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Fidelity Garrison Street Trust
2024-08-31
Fidelity® Education Income Fund
Fidelity® Education Income Fund
true
This annual shareholder report contains information about Fidelity® Education Income Fund for the period September 1, 2023 to August 31, 2024.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-800-544-8544
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div>
<div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<span style="line-height:12px;"> </span><div style="text-align:left;"></div>
<div style="text-align:left;"></div>
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:45%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:24%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:30%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div>
</td>
</tr>
<tr><td style="width:45%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Education Income Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:24%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>0<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">A</span></div>
</td>
<td style="width:30%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;">0.00<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">B</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div>
</td>
</tr>
</table>
<div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">A </span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Amount represents less than $.50</span></div>
<div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:super;font-weight:normal;">B </span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Amount represents less than 0.005%</span></div>
<span style="line-height:12px;"> </span><div style="text-align:left;"></div>
<div style="text-align:left;"></div>
0
0.0000
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. taxable investment-grade bonds posted a strong advance for the 12 months ending August 31, 2024, helped by a late-period gain, as the bond market reflected anticipated interest-rate reductions by the U.S. Federal Reserve, which are expected to start in September. The full 12-month period was marked by high volatility. </span></div>
<div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the fund's strategy of overweighting corporate bonds, while underweighting U.S. Treasurys, contributed to its performance versus the composite index. Within corporates, debt holdings among financial institutions - especially banks - and industrial firms, particularly in the consumer cyclical segment, added notable value.</span></div>
<div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Non-composite exposure to asset-backed securities, including car loan debt and credit card receivables, also meaningfully contributed. A small, out-of-index allocation to commercial mortgage-backed securities helped as well.</span></div>
<div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the fund's yield-curve positioning detracted from relative performance. </span></div>
<div style="text-align:left;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>At period end, corporates made up about 33% of fund assets, up from roughly 26% a year ago and notably overweight versus the composite index average of 17%. Exposure to U.S. Treasurys stood at 49% at the end of the fiscal year, compared with an average of 75% for the composite index, while out-of-index exposure to asset-backed securities composed roughly 13% of fund assets as of August 31. </span></div>
<div style="text-align:left;"></div>
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
March 16, 2021 through August 31, 2024.
Initial investment of $10,000.
Fidelity® Education Income Fund
$10,000
$10,089
$9,448
$9,575
Fidelity Education Income Composite Index℠
$10,000
$10,059
$9,437
$9,515
Bloomberg U.S. 1-5 Year Government/Credit Bond Index
$10,000
$10,055
$9,467
$9,580
Bloomberg U.S. Aggregate Bond Index
$10,000
$10,268
$9,085
$8,977
2021
2022
2023
2024
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Education Income Fund</span>
10000
10089
9448
9575
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Education Income Composite Index℠</span>
10000
10059
9437
9515
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg U.S. 1-5 Year Government/Credit Bond Index</span>
10000
10055
9467
9580
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg U.S. Aggregate Bond Index</span>
10000
10268
9085
8977
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
Life of Fund A
Fidelity® Education Income Fund
6.83%
0.66%
Fidelity Education Income Composite Index℠
6.48%
0.38%
Bloomberg U.S. 1-5 Year Government/Credit Bond Index
6.67%
0.63%
Bloomberg U.S. Aggregate Bond Index
7.30%
-1.08%
A From March 16, 2021
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.0683
0.0066
0.0648
0.0038
0.0667
0.0063
0.0730
-0.0108
2021-03-16
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<span style="line-height:16px;"> </span><div style="text-align:left;"></div>
<div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2024)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;"></div>
<table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<span style="line-height:11px;"> </span><div style="text-align:left;"></div>
<div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<span style="line-height:11px;"> </span><div style="text-align:left;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>691,570,222</div>
<span style="line-height:11px;"> </span><div style="text-align:right;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">327</div>
<span style="line-height:11px;"> </span><div style="text-align:right;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>0</div>
<span style="line-height:11px;"> </span><div style="text-align:right;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;">77<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<span style="line-height:11px;"> </span><div style="text-align:right;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;"></div>
</td>
</tr>
</table>
<div style="text-align:left;"></div>
691570222
327
0
0.77
U.S. Government and U.S. Government Agency Obligations
50.2
AAA
15.3
AA
1.8
A
18.2
BBB
12.3
Not Rated
0.7
Short-Term Investments and Net Other Assets (Liabilities)
1.5
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.
U.S. Treasury Obligations
48.4
Corporate Bonds
32.3
Asset-Backed Securities
13.3
CMOs and Other Mortgage Related Securities
2.7
U.S. Government Agency - Mortgage Securities
1.8
Short-Term Investments and Net Other Assets (Liabilities)
1.5
ASSET ALLOCATION (% of Fund's net assets)
United States
90.1
United Kingdom
2.9
Germany
1.9
Japan
1.0
Switzerland
1.0
Canada
0.8
Norway
0.7
France
0.7
Netherlands
0.5
Others
0.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
0.502
0.153
0.018
0.182
0.123
0.007
0.015
0.484
0.323
0.133
0.027
0.018
0.015
0.901
0.029
0.019
0.010
0.010
0.008
0.007
0.007
0.005
0.004
TOP HOLDINGS
(% of Fund's net assets)
US Treasury Notes
48.4
JPMorgan Chase & Co
2.1
Bank of America Corp
1.6
Fannie Mae Mortgage pass-thru certificates
1.3
American Express Cr Acc Mst Tr
1.3
Morgan Stanley
1.2
Wells Fargo & Co
1.1
Chase Issuance Trust
1.0
Citigroup Inc
1.0
UBS Group AG
1.0
60.0
0.484
0.021
0.016
0.013
0.013
0.012
0.011
0.010
0.010
0.010