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Previous: VICTORY PORTFOLIOS, 40-17F2, 2000-12-28 |
Next: FIRST ENTERTAINMENT HOLDING CORP, 8-K, 2000-12-28 |
Annual Report
September 30, 2000
1.743123.100
Showing Percentage of Net Assets
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Certificates of Deposit - 16.8% |
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Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
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London Branch, Eurodollar, Foreign Banks - 8.6% |
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Barclays Bank PLC |
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11/6/00 |
6.58% |
$ 10,000,000 |
$ 10,000,000 |
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Bayerische Hypo-und Vereinsbank AG |
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2/26/01 |
6.74 |
25,000,000 |
25,000,000 |
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Societe Generale |
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12/1/00 |
6.57 |
5,000,000 |
5,000,000 |
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Westdeutsche Landesbank Girozentrale |
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2/28/01 |
6.75 |
25,000,000 |
25,000,000 |
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3/12/01 |
6.70 |
10,000,000 |
9,999,565 |
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74,999,565 |
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New York Branch, Yankee Dollar, Foreign Banks - 8.2% |
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Canadian Imperial Bank of Commerce |
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11/27/00 |
6.69 |
42,350,000 |
42,366,179 |
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Commerzbank AG |
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3/23/01 |
6.75 |
10,000,000 |
10,000,000 |
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Societe Generale |
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10/23/00 |
6.54 (a) |
5,000,000 |
4,997,568 |
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Toronto Dominion Bank |
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10/18/00 |
6.55 |
15,000,000 |
15,000,098 |
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72,363,845 |
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TOTAL CERTIFICATES OF DEPOSIT |
147,363,410 |
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Commercial Paper - 64.2% |
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Aegon Funding Corp. |
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10/2/00 |
6.72 |
40,000,000 |
39,992,533 |
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Amsterdam Funding Corp. |
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10/24/00 |
6.56 |
20,000,000 |
19,916,689 |
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Aspen Funding Corp. |
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10/2/00 |
6.75 |
5,147,000 |
5,146,035 |
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11/2/00 |
6.57 |
20,000,000 |
19,884,178 |
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Associates Corp. of North America |
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2/16/01 |
6.70 |
5,000,000 |
4,874,842 |
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AT&T Corp. |
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2/22/01 |
6.70 |
10,000,000 |
9,740,000 |
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3/26/01 |
6.70 |
10,000,000 |
9,683,689 |
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Bank of Scotland Treasury Services PLC |
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11/27/00 |
6.60 |
40,000,000 |
39,999,925 |
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Commercial Paper - continued |
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Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
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Bear Stearns Companies, Inc. |
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12/11/00 |
6.62% |
$ 10,000,000 |
$ 9,871,806 |
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Centric Capital Corp. |
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11/20/00 |
6.62 |
13,000,000 |
12,882,458 |
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11/27/00 |
6.62 |
6,126,000 |
6,062,856 |
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ConAgra, Inc. |
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10/25/00 |
6.69 |
5,000,000 |
4,977,833 |
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Corporate Receivables Corp. |
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12/19/00 |
6.64 |
25,000,000 |
24,643,403 |
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Daimler-Chrysler North America Holding Corp. |
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11/7/00 |
6.68 |
41,650,000 |
41,369,615 |
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Dominion Resources, Inc. |
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10/13/00 |
6.77 |
5,000,000 |
4,988,767 |
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Dresdner Bank AG |
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11/27/00 |
6.60 |
10,000,000 |
10,000,000 |
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Enterprise Funding Corp. |
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11/17/00 |
6.57 |
5,000,000 |
4,957,569 |
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Falcon Asset Securitization Corp. |
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10/2/00 |
6.80 |
17,165,000 |
17,161,758 |
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10/13/00 |
6.57 |
5,000,000 |
4,989,158 |
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|
10/16/00 |
6.57 |
14,450,000 |
14,410,834 |
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Fortis Funding LLC |
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12/12/00 |
6.59 |
5,823,000 |
5,747,534 |
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General Electric Capital Corp. |
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12/18/00 |
6.57 |
5,000,000 |
4,930,017 |
|
|
2/9/01 |
6.73 |
25,000,000 |
24,405,951 |
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General Motors Acceptance Corp. |
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3/2/01 |
6.72 |
10,000,000 |
9,725,556 |
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ING America Insurance Holdings, Inc. |
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11/9/00 |
6.68 |
42,350,000 |
42,049,491 |
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Kitty Hawk Funding Corp. |
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12/7/00 |
6.62 |
10,275,000 |
10,150,701 |
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Montauk Funding Corp. |
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10/25/00 |
6.59 |
40,000,000 |
39,826,267 |
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Newport Funding Corp. |
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10/17/00 |
6.56 |
10,000,000 |
9,971,022 |
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Preferred Receivables Funding Corp. |
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11/7/00 |
6.59 |
8,000,000 |
7,946,227 |
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Societe Generale NA |
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2/28/01 |
6.72 |
15,000,000 |
14,594,063 |
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Commercial Paper - continued |
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Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
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Southern Co. |
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10/13/00 |
6.61% |
$ 10,000,000 |
$ 9,978,100 |
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Tyco International Group SA |
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10/26/00 |
6.77 |
5,000,000 |
4,976,667 |
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Variable Funding Capital Corp. |
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12/14/00 |
6.63 |
25,000,000 |
24,665,972 |
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Windmill Funding Corp. |
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10/16/00 |
6.55 |
12,873,000 |
12,838,028 |
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10/26/00 |
6.55 |
30,000,000 |
29,864,375 |
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WorldCom, Inc. |
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10/26/00 |
6.71 |
5,000,000 |
4,976,910 |
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TOTAL COMMERCIAL PAPER |
562,200,829 |
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Bank Notes - 5.7% |
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Bank of America NA |
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11/2/00 |
6.63 |
10,000,000 |
10,000,000 |
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Bank One NA, Chicago |
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10/2/00 |
6.63 (a) |
15,000,000 |
14,997,180 |
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10/2/00 |
6.81 (a) |
25,000,000 |
25,024,932 |
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TOTAL BANK NOTES |
50,022,112 |
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Medium-Term Notes - 9.4% |
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Associates Corp. of North America |
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12/29/00 |
6.66 (a) |
35,000,000 |
35,000,000 |
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Ford Motor Credit Co. |
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10/16/00 |
6.90 (a) |
42,300,000 |
42,355,916 |
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General Motors Acceptance Corp. |
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10/30/00 |
6.56 (a) |
5,000,000 |
4,998,667 |
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TOTAL MEDIUM-TERM NOTES |
82,354,583 |
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Time Deposits - 4.1% |
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Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
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Firstar Bank NA |
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10/2/00 |
6.69% |
$ 35,958,000 |
$ 35,958,000 |
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TOTAL INVESTMENT PORTFOLIO - 100.2% |
877,898,934 |
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NET OTHER ASSETS - (0.2)% |
(1,821,336) |
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NET ASSETS - 100% |
$ 876,077,598 |
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Total Cost for Income Tax Purposes $ 877,898,934 |
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Legend |
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(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflects the next interest rate reset date or, when applicable, the final maturity date. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
|
September 30, 2000 |
|
|
Assets |
|
|
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Investment in securities, at value - |
|
$ 877,898,934 |
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Cash |
|
732 |
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Interest receivable |
|
3,002,232 |
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Total assets |
|
880,901,898 |
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Liabilities |
|
|
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Distributions payable |
$ 4,805,628 |
|
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Other payables and accrued expenses |
18,672 |
|
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Total liabilities |
|
4,824,300 |
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Net Assets |
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$ 876,077,598 |
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Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 876,077,601 |
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Accumulated net realized gain (loss) on investments |
|
(3) |
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Net Assets, for 876,077,601 shares outstanding |
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$ 876,077,598 |
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Net Asset Value, offering price and redemption price |
|
$1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
|
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July 24, 2000 (commencement of operations) to September 30, 2000 |
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Interest Income |
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$ 10,929,531 |
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Expenses |
|
|
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Custodian fees and expenses |
$ 7,341 |
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Audit |
12,800 |
|
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Legal |
1,095 |
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Miscellaneous |
200 |
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Total expenses |
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21,436 |
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Net interest income |
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10,908,095 |
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Net Realized Gain (Loss) on Investments |
|
(3) |
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Net increase in net assets resulting from operations |
|
$ 10,908,092 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
July 24, 2000
|
|
Increase (Decrease) in Net Assets |
|
|
Operations |
$ 10,908,095 |
|
Net realized gain (loss) |
(3) |
|
Net increase (decrease) in net assets resulting from operations |
10,908,092 |
|
Distributions to shareholders from net interest income |
(10,908,095) |
|
Share transactions at net asset value of $1.00 per share: |
885,077,601 |
|
Cost of shares redeemed |
(9,000,000) |
|
Net increase (decrease) in net assets and shares resulting |
876,077,601 |
|
Total increase (decrease) in net assets |
876,077,598 |
|
Net Assets |
|
|
Beginning of period |
- |
|
End of period |
$ 876,077,598 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
|
|
July 24, 2000 |
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Selected Per-Share Data |
|
|
Net asset value, beginning of period |
$ 1.000 |
|
Income from Investment Operations |
.013 |
|
Less Distributions |
|
|
From net interest income |
(.013) |
|
Net asset value, end of period |
$ 1.000 |
|
Total Return B |
1.25% |
|
Ratios and Supplemental Data |
|
|
Net assets, end of period (000 omitted) |
$ 876,078 |
|
Ratio of expenses to average net assets |
.0133% A |
|
Ratio of net interest income to average net assets |
6.79% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
See accompanying notes which are an integral part of the financial statements.
Annual Report
For the period ended September 30, 2000
1. Significant Accounting Policies.
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. The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.
Income Taxes. The fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. By so qualifying, the fund will not be subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year.
Interest Income. Interest income, which includes amortization of premium and accretion of discount, is accrued as earned.
Distributions to Shareholders. Dividends are declared daily and paid monthly from net interest income.
Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.
2. Fees and Other Transactions with Affiliates.
Management Fee. As the fund's investment adviser, Fidelity Investments Money Management, Inc. (FIMM), a wholly owned subsidiary of FMR, receives a monthly management fee from FMR. This fee is based on the management fee FMR receives from the investing funds, and a percentage of the average net assets invested by the investing funds in the fund.
Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC does not receive any fees for its transfer agency services. Fidelity Service Company, Inc., an affiliate of FMR, maintains the fund's accounting records. Pursuant to its management contract with the fund, FIMM pays the fees associated with the fund's accounting functions.
3. Beneficial Interest.
At the end of the period, all of the outstanding shares of the fund were held by mutual funds managed by FMR or an FMR affiliate.
Annual Report
To the Trustees of Fidelity Garrison Street Trust and Shareholders of Fidelity Money Market Central Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Money Market Central Fund, (the Fund), a series of Fidelity Garrison Street Trust (the Trust), including the portfolio of investments, as of September 30, 2000, and the related statement of operations, changes in net assets, and financial highlights for the period July 24, 2000 (commencement of operations) to September 30, 2000. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2000, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Money Market Central Fund as of September 30, 2000, and the results of its operations, the changes in its net assets, and its financial highlights for the period July 24, 2000 (commencement of operations) to September 30, 2000, in conformity with accounting principles generally accepted in the United States of America.
/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
November 2, 2000
Annual Report
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