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)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, 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, 2016 |
Item 1.
Reports to Stockholders
Fidelity® Money Market Central Fund Semi-Annual Report March 31, 2016 |
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Contents
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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. © 2016 FMR LLC. All rights reserved.
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.
Investment Summary (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 3/31/16 | % of fund's investments 9/30/15 | % of fund's investments 3/31/15 |
1 - 7 | 37.7 | 32.2 | 34.0 |
8 - 30 | 16.7 | 29.5 | 19.8 |
31 - 60 | 10.4 | 11.2 | 10.6 |
61 - 90 | 17.4 | 16.0 | 18.3 |
91 - 180 | 17.7 | 11.1 | 16.2 |
> 180 | 0.1 | 0.0 | 1.1 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Weighted Average Maturity
3/31/16 | 9/30/15 | 3/31/15 | |
Fidelity Money Market Central Fund | 44 Days | 31 Days | 42 Days |
All Taxable Money Market Funds Average(a) | 38 Days | 35 Days | 43 Days |
(a) Source: iMoneyNet, Inc.
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.
Weighted Average Life
3/31/16 | 9/30/15 | 3/31/15 | |
Fidelity Money Market Central Fund | 52 Days | 68 Days | 88 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security.
Asset Allocation (% of fund's net assets)
As of March 31, 2016 | ||
Interfund Loans | 0.3% | |
Certificates of Deposit | 48.7% | |
Commercial Paper | 30.0% | |
Variable Rate Demand Notes (VRDNs) | 5.0% | |
Other Notes | 0.2% | |
Other Municipal Debt | 1.0% | |
Repurchase Agreements | 14.3% | |
Net Other Assets (Liabilities) | 0.5% |
As of September 30, 2015 | ||
Certificates of Deposit | 49.0% | |
Commercial Paper | 17.6% | |
Other Notes | 0.8% | |
Government Agency Debt | 0.8% | |
Other Municipal Debt | 0.8% | |
Other Instruments | 1.2% | |
Repurchase Agreements | 15.0% | |
Net Other Assets (Liabilities) | 14.8% |
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Certificate of Deposit - 48.7% | ||||
Yield(a) | Principal Amount | Value | ||
Domestic Certificates Of Deposit - 4.0% | ||||
BMO Harris Bank NA | ||||
8/5/16 | 0.95% | $10,000,000 | $10,000,000 | |
Wells Fargo Bank NA | ||||
4/6/16 to 10/3/16 | 0.65 to 0.85 (b) | 39,000,000 | 39,000,000 | |
49,000,000 | ||||
London Branch, Eurodollar, Foreign Banks - 4.4% | ||||
Mitsubishi UFJ Trust & Banking Corp. | ||||
6/1/16 | 0.77 | 6,000,000 | 6,000,000 | |
Mizuho Bank Ltd. Ldn | ||||
6/16/16 to 6/20/16 | 0.69 to 0.70 | 7,000,000 | 6,989,427 | |
Sumitomo Mitsui Trust Bank Ltd. | ||||
5/16/16 to 7/15/16 | 0.70 to 0.83 | 30,000,000 | 29,990,710 | |
Sumitomo Mitsui Trust Bank Ltd. Ldn | ||||
6/24/16 | 0.82 | 12,000,000 | 11,977,103 | |
54,957,240 | ||||
New York Branch, Yankee Dollar, Foreign Banks - 40.3% | ||||
Bank of Montreal Chicago CD Program | ||||
5/13/16 to 9/2/16 | 0.60 to 0.78 (b) | 30,000,000 | 30,000,000 | |
Bank of Nova Scotia | ||||
5/3/16 to 8/17/16 | 0.60 to 0.85 (b) | 45,000,000 | 45,000,000 | |
Bank of Tokyo-Mitsubishi UFJ Ltd. | ||||
6/15/16 to 8/12/16 | 0.72 to 0.75 | 24,000,000 | 24,000,000 | |
BNP Paribas New York Branch | ||||
4/1/16 to 7/5/16 | 0.64 to 0.71 | 18,000,000 | 18,000,000 | |
Canadian Imperial Bank of Commerce | ||||
4/20/16 to 7/22/16 | 0.61 to 0.77 (b) | 56,000,000 | 56,000,000 | |
Credit Agricole CIB | ||||
5/5/16 | 0.71 | 12,000,000 | 12,000,000 | |
Credit Suisse | ||||
5/17/16 | 0.74 (b) | 15,000,000 | 15,000,000 | |
Landesbank Baden-Wuerttemberg New York Branch | ||||
4/1/16 to 4/7/16 | 0.43 to 0.65 | 61,000,000 | 60,999,999 | |
Mizuho Corporate Bank Ltd. | ||||
4/1/16 to 7/1/16 | 0.40 to 0.75 | 43,000,000 | 43,000,000 | |
Natexis Banques Populaires New York Branch | ||||
5/25/16 | 0.64 | 12,000,000 | 12,000,000 | |
Royal Bank of Canada | ||||
6/3/16 to 6/10/16 | 0.76 to 0.78 (b) | 24,000,000 | 24,000,000 | |
Sumitomo Mitsui Banking Corp. | ||||
4/4/16 to 6/24/16 | 0.65 to 0.70 | 46,000,000 | 46,000,000 | |
Sumitomo Mitsui Trust Bank Ltd. | ||||
4/4/16 | 0.72 | 7,000,000 | 7,000,000 | |
Svenska Handelsbanken AB | ||||
5/19/16 | 0.63 (b) | 15,000,000 | 15,000,000 | |
Toronto-Dominion Bank New York Branch | ||||
4/11/16 to 9/19/16 | 0.61 to 0.86 (b) | 39,000,000 | 39,007,319 | |
UBS AG | ||||
4/22/16 to 9/9/16 | 0.60 to 0.85 (b) | 48,000,000 | 48,001,592 | |
495,008,910 | ||||
TOTAL CERTIFICATE OF DEPOSIT | ||||
(Cost $598,966,150) | 598,966,150 | |||
Financial Company Commercial Paper - 13.7% | ||||
BAT International Finance PLC | ||||
4/5/16 to 4/26/16 | 0.70 to 0.78 | 6,100,000 | 6,098,598 | |
Bayerische Landesbank | ||||
4/1/16 to 4/7/16 | 0.45 | 61,000,000 | 60,997,275 | |
BNP Paribas New York Branch | ||||
6/2/16 | 0.65 | 10,000,000 | 9,988,806 | |
ConocoPhillips Qatar Funding Ltd. | ||||
4/4/16 to 4/25/16 | 0.85 | 6,200,000 | 6,197,573 | |
Credit Suisse AG | ||||
8/3/16 | 0.90 | 10,000,000 | 9,969,000 | |
JPMorgan Securities LLC | ||||
4/8/16 | 0.75 | 12,000,000 | 11,998,250 | |
Sumitomo Mitsui Banking Corp. | ||||
7/1/16 | 0.75 | 12,000,000 | 11,977,250 | |
Svenska Handelsbanken AB | ||||
7/25/16 to 9/1/16 | 0.81 to 0.83 | 36,000,000 | 35,891,520 | |
Toronto Dominion Holdings (U.S.A.) | ||||
4/13/16 | 0.60 | 3,000,000 | 2,999,400 | |
Toyota Motor Credit Corp. | ||||
4/1/16 | 0.60 (b) | 12,000,000 | 12,000,000 | |
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER | ||||
(Cost $168,117,672) | 168,117,672 | |||
Asset Backed Commercial Paper - 4.9% | ||||
Sheffield Receivables Corp. (Barclays Bank PLC Guaranteed) | ||||
4/11/16 | 0.60% | $12,000,000 | $11,998,000 | |
6/20/16 | 0.80 | 25,000,000 | 24,955,556 | |
6/20/16 | 0.78 | 23,000,000 | 22,960,133 | |
(Cost $59,913,689) | 59,913,689 | |||
Other Commercial Paper - 11.4% | ||||
Archer Daniels Midland Co. | ||||
4/1/16 | 0.33 | 14,000,000 | 14,000,000 | |
BPCE SA | ||||
6/6/16 to 8/1/16 | 0.67 to 0.78 | 30,000,000 | 29,945,278 | |
Dominion Resources, Inc. | ||||
4/18/16 to 4/21/16 | 0.77 to 0.78 | 6,000,000 | 5,997,609 | |
Florida Power & Light Co. | ||||
4/6/16 | 0.56 | 18,550,000 | 18,548,557 | |
Motiva Enterprises LLC | ||||
4/15/16 | 1.38 | 6,000,000 | 5,996,780 | |
Sempra Global | ||||
4/15/16 to 5/5/16 | 0.97 to 1.00 | 5,700,000 | 5,696,216 | |
UnitedHealth Group, Inc. | ||||
4/1/16 to 4/11/16 | 0.53 to 0.71 | 60,000,000 | 59,995,966 | |
TOTAL OTHER COMMERCIAL PAPER | ||||
(Cost $140,180,406) | 140,180,406 | |||
Other Note - 0.2% | ||||
Medium-Term Notes - 0.2% | ||||
Svenska Handelsbanken AB | ||||
4/15/16 | ||||
(Cost $2,000,000) | 0.63 (b)(c) | 2,000,000 | 2,000,000 | |
Variable Rate Demand Note - 5.0% | ||||
Delaware - 2.5% | ||||
LP Pinewood SPV LLC Taxable, LOC Wells Fargo Bank NA, VRDN | ||||
4/7/16 | 0.43 (b) | 31,000,000 | 31,000,000 | |
New York - 1.3% | ||||
New York Hsg. Fin. Agcy. Rev. Series 2013 A, LOC Wells Fargo Bank NA, VRDN | ||||
4/7/16 | 0.52 (b) | 15,300,000 | 15,300,000 | |
Ohio - 1.2% | ||||
Ohio State Univ. Gen. Receipts Series 2014 B1, VRDN | ||||
4/7/16 | 0.45 (b) | 15,000,000 | 15,000,000 | |
TOTAL VARIABLE RATE DEMAND NOTE | ||||
(Cost $61,300,000) | 61,300,000 |
Other Municipal Debt - 1.0% | |||
Principal Amount | Value | ||
Ohio - 1.0% | |||
Ohio Wtr. Dev. Auth. Rev. Bonds 0.734%, tender 5/2/16 (b) | $9,400,000 | $9,400,000 | |
Silverton BAN: | |||
0.85% 5/24/16 (Ohio Gen. Oblig. Guaranteed) | 900,000 | 900,000 | |
1.25% 11/22/16 (Ohio Gen. Oblig. Guaranteed) | 1,600,000 | 1,600,000 | |
TOTAL OTHER MUNICIPAL DEBT | |||
(Cost $11,900,000) | 11,900,000 | ||
Interfund Loans - 0.3% | |||
With Fidelity Europe Fund, at 0.5% due 4/1/16(d) | |||
(Cost $4,124,000) | 4,124,000 | 4,124,000 | |
Maturity Amount | Value | ||
Government Agency Repurchase Agreement - 1.9% | |||
In a joint trading account at 0.32% dated 3/31/16 due 4/1/16 (Collateralized by U.S. Government Obligations) # | |||
(Cost $24,039,000) | 24,039,212 | 24,039,000 | |
Other Repurchase Agreement - 12.4% | |||
Other Repurchase Agreement - 12.4% | |||
With: | |||
Citibank NA at 1.59%, dated 2/1/16 due 8/3/16 (Collateralized by Corporate Obligations valued at $: | |||
4,324,772, 0.64%, 6/25/37) (b)(e) | 4,032,507 | 4,000,000 | |
5,405,965, 1.09%, 10/12/45) (b)(e) | 5,040,633 | 5,000,000 | |
Citigroup Global Markets, Inc. at: | |||
0.4%, dated 3/31/16 due 4/1/16 (Collateralized by Equity Securities valued at $24,840,277) | 23,000,256 | 23,000,000 | |
1.59%, dated 2/18/16 due 8/3/16 (Collateralized by Corporate Obligations valued at $1,081,193, 0.64%, 6/25/37) (b)(e) | 1,007,376 | 1,000,000 | |
Credit Suisse Securities (U.S.A.) LLC at 0.62%, dated 3/30/16 due 4/6/16 (Collateralized by U.S. Government Obligations valued at $3,091,639, 12.64%, 3/15/40) | 3,000,362 | 3,000,000 | |
ING Financial Markets LLC at 0.48%, dated 3/31/16 due 4/1/16 (Collateralized by Corporate Obligations valued at $1,083,915, 8%, 10/1/20) | 1,000,013 | 1,000,000 | |
J.P. Morgan Securities, LLC at: | |||
0.51%, dated 3/31/16 due 4/7/16 (Collateralized by U.S. Government Obligations valued at $5,150,090, 0.79% - 4%, 6/20/42 - 9/20/45) | 5,000,496 | 5,000,000 | |
1.29%, dated: | |||
2/18/16 due 6/29/16 (Collateralized by Mortgage Loan Obligations valued at $3,248,894, 1.22% - 5.19%, 4/15/29 - 9/26/45) (b)(e) | 3,014,190 | 3,000,000 | |
3/2/16 due 6/29/16 (Collateralized by Mortgage Loan Obligations valued at $1,083,434, 5.49%, 11/15/31) (b)(e) | 1,004,264 | 1,000,000 | |
Merrill Lynch, Pierce, Fenner & Smith at: | |||
0.4%, dated 3/31/16 due 4/7/16 (Collateralized by U.S. Government Obligations valued at $11,330,126, 0.97% - 6.17%, 7/15/32 - 7/25/52) | 11,000,856 | 11,000,000 | |
0.72%, dated 3/31/16 due 4/1/16 (Collateralized by Mortgage Loan Obligations valued at $12,600,253, 3.54% - 5.25%, 12/17/31 - 10/25/33) | 12,000,240 | 12,000,000 | |
1.3%, dated 1/11/16 due 5/11/16 (Collateralized by Commercial Paper valued at $4,212,285, 5/10/16) | 4,017,478 | 4,000,000 | |
1.35%, dated: | |||
1/14/16 due 5/13/16 (Collateralized by Equity Securities valued at $3,249,504) | 3,013,500 | 3,000,000 | |
3/18/16 due 6/16/16: | |||
(Collateralized by Commercial Paper valued at $4,202,206, 5/10/16) | 4,013,500 | 4,000,000 | |
(Collateralized by Equity Securities valued at $6,483,437) | 6,020,250 | 6,000,000 | |
3/31/16 due 6/29/16 (Collateralized by Equity Securities valued at $10,800,464) | 10,033,750 | 10,000,000 | |
Mitsubishi UFJ Securities (U.S.A.), Inc. at: | |||
0.65%, dated 3/30/16 due 4/7/16 (Collateralized by Corporate Obligations valued at $1,057,179, 1.63% - 3.25%, 5/1/16 - 6/15/29) | 1,000,253 | 1,000,000 | |
0.68%, dated 3/24/16 due 4/7/16 (Collateralized by Corporate Obligations valued at $6,480,979, 0.5% - 5%, 7/1/18 - 3/1/31) | 6,002,380 | 6,000,000 | |
1.35%, dated 3/8/16 due 5/9/16 (Collateralized by Corporate Obligations valued at $19,420,130, 0.25% - 5.5%, 5/1/16 - 6/15/29) | 18,041,850 | 18,000,000 | |
Mizuho Securities U.S.A., Inc. at: | |||
0.6%, dated: | |||
3/21/16 due 4/4/16 (Collateralized by Equity Securities valued at $1,080,277) | 1,000,233 | 1,000,000 | |
3/22/16 due 4/5/16 (Collateralized by Equity Securities valued at $1,080,311) | 1,000,233 | 1,000,000 | |
3/23/16 due 4/6/16 (Collateralized by Equity Securities valued at $1,080,232) | 1,000,233 | 1,000,000 | |
0.77%, dated 3/24/16 due 4/7/16 (Collateralized by U.S. Government Obligations valued at $1,030,176, 4.5%, 5/15/42) | 1,000,299 | 1,000,000 | |
1.55%, dated 1/4/16 due 5/3/16 (Collateralized by Corporate Obligations valued at $2,168,184, 1.49%, 3/25/35) | 2,010,333 | 2,000,000 | |
RBC Capital Markets Co. at: | |||
0.56%, dated 3/23/16 due 4/7/16 (Collateralized by U.S. Government Obligations valued at $3,090,433, 4.56% - 6.79%, 10/25/35 - 12/25/44) | 3,001,353 | 3,000,000 | |
0.65%, dated 1/22/16 due 4/7/16 (Collateralized by U.S. Government Obligations valued at $3,077,374, 0% - 7.47%, 10/1/17 - 3/1/46) | 3,005,092 | 3,000,000 | |
0.78%, dated: | |||
2/29/16 due 4/7/16 (Collateralized by Municipal Bond Obligations valued at $1,327,429, 5%, 8/15/33) | 1,001,993 | 1,000,000 | |
3/1/16 due 4/7/16 (Collateralized by Municipal Bond Obligations valued at $2,442,847, 5%, 8/1/30 - 7/1/44) | 2,003,987 | 2,000,000 | |
SG Americas Securities, LLC at 0.72%, dated: | |||
3/29/16 due 4/5/16 (Collateralized by Corporate Obligations valued at $4,201,644, 2.7% - 8.75%, 2/15/23 - 11/15/45) | 4,000,560 | 4,000,000 | |
3/30/16 due 4/6/16 (Collateralized by Corporate Obligations valued at $2,160,013, 0.88% - 6.5%, 4/15/16 - 10/15/23) | 2,000,280 | 2,000,000 | |
Wells Fargo Securities, LLC at 0.57%, dated 3/28/16 due 4/4/16 (Collateralized by Equity Securities valued at $10,800,704) | 10,001,108 | 10,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | |||
(Cost $152,000,000) | 152,000,000 | ||
TOTAL INVESTMENT PORTFOLIO - 99.5% | |||
(Cost $1,222,540,917) | 1,222,540,917 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 6,572,100 | ||
NET ASSETS - 100% | $1,229,113,017 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(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) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) 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 $2,000,000 or 0.2% of net assets.
(d) Loan is with an affiliated fund.
(e) The maturity amount is based on the rate at period end.
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
# Additional information on each counterparty to the repurchase agreement is as follows:
Repurchase Agreement / Counterparty | Value |
$24,039,000 due 4/01/16 at 0.32% | |
BNP Paribas Securities Corp. | $4,211,818 |
BNY Mellon Capital Markets LLC | 532,331 |
Bank of America NA | 4,967,713 |
Citibank NA | 2,191,074 |
Credit Agricole CIB New York Branch | 1,433,035 |
HSBC Securities (USA), Inc. | 1,457,505 |
ING Financial Markets LLC | 242,743 |
J.P. Morgan Securities, Inc. | 2,953,372 |
Mizuho Securities USA, Inc. | 1,669,390 |
Societe Generale | 1,375,543 |
Wells Fargo Bank NA | 344,950 |
Wells Fargo Securities LLC | 2,659,526 |
$24,039,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including repurchase agreements of $176,039,000) — See accompanying schedule: Unaffiliated issuers (cost $1,218,416,917) | $1,218,416,917 | |
Other affiliated issuers (cost $4,124,000) | 4,124,000 | |
Total Investments (cost $1,222,540,917) | $1,222,540,917 | |
Cash | 2,450 | |
Receivable for investments sold | 6,000,189 | |
Interest receivable | 575,738 | |
Other affiliated receivables | 199 | |
Total assets | 1,229,119,493 | |
Liabilities | ||
Other payables and accrued expenses | 6,476 | |
Total liabilities | 6,476 | |
Net Assets | $1,229,113,017 | |
Net Assets consist of: | ||
Paid in capital | $1,229,118,621 | |
Distributions in excess of net investment income | (7) | |
Accumulated undistributed net realized gain (loss) on investments | (5,597) | |
Net Assets, for 1,229,094,162 shares outstanding | $1,229,113,017 | |
Net Asset Value, offering price and redemption price per share ($1,229,113,017 ÷ 1,229,094,162 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Interest (including $26,946 from affiliated interfund lending) | $3,171,947 | |
Expenses | ||
Custodian fees and expenses | $15,568 | |
Independent trustees' compensation | 2,643 | |
Total expenses before reductions | 18,211 | |
Expense reductions | (4,397) | 13,814 |
Net investment income (loss) | 3,158,133 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 18,296 | |
Total net realized gain (loss) | 18,296 | |
Net increase in net assets resulting from operations | $3,176,429 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,158,133 | $2,883,869 |
Net realized gain (loss) | 18,296 | 24,849 |
Net increase in net assets resulting from operations | 3,176,429 | 2,908,718 |
Distributions to shareholders from net investment income | (3,158,140) | (2,882,692) |
Distributions to shareholders from net realized gain | (147,137) | – |
Total distributions | (3,305,277) | (2,882,692) |
Affiliated share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | – | 389,170,400 |
Reinvestment of distributions | 3,305,277 | 2,882,663 |
Net increase (decrease) in net assets and shares resulting from share transactions | 3,305,277 | 392,053,063 |
Total increase (decrease) in net assets | 3,176,429 | 392,079,089 |
Net Assets | ||
Beginning of period | 1,225,936,588 | 833,857,499 |
End of period (including distributions in excess of net investment income of $7 and undistributed net investment income of $0, respectively) | $1,229,113,017 | $1,225,936,588 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Money Market Central Fund
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
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 (loss) | .003 | .003 | .002 | .003 | .004 | .004 |
Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
Total from investment operations | .003 | .003 | .002 | .003 | .004 | .004 |
Distributions from net investment income | (.003) | (.003) | (.002) | (.003) | (.004) | (.004) |
Distributions from net realized gain | –A | – | – | – | – | –A |
Total distributions | (.003) | (.003) | (.002) | (.003) | (.004) | (.004) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .27% | .29% | .25% | .30% | .38% | .37% |
Ratios to Average Net AssetsD | ||||||
Expenses before reductionsE | –%F | –% | –% | –% | –% | –% |
Expenses net of fee waivers, if anyE | –%F | –% | –% | –% | –% | –% |
Expenses net of all reductionsE | –%F | –% | –% | –% | –% | –% |
Net investment income (loss) | .51%F | .29% | .25% | .30% | .38% | .36% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,229,113 | $1,225,937 | $833,857 | $831,790 | $1,011,422 | $1,007,525 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E Amount represents less than .005%.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2016
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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment 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 fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
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) on securities | $– |
Tax cost | $1,222,540,917 |
Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, are permitted 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 may be 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.
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.
3. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Investments Money Management, Inc. (the investment adviser), 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 the investment adviser, FMR pays the investment adviser 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.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. Any open loans at period end are presented under the caption "Interfund Loans" in the Fund's Schedule of Investments with accrued interest included in Other affiliated receivables on the Statement of Assets and Liabilities. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate |
Lender | $15,424,431 | .62% |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
4. 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 $2,643.
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,754.
5. 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 its affiliates were the owners of record of all of the outstanding shares of the Fund.
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
CFM-SANN-0516
1.756671.115
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, 2015 to March 31, 2016).
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-A | Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period-B October 1, 2015 to March 31, 2016 | |
Actual | .0025% | $1,000.00 | $1,002.70 | $.01 |
Hypothetical-C | $1,000.00 | $1,024.99 | $.01 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
Proxy Voting Results
A special meeting of shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
John Engler | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
James H. Keyes | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,966,899,870.80 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 5,966,899,870.80 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
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/Stephanie J. Dorsey |
Stephanie J. Dorsey | |
President and Treasurer | |
Date: | May 25, 2016 |
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/Stephanie J. Dorsey |
Stephanie J. Dorsey | |
President and Treasurer | |
Date: | May 25, 2016 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | May 25, 2016 |