N-CSRS 1 main.htm

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 811-3480

Fidelity Oxford Street Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

February 28

 

 

Date of reporting period:

August 31, 2010

Item 1. Reports to Stockholders

Fidelity®

Four-in-One Index

Fund

Semiannual Report

August 31, 2010
(2_fidelity_logos) (Registered_Trademark)


Contents

Chairman's Message

<Click Here>

The Chairman's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report


Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

A yearlong uptrend in global equity markets reversed course in late April 2010 when investor sentiment turned bearish due in great measure to concern that Europe's debt crisis would expand and slow or derail economic recovery. However, a bounceback in July helped to recover some of the ground that was lost. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Abigail P. Johnson

Semiannual Report


Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio

Beginning
Account Value
March 1, 2010

Ending
Account Value
August 31, 2010

Expenses Paid
During Period
*
March 1, 2010
to August 31, 2010

Actual

.08%

$ 1,000.00

$ 980.10

$ .40

Hypothetical (5%
return per year
before expenses)

 

$ 1,000.00

$ 1,024.80

$ .41

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

Semiannual Report


Investment Changes (Unaudited)

Fund Holdings as of August 31, 2010

 

% of fund's
net assets

% of fund's
net assets
6 months ago

Target
Investment
Allocation

Spartan 500 Index Fund Investor Class

47.9%

47.9%

48.0%

Spartan Extended Market Index Fund Investor Class

12.0

12.0

12.0

Spartan International Index Fund Investor Class

25.0

25.1

25.0

Fidelity U.S. Bond Index Fund

15.1

15.0

15.0

 

100.0%

100.0%

100.0%

Asset Allocation (% of fund's net assets)

As of August 31, 2010

fid16296

Domestic Equity Funds 59.9%

 

fid16298

International Equity Funds 25.0%

 

fid16300

Investment Grade
Fixed-Income Funds 15.1%

 

fid16302

As of February 28, 2010

fid16304

Domestic Equity Funds 59.9%

 

fid16306

International Equity Funds 25.1%

 

fid16308

Investment Grade
Fixed-Income Funds 15.0%

 

fid16310

Semiannual Report


Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 84.9%

Shares

Value

Domestic Equity Funds - 59.9%

Spartan 500 Index Fund Investor Class

25,082,751

$ 934,834,117

Spartan Extended Market Index Fund Investor Class

7,776,017

233,747,059

TOTAL DOMESTIC EQUITY FUNDS

1,168,581,176

International Equity Funds - 25.0%

Spartan International Index Fund Investor Class

15,851,886

486,652,900

TOTAL EQUITY FUNDS

(Cost $1,735,824,430)

1,655,234,076

Fixed-Income Funds - 15.1%

 

 

 

 

Investment Grade Fixed-Income Funds - 15.1%

Fidelity U.S. Bond Index Fund
(Cost $270,794,341)

25,150,006

293,500,571

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,006,618,771)

1,948,734,647

NET OTHER ASSETS (LIABILITIES) - 0.0%

26,119

NET ASSETS - 100%

$ 1,948,760,766

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At February 28, 2010, the Fund had a capital loss carryforward of approximately $68,724,225 of which $347,777 and $68,376,448 will expire on February 28, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

 

August 31, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (cost $2,006,618,771) - See accompanying schedule

$ 1,948,734,647

Cash

2

Receivable for investments sold

13,521,449

Receivable for fund shares sold

2,761,611

Receivable from affiliate for expense reductions

33,733

Total assets

1,965,051,442

 

 

 

Liabilities

Payable for investments purchased

$ 14,615,121

Payable for fund shares redeemed

1,508,296

Accrued management fee

167,259

Total liabilities

16,290,676

 

 

 

Net Assets

$ 1,948,760,766

Net Assets consist of:

 

Paid in capital

$ 2,120,437,720

Undistributed net investment income

12,798,397

Accumulated undistributed net realized gain (loss) on investments

(126,591,227)

Net unrealized appreciation (depreciation) on investments

(57,884,124)

Net Assets, for 82,975,246 shares outstanding

$ 1,948,760,766

Net Asset Value, offering price and redemption price per share ($1,948,760,766 ÷ 82,975,246 shares)

$ 23.49

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended August 31, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Income distributions from underlying funds

 

$ 14,025,226

 

 

 

Expenses

Management fee

$ 1,031,272

Independent trustees' compensation

3,694

Total expenses before reductions

1,034,966

Expense reductions

(206,985)

827,981

Net investment income (loss)

13,197,245

Realized and Unrealized Gain (Loss)

Realized gain (loss) on sale of underlying fund shares

(20,248,838)

Capital gain distributions from underlying funds

2,645,329

(17,603,509)

Change in net unrealized appreciation (depreciation) on underlying funds

(38,754,385)

Net gain (loss)

(56,357,894)

Net increase (decrease) in net assets resulting from operations

$ (43,160,649)

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended August 31, 2010 (Unaudited)

Year ended
February 28,
2010

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 13,197,245

$ 43,396,632

Net realized gain (loss)

(17,603,509)

(73,829,175)

Change in net unrealized appreciation (depreciation)

(38,754,385)

643,656,396

Net increase (decrease) in net assets resulting
from operations

(43,160,649)

613,223,853

Distributions to shareholders from net investment income

(3,032,520)

(41,777,464)

Distributions to shareholders from net realized gain

-

(2,542,772)

Total distributions

(3,032,520)

(44,320,236)

Share transactions
Proceeds from sales of shares

229,711,962

649,319,130

Reinvestment of distributions

2,904,072

42,259,710

Cost of shares redeemed

(297,870,423)

(434,475,572)

Net increase (decrease) in net assets resulting from share transactions

(65,254,389)

257,103,268

Total increase (decrease) in net assets

(111,447,558)

826,006,885

 

 

 

Net Assets

Beginning of period

2,060,208,324

1,234,201,439

End of period (including undistributed net investment income of $12,798,397 and undistributed net investment income of $2,633,672, respectively)

$ 1,948,760,766

$ 2,060,208,324

Other Information

Shares

Sold

9,317,048

29,854,067

Issued in reinvestment of distributions

112,802

1,744,576

Redeemed

(12,290,078)

(19,945,541)

Net increase (decrease)

(2,860,228)

11,653,102

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

Semiannual Report

Financial Highlights

 

Six months ended August 31, 2010

Years ended February 28,

 

(Unaudited)

2010

2009

2008 G

2007

2006

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 24.00

$ 16.64

$ 28.30

$ 29.69

$ 27.21

$ 25.13

Income from Investment Operations

 

 

 

 

 

 

Net investment
income (loss) D

  .16

  .54

  .64

  .69

  .57

  .49

Net realized and unrealized gain (loss)

  (.63)

  7.35

  (11.56)

  (1.24)

  2.77

  2.05

Total from investment operations

  (.47)

  7.89

  (10.92)

  (.55)

  3.34

  2.54

Distributions from net investment income

  (.04)

  (.50)

  (.62)

  (.66)

  (.53)

  (.45)

Distributions from net realized gain

  -

  (.03)

  (.12)

  (.18)

  (.33)

  (.01)

Total distributions

  (.04)

  (.53)

  (.74)

  (.84)

  (.86)

  (.46)

Net asset value, end of period

$ 23.49

$ 24.00

$ 16.64

$ 28.30

$ 29.69

$ 27.21

Total Return B, C

  (1.99)%

  47.36%

  (39.07)%

  (2.06)%

  12.38%

  10.16%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .10% A

  .10%

  .10%

  .10%

  .10%

  .10%

Expenses net of fee waivers,
if any

  .08% A

  .08%

  .08%

  .08%

  .08%

  .08%

Expenses net of all reductions

  .08% A

  .08%

  .08%

  .08%

  .08%

  .08%

Net investment
income (loss)

  1.28% A

  2.42%

  2.65%

  2.24%

  2.03%

  1.90%

Supplemental Data

 

 

 

 

 

Net assets,
end of period (000 omitted)

$ 1,948,761

$ 2,060,208

$ 1,234,201

$ 1,838,953

$ 1,702,467

$ 1,139,333

Portfolio turnover rate E

  21% A

  26%

  21%

  8%

  1%

  3%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Amounts do not include the activity of the underlying funds. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G For the year ended February 29.

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

Semiannual Report


Notes to Financial Statements

For the period ended August 31, 2010 (Unaudited)

1. Organization.

Fidelity Four-in-One Index 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 Delaware statutory trust. The Fund invests primarily in a combination of Fidelity index funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Geode Capital Management, LLC serves as sub-adviser for the underlying stock funds.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund's Schedule of Investments lists each of the Underlying Funds as an investment of the Fund but does not include the underlying holdings of each Underlying Fund. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 the Underlying Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Semiannual Report

2. Significant Accounting Policies - continued

Expenses. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. 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, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of August 31, 2010, the Fund did not have any unrecognized tax benefits in the accompanying financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to short-term gain distributions from the Underlying Funds, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 79,250,353

Gross unrealized depreciation

(166,945,416)

Net unrealized appreciation (depreciation)

$ (87,695,063)

 

 

Tax cost

$ 2,036,429,710

3. Purchases and Sales of Investments.

Purchases and redemptions of the Underlying Fund shares aggregated $217,316,277 and $269,760,840, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates.

Management Fee. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of FMR, provides the Fund with investment management related services. For these services the Fund pays a monthly management fee to Strategic Advisers. The management fee is computed at an annual rate of .10% of the Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

Other Transactions. Strategic Advisers has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of the Fund. Pursuant to this agreement, FMR pays all expenses of the Fund, excluding the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of the Fund. For the services under the agreement, Strategic Advisers pays FMR a monthly administration fee equal to the management fee received by Strategic Advisers, minus an amount equal to an annual rate of .02% of the Fund's average net assets. The Fund does not pay any fees for these services.

5. Expense Reductions.

FMR voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded .08% of average net assets. Some expenses, for example interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $206,985.

6. Other.

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

Semiannual Report


Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)
Fidelity Automated
Service Telephone (FAST
®)
1-800-544-5555

Press

fid16312For mutual fund and brokerage trading.

fid16314For quotes.*

fid16316For account balances and holdings.

fid16318To review orders and mutual
fund activity.

fid16320To change your PIN.

fid16322fid16324To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)
Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

Investment Adviser

Strategic Advisers, Inc.
Boston, MA

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA 

Fidelity Service Company, Inc.
Boston, MA 

Custodian

The Bank of New York Mellon
New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST ®) fid16326 1-800-544-5555

fid16326 Automated line for quickest service

IDV-USAN-1010
1.790939.107

fid16329

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Oxford Street Trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Oxford Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Oxford Street Trust

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

November 3, 2010

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

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

November 3, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 3, 2010