Fidelity Oxford Street Trust NCSRS Certified semi-annual shareholder report (management investment company)

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)

Marc Bryant, 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, 2018

Item 1.

Reports to Stockholders

Fidelity® Series Commodity Strategy Fund

Semi-Annual Report

January 31, 2018

Contents

Consolidated Investment Summary
Consolidated Schedule of Investments
Consolidated Financial Statements
Notes to Consolidated Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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-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, 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.

Consolidated Investment Summary (Unaudited)

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

Commodity Instruments as of January 31, 2018*

% of fund’s total commodity-linked investments
	Commodity Swaps	82.9%
	Commodity Futures	17.1%

Commodity Sector Diversification as of January 31, 2018*

% of fund’s total commodity-linked investments
	Energy	31.2%
	Agriculture	29.4%
	Precious Metals	15.5%
	Industrial Metals	17.5%
	Livestock	6.4%

* Investments in Commodity Swaps provide exposure to the commodities market via the Bloomberg Commodity Index Total Return, an unmanaged index composed of futures contracts on 22 physical commodities. The Fund does not invest directly in physical commodities.

Consolidated Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 8.6%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 1.06% to 1.45% 2/8/18 to 5/31/18 (a)(b)
(Cost $359,289,620)	360,000,000	359,204,618
	Shares	Value

Money Market Funds - 88.0%
Fidelity Cash Central Fund, 1.39% (c)
(Cost $3,668,625,983)	3,668,396,061	3,669,129,740
TOTAL INVESTMENT IN SECURITIES - 96.6%
(Cost $4,027,915,603)		4,028,334,358
NET OTHER ASSETS (LIABILITIES) - 3.4%		143,896,635
NET ASSETS - 100%		$4,172,230,993

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Commodity Futures Contracts
CBOT Corn Contracts (United States)	2,434	March 2018	$43,994,550	$372,475	$372,475
CBOT KC HRW Wheat Contracts (United States)	416	March 2018	9,718,800	493,980	493,980
CBOT Soybean Contracts (United States)	856	March 2018	42,618,100	175,597	175,597
CBOT Soybean Meal Contracts (United States)	657	March 2018	22,193,460	386,162	386,162
CBOT Soybean Oil Contracts (United States)	946	March 2018	18,770,532	(301,405)	(301,405)
CBOT Wheat Contracts (United States)	1,055	March 2018	23,829,813	417,603	417,603
CME Lean Hogs Contracts (United States)	506	April 2018	14,623,400	(657,749)	(657,749)
CME Live Cattle Contracts (United States)	630	April 2018	30,977,100	935,996	935,996
COMEX Copper Contracts (United States)	619	March 2018	49,566,425	1,460,968	1,460,968
COMEX Gold 100 oz. Contracts (United States)	630	April 2018	84,999,600	1,399,749	1,399,749
COMEX Silver Contracts (United States)	297	March 2018	25,712,775	369,381	369,381
ICE Brent Crude Contracts (United Kingdom)	792	March 2018	54,291,580	332,980	332,980
ICE Coffee 'C' Contracts (United States)	377	March 2018	17,226,544	(907,856)	(907,856)
ICE Cotton No. 2 Contracts (United States)	260	March 2018	10,046,400	1,034,671	1,034,671
ICE Sugar No. 11 Contracts (United States)	1,461	March 2018	21,648,514	(2,309,643)	(2,309,643)
LME Aluminum Contracts (United Kingdom)	571	March 2018	31,601,281	2,813,387	2,813,387
LME Nickel Contracts (United Kingdom)	257	March 2018	20,939,589	3,815,918	3,815,918
LME Zinc Contracts (United Kingdom)	257	March 2018	22,805,538	2,738,095	2,738,095
NYMEX Gasoline RBOB Contracts (United States)	344	March 2018	27,354,382	2,317,634	2,317,634
NYMEX Natural Gas Contracts (United States)	2,035	Feb. 2018	60,418,370	3,967,083	3,967,083
NYMEX NY Harbor ULSD Contracts (United States)	298	March 2018	25,859,308	1,931,093	1,931,093
NYMEX WTI Crude Oil Contracts (United States)	831	Feb. 2018	53,865,510	6,319,484	6,319,484
TOTAL FUTURES CONTRACTS					$27,105,603

The notional amount of futures purchased as a percentage of Net Assets is 17.1%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $689,182,650

Swaps

Underlying Reference	Pay/Receive Reference	Reference Payment Frequency	Financing Rate	Financing Frequency	Counterparty	Maturity Date	Notional Amount	Value	Upfront Premium Received/(Paid)	Unrealized Appreciation/(Depreciation)
Total Return Swaps(1)
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 15 basis points	At Maturity	Barclays Bank PLC	Feb. 2018	$94,000,000	$4,245,773	$0	$4,245,773
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	Feb. 2018	78,000,000	3,939,278	0	3,939,278
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	Apr. 2018	73,500,000	2,832,004	0	2,832,004
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	May 2018	105,000,000	3,297,733	0	3,297,733
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	May 2018	89,000,000	(459,481)	0	(459,481)
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	May 2018	70,000,000	883,112	0	883,112
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	Apr. 2018	110,500,000	8,459,384	0	8,459,384
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	May 2018	108,000,000	6,044,769	0	6,044,769
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	May 2018	58,000,000	1,033,569	0	1,033,569
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	Jun. 2018	53,000,000	(273,624)	0	(273,624)
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	Credit Suisse International	Feb. 2018	103,000,000	1,395,571	0	1,395,571
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	Credit Suisse International	Apr. 2018	70,000,000	792,048	0	792,048
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	Credit Suisse International	Apr. 2018	38,000,000	918,753	0	918,753
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	Credit Suisse International	May 2018	67,000,000	494,311	0	494,311
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	Feb. 2018	80,500,000	3,563,033	0	3,563,033
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	Mar. 2018	83,500,000	2,994,386	0	2,994,386
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	Mar. 2018	63,000,000	3,047,338	0	3,047,338
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	Apr. 2018	59,000,000	3,317,471	0	3,317,471
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	May 2018	111,000,000	1,709,572	0	1,709,572
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 15.5 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Mar. 2018	56,600,000	2,389,962	0	2,389,962
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13.5 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Mar. 2018	50,000,000	3,161,636	0	3,161,636
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13.5 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Apr. 2018	84,000,000	5,986,728	0	5,986,728
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13.5 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Apr. 2018	38,000,000	918,633	0	918,633
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Mar. 2018	58,000,000	2,465,044	0	2,465,044
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Apr. 2018	92,000,000	4,411,704	0	4,411,704
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	May 2018	57,000,000	3,607,357	0	3,607,357
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Jun. 2018	115,000,000	0	0	0
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Merrill Lynch International	Feb. 2018	52,500,000	2,572,087	0	2,572,087
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Merrill Lynch International	Mar. 2018	112,000,000	4,699,712	0	4,699,712
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Merrill Lynch International	Mar. 2018	72,500,000	1,874,008	0	1,874,008
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	Merrill Lynch International	Apr. 2018	112,000,000	5,306,523	0	5,306,523
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	Morgan Stanley Capital Group, Inc.	Feb. 2018	52,000,000	2,366,854	0	2,366,854
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 13 basis points	At Maturity	Morgan Stanley Capital Group, Inc.	Apr. 2018	82,500,000	3,456,326	0	3,456,326
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Societe Generale	Feb. 2018	103,500,000	5,456,572	0	5,456,572
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Societe Generale	Mar. 2018	114,000,000	3,056,422	0	3,056,422
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Societe Generale	Apr. 2018	82,000,000	2,739,600	0	2,739,600
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Societe Generale	May 2018	106,500,000	(764,820)	0	(764,820)
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11.5 basis points	At Maturity	UBS AG	Feb. 2018	82,500,000	4,530,613	0	4,530,613
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11.5 basis points	At Maturity	UBS AG	Mar. 2018	60,000,000	1,788,215	0	1,788,215
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11.5 basis points	At Maturity	UBS AG	Apr. 2018	127,500,000	4,968,745	0	4,968,745
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11.5 basis points	At Maturity	UBS AG	Apr. 2018	114,000,000	8,668,890	0	8,668,890

TOTAL RETURN SWAPS								$121,895,811	$0	$121,895,811

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

For the period, the average monthly notional amount for swaps in the aggregate was $3,245,050,000.

Legend

(a) 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 $27,305,349.

(b) Security or a portion of the security has been segregated as collateral for open bi-lateral over-the-counter (OTC) swaps. At period end, the value of securities pledged amounted to $88,744,402.

(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.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$22,057,915
Total	$22,057,915

Amounts in the 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.

Consolidated Subsidiary

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period
Geode Series Commodity Return Cayman Ltd.	$513,941,534	$--	$--	$--	$--	$247,338,359	$761,279,893

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, 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. Government and Government Agency Obligations	$359,204,618	$--	$359,204,618	$--
Money Market Funds	3,669,129,740	3,669,129,740	--	--
Total Investments in Securities:	$4,028,334,358	$3,669,129,740	$359,204,618	$--
Derivative Instruments:
Assets
Futures Contracts	$31,282,256	$31,282,256	$--	$--
Swaps	123,393,736	--	123,393,736	--
Total Assets	$154,675,992	$31,282,256	$123,393,736	$--
Liabilities
Futures Contracts	$(4,176,653)	$(4,176,653)	$--	$--
Swaps	(1,497,925)	--	(1,497,925)	--
Total Liabilities	$(5,674,578)	$(4,176,653)	$(1,497,925)	$--
Total Derivative Instruments:	$149,001,414	$27,105,603	$121,895,811	$--

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, 2018. 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)	$31,282,256	$(4,176,653)
Swaps(b)	123,393,736	(1,497,925)
Total Commodity Risk	$154,675,992	$(5,674,578)

(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 net unrealized appreciation (depreciation).

(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)
UBS AG	$19,956,463	$--	$--	$--	$19,956,463
Citibank, N.A.	15,537,722	(273,624)	--	--	15,264,098
Goldman Sachs Bank USA	14,631,800	--	--	--	14,631,800
Merrill Lynch International	14,452,330	--	--	--	14,452,330
JPMorgan Chase Bank, N.A.	12,456,959	--	--	--	12,456,959
Societe Generale	11,252,594	(764,820)	--	--	10,487,774
CIBC	10,952,127	(459,481)	--	--	10,492,646
Macquarie Bank Ltd.	10,484,105	--	--	--	10,484,105
Morgan Stanley Capital Group, Inc.	5,823,180	--	--	--	5,823,180
Barclays Bank PLC	4,245,773	--	--	--	4,245,773
Credit Suisse International	3,600,683	--	--	--	3,600,683
Exchange Traded Futures	31,282,256	(4,176,653)	--	--	27,105,603
Total	$154,675,992	$(5,674,578)

(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.

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

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

		January 31, 2018 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $359,289,620)	$359,204,618
Fidelity Central Funds (cost $3,668,625,983)	3,669,129,740
Total Investment in Securities (cost $4,027,915,603)		$4,028,334,358
Receivable for investments sold		12,978,531
Receivable for fund shares sold		654,396
Distributions receivable from Fidelity Central Funds		4,359,288
Receivable for daily variation margin on futures contracts		5,683,726
Bi-lateral OTC swaps, at value		123,393,736
Prepaid expenses		6,250
Total assets		4,175,410,285
Liabilities
Payable for fund shares redeemed	$1,500,005
Bi-lateral OTC swaps, at value	1,497,925
Accrued management fee	180,471
Other payables and accrued expenses	891
Total liabilities		3,179,292
Net Assets		$4,172,230,993
Net Assets consist of:
Paid in capital		$3,953,287,796
Undistributed net investment income		5,640,230
Accumulated undistributed net realized gain (loss) on investments		63,882,798
Net unrealized appreciation (depreciation) on investments		149,420,169
Net Assets		$4,172,230,993
Series Commodity Strategy:
Net Asset Value, offering price and redemption price per share ($4,172,230,993 ÷ 750,118,132 shares)		$5.56

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

Consolidated Statement of Operations

		Six months ended January 31, 2018 (Unaudited)
Investment Income
Interest		$1,575,141
Income from Fidelity Central Funds		22,057,915
Total income		23,633,056
Expenses
Management fee	$858,781
Custodian fees and expenses	2,353
Independent trustees' fees and expenses	7,310
Subsidiary directors' fees	7,500
Miscellaneous	5,208
Total expenses before reductions	881,152
Expense reductions	(1,751)	879,401
Net investment income (loss)		22,753,655
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(11,755)
Futures contracts	40,372,028
Swaps	158,401,775
Total net realized gain (loss)		198,762,048
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(72,857)
Fidelity Central Funds	(1)
Futures contracts	1,794,040
Swaps	44,374,285
Total change in net unrealized appreciation (depreciation)		46,095,467
Net gain (loss)		244,857,515
Net increase (decrease) in net assets resulting from operations		$267,611,170

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

Consolidated Statement of Changes in Net Assets

	Six months ended January 31, 2018 (Unaudited)	Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$22,753,655	$7,738,060
Net realized gain (loss)	198,762,048	(194,475,899)
Change in net unrealized appreciation (depreciation)	46,095,467	207,258,778
Net increase (decrease) in net assets resulting from operations	267,611,170	20,520,939
Distributions to shareholders from net investment income	(21,654,710)	–
Share transactions - net increase (decrease)	66,461,768	490,413,996
Total increase (decrease) in net assets	312,418,228	510,934,935
Net Assets
Beginning of period	3,859,812,765	3,348,877,830
End of period	$4,172,230,993	$3,859,812,765
Other Information
Undistributed net investment income end of period	$5,640,230	$4,541,285

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

Consolidated Financial Highlights

Fidelity Series Commodity Strategy Fund

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2018	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$5.24	$5.22	$5.71	$8.01	$7.96	$9.15
Income from Investment Operations
Net investment income (loss)^A	.03	.01	(.01)	(.03)	(.04)	(.04)
Net realized and unrealized gain (loss)	.32	.01	(.48)	(2.27)	.09	(1.15)
Total from investment operations	.35	.02	(.49)	(2.30)	.05	(1.19)
Distributions from net investment income	(.03)	–	–	–	–	–
Total distributions	(.03)	–	–	–	–	–
Net asset value, end of period	$5.56	$5.24	$5.22	$5.71	$8.01	$7.96
Total Return^B,^C	6.69%	.38%	(8.58)%	(28.71)%	.63%	(13.01)%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.04%^F	.56%	.65%	.64%	.64%	.64%
Expenses net of fee waivers, if any	.04%^F	.52%	.60%	.60%	.60%	.60%
Expenses net of all reductions	.04%^F	.52%	.60%	.60%	.60%	.60%
Net investment income (loss)	1.15%^F	.13%	(.28)%	(.48)%	(.50)%	(.45)%
Supplemental Data
Net assets, end of period (000 omitted)	$4,172,231	$1,805,457	$1,629,749	$775,700	$1,136,843	$6,152,604
Portfolio turnover rate^G	0%	0%	0%	237%	23%	83%

^A Calculated based on average shares outstanding during the period.

^B Total returns for periods of less than one year are not annualized.

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

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E Expense ratios reflect operating expenses of the class. 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 class 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 class.

^F Annualized

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Consolidated Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Series Commodity Strategy Fund (the Fund) is a non-diversified fund of Fidelity Oxford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Commodity Strategy.

2. Consolidated Subsidiary.

The Fund invests in certain commodity-related investments through Geode Series Commodity Return Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of period end, the Fund held an investment of $761,279,893 in the Subsidiary, representing 18.2% of the Fund's net assets.

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

3. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors, 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 vendors. 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 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, 2018 is included at the end of the Fund's Consolidated Schedule of Investments.

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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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. 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 dividends and capital gain distributions are declared separately for each class. 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, capital loss carryforwards and losses deferred due to excise tax regulations.

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

Gross unrealized appreciation	$155,165,083
Gross unrealized depreciation	(2,921,003,793)
Net unrealized appreciation (depreciation)	$(2,765,838,710)
Tax cost	$7,083,906,310

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration
Short-term	$(85,585,111)
Long-term	(28,519,217)
Total capital loss carryforward	$(114,104,328)

5. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund primarily used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its 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.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the 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, the 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 the 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, the Fund is required to post an initial collateral amount (referred to as "Independent Amount"), as defined in the ISDA Master Agreement. The 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, the Fund receives collateral in the form of cash or securities once the Fund's 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 Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss 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 the Fund. 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 the Fund's 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 of the Fund, 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)	Change in Net Unrealized Appreciation (Depreciation)
Commodity Risk
Futures Contracts	$40,372,028	$1,794,040
Swaps	158,401,775	44,374,285
Total Commodity Risk	$198,773,803	$46,168,325

A summary of the value of derivatives by primary risk exposure as of period end 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. The Fund used futures contracts to manage its 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. Securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments.

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap.

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

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

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

Total Return Swaps. Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual asset or a basket of assets (i.e., an index), and the other on a fixed or floating rate. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting payment obligation, the Fund will receive a payment from or make a payment to the counterparty. The Fund entered into total return swaps to manage its commodities 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 pays the investment adviser a monthly management fee at an annual rate of .30% of its net assets. The Subsidiary also pays certain other expenses including custody and directors' fees.

Interfund Trades. The Fund 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.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5,208 and is reflected in Miscellaneous expenses on the Consolidated Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,751.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2018	Year ended July 31, 2017
From net investment income
Series Commodity Strategy	$21,654,710	$–
Total	$21,654,710	$–

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2018	Year ended July 31, 2017	Six months ended January 31, 2018	Year ended July 31, 2017
Series Commodity Strategy
Shares sold	439,339,796	140,012,492	$2,274,400,580	$726,441,438
Reinvestment of distributions	4,067,747	–	21,654,710	–
Shares redeemed	(38,165,734)	(107,128,488)	(202,905,065)	(557,446,852)
Net increase (decrease)	405,241,809	32,884,004	$2,093,150,225	$168,994,586
Class F
Shares sold	1,769,509	154,625,146	$9,233,410	$810,732,745
Shares redeemed	(389,334,067)	(92,610,373)	(2,035,921,867)	(489,313,335)
Net increase (decrease)	(387,564,558)	62,014,773	$(2,026,688,457)	$321,419,410

11. 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.

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

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 (August 1, 2017 to January 31, 2018).

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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central 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.

	Annualized Expense Ratio-^A	Beginning Account Value August 1, 2017	Ending Account Value January 31, 2018	Expenses Paid During Period-^B August 1, 2017 to January 31, 2018
Series Commodity Strategy	.04%
Actual		$1,000.00	$1,066.90	$.21
Hypothetical-^C		$1,000.00	$1,025.00	$.20

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

^B 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).

^C 5% return per year before expenses

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), votes on the renewal of the management contract (the Advisory Contract) with Geode Capital Management, LLC (Geode) and the administration agreement with Fidelity Management & Research Company (FMR) for the fund. 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 and administration agreement, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contract and administration agreement. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered that the Advisory Contract currently in place had become effective on June 1, 2017 in connection with shareholders of certain other Fidelity funds that invest in the fund (referred to herein as Freedom Funds) voting to approve new management contracts for the Freedom Funds. The Board noted the Advisory Contract implemented a new fee structure pursuant to which the fund does not pay a management fee to Geode.

In considering whether to renew the Advisory Contract for the fund, 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 management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with Geode's senior management. 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. The Board also noted that Geode's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Geode's investment professionals have sufficient access to information and data 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. 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 advisory services performed by Geode under the Advisory Contract and administrative services performed by Fidelity under separate agreements covering administration, transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. 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 managed by Fidelity and ultimately to enhance the performance of those investment companies.

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 Co. (FMRC) 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, brokerage expenses, and extraordinary expenses (such as litigation expenses).

The Board further considered that, effective June 1, 2017, Geode has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.014% through September 30, 2020.

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 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 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.

The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business. The Board noted that Geode does not believe that managing the fund has resulted in significant potential fall-out benefits to its business due to the relatively small amount of assets in the fund. The Board noted Geode's belief that it may realize a reputational benefit from managing the fund's assets, but it is not immediately quantifiable and may not translate into financial benefits in the future.

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 relevant to the renewal of 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 limited exceptions, economies of scale cannot be realized by the fund.

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) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contract should be renewed.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SCR-S-SANN-0318
1.899302.108

Fidelity® Commodity Strategy Fund

Semi-Annual Report

January 31, 2018

Contents

Consolidated Investment Summary
Consolidated Schedule of Investments
Consolidated Financial Statements
Notes to Consolidated Financial Statements
Shareholder Expense Example

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.

Consolidated Investment Summary (Unaudited)

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

Commodity Instruments as of January 31, 2018*

% of fund’s total commodity-linked investments
	Commodity Futures	22.3%

Commodity Sector Diversification as of January 31, 2018*

% of fund’s total commodity-linked investments
	Energy	31.2%
	Agriculture	29.4%
	Precious Metals	15.5%
	Industrial Metals	17.5%
	Livestock	6.4%

Consolidated Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 9.4%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 1.27% to 1.32% 3/8/18 to 4/26/18 (a)(b)
(Cost $79,763,536)	80,000,000	79,745,436
	Shares	Value

Money Market Funds - 88.0%
Fidelity Cash Central Fund, 1.39% (c)
(Cost $747,522,670)	747,373,195	747,522,670
TOTAL INVESTMENT IN SECURITIES - 97.4%
(Cost $827,286,206)		827,268,106
NET OTHER ASSETS (LIABILITIES) - 2.6%		21,824,356
NET ASSETS - 100%		$849,092,462

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Commodity Futures Contracts
CBOT Corn Contracts (United States)	647	March 2018	$11,694,525	$94,198	$94,198
CBOT KC HRW Wheat Contracts (United States)	111	March 2018	2,593,238	131,622	131,622
CBOT Soybean Contracts (United States)	228	March 2018	11,351,550	48,287	48,287
CBOT Soybean Meal Contracts (United States)	175	March 2018	5,911,500	100,455	100,455
CBOT Soybean Oil Contracts (United States)	252	March 2018	5,000,184	(79,841)	(79,841)
CBOT Wheat Contracts (United States)	280	March 2018	6,324,500	115,201	115,201
CME Lean Hogs Contracts (United States)	135	April 2018	3,901,500	(176,044)	(176,044)
CME Live Cattle Contracts (United States)	168	April 2018	8,260,560	247,836	247,836
COMEX Copper Contracts (United States)	165	March 2018	13,212,188	391,543	391,543
COMEX Gold 100 oz. Contracts (United States)	167	April 2018	22,531,640	369,316	369,316
COMEX Silver Contracts (United States)	79	March 2018	6,839,425	111,158	111,158
ICE Brent Crude Contracts (United Kingdom)	211	March 2018	14,464,070	87,991	87,991
ICE Coffee 'C' Contracts (United States)	100	March 2018	4,569,375	(235,407)	(235,407)
ICE Cotton No. 2 Contracts (United States)	69	March 2018	2,666,160	265,626	265,626
ICE Sugar No. 11 Contracts (United States)	388	March 2018	5,749,229	(606,565)	(606,565)
LME Aluminum Contracts (United Kingdom)	152	March 2018	8,412,250	740,878	740,878
LME Nickel Contracts (United Kingdom)	68	March 2018	5,540,436	1,001,430	1,001,430
LME Zinc Contracts (United Kingdom)	68	March 2018	6,034,150	718,803	718,803
NYMEX Gasoline RBOB Contracts (United States)	92	March 2018	7,315,711	604,297	604,297
NYMEX Natural Gas Contracts (United States)	542	Feb. 2018	16,092,240	1,028,022	1,028,022
NYMEX NY Harbor ULSD Contracts (United States)	79	March 2018	6,855,320	503,769	503,769
NYMEX WTI Crude Oil Contracts (United States)	221	Feb. 2018	14,325,220	1,657,454	1,657,454
TOTAL FUTURES CONTRACTS					$7,120,029

The notional amount of futures purchased as a percentage of Net Assets is 22.3%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $166,346,952.

Swaps

Underlying Reference	Pay/Receive Reference	Reference Payment Frequency	Financing Rate	Financing Frequency	Counterparty	Maturity Date	Notional Amount	Value	Upfront Premium Received/(Paid)	Unrealized Appreciation/(Depreciation)
Total Return Swaps(1)
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	Feb. 2018	$97,500,000	$4,924,098	$0	$4,924,098
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	May 2018	11,200,000	141,298	0	141,298
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	Mar. 2018	19,500,000	522,366	0	522,366
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	May 2018	85,500,000	1,523,624	0	1,523,624
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	Feb. 2018	10,300,000	455,891	0	455,891
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	Mar. 2018	68,000,000	2,438,542	0	2,438,542
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 15.5 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Mar. 2018	36,000,000	1,520,117	0	1,520,117
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Mar. 2018	39,000,000	961,808	0	961,808
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Mar. 2018	19,500,000	523,696	0	523,696
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Apr. 2018	31,000,000	1,486,552	0	1,486,552
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Merrill Lynch International	Feb. 2018	119,300,000	5,844,762	0	5,844,762
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Societe Generale	May 2018	102,900,000	(738,967)	0	(738,967)

TOTAL RETURN SWAPS								$19,603,787	$0	$19,603,787

For the period, the average monthly notional amount for swaps in the aggregate was $585,883,333.

Legend

(a) 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 $7,248,979.

(b) Security or a portion of the security has been segregated as collateral for open bi-lateral over-the-counter (OTC) swaps. At period end, the value of securities pledged amounted to $19,650,789.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$4,076,144
Total	$4,076,144

Consolidated Subsidiary

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period
Geode Commodity Strategy Cayman Ltd.	$110,645,081	$--	$--	$--	$--	$47,291,179	$157,936,260

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
U.S. Government and Government Agency Obligations	$79,745,436	$--	$79,745,436	$--
Money Market Funds	747,522,670	747,522,670	--	--
Total Investments in Securities:	$827,268,106	$747,522,670	$79,745,436	$--
Derivative Instruments:
Assets
Futures Contracts	$8,217,886	$8,217,886	$--	$--
Swaps	20,342,754	--	20,342,754	--
Total Assets	$28,560,640	$8,217,886	$20,342,754	$--
Liabilities
Futures Contracts	$(1,097,857)	$(1,097,857)	$--	$--
Swaps	(738,967)	--	(738,967)	--
Total Liabilities	$(1,836,824)	$(1,097,857)	$(738,967)	$--
Total Derivative Instruments:	$26,723,816	$7,120,029	$19,603,787	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Commodity Risk
Futures Contracts(a)	$8,217,886	$(1,097,857)
Swaps(b)	20,342,754	(738,967)
Total Commodity Risk	$28,560,640	$(1,836,824)

(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)
Merrill Lynch International	$5,844,762	$--	$--	$--	$5,844,762
CIBC	5,065,396	--	--	--	5,065,396
Macquarie Bank Ltd.	2,972,056	--	--	--	2,972,056
Goldman Sachs Bank USA	2,894,433	--	--	--	2,894,433
Citibank, N.A.	2,045,990	--	--	--	2,045,990
JPMorgan Chase Bank, N.A.	1,520,117	--	--	--	1,520,117
Societe Generale	--	(738,967)	--	738,967	--
Exchange Traded Futures	8,217,886	(1,097,857)	--	--	7,120,029
Total	$28,560,640	$(1,836,824)

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

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

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

		January 31, 2018 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $79,763,536)	$79,745,436
Fidelity Central Funds (cost $747,522,670)	747,522,670
Total Investment in Securities (cost $827,286,206)		$827,268,106
Receivable for fund shares sold		428,293
Distributions receivable from Fidelity Central Funds		880,873
Receivable for daily variation margin on futures contracts		1,372,624
Bi-lateral OTC swaps, at value		20,342,754
Prepaid expenses		6,250
Total assets		850,298,900
Liabilities
Payable for fund shares redeemed	$100,657
Bi-lateral OTC swaps, at value	738,967
Accrued management fee	279,335
Transfer agent fee payable	87,122
Other payables and accrued expenses	357
Total liabilities		1,206,438
Net Assets		$849,092,462
Net Assets consist of:
Paid in capital		$791,726,568
Undistributed net investment income		1,012,522
Accumulated undistributed net realized gain (loss) on investments		29,647,656
Net unrealized appreciation (depreciation) on investments		26,705,716
Net Assets		$849,092,462
Commodity Strategy:
Net Asset Value, offering price and redemption price per share ($527,508,040 ÷ 48,926,570 shares)		$10.78
Class F:
Net Asset Value, offering price and redemption price per share ($321,584,422 ÷ 29,817,878 shares)		$10.78

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

Consolidated Statement of Operations

		Six months ended January 31, 2018 (Unaudited)
Investment Income
Interest		$370,346
Income from Fidelity Central Funds		4,076,144
Total income		4,446,490
Expenses
Management fee	$1,681,636
Transfer agent fees	462,937
Custodian fees and expenses	1,094
Independent trustees' fees and expenses	1,339
Subsidiary directors' fees	1,250
Total expenses before reductions	2,148,256
Expense reductions	(182,411)	1,965,845
Net investment income (loss)		2,480,645
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	9
Futures contracts	8,953,638
Swaps	25,311,650
Total net realized gain (loss)		34,265,297
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(15,110)
Futures contracts	1,610,805
Swaps	10,959,224
Total change in net unrealized appreciation (depreciation)		12,554,919
Net gain (loss)		46,820,216
Net increase (decrease) in net assets resulting from operations		$49,300,861

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

Consolidated Statement of Changes in Net Assets

	Six months ended January 31, 2018 (Unaudited)	For the period May 30, 2017 (commencement of operations) to July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,480,645	$534,865
Net realized gain (loss)	34,265,297	(3,597,371)
Change in net unrealized appreciation (depreciation)	12,554,919	14,150,797
Net increase (decrease) in net assets resulting from operations	49,300,861	11,088,291
Distributions to shareholders from net investment income	(2,002,988)	–
Distributions to shareholders from net realized gain	(1,020,270)	–
Total distributions	(3,023,258)	–
Share transactions - net increase (decrease)	114,430,892	677,295,676
Total increase (decrease) in net assets	160,708,495	688,383,967
Net Assets
Beginning of period	688,383,967	–
End of period	$849,092,462	$688,383,967
Other Information
Undistributed net investment income end of period	$1,012,522	$534,865

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

Consolidated Financial Highlights

Fidelity Commodity Strategy Fund

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.15	$10.00
Income from Investment Operations
Net investment income (loss)^B	.03	.01
Net realized and unrealized gain (loss)	.64	.14
Total from investment operations	.67	.15
Distributions from net investment income	(.02)	–
Distributions from net realized gain	(.02)	–
Total distributions	(.04)	–
Net asset value, end of period	$10.78	$10.15
Total Return^C,^D	6.60%	1.50%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.65%^G	.65%^G
Expenses net of fee waivers, if any	.60%^G	.60%^G
Expenses net of all reductions	.60%^G	.60%^G
Net investment income (loss)	.59%^G	.44%^G
Supplemental Data
Net assets, end of period (000 omitted)	$527,508	$422,999
Portfolio turnover rate^H	0%	0%

^A For the period May 30, 2017 (commencement of operations) to July 31, 2017.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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 class.

^G Annualized

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Fidelity Commodity Strategy Fund Class F

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.16	$10.00
Income from Investment Operations
Net investment income (loss)^B	.04	.01
Net realized and unrealized gain (loss)	.63	.15
Total from investment operations	.67	.16
Distributions from net investment income	(.03)	–
Distributions from net realized gain	(.02)	–
Total distributions	(.05)	–
Net asset value, end of period	$10.78	$10.16
Total Return^C,^D	6.60%	1.60%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.45%^G	.45%^G
Expenses net of fee waivers, if any	.40%^G	.40%^G
Expenses net of all reductions	.40%^G	.40%^G
Net investment income (loss)	.79%^G	.65%^G
Supplemental Data
Net assets, end of period (000 omitted)	$321,584	$265,385
Portfolio turnover rate^H	0%	0%

^A For the period May 30, 2017 (commencement of operations) to July 31, 2017.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

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

^G Annualized

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Consolidated Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Commodity Strategy Fund (the Fund) is a non-diversified fund of Fidelity Oxford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds and accounts for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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. The Fund offers Commodity Strategy and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Consolidated Subsidiary.

The Fund invests in certain commodity-related investments through Geode Commodity Strategy Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of period end, the Fund held an investment of $157,936,260 in the Subsidiary, representing 18.6% of the Fund's net assets.

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

3. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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 – 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:

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to controlled foreign corporations.

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

Gross unrealized appreciation	$85,537,821
Gross unrealized depreciation	(1,836,824)
Net unrealized appreciation (depreciation)	$83,700,997
Tax cost	$791,305,720

5. Derivative Instruments.

The Fund's use of derivatives increased or decreased its 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.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Commodity Risk
Futures Contracts	$8,953,638	$1,610,805
Swaps	25,311,650	10,959,224
Total Commodity Risk	$34,265,288	$12,570,029

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

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

6. Fees and Other Transactions with Affiliates.

Management Fee and Administration Agreement. Geode Capital Management, LLC (the investment adviser) provides the Fund with investment management services for which the Fund pays a monthly management fee that is based on an annual rate of .40% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation 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.

For the reporting period, the total consolidated annual management fee rate which includes the management fee of the Fund and the Subsidiary was .45% of the Fund's average net assets.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives an asset-based fee of Commodity Strategy's average net assets. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each applicable class were as follows:

	Amount	% of Class-Level Average Net Assets^(a)
Commodity Strategy	$462,937	.20

(a) Annualized

7. Expense Reductions.

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to the management fee paid by the Subsidiary. During the period, this waiver reduced the Fund's management fee by $181,737. In addition, 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. During the period, these credits reduced the Fund's custody expenses by $674.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2018	Year ended July 31, 2017^(a)
From net investment income
Commodity Strategy	$1,076,265	$–
Class F	926,723	–
Total	$2,002,988	$–
From net realized gain
Commodity Strategy	$619,462	$–
Class F	400,808	–
Total	$1,020,270	$–

(a) For the period May 30, 2017 (commencement of operations) to July 31, 2017.

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2018	Year ended July 31, 2017^(a)	Six months ended January 31, 2018	Year ended July 31, 2017^(a)
Commodity Strategy
Shares sold	10,161,755	42,231,995	$106,081,491	$421,807,485
Reinvestment of distributions	167,070	–	1,695,727	–
Shares redeemed	(3,064,010)	(570,240)	(31,354,720)	(5,676,193)
Net increase (decrease)	7,264,815	41,661,755	$76,422,498	$416,131,292
Class F
Shares sold	3,860,084	26,286,898	$39,823,281	$262,719,273
Reinvestment of distributions	130,793	–	1,327,531	–
Shares redeemed	(302,083)	(157,814)	(3,142,418)	(1,554,889)
Net increase (decrease)	3,688,794	26,129,084	$38,008,394	$261,164,384

(a) For the period May 30, 2017 (commencement of operations) to July 31, 2017.

10. Other.

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.

Shareholder Expense Example

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, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central 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.

	Annualized Expense Ratio-^A	Beginning Account Value August 1, 2017	Ending Account Value January 31, 2018	Expenses Paid During Period-^B August 1, 2017 to January 31, 2018
Commodity Strategy	.60%
Actual		$1,000.00	$1,066.00	$3.12
Hypothetical-^C		$1,000.00	$1,022.18	$3.06
Class F	.40%
Actual		$1,000.00	$1,066.00	$2.08
Hypothetical-^C		$1,000.00	$1,023.19	$2.04

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CSZ-SANN-0318
1.9879553.100

Fidelity® Commodity Strategy Fund

Semi-Annual Report

January 31, 2018

Contents

Consolidated Investment Summary
Consolidated Schedule of Investments
Consolidated Financial Statements
Notes to Consolidated Financial Statements
Shareholder Expense Example

You may also call 1-800-835-5092 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.

Consolidated Investment Summary (Unaudited)

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

Commodity Instruments as of January 31, 2018*

% of fund’s total commodity-linked investments
	Commodity Futures	22.3%

Commodity Sector Diversification as of January 31, 2018*

% of fund’s total commodity-linked investments
	Energy	31.2%
	Agriculture	29.4%
	Precious Metals	15.5%
	Industrial Metals	17.5%
	Livestock	6.4%

Consolidated Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 9.4%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 1.27% to 1.32% 3/8/18 to 4/26/18 (a)(b)
(Cost $79,763,536)	80,000,000	79,745,436
	Shares	Value

Money Market Funds - 88.0%
Fidelity Cash Central Fund, 1.39% (c)
(Cost $747,522,670)	747,373,195	747,522,670
TOTAL INVESTMENT IN SECURITIES - 97.4%
(Cost $827,286,206)		827,268,106
NET OTHER ASSETS (LIABILITIES) - 2.6%		21,824,356
NET ASSETS - 100%		$849,092,462

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Commodity Futures Contracts
CBOT Corn Contracts (United States)	647	March 2018	$11,694,525	$94,198	$94,198
CBOT KC HRW Wheat Contracts (United States)	111	March 2018	2,593,238	131,622	131,622
CBOT Soybean Contracts (United States)	228	March 2018	11,351,550	48,287	48,287
CBOT Soybean Meal Contracts (United States)	175	March 2018	5,911,500	100,455	100,455
CBOT Soybean Oil Contracts (United States)	252	March 2018	5,000,184	(79,841)	(79,841)
CBOT Wheat Contracts (United States)	280	March 2018	6,324,500	115,201	115,201
CME Lean Hogs Contracts (United States)	135	April 2018	3,901,500	(176,044)	(176,044)
CME Live Cattle Contracts (United States)	168	April 2018	8,260,560	247,836	247,836
COMEX Copper Contracts (United States)	165	March 2018	13,212,188	391,543	391,543
COMEX Gold 100 oz. Contracts (United States)	167	April 2018	22,531,640	369,316	369,316
COMEX Silver Contracts (United States)	79	March 2018	6,839,425	111,158	111,158
ICE Brent Crude Contracts (United Kingdom)	211	March 2018	14,464,070	87,991	87,991
ICE Coffee 'C' Contracts (United States)	100	March 2018	4,569,375	(235,407)	(235,407)
ICE Cotton No. 2 Contracts (United States)	69	March 2018	2,666,160	265,626	265,626
ICE Sugar No. 11 Contracts (United States)	388	March 2018	5,749,229	(606,565)	(606,565)
LME Aluminum Contracts (United Kingdom)	152	March 2018	8,412,250	740,878	740,878
LME Nickel Contracts (United Kingdom)	68	March 2018	5,540,436	1,001,430	1,001,430
LME Zinc Contracts (United Kingdom)	68	March 2018	6,034,150	718,803	718,803
NYMEX Gasoline RBOB Contracts (United States)	92	March 2018	7,315,711	604,297	604,297
NYMEX Natural Gas Contracts (United States)	542	Feb. 2018	16,092,240	1,028,022	1,028,022
NYMEX NY Harbor ULSD Contracts (United States)	79	March 2018	6,855,320	503,769	503,769
NYMEX WTI Crude Oil Contracts (United States)	221	Feb. 2018	14,325,220	1,657,454	1,657,454
TOTAL FUTURES CONTRACTS					$7,120,029

The notional amount of futures purchased as a percentage of Net Assets is 22.3%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $166,346,952.

Swaps

Underlying Reference	Pay/Receive Reference	Reference Payment Frequency	Financing Rate	Financing Frequency	Counterparty	Maturity Date	Notional Amount	Value	Upfront Premium Received/(Paid)	Unrealized Appreciation/(Depreciation)
Total Return Swaps(1)
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	Feb. 2018	$97,500,000	$4,924,098	$0	$4,924,098
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	CIBC	May 2018	11,200,000	141,298	0	141,298
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	Mar. 2018	19,500,000	522,366	0	522,366
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Citibank, N.A.	May 2018	85,500,000	1,523,624	0	1,523,624
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	Feb. 2018	10,300,000	455,891	0	455,891
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 12 basis points	At Maturity	Goldman Sachs Bank USA	Mar. 2018	68,000,000	2,438,542	0	2,438,542
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 15.5 basis points	At Maturity	JPMorgan Chase Bank, N.A.	Mar. 2018	36,000,000	1,520,117	0	1,520,117
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Mar. 2018	39,000,000	961,808	0	961,808
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Mar. 2018	19,500,000	523,696	0	523,696
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 9 basis points	At Maturity	Macquarie Bank Ltd.	Apr. 2018	31,000,000	1,486,552	0	1,486,552
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Merrill Lynch International	Feb. 2018	119,300,000	5,844,762	0	5,844,762
Bloomberg Commodity Index Total Return	Receives	At Maturity	3-month US auction rate T-Bill plus 11 basis points	At Maturity	Societe Generale	May 2018	102,900,000	(738,967)	0	(738,967)

TOTAL RETURN SWAPS								$19,603,787	$0	$19,603,787

For the period, the average monthly notional amount for swaps in the aggregate was $585,883,333.

Legend

(a) 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 $7,248,979.

(b) Security or a portion of the security has been segregated as collateral for open bi-lateral over-the-counter (OTC) swaps. At period end, the value of securities pledged amounted to $19,650,789.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$4,076,144
Total	$4,076,144

Consolidated Subsidiary

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period
Geode Commodity Strategy Cayman Ltd.	$110,645,081	$--	$--	$--	$--	$47,291,179	$157,936,260

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
U.S. Government and Government Agency Obligations	$79,745,436	$--	$79,745,436	$--
Money Market Funds	747,522,670	747,522,670	--	--
Total Investments in Securities:	$827,268,106	$747,522,670	$79,745,436	$--
Derivative Instruments:
Assets
Futures Contracts	$8,217,886	$8,217,886	$--	$--
Swaps	20,342,754	--	20,342,754	--
Total Assets	$28,560,640	$8,217,886	$20,342,754	$--
Liabilities
Futures Contracts	$(1,097,857)	$(1,097,857)	$--	$--
Swaps	(738,967)	--	(738,967)	--
Total Liabilities	$(1,836,824)	$(1,097,857)	$(738,967)	$--
Total Derivative Instruments:	$26,723,816	$7,120,029	$19,603,787	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Commodity Risk
Futures Contracts(a)	$8,217,886	$(1,097,857)
Swaps(b)	20,342,754	(738,967)
Total Commodity Risk	$28,560,640	$(1,836,824)

(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)
Merrill Lynch International	$5,844,762	$--	$--	$--	$5,844,762
CIBC	5,065,396	--	--	--	5,065,396
Macquarie Bank Ltd.	2,972,056	--	--	--	2,972,056
Goldman Sachs Bank USA	2,894,433	--	--	--	2,894,433
Citibank, N.A.	2,045,990	--	--	--	2,045,990
JPMorgan Chase Bank, N.A.	1,520,117	--	--	--	1,520,117
Societe Generale	--	(738,967)	--	738,967	--
Exchange Traded Futures	8,217,886	(1,097,857)	--	--	7,120,029
Total	$28,560,640	$(1,836,824)

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

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

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

		January 31, 2018 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $79,763,536)	$79,745,436
Fidelity Central Funds (cost $747,522,670)	747,522,670
Total Investment in Securities (cost $827,286,206)		$827,268,106
Receivable for fund shares sold		428,293
Distributions receivable from Fidelity Central Funds		880,873
Receivable for daily variation margin on futures contracts		1,372,624
Bi-lateral OTC swaps, at value		20,342,754
Prepaid expenses		6,250
Total assets		850,298,900
Liabilities
Payable for fund shares redeemed	$100,657
Bi-lateral OTC swaps, at value	738,967
Accrued management fee	279,335
Transfer agent fee payable	87,122
Other payables and accrued expenses	357
Total liabilities		1,206,438
Net Assets		$849,092,462
Net Assets consist of:
Paid in capital		$791,726,568
Undistributed net investment income		1,012,522
Accumulated undistributed net realized gain (loss) on investments		29,647,656
Net unrealized appreciation (depreciation) on investments		26,705,716
Net Assets		$849,092,462
Commodity Strategy:
Net Asset Value, offering price and redemption price per share ($527,508,040 ÷ 48,926,570 shares)		$10.78
Class F:
Net Asset Value, offering price and redemption price per share ($321,584,422 ÷ 29,817,878 shares)		$10.78

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

Consolidated Statement of Operations

		Six months ended January 31, 2018 (Unaudited)
Investment Income
Interest		$370,346
Income from Fidelity Central Funds		4,076,144
Total income		4,446,490
Expenses
Management fee	$1,681,636
Transfer agent fees	462,937
Custodian fees and expenses	1,094
Independent trustees' fees and expenses	1,339
Subsidiary directors' fees	1,250
Total expenses before reductions	2,148,256
Expense reductions	(182,411)	1,965,845
Net investment income (loss)		2,480,645
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	9
Futures contracts	8,953,638
Swaps	25,311,650
Total net realized gain (loss)		34,265,297
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(15,110)
Futures contracts	1,610,805
Swaps	10,959,224
Total change in net unrealized appreciation (depreciation)		12,554,919
Net gain (loss)		46,820,216
Net increase (decrease) in net assets resulting from operations		$49,300,861

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

Consolidated Statement of Changes in Net Assets

	Six months ended January 31, 2018 (Unaudited)	For the period May 30, 2017 (commencement of operations) to July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,480,645	$534,865
Net realized gain (loss)	34,265,297	(3,597,371)
Change in net unrealized appreciation (depreciation)	12,554,919	14,150,797
Net increase (decrease) in net assets resulting from operations	49,300,861	11,088,291
Distributions to shareholders from net investment income	(2,002,988)	–
Distributions to shareholders from net realized gain	(1,020,270)	–
Total distributions	(3,023,258)	–
Share transactions - net increase (decrease)	114,430,892	677,295,676
Total increase (decrease) in net assets	160,708,495	688,383,967
Net Assets
Beginning of period	688,383,967	–
End of period	$849,092,462	$688,383,967
Other Information
Undistributed net investment income end of period	$1,012,522	$534,865

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

Consolidated Financial Highlights

Fidelity Commodity Strategy Fund

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.15	$10.00
Income from Investment Operations
Net investment income (loss)^B	.03	.01
Net realized and unrealized gain (loss)	.64	.14
Total from investment operations	.67	.15
Distributions from net investment income	(.02)	–
Distributions from net realized gain	(.02)	–
Total distributions	(.04)	–
Net asset value, end of period	$10.78	$10.15
Total Return^C,^D	6.60%	1.50%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.65%^G	.65%^G
Expenses net of fee waivers, if any	.60%^G	.60%^G
Expenses net of all reductions	.60%^G	.60%^G
Net investment income (loss)	.59%^G	.44%^G
Supplemental Data
Net assets, end of period (000 omitted)	$527,508	$422,999
Portfolio turnover rate^H	0%	0%

^A For the period May 30, 2017 (commencement of operations) to July 31, 2017.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

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

^G Annualized

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Fidelity Commodity Strategy Fund Class F

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.16	$10.00
Income from Investment Operations
Net investment income (loss)^B	.04	.01
Net realized and unrealized gain (loss)	.63	.15
Total from investment operations	.67	.16
Distributions from net investment income	(.03)	–
Distributions from net realized gain	(.02)	–
Total distributions	(.05)	–
Net asset value, end of period	$10.78	$10.16
Total Return^C,^D	6.60%	1.60%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.45%^G	.45%^G
Expenses net of fee waivers, if any	.40%^G	.40%^G
Expenses net of all reductions	.40%^G	.40%^G
Net investment income (loss)	.79%^G	.65%^G
Supplemental Data
Net assets, end of period (000 omitted)	$321,584	$265,385
Portfolio turnover rate^H	0%	0%

^A For the period May 30, 2017 (commencement of operations) to July 31, 2017.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

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

^G Annualized

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Consolidated Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

2. Consolidated Subsidiary.

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

3. Investments in Fidelity Central Funds.

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 – 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:

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to controlled foreign corporations.

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

Gross unrealized appreciation	$85,537,821
Gross unrealized depreciation	(1,836,824)
Net unrealized appreciation (depreciation)	$83,700,997
Tax cost	$791,305,720

5. Derivative Instruments.

The Fund's use of derivatives increased or decreased its 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.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Commodity Risk
Futures Contracts	$8,953,638	$1,610,805
Swaps	25,311,650	10,959,224
Total Commodity Risk	$34,265,288	$12,570,029

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

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

6. Fees and Other Transactions with Affiliates.

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

For the reporting period, the total consolidated annual management fee rate which includes the management fee of the Fund and the Subsidiary was .45% of the Fund's average net assets.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

For the period, transfer agent fees for each applicable class were as follows:

	Amount	% of Class-Level Average Net Assets^(a)
Commodity Strategy	$462,937	.20

(a) Annualized

7. Expense Reductions.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2018	Year ended July 31, 2017^(a)
From net investment income
Commodity Strategy	$1,076,265	$–
Class F	926,723	–
Total	$2,002,988	$–
From net realized gain
Commodity Strategy	$619,462	$–
Class F	400,808	–
Total	$1,020,270	$–

(a) For the period May 30, 2017 (commencement of operations) to July 31, 2017.

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2018	Year ended July 31, 2017^(a)	Six months ended January 31, 2018	Year ended July 31, 2017^(a)
Commodity Strategy
Shares sold	10,161,755	42,231,995	$106,081,491	$421,807,485
Reinvestment of distributions	167,070	–	1,695,727	–
Shares redeemed	(3,064,010)	(570,240)	(31,354,720)	(5,676,193)
Net increase (decrease)	7,264,815	41,661,755	$76,422,498	$416,131,292
Class F
Shares sold	3,860,084	26,286,898	$39,823,281	$262,719,273
Reinvestment of distributions	130,793	–	1,327,531	–
Shares redeemed	(302,083)	(157,814)	(3,142,418)	(1,554,889)
Net increase (decrease)	3,688,794	26,129,084	$38,008,394	$261,164,384

(a) For the period May 30, 2017 (commencement of operations) to July 31, 2017.

10. Other.

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.

Shareholder Expense Example

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, 2017 to January 31, 2018).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value August 1, 2017	Ending Account Value January 31, 2018	Expenses Paid During Period-^B August 1, 2017 to January 31, 2018
Commodity Strategy	.60%
Actual		$1,000.00	$1,066.00	$3.12
Hypothetical-^C		$1,000.00	$1,022.18	$3.06
Class F	.40%
Actual		$1,000.00	$1,066.00	$2.08
Hypothetical-^C		$1,000.00	$1,023.19	$2.04

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CSZ-F-SANN-0318
1.9879565.100

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/Stephanie J. Dorsey
	Stephanie J. Dorsey
	President and Treasurer

Date:	March 26, 2018

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/Stephanie J. Dorsey
	Stephanie J. Dorsey
	President and Treasurer

Date:	March 26, 2018


By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	March 26, 2018

Fidelity Oxford Street Trust N-CSRSCertified semi-annual shareholder report (management investment company)