N-CSRS 1 filing746.htm PRIMARY DOCUMENT


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-04861


Fidelity Garrison Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

September 30



Date of reporting period:

March 31, 2021


Item 1.

Reports to Stockholders





Fidelity® Money Market Central Fund



Semi-Annual Report

March 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2021 FMR LLC. All rights reserved.



A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Effective Maturity Diversification as of March 31, 2021

Days % of fund's investments 3/31/21 
1 - 7 24.5 
8 - 30 9.8 
31 - 60 23.5 
61 - 90 30.9 
91 - 180 11.3 

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

Asset Allocation (% of fund's net assets)

As of March 31, 2021 
   Interfund Loans 5.8% 
   Certificates of Deposit 10.8% 
   Commercial Paper 49.5% 
   Variable Rate Demand Notes (VRDNs) 1.9% 
   U.S. Treasury Debt 10.0% 
   Non-Negotiable Time Deposit 12.0% 
   Other Instruments 0.4% 
   Other Municipal Security 0.1% 
   Repurchase Agreements 10.6% 
 Net Other Assets (Liabilities)* (1.1)% 


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

Schedule of Investments March 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Certificate of Deposit - 10.8%    
 Yield(a) Principal Amount Value 
New York Branch, Yankee Dollar, Foreign Banks - 10.8%    
Bank of Montreal    
4/27/21 to 9/13/21 0.20 to 0.25 % $26,000,000 $26,003,684 
Bank of Nova Scotia    
6/10/21 to 6/21/21 0.25 23,000,000 23,004,344 
Bayerische Landesbank    
5/4/21 to 5/25/21 0.16 5,999,997 5,999,915 
Credit Agricole CIB    
6/16/21 to 6/17/21 0.15 8,000,000 8,000,489 
DZ BANK AG    
6/30/21 0.15 4,000,000 4,000,000 
Landesbank Baden-Wuerttemberg New York Branch    
4/8/21 to 5/10/21 0.13 to 0.15 14,000,000 14,000,233 
Mizuho Corporate Bank Ltd.    
6/10/21 0.17 13,000,000 12,999,102 
MUFG Bank Ltd.    
4/9/21 to 4/12/21 0.24 10,000,000 10,000,540 
Royal Bank of Canada    
6/14/21 0.25 6,000,000 6,001,436 
Sumitomo Mitsui Banking Corp.    
4/7/21 to 8/2/21 0.15 to 0.25 16,000,000 16,000,279 
Sumitomo Mitsui Trust Bank Ltd.    
6/8/21 to 7/13/21 0.16 to 0.17 16,000,000 16,000,470 
TOTAL CERTIFICATE OF DEPOSIT    
(Cost $141,999,981)   142,010,492 
Financial Company Commercial Paper - 41.9%    
Bank of Nova Scotia    
6/8/21 to 6/28/21 0.25 to 0.26 24,000,000 23,991,925 
Barclays Bank PLC/Barclays U.S. CCP Funding LLC    
5/11/21 to 6/4/21 0.22(b) 14,000,000 13,996,634 
BNP Paribas Fortis    
6/15/21 0.15 3,000,000 2,999,335 
BNP Paribas SA    
4/1/21 to 7/12/21 0.05 to 0.16 38,900,000 38,892,887 
BofA Securities, Inc.    
5/3/21 to 6/28/21 0.15 to 0.24 33,000,000 32,997,494 
BPCE SA    
5/12/21 to 6/3/21 0.15 to 0.16 39,000,000 38,994,011 
Caisse d'Amort de la Dette Sociale    
4/20/21 to 7/29/21 0.16 to 0.28 (b) 36,000,000 35,983,941 
Canadian Imperial Bank of Commerce    
6/9/21 0.25 12,000,000 11,997,364 
Citigroup Global Markets, Inc.    
4/5/21 to 7/30/21 0.19 to 0.24 17,400,000 17,396,142 
Credit Suisse AG    
5/24/21 to 6/25/21 0.17 to 0.18 44,000,000 43,986,809 
Federation des caisses Desjardin    
4/8/21 to 6/9/21 0.15 to 0.21 3,000,000 2,999,506 
ING U.S. Funding LLC    
6/3/21 0.15 2,000,000 1,999,570 
KfW    
6/18/21 to 6/21/21 0.15 11,000,000 10,997,152 
Lloyds Bank PLC    
5/18/21 to 7/26/21 0.15 to 0.17 30,000,000 29,988,292 
Mitsubishi UFJ Trust & Banking Corp.    
4/6/21 to 7/23/21 0.18 to 0.27 24,000,000 23,993,202 
Mizuho Bank Ltd. Singapore Branch    
5/10/21 to 6/25/21 0.17 to 0.19 29,000,000 28,992,895 
Natexis Banques Populaires New York Branch    
5/26/21 0.15 9,000,000 8,998,474 
National Bank of Canada    
4/5/21 to 6/23/21 0.15 to 0.25 54,000,000 53,993,442 
Rabobank Nederland New York Branch    
4/1/21 0.05 7,900,000 7,899,984 
Royal Bank of Canada    
6/9/21 to 9/13/21 0.20 to 0.25 25,000,000 24,989,504 
Skandinaviska Enskilda Banken AB    
6/21/21 to 6/23/21 0.15 27,000,000 26,991,289 
Societe Generale    
5/26/21 0.16 1,450,000 1,449,759 
Sumitomo Mitsui Banking Corp.    
7/6/21 0.18 4,000,000 3,998,362 
Sumitomo Mitsui Trust Bank Ltd.    
6/2/21 to 6/25/21 0.17 to 0.19 32,300,000 32,290,139 
Svenska Handelsbanken AB    
4/13/21 0.21 11,000,000 10,999,682 
The Toronto-Dominion Bank    
6/8/21 to 9/16/21 0.20 to 0.25 8,000,000 7,996,720 
UBS AG London Branch    
9/1/21 to 9/16/21 0.20 to 0.21 13,000,000 12,987,488 
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER    
(Cost $552,762,622)   552,802,002 
Asset Backed Commercial Paper - 7.6%    
Atlantic Asset Securitization Corp. (Liquidity Facility Credit Agricole CIB)    
    
6/28/21 0.16 10,000,000 9,996,044 
6/3/21 0.15 5,100,000 5,098,631 
6/8/21 0.15 10,000,000 9,997,068 
6/8/21 0.15 1,000,000 999,707 
7/14/21 0.17 3,000,000 2,998,583 
7/26/21 0.17 1,000,000 999,467 
7/7/21 0.16 1,000,000 999,562 
Gotham Funding Corp. (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.)    
    
6/22/21 0.16 1,000,000 999,631 
6/23/21 0.16 1,000,000 999,627 
Manhattan Asset Funding Co. LLC (Liquidity Facility Sumitomo Mitsui Banking Corp.)    
    
4/23/21 0.15 3,000,000 2,999,770 
5/12/21 0.15 14,000,000 13,997,778 
5/5/21 0.15 5,000,000 4,999,383 
6/1/21 0.15 11,000,000 10,997,139 
6/1/21 0.15 1,000,000 999,740 
6/17/21 0.16 2,000,000 1,999,324 
6/2/21 0.15 8,876,000 8,873,655 
6/3/21 0.15 2,000,000 1,999,463 
6/7/21 0.15 3,000,000 2,999,133 
Sheffield Receivables Corp. (Liquidity Facility Barclays Bank PLC)    
    
5/18/21 0.15 1,000,000 999,811 
5/21/21 0.15 1,000,000 999,796 
6/1/21 0.15 6,000,000 5,998,439 
6/14/21 0.16 1,000,000 999,677 
6/16/21 0.16 1,000,000 999,666 
6/21/21 0.16 1,000,000 999,642 
6/3/21 0.15 1,000,000 999,732 
6/7/21 0.15 5,000,000 4,998,555 
TOTAL ASSET BACKED COMMERCIAL PAPER    
(Cost $99,949,071)   99,949,023 
U.S. Treasury Debt - 10.0%    
U.S. Treasury Obligations - 10.0%    
U.S. Treasury Bills    
4/1/21 to 8/5/21 0.07 to 0.11 128,300,000 128,298,380 
U.S. Treasury Notes    
10/31/21 0.32 (c)(d) 3,000,000 3,003,424 
TOTAL U.S. TREASURY DEBT    
(Cost $131,291,344)   131,301,804 
Other Instrument - 0.4%    
Master Notes - 0.4%    
Toyota Motor Credit Corp.    
4/7/21    
(Cost $5,000,000) 0.34 (c)(d)(e) 5,000,000 5,000,000 
Variable Rate Demand Note - 1.9%    
Florida - 1.9%    
Florida Timber Fin. III LLC Taxable, LOC Wells Fargo Bank NA, VRDN    
4/7/21    
(Cost $25,155,000) 0.10 (c) 25,155,000 25,155,000 
Non-Negotiable Time Deposit - 12.0%    
Time Deposits - 12.0%    
Abn Amro Bank NV(TD)    
4/1/21 0.07 25,000,000 25,000,000 
Bank of Montreal    
4/1/21 0.05 11,000,000 11,000,000 
Barclays Bank PLC    
4/1/21 0.15 51,900,000 51,900,000 
Credit Agricole CIB    
4/1/21 to 4/7/21 0.05 to 0.13 18,000,000 18,000,000 
ING Bank NV    
4/1/21 0.07 16,000,000 15,999,990 
Mizuho Bank Ltd.    
4/1/21 0.07 3,000,000 3,000,000 
Mizuho Bank Ltd. Canada Branch    
4/1/21 to 4/5/21 0.07 to 0.12 16,000,000 15,999,964 
Royal Bank of Canada    
4/1/21 0.05 17,000,000 17,000,000 
TOTAL NON-NEGOTIABLE TIME DEPOSIT    
(Cost $157,900,000)   157,899,954 

Other Municipal Security - 0.1%   
 Principal Amount Value 
Massachusetts - 0.1%   
Massachusetts Gen. Oblig. RAN Series C, 0.2473% 6/17/21   
(Cost $1,300,000) $1,300,000 $1,300,220 
Interfund Loans - 5.8%   
With:   
Fidelity Blue Chip Growth Fund, at .29% due 4/1/2021(f) 31,817,000 31,817,000 
Fidelity Emerging Asia Fund, at .29% due 4/1/2021(f) 5,368,000 5,368,000 
Fidelity Select Technology Portfolio, at .29% due 4/1/2021(f) 39,180,000 39,180,000 
TOTAL INTERFUND LOANS   
(Cost $76,365,000)  76,365,000 
 Maturity Amount Value 
U.S. Government Agency Repurchase Agreement - 0.1%   
With Barclays Bank PLC at 0.01%, dated 3/31/21 due 4/1/21 (Collateralized by U.S. Treasury Obligations valued at $1,030,074, 0.63%, 2/15/43)   
(Cost $1,000,000) 1,000,000 1,000,000 
U.S. Treasury Repurchase Agreement - 1.4%   
With:   
ING Financial Markets LLC at 0.01%, dated 3/31/21 due 4/1/21 (Collateralized by U.S. Treasury Obligations valued at $6,129,429, 0.00%, 8/12/21) 6,000,002 6,000,000 
Mizuho Bank, Ltd. at 0.01%, dated 3/31/21 due 4/1/21 (Collateralized by U.S. Treasury Obligations valued at $2,045,408, 2.38%, 5/15/29) 2,000,001 2,000,000 
MUFG Securities EMEA PLC at 0.01%, dated 3/31/21 due 4/1/21 (Collateralized by U.S. Treasury Obligations valued at $11,219,232, 0.25% - 2.88%, 11/15/23 - 8/15/28) 11,000,003 11,000,000 
TOTAL U.S. TREASURY REPURCHASE AGREEMENT   
(Cost $19,000,000)  19,000,000 
Other Repurchase Agreement - 9.1%   
Other Repurchase Agreement - 9.1%   
With:   
BMO Capital Markets Corp. at:   
0.21%, dated 3/31/21 due 4/1/21 (Collateralized by Corporate Obligations valued at $3,150,019, 3.55%, 3/22/51) 3,000,018 3,000,000 
0.28%, dated 3/31/21 due 4/1/21 (Collateralized by Equity Securities valued at $3,240,051) 3,000,023 3,000,000 
0.31%, dated 3/31/21 due 4/1/21 (Collateralized by Corporate Obligations valued at $3,150,028, 2.88%, 3/25/31) 3,000,026 3,000,000 
BNP Paribas Prime Brokerage, Inc. at:   
0.37%, dated 3/31/21 due 4/1/21 (Collateralized by Equity Securities valued at $12,960,143) 12,000,123 12,000,000 
0.46%, dated 3/31/21 due 4/1/21 (Collateralized by Equity Securities valued at $5,400,075) 5,000,064 5,000,000 
0.59%, dated 3/23/21 due 5/5/21 (Collateralized by Equity Securities valued at $7,561,119)(c)(d)(g) 7,004,933 7,000,000 
BofA Securities, Inc. at:   
0.73%, dated 3/26/21 due 7/6/21 (Collateralized by Equity Securities valued at $3,240,412) 3,007,604 3,000,000 
0.78%, dated 1/25/21 due 7/6/21 (Collateralized by Equity Securities valued at $3,244,650) 3,011,830 3,000,000 
Citigroup Global Markets, Inc. at:   
0.69%, dated 1/22/21 due 5/21/21 (Collateralized by Corporate Obligations valued at $3,250,763, 1.36% - 5.98%, 8/25/34 - 5/11/63) 3,006,843 3,000,000 
0.7%, dated 2/2/21 due 6/21/21 (Collateralized by Corporate Obligations valued at $2,233,136, 0.26% - 3.11%, 3/15/30 - 10/11/47) 2,005,406 2,000,000 
ING Financial Markets LLC at 0.3%, dated 3/31/21 due 4/1/21 (Collateralized by Equity Securities valued at $1,080,009) 1,000,008 1,000,000 
J.P. Morgan Securities, LLC at:   
0.37%, dated 3/24/21 due 5/5/21 (Collateralized by Equity Securities valued at $1,080,140)(c)(d)(g) 1,000,432 1,000,000 
0.42%, dated:   
3/9/21 due 5/5/21 (Collateralized by Equity Securities valued at $11,883,642)(c)(d)(g) 11,007,315 11,000,000 
3/24/21 due 5/5/21 (Collateralized by Equity Securities valued at $7,561,094)(c)(d)(g) 7,003,430 7,000,000 
Mitsubishi UFJ Securities (U.S.A.), Inc. at:   
0.32%, dated 3/31/21 due 4/1/21 (Collateralized by Equity Securities valued at $4,320,046) 4,000,036 4,000,000 
0.34%, dated:   
3/25/21 due 4/1/21 (Collateralized by Equity Securities valued at $1,080,081) 1,000,066 1,000,000 
3/31/21 due 4/7/21 (Collateralized by Equity Securities valued at $1,080,018) 1,000,066 1,000,000 
Mizuho Securities U.S.A., Inc. at:   
0.46%, dated 3/31/21 due 4/1/21 (Collateralized by Equity Securities valued at $3,240,049) 3,000,038 3,000,000 
0.65%, dated 2/12/21 due 5/24/21 (Collateralized by Corporate Obligations valued at $1,050,911, 3.75%, 2/5/70) 1,001,824 1,000,000 
Morgan Stanley & Co., Inc. at 0.42%, dated 2/18/21 due 5/3/21 (Collateralized by Equity Securities valued at $6,393,604) 6,005,180 6,000,000 
RBS Securities, Inc. at 0.32%, dated 3/31/21 due 4/1/21 (Collateralized by U.S. Treasury Obligations valued at $3,090,038, 3.13%, 5/15/48) 3,000,027 3,000,000 
Societe Generale at:   
0.28%, dated 3/31/21 due 4/1/21 (Collateralized by Corporate Obligations valued at $7,560,124, 2.25% - 13.00%, 6/1/21 - 9/30/39) 7,000,054 7,000,000 
0.31%, dated 3/30/21 due 4/6/21 (Collateralized by Corporate Obligations valued at $4,320,051, 3.50% - 12.25%, 6/1/21 - 9/2/50) 4,000,241 4,000,000 
0.39%, dated 3/31/21 due 4/1/21 (Collateralized by Corporate Obligations valued at $3,240,036, 0.30% - 7.88%, 9/15/21 - 6/13/50) 3,000,033 3,000,000 
0.41%, dated 3/30/21 due 4/6/21 (Collateralized by Corporate Obligations valued at $1,080,025, 0.31% - 10.50%, 9/15/21 - 12/16/72) 1,000,080 1,000,000 
Wells Fargo Securities, LLC at:   
0.47%, dated 3/31/21 due 4/1/21 (Collateralized by Corporate Obligations valued at $1,080,976, 0.00% - 2.50%, 8/15/25 - 10/1/25) 1,000,013 1,000,000 
0.5%, dated 3/25/21 due 4/1/21 (Collateralized by Corporate Obligations valued at $3,240,316, 0.00%, 12/15/25) 3,000,292 3,000,000 
0.75%, dated 3/19/21 due 6/15/21 (Collateralized by Corporate Obligations valued at $4,321,170, 0.13%, 9/15/25) 4,007,333 4,000,000 
0.78%, dated 3/9/21 due 6/7/21 (Collateralized by Corporate Obligations valued at $7,564,131, 2.13%, 1/15/23) 7,013,650 7,000,000 
0.8%, dated:   
2/8/21 due 5/7/21 (Collateralized by Corporate Obligations valued at $4,326,964, 1.00%, 12/1/24) 4,007,822 4,000,000 
2/10/21 due 5/11/21 (Collateralized by Corporate Obligations valued at $3,244,345, 0.00%, 12/1/25) 3,006,000 3,000,000 
TOTAL OTHER REPURCHASE AGREEMENT   
(Cost $120,000,000)  120,000,000 
TOTAL INVESTMENT IN SECURITIES - 101.1%   
(Cost $1,331,723,018)  1,331,783,495 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (14,091,609) 
NET ASSETS - 100%  $1,317,691,886 

Security Type Abbreviations

RAN – REVENUE ANTICIPATION NOTE

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

 (a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

 (b) 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 $49,980,575 or 3.8% of net assets.

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

 (d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (e) Restricted securities (including private placements) - 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 $5,000,000 or 0.4% of net assets.

 (f) Loan is with an affiliated fund.

 (g) The maturity amount is based on the rate at period end.

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Toyota Motor Credit Corp. 0.34%, 4/7/21 11/30/20 $5,000,000 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2021, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Certificate of Deposit $142,010,492 $-- $142,010,492 $-- 
Financial Company Commercial Paper 552,802,002 -- 552,802,002 -- 
Asset Backed Commercial Paper 99,949,023 -- 99,949,023 -- 
U.S. Treasury Debt 131,301,804 -- 131,301,804 -- 
Other Instrument 5,000,000 -- 5,000,000 -- 
Variable Rate Demand Note 25,155,000 -- 25,155,000 -- 
Non-Negotiable Time Deposit 157,899,954 -- 157,899,954 -- 
Other Municipal Security 1,300,220 -- 1,300,220 -- 
U.S. Government Agency Repurchase Agreement 1,000,000 -- 1,000,000 -- 
U.S. Treasury Repurchase Agreement 19,000,000 -- 19,000,000 -- 
Other Repurchase Agreement 120,000,000 -- 120,000,000 -- 
Interfund Loans 76,365,000 -- 76,365,000 -- 
Total Investments in Securities: $1,331,783,495 $-- $1,331,783,495 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  March 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including repurchase agreements of $140,000,000) — See accompanying schedule:
Unaffiliated issuers (cost $1,255,358,018) 		$1,255,418,495  
Affiliated issuers (cost $76,365,000) 76,365,000  
Total Investment in Securities (cost $1,331,723,018)  $1,331,783,495 
Cash  192 
Receivable for fund shares sold  107,307 
Interest receivable  122,708 
Other affiliated receivables  1,250 
Total assets  1,332,014,952 
Liabilities   
Payable for investments purchased $14,000,000  
Payable for fund shares redeemed 308,069  
Other payables and accrued expenses 14,997  
Total liabilities  14,323,066 
Net Assets  $1,317,691,886 
Net Assets consist of:   
Paid in capital  $1,317,579,778 
Total accumulated earnings (loss)  112,108 
Net Assets  $1,317,691,886 
Net Asset Value, offering price and redemption price per share ($1,317,691,886 ÷ 1,317,690,090 shares)  $1.0000 

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


Statement of Operations

  Six months ended March 31, 2021 (Unaudited) 
Investment Income   
Interest (including $49,937 from affiliated interfund lending)  $1,388,017 
Expenses   
Custodian fees and expenses $32,030  
Independent trustees' fees and expenses 2,112  
Total expenses before reductions 34,142  
Expense reductions (24)  
Total expenses after reductions  34,118 
Net investment income (loss)  1,353,899 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 703  
Total net realized gain (loss)  703 
Change in net unrealized appreciation (depreciation) on investment securities  (9,404) 
Net increase in net assets resulting from operations  $1,345,198 

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


Statement of Changes in Net Assets

 Six months ended March 31, 2021 (Unaudited) Year ended September 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,353,899 $19,672,461 
Net realized gain (loss) 703 6,465 
Change in net unrealized appreciation (depreciation) (9,404) 22,273 
Net increase in net assets resulting from operations 1,345,198 19,701,199 
Distributions to shareholders (1,353,891) (19,672,348) 
Affiliated share transactions   
Proceeds from sales of shares 135,032,023 178,737,024 
Reinvestment of distributions 1,353,891 19,660,931 
Cost of shares redeemed (127,394,351) (710,549,596) 
Net increase (decrease) in net assets and shares resulting from share transactions 8,991,563 (512,151,641) 
Total increase (decrease) in net assets 8,982,870 (512,122,790) 
Net Assets   
Beginning of period 1,308,709,016 1,820,831,806 
End of period $1,317,691,886 $1,308,709,016 
Other Information   
Shares   
Sold 135,032,023 178,712,942 
Issued in reinvestment of distributions 1,353,891 19,657,645 
Redeemed (127,394,351) (710,440,004) 
Net increase (decrease) 8,991,563 (512,069,417) 

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


Financial Highlights

Fidelity Money Market Central Fund

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2021 2020 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $1.0000 $1.0000 $1.0000 $1.0001 $1.0002 $1.0000 
Income from Investment Operations       
Net investment income (loss) .0010 .0116 .0253 .0190 .0117 .0062 
Net realized and unrealized gain (loss) –B –B –B (.0001) (.0001) .0003 
Total from investment operations .0010 .0116 .0253 .0189 .0116 .0065 
Distributions from net investment income (.0010) (.0116) (.0253) (.0190) (.0117) (.0062) 
Distributions from net realized gain – – – – – (.0001) 
Total distributions (.0010) (.0116) (.0253) (.0190) (.0117) (.0063) 
Net asset value, end of period $1.0000 $1.0000 $1.0000 $1.0000 $1.0001 $1.0002 
Total ReturnC,D .10% 1.16% 2.56% 1.91% 1.16% .66% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .01%G .01% .01% - %H - %H - %H 
Expenses net of fee waivers, if any .01%G .01% .01% - %H - %H - %H 
Expenses net of all reductions .01%G .01% .01% - %H - %H - %H 
Net investment income (loss) .20%G 1.22% 2.53% 1.89% 1.18% .64% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,317,692 $1,308,709 $1,820,832 $1,692,048 $2,179,954 $1,820,790 

 A Beginning September 12, 2016 the Fund began selling and redeeming class shares based upon the market-based value of the securities held rounded to the fourth decimal place; a "floating" net asset value.

 B Amount represents less than $.00005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount represents less than .005%.

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


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2021

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 LLC (FMR), or its affiliates. The Fund has been designated an institutional money market fund, and the value of the Fund's shares are calculated to four decimal places that fluctuates based upon changes in the value of the Fund's investments.

2. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities, U.S. government and government agency obligations, commercial paper, certificates of deposit, master notes and other short-term securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

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.

The aggregate value of investments by input level as of March 31, 2021 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:

Gross unrealized appreciation $64,138 
Gross unrealized depreciation (3,661) 
Net unrealized appreciation (depreciation) $60,477 
Tax cost $1,331,723,018 

Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. 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 collateral balance is monitored on a daily basis 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 (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable

3. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract, the investment adviser receives a monthly management fee that represents a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans at period end are presented under the caption "Interfund Loans" in the Schedule of Investments with accrued interest included in Other affiliated receivables on the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

  Average Loan Balance Weighted Average Interest Rate 
Fidelity Money Market Central Fund Lender 17,752,208 .32% 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.

4. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $24.

5. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

6. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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, 2020 to March 31, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2020 		Ending
Account Value
March 31, 2021 		Expenses Paid
During Period-B
October 1, 2020
to March 31, 2021 
Fidelity Money Market Central Fund .0051%    
Actual  $1,000.00 $1,001.00 $.03 
Hypothetical-C  $1,000.00 $1,024.91 $.03 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses





Fidelity Investments

CFM-SANN-0521
1.756671.120


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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

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/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

May 19, 2021


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

May 19, 2021



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

May 19, 2021