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, Massachusetts 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: | September 30, 2023 |
Item 1.
Reports to Stockholders
Contents
Effective Maturity Diversification (% of Fund's Investments) | ||
Days | ||
1 - 7 | 34.1 | |
8 - 30 | 29.1 | |
31 - 60 | 19.9 | |
61 - 90 | 11.0 | |
91 - 180 | 5.9 | |
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 - 18.3% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Domestic Certificates Of Deposit - 6.9% | ||||
Bank of America NA | ||||
11/9/23 to 2/28/24 | 5.57 to 5.75 | 36,000,000 | 36,007,499 | |
BMO Harris Bank NA | ||||
12/5/23 to 1/12/24 (c)(d) | 5.75 to 5.77 | 6,000,000 | 6,000,005 | |
State Street Bank & Trust Co., Boston | ||||
2/20/24 to 2/22/24 (c)(d) | 5.65 | 5,000,000 | 4,999,943 | |
Wells Fargo Bank NA | ||||
11/6/23 (c)(d) | 5.78 | 34,000,000 | 34,011,669 | |
TOTAL DOMESTIC CERTIFICATES OF DEPOSIT | 81,019,116 | |||
New York Branch, Yankee Dollar, Foreign Banks - 11.4% | ||||
Bank of Nova Scotia | ||||
3/7/24 (c)(d) | 5.65 | 3,000,000 | 3,000,158 | |
Canadian Imperial Bank of Commerce | ||||
10/17/23 | 5.47 | 7,000,000 | 7,000,022 | |
Credit Agricole CIB | ||||
10/31/23 to 11/3/23 | 5.58 to 5.61 | 14,000,000 | 14,002,654 | |
Landesbank Baden-Wuerttemberg New York Branch | ||||
10/2/23 to 10/6/23 | 5.38 | 11,000,000 | 11,000,018 | |
Mitsubishi UFJ Trust & Banking Corp. | ||||
10/2/23 to 12/15/23 (c) | 5.58 to 5.64 | 43,000,000 | 43,007,580 | |
Mizuho Corporate Bank Ltd. | ||||
11/13/23 to 12/22/23 (c) | 5.55 to 5.58 | 28,000,000 | 28,002,239 | |
MUFG Bank Ltd. | ||||
10/23/23 to 11/24/23 | 5.60 to 5.67 | 11,000,000 | 11,002,136 | |
Sumitomo Mitsui Banking Corp. | ||||
10/11/23 to 1/9/24 (c)(d) | 5.51 to 5.66 | 16,000,000 | 16,000,782 | |
TOTAL NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS | 133,015,589 | |||
TOTAL CERTIFICATE OF DEPOSIT (Cost $214,009,707) | 214,034,705 | |||
Financial Company Commercial Paper - 23.2% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Australia & New Zealand Banking Group Ltd. | ||||
11/13/23 | 5.61 | 1,000,000 | 993,275 | |
Bank of Montreal | ||||
11/9/23 to 3/18/24 (c) | 5.66 to 5.75 | 19,000,000 | 18,939,312 | |
Barclays Bank PLC/Barclays U.S. CCP Funding LLC | ||||
10/2/23 to 11/3/23 (e) | 5.38 to 5.49 | 30,000,000 | 29,908,371 | |
Bayerische Landesbank | ||||
10/26/23 to 11/10/23 | 5.52 to 5.54 | 28,000,000 | 27,860,231 | |
Bedford Row Funding Corp. | ||||
3/20/24 (c)(d) | 5.66 | 1,000,000 | 1,000,000 | |
BofA Securities, Inc. | ||||
10/2/23 | 5.35 | 1,000,000 | 999,552 | |
BPCE SA | ||||
10/12/23 to 12/14/23 | 5.56 to 5.63 | 27,000,000 | 26,871,733 | |
Canadian Imperial Bank of Commerce | ||||
11/9/23 to 12/22/23 (c) | 5.66 to 5.68 | 8,000,000 | 7,963,951 | |
Credit Agricole CIB | ||||
10/5/23 | 5.53 | 4,000,000 | 3,996,478 | |
Federation des caisses Desjardin | ||||
11/9/23 to 1/22/24 | 5.58 to 5.80 | 48,000,000 | 47,350,358 | |
Landesbank Baden-Wurttemberg | ||||
10/2/23 | 5.35 | 28,000,000 | 27,987,517 | |
Mitsubishi UFJ Trust & Banking Corp. | ||||
11/10/23 | 5.61 | 1,000,000 | 993,770 | |
Mizuho Bank Ltd. Singapore Branch | ||||
11/17/23 | 5.52 | 3,000,000 | 2,977,668 | |
National Bank of Canada | ||||
1/19/24 | 5.77 | 6,000,000 | 5,897,072 | |
Podium Funding Trust | ||||
12/8/23 (c)(d) | 5.76 | 1,000,000 | 999,998 | |
2/22/24 (c)(d) | 5.67 | 1,000,000 | 1,000,000 | |
Podium Funding Trust (Liquidity Facility Bank of Montreal) | ||||
1/12/24 | 5.81 | 1,000,000 | 983,888 | |
1/17/24 | 5.73 | 1,000,000 | 983,100 | |
10/18/23 | 5.52 | 16,000,000 | 15,954,864 | |
Royal Bank of Canada | ||||
11/9/23 (c)(d) | 5.66 | 3,000,000 | 3,000,428 | |
Skandinaviska Enskilda Banken AB | ||||
12/14/23 | 5.54 | 3,000,000 | 2,965,958 | |
Sumitomo Mitsui Trust Bank Ltd. | ||||
10/11/23 to 11/27/23 | 5.52 to 5.53 | 29,000,000 | 28,830,776 | |
Svenska Handelsbanken AB | ||||
1/3/24 | 5.62 | 5,000,000 | 4,927,707 | |
The Toronto-Dominion Bank | ||||
10/16/23 | 5.38 | 7,000,000 | 6,982,490 | |
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (Cost $270,418,796) | 270,368,497 | |||
Asset Backed Commercial Paper - 8.3% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Atlantic Asset Securitization LLC (Liquidity Facility Credit Agricole CIB) | ||||
1/5/24 | 5.67 | 12,000,000 | 11,819,452 | |
12/15/23 | 5.56 | 8,000,000 | 7,905,769 | |
Autobahn Funding Co. LLC (Liquidity Facility DZ BANK AG) | ||||
10/10/23 | 5.40 | 13,000,000 | 12,978,768 | |
10/10/23 | 5.40 | 15,000,000 | 14,975,502 | |
10/4/23 | 5.36 | 4,000,000 | 3,997,037 | |
Cabot Trail Funding LLC (Liquidity Facility The Toronto-Dominion Bank) | ||||
10/18/23 | 5.56 | 1,000,000 | 997,160 | |
12/13/23 | 5.69 | 1,000,000 | 988,490 | |
12/20/23 | 5.68 | 6,000,000 | 5,924,273 | |
2/9/24 | 5.76 | 1,000,000 | 979,285 | |
Gotham Funding Corp. (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.) | ||||
10/10/23 | 5.55 | 2,000,000 | 1,996,734 | |
10/10/23 | 5.56 | 1,000,000 | 998,382 | |
10/11/23 | 5.55 | 1,000,000 | 998,218 | |
12/13/23 | 5.59 | 11,000,000 | 10,874,073 | |
Liberty Street Funding LLC (Liquidity Facility Bank of Nova Scotia) | ||||
12/18/23 | 5.56 | 3,000,000 | 2,963,400 | |
Manhattan Asset Funding Co. LLC (Liquidity Facility Sumitomo Mitsui Banking Corp.) | ||||
10/11/23 | 5.45 | 1,150,000 | 1,147,951 | |
10/5/23 | 5.43 | 7,000,000 | 6,993,774 | |
11/28/23 | 5.52 | 11,000,000 | 10,899,716 | |
TOTAL ASSET BACKED COMMERCIAL PAPER (Cost $97,466,115) | 97,437,984 | |||
U.S. Treasury Debt - 28.3% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
U.S. Treasury Obligations - 28.3% | ||||
U.S. Treasury Bills | ||||
10/5/23 to 11/30/23 | 5.31 to 5.41 | 331,300,000 | 330,287,251 | |
TOTAL U.S. TREASURY DEBT (Cost $330,243,117) | 330,287,251 | |||
Variable Rate Demand Note - 0.8% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Texas - 0.8% | ||||
Texas Gen. Oblig. Series 2023 A, 5.4% 10/6/23, VRDN | ||||
10/6/23 (c) | 5.40 | 9,300,000 | 9,300,000 | |
TOTAL VARIABLE RATE DEMAND NOTE (Cost $9,300,000) | 9,300,000 | |||
U.S. Government Agency Debt - 0.3% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Federal Agencies - 0.3% | ||||
Federal Home Loan Bank | ||||
10/20/23 | 5.33 | 3,000,000 | 2,992,320 | |
TOTAL U.S. GOVERNMENT AGENCY DEBT (Cost $2,991,624) | 2,992,320 | |||
Non-Negotiable Time Deposit - 2.9% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Time Deposits - 2.9% | ||||
Barclays Bank PLC | ||||
10/2/23 | 5.37 | 19,000,000 | 19,000,000 | |
Landesbank Hessen-Thuringen London Branch | ||||
10/2/23 to 10/4/23 | 5.37 | 7,000,000 | 6,999,982 | |
Mizuho Bank Ltd. Canada Branch | ||||
10/3/23 | 5.34 | 7,695,000 | 7,695,000 | |
TOTAL NON-NEGOTIABLE TIME DEPOSIT (Cost $33,695,000) | 33,694,982 | |||
U.S. Government Agency Repurchase Agreement - 7.6% | |||
Maturity Amount ($) | Value ($) | ||
With: | |||
BMO Harris Bank NA at 5.32%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Government Obligations valued at $1,021,658, 4.00%, 1/20/50) | 1,006,207 | 1,000,000 | |
BNP Paribas, SA at: | |||
5.32%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Government Obligations valued at $17,399,459, 0.00% - 6.00%, 4/30/25 - 4/1/53) | 17,105,513 | 17,000,000 | |
5.36%, dated: | |||
7/25/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,039,066, 0.00% - 7.50%, 1/31/24 - 9/20/53) (c)(d)(f) | 1,013,698 | 1,000,000 | |
8/1/23 due 10/6/23 (Collateralized by U.S. Government Obligations valued at $1,031,153, 0.00% - 5.57%, 10/12/23 - 6/20/53) (c)(d)(f) | 1,018,164 | 1,000,000 | |
8/4/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,038,082, 0.00% - 7.50%, 1/31/24 - 9/20/53) (c)(d)(f) | 1,018,164 | 1,000,000 | |
8/23/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,035,483, 0.00% - 7.00%, 1/31/24 - 6/20/53) (c)(d)(f) | 1,017,867 | 1,000,000 | |
BofA Securities, Inc. at: | |||
5.37%, dated 9/27/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,020,803, 2.38%, 3/31/29) (c)(d)(f) | 1,018,049 | 1,000,000 | |
5.41%, dated 8/28/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $6,152,233, 2.63%, 5/31/27) | 6,056,805 | 6,000,000 | |
CIBC Bank U.S.A. at 5.32%, dated 9/21/23 due 10/6/23 (Collateralized by Mortgage Loan Obligations valued at $4,086,627, 2.14% - 5.50%, 10/1/29 - 8/1/53) | 4,012,402 | 4,000,000 | |
Citigroup Global Capital Markets, Inc. at 5.32%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Government Obligations valued at $2,043,342, 0.00% - 2.50%, 8/15/40 - 1/1/52) | 2,009,458 | 2,000,000 | |
Goldman Sachs & Co. at 5.31%, dated: | |||
9/25/23 due 10/2/23 (Collateralized by U.S. Treasury Obligations valued at $2,042,183, 1.50% - 3.13%, 11/15/28 - 2/15/30) | 2,002,065 | 2,000,000 | |
9/26/23 due 10/3/23 (Collateralized by U.S. Treasury Obligations valued at $8,167,224, 0.63%, 5/15/30) | 8,008,260 | 8,000,000 | |
9/27/23 due 10/4/23 (Collateralized by U.S. Treasury Obligations valued at $8,166,019, 1.75% - 4.75%, 1/31/29 - 12/20/45) | 8,008,260 | 8,000,000 | |
9/29/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $10,204,515, 3.13% - 5.00%, 3/20/34 - 11/15/41) | 10,010,325 | 10,000,000 | |
RBC Dominion Securities at 5.32%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $6,131,738, 0.00% - 7.50%, 11/7/23 - 9/1/53) | 6,037,240 | 6,000,000 | |
RBC Financial Group at 5.33%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Government Obligations valued at $14,341,525, 0.00% - 7.00%, 7/31/24 - 9/20/63) | 14,087,057 | 14,000,000 | |
Wells Fargo Securities, LLC at: | |||
5.32%, dated 9/29/23 due 10/6/23 (Collateralized by U.S. Government Obligations valued at $3,061,357, 5.00%, 7/1/53) | 3,003,103 | 3,000,000 | |
5.36%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Government Obligations valued at $3,065,009, 3.00%, 8/1/51) (c)(d)(f) | 3,027,247 | 3,000,000 | |
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $89,000,000) | 89,000,000 | ||
U.S. Treasury Repurchase Agreement - 2.5% | |||
Maturity Amount ($) | Value ($) | ||
With: | |||
Barclays Bank PLC at 5.32%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $4,086,679, 0.50%, 2/28/26) | 4,024,827 | 4,000,000 | |
BofA Securities, Inc. at: | |||
5.33%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,021,691, 2.75%, 5/31/29) | 1,006,218 | 1,000,000 | |
5.38%, dated 8/28/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,025,353, 2.75%, 5/31/29) | 1,009,415 | 1,000,000 | |
CIBC Bank U.S.A. at: | |||
5.31%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $2,043,389, 2.88% - 3.88%, 1/15/26 - 11/15/46) | 2,005,900 | 2,000,000 | |
5.32%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,021,783, 0.75% - 4.38%, 9/30/26 - 5/15/53) | 1,006,201 | 1,000,000 | |
Credit AG at: | |||
5.31%, dated 9/26/23 due 10/3/23 (Collateralized by U.S. Treasury Obligations valued at $1,020,905, 1.00%, 7/31/28) | 1,001,033 | 1,000,000 | |
5.32%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,021,667, 1.00%, 7/31/28) | 1,006,207 | 1,000,000 | |
ING Financial Markets LLC at 5.31%, dated: | |||
9/26/23 due 10/3/23 (Collateralized by U.S. Treasury Obligations valued at $1,022,191, 1.88% - 3.88%, 5/15/43 - 2/15/53) | 1,001,033 | 1,000,000 | |
9/29/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,020,458, 0.00%, 11/9/23) | 1,001,033 | 1,000,000 | |
Mizuho Bank, Ltd. at 5.31%, dated 9/29/23 due 10/2/23 (Collateralized by U.S. Treasury Obligations valued at $3,066,846, 3.50%, 4/30/28) | 3,001,328 | 3,000,000 | |
MUFG Securities (Canada), Ltd. at 5.33%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,022,225, 1.13% - 4.63%, 1/15/25 - 5/15/52) | 1,006,218 | 1,000,000 | |
MUFG Securities EMEA PLC at 5.31%, dated 9/29/23 due 10/2/23 (Collateralized by U.S. Treasury Obligations valued at $5,099,060, 2.00% - 3.50%, 2/15/25 - 9/15/25) | 5,002,213 | 5,000,000 | |
Norinchukin Bank at: | |||
5.34%, dated 9/25/23 due 10/2/23 (Collateralized by U.S. Treasury Obligations valued at $1,030,304, 3.63% - 3.88%, 2/15/43 - 2/15/53) | 1,001,038 | 1,000,000 | |
5.35%, dated 9/26/23 due 10/3/23 (Collateralized by U.S. Treasury Obligations valued at $1,020,504, 3.88%, 2/15/43) | 1,001,040 | 1,000,000 | |
RBC Dominion Securities at 5.32%, dated 9/21/23 due 10/6/23 (Collateralized by U.S. Treasury Obligations valued at $1,021,665, 0.13% - 6.88%, 1/15/24 - 2/15/45) | 1,006,207 | 1,000,000 | |
Royal Bank of Canada at 5.31%, dated 9/29/23 due 10/5/23 (Collateralized by U.S. Treasury Obligations valued at $1,020,489, 2.38%, 8/15/24) | 1,000,885 | 1,000,000 | |
Societe Generale at 5.31%, dated 9/26/23 due 10/3/23 (Collateralized by U.S. Treasury Obligations valued at $3,092,739, 3.00%, 8/15/52) | 3,003,098 | 3,000,000 | |
TOTAL U.S. TREASURY REPURCHASE AGREEMENT (Cost $29,000,000) | 29,000,000 | ||
Other Repurchase Agreement - 3.0% | |||
Maturity Amount ($) | Value ($) | ||
Other Repurchase Agreement - 3.0% | |||
With: | |||
BMO Capital Markets Corp. at: | |||
5.46%, dated 9/29/23 due 10/2/23 (Collateralized by Corporate Obligations valued at $1,050,491, 0.99% - 2.35%, 5/12/26 - 1/15/27) | 1,000,455 | 1,000,000 | |
5.52%, dated 9/29/23 due 10/2/23 (Collateralized by Corporate Obligations valued at $1,079,754, 2.35% - 4.00%, 1/15/27 - 8/1/28) | 1,000,460 | 1,000,000 | |
BMO Chicago Branch at 5.52%, dated 9/29/23 due 10/2/23 (Collateralized by U.S. Government Obligations valued at $1,042,255, 0.14% - 10.50%, 5/1/25 - 2/16/61) | 1,000,460 | 1,000,000 | |
BNP Paribas Prime Brokerage, Inc. at 5.57%, dated 9/29/23 due 10/2/23 (Collateralized by Equity Securities valued at $2,161,003) | 2,000,928 | 2,000,000 | |
HSBC Securities, Inc. at 5.55%, dated 9/29/23 due 10/2/23 (Collateralized by Corporate Obligations valued at $1,081,087, 2.80% - 5.88%, 4/1/31 - 9/21/33) | 1,000,463 | 1,000,000 | |
ING Financial Markets LLC at 5.55%, dated 9/29/23 due 10/2/23 (Collateralized by Equity Securities valued at $3,241,499) | 3,001,388 | 3,000,000 | |
J.P. Morgan Securities, LLC at: | |||
5.82%, dated 9/6/23 due 12/28/23 (Collateralized by Equity Securities valued at $3,253,621) (c)(d)(f) | 3,058,200 | 3,000,000 | |
5.89%, dated 8/31/23 due 10/2/23 (Collateralized by Corporate Obligations valued at $9,770,872, 0.00% - 6.88%, 2/15/24 - 6/1/26) (c)(d)(f) | 9,047,120 | 9,000,000 | |
Mitsubishi UFJ Securities (U.S.A.), Inc. at: | |||
5.55%, dated 9/29/23 due 10/2/23 (Collateralized by Equity Securities valued at $1,080,509) | 1,000,463 | 1,000,000 | |
5.84%, dated 9/29/23 due 10/2/23 (Collateralized by Corporate Obligations valued at $1,080,843, 0.00% - 6.50%, 5/1/27 - 3/15/28) | 1,000,487 | 1,000,000 | |
Mizuho Securities U.S.A., Inc. at: | |||
5.59%, dated 9/29/23 due 10/2/23 (Collateralized by Equity Securities valued at $1,080,825) | 1,000,466 | 1,000,000 | |
5.8%, dated 8/28/23 due 10/27/23 (Collateralized by Corporate Obligations valued at $2,172,347, 0.38% - 1.25%, 9/1/27 - 9/15/27) (c)(d)(f) | 2,019,333 | 2,000,000 | |
5.82%, dated 9/26/23 due 11/27/23 (Collateralized by Corporate Obligations valued at $4,325,015, 4.00% - 13.25%, 12/15/27 - 4/29/30) (c)(d)(f) | 4,040,093 | 4,000,000 | |
NatWest Markets Securities, Inc. at 5.57%, dated 9/29/23 due 10/2/23 (Collateralized by U.S. Treasury Obligations valued at $1,022,130, 2.00% - 2.38%, 11/15/41 - 5/15/51) | 1,000,464 | 1,000,000 | |
RBC Capital Markets Co. at 5.82%, dated 9/26/23 due 11/27/23 (Collateralized by Corporate Obligations valued at $1,106,020, 2.54% - 7.27%, 2/20/27 - 1/21/31) (c)(d)(f) | 1,010,023 | 1,000,000 | |
Wells Fargo Securities, LLC at: | |||
5.48%, dated 9/29/23 due 10/2/23 (Collateralized by Commercial Paper valued at $2,060,942, 0.00%, 1/8/24) | 2,000,913 | 2,000,000 | |
6.05%, dated 7/24/23 due 10/20/23 (Collateralized by Corporate Obligations valued at $1,092,832, 2.38%, 12/1/25) | 1,014,789 | 1,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENT (Cost $35,000,000) | 35,000,000 | ||
TOTAL INVESTMENT IN SECURITIES - 95.2% (Cost $1,111,124,359) | 1,111,115,739 |
NET OTHER ASSETS (LIABILITIES) - 4.8% | 56,304,489 |
NET ASSETS - 100.0% | 1,167,420,228 |
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 $29,908,371 or 2.6% of net assets. |
(f) | The maturity amount is based on the rate at period end. |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Certificate of Deposit | 214,034,705 | - | 214,034,705 | - |
Financial Company Commercial Paper | 270,368,497 | - | 270,368,497 | - |
Asset Backed Commercial Paper | 97,437,984 | - | 97,437,984 | - |
U.S. Treasury Debt | 330,287,251 | - | 330,287,251 | - |
Variable Rate Demand Note | 9,300,000 | - | 9,300,000 | - |
U.S. Government Agency Debt | 2,992,320 | - | 2,992,320 | - |
Non-Negotiable Time Deposit | 33,694,982 | - | 33,694,982 | - |
U.S. Government Agency Repurchase Agreement | 89,000,000 | - | 89,000,000 | - |
U.S. Treasury Repurchase Agreement | 29,000,000 | - | 29,000,000 | - |
Other Repurchase Agreement | 35,000,000 | - | 35,000,000 | - |
Total Investments in Securities: | 1,111,115,739 | - | 1,111,115,739 | - |
Statement of Assets and Liabilities | ||||
September 30, 2023 | ||||
Assets | ||||
Investment in securities, at value (including repurchase agreements of $153,000,000) - See accompanying schedule Unaffiliated issuers (cost $1,111,124,359): | $ | 1,111,115,739 | ||
Cash | 60,195,394 | |||
Receivable for fund shares sold | 3,378 | |||
Interest receivable | 1,816,570 | |||
Receivable for interfund loans | 16,025,000 | |||
Total assets | 1,189,156,081 | |||
Liabilities | ||||
Payable for investments purchased | $ | 19,917,711 | ||
Payable for fund shares redeemed | 1,809,891 | |||
Other payables and accrued expenses | 8,251 | |||
Total Liabilities | 21,735,853 | |||
Net Assets | $ | 1,167,420,228 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,167,428,308 | ||
Total accumulated earnings (loss) | (8,080) | |||
Net Assets | $ | 1,167,420,228 | ||
Net Asset Value, offering price and redemption price per share ($1,167,420,228 ÷ 1,167,506,232 shares) | $ | 0.9999 |
Statement of Operations | ||||
Year ended September 30, 2023 | ||||
Investment Income | ||||
Interest (including $1,154,769 from affiliated interfund lending) | $ | 61,657,917 | ||
Expenses | ||||
Custodian fees and expenses | $ | 30,833 | ||
Independent trustees' fees and expenses | 4,882 | |||
Miscellaneous | 3 | |||
Total Expenses | 35,718 | |||
Net Investment income (loss) | 61,622,199 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,325) | |||
Total net realized gain (loss) | (1,325) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 7,015 | |||
Net gain (loss) | 5,690 | |||
Net increase in net assets resulting from operations | $ | 61,627,889 |
Statement of Changes in Net Assets | ||||
Year ended September 30, 2023 | Year ended September 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 61,622,199 | $ | 14,440,325 |
Net realized gain (loss) | (1,325) | 2,591 | ||
Change in net unrealized appreciation (depreciation) | 7,015 | (58,881) | ||
Net increase in net assets resulting from operations | 61,627,889 | 14,384,035 | ||
Distributions to shareholders | (61,622,823) | (14,486,964) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 73,709,188 | 452,697,024 | ||
Reinvestment of distributions | 61,622,823 | 14,486,964 | ||
Cost of shares redeemed | (365,388,037) | (401,492,239) | ||
Net increase (decrease) in net assets and shares resulting from share transactions | (230,056,026) | 65,691,749 | ||
Total increase (decrease) in net assets | (230,050,960) | 65,588,820 | ||
Net Assets | ||||
Beginning of period | 1,397,471,188 | 1,331,882,368 | ||
End of period | $ | 1,167,420,228 | $ | 1,397,471,188 |
Other Information | ||||
Shares | ||||
Sold | 73,711,471 | 452,717,979 | ||
Issued in reinvestment of distributions | 61,628,821 | 14,488,117 | ||
Redeemed | (365,415,279) | (401,522,135) | ||
Net increase (decrease) | (230,074,987) | 65,683,961 | ||
Fidelity® Money Market Central Fund |
Years ended September 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | .9999 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A | .0482 | .0093 | .0018 | .0116 | .0253 | |||||
Net realized and unrealized gain (loss) | - B | (.0001) | - B | - B | - B | |||||
Total from investment operations | .0482 | .0092 | .0018 | .0116 | .0253 | |||||
Distributions from net investment income | (.0482) | (.0093) | (.0018) | (.0116) | (.0253) | |||||
Distributions from net realized gain | - | - B | - | - | - | |||||
Total distributions | (.0482) | (.0093) | (.0018) | (.0116) | (.0253) | |||||
Net asset value, end of period | $ | .9999 | $ | .9999 | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 |
Total Return C | 4.93% | .93% | .18% | 1.16% | 2.56% | |||||
Ratios to Average Net Assets A,D,E | ||||||||||
Expenses before reductions | -% F | -% F | -% F | .01% | .01% | |||||
Expenses net of fee waivers, if any | -% F | -% F | -% F | .01% | .01% | |||||
Expenses net of all reductions | -% F | -% F | -% F | .01% | .01% | |||||
Net investment income (loss) | 4.79% | .91% | .18% | 1.22% | 2.53% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,167,420 | $ | 1,397,471 | $ | 1,331,882 | $ | 1,308,709 | $ | 1,820,832 |
Gross unrealized appreciation | $76,855 |
Gross unrealized depreciation | (85,475) |
Net unrealized appreciation (depreciation) | $(8,620) |
Tax Cost | $1,111,124,359 |
Undistributed ordinary income | $1,864 |
Capital loss carryforward | $(1,325) |
Net unrealized appreciation (depreciation) on securities and other investments | $(8,620) |
Short-term | $(1,325) |
Long-term | - |
Total capital loss carryforward | $(1,325) |
September 30, 2023 | September 30, 2022 | |
Ordinary Income | $61,622,823 | $14,486,964 |
Average Loan Balance | Weighted Average Interest Rate | ||
Fidelity Money Market Central Fund | Lender | 16,381,968 | 4.82% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2023 to September 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Expenses Paid During Period- C April 1, 2023 to September 30, 2023 | |||||||
Fidelity® Money Market Central Fund | 0.0033% | |||||||||
Actual | $ 1,000 | $ 1,026.80 | $ .02 | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.05 | $ .02 | |||||||
Item 2.
Code of Ethics
As of the end of the period, September 30, 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
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Money Market Central Fund (the “Fund(s)”):
Services Billed by Deloitte Entities
September 30, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Money Market Central Fund | $44,200 | $- | $5,600 | $1,000 |
September 30, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Money Market Central Fund | $43,700 | $- | $5,200 | $1,000 |
A Amounts 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
September 30, 2023A | September 30, 2022A | |
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 | September 30, 2023A | September 30, 2022A |
Deloitte Entities | $249,200 | $463,800 |
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 13.
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) | |
(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: | November 21, 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: | November 21, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | November 21, 2023 |