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 811-4861
Fidelity Garrison Street Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(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, 2010 |
Item 1. Reports to Stockholders
Fidelity® Money Market
Central Fund
Semiannual Report
March 31, 2010
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.
CFM-SANN-0510
1.756671.109
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (October 1, 2009 to March 31, 2010).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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.
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.
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Actual | .0033% | $ 1,000.00 | $ 1,002.30 | $ .02 |
Hypothetical (5% return per year before expenses) |
| $ 1,000.00 | $ 1,024.92 | $ .02 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 53.8 | 46.0 | 52.3 |
31 - 90 | 25.2 | 31.2 | 32.2 |
91 - 180 | 15.3 | 16.6 | 7.7 |
181 - 397 | 5.7 | 6.2 | 7.8 |
Weighted Average Maturity | |||
| 3/31/10 | 9/30/09 | 3/31/09 |
Fidelity Money Market Central Fund | 54 Days | 59 Days | 56 Days |
All Taxable Money Market Funds Average* | 44 Days | 51 Days | 48 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2010 | As of September 30, 2009 | ||||||
![]() | Corporate Bonds 0.1% |
| ![]() | Corporate Bonds 0.0% |
| ||
![]() | Commercial Paper 23.3% |
| ![]() | Commercial Paper 17.4% |
| ||
![]() | Bank CDs, BAs, |
| ![]() | Bank CDs, BAs, |
| ||
![]() | Government |
| ![]() | Government |
| ||
![]() | Other Government Related† 1.3% |
| ![]() | Other Government Related† 2.2% |
| ||
![]() | Repurchase |
| ![]() | Repurchase |
| ||
![]() | Other Investments 0.1% |
| ![]() | Other Investments 0.5% |
| ||
![]() | Net Other Assets** (1.6)% |
| ![]() | Net Other Assets** (0.6)% |
|
** Net Other Assets are not included in the pie chart.
† Includes FDIC Guaranteed Corporate Securities.
* Source: iMoneyNet, Inc.
Semiannual Report
Investments March 31, 2010 (Unaudited)
Showing Percentage of Net Assets
Corporate Bonds - 0.1% | ||||
| Due Date | Yield (a) | Principal Amount | Value |
General Electric Capital Corp. | ||||
| 3/11/11 | 0.46% | $ 1,000,000 | $ 1,012,535 |
Certificates of Deposit - 39.3% | ||||
| ||||
London Branch, Eurodollar, Foreign Banks - 9.2% | ||||
Banco Bilbao Vizcaya Argentaria SA | ||||
| 5/28/10 | 0.25 | 5,000,000 | 5,000,040 |
Commonwealth Bank of Australia | ||||
| 8/23/10 to 9/24/10 | 0.33 to 0.50 | 5,000,000 | 5,000,000 |
Credit Agricole SA | ||||
| 4/1/10 to 6/1/10 | 0.25 to 0.35 (d) | 20,000,000 | 20,000,000 |
Credit Industriel et Commercial | ||||
| 4/6/10 to 6/8/10 | 0.34 to 0.41 | 16,000,000 | 16,000,000 |
Danske Bank AS | ||||
| 4/15/10 to 4/22/10 | 0.21 | 4,000,000 | 4,000,000 |
HSBC Bank PLC | ||||
| 11/22/10 to 12/21/10 | 0.58 to 0.60 | 3,000,000 | 3,000,000 |
ING Bank NV | ||||
| 5/17/10 to 6/15/10 | 0.25 to 0.26 | 16,000,000 | 16,000,000 |
Landesbank Hessen-Thuringen | ||||
| 4/6/10 to 9/15/10 | 0.32 to 0.63 | 11,000,000 | 11,000,000 |
UniCredit SpA | ||||
| 6/3/10 to 6/16/10 | 0.30 | 5,000,000 | 5,000,000 |
|
| 85,000,040 | ||
New York Branch, Yankee Dollar, Foreign Banks - 30.1% | ||||
ABN-AMRO Bank NV | ||||
| 4/6/10 | 0.27 | 5,000,000 | 5,000,000 |
Banco Bilbao Vizcaya Argentaria SA New York Branch | ||||
| 4/19/10 to 6/16/10 | 0.25 to 0.37 (d) | 11,000,000 | 11,000,114 |
Bank of Montreal | ||||
| 4/17/10 to 4/21/10 | 0.23 to 0.25 (d) | 3,000,000 | 3,000,000 |
Bank of Nova Scotia | ||||
| 4/14/10 to 6/8/10 | 0.25 to 0.45 (d) | 8,000,000 | 8,000,000 |
Bank of Nova Scotia Houston Branch | ||||
| 8/23/10 to 10/29/10 | 0.32 to 0.33 | 27,000,000 | 27,000,000 |
Bank of Nova Scotia Institutional | ||||
| 4/6/10 to 4/16/10 | 0.24 (d) | 6,000,000 | 6,000,000 |
Certificates of Deposit - continued | ||||
| Due Date | Yield (a) | Principal Amount | Value |
New York Branch, Yankee Dollar, Foreign Banks - continued | ||||
Bank of Tokyo-Mitsubishi | ||||
| 4/6/10 to 7/9/10 | 0.21 to 0.32% | $ 31,000,000 | $ 31,000,000 |
Bank Tokyo-Mitsubishi UFJ Ltd. | ||||
| 4/30/10 | 0.21 | 2,000,000 | 2,000,000 |
Barclays Bank PLC | ||||
| 4/16/10 | 0.34 (d) | 7,000,000 | 7,000,000 |
BNP Paribas New York Branch | ||||
| 8/3/10 to 9/20/10 | 0.33 to 0.45 | 19,000,000 | 19,000,000 |
BNP Paribas SA | ||||
| 4/20/10 | 0.60 | 4,000,000 | 4,000,000 |
Calyon New York Branch | ||||
| 6/8/10 to 7/6/10 | 0.40 (d) | 8,000,000 | 8,000,000 |
Canadian Imperial Bank of Commerce, New York | ||||
| 4/9/10 to 4/19/10 | 0.26 to 0.28 (d) | 7,000,000 | 7,000,000 |
Commerzbank AG New York Branch | ||||
| 4/1/10 to 8/10/10 | 0.22 to 0.45 (d) | 15,000,000 | 15,000,000 |
Intesa Sanpaolo SpA | ||||
| 9/9/10 | 0.35 | 4,000,000 | 4,000,000 |
Intesa Sanpaolo SpA New York Branch | ||||
| 4/23/10 | 0.30 (d) | 1,000,000 | 1,000,000 |
Landesbank Baden-Wuerttemberg New York Branch | ||||
| 4/12/10 to 4/22/10 | 0.34 to 0.35 | 7,000,000 | 7,000,000 |
Mizuho Corporate Bank Ltd. | ||||
| 6/15/10 | 0.25 | 2,000,000 | 2,000,000 |
Natexis Banques Populaires NY | ||||
| 5/12/10 to 6/15/10 | 0.30 to 1.05 (d) | 14,000,000 | 14,000,000 |
Natixis New York Branch | ||||
| 4/12/10 to 6/22/10 | 0.30 to 1.47 (d) | 9,000,000 | 9,000,000 |
Rabobank Nederland | ||||
| 4/6/10 to 5/14/10 | 0.23 to 0.60 (d) | 14,000,000 | 14,000,000 |
Rabobank Nederland New York Branch | ||||
| 4/6/10 to 4/26/10 | 0.23 to 0.25 (d) | 26,000,000 | 26,000,000 |
Royal Bank of Canada | ||||
| 4/1/10 | 0.57 (d) | 4,000,000 | 4,000,000 |
Royal Bank of Canada New York Branch | ||||
| 4/12/10 to 4/29/10 | 0.23 to 0.25 (d) | 5,000,000 | 5,000,000 |
Certificates of Deposit - continued | ||||
| Due Date | Yield (a) | Principal Amount | Value |
New York Branch, Yankee Dollar, Foreign Banks - continued | ||||
Royal Bank of Scotland PLC | ||||
| 4/1/10 | 0.73% | $ 2,000,000 | $ 2,000,000 |
Royal Bank of Scotland PLC Connecticut Branch | ||||
| 4/20/10 to 5/21/10 | 0.52 to 0.54 (d) | 6,000,000 | 6,000,000 |
Royal Bank Scotland NV Chicago | ||||
| 5/24/10 | 0.30 | 3,000,000 | 3,000,000 |
Skandinaviska Enskilda Banken New York Branch | ||||
| 5/4/10 | 0.30 | 3,000,000 | 3,000,000 |
Societe Generale | ||||
| 5/5/10 | 0.55 (d) | 1,000,000 | 1,000,000 |
Societe Generale Institutional CD Program | ||||
| 4/6/10 to 4/7/10 | 0.26 to 0.27 (d) | 9,000,000 | 9,000,000 |
Sumitomo Mitsui Banking Corp. New York Branch | ||||
| 4/28/10 | 0.21 | 1,000,000 | 1,000,000 |
Toronto-Dominion Bank | ||||
| 4/6/10 to 4/29/10 | 0.23 to 0.65 (d) | 6,000,000 | 6,000,000 |
Toronto-Dominion Bank New York Branch | ||||
| 4/6/10 to 12/20/10 | 0.23 to 0.50 (d) | 8,000,000 | 7,999,884 |
|
| 277,999,998 | ||
TOTAL CERTIFICATES OF DEPOSIT | 363,000,038 | |||
Commercial Paper - 23.3% | ||||
| ||||
Abbott Laboratories | ||||
| 4/26/10 | 0.32 (d) | 3,000,000 | 3,000,000 |
Amsterdam Funding Corp. | ||||
| 5/3/10 to 7/7/10 | 0.25 to 0.30 | 41,700,000 | 41,667,289 |
Autobahn Funding | ||||
| 4/1/10 to 6/28/10 | 0.23 to 0.32 | 11,030,000 | 11,025,537 |
Banco Bilbao Vizcaya Argentaria SA (London Branch) | ||||
| 6/8/10 to 6/22/10 | 0.25 to 0.28 | 7,000,000 | 6,996,198 |
Bank of America Corp. | ||||
| 6/4/10 | 0.25 | 3,650,000 | 3,648,378 |
Bayerische Landesbank | ||||
| 4/5/10 | 0.32 | 7,000,000 | 6,999,751 |
Commercial Paper - continued | ||||
| Due Date | Yield (a) | Principal Amount | Value |
Canadian Imperial Holdings, Inc. | ||||
| 4/15/10 | 0.23% (d) | $ 1,000,000 | $ 1,000,000 |
Commerzbank U.S. Finance, Inc. | ||||
| 4/6/10 to 8/10/10 | 0.22 to 0.45 | 8,780,000 | 8,771,827 |
Commonwealth Bank of Australia | ||||
| 9/9/10 to 9/10/10 | 0.33 | 8,000,000 | 7,988,336 |
Dakota Notes (Citibank Credit Card Issuance Trust) | ||||
| 4/19/10 to 6/7/10 | 0.22 to 0.25 | 5,000,000 | 4,998,554 |
DnB NOR Bank ASA | ||||
| 4/1/10 to 4/19/10 | 0.22 to 0.23 (d) | 7,000,000 | 7,000,000 |
Groupe BPCE | ||||
| 4/6/10 | 0.30 | 3,000,000 | 2,999,875 |
Hannover Funding Co. LLC | ||||
| 6/23/10 | 0.65 | 4,000,000 | 3,994,006 |
Intesa Funding LLC | ||||
| 5/4/10 to 9/16/10 | 0.22 to 0.35 | 6,000,000 | 5,991,871 |
Irish Republic | ||||
| 5/21/10 to 6/10/10 | 0.40 | 7,000,000 | 6,995,667 |
Landesbank Hessen-Thuringen | ||||
| 7/6/10 to 8/9/10 | 0.63 | 2,000,000 | 1,996,045 |
Natexis Banques Populaires U.S. Finance Co. LLC | ||||
| 4/27/10 to 6/7/10 | 0.30 | 14,930,000 | 14,924,174 |
Nationwide Building Society | ||||
| 5/21/10 to 6/15/10 | 0.25 to 0.28 | 6,000,000 | 5,997,347 |
Norddeutsche Landesbank (New York Branch) | ||||
| 4/22/10 to 5/24/10 | 0.32 to 0.40 | 6,000,000 | 5,997,716 |
Pfizer, Inc. | ||||
| 4/20/10 to 4/30/10 | 0.60 to 0.65 | 3,000,000 | 2,998,712 |
Salisbury Receivables Co. LLC | ||||
| 4/23/10 to 5/10/10 | 0.26 to 0.27 | 11,510,000 | 11,506,963 |
Toyota Credit Canada, Inc. | ||||
| 5/18/10 to 6/1/10 | 0.30 | 12,000,000 | 11,995,183 |
Toyota Motor Credit Corp. | ||||
| 4/30/10 to 5/17/10 | 0.25 to 0.30 | 6,000,000 | 5,998,404 |
Transocean Ltd. | ||||
| 4/7/10 | 0.27 | 1,000,000 | 999,955 |
Commercial Paper - continued | ||||
| Due Date | Yield (a) | Principal Amount | Value |
Unicredit Delaware, Inc. | ||||
| 6/28/10 | 0.35% | $ 5,000,000 | $ 4,995,722 |
UniCredito Italiano Bank (Ireland) PLC | ||||
| 4/9/10 to 5/28/10 | 0.30 to 0.36 | 15,000,000 | 14,995,300 |
Westpac Banking Corp. | ||||
| 4/13/10 to 5/11/10 | 0.26 to 0.70 (d) | 9,000,000 | 8,998,464 |
XTO Energy, Inc. | ||||
| 4/5/10 | 0.24 | 1,000,000 | 999,973 |
TOTAL COMMERCIAL PAPER | 215,481,247 | |||
U.S. Government and Government Agency Obligations - 1.3% | ||||
| ||||
Other Government Related - 1.3% | ||||
Bank of America NA (FDIC Guaranteed) | ||||
| 4/29/10 | 0.30 (c)(d) | 5,545,000 | 5,545,000 |
Citibank NA (FDIC Guaranteed) | ||||
| 6/30/10 | 0.34 (c)(d) | 1,000,000 | 1,000,000 |
General Electric Capital Corp. (FDIC Guaranteed) | ||||
| 4/8/10 | 0.30 (c)(d) | 5,740,000 | 5,740,000 |
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS | 12,285,000 | |||
Federal Agencies - 6.2% | ||||
| ||||
Federal Home Loan Bank - 6.2% | ||||
| 4/9/10 to 4/12/11 | 0.14 to 0.76 (d) | 57,000,000 | 56,984,110 |
U.S. Treasury Obligations - 0.8% | ||||
| ||||
U.S. Treasury Bills - 0.7% | ||||
| 8/26/10 to 9/23/10 | 0.20 to 0.41 | 6,000,000 | 5,990,508 |
U.S. Treasury Notes - 0.1% | ||||
| 1/31/11 | 0.48 | 1,000,000 | 1,003,249 |
TOTAL U.S. TREASURY OBLIGATIONS | 6,993,757 | |||
Bank Notes - 0.5% | ||||
| Due Date | Yield (a) | Principal Amount | Value |
Bank of America NA | ||||
| 4/5/10 to 6/7/10 | 0.25 to 0.28% (d) | $ 5,000,000 | $ 5,000,000 |
Medium-Term Notes - 5.3% | ||||
| ||||
AT&T, Inc. | ||||
| 4/2/10 | 0.70 (b)(d) | 5,000,000 | 5,000,000 |
Berkshire Hathaway, Inc. | ||||
| 5/10/10 | 0.23 (d) | 2,000,000 | 2,000,000 |
BNP Paribas SA | ||||
| 5/13/10 | 0.50 (d) | 11,000,000 | 11,000,000 |
BP Capital Markets PLC | ||||
| 6/11/10 | 0.39 (d) | 3,000,000 | 3,000,000 |
Commonwealth Bank of Australia | ||||
| 4/6/10 to 4/14/10 | 0.28 (b)(d) | 7,000,000 | 7,000,000 |
Metropolitan Life Global Funding I | ||||
| 7/6/10 | 0.95 (b)(d) | 1,000,000 | 1,000,000 |
New York Life Insurance Co. | ||||
| 5/14/10 | 1.30 (d)(g) | 1,000,000 | 1,000,000 |
Procter & Gamble International Funding SCA | ||||
| 5/7/10 | 0.26 (d) | 1,000,000 | 1,000,000 |
Royal Bank of Canada | ||||
| 4/15/10 | 0.65 (b)(d) | 4,000,000 | 4,000,000 |
Verizon Communications, Inc. | ||||
| 6/15/10 | 0.76 (d) | 4,000,000 | 4,000,000 |
Westpac Banking Corp. | ||||
| 4/15/10 to 5/11/10 | 0.28 to 0.29 (b)(d) | 10,000,000 | 10,000,000 |
TOTAL MEDIUM-TERM NOTES | 49,000,000 | |||
Time Deposits - 0.2% | ||||
| ||||
Banco Santander SA | ||||
| 4/16/10 | 0.25 | 2,000,000 | 2,000,000 |
Asset-Backed Securities - 0.1% | ||||
| Due Date | Yield (a) | Principal Amount | Value |
Bank of America Auto Trust | ||||
| 9/15/10 | 0.39% (b) | $ 170,020 | $ 170,020 |
John Deere Owner Trust | ||||
| 11/2/10 | 0.34 | 555,252 | 555,252 |
TOTAL ASSET-BACKED SECURITIES | 725,272 | |||
Municipal Securities - 11.3% | ||||
| ||||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2008 J2, VRDN | ||||
| 4/7/10 | 0.29 (d) | 1,000,000 | 1,000,000 |
California Hsg. Fin. Agcy. Rev. Series 2003 M, VRDN | ||||
| 4/7/10 | 0.26 (d)(e) | 24,100,000 | 24,100,000 |
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev., VRDN | ||||
| 4/7/10 | 0.29 (d)(e) | 12,000,000 | 12,000,000 |
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Series 2004 A1, VRDN | ||||
| 4/7/10 | 0.29 (d) | 16,300,000 | 16,300,000 |
New York City Gen. Oblig. Series 2004 H2, VRDN | ||||
| 4/7/10 | 0.26 (d) | 6,905,000 | 6,905,000 |
New York City Trust Cultural Resources Rev. Series 2004, VRDN | ||||
| 4/7/10 | 0.29 (d) | 1,175,000 | 1,175,000 |
Philadelphia Gas Works Rev. Fifth Series A2, VRDN | ||||
| 4/7/10 | 0.29 (d) | 10,500,000 | 10,500,000 |
Riverside County Ctfs. of Prtn., VRDN | ||||
| 4/7/10 | 0.30 (d) | 10,185,000 | 10,185,000 |
Saint Joseph County Hosp. Auth. Health Sys. Rev., VRDN | ||||
| 4/7/10 | 0.28 (d) | 8,500,000 | 8,500,000 |
Washington Health Care Facilities Auth. Rev. Series 2009 A, VRDN | ||||
| 4/7/10 | 0.30 (d) | 14,000,000 | 14,000,000 |
TOTAL MUNICIPAL SECURITIES | 104,665,000 |
Repurchase Agreements - 13.2% | |||
Maturity Amount | Value | ||
In a joint trading account at 0.04% dated 3/31/10 due 4/1/10 (Collateralized by U.S. Government Obligations) # | $ 497,001 | $ 497,000 | |
With: | |||
Banc of America Securities LLC at 0.32%, dated 3/31/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $1,050,010, 0.41% - 6.05%, 12/15/10 - 8/3/15) | 1,000,009 | 1,000,000 | |
Barclays Capital, Inc. at: | |||
0.27%, dated 3/31/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $23,100,174, 5.05% - 6.6%, 1/21/11 - 4/1/12) | 22,000,165 | 22,000,000 | |
0.4%, dated: | |||
1/25/10 due 4/19/10 (Collateralized by Mortgage Loan Obligations valued at $1,050,770, 5.7%, 7/10/46) | 1,000,933 | 1,000,000 | |
3/18/10 due 4/16/10 (Collateralized by Equity Securities valued at $2,160,434) | 2,000,644 | 2,000,000 | |
0.45%, dated: | |||
3/22/10 due 4/28/10 (Collateralized by Corporate Obligations valued at $1,050,131, 5.44%, 12/25/35) | 1,000,463 | 1,000,000 | |
3/26/10 due 5/3/10 (Collateralized by Corporate Obligations valued at $1,080,081, 5.35%, 4/25/37) | 1,000,475 | 1,000,000 | |
0.5%, dated 1/25/10 due: | |||
4/9/10 (Collateralized by Corporate Obligations valued at $1,050,963, 5.44%, 12/25/35) | 1,001,028 | 1,000,000 | |
4/26/10 (Collateralized by Corporate Obligations valued at $1,050,963, 5.44%, 12/25/35) | 1,001,264 | 1,000,000 | |
0.52%, dated 3/31/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $8,640,691, 7.76%, 4/1/17) | 8,000,116 | 8,000,000 | |
0.55%, dated 1/4/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $1,068,751, 5.35% - 5.44%, 12/25/35 - 4/25/37) | 1,001,329 | 1,000,000 | |
BNP Paribas Securities Corp. at 0.25%, dated 3/31/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $11,550,081, 4.88% - 8.25%, 9/22/14 - 4/1/19) | 11,000,076 | 11,000,000 | |
Citigroup Global Markets, Inc. at: | |||
0.52%, dated 3/31/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $3,240,047, 0.47%, 3/25/35) | 3,000,043 | 3,000,000 | |
0.53%, dated 3/30/10 due 4/6/10 (Collateralized by Equity Securities valued at $1,080,272) | 1,000,103 | 1,000,000 | |
Repurchase Agreements - continued | |||
Maturity Amount | Value | ||
With: - continued | |||
Deutsche Bank Securities, Inc. at: | |||
0.35%, dated: | |||
1/14/10 due 4/16/10 (Collateralized by Corporate Obligations valued at $3,268,921, 5.88% - 9.13%, 12/15/11 - 8/15/31) | $ 3,002,683 | $ 3,000,000 | |
1/22/10 due: | |||
4/28/10 (Collateralized by Corporate Obligations valued at $1,099,415, 7.88% - 9.5%, 12/15/14 - 6/15/17) | 1,000,933 | 1,000,000 | |
4/30/10 (Collateralized by Corporate Obligations valued at $1,139,275, 7.5% - 9%, 2/15/15 - 8/15/31) | 1,000,953 | 1,000,000 | |
0.4%, dated: | |||
1/8/10 due 4/8/10 (Collateralized by Mortgage Loan Obligations valued at $1,164,226, 0.54% - 5.55%, 4/15/17 - 9/25/37) | 1,001,000 | 1,000,000 | |
1/11/10 due 4/13/10 (Collateralized by Corporate Obligations valued at $1,082,311, 0% - 38.12%, 12/22/14 - 5/10/45) | 1,001,022 | 1,000,000 | |
1/20/10 due 4/20/10 (Collateralized by Mortgage Loan Obligations valued at $1,092,009, 0.36% - 7.88%, 12/22/14 - 5/10/45) | 1,001,000 | 1,000,000 | |
2/2/10 due: | |||
5/4/10 (Collateralized by Corporate Obligations valued at $1,086,819, 7.5% - 11%, 8/1/13 - - 8/1/16) | 1,001,011 | 1,000,000 | |
5/7/10 (Collateralized by Corporate Obligations valued at $1,091,138, 6.75% - 11%, 3/15/12 - 8/1/16) | 1,001,044 | 1,000,000 | |
5/10/10 (Collateralized by Corporate Obligations valued at $1,098,814, 7.88% - 9.25%, 8/15/14 - 8/15/31) | 1,001,078 | 1,000,000 | |
0.45%, dated 3/24/10 due: | |||
6/22/10 (Collateralized by Mortgage Loan Obligations valued at $1,086,848, 0.44% - 7.88%, 7/2/20 - 5/25/36) | 1,001,125 | 1,000,000 | |
6/25/10 (Collateralized by Mortgage Loan Obligations valued at $1,086,848, 0.44% - 7.88%, 7/2/20 - 5/25/36) | 1,001,163 | 1,000,000 | |
6/30/10 (Collateralized by Mortgage Loan Obligations valued at $1,086,848, 0.44% - 7.88%, 7/2/20 - 5/25/36) | 1,001,225 | 1,000,000 | |
Goldman Sachs & Co. at 0.22%, dated 3/26/10 due 4/1/10 (Collateralized by Certificates of Deposit valued at $2,060,093, 0%, 9/24/10) (d)(f) | 2,000,073 | 2,000,000 | |
Repurchase Agreements - continued | |||
Maturity Amount | Value | ||
With: - continued | |||
ING Financial Markets LLC at 0.3%, dated 2/22/10 due 5/24/10 (Collateralized by Corporate Obligations valued at $1,055,198, 6.15%, 8/7/37) | $ 1,000,758 | $ 1,000,000 | |
J.P. Morgan Securities, Inc. at: | |||
0.12%, dated 3/31/10 due 4/1/10 (Collateralized by U.S. Government Obligations valued at $4,120,349, 4.5%, 12/20/38) | 4,000,013 | 4,000,000 | |
0.57%, dated 3/31/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $14,040,544, 4%, 2/15/15) | 13,000,206 | 13,000,000 | |
Merrill Lynch, Pierce, Fenner & Smith at: | |||
0.42%, dated 2/22/10 due 5/21/10 (Collateralized by Equity Securities valued at $2,161,394) (d)(f) | 2,002,053 | 2,000,000 | |
0.67%, dated 3/31/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $7,560,608, 4.25%, 11/15/16) | 7,000,130 | 7,000,000 | |
Morgan Stanley & Co. at: | |||
0.32%, dated 3/31/10 due 4/1/10 (Collateralized by Equity Securities valued at $3,300,045) | 3,000,027 | 3,000,000 | |
0.45%, dated 3/5/10 due 4/5/10 (Collateralized by Corporate Obligations valued at $2,160,733, 7.64%, 3/31/56) | 2,000,775 | 2,000,000 | |
0.75%, dated 1/14/10 due 4/14/10 (Collateralized by Corporate Obligations valued at $6,490,808, 0.01% - 7.5%, 11/25/35 - 11/25/37) | 5,009,375 | 5,000,000 | |
RBC Capital Markets Co. at 0.37%, dated 3/31/10 due 4/1/10 (Collateralized by Equity Securities valued at $7,560,078) | 7,000,072 | 7,000,000 | |
RBS Securities, Inc. at 0.57%, dated 3/22/10 due 4/21/10 (Collateralized by Corporate Obligations valued at $3,352,310, 0.46%, 6/25/36) (d)(f) | 3,001,425 | 3,000,000 | |
UBS Securities LLC at 0.3%, dated: | |||
2/9/10 due 5/10/10 (Collateralized by Corporate Obligations valued at $1,053,400, 0.02%, 4/15/21) | 1,000,750 | 1,000,000 | |
Repurchase Agreements - continued | |||
Maturity Amount | Value | ||
With: - continued | |||
UBS Securities LLC at 0.3%, dated: | |||
2/17/10 due 5/17/10 (Collateralized by Corporate Obligations valued at $1,053,400, 0.02%, 4/15/21) | $ 1,000,742 | $ 1,000,000 | |
Wells Fargo Securities, LLC at 0.37%, dated 3/31/10 due 4/1/10 (Collateralized by Corporate Obligations valued at $2,160,023, 7.5%, 2/15/11) | 2,000,021 | 2,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 121,497,000 | ||
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $938,643,959) | 938,643,959 | ||
NET OTHER ASSETS - (1.6)% | (14,924,525) | ||
NET ASSETS - 100% | $ 923,719,434 |
Security Type Abbreviation |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end. |
(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 $27,170,020 or 2.9% of net assets. |
(c) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $12,285,000 or 1.3% of net assets. |
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) The maturity amount is based on the rate at period end. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,000,000 or 0.1% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Cost |
New York Life Insurance Co. 1.3%, 5/14/10 | 5/8/09 | $ 1,000,000 |
# Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$497,000 due 4/01/10 at 0.04% | |
Banc of America Securities LLC | $ 41,712 |
Bank of America, NA | 187,707 |
Barclays Capital, Inc. | 20,856 |
Credit Suisse Securities (USA) LLC | 20,856 |
Deutsche Bank Securities, Inc. | 56,312 |
ING Financial Markets LLC | 5,735 |
J.P. Morgan Securities, Inc. | 72,997 |
Morgan Stanley & Co., Inc. | 10,428 |
RBC Capital Markets Corp. | 21,899 |
RBS Securities, Inc. | 14,263 |
Societe Generale, New York Branch | 26,070 |
UBS Securities LLC | 18,165 |
| $ 497,000 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including repurchase agreements of $121,497,000) - See accompanying schedule: Unaffiliated issuers (cost $938,643,959) |
| $ 938,643,959 |
Cash | 254 | |
Interest receivable | 323,176 | |
Total assets | 938,967,389 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 14,993,810 | |
Distributions payable | 249,336 | |
Other payables and accrued expenses | 4,809 | |
Total liabilities | 15,247,955 | |
|
|
|
Net Assets | $ 923,719,434 | |
Net Assets consist of: |
| |
Paid in capital | $ 923,698,742 | |
Undistributed net investment income | 164 | |
Accumulated undistributed net realized gain (loss) on investments | 20,528 | |
Net Assets, for 923,679,860 shares outstanding | $ 923,719,434 | |
Net Asset Value, offering price and redemption price per share ($923,719,434 ÷ 923,679,860 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended March 31, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 1,428,349 |
|
|
|
Expenses | ||
Custodian fees and expenses | $ 11,271 | |
Independent trustees' compensation | 1,059 | |
Interest | 2 | |
Total expenses before reductions | 12,332 | |
Expense reductions | (1,073) | 11,259 |
Net investment income | 1,417,090 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 16,100 |
Net increase in net assets resulting from operations | $ 1,433,190 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 1,417,090 | $ 8,646,677 |
Net realized gain (loss) | 16,100 | 199,529 |
Net increase in net assets resulting from operations | 1,433,190 | 8,846,206 |
Distributions to shareholders from net investment income | (1,416,926) | (8,647,077) |
Distributions to shareholders from net realized gain | (114,736) | - |
Total distributions | (1,531,662) | (8,647,077) |
Affiliated share transactions at net asset value of $1.00 per share | 380,000,000 | 342,800,001 |
Cost of shares redeemed | (12,000,000) | (345,000,049) |
Net increase (decrease) in net assets and shares resulting from share transactions | 368,000,000 | (2,200,048) |
Total increase (decrease) in net assets | 367,901,528 | (2,000,919) |
|
|
|
Net Assets | ||
Beginning of period | 555,817,906 | 557,818,825 |
End of period (including undistributed net investment income of $164 and $0, respectively) | $ 923,719,434 | $ 555,817,906 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended March 31, 2010 | Years ended September 30, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income | .002 | .016 | .039 | .054 | .048 | .028 |
Net realized and unrealized gain (loss) | .001 | - | - | - | - | - |
Total from investment operations | .003 | .016 | .039 | .054 | .048 | .028 |
Distributions from net investment income | (.002) | (.016) | (.039) | (.054) | (.048) | (.028) |
Distributions from net realized gain | - F | - | - | - | - | - |
Total distributions | (.003) G | (.016) | (.039) | (.054) | (.048) | (.028) |
Net asset value, | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .23% | 1.64% | 3.94% | 5.55% | 4.86% | 2.80% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | -% A, D | -% D | -% D | .01% | .01% | .01% |
Expenses net of fee waivers, if any | -% A, D | -% D | -% D | .01% | .01% | .01% |
Expenses net of all reductions | -% A, D | -% D | -% D | .01% | .01% | .01% |
Net investment income | .41% A | 1.65% | 3.92% | 5.41% | 4.76% | 2.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, | $ 923,719 | $ 555,818 | $ 557,819 | $ 642,663 | $ 859,468 | $ 821,384 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
G Total distributions of $.003 per share is comprised of distributions from net investment income of $.0024 and distributions from net realized gain of $.0002 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended March 31, 2010 (Unaudited)
1. Organization.
Fidelity Money Market Central Fund (the Fund) is a fund of Fidelity Garrison Street Trust (the trust) and is authorized to issue an unlimited number of shares. 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. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company (FMR), or its affiliates.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. 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 - 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)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to losses deferred due to excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $ - |
|
|
Tax cost | $ 938,643,959 |
3. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Semiannual Report
3. Operating Policies - continued
Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase agreements whereby the Fund transfers securities to a counterparty who then agrees to transfer them back to the Fund at a future date and agreed upon price, reflecting a rate of interest below market rate. Securities sold under a reverse repurchase agreement are recorded as a liability in the accompanying Statement of Assets and Liabilities. The Fund receives cash proceeds, which are invested in other securities, and agrees to repay the proceeds plus any accrued interest in return for the same securities transferred. The Fund continues to receive interest payments on the transferred securities during the term of the reverse repurchase agreement. During the period that a reverse repurchase agreement is outstanding, the Fund identifies cash and liquid securities as segregated in its custodian records with a value at least equal to its obligation under the agreement. If the counterparty defaults on its obligation, because of insolvency or other reasons, the Fund could experience delays and costs in recovering the security or in gaining access to the collateral. The average daily balance during the period for which reverse repurchase agreements were outstanding subject to interest amounted to $1,499,750. The weighted average interest rate was 0.01% on such amounts. At period end, there were no reverse repurchase agreements outstanding.
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with FIMM, FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $1,059.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $14.
6. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period mutual funds managed by FMR or and FMR affiliate were the owners of record of all outstanding shares of the fund.
Semiannual Report
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 second fiscal quarter of 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. Exhibits
(a) | (1) | Not applicable. |
(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/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | June 4, 2010 |
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/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | June 4, 2010 |
By: | /s/ Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | June 4, 2010 |