N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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:

July 31

 

 

Date of reporting period:

October 31, 2011

Item 1. Schedule of Investments

Consolidated Quarterly Holdings Report

for

Fidelity ® Commodity Strategy
Central Fund

October 31, 2011 

1.901065.103

CRC-QTLY-1211

Consolidated Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Commodity-Linked Notes - 4.9%

 

Principal Amount

Value

Cooperatieve Centrale Raiffeisen - Boerenleenbank BA:

0% 9/14/12 (b)(e)(f)

$ 25,000,000

$ 21,629,134

0% 9/21/12 (b)(e)(f)

25,000,000

21,195,745

Deutsche Bank AG:

0.0823% 3/8/12 (b)(e)(f)

20,000,000

15,063,460

0.0844% 9/19/12 (b)(e)(f)

9,000,000

8,293,519

TOTAL COMMODITY-LINKED NOTES

(Cost $79,000,000)

66,181,858

U.S. Treasury Obligations - 17.3%

 

U.S. Treasury Bills, yield at date of purchase 0.01% to 0.07% 11/3/11 to 5/31/12 (c)(d)
(Cost $234,983,848)

235,000,000

234,981,300

Money Market Funds - 80.6%

Shares

 

Fidelity Cash Central Fund, 0.12% (a)
(Cost $1,091,563,776)

1,091,563,776

1,091,563,776

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $1,405,547,624)

1,392,726,934

NET OTHER ASSETS (LIABILITIES) - (2.8)%

(37,578,035)

NET ASSETS - 100%

$ 1,355,148,899

Futures Contracts

Expiration Date

Underlying Face Amount at
Value

Unrealized Appreciation/
(Depreciation)

Purchased

Commodity Futures Contracts

112 CBOT Corn Contracts

Dec. 2011

$ 3,623,200

$ (125,710)

55 CBOT Soybean Meal Contracts

Jan. 2012

3,347,438

(75,091)

41 CBOT Soybean Oil Contracts

Jan. 2012

1,265,178

(20,853)

56 CBOT Wheat Contracts

Dec. 2011

1,759,100

(105,406)

30 CME Lean Hogs Contracts

Dec. 2011

1,050,900

25,055

38 CME Live Cattle Contracts

Dec. 2011

1,804,620

(21,548)

34 COMEX Copper Contracts

Dec. 2011

3,076,575

(36,086)

36 COMEX Gold Contracts

Dec. 2011

6,193,440

460,413

11 COMEX Silver Contracts

Dec. 2011

1,889,525

(40,843)

13 ICE Coffee Contracts

Dec. 2011

1,106,381

(55,094)

40 LME Aluminum Contracts

Jan. 2012

2,214,250

(11,549)

8 LME Nickel Contracts

Jan. 2012

939,840

32,990

23 LME Zinc Contracts

Jan. 2012

1,149,281

49,579

14 NYBOT Cotton No. 2 Contracts

Dec. 2011

716,030

1,723

47 NYBOT Sugar Contracts

March 2012

1,356,533

(90,371)

16 NYMEX Heating Oil Contracts

Jan. 2012

2,046,240

64,343

125 NYMEX Natural Gas Contracts

Jan. 2012

5,071,250

48,459

17 NYMEX RBOB Gasoline Contracts

Jan. 2012

1,847,761

(50,565)

80 NYMEX WTI Crude Contracts

Jan. 2012

7,400,800

518,700

TOTAL COMMODITY FUTURES CONTRACTS

$ 47,858,342

$ 568,146

The face value of futures purchased as a percentage of net assets is 3.5%

Swap Agreements

 

Expiration Date

Notional Amount

Value

Total Return Swaps

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Barclays Bank PLC

Nov. 2011

$ 20,000,000

$ (1,875,929)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Barclays Bank PLC

Dec. 2011

12,700,000

(784,882)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Barclays Bank PLC

Nov. 2011

25,000,000

(778,732)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Barclays Bank PLC

Jan. 2012

22,300,000

657,151

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Barclays Bank PLC

Dec. 2011

16,200,000

54,657

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Barclays Bank PLC

Dec. 2011

20,000,000

(216,703)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Credit Suisse First Boston

Nov. 2011

15,800,000

(1,475,600)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Credit Suisse First Boston

Dec. 2011

9,000,000

(644,325)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Credit Suisse First Boston

Dec. 2011

40,000,000

1,710,603

Swap Agreements - continued

 

Expiration Date

Notional Amount

Value

Total Return Swaps - continued

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Credit Suisse First Boston

Jan. 2012

$ 6,800,000

$ 426,711

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Credit Suisse First Boston

Jan. 2012

35,000,000

1,408,706

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Credit Suisse First Boston

Jan. 2012

27,500,000

263,320

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Credit Suisse First Boston

Jan. 2012

10,000,000

(108,330)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Credit Suisse First Boston

Feb. 2012

35,200,000

0

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Goldman Sachs

Dec. 2011

14,700,000

(970,054)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Goldman Sachs

Dec. 2011

25,000,000

(778,732)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Goldman Sachs

Dec. 2011

16,000,000

216,485

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Goldman Sachs

Jan. 2012

22,500,000

563,983

Swap Agreements - continued

 

Expiration Date

Notional Amount

Value

Total Return Swaps - continued

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Goldman Sachs

Jan. 2012

$ 18,400,000

$ 248,455

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with JPMorgan Chase, Inc.

Nov. 2011

18,000,000

(804,732)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with JPMorgan Chase, Inc.

Nov. 2011

10,000,000

(618,017)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with JPMorgan Chase, Inc.

Dec. 2011

11,900,000

(964,169)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with JPMorgan Chase, Inc.

Nov. 2011

15,000,000

143,572

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Merrill Lynch, Inc.

Nov. 2011

30,500,000

(774,723)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Merrill Lynch, Inc.

Nov. 2011

60,000,000

(3,708,104)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Merrill Lynch, Inc.

Nov. 2011

33,500,000

(2,242,601)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Merrill Lynch, Inc.

Nov. 2011

10,000,000

(634,237)

Swap Agreements - continued

 

Expiration Date

Notional Amount

Value

Total Return Swaps - continued

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Merrill Lynch, Inc.

Dec. 2011

$ 15,400,000

$ (1,342,839)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Merrill Lynch, Inc.

Dec. 2011

13,700,000

(1,110,009)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Merrill Lynch, Inc.

Dec. 2011

10,000,000

(311,493)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Merrill Lynch, Inc.

Nov. 2011

8,600,000

353,872

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Morgan Stanley Capital Group, Inc.

Nov. 2011

14,000,000

(705,206)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Morgan Stanley Capital Group, Inc.

Dec. 2011

8,000,000

(573,036)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Morgan Stanley Capital Group, Inc.

Nov. 2011

17,000,000

(1,078,202)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Morgan Stanley Capital Group, Inc.

Dec. 2011

30,000,000

(1,170,113)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Morgan Stanley Capital Group, Inc.

Dec. 2011

25,000,000

(778,732)

Swap Agreements - continued

 

Expiration Date

Notional Amount

Value

Total Return Swaps - continued

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Morgan Stanley Capital Group, Inc.

Jan. 2012

$ 12,700,000

$ 996,592

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Morgan Stanley Capital Group, Inc.

Jan. 2012

15,000,000

603,641

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Nov. 2011

10,000,000

(617,817)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Nov. 2011

19,000,000

(1,204,701)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Dec. 2011

18,000,000

(946,698)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Dec. 2011

10,000,000

135,410

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Dec. 2011

25,000,000

1,068,867

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Jan. 2012

11,000,000

494,587

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Jan. 2012

12,500,000

369,676

Swap Agreements - continued

 

Expiration Date

Notional Amount

Value

Total Return Swaps - continued

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Jan. 2012

$ 18,000,000

$ (194,884)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with Societe Generale

Feb. 2012

27,000,000

(295,562)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Nov. 2011

10,000,000

(644,903)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Nov. 2011

30,800,000

(2,436,975)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Nov. 2011

59,200,000

(5,368,897)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Nov. 2011

27,200,000

(2,549,073)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Dec. 2011

10,000,000

(715,728)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Dec. 2011

44,800,000

(3,342,300)

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Dec. 2011

13,600,000

567,456

Swap Agreements - continued

 

Expiration Date

Notional Amount

Value

Total Return Swaps - continued

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Jan. 2012

$ 7,000,000

$ 439,312

Receive a return equal to Dow Jones-UBS Commodity Index Total Return and pay a floating rate based on 3-month US auction rate T-Bill plus a specified spread with UBS AG

Jan. 2012

11,100,000

239,293

 

 

$ 1,114,600,000

$ (31,804,689)

Legend

(a) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(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 $66,181,858 or 4.9% of net assets.

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $5,024,785.

(d) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $138,746,719.

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

(f) Security is indexed to the Dow Jones-UBS Commodity Total Return Index, multiplied by 3. Securities do not guarantee any return of principal at maturity but instead, will pay at maturity or upon exchange, an amount based on the closing value of the Dow Jones-UBS Commodity Total Return Index. Although these instruments are primarily debt obligations, they indirectly provide exposure to changes in the value of the underlying commodities. Holders of the security have the right to exchange these notes at any time.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 374,502

Consolidated Subsidiary

 

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Fidelity Commodity Return Central Cayman Ltd.

$ 140,659,146

$ 209,999,977

$ -

$ -

$ 229,452,541

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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 in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

U.S. Government and Government Agency Obligations

234,981,300

-

234,981,300

-

Commodity-Linked Notes

66,181,858

-

66,181,858

-

Money Market Funds

1,091,563,776

1,091,563,776

-

-

Total Investments in Securities:

$ 1,392,726,934

$ 1,091,563,776

$ 301,163,158

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 1,201,262

$ 1,201,262

$ -

$ -

Swap Agreements

10,962,349

-

10,962,349

-

Total Assets

$ 12,163,611

$ 1,201,262

$ 10,962,349

$ -

Liabilities

Futures Contracts

$ (633,116)

$ (633,116)

$ -

$ -

Swap Agreements

(42,767,038)

-

(42,767,038)

-

Total Liabilities

$ (43,400,154)

$ (633,116)

$ (42,767,038)

$ -

Total Derivative Instruments:

$ (31,236,543)

$ 568,146

$ (31,804,689)

$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $1,494,873,522. Net unrealized depreciation aggregated $139,833,555, all of which was related to depreciated investment securities.

Consolidated Subsidiary

The Fund invests in certain commodity-linked derivative instruments through Fidelity Commodity Return Central Cayman Ltd., a wholly-owned subsidiary (the "Subsidiary"). As of October 31, 2011, the Fund held $229,452,541 in the Subsidiary, representing 16.9% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

For commodity-linked notes, pricing services generally consider the movement of an underlying commodity index as well as other terms of the contract including the leverage factor and any fee and/or interest components of the note and are categorized as Level 2 in the hierarchy. Swaps are marked-to-market daily based on valuations from independent pricing services or dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Pricing services utilize matrix pricing which considers comparisons to movements in the underlying index, interest rate curves, credit spread curves, default possibilities and recovery rates and, as a result, swaps are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price or official closing price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. 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 Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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:

December 30, 2011

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:

December 30, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 30, 2011