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)
Cynthia Lo Bessette, 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, 2023 |
Item 1.
Reports to Stockholders
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Contents
Commodity Sector Diversification as of January 31, 2023* |
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* The Fund does not invest directly in physical commodities. |
Commodity Instruments as of January 31, 2023* |
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U.S. Treasury Inflation-Protected Obligations - 96.4% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Inflation-Indexed Bonds: | |||
1.75% 1/15/28 | 32,426,203 | 32,980,356 | |
2% 1/15/26 (b) | 35,666,287 | 35,892,990 | |
2.375% 1/15/25 (b) | 55,260,047 | 55,522,032 | |
2.375% 1/15/27 (b) | 34,472,381 | 35,572,676 | |
U.S. Treasury Inflation-Indexed Notes: | |||
U.S. Treasury Notes 1.625% 10/15/27 | 86,331,510 | 87,497,492 | |
0.125% 7/15/24 (b) | 88,690,758 | 86,117,908 | |
0.125% 10/15/24 (b) | 79,125,630 | 76,596,616 | |
0.125% 4/15/25 (b) | 64,809,011 | 62,150,054 | |
0.125% 10/15/25 (b) | 78,829,596 | 75,621,263 | |
0.125% 4/15/26 (b) | 60,915,905 | 57,887,001 | |
0.125% 7/15/26 (b) | 74,613,751 | 71,144,315 | |
0.125% 10/15/26 (b) | 84,263,336 | 80,146,762 | |
0.125% 4/15/27 (b) | 86,074,413 | 81,320,982 | |
0.25% 1/15/25 (b) | 81,091,484 | 78,243,942 | |
0.375% 7/15/23 | 102,576,508 | 102,021,985 | |
0.375% 7/15/25 (b) | 88,938,813 | 86,050,179 | |
0.375% 1/15/27 (b) | 69,477,468 | 66,414,300 | |
0.375% 7/15/27 | 76,605,366 | 73,337,855 | |
0.5% 4/15/24 (b) | 54,857,659 | 53,493,906 | |
0.5% 1/15/28 | 78,255,576 | 74,928,895 | |
0.625% 4/15/23 (b) | 91,199,629 | 90,842,127 | |
0.625% 1/15/24 | 97,688,263 | 95,787,198 | |
0.625% 1/15/26 (b) | 74,867,579 | 72,444,090 | |
TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS (Cost $1,714,394,945) | 1,632,014,924 | ||
Money Market Funds - 8.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (c) (Cost $141,504,206) | 141,475,911 | 141,504,206 | |
TOTAL INVESTMENT IN SECURITIES - 104.7% (Cost $1,855,899,151) | 1,773,519,130 |
NET OTHER ASSETS (LIABILITIES) - (4.7)% | (80,131,779) |
NET ASSETS - 100.0% | 1,693,387,351 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Commodity Futures Contracts | |||||
CBOT Corn Contracts (United States) | 1,426 | Jul 2023 | 47,432,325 | (342,902) | (342,902) |
CBOT Corn Contracts (United States) | 1,308 | May 2023 | 44,308,500 | 198,019 | 198,019 |
CBOT Corn Contracts (United States) | 452 | Sep 2023 | 13,684,300 | 47,004 | 47,004 |
CBOT HRW Wheat Contracts (United States) | 229 | Sep 2023 | 9,884,213 | (427,257) | (427,257) |
CBOT HRW Wheat Contracts (United States) | 73 | Jul 2023 | 2,815,063 | 70,722 | 70,722 |
CBOT HRW Wheat Contracts (United States) | 400 | Sep 2023 | 15,555,000 | (1,453,910) | (1,453,910) |
CBOT KC HRW Wheat Contracts (United States) | 770 | May 2023 | 33,562,375 | 791,330 | 791,330 |
CBOT Soybean Contracts (United States) | 598 | May 2023 | 45,754,475 | 801,907 | 801,907 |
CBOT Soybean Contracts (United States) | 696 | May 2023 | 32,607,600 | 1,006,828 | 1,006,828 |
CBOT Soybean Contracts (United States) | 453 | May 2023 | 16,984,782 | 371,716 | 371,716 |
CBOT Soybean Contracts (United States) | 556 | Jul 2023 | 42,221,250 | (22,507) | (22,507) |
CBOT Soybean Contracts (United States) | 726 | Dec 2023 | 26,462,700 | 1,171,536 | 1,171,536 |
CBOT Soybean Contracts (United States) | 289 | Nov 2023 | 19,695,350 | (177,319) | (177,319) |
CBOT Soybean Meal Contracts (United States) | 165 | Jul 2023 | 7,528,950 | (6,382) | (6,382) |
CBOT Soybean Meal Contracts (United States) | 681 | Dec 2023 | 26,851,830 | (1,164,700) | (1,164,700) |
CBOT Soybean Oil Contracts (United States) | 219 | Jul 2023 | 8,187,534 | 113,558 | 113,558 |
CBOT Wheat Contracts (United States) | 376 | May 2023 | 14,485,400 | (10,125) | (10,125) |
CME Lean Hogs Contracts (United States) | 295 | Apr 2023 | 10,198,150 | (479,521) | (479,521) |
CME Lean Hogs Contracts (United States) | 245 | Aug 2023 | 10,182,200 | (13,940) | (13,940) |
CME Live Cattle Contracts (United States) | 647 | Apr 2023 | 42,190,870 | 972,715 | 972,715 |
COMEX Copper Contracts (United States) | 575 | May 2023 | 60,899,688 | (49,555) | (49,555) |
COMEX Copper Contracts (United States) | 291 | Jul 2023 | 30,791,438 | 2,795,112 | 2,795,112 |
COMEX Gold 100 oz. Contracts (United States) | 1,287 | Apr 2023 | 250,142,170 | 4,748,724 | 4,748,724 |
COMEX Silver Contracts (United States) | 624 | Mar 2023 | 74,334,000 | 7,795,672 | 7,795,672 |
ICE Brent Crude Contracts (United Kingdom) | 1,653 | Mar 2023 | 140,951,110 | 4,546,982 | 4,546,982 |
ICE Coffee 'C' Contracts (United States) | 781 | May 2023 | 53,215,388 | 4,323,139 | 4,323,139 |
ICE Cotton No. 2 Contracts (United States) | 115 | Jul 2023 | 5,028,950 | (3,228) | (3,228) |
ICE Cotton No. 2 Contracts (United States) | 276 | Dec 2023 | 11,794,860 | 970,107 | 970,107 |
ICE Low Sulphur Gasoil Contracts (United States) | 687 | May 2023 | 58,549,575 | (1,148,635) | (1,148,635) |
ICE Sugar No. 11 Contracts (United States) | 2,565 | Apr 2023 | 58,720,032 | 5,013,886 | 5,013,886 |
LME Aluminum Contracts (United Kingdom) | 560 | May 2023 | 37,135,000 | 147,965 | 147,965 |
LME Aluminum Contracts (United Kingdom) | 380 | Jul 2023 | 25,412,500 | 1,677,271 | 1,677,271 |
LME Lead Contracts (United Kingdom) | 183 | May 2023 | 9,787,069 | (109,443) | (109,443) |
LME Lead Contracts (United Kingdom) | 92 | Jul 2023 | 4,930,625 | 23,246 | 23,246 |
LME Nickel Contracts (United Kingdom) | 178 | May 2023 | 32,465,064 | 711,119 | 711,119 |
LME Nickel Contracts (United Kingdom) | 89 | Jul 2023 | 16,317,438 | 643,007 | 643,007 |
LME Zinc Contracts (United Kingdom) | 413 | May 2023 | 34,970,775 | (581,141) | (581,141) |
LME Zinc Contracts (United Kingdom) | 211 | Jul 2023 | 17,787,300 | 986,363 | 986,363 |
NYMEX Gasoline RBOB Contracts (United States) | 260 | Aug 2023 | 27,470,352 | 2,723,805 | 2,723,805 |
NYMEX Natural Gas Contracts (United States) | 1,377 | Feb 2023 | 37,592,100 | (31,620,279) | (31,620,279) |
NYMEX Natural Gas Contracts (United States) | 1,734 | Apr 2023 | 50,077,920 | (14,314,572) | (14,314,572) |
NYMEX Natural Gas Contracts (United States) | 267 | Jun 2023 | 8,768,280 | (3,050,019) | (3,050,019) |
NYMEX NY Harbor ULSD Contracts (United States) | 389 | Apr 2023 | 48,267,353 | (748,708) | (748,708) |
NYMEX WTI Crude Oil Contracts (United States) | 1,286 | Apr 2023 | 102,416,420 | (990,364) | (990,364) |
NYMEX WTI Crude Oil Contracts (United States) | 250 | Aug 2023 | 19,565,000 | 43,211 | 43,211 |
TOTAL FUTURES CONTRACTS | (14,019,563) | ||||
The notional amount of futures purchased as a percentage of Net Assets is 100.0% |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $158,137,476. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.38% | 740,451,255 | 2,286,428,147 | 2,885,375,196 | 3,185,190 | - | - | 141,504,206 | 0.3% |
Total | 740,451,255 | 2,286,428,147 | 2,885,375,196 | 3,185,190 | - | - | 141,504,206 | |
Fund | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain /loss ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Geode SAI Inflation-Focused Cayman Ltd. | 752,525,291 | 286,999,806 | 345,000,309 | - | (91,066,622) | (271,184,260) | 332,273,906 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
U.S. Government and Government Agency Obligations | 1,632,014,924 | - | 1,632,014,924 | - |
Money Market Funds | 141,504,206 | 141,504,206 | - | - |
Total Investments in Securities: | 1,773,519,130 | 141,504,206 | 1,632,014,924 | - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 42,694,944 | 42,694,944 | - | - |
Total Assets | 42,694,944 | 42,694,944 | - | - |
Liabilities | ||||
Futures Contracts | (56,714,507) | (56,714,507) | - | - |
Total Liabilities | (56,714,507) | (56,714,507) | - | - |
Total Derivative Instruments: | (14,019,563) | (14,019,563) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Commodity Risk | ||
Futures Contracts (a) | 42,694,944 | (56,714,507) |
Total Commodity Risk | 42,694,944 | (56,714,507) |
Total Value of Derivatives | 42,694,944 | (56,714,507) |
Consolidated Statement of Assets and Liabilities | ||||
January 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,714,394,945) | $ | 1,632,014,924 | ||
Fidelity Central Funds (cost $141,504,206) | 141,504,206 | |||
Total Investment in Securities (cost $1,855,899,151) | $ | 1,773,519,130 | ||
Receivable for investments sold | 6,422,585 | |||
Receivable for fund shares sold | 1,399,975 | |||
Interest receivable | 1,110,807 | |||
Distributions receivable from Fidelity Central Funds | 379,781 | |||
Receivable for daily variation margin on futures contracts | 27,593,529 | |||
Prepaid expenses | 3,046 | |||
Total assets | 1,810,428,853 | |||
Liabilities | ||||
Payable for investments purchased | $ | 115,448,848 | ||
Payable for fund shares redeemed | 947,391 | |||
Accrued management fee | 616,653 | |||
Other payables and accrued expenses | 28,610 | |||
Total Liabilities | 117,041,502 | |||
Net Assets | $ | 1,693,387,351 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,286,399,914 | ||
Total accumulated earnings (loss) | (593,012,563) | |||
Net Assets | $ | 1,693,387,351 | ||
Net Asset Value , offering price and redemption price per share ($1,693,387,351 ÷ 173,648,265 shares) | $ | 9.75 |
Consolidated Statement of Operations | ||||
Six months ended January 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Interest | $ | 39,291,789 | ||
Income from Fidelity Central Funds | 3,185,190 | |||
Total Income | 42,476,979 | |||
Expenses | ||||
Management fee | $ | 5,848,060 | ||
Custodian fees and expenses | 487 | |||
Independent trustees' fees and expenses | 6,480 | |||
Registration fees | 75,275 | |||
Audit | 33,857 | |||
Subsidiary directors' fees | 7,500 | |||
Legal | 2,729 | |||
Miscellaneous | 9,347 | |||
Total expenses before reductions | 5,983,735 | |||
Expense reductions | (655) | |||
Total expenses after reductions | 5,983,080 | |||
Net Investment income (loss) | 36,493,899 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (131,900,947) | |||
Futures contracts | (388,702,397) | |||
Total net realized gain (loss) | (520,603,344) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated Issuers | 653,582 | |||
Futures contracts | 35,043,601 | |||
Total change in net unrealized appreciation (depreciation) | 35,697,183 | |||
Net gain (loss) | (484,906,161) | |||
Net increase (decrease) in net assets resulting from operations | $ | (448,412,262) |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended January 31, 2023 (Unaudited) | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 36,493,899 | $ | 121,779,402 |
Net realized gain (loss) | (520,603,344) | 282,120,919 | ||
Change in net unrealized appreciation (depreciation) | 35,697,183 | (203,802,392) | ||
Net increase (decrease) in net assets resulting from operations | (448,412,262) | 200,097,929 | ||
Distributions to shareholders | (367,599,443) | (391,904,775) | ||
Share transactions | ||||
Proceeds from sales of shares | 427,537,561 | 4,044,713,803 | ||
Reinvestment of distributions | 340,697,420 | 390,754,524 | ||
Cost of shares redeemed | (2,169,250,184) | (2,101,467,399) | ||
Net increase (decrease) in net assets resulting from share transactions | (1,401,015,203) | 2,334,000,928 | ||
Total increase (decrease) in net assets | (2,217,026,908) | 2,142,194,082 | ||
Net Assets | ||||
Beginning of period | 3,910,414,259 | 1,768,220,177 | ||
End of period | $ | 1,693,387,351 | $ | 3,910,414,259 |
Other Information | ||||
Shares | ||||
Sold | 40,321,719 | 337,344,722 | ||
Issued in reinvestment of distributions | 32,306,339 | 37,373,675 | ||
Redeemed | (216,355,529) | (191,156,828) | ||
Net increase (decrease) | (143,727,471) | 183,561,569 | ||
Fidelity® SAI Inflation-Focused Fund |
Six months ended (Unaudited) January 31, 2023 | Years ended July 31, 2022 | 2021 | 2020 | 2019 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.32 | $ | 13.21 | $ | 9.31 | $ | 10.34 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .12 | .89 | .50 | .12 | .21 | |||||
Net realized and unrealized gain (loss) | (1.45) | 1.81 | 3.72 | (.93) | .14 | |||||
Total from investment operations | (1.33) | 2.70 | 4.22 | (.81) | .35 | |||||
Distributions from net investment income | (1.22) | (3.54) | (.32) | (.20) | (.01) D | |||||
Distributions from net realized gain | (.01) | (.05) | - | (.02) | - | |||||
Total distributions | (1.24) E | (3.59) | (.32) | (.22) | (.01) | |||||
Net asset value, end of period | $ | 9.75 | $ | 12.32 | $ | 13.21 | $ | 9.31 | $ | 10.34 |
Total Return F,G | (11.45)% | 27.48% | 46.61% | (8.05)% | 3.50% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .38% J | .40% | .40% | .41% | .52% J | |||||
Expenses net of fee waivers, if any | .38% J | .40% | .40% | .41% | .50% J | |||||
Expenses net of all reductions | .38% J | .40% | .40% | .41% | .50% J | |||||
Net investment income (loss) | 2.33% J | 7.18% | 4.15% | 1.18% | 3.38% J | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,693,387 | $ | 3,910,414 | $ | 1,768,220 | $ | 32,230 | $ | 1,230,762 |
Portfolio turnover rate K | 23% J | 135% | 101% | 40% | 21% J |
Subsidiary Name | $ Amount | % of Fund's Net Assets | |
Fidelity SAI Inflation-Focused Fund | Geode SAI Inflation-Focused Cayman Ltd. | 332,273,906 | 19.6 |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
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% |
Gross unrealized appreciation | $51,790,292 |
Gross unrealized depreciation | (145,213,239) |
Net unrealized appreciation (depreciation) | $(93,422,947) |
Tax cost | $1,852,922,514 |
Commodity Risk | Commodity risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices. |
Amount | |
Fidelity SAI Inflation-Focused Fund | $4,530 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® SAI Inflation-Focused Fund | .38% | |||||||||
Actual | $ 1,000 | $ 885.50 | $ 1.81 | |||||||
Hypothetical- B | $ 1,000 | $ 1,023.29 | $ 1.94 | |||||||
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- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Commodity Sector Diversification as of January 31, 2023* |
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* The Fund does not invest directly in physical commodities. |
Commodity Instruments as of January 31, 2023* |
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Money Market Funds - 90.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (a) (Cost $57,434,152) | 57,422,668 | 57,434,152 | |
TOTAL INVESTMENT IN SECURITIES - 90.3% (Cost $57,434,152) | 57,434,152 |
NET OTHER ASSETS (LIABILITIES) - 9.7% | 6,168,641 |
NET ASSETS - 100.0% | 63,602,793 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Commodity Futures Contracts | |||||
CBOT Corn Contracts (United States) | 103 | Mar 2023 | 3,500,713 | 57,780 | 57,780 |
CBOT KC HRW Wheat Contracts (United States) | 26 | Mar 2023 | 1,142,375 | (70,146) | (70,146) |
CBOT Soybean Contracts (United States) | 45 | Mar 2023 | 2,178,900 | 150,413 | 150,413 |
CBOT Soybean Contracts (United States) | 47 | Mar 2023 | 3,614,300 | 159,281 | 159,281 |
CBOT Soybean Oil Contracts (United States) | 53 | Mar 2023 | 1,982,094 | 66,644 | 66,644 |
CBOT Wheat Contracts (United States) | 46 | Mar 2023 | 1,750,875 | (175,005) | (175,005) |
CME Lean Hogs Contracts (United States) | 33 | Apr 2023 | 1,140,810 | (23,308) | (23,308) |
CME Live Cattle Contracts (United States) | 32 | Apr 2023 | 2,086,720 | 23,727 | 23,727 |
COMEX Copper Contracts (United States) | 33 | Mar 2023 | 3,488,100 | 452,324 | 452,324 |
COMEX Gold 100 oz. Contracts (United States) | 49 | Apr 2023 | 9,523,640 | 207,048 | 207,048 |
COMEX Silver Contracts (United States) | 23 | Mar 2023 | 2,739,875 | 274,340 | 274,340 |
ICE Brent Crude Contracts (United Kingdom) | 56 | Mar 2023 | 4,775,120 | 192,714 | 192,714 |
ICE Coffee 'C' Contracts (United States) | 30 | Mar 2023 | 2,044,688 | 257,609 | 257,609 |
ICE Cotton No. 2 Contracts (United States) | 22 | Mar 2023 | 948,420 | 18,112 | 18,112 |
ICE Low Sulphur Gasoil Contracts (United States) | 20 | Mar 2023 | 1,812,000 | 224,104 | 224,104 |
ICE Sugar No. 11 Contracts (United States) | 74 | Feb 2023 | 1,803,469 | 324,331 | 324,331 |
LME Aluminum Contracts (United Kingdom) | 44 | Mar 2023 | 2,891,350 | 192,586 | 192,586 |
LME Lead Contracts (United Kingdom) | 10 | Mar 2023 | 533,188 | (18,736) | (18,736) |
LME Nickel Contracts (United Kingdom) | 10 | Mar 2023 | 1,814,760 | 74,412 | 74,412 |
NYMEX Gasoline RBOB Contracts (United States) | 14 | Feb 2023 | 1,509,925 | 278,153 | 278,153 |
NYMEX Natural Gas Contracts (United States) | 143 | Feb 2023 | 3,903,900 | (3,549,106) | (3,549,106) |
NYMEX NY Harbor ULSD Contracts (United States) | 10 | Feb 2023 | 1,322,118 | 169,379 | 169,379 |
NYMEX WTI Crude Oil Contracts (United States) | 64 | Feb 2023 | 5,061,760 | 437,243 | 437,243 |
TOTAL COMMODITY FUTURES CONTRACTS | (276,101) | ||||
Equity Index Contracts | |||||
LME Zinc Contracts (United Kingdom) | 23 | Mar 2023 | 1,954,287 | 97,973 | 97,973 |
TOTAL FUTURES CONTRACTS | (178,128) | ||||
The notional amount of futures purchased as a percentage of Net Assets is 99.9% |
(a) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.38% | 93,727,718 | 55,175,146 | 91,468,712 | 1,354,163 | - | - | 57,434,152 | 0.1% |
Total | 93,727,718 | 55,175,146 | 91,468,712 | 1,354,163 | - | - | 57,434,152 | |
Fund | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain /loss ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Geode Commodity Strategy Cayman Ltd. | 19,857,690 | - | - | - | - | (7,956,655) | 11,901,035 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Money Market Funds | 57,434,152 | 57,434,152 | - | - |
Total Investments in Securities: | 57,434,152 | 57,434,152 | - | - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 3,658,173 | 3,658,173 | - | - |
Total Assets | 3,658,173 | 3,658,173 | - | - |
Liabilities | ||||
Futures Contracts | (3,836,301) | (3,836,301) | - | - |
Total Liabilities | (3,836,301) | (3,836,301) | - | - |
Total Derivative Instruments: | (178,128) | (178,128) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Commodity Risk | ||
Futures Contracts (a) | 3,658,173 | (3,836,301) |
Total Commodity Risk | 3,658,173 | (3,836,301) |
Total Value of Derivatives | 3,658,173 | (3,836,301) |
Consolidated Statement of Assets and Liabilities | ||||
January 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Fidelity Central Funds (cost $57,434,152) | $ | 57,434,152 | ||
Total Investment in Securities (cost $57,434,152) | $ | 57,434,152 | ||
Segregated cash with brokers for derivative instruments | 5,197,101 | |||
Cash | 2,806 | |||
Receivable for fund shares sold | 6,097 | |||
Distributions receivable from Fidelity Central Funds | 246,541 | |||
Receivable for daily variation margin on futures contracts | 767,961 | |||
Prepaid expenses | 6,250 | |||
Total assets | 63,660,908 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 21,794 | ||
Accrued management fee | 24,117 | |||
Transfer agent fee payable | 12,058 | |||
Other payables and accrued expenses | 146 | |||
Total Liabilities | 58,115 | |||
Net Assets | $ | 63,602,793 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 72,418,923 | ||
Total accumulated earnings (loss) | (8,816,130) | |||
Net Assets | $ | 63,602,793 | ||
Net Asset Value , offering price and redemption price per share ($63,602,793 ÷ 619,761 shares) | $ | 102.62 |
Consolidated Statement of Operations | ||||
Six months ended January 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Interest | $ | 119,547 | ||
Income from Fidelity Central Funds | 1,354,163 | |||
Total Income | 1,473,710 | |||
Expenses | ||||
Management fee | $ | 177,664 | ||
Transfer agent fees | 88,412 | |||
Custodian fees and expenses | 944 | |||
Independent trustees' fees and expenses | 179 | |||
Subsidiary directors' fees | 7,500 | |||
Total expenses before reductions | 274,699 | |||
Expense reductions | (46) | |||
Total expenses after reductions | 274,653 | |||
Net Investment income (loss) | 1,199,057 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (165) | |||
Futures contracts | (17,347,528) | |||
Total net realized gain (loss) | (17,347,693) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated Issuers | (1) | |||
Futures contracts | 9,177,463 | |||
Total change in net unrealized appreciation (depreciation) | 9,177,462 | |||
Net gain (loss) | (8,170,231) | |||
Net increase (decrease) in net assets resulting from operations | $ | (6,971,174) |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended January 31, 2023 (Unaudited) | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,199,057 | $ | (382,196) |
Net realized gain (loss) | (17,347,693) | 44,908,338 | ||
Change in net unrealized appreciation (depreciation) | 9,177,462 | (12,279,112) | ||
Net increase (decrease) in net assets resulting from operations | (6,971,174) | 32,247,030 | ||
Distributions to shareholders | (34,748,487) | (20,670,544) | ||
Share transactions | ||||
Proceeds from sales of shares | 2,907,772 | 32,892,985 | ||
Reinvestment of distributions | 34,748,487 | 20,670,544 | ||
Cost of shares redeemed | (37,075,326) | (114,367,695) | ||
Net increase (decrease) in net assets resulting from share transactions | 580,933 | (60,804,166) | ||
Total increase (decrease) in net assets | (41,138,728) | (49,227,680) | ||
Net Assets | ||||
Beginning of period | 104,741,521 | 153,969,201 | ||
End of period | $ | 63,602,793 | $ | 104,741,521 |
Other Information | ||||
Shares | ||||
Sold | 153,831 | 174,916 | ||
Issued in reinvestment of distributions | 320,934 | 150,222 | ||
Redeemed | (468,303) | (690,187) | ||
Net increase (decrease) | 6,462 | (365,049) | ||
Fidelity® Commodity Strategy Fund |
Six months ended (Unaudited) January 31, 2023 A | Years ended July 31, 2022 A | 2021 A | 2020 A | 2019 A | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 170.72 | $ | 157.44 | $ | 113.44 | $ | 138.08 | $ | 164.64 | $ | 162.40 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | 1.56 | (.48) | (.80) | 1.92 | 2.56 | 1.44 | ||||||
Net realized and unrealized gain (loss) | (10.50) | 34.88 | 44.80 | (17.28) | (12.48) | 1.44 | ||||||
Total from investment operations | (8.94) | 34.40 | 44.00 | (15.36) | (9.92) | 2.88 | ||||||
Distributions from net investment income | (59.16) | (21.12) | - | (9.12) | (3.36) | (.32) | ||||||
Distributions from net realized gain | - | - | - | - | (13.28) | (.32) | ||||||
Tax return of capital | - | - | - | (.16) | - | - | ||||||
Total distributions | (59.16) | (21.12) | - | (9.28) | (16.64) | (.64) | ||||||
Net asset value, end of period | $ | 102.62 | $ | 170.72 | $ | 157.44 | $ | 113.44 | $ | 138.08 | $ | 164.64 |
Total Return D,E | (6.79)% | 25.08% | 38.98% | (12.10)% | (6.32)% | 1.76% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .62% H | .61% | .62% | .61% | .61% | .65% | ||||||
Expenses net of fee waivers, if any | .62% H | .61% | .62% | .61% | .60% | .60% | ||||||
Expenses net of all reductions | .62% H | .61% | .62% | .61% | .60% | .60% | ||||||
Net investment income (loss) | 2.69% H | (.31)% | (.56)% | 1.41% | 1.78% | .83% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 63,603 | $ | 104,742 | $ | 153,969 | $ | 22,221 | $ | 603,679 | $ | 362,178 |
Portfolio turnover rate I | -% H | -% | -% | -% | -% | -% |
Subsidiary Name | $ Amount | % of Fund's Net Assets | |
Fidelity Commodity Strategy Fund | Geode Commodity Strategy Cayman Ltd. | 11,901,035 | 18.7 |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
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% |
Gross unrealized appreciation | $3,223,153 |
Gross unrealized depreciation | (7,207,572) |
Net unrealized appreciation (depreciation) | $(3,984,419) |
Tax cost | $61,240,443 |
Short-term | $(21) |
Long-term | (58) |
Total capital loss carryforward | $(79) |
Commodity Risk | Commodity risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices. |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® Commodity Strategy Fund | .62% | |||||||||
Actual | $ 1,000 | $ 932.10 | $ 3.02 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.08 | $ 3.16 | |||||||
![](https://capedge.com/proxy/N-CSRS/0000028540-23-000005/img88923_7.jpg)
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Commodity Sector Diversification as of January 31, 2023* |
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* Investments in Commodity Swaps and Commodity-Linked Notes provide exposure to the commodities market via the Bloomberg Commodity Index Total Return, an unmanaged index composed of futures contracts on 23 physical commodities. The Fund does not invest directly in physical commodities. |
Commodity Instruments as of January 31, 2023* |
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U.S. Treasury Obligations - 14.7% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 4.22% to 4.6% 3/9/23 to 4/20/23 (b) (Cost $248,104,688) | 250,000,000 | 248,079,172 | |
Money Market Funds - 84.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (c) (Cost $1,420,764,952) | 1,420,759,142 | 1,421,043,293 | |
TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $1,668,869,640) | 1,669,122,465 |
NET OTHER ASSETS (LIABILITIES) - 1.0% | 16,268,285 |
NET ASSETS - 100.0% | 1,685,390,750 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Commodity Futures Contracts | |||||
CBOT Corn Contracts (United States) | 268 | Mar 2023 | 9,108,650 | 222,727 | 222,727 |
CBOT KC HRW Wheat Contracts (United States) | 67 | Mar 2023 | 2,943,813 | 4,085 | 4,085 |
CBOT Soybean Contracts (United States) | 117 | Mar 2023 | 5,665,140 | 336,270 | 336,270 |
CBOT Soybean Contracts (United States) | 123 | Mar 2023 | 9,458,700 | 359,987 | 359,987 |
CBOT Soybean Oil Contracts (United States) | 137 | Mar 2023 | 5,123,526 | 146,923 | 146,923 |
CBOT Wheat Contracts (United States) | 119 | Mar 2023 | 4,529,438 | (94,069) | (94,069) |
CME Lean Hogs Contracts (United States) | 86 | Apr 2023 | 2,973,020 | (39,953) | (39,953) |
CME Live Cattle Contracts (United States) | 84 | Apr 2023 | 5,477,640 | 61,769 | 61,769 |
COMEX Copper Contracts (United States) | 85 | Mar 2023 | 8,984,300 | 758,688 | 758,688 |
COMEX Gold 100 oz. Contracts (United States) | 126 | Apr 2023 | 24,490,210 | 297,981 | 297,981 |
COMEX Silver Contracts (United States) | 61 | Mar 2023 | 7,266,790 | 527,396 | 527,396 |
ICE Brent Crude Contracts (United Kingdom) | 146 | Mar 2023 | 12,448,820 | 238,437 | 238,437 |
ICE Coffee 'C' Contracts (United States) | 76 | Mar 2023 | 5,179,875 | 642,290 | 642,290 |
ICE Cotton No. 2 Contracts (United States) | 58 | Mar 2023 | 2,500,380 | 43,055 | 43,055 |
ICE Low Sulphur Gasoil Contracts (United States) | 50 | Mar 2023 | 4,530,000 | 341,791 | 341,791 |
ICE Sugar No. 11 Contracts (United States) | 191 | Feb 2023 | 4,654,899 | 703,058 | 703,058 |
LME Aluminum Contracts (United Kingdom) | 114 | Mar 2023 | 7,491,225 | 359,322 | 359,322 |
LME Lead Contracts (United Kingdom) | 27 | Mar 2023 | 1,439,606 | (44,385) | (44,385) |
LME Nickel Contracts (United Kingdom) | 26 | Mar 2023 | 4,718,376 | 289,491 | 289,491 |
LME Zinc Contracts (United Kingdom) | 61 | Mar 2023 | 5,183,109 | 207,159 | 207,159 |
NYMEX Gasoline RBOB Contracts (United States) | 37 | Feb 2023 | 3,990,425 | 459,794 | 459,794 |
NYMEX Natural Gas Contracts (United States) | 373 | Feb 2023 | 10,175,540 | (5,624,854) | (5,624,854) |
NYMEX NY Harbor ULSD Contracts (United States) | 27 | Feb 2023 | 3,569,588 | 280,777 | 280,777 |
NYMEX WTI Crude Oil Contracts (United States) | 167 | Feb 2023 | 13,206,490 | 737,524 | 737,524 |
TOTAL FUTURES CONTRACTS | 1,215,263 | ||||
The notional amount of futures purchased as a percentage of Net Assets is 9.7% |
Total Return Swaps | |||||||||||
Underlying Reference (1) | Pay/ Receive Reference | Reference Payment Frequency | Financing Rate | Financing Frequency | Counterparty | Maturity Date | Notional Amount ($) | Value ($) | Upfront Premium Received/ (Paid) ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 12 basis points | At Maturity | Canadian Imperial Bank Of Commerce | Mar 2023 | 100,000,000 | 40,895 | 0 | 40,895 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 12 basis points | At Maturity | Citibank, N.A. | Feb 2023 | 93,000,000 | 1,029,872 | 0 | 1,029,872 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 12 basis points | At Maturity | Citibank, N.A. | Feb 2023 | 66,000,000 | (1,076,094) | 0 | (1,076,094) | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 12 basis points | At Maturity | Credit Suisse International | Feb 2023 | 73,000,000 | 3,131,464 | 0 | 3,131,464 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 11 basis points | At Maturity | Goldman Sachs Bank USA | Feb 2023 | 93,000,000 | 635,767 | 0 | 635,767 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 13 basis points | At Maturity | JPMorgan Chase Bank, N.A. | Feb 2023 | 120,000,000 | 816,794 | 0 | 816,794 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 13 basis points | At Maturity | JPMorgan Chase Bank, N.A. | Feb 2023 | 119,000,000 | (5,717,940) | 0 | (5,717,940) | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 9 basis points | At Maturity | Macquarie Bank Ltd. | Feb 2023 | 94,000,000 | 1,693,876 | 0 | 1,693,876 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 9 basis points | At Maturity | Macquarie Bank Ltd. | Feb 2023 | 80,000,000 | (2,108,728) | 0 | (2,108,728) | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 9 basis points | At Maturity | Merrill Lynch International | Feb 2023 | 81,000,000 | (3,885,208) | 0 | (3,885,208) | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 11 basis points | At Maturity | Merrill Lynch International | Feb 2023 | 81,000,000 | (2,137,261) | 0 | (2,137,261) | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 7 basis points | At Maturity | Merrill Lynch International | Mar 2023 | 100,000,000 | 198,586 | 0 | 198,586 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 12 basis points | At Maturity | Royal Bank of Canada | Feb 2023 | 115,000,000 | (2,629,776) | 0 | (2,629,776) | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 12 basis points | At Maturity | Royal Bank of Canada | Mar 2023 | 80,000,000 | 260,922 | 0 | 260,922 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 11 basis points | At Maturity | Societe Generale | Feb 2023 | 129,000,000 | 1,430,475 | 0 | 1,430,475 | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 13 basis points | At Maturity | UBS AG | Feb 2023 | 69,000,000 | (1,125,896) | 0 | (1,125,896) | |
Bloomberg Commodity Index | Receives | At Maturity | 3-month US auction rate T-Bill plus 13 basis points | At Maturity | UBS AG | Mar 2023 | 37,000,000 | 120,545 | 0 | 120,545 | |
TOTAL RETURN SWAPS | (9,321,707) | 0 | (9,321,707) | ||||||||
(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. |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Security or a portion of the security has been segregated as collateral for bi- lateral over the counter (OTC) swaps. At period end, the value of securities pledged amounted to $144,890,706. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.38% | 2,780,025,793 | 1,249,215,083 | 2,608,197,583 | 33,900,838 | 210,750 | (210,750) | 1,421,043,293 | 3.0% |
Total | 2,780,025,793 | 1,249,215,083 | 2,608,197,583 | 33,900,838 | 210,750 | (210,750) | 1,421,043,293 | |
Fund | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain /loss ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Geode Series Commodity Return Cayman Ltd. | 629,487,120 | 199,999,925 | 300,000,113 | - | 4,560,228 | (256,912,195) | 277,134,965 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
U.S. Government and Government Agency Obligations | 248,079,172 | - | 248,079,172 | - |
Money Market Funds | 1,421,043,293 | 1,421,043,293 | - | - |
Total Investments in Securities: | 1,669,122,465 | 1,421,043,293 | 248,079,172 | - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 7,018,524 | 7,018,524 | - | - |
Swaps | 9,359,196 | - | 9,359,196 | - |
Total Assets | 16,377,720 | 7,018,524 | 9,359,196 | - |
Liabilities | ||||
Futures Contracts | (5,803,261) | (5,803,261) | - | - |
Swaps | (18,680,903) | - | (18,680,903) | - |
Total Liabilities | (24,484,164) | (5,803,261) | (18,680,903) | - |
Total Derivative Instruments: | (8,106,444) | 1,215,263 | (9,321,707) | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Commodity Risk | ||
Futures Contracts (a) | 7,018,524 | (5,803,261) |
Swaps (b) | 9,359,196 | (18,680,903) |
Total Commodity Risk | 16,377,720 | (24,484,164) |
Total Value of Derivatives | 16,377,720 | (24,484,164) |
Counterparty | Value of Derivative Assets ($) | Value of Derivative Liabilities ($) | Collateral Received (a) ($) | Collateral Pledged (a) ($) | Net (b) ($) | ||
Credit Suisse International | 3,131,464 | - | - | - | 3,131,464 | ||
Macquarie Bank Ltd. | 1,693,876 | (2,108,728) | - | 414,852 | - | ||
Societe Generale | 1,430,475 | - | - | - | 1,430,475 | ||
Citibank, N. A. | 1,029,872 | (1,076,094) | - | 46,222 | - | ||
JPMorgan Chase Bank, N. A. | 816,794 | (5,717,940) | - | 4,901,146 | - | ||
Goldman Sachs Bank USA | 635,767 | - | - | - | 635,767 | ||
Royal Bank of Canada | 260,922 | (2,629,776) | - | 2,368,854 | - | ||
Merrill Lynch International | 198,586 | (6,022,469) | - | 5,823,883 | - | ||
UBS AG | 120,545 | (1,125,896) | - | 1,005,351 | - | ||
Canadian Imperial Bank of Commerce | 40,895 | - | - | - | 40,895 | ||
Exchange Traded Futures | 7,018,524 | (5,803,261) | - | - | 1,215,263 | ||
Total | $ | 16,377,720 | $ | (24,484,164) | |||
Consolidated Statement of Assets and Liabilities | ||||
January 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $248,104,688) | $ | 248,079,172 | ||
Fidelity Central Funds (cost $1,420,764,952) | 1,421,043,293 | |||
Total Investment in Securities (cost $1,668,869,640) | $ | 1,669,122,465 | ||
Segregated cash with brokers for derivative instruments | 13,636,336 | |||
Receivable for fund shares sold | 6,249,235 | |||
Distributions receivable from Fidelity Central Funds | 5,297,307 | |||
Receivable for daily variation margin on futures contracts | 1,234,281 | |||
Bi-lateral OTC swaps, at value | 9,359,196 | |||
Prepaid expenses | 6,250 | |||
Other receivables | 2,943 | |||
Total assets | 1,704,908,013 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 835,077 | ||
Bi-lateral OTC swaps, at value | 18,680,903 | |||
Other payables and accrued expenses | 1,283 | |||
Total Liabilities | 19,517,263 | |||
Net Assets | $ | 1,685,390,750 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,102,980,125 | ||
Total accumulated earnings (loss) | (417,589,375) | |||
Net Assets | $ | 1,685,390,750 | ||
Net Asset Value , offering price and redemption price per share ($1,685,390,750 ÷ 16,077,108 shares) | $ | 104.83 |
Consolidated Statement of Operations | ||||
Six months ended January 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Interest | $ | 5,157,984 | ||
Income from Fidelity Central Funds | 33,900,838 | |||
Total Income | 39,058,822 | |||
Expenses | ||||
Custodian fees and expenses | $ | 8,867 | ||
Independent trustees' fees and expenses | 5,388 | |||
Subsidiary directors' fees | 7,500 | |||
Total expenses before reductions | 21,755 | |||
Expense reductions | (3,770) | |||
Total expenses after reductions | 17,985 | |||
Net Investment income (loss) | 39,040,837 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 28,880 | |||
Fidelity Central Funds | 210,750 | |||
Futures contracts | (61,447,576) | |||
Swaps | (271,021,176) | |||
Total net realized gain (loss) | (332,229,122) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated Issuers | 421,165 | |||
Fidelity Central Funds | (210,750) | |||
Futures contracts | 28,089,060 | |||
Swaps | 45,142,106 | |||
Total change in net unrealized appreciation (depreciation) | 73,441,581 | |||
Net gain (loss) | (258,787,541) | |||
Net increase (decrease) in net assets resulting from operations | $ | (219,746,704) |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended January 31, 2023 (Unaudited) | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 39,040,837 | $ | 14,610,339 |
Net realized gain (loss) | (332,229,122) | 1,830,451,174 | ||
Change in net unrealized appreciation (depreciation) | 73,441,581 | (393,073,708) | ||
Net increase (decrease) in net assets resulting from operations | (219,746,704) | 1,451,987,805 | ||
Distributions to shareholders | (1,838,990,612) | (2,301,156,298) | ||
Share transactions | ||||
Proceeds from sales of shares | 191,504,866 | 626,181,192 | ||
Reinvestment of distributions | 1,838,558,731 | 2,301,156,298 | ||
Cost of shares redeemed | (1,769,255,627) | (6,069,565,352) | ||
Net increase (decrease) in net assets resulting from share transactions | 260,807,970 | (3,142,227,862) | ||
Total increase (decrease) in net assets | (1,797,929,346) | (3,991,396,355) | ||
Net Assets | ||||
Beginning of period | 3,483,320,096 | 7,474,716,451 | ||
End of period | $ | 1,685,390,750 | $ | 3,483,320,096 |
Other Information | ||||
Shares | ||||
Sold | 5,194,403 | 2,513,202 | ||
Issued in reinvestment of distributions | 16,569,111 | 11,505,781 | ||
Redeemed | (19,586,711) | (26,558,908) | ||
Net increase (decrease) | 2,176,803 | (12,539,925) | ||
Fidelity® Series Commodity Strategy Fund |
Six months ended (Unaudited) January 31, 2023 A | Years ended July 31, 2022 A | 2021 A | 2020 A | 2019 A | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 250.50 | $ | 282.50 | $ | 203.00 | $ | 233.50 | $ | 266.50 | $ | 262.00 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | 2.07 | .50 | - D | 3.00 | 5.50 | 4.00 | ||||||
Net realized and unrealized gain (loss) | (12.66) | 53.00 | 80.50 | (30.00) | (20.50) | 2.00 | ||||||
Total from investment operations | (10.59) | 53.50 | 80.50 | (27.00) | (15.00) | 6.00 | ||||||
Distributions from net investment income | (135.08) | (85.50) | (1.00) | (3.50) | (4.50) | (1.50) | ||||||
Distributions from net realized gain | - | - | - | - | (13.50) | - | ||||||
Total distributions | (135.08) | (85.50) | (1.00) | (3.50) | (18.00) | (1.50) | ||||||
Net asset value, end of period | $ | 104.83 | $ | 250.50 | $ | 282.50 | $ | 203.00 | $ | 233.50 | $ | 266.50 |
Total Return E,F | (6.59)% | 26.51% | 39.82% | (11.72)% | (5.84)% | 2.27% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | -% I,J | -% I | -% I | -% I | .01% | .05% | ||||||
Expenses net of fee waivers, if any | -% I,J | -% I | -% I | -% I | .01% | .05% | ||||||
Expenses net of all reductions | -% I,J | -% I | -% I | -% I | .01% | .05% | ||||||
Net investment income (loss) | 3.19% J | .26% | .07% | 1.30% | 2.36% | 1.41% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,685,391 | $ | 3,483,320 | $ | 7,474,716 | $ | 5,808,312 | $ | 7,246,626 | $ | 4,169,903 |
Portfolio turnover rate K | -% J | -% | -% | -% | -% | -% |
Subsidiary Name | $ Amount | % of Fund's Net Assets | |
Fidelity Series Commodity Strategy Fund | Geode Series Commodity Return Cayman Ltd. | 277,134,965 | 16.4 |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
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% |
Gross unrealized appreciation | $34,188,306 |
Gross unrealized depreciation | (42,041,926) |
Net unrealized appreciation (depreciation) | $(7,853,620) |
Tax cost | $1,668,869,641 |
Short-term | $(85,407,407) |
Long-term | (28,516,864) |
Total capital loss carryforward | $(113,924,271) |
Commodity Risk | Commodity risk is the risk that the value of a commodity will fluctuate as a result of changes in market prices. |
Primary Risk Exposure / Derivative Type | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) |
Commodity Risk | ||
Futures Contracts | $(61,447,576) | $28,089,060 |
Swaps | (271,021,176) | 45,142,106 |
Total Commodity Risk | $(332,468,752) | $73,231,166 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® Series Commodity Strategy Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 934.10 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.21 | $- E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | March 23, 2023 |
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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | March 23, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | March 23, 2023 |