-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QWZ5Uf6c/3kKWJbYvUIYQH+xq6DxuEmYeSe/YOOUkt4yysShD2lItLyTfPdFHY37 Q+Db5tQ5t1psjyYv3zL6mQ== 0001303459-10-000004.txt : 20100604 0001303459-10-000004.hdr.sgml : 20100604 20100604123329 ACCESSION NUMBER: 0001303459-10-000004 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20100331 FILED AS OF DATE: 20100604 DATE AS OF CHANGE: 20100604 EFFECTIVENESS DATE: 20100604 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY GARRISON STREET TRUST CENTRAL INDEX KEY: 0000803013 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04861 FILM NUMBER: 10878219 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR SERIES V DATE OF NAME CHANGE: 19930706 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY INVESTMENT SERIES DATE OF NAME CHANGE: 19930706 FORMER COMPANY: FORMER CONFORMED NAME: PLYMOUTH INVESTMENT SERIES /NY/ DATE OF NAME CHANGE: 19920206 0000803013 S000007011 Fidelity Money Market Central Fund C000019137 Fidelity Money Market Central Fund N-CSRS 1 main.htm

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
Account Value
October 1, 2009

Ending
Account Value
March 31, 2010

Expenses Paid
During Period
*
October 1, 2009
to March 31, 2010

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
investments
3/31/10

% of fund's
investments
9/30/09

% of fund's
investments
3/31/09

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

fid12980

Corporate Bonds 0.1%

 

fid12982

Corporate Bonds 0.0%

 

fid12984

Commercial Paper 23.3%

 

fid12984

Commercial Paper 17.4%

 

fid12987

Bank CDs, BAs,
TDs, and Notes 56.6%

 

fid12987

Bank CDs, BAs,
TDs, and Notes 60.7%

 

fid12990

Government
Securities 7.0%

 

fid12990

Government
Securities 11.3%

 

fid12993

Other Government Related 1.3%

 

fid12993

Other Government Related 2.2%

 

fid12996

Repurchase
Agreements 13.2%

 

fid12996

Repurchase
Agreements 8.5%

 

fid12999

Other Investments 0.1%

 

fid12999

Other Investments 0.5%

 

fid12982

Net Other Assets** (1.6)%

 

fid12982

Net Other Assets** (0.6)%

 

fid13004

** 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
March 31, 2010
(Unaudited)

Year ended
September 30,
2009

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
Proceeds from sales of shares

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,
end of period

$ 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,
end of period (000 omitted)

$ 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

EX-99.CERT 2 garr99cert.htm

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: June 4, 2010

/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: June 4, 2010

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

EX-99.906 CERT 3 garr906cert.htm

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: June 4, 2010

/s/John R. Hebble

John R. Hebble

President and Treasurer

Dated: June 4, 2010

/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.

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