Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03480

Fidelity Oxford Street Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	July 31

Date of reporting period:	January 31, 2025

Item 1.

Reports to Stockholders


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JANUARY 31, 2025
	Fidelity® Series Commodity Strategy Fund Fidelity® Series Commodity Strategy Fund : FCSSX

This semi-annual shareholder report contains information about Fidelity® Series Commodity Strategy Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Series Commodity Strategy Fund	$ 0 A	0.01%

A Amount represents less than $.50

Key Fund Statistics

(as of January 31, 2025)

KEY FACTS
Fund Size	$566,029,913
Number of Holdings	44
Portfolio Turnover	0%

What did the Fund invest in?
(as of January 31, 2025)

COMMODITY SECTOR DIVERSIFICATION (% of Fund's net assets)

	Agriculture - 31.2
	Energy - 28.7
	Precious Metals - 19.3
	Industrial Metals - 15.3
	Livestock - 5.5

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	7.3
Swaps	89.6

ASSET ALLOCATION (% of Fund's Total Exposure)

	Futures Contracts - 3.7
	Swaps - 45.5
	Short-Term Investments and Net Other Assets (Liabilities) - 50.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915316.100 2278-TSRS-0425


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JANUARY 31, 2025
	Fidelity® SAI Inflation-Focused Fund Fidelity® SAI Inflation-Focused Fund : FIFGX

This semi-annual shareholder report contains information about Fidelity® SAI Inflation-Focused Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® SAI Inflation-Focused Fund	$ 20	0.38%

Key Fund Statistics

(as of January 31, 2025)

KEY FACTS
Fund Size	$4,339,117,777
Number of Holdings	61
Portfolio Turnover	0%

What did the Fund invest in?
(as of January 31, 2025)

COMMODITY SECTOR DIVERSIFICATION (% of Fund's net assets)

	Energy - 44.6
	Industrial Metals - 26.8
	Agriculture - 15.4
	Precious Metals - 10.0
	Livestock - 3.2

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	122.5

ASSET ALLOCATION (% of Fund's Total Exposure)

	Futures Contracts - 55.1
	Short-Term Investments and Net Other Assets (Liabilities) - 44.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915353.100 3318-TSRS-0425


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JANUARY 31, 2025
	Fidelity® Commodity Strategy Fund Fidelity® Commodity Strategy Fund : FYHTX

This semi-annual shareholder report contains information about Fidelity® Commodity Strategy Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Commodity Strategy Fund	$ 35	0.66%

Key Fund Statistics

(as of January 31, 2025)

KEY FACTS
Fund Size	$49,966,727
Number of Holdings	28
Portfolio Turnover	0%

What did the Fund invest in?
(as of January 31, 2025)

COMMODITY SECTOR DIVERSIFICATION (% of Fund's net assets)

	Agriculture - 31.0
	Energy - 28.8
	Precious Metals - 19.0
	Industrial Metals - 15.7
	Livestock - 5.5

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	101.1

ASSET ALLOCATION (% of Fund's Total Exposure)

	Futures Contracts - 50.3
	Short-Term Investments and Net Other Assets (Liabilities) - 49.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915347.100 2896-TSRS-0425

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Series Commodity Strategy Fund

Semi-Annual Report

January 31, 2025

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Series Commodity Strategy Fund

Notes to Consolidated Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Series Commodity Strategy Fund

Consolidated Schedule of Investments January 31, 2025 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 7.9%
	Yield (%) (a)	Principal Amount (b)	Value ($)
US Treasury Bills 0% 4/17/2025 (d)(e) (Cost $44,605,781)	4.25	45,000,000	44,618,347

Money Market Funds - 89.0%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c) (Cost $503,937,631)	4.37	503,908,632	504,009,414

TOTAL INVESTMENT IN SECURITIES - 96.9% (Cost $548,543,412)	548,627,761
NET OTHER ASSETS (LIABILITIES) - 3.1%	17,402,152
NET ASSETS - 100.0%	566,029,913

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

Commodity Contracts
CBOT Corn Contracts (United States)	89	Mar 2025	2,144,900	125,069	125,069
CBOT KC HRW Wheat Contracts (United States)	24	Mar 2025	695,100	20,273	20,273
CBOT Soybean Contracts (United States)	44	Mar 2025	2,292,400	54,022	54,022
CBOT Soybean Meal Contracts (United States)	42	Mar 2025	1,264,620	505	505
CBOT Soybean Oil Contracts (United States)	49	Mar 2025	1,355,634	83,871	83,871
CBOT Wheat Contracts (United States)	38	Mar 2025	1,063,050	11,728	11,728
CME Lean Hogs Contracts (United States)	20	Apr 2025	722,800	19,548	19,548
CME Live Cattle Contracts (United States)	17	Apr 2025	1,375,640	26,060	26,060
COMEX Copper Contracts (United States)	19	Mar 2025	2,022,288	6,082	6,082
COMEX Gold 100 oz Contracts (United States)	20	Apr 2025	5,661,420	195,018	195,018
COMEX Silver Contracts (United States)	11	Mar 2025	1,772,475	64,560	64,560
ICE Brent Crude Contracts (United Kingdom)	38	Mar 2025	2,871,600	(60,087)	(60,087)
ICE Coffee C Contracts (United States)	9	Mar 2025	1,275,244	324,193	324,193
ICE Cotton No 2 Contracts (United States)	17	Mar 2025	559,980	(22,636)	(22,636)
ICE Low Sulphur Gasoil Contracts (United States)	15	Mar 2025	1,065,600	34,997	34,997
ICE Sugar No 11 Contracts (United States)	50	Feb 2025	1,083,600	40,605	40,605
LME Aluminum Contracts (United Kingdom)	36	Mar 2025	2,346,075	(755)	(755)
LME Lead Contracts (United Kingdom)	9	Mar 2025	435,269	(16,352)	(16,352)
LME Nickel Contracts (United Kingdom)	14	Mar 2025	1,269,418	(59,803)	(59,803)
LME Zinc Contracts (United Kingdom)	18	Mar 2025	1,224,968	(142,688)	(142,688)
NYMEX Gasoline RBOB Contracts (United States)	9	Feb 2025	784,371	23,520	23,520
NYMEX NY Harbor ULSD Contracts (United States)	8	Feb 2025	815,245	48,581	48,581
NYMEX Natural Gas Contracts (United States)	93	Feb 2025	2,853,600	115,695	115,695
NYMEX WTI Crude Oil Contracts (United States)	34	Feb 2025	2,497,620	107,029	107,029

TOTAL PURCHASED					999,035

Sold

Commodity Contracts
LME Aluminum Contracts (United Kingdom)	12	Mar 2025	782,025	(10,455)	(10,455)
LME Lead Contracts (United Kingdom)	2	Mar 2025	96,727	323	323
LME Nickel Contracts (United Kingdom)	5	Mar 2025	453,364	3,393	3,393
LME Zinc Contracts (United Kingdom)	7	Mar 2025	476,376	29,084	29,084

TOTAL SOLD					22,345

TOTAL FUTURES CONTRACTS					1,021,380
The notional amount of futures purchased as a percentage of Net Assets is 7.0%
The notional amount of futures sold as a percentage of Net Assets is 3.0%

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	3M US Auction Rate T-Bill plus 9 basis points	At Maturity	Merrill Lynch International	Feb 2025		34,000,000	1,377,244	0	1,377,244
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 11 basis points	At Maturity	Citibank NA	Feb 2025		37,000,000	1,901,962	0	1,901,962
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 12 basis points	At Maturity	Royal Bank of Canada	Feb 2025		38,000,000	1,952,752	0	1,952,752
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 12 basis points	At Maturity	Royal Bank of Canada	Feb 2025		39,000,000	2,004,141	0	2,004,141
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 9 basis points	At Maturity	Goldman Sachs Bank USA	Feb 2025		29,000,000	1,541,193	0	1,541,193
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 9 basis points	At Maturity	Goldman Sachs Bank USA	Mar 2025		30,000,000	1,594,338	0	1,594,338
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 13 basis points	At Maturity	JPMorgan Chase Bank NA	Mar 2025		48,000,000	2,519,460	0	2,519,460
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 13 basis points	At Maturity	JPMorgan Chase Bank NA	Mar 2025		46,000,000	2,358,937	0	2,358,937
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 11 basis points	At Maturity	Citibank NA	Mar 2025		36,000,000	1,959,030	0	1,959,030
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 11 basis points	At Maturity	Citibank NA	Mar 2025		35,000,000	1,904,612	0	1,904,612
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 12 basis points	At Maturity	Royal Bank of Canada	Mar 2025		29,000,000	1,785,958	0	1,785,958
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 7 basis points	At Maturity	Merrill Lynch International	Apr 2025		45,000,000	1,354,160	0	1,354,160
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 7 basis points	At Maturity	Merrill Lynch International	Apr 2025		36,000,000	(571,469)	0	(571,469)
Bloomberg Commodity Index	Receives	At Maturity	3M US Auction Rate T-Bill plus 9 basis points	At Maturity	Merrill Lynch International	Apr 2025		25,000,000	(270,586)	0	(270,586)
TOTAL RETURN SWAPS									21,411,732	0	21,411,732

(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.

Legend

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

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

(c)

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 are available on the SEC's website or upon request.

(d)	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 $3,068,751.

(e)	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 $24,002,489.

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 ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	1,968,358,828	426,152,265	1,890,501,680	14,850,857	185,846	(185,845)	504,009,414	503,908,632	0.9%
Total	1,968,358,828	426,152,265	1,890,501,680	14,850,857	185,846	(185,845)	504,009,414	503,908,632

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.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2025, 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:

U.S. Treasury Obligations	44,618,347	-	44,618,347	-

Money Market Funds	504,009,414	504,009,414	-	-
Total Investments in Securities:	548,627,761	504,009,414	44,618,347	-
Derivative Instruments:

Assets
Futures Contracts	1,334,156	1,334,156	-	-
Swaps	22,253,787	-	22,253,787	-
Total Assets	23,987,543	1,334,156	22,253,787	-

Liabilities
Futures Contracts	(312,776)	(312,776)	-	-
Swaps	(842,055)	-	(842,055)	-
Total Liabilities	(1,154,831)	(312,776)	(842,055)	-
Total Derivative Instruments:	22,433,112	1,021,380	21,411,732	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2025. 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)	1,334,156	(312,776)
Swaps (b)	22,253,787	(842,055)
Total Commodity Risk	23,587,943	(1,154,831)
Total Value of Derivatives	23,587,943	(1,154,831)

(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).

(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) ($)
Citibank NA		5,765,604		-		-		-		5,765,604
Goldman Sachs Bank USA		3,135,531		-		(3,135,531)		-		-
JPMorgan Chase Bank NA		4,878,397		-		-		-		4,878,397
Merrill Lynch Intl		2,731,404		(842,055)		-		-		1,889,349
Royal Bank of Canada		5,742,851		-		(673,337)		-		5,069,514
Total	$	22,253,787	$	(842,055)	$	(3,808,868)	$	-	$	17,602,864

(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 Consolidated Financial Statements.

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
As of January 31, 2025 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $44,605,781)	$	44,618,347
Fidelity Central Funds (cost $503,937,631)		504,009,414


Total Investment in Securities (cost $548,543,412)			$	548,627,761
Cash				11,415
Receivable for fund shares sold				66,407
Distributions receivable from Fidelity Central Funds				1,841,782
Bi-lateral OTC swaps, at value				22,253,787
Prepaid expenses				6,250
Total assets				572,807,402
Liabilities
Payable for fund shares redeemed	$	5,700,454
Bi-lateral OTC swaps, at value		842,055
Payable for daily variation margin on futures contracts		232,126
Other payables and accrued expenses		2,854
Total liabilities				6,777,489
Net Assets			$	566,029,913
Net Assets consist of:
Paid in capital			$	728,996,795
Total accumulated earnings (loss)				(162,966,882)
Net Assets			$	566,029,913
Net Asset Value, offering price and redemption price per share ($566,029,913 ÷ 6,311,674 shares)			$	89.68

Consolidated Statement of Operations
Six months ended January 31, 2025 (Unaudited)
Investment Income
Interest			$	2,101,163
Income from Fidelity Central Funds				14,850,857
Total income				16,952,020
Expenses
Custodian fees and expenses	$	4,871
Independent trustees' fees and expenses		1,252
Subsidiary directors' fees		7,500
Legal		5,450
Total expenses before reductions		19,073
Expense reductions		(55)
Total expenses after reductions				19,018
Net Investment income (loss)				16,933,002
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		11,927
Fidelity Central Funds		185,846
Futures contracts		(27,113,943)
Swaps		(70,467,891)
Total net realized gain (loss)				(97,384,061)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		757
Fidelity Central Funds		(185,845)
Futures contracts		24,124,023
Swaps		87,857,221
Total change in net unrealized appreciation (depreciation)				111,796,156
Net gain (loss)				14,412,095
Net increase (decrease) in net assets resulting from operations			$	31,345,097

Consolidated Statement of Changes in Net Assets

		Six months ended January 31, 2025 (Unaudited)		Year ended July 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	16,933,002	$	103,819,528
Net realized gain (loss)		(97,384,061)		(62,938,295)
Change in net unrealized appreciation (depreciation)		111,796,156		(148,160,793)
Net increase (decrease) in net assets resulting from operations		31,345,097		(107,279,560)
Distributions to shareholders		(66,399,671)		(73,675,794)

Share transactions
Proceeds from sales of shares		39,995,263		820,344,193
Reinvestment of distributions		66,399,671		73,675,794
Cost of shares redeemed		(1,698,987,230)		(375,566,680)

Net increase (decrease) in net assets resulting from share transactions		(1,592,592,296)		518,453,307
Total increase (decrease) in net assets		(1,627,646,870)		337,497,953

Net Assets
Beginning of period		2,193,676,783		1,856,178,830
End of period	$	566,029,913	$	2,193,676,783

Other Information
Shares
Sold		450,166		8,472,573
Issued in reinvestment of distributions		783,979		752,001
Redeemed		(18,330,666)		(3,849,588)
Net increase (decrease)		(17,096,521)		5,374,986

Consolidated Financial Highlights

Fidelity® Series Commodity Strategy Fund

		Six months ended (Unaudited) January 31, 2025		Years ended July 31, 2024		2023 A		2022 A		2021 A		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	93.71	$	102.93	$	250.50	$	282.50	$	203.00	$	233.50
Income from Investment Operations
Net investment income (loss) B,C		2.27		5.24		4.47		.50		- D		3.00
Net realized and unrealized gain (loss)		4.68		(10.26)		(16.96)		53.00		80.50		(30.00)
Total from investment operations		6.95		(5.02)		(12.49)		53.50		80.50		(27.00)
Distributions from net investment income		(10.98)		(4.20)		(135.08)		(85.50)		(1.00)		(3.50)
Total distributions		(10.98)		(4.20)		(135.08)		(85.50)		(1.00)		(3.50)
Net asset value, end of period	$	89.68	$	93.71	$	102.93	$	250.50	$	282.50	$	203.00
Total Return E,F		8.35 %		(5.01)%		(8.29)%		26.51%		39.82%		(11.72)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.01% I		-% J		-% J		-% J		-% J		-% J
Expenses net of fee waivers, if any		.01 % I		-% J		-% J		-% J		-% J		-% J
Expenses net of all reductions		.01% I		-% J		-% J		-% J		-% J		-% J
Net investment income (loss)		5.01% I		5.42%		3.89%		.26%		.07%		1.30%
Supplemental Data
Net assets, end of period (000 omitted)	$	566,030	$	2,193,677	$	1,856,179	$	3,483,320	$	7,474,716	$	5,808,312
Portfolio turnover rate K		0 % I		0%		0%		0%		0%		0%

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

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.

DAmount represents less than $.005 per share.

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

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

GFees 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.

HExpense 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.

IAnnualized.

JAmount represents less than .005%.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Consolidated Financial Statements

(Unaudited)

For the period ended January 31, 2025

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.

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 Series Commodity Strategy Fund	Geode Series Commodity Return Cayman Ltd.	101,274,137	17.9

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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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:

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.

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 January 31, 2025 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. 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 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	$23,654,292
Gross unrealized depreciation	(1,154,831)
Net unrealized appreciation (depreciation)	$22,499,461
Tax cost	$548,543,412

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 prior fiscal period end and is subject to adjustment.

Short-term	$(85,414,793)
Long-term	(28,297,803)
Total capital loss carryforward	$(113,712,596)

New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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 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.

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.

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.

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	(27,113,943)	24,124,023
Swaps	(70,467,891)	87,857,221
Total Commodity Risk	(97,581,834)	111,981,244

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

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, unless an average notional amount is presented in the table below.

	Average Notional Amount ($)
Fidelity Series Commodity Strategy Fund	79.129.376

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.

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", and is representative of volume of activity during the period, unless an average notional amount is presented in the table below.

	Average Notional Amount ($)
Fidelity Series Commodity Strategy Fund	530,000,000

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.

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.

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. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2025 unless extended or renewed.

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 $55.

9. 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.

10. 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.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Commodity Strategy Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract (the Advisory Contract) with Geode Capital Management, LLC (Geode) and the fund's administration agreement with Fidelity Management & Research Company LLC (FMR). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contract and administration agreement throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contract, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contract before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contract. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of the fund and its shareholders and the fact that no fee is payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the fund's Advisory Contract was not based on any single factor and the factors may have been weighed differently by different Trustees.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Geode. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Geode's investment staff, including its size, education, experience, and resources, as well as Geode's approach to recruiting, managing, and compensating investment personnel. The Board considered that Geode's investment professionals have extensive resources, tools, and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. The Board also noted the extensive resources devoted by Fidelity to providing non-advisory services to the fund. The Board considered that Geode has established a Geode Fair Valuation Committee and undertaken compliance-related efforts in connection with Geode's designation as the fund's "valuation designee" pursuant to Rule 2a-5 under the Investment Company Act. Additionally, in its deliberations, the Board considered Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative services performed by Fidelity under separate agreements covering administration, transfer agency, and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives risk management. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contract should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered that while the fund does not pay a management fee, FMR pays Geode an asset-based management fee for providing services to the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that Geode has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through November 30, 2027.

Based on its review, the Board concluded that the management fee received by Geode for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Geode in managing the fund. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Geode presents to the Board information about the profitability of its relationship with the fund. In addition, a public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board concluded that the costs of the services provided by and the profits realized by Geode and Fidelity in connection with the operation of the fund were not material factors in the Board's decision to renew the Advisory Contract because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contract should be renewed through September 30, 2025.

1.899302.115

SCR-S-SANN-0425

Fidelity® SAI Inflation-Focused Fund

Semi-Annual Report

January 31, 2025

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

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® SAI Inflation-Focused Fund

Notes to Consolidated Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® SAI Inflation-Focused Fund

Consolidated Schedule of Investments January 31, 2025 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 9.1%
	Yield (%) (a)	Principal Amount (b)	Value ($)
US Treasury Bills 0% 4/17/2025 (d) (Cost $396,495,832)	4.25	400,000,000	396,607,528

Money Market Funds - 90.5%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c) (Cost $3,926,218,050)	4.37	3,925,432,964	3,926,218,050

TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $4,322,713,882)	4,322,825,578
NET OTHER ASSETS (LIABILITIES) - 0.4%	16,292,199
NET ASSETS - 100.0%	4,339,117,777

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

Commodity Contracts
CBOT Corn Contracts (United States)	294	Sep 2025	6,765,675	461,405	461,405
CBOT Corn Contracts (United States)	770	May 2025	18,980,500	(204,380)	(204,380)
CBOT Corn Contracts (United States)	4,111	Jul 2025	102,106,963	5,086,368	5,086,368
CBOT KC HRW Wheat Contracts (United States)	567	Sep 2025	17,307,675	390,655	390,655
CBOT KC HRW Wheat Contracts (United States)	599	May 2025	17,640,550	770,239	770,239
CBOT Soybean Contracts (United States)	1,035	May 2025	54,725,625	(523,815)	(523,815)
CBOT Soybean Contracts (United States)	1,844	Jul 2025	98,861,450	(214,125)	(214,125)
CBOT Soybean Contracts (United States)	295	Nov 2025	15,502,250	697,176	697,176
CBOT Soybean Meal Contracts (United States)	277	Dec 2025	8,933,250	(101,351)	(101,351)
CBOT Soybean Meal Contracts (United States)	1,842	May 2025	57,028,320	(437,116)	(437,116)
CBOT Soybean Oil Contracts (United States)	2,028	Dec 2025	55,595,592	3,681,950	3,681,950
CBOT Soybean Oil Contracts (United States)	1,176	May 2025	32,824,512	732,744	732,744
CBOT Soybean Oil Contracts (United States)	472	Jul 2025	13,225,440	262,272	262,272
CBOT Wheat Contracts (United States)	882	Sep 2025	26,371,800	(4,904)	(4,904)
CBOT Wheat Contracts (United States)	937	May 2025	26,809,913	1,014,937	1,014,937
CME Lean Hogs Contracts (United States)	463	Apr 2025	16,732,820	2,887,160	2,887,160
CME Lean Hogs Contracts (United States)	275	Aug 2025	11,291,500	(20,108)	(20,108)
CME Lean Hogs Contracts (United States)	166	Oct 2025	5,677,200	171,326	171,326
CME Live Cattle Contracts (United States)	1,654	Apr 2025	133,841,680	4,665,233	4,665,233
COMEX Copper Contracts (United States)	913	May 2025	98,217,325	(632,546)	(632,546)
COMEX Copper Contracts (United States)	461	Jul 2025	50,014,538	453,344	453,344
COMEX Gold 100 oz Contracts (United States)	1,434	Apr 2025	405,983,640	16,515,068	16,515,068
COMEX Silver Contracts (United States)	790	Mar 2025	127,309,375	3,573,520	3,573,520
ICE Brent Crude Contracts (United Kingdom)	10,461	Mar 2025	789,574,440	(16,608,325)	(16,608,325)
ICE Coffee C Contracts (United States)	483	Sep 2025	64,217,869	8,336,306	8,336,306
ICE Coffee C Contracts (United States)	470	May 2025	65,450,438	3,314,128	3,314,128
ICE Cotton No 2 Contracts (United States)	459	Dec 2025	15,768,945	(353,779)	(353,779)
ICE Cotton No 2 Contracts (United States)	369	Jul 2025	12,588,435	(19,444)	(19,444)
ICE Low Sulphur Gasoil Contracts (United Kingdom)	4,363	May 2025	303,225,125	1,012,465	1,012,465
ICE Sugar No 11 Contracts (United States)	5,423	Apr 2025	108,598,829	(3,870,551)	(3,870,551)
LME Aluminum Contracts (United Kingdom)	607	Jul 2025	39,504,622	(155,310)	(155,310)
LME Aluminum Contracts (United Kingdom)	2,278	May 2025	147,943,002	(1,561,900)	(1,561,900)
LME Aluminum Contracts (United Kingdom)	2,800	Mar 2025	182,472,500	3,655,263	3,655,263
LME Lead Contracts (United Kingdom)	166	Sep 2025	8,259,247	(379,582)	(379,582)
LME Lead Contracts (United Kingdom)	167	Jul 2025	8,246,377	(368,256)	(368,256)
LME Lead Contracts (United Kingdom)	592	May 2025	28,981,064	(999,435)	(999,435)
LME Lead Contracts (United Kingdom)	371	Mar 2025	17,942,766	(948,591)	(948,591)
LME Nickel Contracts (United Kingdom)	235	Jul 2025	21,715,607	(1,173,760)	(1,173,760)
LME Nickel Contracts (United Kingdom)	670	May 2025	61,355,813	(4,260,373)	(4,260,373)
LME Nickel Contracts (United Kingdom)	905	Mar 2025	82,058,812	(4,832,458)	(4,832,458)
LME Zinc Contracts (United Kingdom)	319	Jul 2025	22,037,397	(2,764,259)	(2,764,259)
LME Zinc Contracts (United Kingdom)	1,184	May 2025	81,423,976	(5,062,910)	(5,062,910)
LME Zinc Contracts (United Kingdom)	1,241	Mar 2025	84,454,704	(4,960,712)	(4,960,712)
NYMEX Gasoline RBOB Contracts (United States)	1,528	Aug 2025	138,748,512	4,552,071	4,552,071
NYMEX Gasoline RBOB Contracts (United States)	402	Apr 2025	38,823,070	125,059	125,059
NYMEX NY Harbor ULSD Contracts (United States)	2,464	Apr 2025	241,894,867	10,324,934	10,324,934
NYMEX Natural Gas Contracts (United States)	3,721	Jun 2025	133,702,670	5,673,248	5,673,248
NYMEX Natural Gas Contracts (United States)	1,463	Apr 2025	47,199,260	(272,409)	(272,409)
NYMEX WTI Crude Oil Contracts (United States)	9,425	Apr 2025	678,578,920	(573,537)	(573,537)

TOTAL PURCHASED					27,052,935

Sold

Commodity Contracts
LME Aluminum Contracts (United Kingdom)	577	May 2025	37,472,832	137,765	137,765
LME Aluminum Contracts (United Kingdom)	2,800	Mar 2025	182,472,500	(807,728)	(807,728)
LME Lead Contracts (United Kingdom)	166	Sep 2025	8,259,247	(1,733)	(1,733)
LME Lead Contracts (United Kingdom)	255	May 2025	12,483,398	676,324	676,324
LME Lead Contracts (United Kingdom)	371	Mar 2025	17,942,766	934,502	934,502
LME Nickel Contracts (United Kingdom)	206	May 2025	18,864,623	1,073,871	1,073,871
LME Nickel Contracts (United Kingdom)	905	Mar 2025	82,058,812	5,559,033	5,559,033
LME Zinc Contracts (United Kingdom)	33	Jul 2025	2,279,731	90,129	90,129
LME Zinc Contracts (United Kingdom)	621	May 2025	42,706,325	4,933,810	4,933,810
LME Zinc Contracts (United Kingdom)	1,241	Mar 2025	84,454,704	6,348,430	6,348,430

TOTAL SOLD					18,944,403

TOTAL FUTURES CONTRACTS					45,997,338
The notional amount of futures purchased as a percentage of Net Assets is 111.2%
The notional amount of futures sold as a percentage of Net Assets is 11.3%

Legend

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

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

(c)

(d)	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 $350,489,013.

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 ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	3,754,296,007	2,973,902,823	2,801,980,780	92,007,121	-	-	3,926,218,050	3,925,432,964	6.7%
Total	3,754,296,007	2,973,902,823	2,801,980,780	92,007,121	-	-	3,926,218,050	3,925,432,964

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

Investment Valuation

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

U.S. Treasury Obligations	396,607,528	-	396,607,528	-

Money Market Funds	3,926,218,050	3,926,218,050	-	-
Total Investments in Securities:	4,322,825,578	3,926,218,050	396,607,528	-
Derivative Instruments:

Assets
Futures Contracts	98,110,735	98,110,735	-	-
Total Assets	98,110,735	98,110,735	-	-

Liabilities
Futures Contracts	(52,113,397)	(52,113,397)	-	-
Total Liabilities	(52,113,397)	(52,113,397)	-	-
Total Derivative Instruments:	45,997,338	45,997,338	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Commodity Risk
Futures Contracts (a)	98,110,735	(52,113,397)
Total Commodity Risk	98,110,735	(52,113,397)
Total Value of Derivatives	98,110,735	(52,113,397)

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
As of January 31, 2025 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $396,495,832)	$	396,607,528
Fidelity Central Funds (cost $3,926,218,050)		3,926,218,050


Total Investment in Securities (cost $4,322,713,882)			$	4,322,825,578
Receivable for fund shares sold				5,105,359
Distributions receivable from Fidelity Central Funds				14,440,310
Receivable for daily variation margin on futures contracts				260,277
Prepaid expenses				3,227
Total assets				4,342,634,751
Liabilities
Payable for fund shares redeemed	$	2,115,555
Accrued management fee		1,367,582
Other payables and accrued expenses		33,837
Total liabilities				3,516,974
Net Assets			$	4,339,117,777
Net Assets consist of:
Paid in capital			$	4,468,135,713
Total accumulated earnings (loss)				(129,017,936)
Net Assets			$	4,339,117,777
Net Asset Value, offering price and redemption price per share ($4,339,117,777 ÷ 48,816,060 shares)			$	88.89

Consolidated Statement of Operations
Six months ended January 31, 2025 (Unaudited)
Investment Income
Interest			$	8,406,605
Income from Fidelity Central Funds				92,007,121
Total income				100,413,726
Expenses
Management fee	$	7,874,736
Custodian fees and expenses		269
Independent trustees' fees and expenses		5,413
Registration fees		96,931
Audit fees		33,676
Subsidiary directors' fees		7,500
Legal		2,173
Miscellaneous		6,867
Total expenses				8,027,565
Net Investment income (loss)				92,386,161
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		49,337
Futures contracts		(43,916,681)
Total net realized gain (loss)				(43,867,344)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		111,191
Futures contracts		141,135,735
Total change in net unrealized appreciation (depreciation)				141,246,926
Net gain (loss)				97,379,582
Net increase (decrease) in net assets resulting from operations			$	189,765,743

Consolidated Statement of Changes in Net Assets

		Six months ended January 31, 2025 (Unaudited)		Year ended July 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	92,386,161	$	169,309,267
Net realized gain (loss)		(43,867,344)		(110,337,540)
Change in net unrealized appreciation (depreciation)		141,246,926		(104,290,125)
Net increase (decrease) in net assets resulting from operations		189,765,743		(45,318,398)
Distributions to shareholders		(191,786,297)		(62,922,322)

Share transactions
Proceeds from sales of shares		821,305,551		2,673,861,966
Reinvestment of distributions		144,328,382		54,807,789
Cost of shares redeemed		(898,294,981)		(1,200,949,856)

Net increase (decrease) in net assets resulting from share transactions		67,338,952		1,527,719,899
Total increase (decrease) in net assets		65,318,398		1,419,479,179

Net Assets
Beginning of period		4,273,799,379		2,854,320,200
End of period	$	4,339,117,777	$	4,273,799,379

Other Information
Shares
Sold		9,478,372		30,494,029
Issued in reinvestment of distributions		1,731,180		617,401
Redeemed		(10,411,613)		(13,183,050)
Net increase (decrease)		797,939		17,928,380

Share activity amounts in the Other Information section have been adjusted to reflect the impact of the reverse share split. See Organization note.

Consolidated Financial Highlights

Fidelity® SAI Inflation-Focused Fund

		Six months ended (Unaudited) January 31, 2025		Years ended July 31, 2024		2023 A		2022 A		2021 A		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	89.00	$	94.90	$	123.20	$	132.10	$	93.10	$	103.40
Income from Investment Operations
Net investment income (loss) B,C		1.93		4.32		3.20		8.90		5.00		1.20
Net realized and unrealized gain (loss)		2.00		(8.17)		(19.10)		18.10		37.20		(9.30)
Total from investment operations		3.93		(3.85)		(15.90)		27.00		42.20		(8.10)
Distributions from net investment income		(4.04)		(2.05)		(12.20)		(35.40)		(3.20)		(2.00)
Distributions from net realized gain		-		-		(.10)		(.50)		-		(.20)
Total distributions		(4.04)		(2.05)		(12.40) D		(35.90)		(3.20)		(2.20)
Net asset value, end of period	$	88.89	$	89.00	$	94.90	$	123.20	$	132.10	$	93.10
Total Return E,F		4.77 %		(4.03)%		(13.81)%		27.48%		46.61%		(8.05)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.38% I		.39%		.39%		.40%		.40%		.41%
Expenses net of fee waivers, if any		.38 % I		.39%		.39%		.40%		.40%		.41%
Expenses net of all reductions		.38% I		.39%		.39%		.40%		.40%		.41%
Net investment income (loss)		4.42% I		4.80%		3.29%		7.18%		4.15%		1.18%
Supplemental Data
Net assets, end of period (000 omitted)	$	4,339,118	$	4,273,799	$	2,854,320	$	3,910,414	$	1,768,220	$	32,230
Portfolio turnover rate J		0 % I		0%		61%		135%		101%		40%

APer share amounts have been adjusted to reflect the impact of the 1 for 10 reverse share split that occurred on September 22, 2023.

BCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Consolidated Financial Statements

(Unaudited)

For the period ended January 31, 2025

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 22, 2023, the Fund underwent a 1 for 10 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 1:10, 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 Consolidated Financial Highlights and Shares activity presented in the Consolidated Statement of Changes in Net Assets for prior fiscal years of 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 SAI Inflation-Focused Fund	Geode SAI Inflation-Focused Cayman Ltd.	706,675,968	16.3

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.

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	$223,005,499
Gross unrealized depreciation	(176,896,465)
Net unrealized appreciation (depreciation)	$46,109,034
Tax cost	$4,322,713,882

Short-term	$(111,338,474)
Long-term	(115,643,872)
Total capital loss carryforward	$(226,982,346)

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.

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 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.

	Average Notional Amount ($)
Fidelity SAI Inflation-Focused Fund	5,304,504,332

6. Fees and Other Transactions with Affiliates.

Fidelity Management & Research Company LLC (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 line of credit agreement will expire in March 2025 unless extended or renewed.

	Amount ($)
Fidelity SAI Inflation-Focused Fund	2,670

8. Other.

9. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI Inflation-Focused Fund

At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Geode from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contract was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Geode, and also considered Geode's implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Geode. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Geode's investment staff, including its size, education, experience, and resources, as well as Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Geode's investment professionals have extensive resources, tools, and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. The Board also noted the extensive resources devoted by Fidelity to providing non-advisory services to the fund. The Board considered that Geode has established a Geode Fair Valuation Committee and undertaken compliance-related efforts in connection with Geode's designation as the fund's "valuation designee" pursuant to Rule 2a-5 under the Investment Company Act. Additionally, in its deliberations, the Board considered Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative and shareholder services performed by Fidelity under separate agreements covering administration, transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives risk management. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

The Board took into account discussions that occur with representatives of Geode, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Geode or Fidelity the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contract should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses paid by Geode under the fund's management contract. The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. The Board also noted that Geode may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.

Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.50% through November 30, 2025.

Fees Charged to Other Geode and Fidelity Clients. The Board also considered information, including fee rates, about management services provided by Geode to other clients, if any, in the same strategy as the fund. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Geode in managing the fund and Fidelity in conducting the business of developing, marketing, distributing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Geode presents to the Board information about the profitability of its relationship with the fund. In addition, Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Geode and Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management and/or servicing of the fund and other Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstance and that the fund's Advisory Contract should be renewed through September 30, 2025.

1.9892163.106

IFF-SANN-0425

Fidelity® Commodity Strategy Fund

Semi-Annual Report

January 31, 2025

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Commodity Strategy Fund

Notes to Consolidated Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Commodity Strategy Fund

Consolidated Schedule of Investments January 31, 2025 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 8.5%
	Yield (%) (a)	Principal Amount (b)	Value ($)
US Treasury Bills 0% 4/17/2025 (d) (Cost $4,262,330)	4.25	4,300,000	4,263,531

Money Market Funds - 91.7%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c) (Cost $45,787,314)	4.37	45,778,159	45,787,315

TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $50,049,644)	50,050,846
NET OTHER ASSETS (LIABILITIES) - (0.2)%	(84,119)
NET ASSETS - 100.0%	49,966,727

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

Commodity Contracts
CBOT Corn Contracts (United States)	119	Mar 2025	2,867,900	235,456	235,456
CBOT KC HRW Wheat Contracts (United States)	32	Mar 2025	926,800	15,100	15,100
CBOT Soybean Contracts (United States)	58	Mar 2025	3,021,800	103,419	103,419
CBOT Soybean Meal Contracts (United States)	56	Mar 2025	1,686,160	16,625	16,625
CBOT Soybean Oil Contracts (United States)	66	Mar 2025	1,825,956	117,883	117,883
CBOT Wheat Contracts (United States)	50	Mar 2025	1,398,750	(22,751)	(22,751)
CME Lean Hogs Contracts (United States)	27	Apr 2025	975,780	23,012	23,012
CME Live Cattle Contracts (United States)	22	Apr 2025	1,780,240	39,250	39,250
COMEX Copper Contracts (United States)	25	Mar 2025	2,662,188	(6,284)	(6,284)
COMEX Gold 100 oz Contracts (United States)	26	Apr 2025	7,360,860	301,299	301,299
COMEX Silver Contracts (United States)	14	Mar 2025	2,256,100	67,370	67,370
ICE Brent Crude Contracts (United Kingdom)	50	Mar 2025	3,774,000	(79,414)	(79,414)
ICE Coffee C Contracts (United States)	12	Mar 2025	1,700,325	547,183	547,183
ICE Cotton No 2 Contracts (United States)	23	Mar 2025	757,620	(59,299)	(59,299)
ICE Low Sulphur Gasoil Contracts (United States)	20	Mar 2025	1,420,000	78,878	78,878
ICE Sugar No 11 Contracts (United States)	67	Feb 2025	1,452,024	15,780	15,780
LME Aluminum Contracts (United Kingdom)	32	Mar 2025	2,150,569	4,920	4,920
LME Lead Contracts (United Kingdom)	9	Mar 2025	435,269	(22,358)	(22,358)
LME Nickel Contracts (United Kingdom)	13	Mar 2025	1,178,745	(68,787)	(68,787)
LME Zinc Contracts (United Kingdom)	15	Mar 2025	1,224,968	(171,843)	(171,843)
NYMEX Gasoline RBOB Contracts (United States)	12	Feb 2025	1,044,338	40,595	40,595
NYMEX NY Harbor ULSD Contracts (United States)	11	Feb 2025	1,119,472	89,232	89,232
NYMEX Natural Gas Contracts (United States)	125	Feb 2025	3,831,040	419,620	419,620
NYMEX WTI Crude Oil Contracts (United States)	46	Feb 2025	3,372,720	215,734	215,734

TOTAL PURCHASED					1,900,620

Sold

Commodity Contracts
LME Aluminum Contracts (United Kingdom)	1	Mar 2025	65,169	(606)	(606)
LME Zinc Contracts (United Kingdom)	3	Mar 2025	204,161	9,314	9,314

TOTAL SOLD					8,708

TOTAL FUTURES CONTRACTS					1,909,328
The notional amount of futures purchased as a percentage of Net Assets is 100.5%
The notional amount of futures sold as a percentage of Net Assets is 0.5%

Legend

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

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

(c)

(d)	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 $3,575,417.

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 ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	41,640,074	29,250,811	25,103,570	1,038,858	-	-	45,787,315	45,778,159	0.1%
Total	41,640,074	29,250,811	25,103,570	1,038,858	-	-	45,787,315	45,778,159

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

Investment Valuation

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

U.S. Treasury Obligations	4,263,531	-	4,263,531	-

Money Market Funds	45,787,315	45,787,315	-	-
Total Investments in Securities:	50,050,846	45,787,315	4,263,531	-
Derivative Instruments:

Assets
Futures Contracts	2,340,670	2,340,670	-	-
Total Assets	2,340,670	2,340,670	-	-

Liabilities
Futures Contracts	(431,342)	(431,342)	-	-
Total Liabilities	(431,342)	(431,342)	-	-
Total Derivative Instruments:	1,909,328	1,909,328	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Commodity Risk
Futures Contracts (a)	2,340,670	(431,342)
Total Commodity Risk	2,340,670	(431,342)
Total Value of Derivatives	2,340,670	(431,342)

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
As of January 31, 2025 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $4,262,330)	$	4,263,531
Fidelity Central Funds (cost $45,787,314)		45,787,315


Total Investment in Securities (cost $50,049,644)			$	50,050,846
Cash				19,261
Receivable for fund shares sold				129,759
Distributions receivable from Fidelity Central Funds				168,814
Prepaid expenses				6,250
Total assets				50,374,930
Liabilities
Payable for fund shares redeemed	$	76,536
Accrued management fee		16,593
Payable for daily variation margin on futures contracts		306,276
Other affiliated payables		8,297
Other payables and accrued expenses		501
Total liabilities				408,203
Net Assets			$	49,966,727
Net Assets consist of:
Paid in capital			$	47,402,218
Total accumulated earnings (loss)				2,564,509
Net Assets			$	49,966,727
Net Asset Value, offering price and redemption price per share ($49,966,727 ÷ 525,393 shares)			$	95.10

Consolidated Statement of Operations
Six months ended January 31, 2025 (Unaudited)
Investment Income
Interest			$	82,561
Income from Fidelity Central Funds				1,038,858
Total income				1,121,419
Expenses
Management fee	$	92,723
Transfer agent fees		46,139
Custodian fees and expenses		1,099
Independent trustees' fees and expenses		60
Subsidiary directors' fees		7,500
Legal		5,450
Total expenses before reductions		152,971
Expense reductions		(25)
Total expenses after reductions				152,946
Net Investment income (loss)				968,473
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(49)
Futures contracts		(2,169,623)
Total net realized gain (loss)				(2,169,672)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,270
Futures contracts		4,804,304
Total change in net unrealized appreciation (depreciation)				4,805,574
Net gain (loss)				2,635,902
Net increase (decrease) in net assets resulting from operations			$	3,604,375

Consolidated Statement of Changes in Net Assets

		Six months ended January 31, 2025 (Unaudited)		Year ended July 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	968,473	$	2,421,856
Net realized gain (loss)		(2,169,672)		263,271
Change in net unrealized appreciation (depreciation)		4,805,574		(5,773,383)
Net increase (decrease) in net assets resulting from operations		3,604,375		(3,088,256)
Distributions to shareholders		(1,702,519)		(2,100,169)

Share transactions
Proceeds from sales of shares		9,015,357		14,495,788
Reinvestment of distributions		1,702,519		2,100,169
Cost of shares redeemed		(6,404,008)		(21,530,147)

Net increase (decrease) in net assets resulting from share transactions		4,313,868		(4,934,190)
Total increase (decrease) in net assets		6,215,724		(10,122,615)

Net Assets
Beginning of period		43,751,003		53,873,618
End of period	$	49,966,727	$	43,751,003

Other Information
Shares
Sold		98,157		152,402
Issued in reinvestment of distributions		19,005		21,902
Redeemed		(69,920)		(231,848)
Net increase (decrease)		47,242		(57,544)

Consolidated Financial Highlights

Fidelity® Commodity Strategy Fund

		Six months ended (Unaudited) January 31, 2025		Years ended July 31, 2024		2023 A		2022 A		2021 A		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	91.50	$	100.57	$	170.72	$	157.44	$	113.44	$	138.08
Income from Investment Operations
Net investment income (loss) B,C		1.92		4.52		3.52		(.48)		(.80)		1.92
Net realized and unrealized gain (loss)		5.13		(9.87)		(14.51)		34.88		44.80		(17.28)
Total from investment operations		7.05		(5.35)		(10.99)		34.40		44.00		(15.36)
Distributions from net investment income		(3.45)		(3.72)		(59.16)		(21.12)		-		(9.12)
Distributions from tax return of capital		-		-		-		-		-		(.16)
Total distributions		(3.45)		(3.72)		(59.16)		(21.12)		-		(9.28)
Net asset value, end of period	$	95.10	$	91.50	$	100.57	$	170.72	$	157.44	$	113.44
Total Return D,E		7.99 %		(5.45)%		(8.66)%		25.08%		38.98%		(12.10)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.66% H		.63%		.62%		.61%		.62%		.61%
Expenses net of fee waivers, if any		.66 % H		.63%		.62%		.61%		.62%		.61%
Expenses net of all reductions		.66% H		.63%		.62%		.61%		.62%		.61%
Net investment income (loss)		4.18% H		4.78%		3.27%		(.31)%		(.56)%		1.41%
Supplemental Data
Net assets, end of period (000 omitted)	$	49,967	$	43,751	$	53,874	$	104,742	$	153,969	$	22,221
Portfolio turnover rate I		0 % H		0%		0%		0%		0%		0%

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

BCalculated based on average shares outstanding during the period.

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 Consolidated 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Consolidated Financial Statements

(Unaudited)

For the period ended January 31, 2025

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.

2. Consolidated Subsidiary.

	Subsidiary Name	Net Assets of Subsidiary ($)	% of Fund's Net Assets
Fidelity Commodity Strategy Fund	Geode Commodity Strategy Cayman Ltd.	8,955,249	17.9

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%