N-CSRS

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, 2012

Item 1. Reports to Stockholders

Fidelity® Money Market
Central Fund

Semiannual Report

March 31, 2012

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-0512
1.756671.111

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, 2011 to March 31, 2012).

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 Account Value October 1, 2011	Ending Account Value March 31, 2012	Expenses Paid During Period* October 1, 2011 to March 31, 2012
Actual	.0027%	$ 1,000.00	$ 1,001.90	$ .01
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,024.99	$ .01

* 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).

Semiannual Report

Investment Changes/Performance (Unaudited)

Effective Maturity Diversification
Days	% of fund's investments 3/31/12	% of fund's investments 9/30/11	% of fund's investments 3/31/11
1 - 7	29.4	36.2	30.6
8 - 30	25.6	21.3	20.4
31 - 60	18.0	20.0	22.2
61 - 90	6.7	14.7	8.0
91 - 180	16.2	6.3	14.9
> 180	4.1	1.5	3.9

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Weighted Average Maturity
	3/31/12	9/30/11	3/31/11
Fidelity Money Market Central Fund	51 Days	35 Days	47 Days
All Taxable Money Market Funds Average*	46 Days	39 Days	45 Days

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
	3/31/12	9/30/11	3/31/11
Fidelity Money Market Central Fund	93 Days	72 Days	85 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, 2012		As of September 30, 2011
	Commercial Paper 21.5%		Commercial Paper 15.6%
	Bank CDs, BAs, TDs, and Notes 41.7%		Bank CDs, BAs, TDs, and Notes 52.8%
	Government Securities 15.5%		Government Securities 4.9%
	Municipal Securities 5.0%		Municipal Securities 9.0%
	Other Government Related† 0.0%		Other Government Related† 3.5%
	Repurchase Agreements 16.6%		Repurchase Agreements 15.6%
	Other Investments 0.6%		Other Investments 1.2%
	Net Other Assets (Liabilities)** (0.9)%		Net Other Assets (Liabilities)** (2.6)%

^† Includes Federal Financing Bank Supported Student Loan Short-Term Notes.

* Source: iMoneyNet, Inc.

** Net Other Assets (Liabilities) are not included in the pie chart.

Current and Historical Seven-Day Yields

	3/31/12	1/3/12	9/27/11	6/28/11	3/29/11
Fidelity Money Market Central Fund	0.41%	0.39%	0.31%	0.31%	0.39%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.

Semiannual Report

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 37.3%
		Yield (a)	Principal Amount	Value
Domestic Certificates Of Deposit - 0.3%
Branch Banking & Trust Co.
	4/30/12 to 5/3/12	0.25 to 0.35%	$ 3,000,000	$ 3,000,000
London Branch, Eurodollar, Foreign Banks - 6.9%
Australia & New Zealand Banking Group Ltd.
	6/6/12	0.61	2,000,000	2,000,000
Bank of Montreal
	8/6/12	0.38	8,000,000	8,000,000
Commonwealth Bank of Australia
	5/10/12	0.32	8,000,000	8,000,000
HSBC Bank PLC
	5/3/12 to 5/29/12	0.25 to 0.50	13,000,000	13,000,000
ING Bank NV
	5/14/12 to 6/1/12	0.37 to 0.40	18,000,000	18,000,000
Mitsubishi UFJ Trust & Banking Corp.
	5/3/12	0.51	1,000,000	1,000,004
National Australia Bank Ltd.
	4/5/12 to 5/2/12	0.47 to 0.52	20,000,000	20,000,000
				70,000,004
New York Branch, Yankee Dollar, Foreign Banks - 30.1%
Bank of Montreal Chicago CD Program
	9/26/12 to 4/5/13	0.39 to 0.76 (c)	20,000,000	20,003,464
Bank of Nova Scotia
	6/22/12 to 4/11/13	0.31 to 0.77 (c)	43,000,000	43,004,988
Bank of Tokyo-Mitsubishi UFJ Ltd.
	5/18/12 to 9/21/12	0.40 to 0.50 (c)	28,000,000	28,000,000
Canadian Imperial Bank of Commerce New York Branch
	9/4/12 to 4/19/13	0.41 to 0.68 (c)	24,000,000	23,999,145
Mitsubishi UFJ Trust & Banking Corp.
	4/10/12 to 5/11/12	0.48 to 0.55	9,000,000	9,000,000
Mizuho Corporate Bank Ltd.
	5/14/12 to 6/8/12	0.40	15,000,000	15,000,000
National Bank Canada
	7/6/12 to 2/4/13	0.35 to 0.64 (c)	9,000,000	9,000,000
Nordea Bank Finland PLC
	6/15/12	0.35	1,000,000	1,000,021
Certificates of Deposit - continued
		Yield (a)	Principal Amount	Value
New York Branch, Yankee Dollar, Foreign Banks - continued
Rabobank Nederland New York Branch
	4/2/12 to 6/14/12	0.29 to 0.50% (c)	$ 43,000,000	$ 43,000,000
Royal Bank of Canada
	2/11/13 to 4/1/13	0.54 to 0.94 (c)	15,000,000	15,000,000
Societe Generale
	4/4/12	0.35	3,000,000	3,000,000
Sumitomo Mitsui Banking Corp.
	4/2/12 to 7/3/12	0.38 to 0.55 (c)	45,000,000	45,000,000
Sumitomo Trust & Banking Co. Ltd.
	5/8/12 to 5/21/12	0.46 to 0.50	6,000,000	6,000,000
Svenska Handelsbanken, Inc.
	4/3/12	0.52	5,000,000	5,000,001
Toronto-Dominion Bank
	10/19/12 to 2/4/13	0.44 to 0.58 (c)	24,000,000	24,000,000
Toronto-Dominion Bank New York Branch
	7/30/12	0.28	14,000,000	13,999,999
				304,007,618
TOTAL CERTIFICATES OF DEPOSIT				377,007,622
Commercial Paper - 21.5%
Amsterdam Funding Corp. (Royal Bank of Scotland PLC Guaranteed)
	4/4/12	0.28 (b)	2,000,000	1,999,953
ASB Finance Ltd. (London)
	4/11/12 to 5/22/12	0.58 to 0.68	12,000,000	11,990,012
Autobahn Funding Co. LLC (Liquidity Facility DZ BANK AG)
	5/11/12	0.48	2,000,000	1,998,933
Barclays Bank PLC
	4/2/12 to 5/2/12	0.74 to 0.77 (b)	11,000,000	11,000,000
Barclays Bank PLC/Barclays U.S. CCP Funding LLC
	5/2/12 to 5/21/12	0.37 to 0.38	3,000,000	2,998,700
Barclays U.S. Funding Corp.
	4/16/12	0.31	7,000,000	6,999,096
Commercial Paper - continued
		Yield (a)	Principal Amount	Value
BNP Paribas Finance, Inc.
	5/2/12	0.37%	$ 10,000,000	$ 9,996,814
BP Capital Markets PLC
	6/8/12	0.25	2,000,000	1,999,056
Caisse d'Amort de la Dette Sociale
	5/25/12	0.54 (b)(c)	3,000,000	2,999,952
Ciesco LP (Citibank NA Guaranteed)
	4/26/12	0.27	2,000,000	1,999,625
Citigroup Funding, Inc.
	4/2/12 to 4/30/12	0.50	27,000,000	26,995,486
Commonwealth Bank of Australia
	4/10/12 to 6/15/12	0.50 to 0.62	15,000,000	14,984,355
Danske Corp.
	4/2/12 to 4/3/12	0.30	4,000,000	3,999,950
Devon Energy Corp.
	4/30/12	0.44 (c)	5,000,000	5,000,000
DNB Bank ASA
	6/11/12 to 6/29/12	0.30 to 0.40	5,000,000	4,996,247
Ecolab, Inc.
	4/30/12	0.52 (c)	3,000,000	3,000,000
Govco, Inc. (Liquidity Facility Citibank NA)
	4/2/12 to 5/7/12	0.27 to 0.34	9,000,000	8,999,151
JPMorgan Chase & Co.
	8/1/12 to 9/12/12	0.29 to 0.30 (c)	17,000,000	16,989,542
Liberty Street Funding LLC (Bank of Nova Scotia Guaranteed)
	4/18/12	0.24	5,000,000	4,999,433
Market Street Funding LLC (Liquidity Facility PNC Bank NA)
	5/2/12	0.26	4,000,000	3,999,104
Mitsubishi UFJ Trust & Banking Corp.
	5/2/12	0.40	1,000,000	999,656
Commercial Paper - continued
		Yield (a)	Principal Amount	Value
Nationwide Building Society
	4/5/12 to 4/16/12	0.44%	$ 4,000,000	$ 3,999,487
Nordea North America, Inc.
	5/17/12	0.30	950,000	949,636
PNC Bank NA
	4/23/12	0.20	5,000,000	4,999,389
Sempra Global
	4/27/12	0.45	2,000,000	1,999,350
Skandinaviska Enskilda Banken AB
	5/7/12 to 5/16/12	0.40	11,000,000	10,995,233
Societe Generale North America, Inc.
	4/4/12	0.35	3,000,000	2,999,913
Svenska Handelsbanken, Inc.
	6/15/12	0.32	1,000,000	999,333
Swedbank AB
	4/30/12 to 5/22/12	0.45 to 0.55	9,000,000	8,994,884
Toyota Motor Credit Corp.
	4/23/12	0.33	10,000,000	9,997,983
UBS Finance, Inc.
	5/4/12	0.50	2,000,000	1,999,083
Virginia Electric & Power Co.
	4/2/12 to 4/16/12	0.40	2,000,000	1,999,822
Westpac Banking Corp.
	4/5/12 to 5/9/12	0.50 to 0.60 (c)	15,000,000	14,997,361
Windmill Funding Corp. (Royal Bank of Scotland PLC Guaranteed)
	4/4/12 to 4/17/12	0.27 to 0.28 (b)	3,000,000	2,999,833
TOTAL COMMERCIAL PAPER				216,876,372
U.S. Treasury Obligations - 15.5%
U.S. Treasury Bills - 5.4%
	8/30/12 to 9/27/12	0.15	55,000,000	54,962,753
U.S. Treasury Notes - 10.1%
	7/15/12 to 2/15/13	0.11 to 0.20	101,000,000	101,503,829
TOTAL U.S. TREASURY OBLIGATIONS				156,466,582
Medium-Term Notes - 4.4%
		Yield (a)	Principal Amount	Value
Royal Bank of Canada
	4/1/13 to 4/15/13	0.63 to 0.70% (b)(c)	$ 15,000,000	$ 15,000,000
	4/5/13	0.58 (c)	9,000,000	8,997,823
Westpac Banking Corp.
	4/2/12 to 6/14/12	0.34 to 0.68 (b)(c)	20,000,000	20,000,000
TOTAL MEDIUM-TERM NOTES				43,997,823
Asset-Backed Securities - 0.6%
Harley-Davidson Motor Trust
	11/15/12	0.38	4,029,516	4,029,516
Honda Auto Receivables Owner Trust
	10/22/12	0.40	1,903,322	1,903,322
Huntington Auto Trust 2011-1
	9/17/12	0.36 (b)	229,068	229,068
TOTAL ASSET-BACKED SECURITIES				6,161,906
Municipal Securities - 5.0%
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, VRDN
4/6/12	0.49 (c)	4,600,000		4,600,000
Denver Colorado Pub. Schools Ctfs. of Prtn. Series 2011 A4, LOC Royal Bank of Canada, VRDN
4/6/12	0.15 (c)	5,000,000		5,000,000
Harris County Tex Indl. Dev. Corp. (HFOTCO LLC Proj.) Series 2010, LOC Bank of America NA, VRDN
4/6/12	0.29 (c)	12,400,000		12,400,000
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 A, CP mode
4/10/12	0.45 (d)	5,000,000		5,000,000
Municipal Securities - continued
	Yield (a)	Principal Amount		Value
Ohio Air Quality Dev. Auth. Rev. (Dayton Pwr. & Lt. Co. Proj.) Series 2008 A, LOC JPMorgan Chase Bank, VRDN
4/6/12	0.19% (c)(d)	$ 21,000,000		$ 21,000,000
South Carolina Jobs-Econ. Dev. Auth. (AnMed Health Proj.) Series 2009 C, LOC Branch Banking & Trust Co., VRDN
4/6/12	0.19 (c)	2,900,000		2,900,000
TOTAL MUNICIPAL SECURITIES			50,900,000

Repurchase Agreements - 16.6%
	Maturity Amount
In a joint trading account at 0.19% dated 3/30/12 due 4/2/12 (Collateralized by U.S. Government Obligations) #	$ 398,006		398,000
With:
Barclays Capital, Inc. at:
0.2%, dated:
3/22/12 due 4/6/12 (Collateralized by U.S. Government Obligations valued at $3,064,628, 5%, 1/1/41)	3,001,500		3,000,000
3/23/12 due 4/6/12 (Collateralized by U.S. Government Obligations valued at $2,044,381, 5%, 9/1/40)	2,001,000		2,000,000
0.37%, dated 3/27/12 due 4/3/12 (Collateralized by Equity Securities valued at $1,080,426)	1,000,072		1,000,000
Credit Suisse Securities (USA) LLC at:
0.25%, dated 3/27/12 due 4/3/12 (Collateralized by U.S. Government Obligations valued at $2,060,109, 0% - 5%, 6/1/31 - 3/25/42)	2,000,097		2,000,000
0.32%, dated 3/28/12 due 4/4/12 (Collateralized by Equity Securities valued at $7,560,421)	7,000,436		7,000,000
0.88%, dated 1/19/12 due 4/3/12 (Collateralized by Corporate Obligations valued at $1,086,832, 0.39% - 0.47%, 5/25/37 - 6/25/47)	1,001,833		1,000,000
0.94%, dated:
2/17/12 due 5/17/12 (Collateralized by Corporate Obligations valued at $2,163,898, 0.39% - 0.47%, 5/25/37 - 6/25/47)	2,004,700		2,000,000
2/21/12 due 5/22/12 (Collateralized by Corporate Obligations valued at $2,162,852, 0.39% - 5.11%, 8/25/36 - 6/25/47)	2,004,752		2,000,000
2/24/12 due 5/25/12 (Collateralized by Corporate Obligations valued at $1,085,965, 0.39% - 0.47%, 5/25/37 - 6/25/47)	1,002,376		1,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
0.95%, dated 2/10/12 due 5/10/12 (Collateralized by Corporate Obligations valued at $1,086,373, 0.39% - 0.47%, 5/25/37 - 6/25/47)	$ 1,002,375		$ 1,000,000
0.97%, dated:
2/1/12 due 5/1/12 (Collateralized by Corporate Obligations valued at $3,153,889, 2.38%, 4/15/11)	3,007,275		3,000,000
2/3/12 due 5/3/12 (Collateralized by Corporate Obligations valued at $1,084,683, 4.77% - 5.22%, 5/26/36 - 1/25/42)	1,002,425		1,000,000
0.98%, dated 1/12/12 due 4/12/12 (Collateralized by Corporate Obligations valued at $3,249,440, 0.39% - 5.11%, 11/25/35 - 12/25/37)	3,007,432		3,000,000
1%, dated:
1/19/12 due 4/18/12 (Collateralized by Corporate Obligations valued at $3,246,802, 4.77% - 5.81%, 5/26/36 - 1/25/42)	3,007,500		3,000,000
1/23/12 due 4/24/12 (Collateralized by Corporate Obligations valued at $3,248,203, 0.43% - 0.47%, 2/25/36 - 6/25/47)	3,007,667		3,000,000
Deutsche Bank Securities, Inc. at 0.5%, dated 3/30/12 due 4/2/12 (Collateralized by Corporate Obligations valued at $38,882,319, 4.5% - 5.5%, 4/15/20 - 10/15/38)	36,001,500		36,000,000
Goldman Sachs & Co. at:
0.22%, dated 3/28/12 due 4/4/12 (Collateralized by U.S. Government Obligations valued at $8,160,981, 0.21% - 0.24%, 5/16/13 - 11/8/13)	8,000,342		8,000,000
0.27%, dated 3/28/12 due 4/4/12 (Collateralized by U.S. Government Obligations valued at $3,060,700, 1.25%, 5/12/17)	3,000,158		3,000,000
J.P. Morgan Clearing Corp. at:
0.74%, dated 1/23/12 due 4/23/12 (Collateralized by Equity Securities valued at $5,442,391)	5,009,353		5,000,000
0.75%, dated 10/24/11 due 4/23/12 (Collateralized by Equity Securities valued at $2,181,120)	2,007,583		2,000,000
1.05%, dated 1/23/12 due 7/23/12 (Collateralized by Corporate Obligations valued at $5,446,852, 6%, 10/15/29)	5,026,542		5,000,000
J.P. Morgan Securities, Inc. at:
0.49%, dated 3/19/12 due 4/6/12 (Collateralized by Mortgage Loan Obligations valued at $2,160,954, 0%, 5/25/35 - 5/25/37)	2,000,844		2,000,000
0.95%, dated 3/26/12 due 9/21/12 (Collateralized by Mortgage Loan Obligations valued at $2,160,583, 0%, 11/25/35 - 5/25/37)	2,009,447		2,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
Merrill Lynch, Pierce, Fenner & Smith at 0.2%, dated 3/30/12 due 4/2/12 (Collateralized by U.S. Government Obligations valued at $39,140,652, 5.76% - 6.46%, 1/25/37 - 12/25/41)	$ 38,000,633		$ 38,000,000
Mizuho Securities USA, Inc. at 0.43%, dated 3/22/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $2,106,024, 0% - 3.63%, 2/15/14 - 2/15/37)	2,000,764		2,000,000
RBC Capital Markets Co. at:
0.29%, dated 3/28/12 due 4/4/12 (Collateralized by U.S. Government Obligations valued at $1,032,599, 5.88% - 6.41%, 3/15/38 - 3/25/41)	1,000,056		1,000,000
0.64%, dated 3/12/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $1,147,170, 0.35% - 2.22%, 9/25/36 - 12/12/45)	1,001,636		1,000,000
0.7%, dated 1/4/12 due 4/4/12 (Collateralized by Mortgage Loan Obligations valued at $1,083,716, 0.45% - 6%, 8/25/36 - 5/20/46)	1,001,769		1,000,000
RBS Securities, Inc. at:
0.6%, dated 3/28/12 due 4/4/12 (Collateralized by U.S. Government Obligations valued at $10,303,021, 0.64%, 11/15/41)	10,001,167		10,000,000
0.64%, dated 3/14/12 due 4/6/12 (Collateralized by U.S. Government Obligations valued at $2,062,772, 0.69%, 7/25/40)	2,001,031		2,000,000
0.8%, dated 3/19/12 due 4/18/12 (Collateralized by U.S. Government Obligations valued at $5,152,320, 0.64% - 0.69%, 7/25/40 - 2/25/42)	5,003,333		5,000,000
Royal Bank of Scotland PLC at:
0.6%, dated 3/28/12 due 4/4/12 (Collateralized by U.S. Government Obligations valued at $4,080,950, 4%, 8/1/24)	4,000,467		4,000,000
0.64%, dated 3/14/12 due 4/6/12 (Collateralized by U.S. Government Obligations valued at $2,043,282, 4%, 8/1/24)	2,001,031		2,000,000
UBS Securities LLC at:
0.59%, dated 2/21/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $1,051,703, 5.5%, 4/15/29)	1,001,475		1,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
0.66%, dated 1/24/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $1,081,367, 8.63%, 5/1/16)	$ 1,001,650		$ 1,000,000
0.71%, dated 1/9/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $1,081,860, 4%, 5/15/14)	1,001,795		1,000,000
TOTAL REPURCHASE AGREEMENTS		167,398,000
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $1,018,808,305)		1,018,808,305
NET OTHER ASSETS (LIABILITIES) - (0.9)%		(9,353,482)
NET ASSETS - 100%		$ 1,009,454,823

Security Type Abbreviations
CP	-	COMMERCIAL PAPER
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

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) 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 $54,228,806 or 5.4% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$398,000 due 4/02/12 at 0.19%
Bank of America NA	$ 119,702
Credit Agricole CIB New York Branch	32,741
J.P. Morgan Securities, Inc.	16,370
Mizuho Securities USA, Inc.	196,446
Societe Generale	32,741
	$ 398,000

Other Information

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.

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, 2012 (Unaudited)
Assets
Investment in securities, at value (including repurchase agreements of $167,398,000) - See accompanying schedule: Unaffiliated issuers (cost $1,018,808,305)		$ 1,018,808,305
Interest receivable		688,643
Total assets		1,019,496,948
Liabilities
Payable to custodian bank	$ 487
Payable for investments purchased	10,036,477
Other payables and accrued expenses	5,161
Total liabilities		10,042,125
Net Assets		$ 1,009,454,823
Net Assets consist of:
Paid in capital		$ 1,009,428,331
Undistributed net investment income		314
Accumulated undistributed net realized gain (loss) on investments		26,178
Net Assets, for 1,009,409,024 shares outstanding		$ 1,009,454,823
Net Asset Value, offering price and redemption price per share ($1,009,454,823 ÷ 1,009,409,024 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, 2012 (Unaudited)
Investment Income
Interest		$ 1,930,450
Expenses
Custodian fees and expenses	$ 13,700
Independent trustees' compensation	1,820
Total expenses before reductions	15,520
Expense reductions	(1,882)	13,638
Net investment income (loss)		1,916,812
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		13,047
Net increase in net assets resulting from operations		$ 1,929,859

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 March 31, 2012 (Unaudited)	Year ended September 30, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,916,812	$ 3,464,685
Net realized gain (loss)	13,047	16,007
Net increase in net assets resulting from operations	1,929,859	3,480,692
Distributions to shareholders from net investment income	(1,916,498)	(3,465,138)
Distributions to shareholders from net realized gain	-	(27,130)
Total distributions	(1,916,498)	(3,492,268)
Affiliated share transactions at net asset value of $1.00 per share Proceeds from sales of shares	-	160,000,000
Reinvestment of distributions	1,916,498	3,492,268
Cost of shares redeemed	-	(59,999,999)
Net increase (decrease) in net assets and shares resulting from share transactions	1,916,498	103,492,269
Total increase (decrease) in net assets	1,929,859	103,480,693
Net Assets
Beginning of period	1,007,524,964	904,044,271
End of period (including undistributed net investment income of $314 and $0, respectively)	$ 1,009,454,823	$ 1,007,524,964

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2012	Years ended September 30,
	(Unaudited)	2011	2010	2009	2008	2007
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)	.002	.004	.005	.016	.039	.054
Net realized and unrealized gain (loss) F	-	-	-	-	-	-
Total from investment operations	.002	.004	.005	.016	.039	.054
Distributions from net investment income	(.002)	(.004)	(.005)	(.016)	(.039)	(.054)
Distributions from net realized gain	-	- F	- F	-	-	-
Total distributions	(.002)	(.004)	(.005)	(.016)	(.039)	(.054)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return B,C	.19%	.37%	.44%	1.64%	3.94%	5.55%
Ratios to Average Net Assets E
Expenses before reductions	-% A,D	-% D	-% D	-% D	-% D	.01%
Expenses net of fee waivers, if any	-% A,D	-% D	-% D	-% D	-% D	.01%
Expenses net of all reductions	-% A,D	-% D	-% D	-% D	-% D	.01%
Net investment income (loss)	.38% A	.36%	.41%	1.65%	3.92%	5.41%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,009,455	$ 1,007,525	$ 904,044	$ 555,818	$ 557,819	$ 642,663

^A Annualized

^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 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.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended March 31, 2012 (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 (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:

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 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Semiannual Report

2. Significant Accounting Policies - continued

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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. 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) on securities and other investments	$ -
Tax cost	$ 1,018,808,305

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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.

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.

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 $1,820.

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 $62.

Semiannual Report

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 an FMR affiliate were the owners of record of all of the 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:	May 23, 2012

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:	May 23, 2012

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer
Date:	May 23, 2012

EX-99.CERT

Exhibit EX-99.CERT

I, John R. Hebble, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Garrison Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 23, 2012

/s/John R. Hebble

John R. Hebble

President and Treasurer

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Garrison Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 23, 2012

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

EX-99.906 CERT

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity Garrison Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: May 23, 2012

/s/John R. Hebble

John R. Hebble

President and Treasurer

Dated: May 23, 2012

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.