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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.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® VIP Investment Grade Central Fund	6.13%	2.21%	2.66%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Investment Grade Central Fund on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

U.S. taxable investment-grade bonds gained 5.53% in 2023, according to the Bloomberg U.S. Aggregate Bond Index. The strong full-year gain was driven by a powerful rally in the year's final two months, but the 12-month period was marked by high levels of volatility. The first months of the year saw the bond market start to rebound from the historic downturn that began in early 2022, when the U.S. Federal Reserve began an aggressive series of interest rate hikes to combat persistent inflation. The index advanced 3.59% in the first four months of 2023 on optimism the central bank would soon be done with its hiking cycle, only to fall back in each of the next six months, as cooling but still-high inflation and a strong labor market suggested it may need to keep raising rates. Bonds saw particularly sharp sell-offs in September (-2.54%) and October (-1.58%) after policymakers explicitly adopted a "higher for longer" message on rates. At its committee meetings in November and December, though, the Fed struck a new, more optimistic tone, and the remarks, which in both months were soon followed by a mild consumer price index report, led to a strong relief rally. The index gained 4.53% in November, its best month since the 1980s, and a further 3.83% in December. For the full 12 months, long-term bonds outperformed short-term issues, while lower-quality bonds bettered higher-quality debt, and risk assets, including corporate bonds and asset-backed securities, outpaced U.S. Treasuries.

Comments from Co-Portfolio Managers Celso Munoz and Ford O'Neil:

For the year, the fund gained 6.13%, outpacing the 5.53% advance of the benchmark, the Bloomberg U.S. Aggregate Bond Index. An overweight to asset-backed securities, including collateralized loan obligations and loans backed by airline leases, notably boosted relative performance, given that these securities outperformed the benchmark. Security selection among asset-backed securities also was beneficial. Exposure to commercial mortgage-backed securities and emerging markets debt, two higher-yielding segments that fared better than the benchmark, contributed to the relative result as well. Among corporate securities, an overweight to financials added value. Security selection among corporates was notably favorable, led by individual standouts such as UBS in the financials segment and AB InBev and Hess in the industrials segment. In contrast, an underweight in the investment-grade industrials segment overall, and in technology specifically, detracted from the fund's relative performance.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary December 31, 2023 (Unaudited)

Quality Diversification (% of Fund's net assets)

Short-Term Investments and Net Other Assets (Liabilities) - (2.0)%

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)

Short-Term Investments and Net Other Assets (Liabilities) - (2.0)%

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Nonconvertible Bonds - 26.3%
	Principal Amount (a)	Value ($)
COMMUNICATION SERVICES - 2.3%
Diversified Telecommunication Services - 0.6%
AT&T, Inc.:
2.55% 12/1/33	4,584,000	3,736,056
3.8% 12/1/57	4,678,000	3,477,356
4.3% 2/15/30	859,000	841,138
4.75% 5/15/46	4,816,000	4,352,968
Verizon Communications, Inc.:
2.1% 3/22/28	1,835,000	1,659,949
2.55% 3/21/31	1,698,000	1,464,098
3% 3/22/27	397,000	377,439
4.862% 8/21/46	2,282,000	2,177,154
5.012% 4/15/49	89,000	89,090
		18,175,248
Entertainment - 0.3%
The Walt Disney Co.:
3.8% 3/22/30	7,061,000	6,854,489
4.7% 3/23/50	2,229,000	2,164,565
		9,019,054
Media - 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
2.25% 1/15/29	1,100,000	954,435
4.4% 4/1/33	1,073,000	990,254
4.908% 7/23/25	1,184,000	1,172,744
5.25% 4/1/53	816,000	683,436
5.375% 5/1/47	5,834,000	4,957,866
5.5% 4/1/63	1,073,000	895,389
6.484% 10/23/45	842,000	827,361
Comcast Corp.:
2.937% 11/1/56	2,100,000	1,381,212
3.9% 3/1/38	329,000	294,110
4.65% 7/15/42	779,000	730,731
Discovery Communications LLC:
3.625% 5/15/30	1,066,000	966,217
4.65% 5/15/50	2,883,000	2,315,831
Fox Corp.:
4.03% 1/25/24	389,000	388,523
4.709% 1/25/29	563,000	559,776
5.476% 1/25/39	555,000	539,614
5.576% 1/25/49	368,000	354,896
Magallanes, Inc.:
3.638% 3/15/25	694,000	678,940
3.755% 3/15/27	1,357,000	1,300,251
4.054% 3/15/29	470,000	445,932
4.279% 3/15/32	1,970,000	1,802,952
5.05% 3/15/42	996,000	878,054
5.141% 3/15/52	1,583,000	1,358,777
Time Warner Cable LLC:
4.5% 9/15/42	283,000	222,080
5.5% 9/1/41	521,000	450,709
5.875% 11/15/40	460,000	416,391
6.55% 5/1/37	6,199,000	6,107,681
7.3% 7/1/38	1,160,000	1,196,168
		32,870,330
Wireless Telecommunication Services - 0.3%
Rogers Communications, Inc.:
3.2% 3/15/27	1,461,000	1,394,530
3.8% 3/15/32	1,275,000	1,173,285
T-Mobile U.S.A., Inc.:
3.75% 4/15/27	1,871,000	1,814,733
3.875% 4/15/30	2,705,000	2,565,156
4.375% 4/15/40	404,000	364,522
4.5% 4/15/50	793,000	700,655
		8,012,881
TOTAL COMMUNICATION SERVICES		68,077,513
CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.0%
General Motors Financial Co., Inc. 5.85% 4/6/30	953,000	982,785
Hotels, Restaurants & Leisure - 0.0%
McDonald's Corp.:
3.5% 7/1/27	517,000	502,177
3.6% 7/1/30	615,000	583,357
		1,085,534
Household Durables - 0.1%
Toll Brothers Finance Corp. 4.875% 3/15/27	1,135,000	1,128,410
Leisure Products - 0.1%
Hasbro, Inc. 3% 11/19/24	1,348,000	1,315,815
Specialty Retail - 0.3%
AutoNation, Inc. 4.75% 6/1/30	234,000	226,007
AutoZone, Inc.:
3.625% 4/15/25	350,000	343,680
4% 4/15/30	1,629,000	1,565,064
Lowe's Companies, Inc.:
3.35% 4/1/27	211,000	203,233
3.75% 4/1/32	649,000	607,378
4.25% 4/1/52	2,647,000	2,240,942
4.45% 4/1/62	2,720,000	2,293,150
4.5% 4/15/30	1,170,000	1,163,205
O'Reilly Automotive, Inc. 4.2% 4/1/30	361,000	347,775
		8,990,434
TOTAL CONSUMER DISCRETIONARY		13,502,978
CONSUMER STAPLES - 1.5%
Beverages - 0.6%
Anheuser-Busch InBev Finance, Inc. 4.7% 2/1/36	2,842,000	2,832,727
Anheuser-Busch InBev Worldwide, Inc.:
3.5% 6/1/30	1,135,000	1,079,823
4.75% 4/15/58	1,764,000	1,672,479
5.8% 1/23/59 (Reg. S)	3,472,000	3,889,764
Molson Coors Beverage Co.:
3% 7/15/26	2,300,000	2,202,808
5% 5/1/42	4,016,000	3,866,547
The Coca-Cola Co.:
3.375% 3/25/27	1,742,000	1,701,256
3.45% 3/25/30	1,064,000	1,021,746
		18,267,150
Food Products - 0.4%
General Mills, Inc. 2.875% 4/15/30	220,000	198,809
JBS U.S.A. Lux SA / JBS Food Co.:
2.5% 1/15/27	4,189,000	3,854,969
3% 5/15/32	3,400,000	2,768,148
3.625% 1/15/32	320,000	274,327
5.125% 2/1/28	1,340,000	1,332,565
5.5% 1/15/30	380,000	373,455
5.75% 4/1/33	2,700,000	2,674,584
		11,476,857
Tobacco - 0.5%
Altria Group, Inc.:
4.25% 8/9/42	1,696,000	1,377,529
4.5% 5/2/43	1,137,000	948,210
4.8% 2/14/29	311,000	310,007
5.375% 1/31/44	1,030,000	1,011,119
5.95% 2/14/49	407,000	414,535
Imperial Tobacco Finance PLC:
4.25% 7/21/25 (b)	4,751,000	4,665,912
6.125% 7/27/27 (b)	1,136,000	1,166,478
Reynolds American, Inc.:
4.45% 6/12/25	446,000	440,789
5.7% 8/15/35	373,000	368,101
6.15% 9/15/43	1,227,000	1,214,087
7.25% 6/15/37	909,000	986,443
		12,903,210
TOTAL CONSUMER STAPLES		42,647,217
ENERGY - 3.0%
Energy Equipment & Services - 0.0%
Halliburton Co.:
3.8% 11/15/25	18,000	17,639
4.85% 11/15/35	661,000	650,544
		668,183
Oil, Gas & Consumable Fuels - 3.0%
Canadian Natural Resources Ltd.:
3.8% 4/15/24	2,081,000	2,068,820
5.85% 2/1/35	766,000	779,894
Cenovus Energy, Inc.:
3.75% 2/15/52	2,600,000	1,913,504
5.25% 6/15/37	1,010,000	964,559
Columbia Pipeline Group, Inc. 4.5% 6/1/25	410,000	404,730
Columbia Pipelines Operating Co. LLC:
5.927% 8/15/30 (b)	394,000	407,402
6.036% 11/15/33 (b)	1,061,000	1,111,153
6.497% 8/15/43 (b)	317,000	339,487
6.544% 11/15/53 (b)	571,000	628,676
6.714% 8/15/63 (b)	342,000	377,157
DCP Midstream Operating LP:
5.6% 4/1/44	376,000	369,584
6.45% 11/3/36 (b)	760,000	808,126
6.75% 9/15/37 (b)	1,037,000	1,139,660
Enbridge, Inc. 4.25% 12/1/26	544,000	536,672
Energy Transfer LP:
3.75% 5/15/30	710,000	659,325
3.9% 5/15/24 (c)	405,000	401,922
4.5% 4/15/24	387,000	385,551
4.95% 6/15/28	1,242,000	1,237,140
5% 5/15/50	2,045,000	1,823,262
5.25% 4/15/29	629,000	633,705
5.4% 10/1/47	414,000	385,758
5.8% 6/15/38	692,000	694,084
6% 6/15/48	451,000	454,349
6.25% 4/15/49	432,000	446,733
Enterprise Products Operating LP 3.7% 2/15/26	1,472,000	1,449,456
Hess Corp.:
4.3% 4/1/27	1,500,000	1,484,107
5.6% 2/15/41	4,059,000	4,262,623
7.125% 3/15/33	308,000	355,987
7.3% 8/15/31	411,000	473,684
7.875% 10/1/29	1,346,000	1,546,449
Kinder Morgan Energy Partners LP 6.55% 9/15/40	141,000	148,709
Kinder Morgan, Inc. 5.55% 6/1/45	747,000	718,510
MPLX LP:
4.8% 2/15/29	345,000	342,537
4.875% 12/1/24	839,000	834,213
4.95% 9/1/32	2,116,000	2,070,484
5.5% 2/15/49	1,036,000	1,001,904
Occidental Petroleum Corp.:
5.55% 3/15/26	1,587,000	1,598,474
6.2% 3/15/40	521,000	537,933
6.45% 9/15/36	1,412,000	1,493,898
6.6% 3/15/46	1,751,000	1,895,878
7.5% 5/1/31	2,356,000	2,641,889
Petroleos Mexicanos:
4.5% 1/23/26	1,632,000	1,520,893
5.95% 1/28/31	1,097,000	870,470
6.35% 2/12/48	4,049,000	2,568,240
6.49% 1/23/27	1,175,000	1,095,923
6.5% 3/13/27	1,481,000	1,376,404
6.5% 1/23/29	1,705,000	1,501,466
6.7% 2/16/32	1,810,000	1,497,775
6.75% 9/21/47	3,713,000	2,429,230
6.84% 1/23/30	5,684,000	4,875,735
6.95% 1/28/60	2,417,000	1,589,178
7.69% 1/23/50	4,972,000	3,536,335
Phillips 66 Co. 3.85% 4/9/25	188,000	184,958
Plains All American Pipeline LP/PAA Finance Corp.:
3.55% 12/15/29	405,000	372,871
3.6% 11/1/24	426,000	418,088
Sabine Pass Liquefaction LLC 4.5% 5/15/30	2,447,000	2,391,370
The Williams Companies, Inc.:
3.5% 11/15/30	2,609,000	2,388,716
3.9% 1/15/25	373,000	367,019
4.3% 3/4/24	1,671,000	1,666,810
4.55% 6/24/24	4,091,000	4,068,369
4.65% 8/15/32	2,206,000	2,150,417
5.3% 8/15/52	500,000	484,039
Transcontinental Gas Pipe Line Co. LLC:
3.25% 5/15/30	312,000	282,808
3.95% 5/15/50	1,007,000	812,541
Western Gas Partners LP:
3.95% 6/1/25	266,000	259,350
4.5% 3/1/28	613,000	592,919
4.65% 7/1/26	2,778,000	2,729,312
4.75% 8/15/28	354,000	345,558
6.35% 1/15/29	978,000	1,021,433
		85,226,215
TOTAL ENERGY		85,894,398
FINANCIALS - 12.7%
Banks - 5.7%
Bank of America Corp.:
2.299% 7/21/32 (c)	4,656,000	3,801,797
3.419% 12/20/28 (c)	5,817,000	5,479,200
3.5% 4/19/26	1,541,000	1,499,499
3.95% 4/21/25	1,265,000	1,243,555
4.2% 8/26/24	6,127,000	6,069,525
4.25% 10/22/26	1,307,000	1,283,233
4.45% 3/3/26	465,000	459,880
5.015% 7/22/33 (c)	17,054,000	16,870,341
Barclays PLC:
5.088% 6/20/30 (c)	2,253,000	2,181,293
5.2% 5/12/26	1,908,000	1,895,630
5.829% 5/9/27 (c)	2,670,000	2,693,876
6.224% 5/9/34 (c)	2,277,000	2,361,650
6.692% 9/13/34 (c)	3,300,000	3,527,698
BNP Paribas SA 2.219% 6/9/26 (b)(c)	2,313,000	2,207,863
Citigroup, Inc.:
3.352% 4/24/25 (c)	1,521,000	1,509,348
3.875% 3/26/25	2,914,000	2,859,523
4.3% 11/20/26	532,000	521,356
4.412% 3/31/31 (c)	3,258,000	3,116,099
4.45% 9/29/27	5,245,000	5,124,411
4.6% 3/9/26	673,000	664,337
4.91% 5/24/33 (c)	3,492,000	3,418,896
5.5% 9/13/25	1,694,000	1,701,715
6.174% 5/25/34 (c)	1,574,000	1,628,736
6.27% 11/17/33 (c)	7,000,000	7,490,076
Citizens Financial Group, Inc. 2.638% 9/30/32	1,490,000	1,150,383
Commonwealth Bank of Australia 3.61% 9/12/34 (b)(c)	802,000	715,480
HSBC Holdings PLC:
4.25% 3/14/24	675,000	672,439
4.95% 3/31/30	437,000	433,291
Intesa Sanpaolo SpA:
5.017% 6/26/24 (b)	1,330,000	1,316,181
5.71% 1/15/26 (b)	3,922,000	3,902,344
JPMorgan Chase & Co.:
2.956% 5/13/31 (c)	1,324,000	1,163,496
3.875% 9/10/24	13,419,000	13,269,472
4.125% 12/15/26	4,319,000	4,233,465
4.493% 3/24/31 (c)	3,926,000	3,827,844
4.586% 4/26/33 (c)	12,887,000	12,450,716
4.912% 7/25/33 (c)	5,229,000	5,170,070
5.717% 9/14/33 (c)	2,500,000	2,586,749
NatWest Group PLC 3.073% 5/22/28 (c)	1,427,000	1,325,188
Rabobank Nederland 4.375% 8/4/25	2,285,000	2,243,671
Santander Holdings U.S.A., Inc.:
2.49% 1/6/28 (c)	1,754,000	1,605,748
6.499% 3/9/29 (c)	2,600,000	2,685,994
Societe Generale:
1.038% 6/18/25 (b)(c)	4,852,000	4,740,881
1.488% 12/14/26 (b)(c)	2,986,000	2,748,272
Wells Fargo & Co.:
2.406% 10/30/25 (c)	1,400,000	1,361,871
3.526% 3/24/28 (c)	2,893,000	2,759,976
4.478% 4/4/31 (c)	4,386,000	4,237,080
4.897% 7/25/33 (c)	5,000,000	4,870,873
5.013% 4/4/51 (c)	6,470,000	6,154,180
Westpac Banking Corp. 4.11% 7/24/34 (c)	1,139,000	1,041,309
		166,276,510
Capital Markets - 3.2%
Affiliated Managers Group, Inc. 3.5% 8/1/25	1,700,000	1,648,164
Ares Capital Corp. 3.875% 1/15/26	3,822,000	3,671,613
Blackstone Private Credit Fund:
4.7% 3/24/25	5,035,000	4,948,644
7.05% 9/29/25	2,656,000	2,702,958
Deutsche Bank AG 4.5% 4/1/25	3,669,000	3,600,467
Deutsche Bank AG New York Branch 6.72% 1/18/29 (c)	1,600,000	1,675,531
Goldman Sachs Group, Inc.:
2.383% 7/21/32 (c)	2,893,000	2,376,965
3.102% 2/24/33 (c)	1,545,000	1,326,250
3.691% 6/5/28 (c)	12,774,000	12,204,751
3.8% 3/15/30	4,751,000	4,463,911
4.25% 10/21/25	696,000	683,152
6.75% 10/1/37	689,000	758,407
Moody's Corp.:
3.25% 1/15/28	732,000	698,517
3.75% 3/24/25	1,557,000	1,532,406
Morgan Stanley:
3.125% 7/27/26	6,737,000	6,451,029
3.622% 4/1/31 (c)	3,078,000	2,835,535
3.625% 1/20/27	3,374,000	3,271,050
4.431% 1/23/30 (c)	1,348,000	1,312,921
4.889% 7/20/33 (c)	6,522,000	6,359,403
5% 11/24/25	4,489,000	4,482,359
5.424% 7/21/34 (c)	3,524,000	3,576,430
6.296% 10/18/28 (c)	2,500,000	2,618,847
6.342% 10/18/33 (c)	5,000,000	5,391,497
Peachtree Corners Funding Trust 3.976% 2/15/25 (b)	1,534,000	1,508,479
UBS Group AG:
1.494% 8/10/27 (b)(c)	1,788,000	1,615,536
2.593% 9/11/25 (b)(c)	3,245,000	3,174,531
3.75% 3/26/25	1,429,000	1,399,915
3.869% 1/12/29 (b)(c)	1,233,000	1,162,306
4.125% 9/24/25 (b)	1,614,000	1,578,473
4.194% 4/1/31 (b)(c)	2,950,000	2,746,577
4.55% 4/17/26	790,000	779,677
		92,556,301
Consumer Finance - 2.3%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
1.65% 10/29/24	886,000	855,083
2.45% 10/29/26	1,236,000	1,144,439
3% 10/29/28	1,295,000	1,182,320
3.3% 1/30/32	1,385,000	1,205,407
3.5% 1/15/25	2,546,000	2,488,281
4.45% 4/3/26	959,000	941,655
4.875% 1/16/24	1,538,000	1,537,017
6.45% 4/15/27 (b)	4,054,000	4,197,580
6.5% 7/15/25	1,112,000	1,126,089
Ally Financial, Inc.:
5.125% 9/30/24	656,000	650,738
5.8% 5/1/25	1,606,000	1,607,388
6.7% 2/14/33	5,000,000	5,005,918
7.1% 11/15/27	2,560,000	2,660,734
8% 11/1/31	829,000	908,170
Capital One Financial Corp.:
2.636% 3/3/26 (c)	1,495,000	1,432,488
3.273% 3/1/30 (c)	1,912,000	1,707,612
3.65% 5/11/27	4,134,000	3,941,661
3.8% 1/31/28	2,165,000	2,055,772
4.927% 5/10/28 (c)	2,300,000	2,260,406
4.985% 7/24/26 (c)	2,151,000	2,126,149
5.247% 7/26/30 (c)	2,770,000	2,721,614
5.468% 2/1/29 (c)	1,952,000	1,946,231
5.817% 2/1/34 (c)	2,680,000	2,666,937
Discover Financial Services:
3.95% 11/6/24	873,000	858,156
4.1% 2/9/27	875,000	839,663
4.5% 1/30/26	1,437,000	1,418,439
6.7% 11/29/32	537,000	562,529
Ford Motor Credit Co. LLC:
4.063% 11/1/24	5,400,000	5,305,132
5.584% 3/18/24	1,916,000	1,913,368
Synchrony Financial:
3.95% 12/1/27	2,356,000	2,203,248
4.25% 8/15/24	2,051,000	2,028,446
4.375% 3/19/24	1,677,000	1,671,003
5.15% 3/19/29	2,576,000	2,501,257
		65,670,930
Financial Services - 0.7%
AIG Global Funding 5.9% 9/19/28 (b)	1,659,000	1,709,170
Brixmor Operating Partnership LP:
4.05% 7/1/30	1,554,000	1,452,138
4.125% 6/15/26	1,425,000	1,379,938
4.125% 5/15/29	1,549,000	1,474,110
Corebridge Financial, Inc.:
3.5% 4/4/25	646,000	629,759
3.65% 4/5/27	2,280,000	2,192,678
3.85% 4/5/29	904,000	851,840
3.9% 4/5/32	1,076,000	972,668
4.35% 4/5/42	245,000	207,650
4.4% 4/5/52	724,000	606,815
Equitable Holdings, Inc. 4.35% 4/20/28	1,304,000	1,259,025
Jackson Financial, Inc.:
3.125% 11/23/31	273,000	229,775
5.17% 6/8/27	1,014,000	1,012,061
5.67% 6/8/32	1,092,000	1,105,367
Park Aerospace Holdings Ltd. 5.5% 2/15/24 (b)	1,871,000	1,867,514
Pine Street Trust I 4.572% 2/15/29 (b)	1,750,000	1,664,081
Pine Street Trust II 5.568% 2/15/49 (b)	1,748,000	1,566,061
		20,180,650
Insurance - 0.8%
AIA Group Ltd.:
3.2% 9/16/40 (b)	1,070,000	811,907
3.375% 4/7/30 (b)	2,257,000	2,079,511
Five Corners Funding Trust II 2.85% 5/15/30 (b)	3,419,000	3,023,185
Liberty Mutual Group, Inc. 4.569% 2/1/29 (b)	1,255,000	1,226,476
Marsh & McLennan Companies, Inc.:
4.375% 3/15/29	1,220,000	1,213,936
4.75% 3/15/39	560,000	544,351
Massachusetts Mutual Life Insurance Co. 3.729% 10/15/70 (b)	1,782,000	1,223,507
MetLife, Inc. 5.375% 7/15/33	3,527,000	3,676,802
Pacific LifeCorp 5.125% 1/30/43 (b)	1,611,000	1,534,219
Swiss Re Finance Luxembourg SA 5% 4/2/49 (b)(c)	200,000	191,000
Teachers Insurance & Annuity Association of America 4.9% 9/15/44 (b)	1,640,000	1,547,931
TIAA Asset Management Finance LLC 4.125% 11/1/24 (b)	543,000	534,681
Unum Group:
3.875% 11/5/25	1,491,000	1,447,182
4% 6/15/29	1,353,000	1,284,022
5.75% 8/15/42	2,232,000	2,171,252
		22,509,962
TOTAL FINANCIALS		367,194,353
HEALTH CARE - 1.4%
Biotechnology - 0.3%
Amgen, Inc.:
5.15% 3/2/28	1,463,000	1,497,748
5.25% 3/2/30	1,336,000	1,373,403
5.25% 3/2/33	1,508,000	1,546,051
5.6% 3/2/43	1,433,000	1,480,734
5.65% 3/2/53	712,000	749,085
5.75% 3/2/63	1,298,000	1,361,789
		8,008,810
Health Care Providers & Services - 0.9%
Centene Corp.:
2.45% 7/15/28	3,009,000	2,685,081
2.625% 8/1/31	1,403,000	1,167,951
3.375% 2/15/30	1,564,000	1,403,268
4.25% 12/15/27	1,762,000	1,697,781
4.625% 12/15/29	2,738,000	2,624,996
Cigna Group:
3.05% 10/15/27	982,000	931,272
4.375% 10/15/28	1,860,000	1,845,016
4.8% 8/15/38	1,158,000	1,119,618
4.9% 12/15/48	1,157,000	1,100,005
CVS Health Corp.:
3% 8/15/26	192,000	183,467
3.625% 4/1/27	551,000	533,913
4.78% 3/25/38	1,830,000	1,733,710
5% 1/30/29	1,114,000	1,134,440
5.25% 1/30/31	457,000	468,786
HCA Holdings, Inc.:
3.5% 9/1/30	1,260,000	1,142,223
3.625% 3/15/32	287,000	256,628
5.625% 9/1/28	1,311,000	1,342,763
5.875% 2/1/29	1,446,000	1,492,634
Humana, Inc. 3.7% 3/23/29	827,000	794,422
Sabra Health Care LP 3.2% 12/1/31	2,870,000	2,347,632
Toledo Hospital 5.325% 11/15/28	647,000	592,814
		26,598,420
Pharmaceuticals - 0.2%
Bayer U.S. Finance II LLC 4.25% 12/15/25 (b)	1,338,000	1,303,831
Elanco Animal Health, Inc. 6.65% 8/28/28 (c)	409,000	423,802
Mylan NV 4.55% 4/15/28	1,227,000	1,190,537
Utah Acquisition Sub, Inc. 3.95% 6/15/26	782,000	755,720
Viatris, Inc.:
1.65% 6/22/25	302,000	285,963
2.7% 6/22/30	1,533,000	1,297,710
3.85% 6/22/40	668,000	496,848
4% 6/22/50	1,153,000	811,039
		6,565,450
TOTAL HEALTH CARE		41,172,680
INDUSTRIALS - 0.6%
Aerospace & Defense - 0.2%
BAE Systems PLC 3.4% 4/15/30 (b)	696,000	642,210
The Boeing Co.:
5.04% 5/1/27	909,000	916,934
5.15% 5/1/30	909,000	925,372
5.705% 5/1/40	920,000	951,220
5.805% 5/1/50	920,000	952,707
5.93% 5/1/60	908,000	940,225
		5,328,668
Building Products - 0.0%
Carrier Global Corp.:
5.9% 3/15/34 (b)	316,000	341,784
6.2% 3/15/54 (b)	328,000	379,159
		720,943
Professional Services - 0.0%
Thomson Reuters Corp. 3.85% 9/29/24	317,000	312,264
Trading Companies & Distributors - 0.2%
Air Lease Corp.:
3.375% 7/1/25	1,977,000	1,913,540
4.25% 2/1/24	1,761,000	1,758,181
4.25% 9/15/24	1,093,000	1,080,701
		4,752,422
Transportation Infrastructure - 0.2%
Avolon Holdings Funding Ltd.:
3.95% 7/1/24 (b)	640,000	631,397
4.25% 4/15/26 (b)	485,000	468,420
4.375% 5/1/26 (b)	1,433,000	1,386,561
5.25% 5/15/24 (b)	1,170,000	1,163,591
6.375% 5/4/28 (b)	2,451,000	2,499,076
		6,149,045
TOTAL INDUSTRIALS		17,263,342
INFORMATION TECHNOLOGY - 0.8%
Electronic Equipment, Instruments & Components - 0.1%
Dell International LLC/EMC Corp.:
5.85% 7/15/25	397,000	400,886
6.02% 6/15/26	480,000	491,333
6.1% 7/15/27	729,000	757,714
6.2% 7/15/30	631,000	676,778
		2,326,711
Semiconductors & Semiconductor Equipment - 0.4%
Broadcom, Inc.:
1.95% 2/15/28 (b)	510,000	457,489
2.45% 2/15/31 (b)	4,340,000	3,710,974
2.6% 2/15/33 (b)	4,340,000	3,575,505
3.5% 2/15/41 (b)	3,505,000	2,778,655
3.75% 2/15/51 (b)	1,645,000	1,293,236
		11,815,859
Software - 0.3%
Oracle Corp.:
1.65% 3/25/26	1,992,000	1,858,290
2.3% 3/25/28	3,147,000	2,867,438
2.8% 4/1/27	1,797,000	1,695,003
2.875% 3/25/31	3,303,000	2,925,972
3.6% 4/1/40	1,797,000	1,432,936
		10,779,639
TOTAL INFORMATION TECHNOLOGY		24,922,209
MATERIALS - 0.1%
Chemicals - 0.1%
Celanese U.S. Holdings LLC:
6.35% 11/15/28	1,381,000	1,448,276
6.55% 11/15/30	1,399,000	1,478,921
6.7% 11/15/33	817,000	886,117
		3,813,314
REAL ESTATE - 2.3%
Equity Real Estate Investment Trusts (REITs) - 1.9%
Alexandria Real Estate Equities, Inc. 4.9% 12/15/30	1,278,000	1,279,528
American Homes 4 Rent LP:
2.375% 7/15/31	231,000	190,550
3.625% 4/15/32	989,000	885,731
Boston Properties, Inc.:
3.25% 1/30/31	1,190,000	1,020,999
4.5% 12/1/28	1,193,000	1,136,230
6.75% 12/1/27	1,655,000	1,732,862
Corporate Office Properties LP:
2% 1/15/29	199,000	165,725
2.25% 3/15/26	510,000	475,495
2.75% 4/15/31	509,000	411,420
Healthcare Trust of America Holdings LP:
3.1% 2/15/30	402,000	351,428
3.5% 8/1/26	419,000	399,860
Healthpeak OP, LLC:
3.25% 7/15/26	176,000	169,211
3.5% 7/15/29	201,000	187,499
Hudson Pacific Properties LP 4.65% 4/1/29	2,374,000	1,925,706
Invitation Homes Operating Partnership LP 4.15% 4/15/32	1,453,000	1,335,176
Kite Realty Group Trust:
4% 3/15/25	1,912,000	1,863,162
4.75% 9/15/30	2,980,000	2,806,078
LXP Industrial Trust (REIT):
2.7% 9/15/30	560,000	463,820
4.4% 6/15/24	442,000	437,256
Omega Healthcare Investors, Inc.:
3.25% 4/15/33	1,945,000	1,569,367
3.375% 2/1/31	1,027,000	872,560
3.625% 10/1/29	1,814,000	1,599,168
4.5% 1/15/25	821,000	807,121
4.5% 4/1/27	4,967,000	4,765,050
4.75% 1/15/28	1,958,000	1,882,194
4.95% 4/1/24	415,000	413,847
5.25% 1/15/26	1,744,000	1,733,844
Piedmont Operating Partnership LP 2.75% 4/1/32	451,000	313,385
Realty Income Corp.:
2.2% 6/15/28	244,000	218,591
2.85% 12/15/32	301,000	255,739
3.25% 1/15/31	313,000	284,380
3.4% 1/15/28	489,000	464,658
Retail Opportunity Investments Partnership LP 4% 12/15/24	300,000	294,034
Simon Property Group LP 2.45% 9/13/29	499,000	444,095
SITE Centers Corp.:
3.625% 2/1/25	694,000	674,270
4.25% 2/1/26	906,000	883,088
Store Capital Corp.:
2.75% 11/18/30	2,676,000	2,089,343
4.625% 3/15/29	550,000	507,223
Sun Communities Operating LP:
2.3% 11/1/28	512,000	447,808
2.7% 7/15/31	1,323,000	1,102,394
Ventas Realty LP:
3% 1/15/30	2,340,000	2,065,602
3.5% 2/1/25	1,976,000	1,930,455
4% 3/1/28	688,000	657,330
4.125% 1/15/26	478,000	465,992
4.375% 2/1/45	234,000	188,540
4.75% 11/15/30	3,072,000	2,976,490
VICI Properties LP:
4.375% 5/15/25	256,000	251,581
4.75% 2/15/28	2,029,000	1,986,314
4.95% 2/15/30	2,648,000	2,569,407
5.125% 5/15/32	720,000	701,859
Vornado Realty LP 2.15% 6/1/26	578,000	521,176
WP Carey, Inc.:
2.4% 2/1/31	1,166,000	985,410
3.85% 7/15/29	391,000	366,863
4% 2/1/25	1,644,000	1,618,823
		56,145,737
Real Estate Management & Development - 0.4%
Brandywine Operating Partnership LP:
3.95% 11/15/27	1,415,000	1,263,873
4.1% 10/1/24	1,555,000	1,524,320
4.55% 10/1/29	1,792,000	1,568,573
7.8% 3/15/28	2,334,000	2,360,256
CBRE Group, Inc. 2.5% 4/1/31	1,708,000	1,445,262
Tanger Properties LP:
2.75% 9/1/31	1,346,000	1,082,271
3.125% 9/1/26	1,874,000	1,748,407
		10,992,962
TOTAL REAL ESTATE		67,138,699
UTILITIES - 1.1%
Electric Utilities - 0.5%
Alabama Power Co. 3.05% 3/15/32	2,030,000	1,800,720
Cleco Corporate Holdings LLC:
3.375% 9/15/29	1,057,000	926,200
3.743% 5/1/26	4,043,000	3,899,831
Duke Energy Corp. 2.45% 6/1/30	854,000	744,501
Duquesne Light Holdings, Inc.:
2.532% 10/1/30 (b)	405,000	336,761
2.775% 1/7/32 (b)	1,402,000	1,119,532
Entergy Corp. 2.8% 6/15/30	876,000	770,836
Exelon Corp.:
2.75% 3/15/27	449,000	422,850
3.35% 3/15/32	546,000	488,041
4.05% 4/15/30	534,000	509,418
4.1% 3/15/52	404,000	326,617
4.7% 4/15/50	238,000	214,123
IPALCO Enterprises, Inc. 3.7% 9/1/24	662,000	651,501
Southern Co. 5.7% 3/15/34	2,053,000	2,158,777
		14,369,708
Gas Utilities - 0.0%
Nakilat, Inc. 6.067% 12/31/33 (b)	462,143	474,561
Independent Power and Renewable Electricity Producers - 0.2%
Emera U.S. Finance LP 3.55% 6/15/26	580,000	558,819
The AES Corp.:
2.45% 1/15/31	673,000	565,347
3.3% 7/15/25 (b)	2,635,000	2,537,818
3.95% 7/15/30 (b)	2,298,000	2,121,734
		5,783,718
Multi-Utilities - 0.4%
Berkshire Hathaway Energy Co. 4.05% 4/15/25	3,813,000	3,769,786
Consolidated Edison Co. of New York, Inc. 3.35% 4/1/30	242,000	225,641
NiSource, Inc.:
2.95% 9/1/29	2,624,000	2,396,459
3.6% 5/1/30	1,602,000	1,490,559
Puget Energy, Inc.:
4.1% 6/15/30	1,032,000	945,544
4.224% 3/15/32	1,875,000	1,696,110
WEC Energy Group, Inc. CME Term SOFR 3 Month Index + 2.110% 7.7538% 5/15/67 (c)(d)	437,000	390,898
		10,914,997
TOTAL UTILITIES		31,542,984
TOTAL NONCONVERTIBLE BONDS (Cost $811,690,458)		763,169,687

U.S. Treasury Obligations - 45.0%
	Principal Amount (a)	Value ($)
U.S. Treasury Bonds:
1.125% 5/15/40	12,353,900	7,961,509
1.75% 8/15/41	43,542,800	30,282,657
1.875% 11/15/51	13,856,800	8,760,096
2% 11/15/41	16,500,000	11,934,785
2% 8/15/51	56,304,200	36,767,082
2.25% 2/15/52	36,300,000	25,163,273
2.875% 5/15/52	23,300,000	18,550,805
3% 2/15/47	25,251,500	20,644,088
3.375% 8/15/42	34,200,000	30,495,445
3.625% 5/15/53	26,100,000	24,130,266
4.125% 8/15/53	53,171,000	53,744,250
U.S. Treasury Notes:
0.75% 3/31/26	12,972,200	12,035,263
0.75% 4/30/26	41,407,700	38,308,592
0.75% 8/31/26	15,336,200	14,060,180
1.25% 5/31/28	63,257,700	56,509,388
1.75% 1/31/29	24,900,000	22,458,633
1.875% 2/28/27	6,800,000	6,374,469
2.375% 3/31/29	20,000,000	18,567,969
2.5% 3/31/27	25,000,000	23,893,555
2.75% 8/15/32	36,698,000	33,607,340
2.875% 5/15/32	31,874,000	29,535,743
3.375% 5/15/33	74,100,000	71,112,844
3.5% 2/15/33	63,000,000	61,092,773
3.75% 6/30/30	64,800,000	64,217,812
3.875% 11/30/27	55,000,000	54,883,984
3.875% 12/31/27	75,000,000	74,886,683
3.875% 11/30/29	123,000,000	122,764,561
3.875% 12/31/29	85,000,000	84,850,586
3.875% 8/15/33	5,308,000	5,301,365
4% 6/30/28	17,000,000	17,080,352
4.125% 10/31/27	10,000,000	10,062,891
4.125% 8/31/30	24,900,000	25,212,223
4.125% 11/15/32	71,600,000	72,780,282
4.375% 11/30/30	88,200,000	90,694,406
4.875% 10/31/30	22,600,000	23,903,031
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,401,466,710)		1,302,629,181

U.S. Government Agency - Mortgage Securities - 22.7%
	Principal Amount (a)	Value ($)
Fannie Mae - 6.7%
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.310% 5.438% 5/1/34 (c)(d)	7,013	7,011
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.420% 4.572% 9/1/33 (c)(d)	16,743	16,731
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.480% 5.73% 7/1/34 (c)(d)	804	813
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.550% 5.803% 6/1/36 (c)(d)	2,021	2,054
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.550% 7.301% 10/1/33 (c)(d)	1,018	1,026
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.560% 7.103% 7/1/35 (c)(d)	1,093	1,102
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.640% 5.337% 11/1/36 (c)(d)	19,829	20,129
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.700% 5.144% 6/1/42 (c)(d)	13,671	13,987
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.730% 5.105% 5/1/36 (c)(d)	11,184	11,390
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.750% 4.618% 7/1/35 (c)(d)	1,504	1,529
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.780% 4.163% 2/1/36 (c)(d)	6,341	6,479
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.800% 6.05% 7/1/41 (c)(d)	5,938	6,055
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.810% 6.05% 7/1/41 (c)(d)	10,466	10,687
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.810% 6.068% 9/1/41 (c)(d)	5,276	5,377
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.820% 4.195% 12/1/35 (c)(d)	6,501	6,604
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.830% 6.08% 10/1/41 (c)(d)	4,477	4,478
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.950% 5.558% 9/1/36 (c)(d)	12,111	12,373
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.950% 5.771% 7/1/37 (c)(d)	4,592	4,710
U.S. TREASURY 1 YEAR INDEX + 1.940% 5.87% 10/1/33 (c)(d)	17,047	17,158
U.S. TREASURY 1 YEAR INDEX + 2.200% 4.583% 3/1/35 (c)(d)	1,522	1,543
U.S. TREASURY 1 YEAR INDEX + 2.220% 4.405% 8/1/36 (c)(d)	19,903	20,209
U.S. TREASURY 1 YEAR INDEX + 2.280% 6.404% 10/1/33 (c)(d)	2,528	2,555
U.S. TREASURY 1 YEAR INDEX + 2.420% 5.703% 5/1/35 (c)(d)	2,548	2,588
1.5% 11/1/35 to 6/1/51	10,338,151	8,835,170
2% 10/1/35 to 2/1/52	68,797,531	58,236,961
2.5% 7/1/31 to 5/1/53	54,605,372	47,401,417
3% 8/1/32 to 2/1/52	19,091,606	17,438,450
3.5% 8/1/34 to 3/1/52	14,967,767	14,166,555
4% 7/1/39 to 4/1/52	11,837,379	11,404,470
4.5% to 4.5% 5/1/25 to 12/1/52	10,020,069	9,883,039
5% 9/1/25 to 12/1/52	4,618,589	4,617,544
5.5% 10/1/52 to 8/1/53	12,939,344	13,108,333
6% 10/1/34 to 6/1/53	6,347,124	6,541,963
6.5% 7/1/32 to 9/1/53	852,429	887,881
7% to 7% 12/1/24 to 2/1/29	16,255	16,760
7.5% to 7.5% 9/1/25 to 11/1/31	22,715	23,533
8.5% 6/1/25	52	52
TOTAL FANNIE MAE		192,738,716
Freddie Mac - 5.4%
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.370% 5.153% 3/1/36 (c)(d)	13,232	13,295
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.650% 7.426% 4/1/35 (c)(d)	10,178	10,242
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.880% 5.255% 4/1/41 (c)(d)	2,081	2,121
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.880% 6.13% 9/1/41 (c)(d)	7,027	7,139
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.910% 5.213% 5/1/41 (c)(d)	15,079	15,398
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.910% 5.568% 5/1/41 (c)(d)	17,491	17,845
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.910% 5.7% 6/1/41 (c)(d)	14,609	14,910
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 1.910% 6.16% 6/1/41 (c)(d)	5,254	5,353
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 2.030% 6.158% 3/1/33 (c)(d)	159	160
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 2.160% 6.41% 11/1/35 (c)(d)	2,687	2,730
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1Y + 2.680% 8.319% 10/1/35 (c)(d)	1,749	1,794
U.S. TREASURY 1 YEAR INDEX + 2.240% 4.372% 1/1/35 (c)(d)	1,666	1,687
1.5% 8/1/35 to 4/1/51	27,154,188	22,695,750
2% 6/1/35 to 3/1/52	28,923,425	24,847,729
2.5% 8/1/32 to 3/1/52	31,122,804	26,935,291
3% 6/1/31 to 6/1/53	15,037,878	13,473,795
3.5% 3/1/32 to 4/1/52	31,014,856	29,122,156
4% 5/1/37 to 10/1/52	14,721,088	14,089,071
4.5% 7/1/25 to 10/1/48	5,203,140	5,165,626
5% 1/1/40 to 12/1/52	4,498,853	4,508,851
5.5% 9/1/52 to 8/1/53	10,645,217	10,818,991
6% 4/1/32 to 6/1/53	1,907,847	1,960,995
6.5% 1/1/53 to 10/1/53	2,989,667	3,076,326
7.5% 8/1/26 to 11/1/31	2,852	2,996
8% 4/1/27 to 5/1/27	215	220
8.5% 5/1/27 to 1/1/28	371	380
TOTAL FREDDIE MAC		156,790,851
Ginnie Mae - 4.4%
3% 12/20/42 to 4/20/47	1,947,667	1,795,037
3.5% 12/20/40 to 1/20/50	1,341,294	1,258,408
4% 3/15/40 to 4/20/48	5,382,831	5,229,452
4.5% 5/15/39 to 5/20/41	1,165,061	1,155,167
5% 3/15/39 to 4/20/48	645,351	655,116
6.5% 4/15/35 to 11/15/35	14,342	15,063
7% 1/15/28 to 7/15/32	73,057	75,710
7.5% to 7.5% 11/15/25 to 10/15/28	10,740	10,980
8% 3/15/30 to 9/15/30	1,929	2,025
2% 11/20/50 to 2/20/51	8,539,044	7,230,545
2% 1/1/54 (e)	7,150,000	6,055,422
2% 1/1/54 (e)	3,700,000	3,133,575
2% 1/1/54 (e)	7,250,000	6,140,113
2% 1/1/54 (e)	5,450,000	4,615,671
2% 1/1/54 (e)	2,000,000	1,693,824
2% 1/1/54 (e)	1,050,000	889,258
2% 1/1/54 (e)	1,050,000	889,258
2% 1/1/54 (e)	4,150,000	3,514,685
2% 1/1/54 (e)	1,200,000	1,016,295
2.5% 6/20/51 to 12/20/51	5,567,926	4,876,029
2.5% 1/1/54 (e)	9,750,000	8,540,696
2.5% 1/1/54 (e)	12,850,000	11,256,199
2.5% 1/1/54 (e)	2,500,000	2,189,922
3% 1/1/54 (e)	8,950,000	8,108,417
3% 1/1/54 (e)	5,750,000	5,209,318
3% 1/1/54 (e)	4,625,000	4,190,104
3.5% 1/1/54 (e)	3,950,000	3,679,181
3.5% 1/1/54 (e)	3,950,000	3,679,181
3.5% 1/1/54 (e)	2,600,000	2,421,739
4% 1/1/54 (e)	3,650,000	3,486,958
4.5% 1/1/54 (e)	4,800,000	4,686,088
5.5% 1/1/54 (e)	2,575,000	2,590,975
5.5% 1/1/54 (e)	2,625,000	2,641,285
6.5% 1/1/54 (e)	5,950,000	6,089,633
6.5% 1/1/54 (e)	7,050,000	7,215,448
TOTAL GINNIE MAE		126,236,777
Uniform Mortgage Backed Securities - 6.2%
2% 1/1/54 (e)	39,450,000	32,257,153
2% 1/1/54 (e)	3,600,000	2,943,618
2% 1/1/54 (e)	13,050,000	10,670,617
2% 1/1/54 (e)	3,400,000	2,780,084
2% 1/1/54 (e)	10,950,000	8,953,506
2% 1/1/54 (e)	14,450,000	11,815,358
2% 2/1/54 (e)	24,450,000	20,024,548
2.5% 1/1/54 (e)	12,250,000	10,433,555
2.5% 1/1/54 (e)	8,475,000	7,218,317
2.5% 1/1/54 (e)	50,000	42,586
2.5% 1/1/54 (e)	700,000	596,203
3% 1/1/54 (e)	21,500,000	19,030,858
3% 1/1/54 (e)	8,750,000	7,745,117
3% 1/1/54 (e)	3,275,000	2,898,887
3% 1/1/54 (e)	8,150,000	7,214,023
3% 1/1/54 (e)	4,300,000	3,806,172
3% 1/1/54 (e)	2,350,000	2,080,117
3% 1/1/54 (e)	2,275,000	2,013,730
3.5% 1/1/54 (e)	2,400,000	2,203,125
3.5% 1/1/54 (e)	2,750,000	2,524,414
3.5% 1/1/54 (e)	3,850,000	3,534,180
3.5% 2/1/54 (e)	4,200,000	3,859,078
4% 1/1/54 (e)	200,000	189,281
4% 1/1/54 (e)	3,150,000	2,981,178
4.5% 1/1/54 (e)	2,775,000	2,692,182
6.5% 1/1/54 (e)	3,800,000	3,893,216
6.5% 1/1/54 (e)	2,925,000	2,996,752
6.5% 1/1/54 (e)	1,625,000	1,664,862
6.5% 1/1/54 (e)	1,250,000	1,280,663
TOTAL UNIFORM MORTGAGE BACKED SECURITIES		180,343,380
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $659,558,312)		656,109,724

Asset-Backed Securities - 5.4%
	Principal Amount (a)	Value ($)
AASET Trust:
Series 2018-1A Class A, 3.844% 1/16/38 (b)	676,147	446,261
Series 2019-1 Class A, 3.844% 5/15/39 (b)	347,111	262,437
Series 2019-2:
Class A, 3.376% 10/16/39 (b)	1,192,924	1,058,731
Class B, 4.458% 10/16/39 (b)	315,410	141,149
Series 2021-1A Class A, 2.95% 11/16/41 (b)	1,509,252	1,352,290
Series 2021-2A Class A, 2.798% 1/15/47 (b)	2,925,443	2,512,751
Aimco Series 2018-BA Class AR, CME Term SOFR 3 Month Index + 1.360% 6.7555% 1/15/32 (b)(c)(d)	529,405	529,140
AIMCO CLO Series 2021-AA Class AR2, CME Term SOFR 3 Month Index + 1.400% 6.8044% 10/17/34 (b)(c)(d)	2,489,000	2,484,358
AIMCO CLO Ltd. Series 2021-11A Class AR, CME Term SOFR 3 Month Index + 1.390% 6.7944% 10/17/34 (b)(c)(d)	1,280,878	1,279,940
AIMCO CLO Ltd. / AIMCO CLO LLC Series 2021-14A Class A, CME Term SOFR 3 Month Index + 1.250% 6.6674% 4/20/34 (b)(c)(d)	3,132,569	3,115,763
Allegro CLO XV, Ltd. / Allegro CLO VX LLC Series 2022-1A Class A, CME Term SOFR 3 Month Index + 1.500% 6.9158% 7/20/35 (b)(c)(d)	1,736,000	1,736,087
Allegro CLO, Ltd. Series 2021-1A Class A, CME Term SOFR 3 Month Index + 1.400% 6.8174% 7/20/34 (b)(c)(d)	1,532,085	1,527,715
Apollo Aviation Securitization Equity Trust Series 2020-1A Class A, 3.351% 1/16/40 (b)	397,465	350,929
Ares CLO Series 2019-54A Class A, CME Term SOFR 3 Month Index + 1.580% 6.9755% 10/15/32 (b)(c)(d)	1,676,859	1,676,896
Ares LIX CLO Ltd. Series 2021-59A Class A, CME Term SOFR 3 Month Index + 1.290% 6.6698% 4/25/34 (b)(c)(d)	1,039,487	1,036,671
Ares LV CLO Ltd. Series 2021-55A Class A1R, CME Term SOFR 3 Month Index + 1.390% 6.7855% 7/15/34 (b)(c)(d)	1,931,133	1,930,478
Ares LVIII CLO LLC Series 2022-58A Class AR, CME Term SOFR 3 Month Index + 1.330% 6.7239% 1/15/35 (b)(c)(d)	2,545,000	2,542,463
Ares XLI CLO Ltd. / Ares XLI CLO LLC Series 2021-41A Class AR2, CME Term SOFR 3 Month Index + 1.330% 6.7255% 4/15/34 (b)(c)(d)	2,173,138	2,168,057
Ares XXXIV CLO Ltd. Series 2020-2A Class AR2, CME Term SOFR 3 Month Index + 1.510% 6.9144% 4/17/33 (b)(c)(d)	665,897	664,866
Babson CLO Ltd. Series 2021-1A Class AR, CME Term SOFR 3 Month Index + 1.410% 6.8055% 10/15/36 (b)(c)(d)	1,292,534	1,291,120
Barings CLO Ltd.:
Series 2021-1A Class A, CME Term SOFR 3 Month Index + 1.280% 6.6598% 4/25/34 (b)(c)(d)	2,282,638	2,275,005
Series 2021-4A Class A, CME Term SOFR 3 Month Index + 1.480% 6.8974% 1/20/32 (b)(c)(d)	2,070,385	2,070,497
Barings CLO Ltd. 2023-IV Series 2024-4A Class A, CME Term SOFR 3 Month Index + 1.750% 1.75% 1/20/37 (b)(c)(d)(e)	3,122,000	3,122,543
Beechwood Park CLO Ltd. Series 2022-1A Class A1R, CME Term SOFR 3 Month Index + 1.300% 6.7028% 1/17/35 (b)(c)(d)	2,560,000	2,549,012
BETHP Series 2021-1A Class A, CME Term SOFR 3 Month Index + 1.390% 6.7855% 1/15/35 (b)(c)(d)	1,953,217	1,952,246
Blackbird Capital Aircraft:
Series 2016-1A Class A, 4.213% 12/16/41 (b)	1,460,128	1,376,624
Series 2021-1A Class A, 2.443% 7/15/46 (b)	2,158,348	1,860,993
Bristol Park CLO, Ltd. Series 2020-1A Class AR, CME Term SOFR 3 Month Index + 1.250% 6.6455% 4/15/29 (b)(c)(d)	1,627,918	1,627,434
Castlelake Aircraft Securitization Trust Series 2019-1A:
Class A, 3.967% 4/15/39 (b)	1,168,483	1,018,112
Class B, 5.095% 4/15/39 (b)	666,261	431,418
Castlelake Aircraft Structured Trust:
Series 2018-1 Class A, 4.125% 6/15/43 (b)	665,513	606,719
Series 2021-1A Class A, 3.474% 1/15/46 (b)	357,644	328,271
Cedar Funding Ltd.:
Series 2021-10A Class AR, CME Term SOFR 3 Month Index + 1.360% 6.7774% 10/20/32 (b)(c)(d)	1,561,530	1,561,149
Series 2022-15A Class A, CME Term SOFR 3 Month Index + 1.320% 6.7358% 4/20/35 (b)(c)(d)	2,429,000	2,412,908
Cedar Funding XII CLO Ltd. / Cedar Funding XII CLO LLC Series 2021-12A Class A1R, CME Term SOFR 3 Month Index + 1.390% 6.7698% 10/25/34 (b)(c)(d)	1,198,676	1,198,603
Cedar Funding Xvii Clo Ltd. Series 2023-17A Class A, CME Term SOFR 3 Month Index + 1.850% 7.2758% 7/20/36 (b)(c)(d)	1,848,000	1,856,867
CEDF Series 2021-6A Class ARR, CME Term SOFR 3 Month Index + 1.310% 6.7274% 4/20/34 (b)(c)(d)	1,887,884	1,878,320
Cent CLO Ltd. / Cent CLO Series 2021-29A Class AR, CME Term SOFR 3 Month Index + 1.430% 6.8474% 10/20/34 (b)(c)(d)	1,944,015	1,943,900
Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1, CME Term SOFR 3 Month Index + 1.460% 6.8774% 4/20/34 (b)(c)(d)	2,085,721	2,077,434
Columbia Cent Clo 32 Ltd. / Coliseum Series 2022-32A Class A1, CME Term SOFR 3 Month Index + 1.700% 7.0985% 7/24/34 (b)(c)(d)	2,607,000	2,606,828
Columbia Cent CLO Ltd. / Columbia Cent CLO Corp. Series 2021-30A Class A1, CME Term SOFR 3 Month Index + 1.570% 6.9874% 1/20/34 (b)(c)(d)	2,729,841	2,728,948
DB Master Finance LLC Series 2017-1A Class A2II, 4.03% 11/20/47 (b)	1,742,683	1,652,708
Dryden 98 CLO Ltd. Series 2022-98A Class A, CME Term SOFR 3 Month Index + 1.300% 6.7158% 4/20/35 (b)(c)(d)	2,990,000	2,978,486
Dryden CLO, Ltd.:
Series 2021-76A Class A1R, CME Term SOFR 3 Month Index + 1.410% 6.8274% 10/20/34 (b)(c)(d)	2,447,693	2,447,580
Series 2021-83A Class A, CME Term SOFR 3 Month Index + 1.480% 6.8767% 1/18/32 (b)(c)(d)	1,582,694	1,582,746
Dryden Senior Loan Fund:
Series 2020-78A Class A, CME Term SOFR 3 Month Index + 1.440% 6.8444% 4/17/33 (b)(c)(d)	1,318,912	1,315,165
Series 2021-85A Class AR, CME Term SOFR 3 Month Index + 1.410% 6.8055% 10/15/35 (b)(c)(d)	3,517,039	3,516,909
Series 2021-90A Class A1A, CME Term SOFR 3 Month Index + 1.390% 6.7587% 2/20/35 (b)(c)(d)	2,075,083	2,074,969
Eaton Vance CLO, Ltd.:
Series 2021-1A Class AR, CME Term SOFR 3 Month Index + 1.360% 6.7555% 4/15/31 (b)(c)(d)	885,205	884,515
Series 2021-2A Class AR, CME Term SOFR 3 Month Index + 1.410% 6.8055% 1/15/35 (b)(c)(d)	2,283,000	2,282,975
Eaton Vance CLO, Ltd. / Eaton Vance CLO LLC Series 2021-1A Class A13R, CME Term SOFR 3 Month Index + 1.510% 6.9055% 1/15/34 (b)(c)(d)	444,749	444,732
Flatiron CLO Ltd. Series 2021-1A:
Class A1, CME Term SOFR 3 Month Index + 1.370% 6.7684% 7/19/34 (b)(c)(d)	1,392,832	1,392,776
Class AR, CME Term SOFR 3 Month Index + 1.340% 6.7318% 11/16/34 (b)(c)(d)	1,993,704	1,993,590
Flatiron CLO Ltd. / Flatiron CLO LLC Series 2020-1A Class A, CME Term SOFR 3 Month Index + 1.560% 6.9287% 11/20/33 (b)(c)(d)	2,529,561	2,528,736
Horizon Aircraft Finance I Ltd. Series 2018-1 Class A, 4.458% 12/15/38 (b)	704,351	600,454
Horizon Aircraft Finance Ltd. Series 2019-1 Class A, 3.721% 7/15/39 (b)	2,297,153	2,026,043
Invesco CLO Ltd. Series 2021-3A Class A, CME Term SOFR 3 Month Index + 1.390% 6.8035% 10/22/34 (b)(c)(d)	1,367,988	1,364,913
KKR CLO Ltd. Series 2022-41A Class A1, CME Term SOFR 3 Month Index + 1.330% 6.7239% 4/15/35 (b)(c)(d)	3,167,000	3,149,800
Lucali CLO Ltd. Series 2021-1A Class A, CME Term SOFR 3 Month Index + 1.470% 6.8655% 1/15/33 (b)(c)(d)	981,516	981,514
Madison Park Funding:
Series 2020-19A Class A1R2, CME Term SOFR 3 Month Index + 1.180% 6.5935% 1/22/28 (b)(c)(d)	1,015,446	1,015,446
Series 2024-19A Class AR3, CME Term SOFR 3 Month Index + 1.600% 0% 1/22/37 (b)(c)(d)	1,000,000	1,000,000
Madison Park Funding L Ltd. / Madison Park Funding L LLC Series 2021-50A Class A, CME Term SOFR 3 Month Index + 1.400% 6.7984% 4/19/34 (b)(c)(d)	2,186,940	2,187,935
Madison Park Funding LII Ltd. / Madison Park Funding LII LLC Series 2021-52A Class A, CME Term SOFR 3 Month Index + 1.360% 6.7735% 1/22/35 (b)(c)(d)	2,223,747	2,215,775
Madison Park Funding XLV Ltd./Madison Park Funding XLV LLC Series 2021-45A Class AR, CME Term SOFR 3 Month Index + 1.380% 6.7755% 7/15/34 (b)(c)(d)	1,390,072	1,390,085
Madison Park Funding XXXII, Ltd. / Madison Park Funding XXXII LLC Series 2021-32A Class A2R, CME Term SOFR 3 Month Index + 1.460% 6.8735% 1/22/31 (b)(c)(d)	573,573	568,723
Magnetite CLO LTD Series 2023-36A Class A, CME Term SOFR 3 Month Index + 1.800% 7.2119% 4/22/36 (b)(c)(d)	1,275,000	1,278,481
Magnetite CLO Ltd. Series 2021-27A Class AR, CME Term SOFR 3 Month Index + 1.400% 6.8174% 10/20/34 (b)(c)(d)	461,006	460,651
Magnetite IX, Ltd. / Magnetite IX LLC Series 2021-30A Class A, CME Term SOFR 3 Month Index + 1.390% 6.7698% 10/25/34 (b)(c)(d)	2,357,478	2,357,353
Magnetite XXI Ltd. Series 2021-21A Class AR, CME Term SOFR 3 Month Index + 1.280% 6.6974% 4/20/34 (b)(c)(d)	1,823,166	1,817,086
Magnetite XXIII, Ltd. Series 2021-23A Class AR, CME Term SOFR 3 Month Index + 1.390% 6.7698% 1/25/35 (b)(c)(d)	5,340,000	5,335,787
Magnetite XXIX, Ltd. / Magnetite XXIX LLC Series 2021-29A Class A, CME Term SOFR 3 Month Index + 1.250% 6.6455% 1/15/34 (b)(c)(d)	1,904,754	1,899,604
Milos CLO, Ltd. Series 2020-1A Class AR, CME Term SOFR 3 Month Index + 1.330% 6.7474% 10/20/30 (b)(c)(d)	1,791,697	1,791,715
Park Place Securities, Inc. Series 2005-WCH1 Class M4, CME Term SOFR 1 Month Index + 1.350% 6.7154% 1/25/36 (c)(d)	29,001	28,494
Peace Park CLO, Ltd. Series 2021-1A Class A, CME Term SOFR 3 Month Index + 1.390% 6.8074% 10/20/34 (b)(c)(d)	760,982	760,952
Planet Fitness Master Issuer LLC:
Series 2019-1A Class A2, 3.858% 12/5/49 (b)	1,426,560	1,257,792
Series 2022-1A:
Class A2I, 3.251% 12/5/51 (b)	1,546,455	1,433,267
Class A2II, 4.008% 12/5/51 (b)	1,381,395	1,185,951
Project Silver Series 2019-1 Class A, 3.967% 7/15/44 (b)	1,140,623	955,719
Rockland Park CLO Ltd. Series 2021-1A Class A, CME Term SOFR 3 Month Index + 1.380% 6.7974% 4/20/34 (b)(c)(d)	2,604,698	2,602,955
RR 7 Ltd. Series 2022-7A Class A1AB, CME Term SOFR 3 Month Index + 1.340% 6.7339% 1/15/37 (b)(c)(d)	2,626,000	2,621,819
Sapphire Aviation Finance Series 2020-1A Class A, 3.228% 3/15/40 (b)	1,248,925	1,065,471
SBA Tower Trust:
Series 2019, 2.836% 1/15/50 (b)	1,902,000	1,836,712
1.884% 7/15/50 (b)	733,000	680,216
2.328% 7/15/52 (b)	560,000	494,756
Stratus CLO, Ltd. Series 2022-1A Class A, CME Term SOFR 3 Month Index + 1.750% 7.1658% 7/20/30 (b)(c)(d)	333,203	333,215
SYMP Series 2022-32A Class A1, CME Term SOFR 3 Month Index + 1.320% 6.7319% 4/23/35 (b)(c)(d)	2,727,000	2,722,356
Symphony CLO XXI, Ltd. Series 2021-21A Class AR, CME Term SOFR 3 Month Index + 1.320% 6.7155% 7/15/32 (b)(c)(d)	256,728	256,515
Symphony CLO XXV Ltd. / Symphony CLO XXV LLC Series 2021-25A Class A, CME Term SOFR 3 Month Index + 1.240% 6.6384% 4/19/34 (b)(c)(d)	2,313,924	2,295,468
Symphony CLO XXVI Ltd. / Symphony CLO XXVI LLC Series 2021-26A Class AR, CME Term SOFR 3 Month Index + 1.340% 6.7574% 4/20/33 (b)(c)(d)	2,177,375	2,173,991
Terwin Mortgage Trust Series 2003-4HE Class A1, CME Term SOFR 1 Month Index + 0.970% 6.3304% 9/25/34 (c)(d)	2,132	2,084
Thunderbolt Aircraft Lease Ltd. Series 2018-A Class A, 4.147% 9/15/38 (b)(c)	1,418,670	1,228,946
Thunderbolt III Aircraft Lease Ltd. Series 2019-1 Class A, 3.671% 11/15/39 (b)	1,878,834	1,583,049
Voya Clo 2023-1 Ltd. Series 2023-1A Class A1, CME Term SOFR 3 Month Index + 1.800% 7.1702% 1/20/37 (b)(c)(d)	2,387,000	2,383,699
Voya CLO Ltd. Series 2019-2A Class A, CME Term SOFR 3 Month Index + 1.530% 6.9474% 7/20/32 (b)(c)(d)	2,009,654	2,009,652
Voya CLO Ltd./Voya CLO LLC:
Series 2021-2A Class A1R, CME Term SOFR 3 Month Index + 1.420% 6.8184% 7/19/34 (b)(c)(d)	1,277,198	1,277,132
Series 2021-3A Class AR, CME Term SOFR 3 Month Index + 1.410% 6.8274% 10/20/34 (b)(c)(d)	2,613,900	2,613,835
Voya CLO, Ltd. Series 2021-1A Class AR, CME Term SOFR 3 Month Index + 1.410% 6.8055% 7/16/34 (b)(c)(d)	1,289,773	1,289,733
TOTAL ASSET-BACKED SECURITIES (Cost $161,132,050)		157,222,964

Collateralized Mortgage Obligations - 0.0%
	Principal Amount (a)	Value ($)
Private Sponsor - 0.0%
Cascade Funding Mortgage Trust Series 2021-HB6 Class A, 0.8983% 6/25/36 (b)	667,137	636,536
Sequoia Mortgage Trust floater Series 2004-6 Class A3B, CME TERM SOFR 6 MONTH INDEX + 1.300% 6.5595% 7/20/34 (c)(d)	420	376
TOTAL PRIVATE SPONSOR		636,912
U.S. Government Agency - 0.0%
Fannie Mae planned amortization class:
Series 1999-54 Class PH, 6.5% 11/18/29	426	425
Series 1999-57 Class PH, 6.5% 12/25/29	15,085	15,264
TOTAL U.S. GOVERNMENT AGENCY		15,689
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $682,401)		652,601

Commercial Mortgage Securities - 3.5%
	Principal Amount (a)	Value ($)
BAMLL Commercial Mortgage Securities Trust:
floater Series 2022-DKLX:
Class A, CME Term SOFR 1 Month Index + 1.150% 6.512% 1/15/39 (b)(c)(d)	1,415,000	1,383,122
Class B, CME Term SOFR 1 Month Index + 1.550% 6.912% 1/15/39 (b)(c)(d)	267,000	259,922
Class C, CME Term SOFR 1 Month Index + 2.150% 7.512% 1/15/39 (b)(c)(d)	191,000	184,426
sequential payer Series 2019-BPR Class ANM, 3.112% 11/5/32 (b)	1,183,000	1,073,957
Series 2019-BPR:
Class BNM, 3.465% 11/5/32 (b)	265,000	218,943
Class CNM, 3.7186% 11/5/32 (b)(c)	110,000	81,917
BANK sequential payer:
Series 2018-BN10 Class A5, 3.688% 2/15/61	118,089	111,888
Series 2019-BN21 Class A5, 2.851% 10/17/52	201,824	177,482
Bbcms Mortgage Trust 2023-C21 sequential payer Series 2023-C21 Class A3, 6.2962% 9/15/56 (c)	1,307,000	1,388,158
Benchmark Mortgage Trust:
sequential payer:
Series 2018-B4 Class A5, 4.121% 7/15/51	420,518	402,176
Series 2019-B10 Class A4, 3.717% 3/15/62	389,846	364,073
Series 2018-B8 Class A5, 4.2317% 1/15/52	2,882,896	2,722,368
BPR Trust floater Series 2022-OANA:
Class A, CME Term SOFR 1 Month Index + 1.890% 7.2598% 4/15/37 (b)(c)(d)	5,047,000	4,974,189
Class B, CME Term SOFR 1 Month Index + 2.440% 7.8088% 4/15/37 (b)(c)(d)	1,341,000	1,303,344
BX Commercial Mortgage Trust floater:
Series 2021-PAC:
Class A, CME Term SOFR 1 Month Index + 0.800% 6.1656% 10/15/36 (b)(c)(d)	2,648,253	2,592,624
Class B, CME Term SOFR 1 Month Index + 1.010% 6.3753% 10/15/36 (b)(c)(d)	396,287	383,801
Class C, CME Term SOFR 1 Month Index + 1.210% 6.5751% 10/15/36 (b)(c)(d)	530,325	510,472
Class D, CME Term SOFR 1 Month Index + 1.410% 6.7748% 10/15/36 (b)(c)(d)	514,682	492,204
Class E, CME Term SOFR 1 Month Index + 2.060% 7.424% 10/15/36 (b)(c)(d)	1,789,733	1,712,124
Series 2022-LP2:
Class A, CME Term SOFR 1 Month Index + 1.010% 6.3747% 2/15/39 (b)(c)(d)	2,911,390	2,858,460
Class B, CME Term SOFR 1 Month Index + 1.310% 6.6741% 2/15/39 (b)(c)(d)	877,305	856,390
Class C, CME Term SOFR 1 Month Index + 1.560% 6.9235% 2/15/39 (b)(c)(d)	877,305	851,988
Class D, CME Term SOFR 1 Month Index + 1.960% 7.3226% 2/15/39 (b)(c)(d)	877,305	846,485
Bx Commercial Mortgage Trust 2:
floater Series 2019-IMC:
Class B, CME Term SOFR 1 Month Index + 1.340% 6.7083% 4/15/34 (b)(c)(d)	1,007,281	998,410
Class C, CME Term SOFR 1 Month Index + 1.640% 7.0083% 4/15/34 (b)(c)(d)	665,897	658,516
Class D, CME Term SOFR 1 Month Index + 1.940% 7.3083% 4/15/34 (b)(c)(d)	699,023	689,682
floater sequential payer Series 2019-IMC Class A, CME Term SOFR 1 Month Index + 1.040% 6.4083% 4/15/34 (b)(c)(d)	1,656,308	1,645,491
BX Commercial Mortgage Trust 2023-Xl3 floater Series 2023-XL3:
Class A, CME Term SOFR 1 Month Index + 1.890% 7.1214% 12/9/40 (b)(c)(d)	1,881,000	1,882,164
Class B, CME Term SOFR 1 Month Index + 2.190% 7.5508% 12/9/40 (b)(c)(d)	416,000	415,868
Class C, CME Term SOFR 1 Month Index + 2.640% 8.0002% 12/9/40 (b)(c)(d)	225,000	224,928
BX Trust:
floater:
Series 2019-XL:
Class B, CME Term SOFR 1 Month Index + 1.190% 6.5563% 10/15/36 (b)(c)(d)	806,653	802,551
Class C, CME Term SOFR 1 Month Index + 1.360% 6.7263% 10/15/36 (b)(c)(d)	1,014,182	1,008,380
Class D, CME Term SOFR 1 Month Index + 1.560% 6.9263% 10/15/36 (b)(c)(d)	1,436,280	1,427,151
Class E, CME Term SOFR 1 Month Index + 1.910% 7.2763% 10/15/36 (b)(c)(d)	2,018,196	2,004,086
Series 2022-GPA Class A, CME Term SOFR 1 Month Index + 2.160% 7.5268% 8/15/39 (b)(c)(d)	1,950,000	1,951,833
Series 2022-IND:
Class A, CME Term SOFR 1 Month Index + 1.490% 6.8528% 4/15/37 (b)(c)(d)	2,101,903	2,086,082
Class B, CME Term SOFR 1 Month Index + 1.940% 7.3018% 4/15/37 (b)(c)(d)	1,071,437	1,062,700
Class C, CME Term SOFR 1 Month Index + 2.290% 7.6518% 4/15/37 (b)(c)(d)	241,962	239,534
Class D, CME Term SOFR 1 Month Index + 2.830% 8.2008% 4/15/37 (b)(c)(d)	202,537	199,997
floater sequential payer:
Series 2019-XL Class A, CME Term SOFR 1 Month Index + 1.030% 6.3963% 10/15/36 (b)(c)(d)	221,753	221,189
Series 2021-SOAR Class A, CME Term SOFR 1 Month Index + 0.780% 6.1465% 6/15/38 (b)(c)(d)	225,602	221,994
CF Hippolyta Issuer LLC sequential payer Series 2021-1A Class A1, 1.53% 3/15/61 (b)	2,918,461	2,609,295
COMM Mortgage Trust sequential payer Series 2014-CR18 Class A5, 3.828% 7/15/47	387,699	383,367
Credit Suisse Mortgage Trust:
floater Series 2019-ICE4:
Class B, CME Term SOFR 1 Month Index + 1.270% 6.639% 5/15/36 (b)(c)(d)	1,286,799	1,283,462
Class C, CME Term SOFR 1 Month Index + 1.470% 6.839% 5/15/36 (b)(c)(d)	242,397	241,690
sequential payer Series 2020-NET Class A, 2.2569% 8/15/37 (b)	579,546	536,149
Series 2018-SITE:
Class A, 4.284% 4/15/36 (b)	1,129,357	1,125,686
Class B, 4.5349% 4/15/36 (b)	347,211	345,177
Class C, 4.782% 4/15/36 (b)(c)	233,110	231,367
Class D, 4.782% 4/15/36 (b)(c)	465,913	461,688
DTP Commercial Mortgage Trust 2023-Ste2 sequential payer Series 2023-STE2 Class A, 6.038% 1/15/41 (b)(c)	563,000	555,145
ELP Commercial Mortgage Trust floater Series 2021-ELP:
Class A, CME Term SOFR 1 Month Index + 0.810% 6.1775% 11/15/38 (b)(c)(d)	3,654,041	3,585,237
Class B, CME Term SOFR 1 Month Index + 1.230% 6.5967% 11/15/38 (b)(c)(d)	1,013,820	993,458
Extended Stay America Trust floater Series 2021-ESH:
Class A, CME Term SOFR 1 Month Index + 1.190% 6.5565% 7/15/38 (b)(c)(d)	1,131,329	1,120,686
Class B, CME Term SOFR 1 Month Index + 1.490% 6.8565% 7/15/38 (b)(c)(d)	644,074	633,961
Class C, CME Term SOFR 1 Month Index + 1.810% 7.1765% 7/15/38 (b)(c)(d)	2,330,800	2,292,742
Class D, CME Term SOFR 1 Month Index + 2.360% 7.7265% 7/15/38 (b)(c)(d)	957,709	940,869
GS Mortgage Securities Trust floater Series 2021-IP:
Class A, CME Term SOFR 1 Month Index + 1.060% 6.4265% 10/15/36 (b)(c)(d)	1,559,690	1,503,904
Class B, CME Term SOFR 1 Month Index + 1.260% 6.6265% 10/15/36 (b)(c)(d)	241,085	226,194
Class C, CME Term SOFR 1 Month Index + 1.660% 7.0265% 10/15/36 (b)(c)(d)	2,497,757	2,312,644
Intown Mortgage Trust floater sequential payer Series 2022-STAY Class A, CME Term SOFR 1 Month Index + 2.480% 7.8506% 8/15/39 (b)(c)(d)	2,328,000	2,335,295
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT:
Class CFX, 4.9498% 7/5/33 (b)	223,602	171,594
Class DFX, 5.3503% 7/5/33 (b)	386,779	277,417
Class EFX, 5.3635% 7/5/33 (b)(c)	470,207	311,571
Life Financial Services Trust floater Series 2022-BMR2:
Class A1, CME Term SOFR 1 Month Index + 1.290% 6.6571% 5/15/39 (b)(c)(d)	3,430,000	3,352,825
Class B, CME Term SOFR 1 Month Index + 1.790% 7.1557% 5/15/39 (b)(c)(d)	2,383,000	2,323,219
Class C, CME Term SOFR 1 Month Index + 2.090% 7.4549% 5/15/39 (b)(c)(d)	1,335,000	1,298,162
Class D, CME Term SOFR 1 Month Index + 2.540% 7.9037% 5/15/39 (b)(c)(d)	1,187,000	1,116,278
LIFE Mortgage Trust floater Series 2021-BMR:
Class A, CME Term SOFR 1 Month Index + 0.810% 6.1765% 3/15/38 (b)(c)(d)	2,199,143	2,150,764
Class B, CME Term SOFR 1 Month Index + 0.990% 6.3565% 3/15/38 (b)(c)(d)	530,641	517,300
Class C, CME Term SOFR 1 Month Index + 1.210% 6.5765% 3/15/38 (b)(c)(d)	333,761	323,272
Class D, CME Term SOFR 1 Month Index + 1.510% 6.8765% 3/15/38 (b)(c)(d)	464,311	446,802
Class E, CME Term SOFR 1 Month Index + 1.860% 7.2265% 3/15/38 (b)(c)(d)	405,819	387,456
Morgan Stanley Capital I Trust:
floater Series 2018-BOP:
Class B, CME Term SOFR 1 Month Index + 1.290% 6.659% 8/15/33 (b)(c)(d)	1,059,546	717,830
Class C, CME Term SOFR 1 Month Index + 1.540% 6.909% 8/15/33 (b)(c)(d)	2,551,942	1,422,772
sequential payer Series 2019-MEAD Class A, 3.17% 11/10/36 (b)	2,570,651	2,369,795
Series 2018-H4 Class A4, 4.31% 12/15/51	1,895,246	1,826,011
Series 2019-MEAD:
Class B, 3.1771% 11/10/36 (b)(c)	371,442	330,559
Class C, 3.1771% 11/10/36 (b)(c)	356,413	307,832
Open Trust 2023-Air sequential payer Series 2023-AIR:
Class A, CME Term SOFR 1 Month Index + 3.080% 8.4509% 10/15/28 (b)(c)(d)	1,649,162	1,652,537
Class B, CME Term SOFR 1 Month Index + 3.830% 9.1998% 10/15/28 (b)(c)(d)	993,448	986,832
OPG Trust floater Series 2021-PORT Class A, CME Term SOFR 1 Month Index + 0.590% 5.9605% 10/15/36 (b)(c)(d)	231,740	226,364
Prima Capital Ltd. floater sequential payer Series 2021-9A Class A, CME Term SOFR 1 Month Index + 1.560% 6.9202% 12/15/37 (b)(c)(d)	139,306	139,305
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b)	823,842	839,387
SPGN Mortgage Trust floater Series 2022-TFLM:
Class B, CME Term SOFR 1 Month Index + 2.000% 7.3618% 2/15/39 (b)(c)(d)	642,000	609,424
Class C, CME Term SOFR 1 Month Index + 2.650% 8.0118% 2/15/39 (b)(c)(d)	334,000	312,894
SREIT Trust floater Series 2021-MFP:
Class A, CME Term SOFR 1 Month Index + 0.840% 6.2071% 11/15/38 (b)(c)(d)	3,228,793	3,175,145
Class B, CME Term SOFR 1 Month Index + 1.190% 6.5561% 11/15/38 (b)(c)(d)	1,978,713	1,938,972
Class C, CME Term SOFR 1 Month Index + 1.440% 6.8053% 11/15/38 (b)(c)(d)	840,856	821,857
Class D, CME Term SOFR 1 Month Index + 1.690% 7.0545% 11/15/38 (b)(c)(d)	552,647	538,773
VLS Commercial Mortgage Trust:
sequential payer Series 2020-LAB Class A, 2.13% 10/10/42 (b)	1,766,729	1,434,153
Series 2020-LAB Class B, 2.453% 10/10/42 (b)	113,488	91,951
Wells Fargo Commercial Mortgage Trust:
floater Series 2021-FCMT Class A, CME Term SOFR 1 Month Index + 1.310% 6.6765% 5/15/31 (b)(c)(d)	1,349,000	1,310,323
sequential payer Series 2015-C26 Class A4, 3.166% 2/15/48	1,026,911	996,234
Series 2018-C48 Class A5, 4.302% 1/15/52	850,545	821,113
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $108,313,135)		102,755,808

Foreign Government and Government Agency Obligations - 0.2%
	Principal Amount (a)	Value ($)
Emirate of Abu Dhabi 3.875% 4/16/50 (b)	1,748,000	1,462,464
Kingdom of Saudi Arabia:
3.25% 10/22/30 (b)	966,000	894,661
4.5% 4/22/60 (b)	736,000	635,490
State of Qatar 4.4% 4/16/50 (b)	2,181,000	2,012,125
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $5,808,755)		5,004,740

Bank Notes - 0.1%
	Principal Amount (a)	Value ($)
Discover Bank 5.974% 8/9/28 (c)	847,000	815,822
Regions Bank 6.45% 6/26/37	2,368,000	2,406,671
TOTAL BANK NOTES (Cost $3,283,758)		3,222,493

Money Market Funds - 5.4%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (f) (Cost $155,018,922)	154,988,318	155,019,316

TOTAL INVESTMENT IN SECURITIES - 108.6% (Cost $3,306,954,501)	3,145,786,514
NET OTHER ASSETS (LIABILITIES) - (8.6)%	(249,010,483)
NET ASSETS - 100.0%	2,896,776,031

TBA Sale Commitments
	Principal Amount (a)	Value ($)
Uniform Mortgage Backed Securities
2% 1/1/54	(24,450,000)	(19,992,076)
2% 1/1/54	(2,600,000)	(2,125,947)
3% 1/1/54	(5,500,000)	(4,868,359)
3.5% 1/1/54	(4,200,000)	(3,855,469)
4% 1/1/54	(3,350,000)	(3,170,459)

TOTAL TBA SALE COMMITMENTS (Proceeds $33,538,972)		(34,012,310)

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 $344,856,691 or 11.9% 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)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(f)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated 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 ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	167,330,367	459,644,719	471,955,770	8,138,850	-	-	155,019,316	0.3%
Fidelity Securities Lending Cash Central Fund 5.40%	53,359,291	661,969,914	715,329,205	40,406	-	-	-	0.0%
Total	220,689,658	1,121,614,633	1,187,284,975	8,179,256	-	-	155,019,316

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 in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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 December 31, 2023, 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:

Corporate Bonds	763,169,687	-	763,169,687	-

U.S. Government and Government Agency Obligations	1,302,629,181	-	1,302,629,181	-

U.S. Government Agency - Mortgage Securities	656,109,724	-	656,109,724	-

Asset-Backed Securities	157,222,964	-	157,222,964	-

Collateralized Mortgage Obligations	652,601	-	652,601	-

Commercial Mortgage Securities	102,755,808	-	102,755,808	-

Foreign Government and Government Agency Obligations	5,004,740	-	5,004,740	-

Bank Notes	3,222,493	-	3,222,493	-

Money Market Funds	155,019,316	155,019,316	-	-
Total Investments in Securities:	3,145,786,514	155,019,316	2,990,767,198	-
Other Financial Instruments:
TBA Sale Commitments	(34,012,310)	-	(34,012,310)	-
Total Other Financial Instruments:	(34,012,310)	-	(34,012,310)	-

Financial Statements

Statement of Assets and Liabilities
				December 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $3,151,935,579)	$	2,990,767,198
Fidelity Central Funds (cost $155,018,922)		155,019,316


Total Investment in Securities (cost $3,306,954,501)			$	3,145,786,514
Receivable for investments sold
Regular delivery				18,562
Delayed delivery				2,692,121
Receivable for TBA sale commitments				33,538,972
Receivable for fund shares sold				27,667
Interest receivable				25,150,118
Distributions receivable from Fidelity Central Funds				731,703
Other receivables				42,204
Total assets				3,207,987,861
Liabilities
Payable to custodian bank	$	1,744
Payable for investments purchased
Regular delivery		1,000,000
Delayed delivery		274,439,461
TBA sale commitments, at value		34,012,310
Payable for fund shares redeemed		1,100,715
Distributions payable		652,583
Other payables and accrued expenses		5,017
Total Liabilities				311,211,830
Net Assets			$	2,896,776,031
Net Assets consist of:
Paid in capital			$	3,170,462,806
Total accumulated earnings (loss)				(273,686,775)
Net Assets			$	2,896,776,031
Net Asset Value, offering price and redemption price per share ($2,896,776,031 ÷ 30,913,109 shares)			$	93.71

Statement of Operations
				Year ended December 31, 2023
Investment Income
Interest			$	98,053,364
Income from Fidelity Central Funds (including $40,406 from security lending)				8,179,256
Total Income				106,232,620
Expenses
Custodian fees and expenses	$	27,884
Independent trustees' fees and expenses		9,493
Miscellaneous		1,160
Total expenses before reductions		38,537
Expense reductions		(15,212)
Total expenses after reductions				23,325
Net Investment income (loss)				106,209,295
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(63,205,474)
Total net realized gain (loss)				(63,205,474)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		119,919,794
TBA Sale commitments		(2,800,753)
Total change in net unrealized appreciation (depreciation)				117,119,041
Net gain (loss)				53,913,567
Net increase (decrease) in net assets resulting from operations			$	160,122,862

Statement of Changes in Net Assets

		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	106,209,295	$	64,019,473
Net realized gain (loss)		(63,205,474)		(53,243,067)
Change in net unrealized appreciation (depreciation)		117,119,041		(326,451,120)
Net increase (decrease) in net assets resulting from operations		160,122,862		(315,674,714)
Distributions to shareholders		(104,264,033)		(87,992,171)

Affiliated share transactions
Proceeds from sales of shares		338,241,421		438,669,539
Reinvestment of distributions		103,871,155		87,727,625
Cost of shares redeemed		(59,752,309)		(68,825,551)

Net increase (decrease) in net assets resulting from share transactions		382,360,267		457,571,613
Total increase (decrease) in net assets		438,219,096		53,904,728

Net Assets
Beginning of period		2,458,556,935		2,404,652,207
End of period	$	2,896,776,031	$	2,458,556,935

Other Information
Shares
Sold		3,635,153		4,589,574
Issued in reinvestment of distributions		1,131,990		895,999
Redeemed		(651,693)		(710,597)
Net increase (decrease)		4,115,450		4,774,976

Financial Highlights

VIP Investment Grade Central Fund

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	91.75	$	109.19	$	114.93	$	108.80	$	102.31
Income from Investment Operations
Net investment income (loss) A,B		3.608		2.711		2.481		3.026		3.371
Net realized and unrealized gain (loss)		1.882		(16.386)		(2.817)		7.583		6.606
Total from investment operations		5.490		(13.675)		(.336)		10.609		9.977
Distributions from net investment income		(3.530)		(2.765)		(2.717)		(3.070)		(3.487)
Distributions from net realized gain		-		(1.000)		(2.687)		(1.409)		-
Total distributions		(3.530)		(3.765)		(5.404)		(4.479)		(3.487)
Net asset value, end of period	$	93.71	$	91.75	$	109.19	$	114.93	$	108.80
Total Return C		6.13%		(12.69)%		(.28)%		9.87%		9.87%
Ratios to Average Net Assets B,D,E
Expenses before reductions F		-%		-%		-%		-%		-%
Expenses net of fee waivers, if any F		-%		-%		-%		-%		-%
Expenses net of all reductions F		-%		-%		-%		-%		-%
Net investment income (loss)		3.93%		2.79%		2.23%		2.68%		3.16%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,896,776	$	2,458,557	$	2,404,652	$	7,119,394	$	6,014,480
Portfolio turnover rate G		205%		188%		178% H		169%		146%

ACalculated based on average shares outstanding during the period.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

DFees 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.

EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

FAmount represents less than .005%.

GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

HPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended December 31, 2023

1. Organization.

Fidelity VIP Investment Grade Central Fund (the Fund) is a fund of Fidelity Garrison Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company LLC (FMR), or its affiliates (the Investing Funds). 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.

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. 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 (ETFs) 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, bank notes, foreign government and government agency obligations 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. Brokers which make markets in asset backed securities, collateralized mortgage obligations and commercial mortgage securities may also consider such factors as the structure of the issue, cash flow assumptions, the value of underlying assets as well as any guarantees. 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 December 31, 2023 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 and include proceeds received from litigation. 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. As of December 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 market discount, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$28,806,169
Gross unrealized depreciation	(187,441,309)
Net unrealized appreciation (depreciation)	$(158,635,140)
Tax Cost	$3,303,948,316

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$182,575
Capital loss carryforward	$(115,234,211)
Net unrealized appreciation (depreciation) on securities and other investments	$(158,635,140)

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 fiscal period end and is subject to adjustment.

Short-term	$(52,080,650)
Long-term	(63,153,561)
Total capital loss carryforward	$(115,234,211)

The tax character of distributions paid was as follows:

	December 31, 2023	December 31,2022
Ordinary Income	$104,264,033	$65,959,747
Long-term Capital Gains	-	22,032,424
Total	$104,264,033	$87,992,171

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.

To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls. TBA securities involve buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. Funds may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or a fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to a fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, a fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The proceeds and value of these commitments are reflected in the Statement of Assets and Liabilities as "Receivable for TBA sale commitments" and "TBA sale commitments, at value," respectively.

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 VIP Investment Grade Central Fund	3,663,098,415	3,667,945,138

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract, the investment adviser receives a monthly management fee that represents a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation 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. 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.

Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

6. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity VIP Investment Grade Central Fund	$4,147	$-	$-

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 $15,212.

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, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares as shown below.

Fund	Ownership %
VIP Asset Manager Portfolio	11.5%
VIP Asset Manager Growth Portfolio	1.7%
VIP Balanced Portfolio	86.8%

9. Credit Risk.

The Fund invests a significant portion of its assets in structured securities of issuers backed by commercial and residential mortgage loans, credit card receivables and automotive loans. The value and related income of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults.

10. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Garrison Street Trust and the Shareholders of VIP Investment Grade Central Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of VIP Investment Grade Central Fund (the "Fund"), a fund of Fidelity Garrison Street Trust, including the schedule of investments, as of December 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 12, 2024

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 314 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.

Christine J. Thompson (1958)

Year of Election or Appointment: 2023

Trustee

Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Laura M. Bishop (1961)

Year of Election or Appointment: 2023

Trustee

Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Robert W. Helm (1957)

Year of Election or Appointment: 2023

Trustee

Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

Carol J. Zierhoffer (1960)

Year of Election or Appointment: 2023

Trustee

Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupation

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Robin Foley (1964)

Year of Election or Appointment: 2023

Vice President

Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Expenses Paid During Period- C July 1, 2023 to December 31, 2023

Fidelity® VIP Investment Grade Central Fund	0.0021%
Actual		$ 1,000	$ 1,034.00	$ .01
Hypothetical-B		$ 1,000	$ 1,025.19	$ .01

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund designates $103,335,647 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

VIP Investment Grade Central 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2023 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 the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, 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 Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and 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 global 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, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and 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 the Investment Advisers and their affiliates 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.

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 a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.

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 while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, and extraordinary 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 concluded that the management fee received for providing services to the fund and the fund's total expense ratio were 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 profitability of the funds that invest in the fund, as well as Fidelity's profits in respect of 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, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 bears all expenses of the fund with certain limited exceptions.

Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR 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 Contract.

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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) 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; and (x) matters related to money market funds, exchange-traded funds, and target date funds. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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, 2024.

Proxy Voting Results

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	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Jennifer Toolin McAuliffe
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Christine J. Thompson
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Elizabeth S. Acton
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Laura M. Bishop
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Ann E. Dunwoody
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
John Engler
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Robert F. Gartland
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Robert W. Helm
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Arthur E. Johnson
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Michael E. Kenneally
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Mark A. Murray
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000
Carol J. Zierhoffer
Affirmative	4,609,272,776.150	100.000
TOTAL	4,609,272,776.150	100.000

Proposal 1 reflects trust wide proposal and voting results.

1.831202.117

VIGC-ANN-0224

Item 2.

Code of Ethics

As of the end of the period, December 31, 2023, Fidelity Garrison Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to VIP Investment Grade Central Fund (the “Fund”):

Services Billed by Deloitte Entities

December 31, 2023 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
VIP Investment Grade Central Fund	$81,400	$-	$14,100	$1,900

December 31, 2022 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
VIP Investment Grade Central Fund	$82,100	$-	$12,000	$1,800

^AAmounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily

portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):

Services Billed by Deloitte Entities


	December 31, 2023^A	December 31, 2022^A
Audit-Related Fees	$-	$-
Tax Fees	$-	$-
All Other Fees	$-	$-

^A Amounts may reflect rounding.

“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By	December 31, 2023^A	December 31, 2022^A
Deloitte Entities	$258,600	$471,400

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance

with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable

to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

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 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 trust’s 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)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Garrison Street Trust


By:	/s/Laura M. Del Prato
	Laura M. Del Prato
	President and Treasurer

Date:	February 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

Date:	February 22, 2024


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	February 22, 2024