4.9% 2/22/27 | 1,158,000 | 1,156,705 | |
4.9% 2/22/29 | 846,000 | 844,010 | |
2,000,715 | |||
TOTAL HEALTH CARE | 5,210,630 | ||
INDUSTRIALS - 0.9% | |||
Aerospace & Defense - 0.3% | |||
RTX Corp.: | |||
3.95% 8/16/25 | 116,000 | 113,782 | |
5.75% 11/8/26 | 778,000 | 789,126 | |
5.75% 1/15/29 | 366,000 | 376,852 | |
The Boeing Co. 5.04% 5/1/27 | 500,000 | 495,287 | |
1,775,047 | |||
Ground Transportation - 0.2% | |||
Canadian Pacific Railway Co. 1.75% 12/2/26 | 1,517,000 | 1,391,171 | |
Machinery - 0.1% | |||
Daimler Trucks Finance North America LLC 2% 12/14/26 (b) | 500,000 | 458,656 | |
Parker Hannifin Corp. 4.25% 9/15/27 | 217,000 | 212,373 | |
671,029 | |||
Trading Companies & Distributors - 0.3% | |||
Air Lease Corp.: | |||
2.2% 1/15/27 | 2,530,000 | 2,319,469 | |
3.25% 3/1/25 | 97,000 | 94,700 | |
2,414,169 | |||
TOTAL INDUSTRIALS | 6,251,416 | ||
INFORMATION TECHNOLOGY - 0.4% | |||
Software - 0.4% | |||
Roper Technologies, Inc.: | |||
1% 9/15/25 | 2,076,000 | 1,944,853 | |
1.75% 2/15/31 | 750,000 | 599,801 | |
2,544,654 | |||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
Ventas Realty LP 2.65% 1/15/25 | 2,000,000 | 1,944,617 | |
UTILITIES - 1.4% | |||
Electric Utilities - 1.1% | |||
Alabama Power Co. 3.05% 3/15/32 | 2,526,000 | 2,187,078 | |
Duke Energy Corp. 4.3% 3/15/28 | 1,341,000 | 1,302,831 | |
Eversource Energy 0.8% 8/15/25 | 43,000 | 40,159 | |
Exelon Corp.: | |||
2.75% 3/15/27 | 1,006,000 | 935,809 | |
5.15% 3/15/29 | 381,000 | 379,369 | |
Georgia Power Co. 4.65% 5/16/28 | 948,000 | 934,289 | |
Southern Co.: | |||
3.25% 7/1/26 | 500,000 | 478,145 | |
5.5% 3/15/29 | 900,000 | 912,800 | |
Virginia Electric & Power Co. 2.4% 3/30/32 | 500,000 | 412,695 | |
7,583,175 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Constellation Energy Generation, LLC 3.25% 6/1/25 | 178,000 | 172,888 | |
Multi-Utilities - 0.2% | |||
NiSource, Inc. 0.95% 8/15/25 | 1,500,000 | 1,407,212 | |
Sempra 3.3% 4/1/25 | 28,000 | 27,336 | |
1,434,548 | |||
TOTAL UTILITIES | 9,190,611 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $199,833,369) | 198,189,573 | ||
U.S. Treasury Obligations - 55.0% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Notes: | |||
2.75% 4/30/27 | 3,710,300 | 3,530,437 | |
2.75% 8/15/32 | 5,035,500 | 4,495,561 | |
2.875% 4/30/29 | 4,117,800 | 3,852,877 | |
3.125% 8/15/25 | 15,215,500 | 14,855,915 | |
3.375% 5/15/33 | 4,000,000 | 3,731,562 | |
3.5% 9/15/25 | 2,560,600 | 2,511,288 | |
3.5% 4/30/28 | 23,000,000 | 22,286,641 | |
3.625% 5/31/28 | 13,000,000 | 12,655,195 | |
3.625% 3/31/30 | 5,000,000 | 4,825,000 | |
3.75% 4/15/26 | 22,299,000 | 21,920,091 | |
3.75% 12/31/28 | 2,533,400 | 2,475,805 | |
3.875% 1/15/26 | 8,070,500 | 7,955,117 | |
3.875% 11/30/27 | 15,500,000 | 15,242,676 | |
4% 12/15/25 | 11,173,000 | 11,036,393 | |
4% 2/15/26 | 11,900,000 | 11,758,223 | |
4% 2/29/28 | 10,368,800 | 10,241,215 | |
4% 6/30/28 | 7,000,000 | 6,915,508 | |
4% 1/31/29 | 14,000,000 | 13,838,125 | |
4% 7/31/30 | 2,000,000 | 1,968,438 | |
4% 2/15/34 | 4,000,000 | 3,921,875 | |
4.125% 6/15/26 | 8,061,000 | 7,986,058 | |
4.125% 9/30/27 | 7,162,000 | 7,104,089 | |
4.125% 10/31/27 | 50,177,900 | 49,766,282 | |
4.125% 7/31/28 | 7,000,000 | 6,951,055 | |
4.25% 1/31/26 | 5,469,500 | 5,428,692 | |
4.25% 2/28/29 | 8,000,000 | 8,001,250 | |
4.375% 11/30/28 | 14,000,000 | 14,059,063 | |
4.5% 11/15/25 | 12,700,000 | 12,651,383 | |
4.5% 7/15/26 | 24,000,000 | 23,983,125 | |
4.5% 11/15/33 | 1,978,200 | 2,015,600 | |
4.625% 3/15/26 | 2,155,800 | 2,155,884 | |
4.625% 9/15/26 | 10,000,000 | 10,027,734 | |
4.625% 11/15/26 | 4,328,000 | 4,344,230 | |
4.875% 10/31/28 | 32,595,500 | 33,392,562 | |
4.875% 10/31/30 | 3,000,000 | 3,101,250 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $374,288,725) | 370,986,199 | ||
U.S. Government Agency - Mortgage Securities - 2.1% | |||
Principal Amount (a) | Value ($) | ||
Fannie Mae - 1.6% | |||
2% 2/1/28 to 3/1/32 | 1,403,201 | 1,295,612 | |
2.5% 1/1/28 to 11/1/36 | 1,814,733 | 1,692,423 | |
3% 2/1/31 to 12/1/36 | 5,230,332 | 4,893,728 | |
3.5% 12/1/28 to 2/1/33 | 754,144 | 727,285 | |
1.5% 1/1/32 | 2,113,307 | 1,919,775 | |
TOTAL FANNIE MAE | 10,528,823 | ||
Freddie Mac - 0.5% | |||
2.5% 1/1/28 to 3/1/32 | 2,099,416 | 1,966,210 | |
3% 12/1/30 to 10/1/35 | 1,876,138 | 1,773,578 | |
TOTAL FREDDIE MAC | 3,739,788 | ||
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $14,499,887) | 14,268,611 | ||
Asset-Backed Securities - 9.9% | |||
Principal Amount (a) | Value ($) | ||
American Express Credit Account Master Trust: | |||
Series 2022-3 Class A, 3.75% 8/15/27 | 1,377,000 | 1,349,471 | |
Series 2022-4 Class A, 4.95% 10/15/27 | 1,122,000 | 1,119,286 | |
Series 2023-1 Class A, 4.87% 5/15/28 | 1,003,000 | 1,001,028 | |
Series 2023-3 Class A, 5.23% 9/15/28 | 2,016,000 | 2,030,698 | |
Bank of America Credit Card Master Trust: | |||
Series 2022-A2, Class A2, 5% 4/15/28 | 1,294,000 | 1,296,992 | |
Series 2023-A1 Class A1, 4.79% 5/15/28 | 729,000 | 726,373 | |
Series 2023-A2 Class A2, 4.98% 11/15/28 | 1,029,000 | 1,031,400 | |
BMW Vehicle Owner Trust Series 2023-A Class A3, 5.47% 2/25/28 | 272,000 | 273,266 | |
Capital One Multi-Asset Execution Trust Series 2022-A3 Class A, 4.95% 10/15/27 | 1,603,000 | 1,598,774 | |
Capital One Prime Auto Receiva Series 2023-2 Class A3, 5.82% 6/15/28 | 1,612,000 | 1,636,084 | |
Carmax 2023-3 A3 Series 2023-3 Class A3, 5.28% 5/15/28 | 1,274,000 | 1,276,847 | |
CarMax Auto Owner Trust Series 2023 2 Class A3, 5.05% 1/18/28 | 1,732,000 | 1,726,553 | |
Carmax Auto Owner Trust 2023-4 Series 2023-4 Class A3, 6% 7/17/28 | 321,000 | 326,788 | |
Carmax Auto Owner Trust 2024-1 Series 2024-1 Class A3, 4.92% 10/16/28 | 757,000 | 753,483 | |
Chase Issuance Trust: | |||
Series 2022-A1 Class A, 3.97% 9/15/27 | 560,000 | 550,236 | |
Series 2023-A1 Class A, 5.16% 9/15/28 | 2,354,000 | 2,367,027 | |
Series 2023-A2 Class A, 5.08% 9/15/30 | 2,135,000 | 2,159,486 | |
Series 2024-A1 Class A, 4.6% 1/16/29 (c) | 1,892,000 | 1,880,002 | |
Citibank Credit Card Issuance Trust Series 2023-A1 Class A1, 5.23% 12/8/27 | 789,000 | 790,444 | |
Citizens Auto Receivables Trust Series 2024-1 Class A3, 5.11% 4/17/28 (b) | 764,000 | 762,869 | |
Dell Equipment Finance Trust 2 Series 2023-3 Class A3, 5.93% 4/23/29 (b) | 827,000 | 837,222 | |
Dell Equipment Finance Trust 2023-2 Series 2023-2 Class A3, 5.65% 1/22/29 (b) | 578,000 | 580,395 | |
Discover Card Execution Note Trust: | |||
Series 2022-A2 Class A, 3.32% 5/15/27 | 540,000 | 527,925 | |
Series 2022-A3 Class A3, 3.56% 7/15/27 | 1,472,000 | 1,439,841 | |
Series 2022-A4, Class A, 5.03% 10/15/27 | 1,613,000 | 1,610,961 | |
Dllaa 2023-1A Series 2023-1A Class A3, 5.64% 2/22/28 (b) | 146,000 | 147,514 | |
Ford Credit Auto Lease Trust Series 2023-B Class A3, 5.91% 10/15/26 | 1,684,000 | 1,696,226 | |
Ford Credit Auto Owner Trust: | |||
Series 2021-A Class A3, 0.3% 8/15/25 | 80,171 | 79,350 | |
Series 2023-B Class A3, 5.23% 5/15/28 | 1,127,000 | 1,130,434 | |
Ford Credit Floorplan Master Owner Trust Series 2023-1 Class A1, 4.92% 5/15/28 (b) | 1,171,000 | 1,165,773 | |
GM Financial Automobile Leasing Series 2023-2 Class A3, 5.05% 7/20/26 | 1,165,000 | 1,161,309 | |
Gm Financial Consumer Automobile Re Series 2023-3 Class A3, 5.45% 6/16/28 | 312,000 | 313,867 | |
GM Financial Consumer Automobile Receivables Series 2023 2 Class A3, 4.47% 2/16/28 | 440,000 | 435,123 | |
Gm Financial Leasing Trust 202 Series 2023-3 Class A3, 5.38% 11/20/26 | 147,000 | 147,290 | |
Gm Financial Securitized Term Series 2023-4 Class A3, 5.78% 8/16/28 | 1,324,000 | 1,342,503 | |
GMF Floorplan Owner Revolving Trust Series 2023-1 Class A1, 5.34% 6/15/28 (b) | 1,660,000 | 1,666,301 | |
Harot 2023-4 Series 2023-4 Class A3, 5.67% 6/21/28 | 1,195,000 | 1,208,036 | |
Honda Auto Receivables Owner Trust Series 2021-1 Class A3, 0.27% 4/21/25 | 80,881 | 80,272 | |
Huntington Auto Trust Series 2024-1A Class A3, 5.23% 1/16/29 (b) | 1,943,000 | 1,948,336 | |
Hyundai Auto Lease Securitizat Series 2023-C Class A3, 5.8% 12/15/26 (b) | 1,391,000 | 1,402,312 | |
Hyundai Auto Receivables Trust: | |||
Series 2023 A Class A3, 4.58% 4/15/27 | 533,000 | 527,727 | |
Series 2023-B Class A3, 5.48% 4/17/28 | 314,000 | 315,793 | |
Series 2023-C Class A3, 5.54% 10/16/28 | 994,000 | 1,004,430 | |
Mercedes-Benz Auto Receivables Series 2023-2 Class A3, 5.95% 11/15/28 | 759,000 | 773,736 | |
Nissan Auto Receivables 2023-B Series 2023-B Class A3, 5.93% 3/15/28 | 901,000 | 914,330 | |
Porsche Financial Auto Securitizati Series 2023-2A Class A3, 5.79% 1/22/29 (b) | 721,000 | 729,601 | |
SFS Auto Receivables Securitization Series 2024-1A Class A3, 4.95% 5/21/29 (b) | 585,000 | 581,866 | |
Tesla Electric Vehicle Trust 2023-1 Series 2023-1 Class A3, 5.38% 6/20/28 (b) | 808,000 | 812,204 | |
Toyota Auto Receivables 2023-D Series 2023-D Class A3, 5.54% 8/15/28 | 985,000 | 995,181 | |
Toyota Lease Owner Trust 2023- Series 2023-B Class A3, 5.66% 11/20/26 (b) | 1,515,000 | 1,526,459 | |
Usaa Auto Owner Trust 2023-A Series 2023-A Class A3, 5.58% 5/15/28 (b) | 1,697,000 | 1,708,604 | |
Verizon Master Trust: | |||
Series 2021-2 Class A, 0.99% 4/20/28 | 90,000 | 87,483 | |
Series 2023 2 Class A, 4.89% 4/13/28 | 1,342,000 | 1,334,860 | |
Series 2023-4 Class A1A, 5.16% 6/20/29 | 1,806,000 | 1,809,580 | |
Series 2023-5 Class A1A, 5.61% 9/8/28 | 1,480,000 | 1,487,252 | |
Volkswagen Auto Lease Trust 20 Series 2023-A Class A3, 5.81% 10/20/26 | 1,997,000 | 2,011,905 | |
Volkswagen Auto Loan Enhanced: | |||
Series 2023-1 Class A3, 5.02% 6/20/28 | 823,000 | 821,355 | |
Series 2023-2 Class A3, 5.48% 12/20/28 | 1,153,000 | 1,165,786 | |
Wells Fargo Card Issuance Trust Series 2024-A1 Class A, 4.94% 2/15/29 | 1,723,000 | 1,723,000 | |
World Omni Auto Receivables Trust: | |||
Series 2023-C Class A3, 5.15% 11/15/28 | 181,000 | 181,116 | |
Series 2023-D Class A3, 5.79% 2/15/29 | 1,089,000 | 1,106,014 | |
Series 2024-A Class A3, 4.86% 3/15/29 | 1,962,000 | 1,952,551 | |
TOTAL ASSET-BACKED SECURITIES (Cost $66,946,875) | 67,148,930 | ||
Collateralized Mortgage Obligations - 0.8% | |||
Principal Amount (a) | Value ($) | ||
U.S. Government Agency - 0.8% | |||
Fannie Mae Series 2022-28 Class A, 2.5% 2/25/52 | 413,858 | 380,414 | |
Freddie Mac: | |||
Series 2020-5000 Class BA, 2% 4/25/45 | 600,631 | 533,230 | |
Series 2022-5236: | |||
Class HP, 4.5% 12/25/42 | 2,524,377 | 2,464,759 | |
Class P, 5% 4/25/48 | 1,590,114 | 1,571,308 | |
Series 2022-5266 Class CD, 4.5% 10/25/44 | 336,075 | 327,611 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $5,307,126) | 5,277,322 | ||
Commercial Mortgage Securities - 1.8% | |||
Principal Amount (a) | Value ($) | ||
BANK sequential payer Series 2017-BNK9 Class ASB, 3.47% 11/15/54 | 2,557,016 | 2,472,493 | |
BX Commercial Mortgage Trust floater: | |||
Series 2021-ACNT Class A, CME Term SOFR 1 Month Index + 0.960% 6.2825% 11/15/38 (b)(c)(d) | 98,494 | 97,848 | |
Series 2021-BXMF Class A, CME Term SOFR 1 Month Index + 0.750% 6.0684% 10/15/26 (b)(c)(d) | 93,847 | 92,732 | |
Series 2021-PAC Class A, CME Term SOFR 1 Month Index + 0.800% 6.1216% 10/15/36 (b)(c)(d) | 100,000 | 98,969 | |
Series 2022-LP2 Class A, CME Term SOFR 1 Month Index + 1.010% 6.3305% 2/15/39 (b)(c)(d) | 80,508 | 79,930 | |
BX Trust floater Series 2022-GPA Class A, CME Term SOFR 1 Month Index + 2.160% 7.4826% 8/15/39 (b)(c)(d) | 16,869 | 16,912 | |
CD Mortgage Trust sequential payer Series 2017-CD5 Class AAB, 3.22% 8/15/50 | 478,125 | 461,275 | |
Credit Suisse Mortgage Trust floater Series 2019-ICE4 Class A, CME Term SOFR 1 Month Index + 1.020% 6.345% 5/15/36 (b)(c)(d) | 3,112,257 | 3,112,283 | |
CSAIL Commercial Mortgage Trust Series 2017-CX9 Class A2, 3.0538% 9/15/50 | 5,239 | 5,225 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class A, CME Term SOFR 1 Month Index + 0.810% 6.1335% 11/15/38 (b)(c)(d) | 769,105 | 761,414 | |
GS Mortgage Securities Trust sequential payer: | |||
Series 2015-GC32 Class AAB, 3.513% 7/10/48 | 153,621 | 151,550 | |
Series 2016-GS2 Class AAB, 2.922% 5/10/49 | 421,119 | 409,866 | |
Series 2017-GS7 Class AAB, 3.203% 8/10/50 | 1,840,484 | 1,782,002 | |
JPMorgan Chase Commercial Mortgage Securities Trust sequential payer Series 2019-COR4 Class ASB, 3.9381% 3/10/52 | 983,114 | 951,031 | |
Life Financial Services Trust floater Series 2022-BMR2 Class A1, CME Term SOFR 1 Month Index + 1.290% 6.6129% 5/15/39 (b)(c)(d) | 445,000 | 441,106 | |
SREIT Trust floater Series 2021-MFP Class A, CME Term SOFR 1 Month Index + 0.840% 6.1629% 11/15/38 (b)(c)(d) | 191,373 | 190,506 | |
Wells Fargo Commercial Mortgage Trust sequential payer: | |||
Series 2015-C27 Class ASB, 3.278% 2/15/48 | 126,908 | 125,298 | |
Series 2019-C50 Class ASB, 3.635% 5/15/52 | 1,000,000 | 959,791 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $12,134,666) | 12,210,231 | ||
Money Market Funds - 0.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) (Cost $992,070) | 991,872 | 992,070 | |
TOTAL INVESTMENT IN SECURITIES - 99.1% (Cost $674,002,718) | 669,072,936 |
NET OTHER ASSETS (LIABILITIES) - 0.9% | 5,886,075 |
NET ASSETS - 100.0% | 674,959,011 |
(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 $49,241,831 or 7.3% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 8,051,408 | 83,335,037 | 90,394,375 | 101,122 | - | - | 992,070 | 0.0% |
Total | 8,051,408 | 83,335,037 | 90,394,375 | 101,122 | - | - | 992,070 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Corporate Bonds | 198,189,573 | - | 198,189,573 | - |
U.S. Government and Government Agency Obligations | 370,986,199 | - | 370,986,199 | - |
U.S. Government Agency - Mortgage Securities | 14,268,611 | - | 14,268,611 | - |
Asset-Backed Securities | 67,148,930 | - | 67,148,930 | - |
Collateralized Mortgage Obligations | 5,277,322 | - | 5,277,322 | - |
Commercial Mortgage Securities | 12,210,231 | - | 12,210,231 | - |
Money Market Funds | 992,070 | 992,070 | - | - |
Total Investments in Securities: | 669,072,936 | 992,070 | 668,080,866 | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $673,010,648) | $ | 668,080,866 | ||
Fidelity Central Funds (cost $992,070) | 992,070 | |||
Total Investment in Securities (cost $674,002,718) | $ | 669,072,936 | ||
Receivable for investments sold | 13,808,322 | |||
Interest receivable | 5,707,408 | |||
Distributions receivable from Fidelity Central Funds | 10,425 | |||
Total assets | 688,599,091 | |||
Liabilities | ||||
Payable for investments purchased | $ | 13,640,033 | ||
Other payables and accrued expenses | 47 | |||
Total Liabilities | 13,640,080 | |||
Net Assets | $ | 674,959,011 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 692,116,744 | ||
Total accumulated earnings (loss) | (17,157,733) | |||
Net Assets | $ | 674,959,011 | ||
Net Asset Value, offering price and redemption price per share ($674,959,011 ÷ 74,536,556 shares) | $ | 9.06 |
Statement of Operations | ||||
Six months ended February 29, 2024 (Unaudited) | ||||
Investment Income | ||||
Interest | $ | 14,940,105 | ||
Income from Fidelity Central Funds | 101,122 | |||
Total Income | 15,041,227 | |||
Expenses | ||||
Independent trustees' fees and expenses | $ | 1,145 | ||
Total expenses before reductions | 1,145 | |||
Expense reductions | (240) | |||
Total expenses after reductions | 905 | |||
Net Investment income (loss) | 15,040,322 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (3,271,030) | |||
Total net realized gain (loss) | (3,271,030) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 7,490,549 | |||
Net gain (loss) | 4,219,519 | |||
Net increase (decrease) in net assets resulting from operations | $ | 19,259,841 |
Statement of Changes in Net Assets | ||||
Six months ended February 29, 2024 (Unaudited) | Year ended August 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 15,040,322 | $ | 27,513,583 |
Net realized gain (loss) | (3,271,030) | (8,216,622) | ||
Change in net unrealized appreciation (depreciation) | 7,490,549 | (8,068,082) | ||
Net increase (decrease) in net assets resulting from operations | 19,259,841 | 11,228,879 | ||
Distributions to shareholders | (15,008,186) | (27,485,070) | ||
Share transactions | ||||
Proceeds from sales of shares | 7,400,000 | 533,352,501 | ||
Reinvestment of distributions | 15,008,186 | 27,485,070 | ||
Cost of shares redeemed | (52,900,000) | (74,140,000) | ||
Net increase (decrease) in net assets resulting from share transactions | (30,491,814) | 486,697,571 | ||
Total increase (decrease) in net assets | (26,240,159) | 470,441,380 | ||
Net Assets | ||||
Beginning of period | 701,199,170 | 230,757,790 | ||
End of period | $ | 674,959,011 | $ | 701,199,170 |
Other Information | ||||
Shares | ||||
Sold | 829,036 | 58,077,352 | ||
Issued in reinvestment of distributions | 1,662,154 | 3,028,822 | ||
Redeemed | (5,821,224) | (8,186,955) | ||
Net increase (decrease) | (3,330,034) | 52,919,219 | ||
Fidelity® Education Income Fund |
Six months ended (Unaudited) February 29, 2024 | Years ended August 31, 2023 | 2022 | 2021 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 9.01 | $ | 9.25 | $ | 10.05 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .195 | .360 | .224 | .036 | ||||
Net realized and unrealized gain (loss) | .050 | (.240) | (.858) | .052 | ||||
Total from investment operations | .245 | .120 | (.634) | .088 | ||||
Distributions from net investment income | (.195) | (.360) | (.153) | (.038) | ||||
Distributions from net realized gain | - | - | (.013) | - | ||||
Total distributions | (.195) | (.360) | (.166) | (.038) | ||||
Net asset value, end of period | $ | 9.06 | $ | 9.01 | $ | 9.25 | $ | 10.05 |
Total Return D,E | 2.75% | 1.34% | (6.34)% | .89% | ||||
Ratios to Average Net Assets B,F,G | ||||||||
Expenses before reductions H | -% I | -% | -% | -% I | ||||
Expenses net of fee waivers, if any H | -% I | -% | -% | -% I | ||||
Expenses net of all reductions H | -% I | -% | -% | -% I | ||||
Net investment income (loss) | 4.36% I | 3.95% | 2.40% | .79% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 674,959 | $ | 701,199 | $ | 230,758 | $ | 30,938 |
Portfolio turnover rate J | 52% I | 73% | 80% | 87% K,L |
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% |
Gross unrealized appreciation | $1,731,581 |
Gross unrealized depreciation | (6,695,450) |
Net unrealized appreciation (depreciation) | $(4,963,869) |
Tax cost | $674,036,805 |
Short-term | $(7,895,194) |
Long-term | (1,050,273) |
Total capital loss carryforward | $(8,945,467) |
Purchases ($) | Sales ($) | |
Fidelity Education Income Fund | 58,643,684 | 25,120,384 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Fidelity® Education Income Fund | -%-D | |||||||||
Actual | $ 1,000 | $ 1,027.50 | $-E | |||||||
Hypothetical-B | $ 1,000 | $ 1,024.86 | $-E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | ||
Proposal 1 | ||
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Abigail P. Johnson | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Jennifer Toolin McAuliffe | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Christine J. Thompson | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Elizabeth S. Acton | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Laura M. Bishop | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Ann E. Dunwoody | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
John Engler | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Robert F. Gartland | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Robert W. Helm | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Arthur E. Johnson | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Michael E. Kenneally | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Mark A. Murray | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Carol J. Zierhoffer | ||
Affirmative | 4,609,272,776.15 | 100.00 |
TOTAL | 4,609,272,776.15 | 100.00 |
Proposal 1 reflects trust wide proposal and voting results. |
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.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Garrison Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Garrison Street Trust’s (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 Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Garrison Street Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer (Principal Executive Officer) | |
Date: | April 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer (Principal Executive Officer) | |
Date: | April 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer (Principal Financial Officer) | |
Date: | April 22, 2024 |