Form of Certification required from Principal Executive Officer and Principal Financial Officer in connection with each Form N

Consolidated Investment Summary

Consolidated Schedule of Investments

Report of Independent Registered Public Accounting Firm

Performance: The Bottom Line

Distributions

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.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

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.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Life of Fund A
Fidelity® Commodity Strategy Fund	-8.66%	5.51%	4.99%

A From May 30, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Commodity Strategy Fund, on May 30, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Commodity Index performed over the same period.

Consolidated Investment Summary July 31, 2023 (Unaudited)

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending July 31, 2023, the fund returned -8.66%, versus the -7.88% result of the benchmark Bloomberg Commodity Index. The fund's strategy aims to provide broad-based exposure to commodities via commodity-linked futures/swaps or structured notes. Rising interest rates across the globe and investor concern around slower-than-expected economic growth for part of the year provided a bearish backdrop for economically sensitive commodities. Against this backdrop, investors encountered a significant gap between the best- and worst-performing commodity types for the fiscal year. For the full 12 months, the energy group (-31%) detracted most, hampered by a sharp decline in the price of natural gas (-75%) as stronger production alongside lower seasonal demand weighed on the commodity. West Texas Intermediate crude oil (-9%) and Brent crude oil (-5%) also fared poorly overall, with much of those declines occurring in the second half of 2022 due to concerns around global economic weakness. In contrast, the fund benefited from positive results within the precious metals group (+14%) amid declining expectations for higher future interest rates. During the period, gold and silver also gained about 12% and 24%, respectively. The livestock group (+12%) also benefited, as live cattle (+26%) was bolstered by favorable supply and demand conditions, while lean hogs (-10%) lagged. Agricultural commodities (+6%) also rose as sugar (+63%) performed well due to favorable global supply dynamics. Other notable gainers in the agriculture group include soybean meal (+13%) and soybeans (+10%). Wheat (-22%) and coffee (-15%), however, struggled. Elsewhere, the industrial metals group had a roughly breakeven result. Within the group, copper (+16%) and lead (+12%) fared best, while zinc (-17%) and aluminum (-9%) struggled, due in part to concern about the macroeconomic backdrop.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

The information in the following tables is based on the Fund's commodity-linked investments and excludes short-term investment-grade debt securities, cash and cash equivalents.

Commodity Instruments (% of Fund's net assets)*

Commodity Sector Diversification (% of Fund's net assets)*

* The Fund does not invest directly in physical commodities.

Consolidated Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Money Market Funds - 87.6%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (a) (Cost $47,197,913)	47,188,476	47,197,913

TOTAL INVESTMENT IN SECURITIES - 87.6% (Cost $47,197,913)	47,197,913
NET OTHER ASSETS (LIABILITIES) - 12.4%	6,675,705
NET ASSETS - 100.0%	53,873,618

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Commodity Futures Contracts
CBOT Corn Contracts (United States)	91	Sep 2023	2,293,200	(118,644)	(118,644)
CBOT HRW Wheat Contracts (United States)	23	Sep 2023	934,663	16,724	16,724
CBOT HRW Wheat Contracts (United States)	41	Sep 2023	1,364,788	51,620	51,620
CBOT Soybean Contracts (United States)	47	Dec 2023	1,691,718	251,734	251,734
CBOT Soybean Contracts (United States)	42	Nov 2023	2,796,675	273,258	273,258
CBOT Soybean Meal Contracts (United States)	40	Dec 2023	1,583,600	101,267	101,267
CME Lean Hogs Contracts (United States)	29	Oct 2023	997,600	37,715	37,715
CME Live Cattle Contracts (United States)	29	Oct 2023	2,082,490	(16,339)	(16,339)
COMEX Copper Contracts (United States)	29	Sep 2023	2,906,850	150,710	150,710
COMEX Gold 100 oz. Contracts (United States)	43	Dec 2023	8,617,420	54,291	54,291
COMEX Silver Contracts (United States)	21	Sep 2023	2,613,860	62,578	62,578
ICE Brent Crude Contracts (United Kingdom)	50	Sep 2023	4,250,380	291,464	291,464
ICE Coffee 'C' Contracts (United States)	26	Sep 2023	1,605,338	(179,414)	(179,414)
ICE Cotton No. 2 Contracts (United States)	20	Dec 2023	847,200	31,492	31,492
ICE Low Sulphur Gasoil Contracts (United States)	18	Sep 2023	1,565,000	310,558	310,558
ICE Sugar No. 11 Contracts (United States)	65	Sep 2023	1,755,208	(47,860)	(47,860)
LME Aluminum Contracts (United Kingdom)	39	Sep 2023	2,211,310	27,401	27,401
LME Lead Contracts (United Kingdom)	9	Sep 2023	484,875	19,187	19,187
LME Nickel Contracts (United Kingdom)	9	Sep 2023	1,198,908	54,363	54,363
LME Zinc Contracts (United Kingdom)	21	Sep 2023	1,346,788	88,363	88,363
NYMEX Gasoline RBOB Contracts (United States)	13	Aug 2023	1,586,185	253,316	253,316
NYMEX Natural Gas Contracts (United States)	126	Aug 2023	3,328,600	292,329	292,329
NYMEX NY Harbor ULSD Contracts (United States)	9	Aug 2023	1,132,564	240,121	240,121
NYMEX WTI Crude Oil Contracts (United States)	57	Aug 2023	4,666,380	632,105	632,105

TOTAL FUTURES CONTRACTS					2,878,339
The notional amount of futures purchased as a percentage of Net Assets is 100.0%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $69,198,805.

Legend

(a)

Affiliated fund that is generally 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	93,727,718	80,899,061	127,428,865	2,542,366	-	(1)	47,197,913	0.1%
Total	93,727,718	80,899,061	127,428,865	2,542,366	-	(1)	47,197,913

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Consolidated Subsidiary

Fund	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain /loss ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Geode Commodity Strategy Cayman Ltd.	19,857,690	-	-	-	-	(10,656,470)	9,201,220

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2023, 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 Consolidated Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Money Market Funds	47,197,913	47,197,913	-	-

Total Investments in Securities:	47,197,913	47,197,913	-	-
Derivative Instruments:

Assets
Futures Contracts	3,240,596	3,240,596	-	-
Total Assets	3,240,596	3,240,596	-	-

Liabilities
Futures Contracts	(362,257)	(362,257)	-	-
Total Liabilities	(362,257)	(362,257)	-	-

Total Derivative Instruments:	2,878,339	2,878,339	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Consolidated Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Commodity Risk
Futures Contracts (a)	3,240,596	(362,257)
Total Commodity Risk	3,240,596	(362,257)
Total Value of Derivatives	3,240,596	(362,257)

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

Consolidated Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Fidelity Central Funds (cost $47,197,913)	$	47,197,913


Total Investment in Securities (cost $47,197,913)			$	47,197,913
Segregated cash with brokers for derivative instruments				4,063,728
Receivable for fund shares sold				2,349,590
Distributions receivable from Fidelity Central Funds				200,976
Receivable for daily variation margin on futures contracts				172,235
Prepaid expenses				6,250
Total assets				53,990,692
Liabilities
Payable to custodian bank	$	71,207
Payable for fund shares redeemed		20,363
Accrued management fee		16,708
Transfer agent fee payable		8,354
Other payables and accrued expenses		442
Total Liabilities				117,074
Net Assets			$	53,873,618
Net Assets consist of:
Paid in capital			$	52,531,189
Total accumulated earnings (loss)				1,342,429
Net Assets			$	53,873,618
Net Asset Value, offering price and redemption price per share ($53,873,618 ÷ 535,695 shares)			$	100.57

Share amounts have been adjusted to reflect the impact of the 1 for 16 reverse share split that occurred on November 18, 2022. See Note 1 of the Notes to Financial Statements.

Consolidated Statement of Operations
				Year ended July 31, 2023
Investment Income
Interest			$	230,159
Income from Fidelity Central Funds				2,542,366
Total Income				2,772,525
Expenses
Management fee	$	284,090
Transfer agent fees		141,406
Custodian fees and expenses		1,825
Independent trustees' fees and expenses		281
Subsidiary directors' fees		15,000
Total expenses before reductions		442,602
Expense reductions		(156)
Total expenses after reductions				442,446
Net Investment income (loss)				2,330,079
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(21)
Futures contracts		(23,288,218)
Total net realized gain (loss)				(23,288,239)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Fidelity Central Funds		(1)
Futures contracts		12,233,930
Total change in net unrealized appreciation (depreciation)				12,233,929
Net gain (loss)				(11,054,310)
Net increase (decrease) in net assets resulting from operations			$	(8,724,231)

Consolidated Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,330,079	$	(382,196)
Net realized gain (loss)		(23,288,239)		44,908,338
Change in net unrealized appreciation (depreciation)		12,233,929		(12,279,112)
Net increase (decrease) in net assets resulting from operations		(8,724,231)		32,247,030
Distributions to shareholders		(34,748,485)		(20,670,544)

Share transactions
Proceeds from sales of shares		10,120,553		32,892,985
Reinvestment of distributions		34,748,487		20,670,544
Cost of shares redeemed		(52,264,227)		(114,367,695)

Net increase (decrease) in net assets resulting from share transactions		(7,395,187)		(60,804,166)
Total increase (decrease) in net assets		(50,867,903)		(49,227,680)

Net Assets
Beginning of period		104,741,521		153,969,201
End of period	$	53,873,618	$	104,741,521

Other Information
Shares
Sold		101,775		174,916
Issued in reinvestment of distributions		320,935		150,222
Redeemed		(500,314)		(690,187)
Net increase (decrease)		(77,604)		(365,049)

Share activity has been adjusted to reflect the impact of the 1 for 16 reverse share split that occurred on November 18, 2022. See Note 1 of the Notes to Financial Statements.

Fidelity® Commodity Strategy Fund

Years ended July 31,		2023 A		2022 A		2021 A		2020 A		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	170.72	$	157.44	$	113.44	$	138.08	$	164.64
Income from Investment Operations
Net investment income (loss) B,C		3.52		(.48)		(.80)		1.92		2.56
Net realized and unrealized gain (loss)		(14.51)		34.88		44.80		(17.28)		(12.48)
Total from investment operations		(10.99)		34.40		44.00		(15.36)		(9.92)
Distributions from net investment income		(59.16)		(21.12)		-		(9.12)		(3.36)
Distributions from net realized gain		-		-		-		-		(13.28)
Tax return of capital		-		-		-		(.16)		-
Total distributions		(59.16)		(21.12)		-		(9.28)		(16.64)
Net asset value, end of period	$	100.57	$	170.72	$	157.44	$	113.44	$	138.08
Total Return D,E		(8.66)%		25.08%		38.98%		(12.10)%		(6.32)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.62%		.61%		.62%		.61%		.61%
Expenses net of fee waivers, if any		.62%		.61%		.62%		.61%		.60%
Expenses net of all reductions		.62%		.61%		.62%		.61%		.60%
Net investment income (loss)		3.27%		(.31)%		(.56)%		1.41%		1.78%
Supplemental Data
Net assets, end of period (000 omitted)	$	53,874	$	104,742	$	153,969	$	22,221	$	603,679
Portfolio turnover rate H		-%		-%		-%		-%		-%

APer share amounts have been adjusted to reflect the impact of the 1 for 16 reverse share split that occurred on November 18, 2022. See Note 1 of the Notes to Financial Statements.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FFees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, 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.

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Report of Independent Registered Public Accounting Firm

For the period ended July 31, 2023

1. Organization.

Fidelity Commodity Strategy Fund (the Fund) is a fund of Fidelity Oxford 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.

Effective November 18, 2022, the Fund underwent a 1 for 16 reverse share split. The effect of the reverse share split transaction was to divide the number of outstanding shares of the Fund by a split factor of 1:16, with a corresponding increase in net asset value (NAV) per share. This event does not impact the overall net assets of the Fund. The per share data presented in the Financial Highlights and Shares activity presented in the Statement of Changes in Net Assets for the Fund have been retroactively adjusted to reflect this reverse share split.

2. Consolidated Subsidiary.

The Funds included in the table below hold certain commodity-related investments through a wholly owned subsidiary (the "Subsidiary"). As of period end, the investments in the Subsidiaries, were as follows:

	Subsidiary Name	Net Assets of Subsidiary	% of Fund's Net Assets
Fidelity Commodity Strategy Fund	Geode Commodity Strategy Cayman Ltd.	9,201,220	17.1

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

3. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by FMR and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

4. 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 consolidated 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 consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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:

Futures contracts are valued at the settlement 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023 is included at the end of the Fund's Consolidated Schedule of Investments.

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. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of July 31, 2023, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Distributions 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 consolidated 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.

Book-tax differences are primarily due to controlled foreign corporations, foreign currency transactions and capital loss carryforwards.

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

Gross unrealized appreciation	$189,314
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation)	$189,314
Tax Cost	$47,197,913

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$1,153,189
Capital loss carryforward	$(77)
Net unrealized appreciation (depreciation) on securities and other investments	$189,314

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

Short-term	$(19)
Long-term	(58)
Total capital loss carryforward	$(77)

Due to large redemptions in a prior period, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the Fund from using any of those capital losses in the future period, those capital losses will be available to offset capital gains in subsequent periods.

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$34,748,485	$20,670,544
Total	$34,748,485	$20,670,544

5. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were primarily used to increase returns, to gain exposure to certain types of assets and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk:

Commodity Risk

Commodity risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the commodities market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

6. Fees and Other Transactions with Affiliates.

Management Fee and Administration Agreement. Geode Capital Management, LLC (the investment adviser) provides the Fund with investment management services for which the Fund pays a monthly management fee that is based on an annual rate of .40% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, transfer agent fees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Fidelity Management & Research Company LLC (FMR) provides administrative services to the Fund and the investment adviser pays for these services.

The investment adviser also provides investment management services to the Subsidiary. The Subsidiary does not pay the investment adviser a fee for these services. The Subsidiary pays certain other expenses including custody and directors' fees.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .20% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

7. 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 $156.

8. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

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

9. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

To the Board of Trustees of Fidelity Oxford Street Trust and Shareholders of Fidelity Commodity Strategy Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Commodity Strategy Fund and its subsidiary (one of the funds constituting Fidelity Oxford Street Trust, referred to hereafter as the "Fund") as of July 31, 2023, the related consolidated statement of operations for the year ended July 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the consolidated financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 13, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 313 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged the Adviser and FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through the Adviser, FMR and its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon.

Carol J. Zierhoffer (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Zierhoffer also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).

David Lane (1967)

Year of Election or Appointment: 2023

Vice President

Mr. Lane also serves as Vice President of other funds. Mr. Lane is the President and Chief Executive Officer of Geode Capital Management, LLC (2023-present). Previously, Mr. Lane served as Head of Global Equity Trading for FMR's Equity division (2018-2022).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

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 (February 1, 2023 to July 31, 2023).

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. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023

Fidelity® Commodity Strategy Fund	.63%
Actual		$ 1,000	$ 979.90	$ 3.09
Hypothetical-B		$ 1,000	$ 1,021.67	$ 3.16

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

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

A total of 0.43% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,275,101 of distributions paid in the calendar year 2022 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $1,085,360 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

1.9879552.106

CSZ-ANN-0923

Fidelity® SAI Inflation-Focused Fund

Annual Report

July 31, 2023

Offered exclusively to certain clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC, an affiliate of Fidelity Management & Research Company LLC.

Contents

Performance

Consolidated Investment Summary

Consolidated Schedule of Investments

Report of Independent Registered Public Accounting Firm

Performance: The Bottom Line

Distributions

You may also call 1-800-544-3455 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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Life of Fund A
Fidelity® SAI Inflation-Focused Fund	-13.81%	9.70%

A From December 20, 2018

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI Inflation-Focused Fund, on December 20, 2018, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Commodity Index performed over the same period.

Consolidated Investment Summary July 31, 2023 (Unaudited)

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending July 31, 2023, the fund returned -13.81%, versus a return of -7.88% for the benchmark Bloomberg Commodity Index. The fund's strategy aims to provide broad-based exposure to commodities via commodity-linked futures/swaps or structured notes. During the period, Treasury Inflation Protected Securities lagged money market securities. Looking at the commodity portion of the portfolio, rising interest rates across the globe and investor concern around slower-than-expected economic growth for part of the year provided a bearish environment for economically sensitive commodities. Against this backdrop, investors encountered a significant gap between the best- and worst-performing commodity types for the fiscal year. For the full 12 months, the energy group (-31%) detracted most, hampered by a sharp decline in the price of natural gas (-75%) as stronger production alongside lower seasonal demand weighed on the commodity. West Texas Intermediate crude oil (-9%) and Brent crude oil (-5%) also fared poorly overall, with much of those declines occurring in the second half of 2022 due to concerns around global economic weakness. In contrast, the fund benefited from positive results within the precious metals group (+14%) amid declining expectations for higher future interest rates. During the period, gold and silver also gained about 12% and 24%, respectively. The livestock group (+12%) also benefited, as live cattle (+26%) was bolstered by favorable supply and demand conditions, while lean hogs (-10%) lagged. Agricultural commodities (+6%) also rose as sugar (+63%) performed well due to favorable global supply dynamics. Other notable gainers in the agriculture group include soybean meal (+13%) and soybeans (+10%). Wheat (-22%) and coffee (-15%), however, struggled. Elsewhere, the industrial metals group had a roughly breakeven result. Within the group, copper (+16%) and lead (+12%) fared best, while zinc (-17%) and aluminum (-9%) lagged, due in part to concern about the macroeconomic backdrop.

The information in the following tables is based on the Fund's commodity-linked investments and excludes short-term investment-grade debt securities, cash and cash equivalents.

Commodity Instruments (% of Fund's net assets)*

Commodity Sector Diversification (% of Fund's net assets)*

* The Fund does not invest directly in physical commodities.

Consolidated Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

U.S. Treasury Inflation-Protected Obligations - 94.4%
	Principal Amount (a)	Value ($)
U.S. Treasury Inflation-Indexed Bonds:
1.75% 1/15/28 (b)	54,428,588	53,982,951
2% 1/15/26 (b)	59,840,912	59,059,651
2.375% 1/15/25 (b)	92,694,780	91,637,635
2.375% 1/15/27 (b)	57,872,570	58,238,127
3.625% 4/15/28	55,658,064	59,859,612
U.S. Treasury Inflation-Indexed Notes:
0.125% 7/15/24 (b)	148,754,315	144,464,252
0.125% 10/15/24 (b)	132,731,740	128,082,737
0.125% 4/15/25 (b)	108,717,330	103,606,259
0.125% 10/15/25 (b)	132,324,186	125,732,361
0.125% 4/15/26 (b)	102,184,044	96,047,230
0.125% 7/15/26 (b)	125,258,049	117,892,437
0.125% 10/15/26 (b)	141,454,035	132,634,750
0.125% 4/15/27 (b)	144,527,414	134,291,742
0.25% 1/15/25 (b)	136,039,126	130,510,716
0.375% 7/15/25 (b)	149,236,023	143,003,123
0.375% 1/15/27 (b)	116,621,764	109,678,332
0.375% 7/15/27 (b)	128,632,444	121,028,470
0.5% 4/15/24 (b)	91,996,265	89,859,527
0.5% 1/15/28 (b)	131,388,084	123,433,210
0.625% 1/15/24 (b)	163,833,377	161,331,056
0.625% 1/15/26 (b)	125,646,888	119,993,897
0.75% 7/15/28	114,353,767	108,905,246
1.625% 10/15/27 (b)	144,952,072	143,291,687
U.S. Treasury Notes U.S. Treasury Inflation-Indexed Notes 1.25% 4/15/28	143,221,668	139,124,056
TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS (Cost $2,799,598,250)		2,695,689,064

Money Market Funds - 16.4%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (c) (Cost $467,515,911)	467,422,427	467,515,911

TOTAL INVESTMENT IN SECURITIES - 110.8% (Cost $3,267,114,161)	3,163,204,975
NET OTHER ASSETS (LIABILITIES) - (10.8)%	(308,884,775)
NET ASSETS - 100.0%	2,854,320,200

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Commodity Futures Contracts
CBOT Corn Contracts (United States)	2,316	Dec 2023	59,405,400	(4,535,186)	(4,535,186)
CBOT Corn Contracts (United States)	1,555	Jul 2024	41,596,250	(3,564,489)	(3,564,489)
CBOT KC HRW Wheat Contracts (United States)	406	Dec 2023	16,838,850	(819,111)	(819,111)
CBOT KC HRW Wheat Contracts (United States)	399	Mar 2024	16,633,313	(774,165)	(774,165)
CBOT Soybean Contracts (United States)	759	Jan 2024	29,699,670	(745,279)	(745,279)
CBOT Soybean Contracts (United States)	2,352	Dec 2023	84,657,888	16,667,297	16,667,297
CBOT Soybean Contracts (United States)	1,363	Nov 2023	90,758,763	10,546,488	10,546,488
CBOT Soybean Contracts (United States)	1,167	Jan 2024	78,218,175	(218,298)	(218,298)
CBOT Soybean Contracts (United States)	707	Jan 2024	25,312,014	(1,006,812)	(1,006,812)
CBOT Soybean Meal Contracts (United States)	1,912	Dec 2023	75,696,080	3,893,728	3,893,728
CBOT Wheat Contracts (United States)	1,505	Dec 2023	52,054,188	(2,360,837)	(2,360,837)
CME Lean Hogs Contracts (United States)	1,646	Oct 2023	56,622,400	3,226,947	3,226,947
CME Lean Hogs Contracts (United States)	153	Dec 2023	4,730,760	72,164	72,164
CME Lean Hogs Contracts (United States)	414	Apr 2024	14,034,600	(41,314)	(41,314)
CME Live Cattle Contracts (United States)	138	Apr 2024	10,472,820	6,233	6,233
CME Live Cattle Contracts (United States)	1,043	Oct 2023	74,897,830	3,960,849	3,960,849
COMEX Copper Contracts (United States)	1,009	Dec 2023	101,580,825	2,779,951	2,779,951
COMEX Copper Contracts (United States)	508	Mar 2024	51,320,700	2,003,864	2,003,864
COMEX Gold 100 oz. Contracts (United States)	2,263	Dec 2023	453,464,260	3,029,806	3,029,806
COMEX Silver Contracts (United States)	1,090	Sep 2023	135,651,730	3,487,162	3,487,162
ICE Brent Crude Contracts (United Kingdom)	2,614	Sep 2023	222,216,140	28,835,503	28,835,503
ICE Coffee 'C' Contracts (United States)	1,363	Dec 2023	84,105,619	1,382,088	1,382,088
ICE Cotton No. 2 Contracts (United States)	1,037	Dec 2023	43,927,320	3,096,732	3,096,732
ICE Low Sulphur Gasoil Contracts (United States)	161	Jan 2024	13,283,075	2,589,590	2,589,590
ICE Low Sulphur Gasoil Contracts (United States)	1,043	Nov 2023	87,188,025	2,227,300	2,227,300
ICE Sugar No. 11 Contracts (United States)	1,557	Sep 2023	42,043,982	(1,248,483)	(1,248,483)
ICE Sugar No. 11 Contracts (United States)	1,849	Feb 2024	50,301,675	51,632	51,632
LME Aluminum Contracts (United Kingdom)	933	Nov 2023	53,431,977	1,449,523	1,449,523
LME Aluminum Contracts (United Kingdom)	672	Jan 2024	38,938,368	540,597	540,597
LME Lead Contracts (United Kingdom)	163	Nov 2023	8,760,231	(67,889)	(67,889)
LME Lead Contracts (United Kingdom)	164	Jan 2024	8,815,000	350,432	350,432
LME Nickel Contracts (United Kingdom)	158	Nov 2023	21,185,904	366,935	366,935
LME Nickel Contracts (United Kingdom)	157	Jan 2024	21,205,362	876,158	876,158
LME Zinc Contracts (United Kingdom)	724	Nov 2023	46,472,836	1,631,937	1,631,937
LME Zinc Contracts (United Kingdom)	369	Jan 2024	23,722,641	1,651,389	1,651,389
NYMEX Gasoline RBOB Contracts (United States)	882	Oct 2023	93,199,042	9,170,531	9,170,531
NYMEX Natural Gas Contracts (United States)	1,425	Oct 2023	44,901,750	(307,077)	(307,077)
NYMEX Natural Gas Contracts (United States)	4,484	Aug 2023	118,466,000	10,864,925	10,864,925
NYMEX NY Harbor ULSD Contracts (United States)	350	Oct 2023	42,734,681	930,145	930,145
NYMEX NY Harbor ULSD Contracts (United States)	340	Feb 2024	39,311,412	5,716,830	5,716,830
NYMEX WTI Crude Oil Contracts (United States)	3,280	Oct 2023	265,350,980	7,343,623	7,343,623

TOTAL FUTURES CONTRACTS					113,061,419
The notional amount of futures purchased as a percentage of Net Assets is 100.0%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $2,807,750,821.

Legend

(a)	Amount is stated in United States dollars unless otherwise noted.

(b)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $286,117,879.

(c)

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	740,451,255	3,972,816,598	4,245,751,942	7,321,064	-	-	467,515,911	1.2%
Total	740,451,255	3,972,816,598	4,245,751,942	7,321,064	-	-	467,515,911

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Consolidated Subsidiary

Fund	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain /loss ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Geode SAI Inflation-Focused Cayman Ltd.	752,525,291	592,999,529	345,000,309	-	(91,066,622)	(329,091,576)	580,366,313

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

U.S. Government and Government Agency Obligations	2,695,689,064	-	2,695,689,064	-

Money Market Funds	467,515,911	467,515,911	-	-
Total Investments in Securities:	3,163,204,975	467,515,911	2,695,689,064	-
Derivative Instruments:

Assets
Futures Contracts	128,750,359	128,750,359	-	-
Total Assets	128,750,359	128,750,359	-	-

Liabilities
Futures Contracts	(15,688,940)	(15,688,940)	-	-
Total Liabilities	(15,688,940)	(15,688,940)	-	-
Total Derivative Instruments:	113,061,419	113,061,419	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Commodity Risk
Futures Contracts (a)	128,750,359	(15,688,940)
Total Commodity Risk	128,750,359	(15,688,940)
Total Value of Derivatives	128,750,359	(15,688,940)

Consolidated Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $2,799,598,250)	$	2,695,689,064
Fidelity Central Funds (cost $467,515,911)		467,515,911


Total Investment in Securities (cost $3,267,114,161)			$	3,163,204,975
Receivable for fund shares sold				2,209,263
Interest receivable				2,510,511
Distributions receivable from Fidelity Central Funds				1,336,582
Prepaid expenses				1,753
Total assets				3,169,263,084
Liabilities
Payable for investments purchased	$	302,127,689
Payable for fund shares redeemed		1,179,725
Accrued management fee		874,266
Payable for daily variation margin on futures contracts		10,716,155
Other payables and accrued expenses		45,049
Total Liabilities				314,942,884
Net Assets			$	2,854,320,200
Net Assets consist of:
Paid in capital			$	3,047,909,449
Total accumulated earnings (loss)				(193,589,249)
Net Assets			$	2,854,320,200
Net Asset Value, offering price and redemption price per share ($2,854,320,200 ÷ 300,897,413 shares)			$	9.49

Consolidated Statement of Operations
				Year ended July 31, 2023
Investment Income
Interest			$	97,837,401
Income from Fidelity Central Funds				7,321,064
Total Income				105,158,465
Expenses
Management fee	$	10,820,825
Custodian fees and expenses		1,297
Independent trustees' fees and expenses		10,793
Registration fees		109,786
Audit		67,000
Subsidiary directors' fees		15,000
Legal		3,307
Miscellaneous		17,485
Total expenses before reductions		11,045,493
Expense reductions		(1,559)
Total expenses after reductions				11,043,934
Net Investment income (loss)				94,114,531
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(136,166,055)
Futures contracts		(581,752,565)
Total net realized gain (loss)				(717,918,620)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated Issuers		(20,875,583)
Futures contracts		162,124,583
Total change in net unrealized appreciation (depreciation)				141,249,000
Net gain (loss)				(576,669,620)
Net increase (decrease) in net assets resulting from operations			$	(482,555,089)

Consolidated Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	94,114,531	$	121,779,402
Net realized gain (loss)		(717,918,620)		282,120,919
Change in net unrealized appreciation (depreciation)		141,249,000		(203,802,392)
Net increase (decrease) in net assets resulting from operations		(482,555,089)		200,097,929
Distributions to shareholders		(367,599,443)		(391,904,775)

Share transactions
Proceeds from sales of shares		1,827,721,666		4,044,713,803
Reinvestment of distributions		340,697,420		390,754,524
Cost of shares redeemed		(2,374,358,613)		(2,101,467,399)

Net increase (decrease) in net assets resulting from share transactions		(205,939,527)		2,334,000,928
Total increase (decrease) in net assets		(1,056,094,059)		2,142,194,082

Net Assets
Beginning of period		3,910,414,259		1,768,220,177
End of period	$	2,854,320,200	$	3,910,414,259

Other Information
Shares
Sold		189,919,247		337,344,722
Issued in reinvestment of distributions		32,306,339		37,373,675
Redeemed		(238,703,909)		(191,156,828)
Net increase (decrease)		(16,478,323)		183,561,569

Fidelity® SAI Inflation-Focused Fund

Years ended July 31,		2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	12.32	$	13.21	$	9.31	$	10.34	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.32		.89		.50		.12		.21
Net realized and unrealized gain (loss)		(1.91)		1.81		3.72		(.93)		.14
Total from investment operations		(1.59)		2.70		4.22		(.81)		.35
Distributions from net investment income		(1.22)		(3.54)		(.32)		(.20)		(.01) D
Distributions from net realized gain		(.01)		(.05)		-		(.02)		-
Total distributions		(1.24) E		(3.59)		(.32)		(.22)		(.01)
Net asset value, end of period	$	9.49	$	12.32	$	13.21	$	9.31	$	10.34
Total Return F,G		(13.81)%		27.48%		46.61%		(8.05)%		3.50%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.39%		.40%		.40%		.41%		.52% J
Expenses net of fee waivers, if any		.39%		.40%		.40%		.41%		.50% J
Expenses net of all reductions		.39%		.40%		.40%		.41%		.50% J
Net investment income (loss)		3.29%		7.18%		4.15%		1.18%		3.38% J
Supplemental Data
Net assets, end of period (000 omitted)	$	2,854,320	$	3,910,414	$	1,768,220	$	32,230	$	1,230,762
Portfolio turnover rate K		61%		135%		101%		40%		21% J

AFor the period December 20, 2018 (commencement of operations) through July 31, 2019.

BCalculated based on average shares outstanding during the period.

DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

ETotal distributions per share do not sum due to rounding.

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

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

HFees 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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Report of Independent Registered Public Accounting Firm

For the period ended July 31, 2023

1. Organization.

Fidelity SAI Inflation-Focused Fund (the Fund) is a fund of Fidelity Oxford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Strategic Advisers LLC or its affiliates. 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 Delaware statutory trust.

Effective September 21, 2023, the Fund will undergo a 1 for 10 reverse share split. The effect of the reverse share split transaction will be to divide the number of outstanding shares of the Fund by a split factor of 1:10, with a corresponding increase in net asset value (NAV) per share. This event does not impact the overall net assets of the Fund.

2. Consolidated Subsidiary.

	Subsidiary Name	Net Assets of Subsidiary	% of Fund's Net Assets
Fidelity SAI Inflation-Focused Fund	Geode SAI Inflation-Focused Cayman Ltd.	580,366,313	20.3

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

3. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by Fidelity Management & Research Company LLC (FMR) and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

4. Significant Accounting Policies.

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 - unadjusted 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:

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For Treasury Inflation-Protected Securities (TIPS) the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Consolidated Statement of Operations. Such adjustments may result in negative Interest and may have a significant impact on the Fund's distributions.

Distributions 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.

Book-tax differences are primarily due to market discount, controlled foreign corporation, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation	$237,280
Gross unrealized depreciation	(129,113,792)
Net unrealized appreciation (depreciation)	$(128,876,512)
Tax Cost	$3,298,880,567

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$24,937,013
Capital loss carryforward	$(89,649,748)
Net unrealized appreciation (depreciation) on securities and other investments	$(128,876,512)

Short-term	$(83,705,407)
Long-term	(5,944,341)
Total capital loss carryforward	$(89,649,748)

Due to large subscriptions and redemptions in prior periods, the Fund is subject to annual limits on its use of some of its unrealized capital losses to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the Fund from using any of those capital losses in the future period, those capital losses will be available to offset capital gains in subsequent periods.

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$367,599,443	$391,769,334
Long-term Capital Gains	-	135,441
Total	$367,599,443	$391,904,775

5. Derivative Instruments.

Derivatives were used to increase or decrease exposure to the following risk:

Commodity Risk

Commodity risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices.

6. Fees and Other Transactions with Affiliates.

FMR provides administrative services to the Fund and the investment adviser pays for these services.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity SAI Inflation-Focused Fund	$6,888

8. 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 $1,559.

9. Other.

10. Risk and Uncertainties.

To the Board of Trustees of Fidelity Oxford Street Trust and Shareholders of Fidelity SAI Inflation-Focused Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity SAI Inflation-Focused Fund (the "Fund"), a fund of Fidelity Oxford Street Trust, including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from December 20, 2018 (commencement of operations) through July 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from December 20, 2018 (commencement of operations) through July 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 12, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Carol J. Zierhoffer (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

David Lane (1967)

Year of Election or Appointment: 2023

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023

Fidelity® SAI Inflation-Focused Fund	.39%
Actual		$ 1,000	$ 973.30	$ 1.91
Hypothetical-B		$ 1,000	$ 1,022.86	$ 1.96

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

A total of 96.74% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $137,456,487 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

1.9892162.104

IFF-ANN-0923

Fidelity® Series Commodity Strategy Fund

Annual Report

July 31, 2023

Contents

Performance

Consolidated Investment Summary

Consolidated Schedule of Investments

Report of Independent Registered Public Accounting Firm

Performance: The Bottom Line

Distributions

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Series Commodity Strategy Fund	-8.29%	6.16%	-0.96%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Series Commodity Strategy Fund on July 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Commodity Index performed over the same period.

Consolidated Investment Summary July 31, 2023 (Unaudited)

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending July 31, 2023, the fund returned -8.29%, versus -7.88% for the benchmark Bloomberg Commodity Index. The fund's strategy aims to provide broad-based exposure to commodities via commodity-linked futures/swaps or structured notes. Rising interest rates across the globe and investor concern around slower-than-expected economic growth for part of the year provided a bearish backdrop for economically sensitive commodities. Against this backdrop, investors encountered a significant gap between the best- and worst-performing commodity types for the fiscal year. For the full 12 months, the energy group (-31%) detracted most, hampered by a sharp decline in the price of natural gas (-75%) as stronger production alongside lower seasonal demand weighed on the commodity. West Texas Intermediate crude oil (-9%) and Brent crude oil (-5%) also fared poorly overall, with much of those declines occurring in the second half of 2022 due to concerns around global economic weakness. In contrast, the fund benefited from positive results within the precious metals group (+14%) amid declining expectations for higher future interest rates. During the period, gold and silver also gained about 12% and 24%, respectively. The livestock group (+12%) also benefited, as live cattle (+26%) was bolstered by favorable supply and demand conditions, while lean hogs (-10%) lagged. Agricultural commodities (+6%) also rose as sugar (+63%) performed well due to favorable global supply dynamics. Other notable gainers in the agriculture group include soybean meal (+13%) and soybeans (+10%). Wheat (-22%) and coffee (-15%), however, struggled. Elsewhere, the industrial metals group had a roughly breakeven result. Within the group, copper (+16%) and lead (+12%) fared best, while zinc (-17%) and aluminum (-9%) struggled, due in part to concern about the macroeconomic backdrop.

The information in the following tables is based on the Fund's commodity-linked investments and excludes short-term investment-grade debt securities, cash and cash equivalents.

Commodity Instruments (% of Fund's net assets)*

Commodity Sector Diversification (% of Fund's net assets)*

* Investments in Commodity Swaps and Commodity-Linked Notes provide exposure to the commodities market via the Bloomberg Commodity Index Total Return, an unmanaged index composed of futures contracts on 23 physical commodities. The Fund does not invest directly in physical commodities.

Consolidated Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

U.S. Treasury Obligations - 10.7%
	Principal Amount (a)	Value ($)
U.S. Treasury Bills, yield at date of purchase 5.2% to 5.32% 9/7/23 to 10/19/23 (b) (Cost $198,320,826)	200,000,000	198,304,725

Money Market Funds - 86.0%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (c) (Cost $1,596,575,113)	1,596,531,891	1,596,851,197

TOTAL INVESTMENT IN SECURITIES - 96.7% (Cost $1,794,895,939)	1,795,155,922
NET OTHER ASSETS (LIABILITIES) - 3.3%	61,022,908
NET ASSETS - 100.0%	1,856,178,830

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Commodity Futures Contracts
CBOT Corn Contracts (United States)	642	Sep 2023	16,178,400	(834,326)	(834,326)
CBOT HRW Wheat Contracts (United States)	160	Sep 2023	6,502,000	118,953	118,953
CBOT HRW Wheat Contracts (United States)	286	Sep 2023	9,520,225	375,789	375,789
CBOT Soybean Contracts (United States)	328	Dec 2023	11,806,032	1,830,308	1,830,308
CBOT Soybean Contracts (United States)	295	Nov 2023	19,643,313	1,954,844	1,954,844
CBOT Soybean Meal Contracts (United States)	281	Dec 2023	11,124,790	732,217	732,217
CME Lean Hogs Contracts (United States)	207	Oct 2023	7,120,800	277,392	277,392
CME Live Cattle Contracts (United States)	201	Oct 2023	14,433,810	(106,954)	(106,954)
COMEX Copper Contracts (United States)	208	Sep 2023	20,849,513	1,120,449	1,120,449
COMEX Gold 100 oz. Contracts (United States)	302	Dec 2023	60,508,820	413,120	413,120
COMEX Silver Contracts (United States)	146	Sep 2023	18,167,650	509,778	509,778
ICE Brent Crude Contracts (United Kingdom)	350	Sep 2023	29,754,220	2,137,387	2,137,387
ICE Coffee 'C' Contracts (United States)	181	Sep 2023	11,175,619	(1,156,225)	(1,156,225)
ICE Cotton No. 2 Contracts (United States)	138	Dec 2023	5,845,680	232,798	232,798
ICE Low Sulphur Gasoil Contracts (United States)	123	Sep 2023	10,706,000	2,233,478	2,233,478
ICE Sugar No. 11 Contracts (United States)	452	Sep 2023	12,205,446	(323,807)	(323,807)
LME Aluminum Contracts (United Kingdom)	268	Sep 2023	15,195,667	217,740	217,740
LME Lead Contracts (United Kingdom)	64	Sep 2023	3,448,000	152,521	152,521
LME Nickel Contracts (United Kingdom)	62	Sep 2023	8,259,144	351,790	351,790
LME Zinc Contracts (United Kingdom)	144	Sep 2023	9,235,116	641,803	641,803
NYMEX Gasoline RBOB Contracts (United States)	88	Aug 2023	10,741,517	1,859,265	1,859,265
NYMEX Natural Gas Contracts (United States)	891	Aug 2023	23,542,700	2,125,851	2,125,851
NYMEX NY Harbor ULSD Contracts (United States)	65	Aug 2023	8,180,525	1,721,079	1,721,079
NYMEX WTI Crude Oil Contracts (United States)	399	Aug 2023	32,667,110	4,683,709	4,683,709

TOTAL FUTURES CONTRACTS					21,268,959
The notional amount of futures purchased as a percentage of Net Assets is 20.3%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $302,223,229.

Total Return Swaps
Underlying Reference(1)	Pay/ Receive Reference	Reference Payment Frequency	Financing Rate	Financing Frequency	Counterparty	Maturity Date	Notional Amount ($)		Value ($)	Upfront Premium Received/ (Paid) ($)	Unrealized Appreciation/ (Depreciation) ($)
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Canadian Imperial Bank Of Commerce	Aug 2023		30,000,000	2,898,770	0	2,898,770
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Canadian Imperial Bank Of Commerce	Sep 2023		95,000,000	(770,494)	0	(770,494)
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	Sep 2023		91,000,000	(738,052)	0	(738,052)
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	Sep 2023		61,000,000	1,428,202	0	1,428,202
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	Sep 2023		40,000,000	1,091,483	0	1,091,483
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Goldman Sachs Bank USA	Sep 2023		85,000,000	3,178,378	0	3,178,378
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Aug 2023		98,000,000	6,091,490	0	6,091,490
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Sep 2023		106,000,000	1,320,966	0	1,320,966
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Sep 2023		33,000,000	(51,737)	0	(51,737)
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Aug 2023		82,000,000	4,951,958	0	4,951,958
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Sep 2023		67,000,000	2,582,796	0	2,582,796
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 7 basis points	At Maturity	Merrill Lynch International	Aug 2023		90,000,000	6,258,968	0	6,258,968
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Merrill Lynch International	Sep 2023		75,000,000	1,311,948	0	1,311,948
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Merrill Lynch International	Sep 2023		68,000,000	2,620,637	0	2,620,637
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Royal Bank of Canada	Sep 2023		97,000,000	2,646,846	0	2,646,846
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Royal Bank of Canada	Oct 2023		109,000,000	444,945	0	444,945
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Societe Generale	Sep 2023		118,000,000	(184,677)	0	(184,677)
Bloomberg Commodity Index	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	UBS AG	Sep 2023		97,000,000	2,270,729	0	2,270,729
TOTAL RETURN SWAPS									37,353,156	0	37,353,156

(1)Each open total return swap is an agreement to receive the total return of the Bloomberg Commodity Index and pay a floating rate based on the 3-month US auction rate T-Bill plus a specified spread.

For the period, the average monthly notional amount at value for swaps in the aggregate was $1,708,583,333.

Legend

(a)	Amount is stated in United States dollars unless otherwise noted.

(b)	Security or a portion of the security has been segregated as collateral for open bi-lateral over the counter (OTC) swaps. At period end, the value of securities pledged amounted to $75,999,111.

(c)

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	2,780,025,793	1,835,352,400	3,018,526,996	70,063,816	213,007	(213,007)	1,596,851,197	4.0%
Total	2,780,025,793	1,835,352,400	3,018,526,996	70,063,816	213,007	(213,007)	1,596,851,197

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Consolidated Subsidiary

Fund	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain /loss ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Geode Series Commodity Return Cayman Ltd.	629,487,120	315,999,806	300,000,113	-	4,560,228	(308,266,305)	341,780,736

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

U.S. Government and Government Agency Obligations	198,304,725	-	198,304,725	-

Money Market Funds	1,596,851,197	1,596,851,197	-	-
Total Investments in Securities:	1,795,155,922	1,596,851,197	198,304,725	-
Derivative Instruments:

Assets
Futures Contracts	23,690,271	23,690,271	-	-
Swaps	39,098,116	-	39,098,116	-
Total Assets	62,788,387	23,690,271	39,098,116	-

Liabilities
Futures Contracts	(2,421,312)	(2,421,312)	-	-
Swaps	(1,744,960)	-	(1,744,960)	-
Total Liabilities	(4,166,272)	(2,421,312)	(1,744,960)	-
Total Derivative Instruments:	58,622,115	21,268,959	37,353,156	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Commodity Risk
Futures Contracts (a)	23,690,271	(2,421,312)
Swaps (b)	39,098,116	(1,744,960)
Total Commodity Risk	62,788,387	(4,166,272)
Total Value of Derivatives	62,788,387	(4,166,272)

(b)For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Consolidated Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-items.

The following table is a summary of the Fund's derivatives inclusive of potential netting arrangements.


Counterparty		Value of Derivative Assets ($)		Value of Derivative Liabilities ($)		Collateral Received(a) ($)		Collateral Pledged(a) ($)		Net(b) ($)
Canadian Imperial Bk. of Comm.		2,898,770		(770,494)		-		-		2,128,276
Citibank, N.A.		2,519,685		(738,052)		-		-		1,781,633
Goldman Sachs Bank USA		3,178,378		-		(2,841,052)		-		337,326
JPMorgan Chase Bank, N.A.		7,412,456		(51,737)		-		-		7,360,719
Macquarie Bank Ltd.		7,534,754		-		-		-		7,534,754
Merrill Lynch Intl.		10,191,553		-		-		-		10,191,553
Royal Bank of Canada		3,091,791		-		-		-		3,091,791
Societe Generale S.A.		-		(184,677)		-		184,677		-
UBS AG		2,270,729		-		-		-		2,270,729
Total	$	39,098,116	$	(1,744,960)	$	(2,841,052)	$	184,677	$	34,696,781

(a) Reflects collateral received from or pledged to an individual counterparty, excluding any excess or initial collateral amounts.

(b) Net represents the receivable / (payable) that would be due from / (to) the counterparty in an event of default. Netting may be allowed across transactions traded under the same legal agreement with the same legal entity. Please refer to Derivative Instruments - Risk Exposures and the Use of Derivative Instruments section in the accompanying Notes to Financial Statements.

Consolidated Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $198,320,826)	$	198,304,725
Fidelity Central Funds (cost $1,596,575,113)		1,596,851,197


Total Investment in Securities (cost $1,794,895,939)			$	1,795,155,922
Segregated cash with brokers for derivative instruments				30,212,719
Receivable for fund shares sold				175,687
Distributions receivable from Fidelity Central Funds				6,832,345
Receivable for daily variation margin on futures contracts				1,253,633
Bi-lateral OTC swaps, at value				39,098,116
Prepaid expenses				6,250
Total assets				1,872,734,672
Liabilities
Payable for fund shares redeemed	$	14,807,810
Bi-lateral OTC swaps, at value		1,744,960
Other payables and accrued expenses		3,072
Total Liabilities				16,555,842
Net Assets			$	1,856,178,830
Net Assets consist of:
Paid in capital			$	1,889,410,077
Total accumulated earnings (loss)				(33,231,247)
Net Assets			$	1,856,178,830
Net Asset Value, offering price and redemption price per share ($1,856,178,830 ÷ 18,033,209 shares)			$	102.93

Share amounts have been adjusted to reflect the impact of the 1 for 50 reverse share split that occurred on November 18, 2022. See Note 1 of the Notes to Financial Statements.

Consolidated Statement of Operations
				Year ended July 31, 2023
Investment Income
Interest			$	10,567,408
Income from Fidelity Central Funds				70,063,816
Total Income				80,631,224
Expenses
Custodian fees and expenses	$	15,043
Independent trustees' fees and expenses		8,271
Subsidiary directors' fees		15,000
Total expenses before reductions		38,314
Expense reductions		(7,773)
Total expenses after reductions				30,541
Net Investment income (loss)				80,600,683
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		22,506
Fidelity Central Funds		213,007
Futures contracts		(83,889,804)
Swaps		(372,781,877)
Total net realized gain (loss)				(456,436,168)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated Issuers		430,580
Fidelity Central Funds		(213,007)
Futures contracts		48,142,756
Swaps		91,816,969
Total change in net unrealized appreciation (depreciation)				140,177,298
Net gain (loss)				(316,258,870)
Net increase (decrease) in net assets resulting from operations			$	(235,658,187)

Consolidated Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	80,600,683	$	14,610,339
Net realized gain (loss)		(456,436,168)		1,830,451,174
Change in net unrealized appreciation (depreciation)		140,177,298		(393,073,708)
Net increase (decrease) in net assets resulting from operations		(235,658,187)		1,451,987,805
Distributions to shareholders		(1,838,993,555)		(2,301,156,298)

Share transactions
Proceeds from sales of shares		467,749,069		626,181,192
Reinvestment of distributions		1,838,558,731		2,301,156,298
Cost of shares redeemed		(1,858,797,324)		(6,069,565,352)

Net increase (decrease) in net assets resulting from share transactions		447,510,476		(3,142,227,862)
Total increase (decrease) in net assets		(1,627,141,266)		(3,991,396,355)

Net Assets
Beginning of period		3,483,320,096		7,474,716,451
End of period	$	1,856,178,830	$	3,483,320,096

Other Information
Shares
Sold		4,555,676		2,513,202
Issued in reinvestment of distributions		16,569,112		11,505,781
Redeemed		(16,991,884)		(26,558,908)
Net increase (decrease)		4,132,904		(12,539,925)

Share activity has been adjusted to reflect the impact of the 1 for 50 reverse share split that occurred on November 18, 2022. See Note 1 of the Notes to Financial Statements.

Fidelity® Series Commodity Strategy Fund

Years ended July 31,		2023 A		2022 A		2021 A		2020 A		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	250.50	$	282.50	$	203.00	$	233.50	$	266.50
Income from Investment Operations
Net investment income (loss) B,C		4.47		.50		- D		3.00		5.50
Net realized and unrealized gain (loss)		(16.96)		53.00		80.50		(30.00)		(20.50)
Total from investment operations		(12.49)		53.50		80.50		(27.00)		(15.00)
Distributions from net investment income		(135.08)		(85.50)		(1.00)		(3.50)		(4.50)
Distributions from net realized gain		-		-		-		-		(13.50)
Total distributions		(135.08)		(85.50)		(1.00)		(3.50)		(18.00)
Net asset value, end of period	$	102.93	$	250.50	$	282.50	$	203.00	$	233.50
Total Return E		(8.29)%		26.51%		39.82%		(11.72)%		(5.84)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		-% H		-% H		-% H		-% H		.01%
Expenses net of fee waivers, if any		-% H		-% H		-% H		-% H		.01%
Expenses net of all reductions		-% H		-% H		-% H		-% H		.01%
Net investment income (loss)		3.89%		.26%		.07%		1.30%		2.36%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,856,179	$	3,483,320	$	7,474,716	$	5,808,312	$	7,246,626
Portfolio turnover rate I		-%		-%		-%		-%		-%

APer share amounts have been adjusted to reflect the impact of the 1 for 50 reverse share split that occurred on November 18, 2022. See Note 1 of the Notes to Financial Statements.

BCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

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

HAmount represents less than .005%.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Report of Independent Registered Public Accounting Firm

For the period ended July 31, 2023

1. Organization.

Fidelity Series Commodity Strategy Fund (the Fund) is a fund of Fidelity Oxford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. 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.

Effective November 18, 2022, the Fund underwent a 1 for 50 reverse share split. The effect of the reverse share split transaction was to divide the number of outstanding shares of the Fund by a split factor of 1:50, with a corresponding increase in net asset value (NAV) per share. This event does not impact the overall net assets of the Fund. The per share data presented in the Financial Highlights and Shares activity presented in the Statement of Changes in Net Assets for the Fund have been retroactively adjusted to reflect this reverse share split.

2. Consolidated Subsidiary.

	Subsidiary Name	Net Assets of Subsidiary	% of Fund's Net Assets
Fidelity Series Commodity Strategy Fund	Geode Series Commodity Return Cayman Ltd.	341,780,736	18.4

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

3. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

4. Significant Accounting Policies.

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 - unadjusted 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 services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as movements in the underlying index, interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities and swaps 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Distributions 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.

Book-tax differences are primarily due to controlled foreign corporations and capital loss carryforwards.

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

Gross unrealized appreciation	$39,922,410
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation)	$39,922,410
Tax Cost	$1,793,950,523

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$40,557,609
Capital loss carryforward	$(113,711,265)
Net unrealized appreciation (depreciation) on securities and other investments	$39,922,410

Short-term	$(85,407,407)
Long-term	(28,303,858)
Total capital loss carryforward	$(113,711,265)

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$1,838,993,555	$ 2,301,156,298
Total	$1,838,993,555	$ 2,301,156,298

5. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase or decrease exposure to the following risk:

Commodity Risk

Commodity risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. Upon entering into a swap, a fund is required to post an initial collateral amount (referred to as "Independent Amount"), as defined in the ISDA Master Agreement. A fund is required to post additional collateral for the benefit of counterparties to meet the counterparty's unrealized appreciation on outstanding swap contracts and any such posted collateral is identified on the Consolidated Schedule of Investments. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Consolidated Schedule of Investments. Exchange-traded futures contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange's clearinghouse. A summary of derivatives inclusive of potential netting arrangements is presented at the end of the Consolidated Schedule of Investments.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Consolidated Statement of Operations.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)(S)	Change in Net Unrealized Appreciation (Depreciation)($)
Commodity Risk
Futures Contracts	$(83,889,804)	$48,142,756
Swaps	(372,781,877)	91,816,969
Total Commodity Risk	$(456,671,681)	$139,959,725

A summary of the value of derivatives by primary risk exposure is included at the end of the Consolidated Schedule of Investments.

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Consolidated Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any unamortized upfront premiums are presented in the Consolidated Schedule of Investments.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Consolidated Statement of Operations.

Any open swaps at period end are included in the Consolidated Schedule of Investments under the caption "Swaps".

Total Return Swaps. Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual asset or a basket of assets (i.e., an index), and the other on a fixed or floating rate. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting payment obligation, a fund will receive a payment from or make a payment to the counterparty. A fund enters into total return swaps to manage its market exposure.

6. Fees and Other Transactions with Affiliates.

Management Fee and Administration Agreement. Geode Capital Management, LLC (the investment adviser) provides the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

FMR provides administrative services to the Fund and the investment adviser pays for these services.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. 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 $7,773.

9. Other.

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

10. Risk and Uncertainties.

To the Board of Trustees of Fidelity Oxford Street Trust and Shareholders of Fidelity Series Commodity Strategy Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Series Commodity Strategy Fund and its subsidiary (one of the funds constituting Fidelity Oxford Street Trust, referred to hereafter as the "Fund") as of July 31, 2023, the related consolidated statement of operations for the year ended July 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the consolidated financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 18, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Carol J. Zierhoffer (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

David Lane (1967)

Year of Election or Appointment: 2023

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer