UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04861
Fidelity Garrison Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | September 30 |
Date of reporting period: | March 31, 2023 |
Item 1.
Reports to Stockholders
Contents
Effective Maturity Diversification (% of Fund's Investments) | ||
Days | ||
1 - 7 | 73.0 | |
8 - 30 | 2.4 | |
31 - 60 | 13.0 | |
61 - 90 | 8.6 | |
91 - 180 | 3.0 | |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Asset Allocation (% of Fund's net assets) |
Certificate of Deposit - 9.9% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Domestic Certificates Of Deposit - 0.6% | ||||
Bank of America NA | ||||
7/11/23 to 8/31/23 (c) | 5.12 to 5.14 | 8,000,000 | 7,996,622 | |
New York Branch, Yankee Dollar, Foreign Banks - 9.3% | ||||
Bank of Montreal | ||||
4/4/23 (c)(d) | 5.24 | 2,000,000 | 2,000,078 | |
Canadian Imperial Bank of Commerce | ||||
4/4/23 (c)(d) | 5.23 | 12,000,000 | 12,000,474 | |
Credit Agricole CIB | ||||
5/2/23 to 6/15/23 | 4.82 to 5.02 | 27,000,000 | 26,995,319 | |
Mitsubishi UFJ Trust & Banking Corp. | ||||
5/4/23 to 5/5/23 | 4.82 to 4.82 | 14,000,000 | 13,999,257 | |
Mizuho Corporate Bank Ltd. | ||||
5/5/23 to 5/12/23 | 4.81 to 4.85 | 30,000,000 | 29,993,252 | |
MUFG Bank Ltd. | ||||
4/19/23 to 4/21/23 (c)(d) | 5.17 to 5.19 | 17,000,000 | 17,002,596 | |
Sumitomo Mitsui Trust Bank Ltd. | ||||
5/8/23 to 6/15/23 | 4.82 to 5.00 | 17,000,000 | 16,996,643 | |
TOTAL NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS | 118,987,619 | |||
TOTAL CERTIFICATE OF DEPOSIT (Cost $127,000,000) | 126,984,241 | |||
Financial Company Commercial Paper - 21.8% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Australia & New Zealand Banking Group Ltd. | ||||
4/5/23 to 4/12/23 (c)(d) | 5.19 to 5.22 | 20,000,000 | 20,005,855 | |
Bank of Montreal | ||||
5/2/23 to 9/5/23 (c) | 5.17 to 5.52 | 26,000,000 | 25,831,804 | |
Bank of Nova Scotia | ||||
5/1/23 to 7/17/23 (c) | 5.13 to 5.52 | 26,000,000 | 25,939,129 | |
Barclays Bank PLC/Barclays U.S. CCP Funding LLC | ||||
5/5/23 to 6/1/23 (e) | 4.84 to 5.02 | 6,000,000 | 5,962,075 | |
BofA Securities, Inc. | ||||
4/17/23 to 8/7/23 (c)(d) | 5.20 to 5.52 | 21,000,000 | 21,002,924 | |
Commonwealth Bank of Australia | ||||
4/27/23 (c)(d) | 5.22 | 9,000,000 | 9,002,046 | |
DNB Bank ASA | ||||
4/10/23 (c)(d) | 5.19 | 7,000,000 | 7,000,573 | |
Federation des caisses Desjardin | ||||
4/11/23 to 7/19/23 (c) | 4.80 to 5.20 | 22,000,000 | 21,932,017 | |
J.P. Morgan Securities, LLC | ||||
5/10/23 to 5/24/23 (c)(d) | 5.41 to 5.41 | 9,000,000 | 9,000,913 | |
Lloyds Bank PLC | ||||
5/11/23 to 5/12/23 | 4.90 to 4.92 | 18,000,000 | 17,896,885 | |
Mitsubishi UFJ Trust & Banking Corp. | ||||
4/13/23 | 4.82 | 2,000,000 | 1,996,532 | |
Mizuho Bank Ltd. Singapore Branch | ||||
4/6/23 to 6/9/23 | 4.80 to 5.04 | 15,000,000 | 14,921,240 | |
National Australia Bank Ltd. | ||||
4/13/23 to 4/28/23 (c)(d) | 5.19 to 5.22 | 28,000,000 | 28,001,448 | |
National Bank of Canada | ||||
5/25/23 | 5.26 | 10,000,000 | 9,925,933 | |
Royal Bank of Canada | ||||
4/3/23 (c)(d) | 5.23 | 9,000,000 | 9,005,543 | |
Sumitomo Mitsui Trust Bank Ltd. | ||||
4/11/23 to 5/24/23 | 4.81 to 4.92 | 11,000,000 | 10,937,027 | |
Svenska Handelsbanken AB | ||||
4/13/23 to 9/5/23 (c) | 5.08 to 5.32 | 21,000,000 | 20,843,308 | |
Svenska Handelsbanken, Inc. | ||||
7/24/23 (c)(d) | 5.23 | 4,000,000 | 4,000,200 | |
The Toronto-Dominion Bank | ||||
7/24/23 to 9/5/23 | 5.18 to 5.34 | 11,000,000 | 10,798,901 | |
Toyota Motor Credit Corp. | ||||
8/30/23 | 5.33 | 1,000,000 | 978,399 | |
UBS AG London Branch | ||||
5/23/23 | 5.45 | 3,000,000 | 2,978,456 | |
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (Cost $277,951,467) | 277,961,208 | |||
Asset Backed Commercial Paper - 7.0% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Atlantic Asset Securitization LLC (Liquidity Facility Credit Agricole CIB) | ||||
6/15/23 | 5.03 | 18,000,000 | 17,791,951 | |
6/22/23 | 5.02 | 18,000,000 | 17,771,459 | |
Gotham Funding Corp. (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.) | ||||
4/11/23 | 4.81 | 4,000,000 | 3,994,089 | |
5/1/23 | 4.83 | 4,000,000 | 3,982,936 | |
Liberty Street Funding LLC (Liquidity Facility Bank of Nova Scotia) | ||||
5/18/23 | 4.93 | 19,000,000 | 18,872,827 | |
Sheffield Receivables Corp. (Liquidity Facility Barclays Bank PLC) | ||||
6/1/23 | 4.97 | 27,000,000 | 26,760,850 | |
TOTAL ASSET BACKED COMMERCIAL PAPER (Cost $89,245,343) | 89,174,112 | |||
Variable Rate Demand Note - 2.0% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Florida - 2.0% | ||||
Florida Timber Fin. III LLC Taxable Series 2008, LOC Wells Fargo Bank NA, VRDN | ||||
4/7/23 (c) | 4.84 | 25,155,000 | 25,155,000 | |
TOTAL VARIABLE RATE DEMAND NOTE (Cost $25,155,000) | 25,155,000 | |||
U.S. Government Agency Debt - 0.2% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Federal Agencies - 0.2% | ||||
Federal Home Loan Bank | ||||
9/19/23 | 5.11 | 2,000,000 | 1,956,208 | |
TOTAL U.S. GOVERNMENT AGENCY DEBT (Cost $1,952,690) | 1,956,208 | |||
U.S. Government Agency Repurchase Agreement - 44.5% | |||
Maturity Amount ($) | Value ($) | ||
In a joint trading account at 4.8% dated 3/31/23 due 4/3/23 (Collateralized by U.S. Government Obligations) # | 487,239,881 | 487,045,000 | |
With: | |||
ABN AMRO Bank NV at 4.81%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Government Obligations valued at $2,041,229, 5.00% - 6.00%, 8/20/52 - 2/1/53) | 2,000,802 | 2,000,000 | |
BMO Harris Bank NA at 4.81%, dated 3/23/23 due 4/7/23 | |||
(Collateralized by U.S. Government Obligations valued at $1,021,499, 3.00%, 1/20/48) | 1,002,672 | 1,000,000 | |
(Collateralized by U.S. Government Obligations valued at $1,021,499, 3.00%, 1/20/48) | 1,004,276 | 1,000,000 | |
(Collateralized by U.S. Government Obligations valued at $2,042,999, 3.00%, 1/20/48) | 2,011,223 | 2,000,000 | |
BNP Paribas, SA at 4.81%, dated: | |||
3/27/23 due 4/7/23 (Collateralized by U.S. Treasury Obligations valued at $1,030,896, 0.13% - 5.50%, 11/30/23 - 3/1/53) | 1,001,871 | 999,985 | |
3/30/23 due 4/6/23 (Collateralized by U.S. Government Obligations valued at $12,246,895, 0.38% - 4.00%, 4/30/24 - 11/15/52) | 12,011,223 | 12,000,000 | |
BofA Securities, Inc. at: | |||
4.82%, dated 3/28/23 due 4/4/23 (Collateralized by U.S. Treasury Obligations valued at $3,062,508, 0.13%, 5/31/23) | 3,002,812 | 2,999,984 | |
4.87%, dated: | |||
3/17/23 due 4/7/23 (Collateralized by U.S. Treasury Obligations valued at $1,022,326, 0.13%, 5/31/23) (c)(d)(f) | 1,004,329 | 1,000,000 | |
3/20/23 due 4/7/23 (Collateralized by U.S. Treasury Obligations valued at $1,021,929, 0.13%, 5/31/23) (c)(d)(f) | 1,003,923 | 1,000,000 | |
3/21/23 due 4/7/23 (Collateralized by U.S. Treasury Obligations valued at $1,021,829, 0.13%, 5/31/23) (c)(d)(f) | 1,004,599 | 1,000,000 | |
3/24/23 due 4/7/23 (Collateralized by U.S. Treasury Obligations valued at $2,042,765, 0.13%, 5/31/23) (c)(d)(f) | 2,008,928 | 2,000,000 | |
CIBC Bank U.S.A. at 4.81%, dated 3/23/23 due 4/7/23 (Collateralized by U.S. Government Obligations valued at $4,085,997, 2.31% - 6.00%, 7/14/36 - 3/1/53) | 4,022,447 | 4,000,000 | |
Citibank NA at 4.83%, dated 3/30/23 due 4/6/23 (Collateralized by U.S. Treasury Obligations valued at $2,061,045, 0.75% - 4.05%, 12/1/36 - 2/15/42) | 2,001,878 | 2,000,000 | |
Citigroup Global Capital Markets, Inc. at: | |||
4.81%, dated 3/23/23 due 4/7/23 (Collateralized by U.S. Government Obligations valued at $2,043,068, 2.25% - 6.50%, 10/31/24 - 12/20/52) | 2,011,223 | 2,000,000 | |
4.83%, dated 3/30/23 due 4/6/23 (Collateralized by U.S. Government Obligations valued at $2,041,107, 2.25% - 5.50%, 10/31/24 - 9/20/52) | 2,001,878 | 2,000,000 | |
Goldman Sachs & Co. at 4.81%, dated: | |||
3/27/23 due 4/3/23 (Collateralized by U.S. Government Obligations valued at $6,125,725, 1.13% - 6.00%, 2/1/33 - 7/1/52) | 6,005,612 | 5,999,982 | |
3/29/23 due 4/5/23 (Collateralized by U.S. Government Obligations valued at $6,124,089, 3.18% - 4.00%, 4/20/48 - 8/15/57) | 6,005,612 | 6,000,000 | |
3/30/23 due: | |||
4/4/23 (Collateralized by U.S. Government Obligations valued at $5,102,726, 2.00% - 6.00%, 3/1/35 - 6/1/56) | 5,003,340 | 5,000,000 | |
4/6/23 (Collateralized by U.S. Government Obligations valued at $3,061,636, 2.00%, 2/1/52) | 3,002,806 | 3,000,000 | |
RBC Dominion Securities at 4.81%, dated 3/23/23 due 4/7/23 (Collateralized by U.S. Government Obligations valued at $8,172,037, 0.13% - 6.00%, 8/31/23 - 2/20/53) | 8,044,893 | 8,000,000 | |
RBC Financial Group at 4.81%, dated 3/23/23 due 4/7/23 (Collateralized by U.S. Government Obligations valued at $14,310,920, 0.13% - 6.50%, 1/15/26 - 4/1/53) | 14,078,563 | 14,000,000 | |
TD Securities (U.S.A.) at 4.82%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Government Obligations valued at $3,061,230, 4.50%, 9/20/52) | 3,001,205 | 3,000,000 | |
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $569,045,000) | 569,044,951 | ||
U.S. Treasury Repurchase Agreement - 3.1% | |||
Maturity Amount ($) | Value ($) | ||
With: | |||
ABN AMRO Bank NV at 4.8%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $3,061,287, 0.38% - 2.75%, 1/31/24 - 5/31/29) | 3,001,200 | 3,000,000 | |
Barclays Bank PLC at 4.8%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $5,102,069, 2.63%, 4/15/25) | 5,002,000 | 5,000,000 | |
Fixed Income Clearing Corp. - BNYM at 4.81%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $7,140,096, 2.75%, 5/15/25) | 7,002,806 | 7,000,000 | |
Fixed Income Clearing Corp. - SSB at: | |||
4.81%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $4,078,933, 1.13%, 8/31/28) | 4,001,603 | 4,000,000 | |
4.88%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $3,064,568, 2.38%, 2/15/42) | 3,001,220 | 2,999,999 | |
ING Financial Markets LLC at 4.81%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $2,042,124, 3.25%, 8/31/24) | 2,000,802 | 2,000,000 | |
MUFG Securities EMEA PLC at: | |||
4.82%, dated: | |||
3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $2,040,934, 1.13%, 2/29/28) | 2,000,803 | 2,000,000 | |
4/3/23 due 4/4/23 (g) | 2,000,268 | 2,000,000 | |
4.83%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $4,077,925, 1.88%, 2/28/29) | 4,001,610 | 4,000,000 | |
RBS Securities, Inc. at: | |||
4.8%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Treasury Obligations valued at $1,020,454, 1.38%, 11/15/40) | 1,000,400 | 1,000,000 | |
4.82%, dated 3/30/23 due 4/6/23 (Collateralized by U.S. Treasury Obligations valued at $3,061,746, 4.25%, 5/15/39) | 3,002,812 | 3,000,000 | |
Societe Generale at 4.81%, dated 3/30/23 due 4/6/23 (Collateralized by U.S. Treasury Obligations valued at $4,082,199, 0.00% - 1.25%, 6/29/23 - 8/15/31) | 4,003,741 | 4,000,000 | |
TOTAL U.S. TREASURY REPURCHASE AGREEMENT (Cost $40,000,000) | 39,999,999 | ||
Other Repurchase Agreement - 3.0% | |||
Maturity Amount ($) | Value ($) | ||
Other Repurchase Agreement - 3.0% | |||
With: | |||
BMO Capital Markets Corp. at: | |||
4.96%, dated 3/31/23 due 4/3/23 (Collateralized by Corporate Obligations valued at $1,093,653, 2.47%, 12/13/29) | 1,000,413 | 1,000,000 | |
5.02%, dated 3/31/23 due 4/3/23 (Collateralized by Corporate Obligations valued at $1,070,929, 2.25% - 7.75%, 10/15/24 - 6/1/77) | 1,000,418 | 1,000,000 | |
BMO Chicago Branch at 5.02%, dated 3/31/23 due 4/3/23 (Collateralized by Mortgage Loan Obligations valued at $1,031,773, 0.75% - 4.63%, 12/15/28 - 5/16/59) | 1,000,418 | 1,000,000 | |
BNP Paribas Prime Brokerage, Inc. at: | |||
5.07%, dated 3/31/23 due 4/3/23 (Collateralized by Equity Securities valued at $2,160,917) | 2,000,845 | 2,000,000 | |
5.08%, dated 3/31/23 due 4/6/23 (Collateralized by Equity Securities valued at $3,241,382) (c)(d)(f) | 3,002,540 | 3,000,000 | |
5.27%, dated 3/29/23 due 5/5/23 (Collateralized by Corporate Obligations valued at $5,403,965, 0.00% - 6.50%, 6/1/23 - 1/1/99) (c)(d)(f) | 5,045,381 | 5,000,000 | |
HSBC Securities, Inc. at 5.05%, dated 3/31/23 due 4/3/23 (Collateralized by Corporate Obligations valued at $1,080,396, 0.00% - 4.30%, 1/31/24 - 2/15/47) | 1,000,421 | 1,000,000 | |
ING Financial Markets LLC at 5.05%, dated 3/31/23 due 4/3/23 (Collateralized by Equity Securities valued at $1,080,455) | 1,000,421 | 1,000,000 | |
J.P. Morgan Securities, LLC at 5.39%, dated 3/27/23 due 6/29/23 (Collateralized by Corporate Obligations valued at $11,892,455, 0.00% - 3.50%, 12/1/26 - 1/1/99) (c)(d)(f) | 11,197,633 | 10,999,999 | |
Mitsubishi UFJ Securities (U.S.A.), Inc. at: | |||
5.05%, dated 3/31/23 due 4/3/23 (Collateralized by Corporate Obligations valued at $1,020,468, 5.03%, 11/22/28) | 1,000,421 | 1,000,000 | |
5.34%, dated 3/31/23 due 4/3/23 (Collateralized by Equity Securities valued at $1,080,483) | 1,000,445 | 1,000,000 | |
Mizuho Securities U.S.A., Inc. at: | |||
5.09%, dated 3/31/23 due 4/3/23 (Collateralized by Equity Securities valued at $1,080,486) | 1,000,424 | 1,000,000 | |
5.32%, dated 3/7/23 due 5/8/23 (Collateralized by Corporate Obligations valued at $1,054,065, 2.31%, 11/20/51) (c)(d)(f) | 1,009,162 | 1,000,000 | |
RBC Capital Markets Co. at 5.32%, dated 3/27/23 due 5/26/23 (Collateralized by Corporate Obligations valued at $1,051,114, 6.24%, 7/20/28) (c)(d)(f) | 1,008,867 | 1,000,000 | |
RBS Securities, Inc. at 5.07%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Government Obligations valued at $1,021,113, 4.00%, 9/27/29) | 1,000,423 | 1,000,000 | |
Truist Securities, Inc. at: | |||
5.1%, dated 3/31/23 due 4/3/23 (Collateralized by U.S. Government Obligations valued at $1,020,434, 4.00%, 9/1/41) | 1,000,425 | 1,000,000 | |
5.35%, dated 3/31/23 due 4/3/23 (Collateralized by Corporate Obligations valued at $1,079,991, 0.13% - 3.88%, 12/15/24 - 11/15/41) | 1,000,446 | 1,000,000 | |
Wells Fargo Securities, LLC at: | |||
4.98%, dated 3/31/23 due 4/3/23 (Collateralized by Commercial Paper valued at $3,091,283, 0.00%, 8/30/23) | 3,001,245 | 3,000,000 | |
5.37%, dated 1/26/23 due 4/26/23 (Collateralized by Corporate Obligations valued at $1,060,662, 4.63%, 3/1/24) | 1,013,425 | 1,000,000 | |
5.4%, dated 2/3/23 due 5/4/23 (Collateralized by Commercial Paper valued at $1,059,293, 0.00%, 4/12/23) | 1,013,500 | 1,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENT (Cost $39,000,000) | 38,999,999 | ||
TOTAL INVESTMENT IN SECURITIES - 91.5% (Cost $1,169,349,500) | 1,169,275,718 |
NET OTHER ASSETS (LIABILITIES) - 8.5% | 108,581,856 |
NET ASSETS - 100.0% | 1,277,857,574 |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
(a) | Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
(b) | Amount is stated in United States dollars unless otherwise noted. |
(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 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 $5,962,075 or 0.5% of net assets. |
(f) | The maturity amount is based on the rate at period end. |
(g) | Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date. |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Certificate of Deposit | 126,984,241 | - | 126,984,241 | - |
Financial Company Commercial Paper | 277,961,208 | - | 277,961,208 | - |
Asset Backed Commercial Paper | 89,174,112 | - | 89,174,112 | - |
Variable Rate Demand Note | 25,155,000 | - | 25,155,000 | - |
U.S. Government Agency Debt | 1,956,208 | - | 1,956,208 | - |
U.S. Government Agency Repurchase Agreement | 569,044,951 | - | 569,044,951 | - |
U.S. Treasury Repurchase Agreement | 39,999,999 | - | 39,999,999 | - |
Other Repurchase Agreement | 38,999,999 | - | 38,999,999 | - |
Total Investments in Securities: | 1,169,275,718 | - | 1,169,275,718 | - |
Other Information | ||
# Additional information on each counterparty to the repurchase agreement is as follows: | ||
Repurchase Agreement / Counterparty | Value ($) | |
$487,045,000 due 4/03/23 at 4.80% | ||
BNY Mellon Capital Markets LLC | 1,940,000 | |
Bank of America, N.A. | 5,575,000 | |
BofA Securities, Inc. | 774,000 | |
Citigroup Global Markets, Inc. | 3,871,000 | |
HSBC Securities (USA), Inc. | 697,000 | |
JP Morgan Securities LLC | 433,000,000 | |
Mitsubishi UFJ Securities Holdings Ltd | 1,161,000 | |
Mizuho Securities USA, Inc. | 387,000 | |
Nomura Securities International | 6,194,000 | |
RBC Dominion Securities, Inc. | 4,645,000 | |
Sumitomo Mitsui Banking Corp. | 21,059,000 | |
Wells Fargo Securities LLC | 7,742,000 | |
487,045,000 | ||
Statement of Assets and Liabilities | ||||
March 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including repurchase agreements of $648,044,950) - See accompanying schedule Unaffiliated issuers (cost $1,169,349,500): | $ | 1,169,275,718 | ||
Cash | 60,256,000 | |||
Receivable for fund shares sold | 2,853 | |||
Interest receivable | 1,838,136 | |||
Receivable for interfund loans | 50,323,000 | |||
Other affiliated receivables | 28,349 | |||
Total assets | 1,281,724,056 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,000,000 | ||
Payable for fund shares redeemed | 1,861,991 | |||
Other payables and accrued expenses | 4,491 | |||
Total Liabilities | 3,866,482 | |||
Net Assets | $ | 1,277,857,574 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,277,931,815 | ||
Total accumulated earnings (loss) | (74,241) | |||
Net Assets | $ | 1,277,857,574 | ||
Net Asset Value , offering price and redemption price per share ($1,277,857,574 ÷ 1,278,021,316 shares) | $ | 0.9999 |
Statement of Operations | ||||
Six months ended March 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Interest (including $601,118 from affiliated interfund lending) | $ | 29,254,389 | ||
Expenses | ||||
Custodian fees and expenses | $ | 12,389 | ||
Independent trustees' fees and expenses | 2,810 | |||
Total Expenses | 15,199 | |||
Net Investment income (loss) | 29,239,190 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,026) | |||
Total net realized gain (loss) | (1,026) | |||
Change in net unrealized appreciation (depreciation) on investment securities | (58,147) | |||
Net increase in net assets resulting from operations | $ | 29,180,017 |
Statement of Changes in Net Assets | ||||
Six months ended March 31, 2023 (Unaudited) | Year ended September 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 29,239,190 | $ | 14,440,325 |
Net realized gain (loss) | (1,026) | 2,591 | ||
Change in net unrealized appreciation (depreciation) | (58,147) | (58,881) | ||
Net increase in net assets resulting from operations | 29,180,017 | 14,384,035 | ||
Distributions to shareholders | (29,241,112) | (14,486,964) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 53,710,309 | 452,697,024 | ||
Reinvestment of distributions | 29,241,112 | 14,486,964 | ||
Cost of shares redeemed | (202,503,940) | (401,492,239) | ||
Net increase (decrease) in net assets and shares resulting from share transactions | (119,552,519) | 65,691,749 | ||
Total increase (decrease) in net assets | (119,613,614) | 65,588,820 | ||
Net Assets | ||||
Beginning of period | 1,397,471,188 | 1,331,882,368 | ||
End of period | $ | 1,277,857,574 | $ | 1,397,471,188 |
Other Information | ||||
Shares | ||||
Sold | 53,711,225 | 452,717,979 | ||
Issued in reinvestment of distributions | 29,242,898 | 14,488,117 | ||
Redeemed | (202,514,026) | (401,522,135) | ||
Net increase (decrease) | (119,559,903) | 65,683,961 | ||
Fidelity® Money Market Central Fund |
Six months ended (Unaudited) March 31, 2023 | Years ended September 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | .9999 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0001 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A | .0217 | .0093 | .0018 | .0116 | .0253 | .0190 | ||||||
Net realized and unrealized gain (loss) | - B | (.0001) | - B | - B | - B | (.0001) | ||||||
Total from investment operations | .0217 | .0092 | .0018 | .0116 | .0253 | .0189 | ||||||
Distributions from net investment income | (.0217) | (.0093) | (.0018) | (.0116) | (.0253) | (.0190) | ||||||
Distributions from net realized gain | - | - B | - | - | - | - | ||||||
Total distributions | (.0217) | (.0093) | (.0018) | (.0116) | (.0253) | (.0190) | ||||||
Net asset value, end of period | $ | .9999 | $ | .9999 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 |
Total Return C,D | 2.19% | .93% | .18% | 1.16% | 2.56% | 1.91% | ||||||
Ratios to Average Net Assets A,E,F | ||||||||||||
Expenses before reductions | -% G,H | -% G | -% G | .01% | .01% | -% G | ||||||
Expenses net of fee waivers, if any | -% G,H | -% G | -% G | .01% | .01% | -% G | ||||||
Expenses net of all reductions | -% G,H | -% G | -% G | .01% | .01% | -% G | ||||||
Net investment income (loss) | 4.35% H | .91% | .18% | 1.22% | 2.53% | 1.89% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,277,858 | $ | 1,397,471 | $ | 1,331,882 | $ | 1,308,709 | $ | 1,820,832 | $ | 1,692,048 |
Gross unrealized appreciation | $45,817 |
Gross unrealized depreciation | (119,599) |
Net unrealized appreciation (depreciation) | $(73,782) |
Tax cost | $1,169,349,500 |
Average Loan Balance | Weighted Average Interest Rate | ||
Fidelity Money Market Central Fund | Lender | 16,772,181 | 4.40% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2022 to March 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Expenses Paid During Period- C October 1, 2022 to March 31, 2023 | |||||||
Fidelity® Money Market Central Fund | 0.0023% | |||||||||
Actual | $ 1,000 | $ 1,021.90 | $ .01 | |||||||
Hypothetical- B | $ 1,000 | $ 1,024.92 | $ .01 | |||||||
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Garrison Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Garrison Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Garrison Street Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | May 19, 2023 |
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: | May 19, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | May 19, 2023 |