UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-2105

Fidelity Fixed-Income Trust
(Exact name of registrant as specified in charter)

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	September 30
Date of reporting period:	June 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Strategic Real
Return Fund -
Strategic Real Return
Class F

June 30, 2009

1.833432.103

RRS-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 5.2%
		Principal Amount (d)		Value
Convertible Bonds - 2.2%
FINANCIALS - 2.2%
Commercial Banks - 0.0%
CapitalSource, Inc. 7.25% 7/15/37		$ 1,200,000		$ 846,000
Real Estate Investment Trusts - 1.9%
Acadia Realty Trust 3.75% 12/15/26		7,550,000		6,496,020
Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (e)		7,625,000		6,236,488
Anthracite Capital, Inc. 11.75% 9/1/27 (e)		1,570,000		282,129
BioMed Realty LP 4.5% 10/1/26 (e)		4,500,000		3,802,500
Boston Properties, Inc. 3.75% 5/15/36		900,000		792,900
Brandywine Operating Partnership LP 3.875% 10/15/26		1,700,000		1,517,250
BRE Properties, Inc. 4.125% 8/15/26		12,850,000		11,576,051
CapLease, Inc. 7.5% 10/1/27 (e)		5,500,000		3,135,000
Corporate Office Properties LP 3.5% 9/15/26 (e)		2,250,000		1,949,400
Duke Realty LP 3.75% 12/1/11 (e)		2,850,000		2,475,938
Home Properties, Inc. 4.125% 11/1/26 (e)		1,900,000		1,682,640
Hospitality Properties Trust 3.8% 3/15/27		5,200,000		4,335,760
Inland Real Estate Corp. 4.625% 11/15/26		2,000,000		1,651,481
Lexington Master Ltd. Partnership 5.45% 1/15/27 (e)		7,850,000		6,554,750
MPT Operating Partnership LP 9.25% 4/1/13 (e)		3,000,000		2,358,300
National Retail Properties, Inc. 3.95% 9/15/26		2,700,000		2,500,905
ProLogis Trust 1.875% 11/15/37		4,400,000		3,211,868
SL Green Realty Corp. 3% 3/30/27 (e)		1,450,000		1,196,250
The Macerich Co. 3.25% 3/15/12 (e)		3,600,000		2,821,680
United Dominion Realty Trust, Inc. 3.625% 9/15/11		7,750,000		7,004,063
Ventas, Inc. 3.875% 11/15/11 (e)		7,980,000		7,639,174
Vornado Realty Trust 2.85% 4/1/27		4,660,000		4,060,444
Washington (REIT):
3.875% 9/15/26		4,350,000		4,002,000
3.875% 9/15/26		3,350,000		3,082,000
Weingarten Realty Investors 3.95% 8/1/26		4,250,000		3,910,000
				94,274,991
Real Estate Management & Development - 0.3%
ERP Operating LP 3.85% 8/15/26		8,750,000		8,311,625
First Potomac Realty Investment LP 4% 12/15/11 (e)		2,400,000		1,917,000
Kilroy Realty LP 3.25% 4/15/12 (e)		4,500,000		3,690,000
				13,918,625
TOTAL FINANCIALS				109,039,616
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - 3.0%
CONSUMER DISCRETIONARY - 0.5%
Hotels, Restaurants & Leisure - 0.0%
Host Marriott LP 7% 8/15/12		$ 1,800,000		$ 1,741,500
Starwood Hotels & Resorts Worldwide, Inc. 6.25% 2/15/13		500,000		465,000
Times Square Hotel Trust 8.528% 8/1/26 (e)		870,568		749,559
				2,956,059
Household Durables - 0.5%
D.R. Horton, Inc.:
5.375% 6/15/12		2,900,000		2,697,000
6.5% 4/15/16		1,000,000		855,000
K. Hovnanian Enterprises, Inc.:
6% 1/15/10		400,000		380,000
7.75% 5/15/13		5,800,000		2,610,000
KB Home:
5.875% 1/15/15		1,500,000		1,335,000
6.25% 6/15/15		5,100,000		4,360,500
Lennar Corp.:
5.5% 9/1/14		4,000,000		3,200,000
5.95% 10/17/11		1,000,000		890,000
M/I Homes, Inc. 6.875% 4/1/12		2,950,000		2,448,500
Meritage Homes Corp. 6.25% 3/15/15		3,500,000		2,747,500
Ryland Group, Inc.:
6.875% 6/15/13		1,000,000		955,000
8.4% 5/15/17		250,000		237,500
Stanley-Martin Communities LLC 9.75% 8/15/15		6,300,000		1,575,000
				24,291,000
TOTAL CONSUMER DISCRETIONARY				27,247,059
FINANCIALS - 2.4%
Diversified Financial Services - 0.0%
Sunwest Management, Inc. 8.385% 6/9/10 (c)(f)		3,175,000		1,905,000
Real Estate Investment Trusts - 2.1%
AMB Property LP:
5.9% 8/15/13		600,000		547,307
6.3% 6/1/13		2,000,000		1,854,706
Arden Realty LP 5.2% 9/1/11		500,000		510,936
AvalonBay Communities, Inc.:
4.95% 3/15/13		1,500,000		1,435,871
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
AvalonBay Communities, Inc.: - continued
5.5% 1/15/12		$ 1,000,000		$ 1,002,608
6.625% 9/15/11		1,521,000		1,569,737
Brandywine Operating Partnership LP:
4.5% 11/1/09		800,000		797,460
5.75% 4/1/12		1,000,000		904,118
6% 4/1/16		1,000,000		738,003
Camden Property Trust:
4.7% 7/15/09		2,500,000		2,500,905
5% 6/15/15		1,400,000		1,235,724
Colonial Properties Trust 6.875% 8/15/12		1,000,000		938,540
Colonial Realty LP 6.05% 9/1/16		1,000,000		788,260
Commercial Net Lease Realty, Inc. 6.15% 12/15/15		400,000		336,067
Developers Diversified Realty Corp.:
4.625% 8/1/10		1,600,000		1,446,635
5.375% 10/15/12		2,000,000		1,352,016
Duke Realty LP:
5.625% 8/15/11		680,000		650,963
7.75% 11/15/09		1,000,000		1,002,454
Equity One, Inc.:
6% 9/15/16		1,000,000		785,906
6.25% 1/15/17		1,000,000		801,528
Federal Realty Investment Trust:
4.5% 2/15/11		3,050,000		2,886,005
5.65% 6/1/16		700,000		613,156
Health Care Property Investors, Inc.:
4.875% 9/15/10		700,000		686,517
6% 3/1/15		1,500,000		1,323,749
6% 1/30/17		1,000,000		847,723
6.3% 9/15/16		4,500,000		3,902,927
Health Care REIT, Inc. 6.2% 6/1/16		2,250,000		1,949,524
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		500,000		440,674
8.125% 5/1/11		2,608,000		2,598,037
Highwoods/Forsyth LP 5.85% 3/15/17		2,600,000		2,070,614
HMB Capital Trust V 4.2294% 12/15/36 (c)(e)(f)		4,300,000		430
Hospitality Properties Trust:
5.625% 3/15/17		1,540,000		1,149,508
6.7% 1/15/18		1,000,000		765,824
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hospitality Properties Trust: - continued
6.75% 2/15/13		$ 1,250,000		$ 1,099,595
Host Hotels & Resorts LP:
6.875% 11/1/14		2,000,000		1,790,000
9% 5/15/17 (e)		750,000		705,000
HRPT Properties Trust:
1.2244% 3/16/11 (f)		2,000,000		1,741,882
6.5% 1/15/13		1,000,000		892,097
iStar Financial, Inc. 5.95% 10/15/13		7,995,000		3,277,950
Kimco Realty Corp. 5.783% 3/15/16		550,000		465,613
Liberty Property LP:
5.125% 3/2/15		1,440,000		1,221,756
6.375% 8/15/12		2,680,000		2,570,659
National Retail Properties, Inc. 6.875% 10/15/17		2,000,000		1,706,666
Nationwide Health Properties, Inc.:
6.25% 2/1/13		2,000,000		1,894,726
6.5% 7/15/11		4,000,000		3,940,684
Omega Healthcare Investors, Inc.:
7% 4/1/14		3,800,000		3,467,500
7% 1/15/16		1,658,000		1,492,200
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,700,000		1,495,085
Rouse Co.:
5.375% 11/26/13 (c)		3,050,000		1,921,500
7.2% 9/15/12 (c)		1,000,000		635,000
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)(e)		9,000,000		5,670,000
Senior Housing Properties Trust 8.625% 1/15/12		6,765,000		6,646,613
Shurgard Storage Centers, Inc.:
5.875% 3/15/13		3,000,000		2,708,661
7.75% 2/22/11		1,000,000		985,401
Simon Property Group LP:
5% 3/1/12		700,000		697,802
5.75% 5/1/12		500,000		508,014
6.1% 5/1/16		1,000,000		933,206
6.75% 5/15/14		800,000		803,843
UDR, Inc. 5.5% 4/1/14		2,000,000		1,844,323
United Dominion Realty Trust, Inc. 6.05% 6/1/13		2,500,000		2,427,525
Ventas Realty LP:
6.5% 6/1/16		1,020,000		912,900
6.625% 10/15/14		8,020,000		7,619,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Ventas Realty LP: - continued
7.125% 6/1/15		$ 500,000		$ 482,500
Weingarten Realty Invstors 5.263% 5/15/12		1,000,000		887,037
				103,879,170
Real Estate Management & Development - 0.2%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13		1,240,000		1,119,100
8.125% 6/1/12		1,000,000		920,000
CB Richard Ellis Services, Inc. 11.625% 6/15/17 (e)		1,000,000		975,000
ERP Operating LP:
5.2% 4/1/13		1,900,000		1,874,475
6.625% 3/15/12		3,000,000		3,073,812
First Industrial LP 5.75% 1/15/16		1,000,000		608,066
Regency Centers LP:
5.25% 8/1/15		3,509,000		2,848,599
5.875% 6/15/17		600,000		483,505
				11,902,557
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 10.5% 6/1/14 (e)		4,750,000		2,422,500
TOTAL FINANCIALS				120,109,227
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Skilled Healthcare Group, Inc. 11% 1/15/14		1,300,000		1,332,500
Sun Healthcare Group, Inc. 9.125% 4/15/15		2,910,000		2,880,900
				4,213,400
MATERIALS - 0.0%
Paper & Forest Products - 0.0%
Plum Creek Timberlands LP 5.875% 11/15/15		2,000,000		1,690,634
TOTAL NONCONVERTIBLE BONDS				153,260,320
TOTAL CORPORATE BONDS (Cost $271,845,736)			262,299,936
U.S. Treasury Inflation Protected Obligations - 25.7%
		Principal Amount (d)		Value
U.S. Treasury Inflation-Indexed Bonds:
1.75% 1/15/28		$ 37,657,860		$ 35,575,075
2% 1/15/26		109,497,008		107,341,271
2.375% 1/15/25		87,207,551		89,905,699
2.5% 1/15/29		28,800,480		30,519,467
3.625% 4/15/28		30,452,730		37,057,166
3.875% 4/15/29		34,111,889		43,176,184
U.S. Treasury Inflation-Indexed Notes:
0.625% 4/15/13		25,219,500		24,924,008
0.875% 4/15/10		15,757,140		15,769,622
1.25% 4/15/14		25,187,750		25,132,813
1.375% 7/15/18		13,843,060		13,421,257
1.625% 1/15/15		49,714,148		49,481,091
1.625% 1/15/18		21,984,048		21,820,985
1.875% 7/15/13		83,447,648		85,664,485
1.875% 7/15/15		48,934,368		49,523,290
2% 4/15/12		43,501,464		44,739,444
2% 1/15/14		80,990,683		82,838,240
2% 7/15/14		71,433,386		73,107,644
2% 1/15/16		47,644,762		48,359,431
2.125% 1/15/19		35,752,320		36,925,394
2.375% 4/15/11		48,555,648		50,057,834
2.375% 1/15/17		35,155,558		36,693,679
2.375% 1/15/27		71,368,425		73,966,811
2.5% 7/15/16		55,430,025		58,253,428
2.625% 7/15/17		36,007,650		38,385,431
3% 7/15/12		71,824,614		76,257,282
3.375% 1/15/12		8,970,125		9,546,844
3.5% 1/15/11		34,792,840		36,336,698
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS (Cost $1,260,191,958)			1,294,780,573
Asset-Backed Securities - 0.5%
Ameriquest Mortgage Securities, Inc. pass-thru certificates Series 2004-R10 Class M1, 1.0138% 11/25/34 (f)		105,000		65,250
Anthracite CDO II Ltd. Series 2002-2A Class F, 7.6% 12/24/37 (e)		3,005,000		1,202,000
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6769% 3/23/19 (e)(f)		2,815,073		1,829,798
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (e)		5,000,000		3,572,000
Asset-Backed Securities - continued
		Principal Amount (d)		Value
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 1.3569% 1/20/37 (e)(f)		$ 2,357,752		$ 1,060,988
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (e)		2,500,000		1,375,000
Conseco Finance Securitizations Corp.:
Series 2002-1 Class M2, 9.546% 12/1/33		1,500,000		654,837
Series 2002-2 Class M2, 9.163% 3/1/33		2,500,000		1,171,115
Countrywide Home Loan Trust Series 2006-BC2 Class N, 6.5% 2/25/47 (e)		181,452		5,444
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (e)		2,140,000		909,500
Class B2, 1.9513% 12/28/35 (e)(f)		2,110,000		685,750
Class D, 9% 12/28/35 (e)		500,000		130,450
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (e)		1,000,000		250,000
Fairfield Street Solar Corp. Series 2004-1A Class E1, 4.0288% 11/28/39 (e)(f)		850,000		34,000
Fremont Home Loan Trust Series 2006-A Class 2A2, 0.4138% 5/25/36 (f)		21,924		21,781
Guggenheim Structured Real Estate Funding Ltd. Series 2006-3 Class E, 1.9638% 9/25/46 (e)(f)		752,757		45,165
Home Equity Asset Trust Series 2006-3N Class B, 6.5% 8/27/36 (e)		750,000		1
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28		6,125,000		664,262
Long Beach Asset Holdings Corp. Series 2006-4 Class N1, 5.877% 6/25/46 (e)		624,362		62
Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33		1,900,000		722,000
N-Star Real Estate CDO Ltd. Series 1A:
Class B1, 2.3388% 8/28/38 (e)(f)		4,090,000		2,045,000
Class C1B, 7.696% 8/28/38 (e)		1,189,000		525,538
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (e)		5,855,967		4,801,893
Residential Asset Securities Corp.:
Series 2003-KS10 Class MI3, 6.41% 12/25/33		540,404		123,143
Series 2005-AHL1 Class A2, 0.5838% 7/25/35 (f)		1,825,429		1,667,325
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.6663% 2/5/36 (e)(f)		272,035		2,720
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 6.7222% 9/25/26 (e)(f)		3,000,000		180,000
Series 2006-1A:
Class F, 1.7575% 9/25/26 (e)(f)		2,250,000		112,500
Asset-Backed Securities - continued
		Principal Amount (d)		Value
Wachovia Ltd./Wachovia LLC: - continued
Series 2006-1A:
Class G, 1.9575% 9/25/26 (e)(f)		$ 1,530,000		$ 61,200
Class H, 2.2575% 9/25/26 (e)(f)		4,300,000		150,500
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.7025% 11/21/40 (e)(f)		1,500,000		45,000
TOTAL ASSET-BACKED SECURITIES (Cost $47,276,907)			24,114,222
Collateralized Mortgage Obligations - 0.3%
Private Sponsor - 0.3%
Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.5294% 3/15/22 (e)(f)		9,420,000		7,023,241
Banc of America Mortgage Securities, Inc.:
Series 2003-J Class 2A2, 5.2887% 11/25/33 (f)		342,382		298,214
Series 2004-D Class 2A1, 3.8897% 5/25/34 (f)		134,728		113,623
Series 2005-H Class 1A1, 5.3156% 9/25/35 (f)		139,515		110,598
Countrywide Alternative Loan Trust Series 2006-OC5N Class N, 7.25% 7/25/37 (e)		414,656		41
Countrywide Home Loans, Inc. Series 2005-R3 Class B3, 5.5% 9/25/35 (e)(f)		139,282		14,992
Countrywide Home Loans, Inc. Series 2003-J15:
Class B3, 4.7092% 1/25/19 (e)(f)		83,851		24,434
Class B4, 4.7092% 1/25/19 (e)(f)		167,702		50,169
Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.8194% 6/15/22 (e)(f)		5,497,954		3,573,670
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (e)		1,935,000		1,350,047
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2005-D Class B6, 2.5694% 12/15/37 (e)(f)		463,187		26,957
Series 2006-B Class B6, 2.0194% 7/15/38 (e)(f)		927,765		28,018
RESIX Finance Ltd. floater:
Series 2005-C Class B7, 3.4231% 9/10/37 (e)(f)		141,447		10,170
Series 2005-D Class B7, 4.5694% 12/15/37 (e)(f)		277,912		20,704
Series 2006-A Class B7, 3.8194% 3/15/38 (e)(f)		714,683		39,665
Series 2006-B Class B7, 4.1694% 7/15/38 (e)(f)		927,765		41,286
Series 2007-A Class BB, 3.6694% 2/15/39 (e)(f)		787,086		19,205
SBA CMBS Trust Series 2006-1A:
Class E, 6.174% 11/15/36 (e)		96,000		86,400
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
Private Sponsor - continued
SBA CMBS Trust Series 2006-1A: - continued
Class G, 6.904% 11/15/36 (e)		$ 76,000		$ 67,640
Class H, 7.389% 11/15/36 (e)		37,000		32,930
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $18,705,268)			12,932,004
Commercial Mortgage Securities - 1.3%
American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (e)		4,800,000		4,320,000
Banc of America Commercial Mortgage, Inc. sequential payer Series 2005-1 Class A3, 4.877% 11/10/42		874,842		864,778
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.3194% 3/15/22 (e)(f)		800,000		280,000
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (e)		2,000,000		1,223,243
Claregold Trust Series 2007-2A:
Class F, 5.01% 5/15/44 (f)	CAD	1,605,000		499,039
Class G, 5.01% 5/15/44 (f)	CAD	351,000		98,097
Class H, 5.01% 5/15/44 (f)	CAD	235,000		58,345
Class J, 5.01% 5/15/44 (f)	CAD	235,000		53,405
Class K, 5.01% 5/15/44 (f)	CAD	118,000		23,652
Class L, 5.01% 5/15/44 (f)	CAD	421,000		75,050
Class M, 5.01% 5/15/44 (f)	CAD	1,927,737		345,521
COMM pass-thru certificates Series 2001-J1A Class F, 6.958% 2/14/34 (e)		1,475,000		1,339,538
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-C3 Class D, 4.131% 5/15/38		2,000,000		1,147,156
Credit Suisse/Morgan Stanley Commercial Mortgage Trust Series 2006-HC1A:
Class A1, 0.5094% 5/15/23 (e)(f)		3,921,856		3,060,188
Class K, 1.7964% 5/15/23 (e)(f)		3,757,000		1,133,648
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (e)		500,000		200,000
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A:
Class D, 5.7724% 11/15/36 (e)		2,500,000		2,450,000
Class E, 6.0652% 11/15/36 (e)		1,200,000		1,176,000
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		2,400,000		960,000
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.2315% 6/10/31 (e)(f)		2,500,000		2,268,322
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (e)		$ 4,635,000		$ 3,476,250
GE Capital Commercial Mortgage Corp.:
Series 2001-3 Class C, 6.51% 6/10/38		1,430,000		1,280,008
Series 2002-1A Class H, 7.3988% 12/10/35 (e)(f)		1,207,000		820,248
Global Signal Trust II Series 2004-2A:
Class D, 5.093% 12/15/14 (e)		1,000,000		990,000
Class E, 5.587% 12/15/14 (e)		1,710,000		1,692,900
Class F, 6.376% 12/15/14 (e)		800,000		792,000
Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (e)		3,000,000		2,550,000
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class E, 7.624% 4/15/29 (f)		32,904		32,834
Class F, 6.75% 4/15/29 (f)		1,000,000		944,752
Class G, 6.75% 4/15/29 (f)		1,000,000		446,502
Series 1999-C1 Class F, 6.02% 5/15/33 (e)		2,500,000		1,825,000
Series 1999-C3 Class J, 6.974% 8/15/36 (e)		2,720,000		2,565,283
Series 2000-C1:
Class H, 7% 3/15/33 (e)		1,190,000		806,468
Class K, 7% 3/15/33		1,000,000		538,351
Greenwich Capital Commercial Funding Corp. Series 2002-C1 Class H, 5.903% 1/11/35 (e)		1,000,000		653,193
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 1.7144% 3/1/20 (e)(f)		2,800,000		1,708,000
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2002-CIB4:
Class E, 6.7103% 5/12/34 (e)(f)		2,000,000		1,418,385
Class F, 7.1023% 5/12/34 (e)(f)		1,700,000		1,120,147
JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.4994% 2/15/19 (e)(f)		4,000,000		3,200,000
JPMorgan Commercial Mortgage Finance Corp. Series 1997-C5 Class F, 7.5605% 9/15/29		2,066,000		1,911,994
LB-UBS Commercial Mortgage Trust sequential pay Series 2005-C7 Class A1, 4.99% 11/15/30		827,892		832,577
Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class B, 4.13% 11/20/37 (e)		2,630,000		2,104,000
LNR CFL Series 2004-1:
Class I10, 7.72% 2/26/28 (e)		1,350,000		637,200
Class I11, 7.72% 2/26/28 (e)		751,000		274,340
Class I12, 7.72% 2/26/28 (e)		750,000		223,575
Class I9, 7.72% 2/26/28 (e)		1,149,200		675,385
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
Merrill Lynch Mortgage Investors Trust Series 2001-HRPA Class H, 6.778% 2/3/16 (e)		$ 2,000,000		$ 1,540,000
Mezz Capital Commercial Mortgage Trust Series 2005-C3:
Class D, 7.7% 5/20/44 (e)		600,000		36,000
Class F, 10.813% 5/20/44 (e)		400,000		16,000
Morgan Stanley Capital I Trust:
sequential payer Series 2004-RR2 Class A2, 5.45% 10/28/33 (e)		5,008,728		4,257,418
Series 2005-HQ7 Class E, 5.2076% 11/14/42 (f)		1,250,000		311,150
Prudential Securities Secured Financing Corp. Series 1999-NRF1 Class F, 6.074% 11/1/31 (e)		1,000,000		988,600
SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (e)		1,150,000		1,000,500
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (e)		2,000,000		1,420,000
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8944% 9/15/09 (e)(f)		1,800,000		208,639
Wachovia Bank Commercial Mortgage Trust Series 2005-C20 Class A3SF, 0.4494% 7/15/42 (f)		3,811,558		3,561,035
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $86,112,644)			68,434,716

Common Stocks - 11.0%
	Shares
CONSUMER DISCRETIONARY - 0.1%
Household Durables - 0.1%
Centex Corp.	72,100		609,966
D.R. Horton, Inc.	32,300		302,328
Lennar Corp. Class A	48,600		470,934
M/I Homes, Inc.	46,400		454,256
Meritage Homes Corp. (a)	66,700		1,257,962
Pulte Homes, Inc.	127,500		1,125,825
			4,221,271
FINANCIALS - 10.7%
Capital Markets - 0.0%
W.P. Carey & Co. LLC	7,642		190,897
Real Estate Investment Trusts - 10.4%
Acadia Realty Trust (SBI)	757,244		9,882,034
Alexandria Real Estate Equities, Inc.	326,600		11,689,014
AMB Property Corp. (SBI)	277,100		5,212,251
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
American Campus Communities, Inc.	139,800		$ 3,100,764
Annaly Capital Management, Inc.	559,400		8,469,316
Anworth Mortgage Asset Corp.	107,700		776,517
Apartment Investment & Management Co. Class A	1,219,687		10,794,230
AvalonBay Communities, Inc.	221,016		12,363,635
Boston Properties, Inc.	253,500		12,091,950
Brandywine Realty Trust (SBI)	1,701,587		12,676,823
Camden Property Trust (SBI)	510,100		14,078,760
CapLease, Inc.	217,300		599,748
CBL & Associates Properties, Inc.	1,157,558		6,239,238
Colonial Properties Trust (SBI)	50,600		374,440
Corporate Office Properties Trust (SBI)	324,118		9,506,381
Cypress Sharpridge Investments, Inc. (a)	330,096		3,928,142
Cypress Sharpridge Investments, Inc. (e)	270,416		2,896,155
Cypress Sharpridge Investments, Inc. warrants 4/30/11 (a)(e)	60,000		55,778
DCT Industrial Trust, Inc.	225,800		921,264
Developers Diversified Realty Corp.	1,365,400		6,663,152
DiamondRock Hospitality Co.	1,442,462		9,029,812
Digital Realty Trust, Inc.	484,100		17,354,985
Duke Realty LP	1,901,400		16,675,278
Equity Lifestyle Properties, Inc.	131,900		4,904,042
Equity Residential (SBI)	658,100		14,629,563
Essex Property Trust, Inc.	61,700		3,839,591
Federal Realty Investment Trust (SBI)	17,200		886,144
Government Properties Income Trust	41,800		858,154
Hatteras Financial Corp.	7,200		205,848
HCP, Inc.	687,200		14,561,768
Healthcare Realty Trust, Inc.	778,291		13,098,638
Highwoods Properties, Inc. (SBI)	935,500		20,927,135
Home Properties, Inc.	289,700		9,878,770
Host Hotels & Resorts, Inc.	919,100		7,711,249
Inland Real Estate Corp.	965,752		6,760,264
Kimco Realty Corp.	311,320		3,128,766
Kite Realty Group Trust	591,300		1,726,596
LaSalle Hotel Properties (SBI)	26,280		324,295
Lexington Corporate Properties Trust	122,500		416,500
Liberty Property Trust (SBI)	29,700		684,288
MFA Mortgage Investments, Inc.	1,855,646		12,841,070
National Retail Properties, Inc.	101,200		1,755,820
Nationwide Health Properties, Inc.	91,600		2,357,784
ProLogis Trust	2,944,945		23,736,257
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Public Storage	342,900		$ 22,453,092
Ramco-Gershenson Properties Trust (SBI)	269,000		2,692,690
Redwood Trust, Inc.	70,700		1,043,532
Regency Centers Corp.	556,600		19,430,906
Simon Property Group, Inc.	834,938		42,940,861
SL Green Realty Corp.	680,600		15,612,964
Sunstone Hotel Investors, Inc.	2,708,260		14,489,191
Tanger Factory Outlet Centers, Inc.	134,000		4,345,620
The Macerich Co.	981,063		17,276,519
U-Store-It Trust	538,200		2,637,180
UDR, Inc.	948,139		9,794,276
Ventas, Inc.	1,155,880		34,514,577
Vornado Realty Trust	376,089		16,935,288
			524,778,905
Real Estate Management & Development - 0.3%
Brookfield Properties Corp.	839,500		6,690,817
CB Richard Ellis Group, Inc. Class A (a)	840,649		7,868,475
Jones Lang LaSalle, Inc.	35,300		1,155,369
			15,714,661
TOTAL FINANCIALS			540,684,463
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.2%
Brookdale Senior Living, Inc.	197,100		1,919,754
Capital Senior Living Corp. (a)	213,200		970,060
Emeritus Corp. (a)	447,457		5,910,907
Sun Healthcare Group, Inc. (a)	111,500		941,060
			9,741,781
TOTAL COMMON STOCKS (Cost $756,489,410)		554,647,515
Preferred Stocks - 1.4%
	Shares		Value
Convertible Preferred Stocks - 0.0%
FINANCIALS - 0.0%
Real Estate Investment Trusts - 0.0%
HRPT Properties Trust 6.50%	120,000		$ 1,486,440
Lexington Corporate Properties Trust Series C 6.50%	33,800		676,000
Simon Property Group, Inc. 6.00%	20,000		924,800
			3,087,240
Nonconvertible Preferred Stocks - 1.4%
FINANCIALS - 1.4%
Diversified Financial Services - 0.1%
DRA CRT Acquisition Corp. Series A, 8.50%	1,700		15,300
Red Lion Hotels Capital Trust 9.50%	138,465		2,215,440
W2007 Grace Acquisition I, Inc. Series B, 8.75% (a)	7,600		3,040
			2,233,780
Real Estate Investment Trusts - 1.3%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	53,500		1,099,425
AMB Property Corp. Series O, 7.00%	1,000		19,060
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	81,500		163
Series B, 9.25% (a)	233,544		584
Annaly Capital Management, Inc. Series A, 7.875%	205,500		4,685,400
Anworth Mortgage Asset Corp. Series A, 8.625%	220,500		4,809,105
Apartment Investment & Management Co.:
Series G, 9.375%	72,500		1,483,350
Series T, 8.00%	80,000		1,400,000
BioMed Realty Trust, Inc. Series A, 7.375%	20,000		348,400
Cedar Shopping Centers, Inc. 8.875%	15,000		239,850
CenterPoint Properties Trust Series D, 5.377%	5,280		2,376,000
Colonial Properties Trust (depositary shares) Series D, 8.125%	89,500		1,655,750
Cousins Properties, Inc.:
Series A, 7.75%	79,600		1,194,796
Series B, 7.50%	43,159		635,732
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%	40,100		481,200
Digital Realty Trust, Inc.:
Series A, 8.50%	90,000		1,980,000
Series B, 7.875%	36,100		752,685
Duke Realty LP 8.375%	112,097		1,968,423
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	71,300		10,695
Equity Residential (depositary shares) Series N, 6.48%	21,200		395,592
FelCor Lodging Trust, Inc. (depositary shares) Series C, 8.00%	38,200		220,796
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Glimcher Realty Trust Series F, 8.75%	14,151		$ 156,935
Health Care REIT, Inc. Series F, 7.625%	50,000		1,077,500
Hersha Hospitality Trust Series A, 8.00%	31,300		414,725
HomeBanc Mortgage Corp. Series A, 10.00% (a)	213,315		1,280
Hospitality Properties Trust:
Series B, 8.875%	227,090		4,328,335
Series C, 7.00%	74,798		1,159,369
HRPT Properties Trust Series B, 8.75%	11,666		209,055
Innkeepers USA Trust Series C, 8.00%	198,000		99,000
Kimco Realty Corp. Series G, 7.75%	168,000		3,469,200
LaSalle Hotel Properties:
Series B, 8.375%	9,550		188,135
Series E, 8.00%	91,400		1,632,404
Series G, 7.25%	87,640		1,371,566
LBA Realty Fund II Series B, 7.625% (a)	146,695		1,173,560
Lexington Corporate Properties Trust Series B, 8.05%	59,400		748,440
Lexington Realty Trust 7.55%	32,300		384,370
LTC Properties, Inc. Series F, 8.00%	98,800		2,242,760
MFA Mortgage Investments, Inc. Series A, 8.50%	378,300		8,511,750
Mid-America Apartment Communities, Inc. Series H, 8.30%	56,100		1,279,080
Newcastle Investment Corp.:
Series B, 9.75%	160,900		489,136
Series D, 8.375%	33,396		88,499
Omega Healthcare Investors, Inc. Series D, 8.375%	80,000		1,720,000
PS Business Parks, Inc.:
(depositary shares) Series L, 7.60%	14,410		285,174
Series P, 6.70%	65,000		1,140,750
Public Storage:
(depositary shares)	30,000		709,800
Series I, 7.25%	31,655		684,381
Series K, 7.25%	80,000		1,768,000
Series L, 6.75%	10,000		201,000
Series N, 7.00%	40,000		850,000
Realty Income Corp. 6.75%	4,500		94,860
Regency Centers Corp. 7.25%	31,125		593,243
Saul Centers, Inc.:
8.00%	45,000		904,500
Series B (depositary shares) 9.00%	20,000		441,400
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Strategic Hotel & Resorts, Inc.:
Series A, 8.50%	120,000		$ 750,000
Series C, 8.25%	60,000		369,000
Sunstone Hotel Investors, Inc. Series A, 8.00%	45,000		677,250
Taubman Centers, Inc. Series G, 8.00%	20,000		383,000
Weingarten Realty Investors (SBI) Series F, 6.50%	92,546		1,446,494
			67,800,957
TOTAL FINANCIALS			70,034,737
TOTAL PREFERRED STOCKS (Cost $119,727,455)		73,121,977

Floating Rate Loans - 0.3%
	Principal Amount (d)
CONSUMER DISCRETIONARY - 0.2%
Household Durables - 0.0%
TOUSA, Inc. Tranche 1, term loan 7.25% 7/31/12 (f)	$ 1,883,151		1,224,048
Specialty Retail - 0.2%
The Pep Boys - Manny, Moe & Jack term loan 2.67% 10/27/13 (f)	495,369		433,448
Toys 'R' US, Inc. term loan 3.32% 12/8/09 (f)	6,795,003		6,676,091
			7,109,539
TOTAL CONSUMER DISCRETIONARY			8,333,587
FINANCIALS - 0.1%
Diversified Financial Services - 0.0%
LandSource Holding Co. LLC term loan 8.25% 5/31/09 (c)(f)	3,782,118		416,033
Real Estate Investment Trusts - 0.0%
Capital Automotive (REIT) Tranche B, term loan 2.07% 12/16/10 (f)	1,000,000		730,000
Spirit Finance Corp. term loan 4.0275% 8/1/13 (f)	1,000,000		300,000
			1,030,000
Floating Rate Loans - continued
	Principal Amount (d)		Value
FINANCIALS - continued
Real Estate Management & Development - 0.1%
Realogy Corp.:
Credit-Linked Deposit 3.5007% 10/10/13 (f)	$ 729,159		$ 524,994
Tranche B, term loan 4.1769% 10/10/13 (f)	2,708,303		1,949,978
			2,474,972
TOTAL FINANCIALS			3,921,005
HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Skilled Healthcare Group, Inc. Tranche 1, term loan 2.6067% 6/15/12 (f)	969,697		872,727
TOTAL FLOATING RATE LOANS (Cost $18,758,985)		13,127,319
Commodity-Linked Notes - 9.8%
AB Svensk Exportkredit:
Note, one-month U.S. dollar LIBOR minus .27% due 01/28/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	32,300,000		51,057,030
Note, one-month U.S. dollar LIBOR minus .27% due 12/23/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	22,000,000		24,274,842
Cooperatieve Centrale Raiffeisen - Boerenleenbank BA:
Medium Term Note, one-month U.S. dollar LIBOR minus .35% due 4/14/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	16,700,000		18,387,511
Medium Term Note, one-month U.S. dollar LIBOR minus .45% due 1/22/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	15,000,000		23,710,695
Credit Suisse First Boston New York Branch:
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 11/10/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,475,000		11,399,576
Commodity-Linked Notes - continued
	Principal Amount (d)		Value
Credit Suisse First Boston New York Branch: - continued
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 11/24/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	$ 9,330,000		$ 11,192,947
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 11/5/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,605,000		11,574,436
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 12/16/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	10,000,000		11,041,088
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 4/22/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,400,000		8,955,316
Deutsche Bank AG London Branch:
Medium Term Note, one-month U.S. dollar LIBOR minus .16% due 01/22/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	12,500,000		19,765,693
Medium Term Note, one-month U.S. dollar LIBOR minus .16% due 11/13/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,000,000		10,753,954
Eksportfinans ASA:
Medium Term Note, three-month U.S. dollar LIBOR minus .22% due 01/27/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	50,000,000		79,144,143
Medium Term Note, three-month U.S. dollar LIBOR minus .25% due 11/16/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	29,700,000		39,998,753
JPMorgan Chase Bank NA:
Medium Term Note, three-month U.S. dollar LIBOR minus .30% due 12/21/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	20,000,000		22,045,164
Medium Term Note, three-month U.S. dollar LIBOR minus .97% due 11/9/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	5,000,000		6,690,202
Merrill Lynch & Co., Inc. Medium Term Note, one-month U.S. dollar LIBOR due 11/19/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	27,000,000		36,362,503
Commodity-Linked Notes - continued
	Principal Amount (d)		Value
Morgan Stanley Note, one-month U.S. dollar LIBOR minus 1.7% due 11/12/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	$ 5,000,000		$ 6,733,797
Societe Generale Commodities Products, LLC:
Note, one-month U.S. dollar LIBOR due 1/26/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	40,500,000		64,084,786
Note, one-month U.S. dollar LIBOR due 11/6/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	16,670,000		22,408,553
Note, one-month U.S. dollar LIBOR due 4/27/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	6,600,000		6,792,185
UBS AG Jersey Branch Note, one-month U.S. dollar LIBOR minus .06% due 11/12/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,000,000		10,779,440
TOTAL COMMODITY-LINKED NOTES (Cost $359,780,000)		497,152,614

Fixed-Income Funds - 25.8%
	Shares
Fidelity Floating Rate Central Fund (g) (Cost $1,483,410,464)	15,467,432	1,300,811,031

Preferred Securities - 0.0%
	Principal Amount (d)
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (a)(e)	1,200,000		0
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (e)	500,000		59,591
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (a)(e)	1,650,000		17
Ipswich Street CDO Series 2006-1, 6/27/46 (c)(e)	2,250,000		0
Kent Funding III Ltd. 11/5/47 (a)(e)	2,200,000		0
			59,608
TOTAL PREFERRED SECURITIES (Cost $7,430,385)		59,608

Money Market Funds - 18.2%
	Shares	Value
Fidelity Cash Central Fund, 0.40% (b) (Cost $918,122,056)	918,122,056	$ 918,122,056

Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.01%, dated 6/30/09 due 7/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $11,000)	$ 11,000		11,000
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $5,347,862,268)			5,019,614,571
NET OTHER ASSETS - 0.5%			26,549,731
NET ASSETS - 100%		$ 5,046,164,302

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

(c) Non-income producing - Issuer is in default.

(d) Principal amount is stated in United States dollars unless otherwise noted.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $642,312,441 or 12.7% of net assets.

(f) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

(h) Security is linked to the Dow Jones-AIG Commodity Total Return Index. Securities do not guarantee any return of principal at maturity but instead, will pay at maturity or upon exchange, an amount based on the closing value of the Dow Jones-AIG Commodity Total Return Index. Although these instruments are primarily debt obligations, they indirectly provide exposure to changes in the value of the underlying commodities. Holders of the security have the right to exchange these notes at any time.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$11,000 due 7/01/09 at 0.01%
Barclays Capital, Inc.	$ 1,473
Deutsche Bank Securities, Inc.	1,306
ING Financial Markets LLC	484
J.P. Morgan Securities, Inc.	6,769
Mizuho Securities USA, Inc.	484
Morgan Stanley & Co., Inc.	484
	$ 11,000

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	$ 5,371,639
Fidelity Floating Rate Central Fund	52,440,360
Total	$ 57,811,999

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Floating Rate Central Fund	$ 1,342,745,842	$ 98,997,460	$ 110,047,046	$ 1,300,811,031	48.0%

Other Information

The following is a summary of the inputs used, as of June 30, 2009, involving the Fund's assets and liabilities carried at 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,221,271	$ 4,221,271	$ -	$ -
Financials	613,806,440	604,878,692	6,494,690	2,433,058
Health Care	9,741,781	9,741,781	-	-
Asset-Backed Securities	24,114,222	-	12,708,231	11,405,991
Cash Equivalents	11,000	-	11,000	-
Collateralized Mortgage Obligations	12,932,004	-	12,757,923	174,081
Commercial Mortgage Securities	68,434,716	-	55,870,967	12,563,749
Commodity-Linked Notes	497,152,614	-	497,152,614	-
Corporate Bonds	262,299,936	-	257,222,447	5,077,489
Fixed-Income Funds	1,300,811,031	1,300,811,031	-	-
Floating Rate Loans	13,127,319	-	13,127,319	-
Money Market Funds	918,122,056	918,122,056	-	-
Preferred Securities	59,608	-	-	59,608
U.S. Government and Government Agency Obligations	1,294,780,573	-	1,294,780,573	-
Total Investments in Securities:	$ 5,019,614,571	$ 2,837,774,831	$ 2,150,125,764	$ 31,713,976

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 39,257,885
Total Realized Gain (Loss)	166,426
Total Unrealized Gain (Loss)	(21,276,963)
Cost of Purchases	3,150,078
Proceeds of Sales	(2,303,421)
Amortization/Accretion	(952,697)
Transfer in/out of Level 3	13,672,668
Ending Balance	$ 31,713,976

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities and Other Financial Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $5,407,343,618. Net unrealized depreciation aggregated $387,729,047, of which $233,116,159 related to appreciated investment securities and $620,845,206 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. Certain of the Fund's securities are valued at period end by a single source or dealer. For corporate bonds, floating rate loans, preferred securities and U.S. government and government agency obligations pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. For asset backed securities, collateralized mortgage obligations, commercial mortgage securities pricing services generally utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and types as well as dealer supplied prices. For commodity-linked notes, pricing services generally consider the movement of an underlying commodity index as well as other terms of the contract including the leverage factor and any fee and/or interest components of the note. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Indexed securities are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. Actual prices received at disposition may differ.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Advisor Strategic
Real Return Fund
Class A
Class T
Class B
Class C
Institutional Class

June 30, 2009

1.833431.103

ARRS-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 5.2%
		Principal Amount (d)		Value
Convertible Bonds - 2.2%
FINANCIALS - 2.2%
Commercial Banks - 0.0%
CapitalSource, Inc. 7.25% 7/15/37		$ 1,200,000		$ 846,000
Real Estate Investment Trusts - 1.9%
Acadia Realty Trust 3.75% 12/15/26		7,550,000		6,496,020
Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (e)		7,625,000		6,236,488
Anthracite Capital, Inc. 11.75% 9/1/27 (e)		1,570,000		282,129
BioMed Realty LP 4.5% 10/1/26 (e)		4,500,000		3,802,500
Boston Properties, Inc. 3.75% 5/15/36		900,000		792,900
Brandywine Operating Partnership LP 3.875% 10/15/26		1,700,000		1,517,250
BRE Properties, Inc. 4.125% 8/15/26		12,850,000		11,576,051
CapLease, Inc. 7.5% 10/1/27 (e)		5,500,000		3,135,000
Corporate Office Properties LP 3.5% 9/15/26 (e)		2,250,000		1,949,400
Duke Realty LP 3.75% 12/1/11 (e)		2,850,000		2,475,938
Home Properties, Inc. 4.125% 11/1/26 (e)		1,900,000		1,682,640
Hospitality Properties Trust 3.8% 3/15/27		5,200,000		4,335,760
Inland Real Estate Corp. 4.625% 11/15/26		2,000,000		1,651,481
Lexington Master Ltd. Partnership 5.45% 1/15/27 (e)		7,850,000		6,554,750
MPT Operating Partnership LP 9.25% 4/1/13 (e)		3,000,000		2,358,300
National Retail Properties, Inc. 3.95% 9/15/26		2,700,000		2,500,905
ProLogis Trust 1.875% 11/15/37		4,400,000		3,211,868
SL Green Realty Corp. 3% 3/30/27 (e)		1,450,000		1,196,250
The Macerich Co. 3.25% 3/15/12 (e)		3,600,000		2,821,680
United Dominion Realty Trust, Inc. 3.625% 9/15/11		7,750,000		7,004,063
Ventas, Inc. 3.875% 11/15/11 (e)		7,980,000		7,639,174
Vornado Realty Trust 2.85% 4/1/27		4,660,000		4,060,444
Washington (REIT):
3.875% 9/15/26		4,350,000		4,002,000
3.875% 9/15/26		3,350,000		3,082,000
Weingarten Realty Investors 3.95% 8/1/26		4,250,000		3,910,000
				94,274,991
Real Estate Management & Development - 0.3%
ERP Operating LP 3.85% 8/15/26		8,750,000		8,311,625
First Potomac Realty Investment LP 4% 12/15/11 (e)		2,400,000		1,917,000
Kilroy Realty LP 3.25% 4/15/12 (e)		4,500,000		3,690,000
				13,918,625
TOTAL FINANCIALS				109,039,616
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - 3.0%
CONSUMER DISCRETIONARY - 0.5%
Hotels, Restaurants & Leisure - 0.0%
Host Marriott LP 7% 8/15/12		$ 1,800,000		$ 1,741,500
Starwood Hotels & Resorts Worldwide, Inc. 6.25% 2/15/13		500,000		465,000
Times Square Hotel Trust 8.528% 8/1/26 (e)		870,568		749,559
				2,956,059
Household Durables - 0.5%
D.R. Horton, Inc.:
5.375% 6/15/12		2,900,000		2,697,000
6.5% 4/15/16		1,000,000		855,000
K. Hovnanian Enterprises, Inc.:
6% 1/15/10		400,000		380,000
7.75% 5/15/13		5,800,000		2,610,000
KB Home:
5.875% 1/15/15		1,500,000		1,335,000
6.25% 6/15/15		5,100,000		4,360,500
Lennar Corp.:
5.5% 9/1/14		4,000,000		3,200,000
5.95% 10/17/11		1,000,000		890,000
M/I Homes, Inc. 6.875% 4/1/12		2,950,000		2,448,500
Meritage Homes Corp. 6.25% 3/15/15		3,500,000		2,747,500
Ryland Group, Inc.:
6.875% 6/15/13		1,000,000		955,000
8.4% 5/15/17		250,000		237,500
Stanley-Martin Communities LLC 9.75% 8/15/15		6,300,000		1,575,000
				24,291,000
TOTAL CONSUMER DISCRETIONARY				27,247,059
FINANCIALS - 2.4%
Diversified Financial Services - 0.0%
Sunwest Management, Inc. 8.385% 6/9/10 (c)(f)		3,175,000		1,905,000
Real Estate Investment Trusts - 2.1%
AMB Property LP:
5.9% 8/15/13		600,000		547,307
6.3% 6/1/13		2,000,000		1,854,706
Arden Realty LP 5.2% 9/1/11		500,000		510,936
AvalonBay Communities, Inc.:
4.95% 3/15/13		1,500,000		1,435,871
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
AvalonBay Communities, Inc.: - continued
5.5% 1/15/12		$ 1,000,000		$ 1,002,608
6.625% 9/15/11		1,521,000		1,569,737
Brandywine Operating Partnership LP:
4.5% 11/1/09		800,000		797,460
5.75% 4/1/12		1,000,000		904,118
6% 4/1/16		1,000,000		738,003
Camden Property Trust:
4.7% 7/15/09		2,500,000		2,500,905
5% 6/15/15		1,400,000		1,235,724
Colonial Properties Trust 6.875% 8/15/12		1,000,000		938,540
Colonial Realty LP 6.05% 9/1/16		1,000,000		788,260
Commercial Net Lease Realty, Inc. 6.15% 12/15/15		400,000		336,067
Developers Diversified Realty Corp.:
4.625% 8/1/10		1,600,000		1,446,635
5.375% 10/15/12		2,000,000		1,352,016
Duke Realty LP:
5.625% 8/15/11		680,000		650,963
7.75% 11/15/09		1,000,000		1,002,454
Equity One, Inc.:
6% 9/15/16		1,000,000		785,906
6.25% 1/15/17		1,000,000		801,528
Federal Realty Investment Trust:
4.5% 2/15/11		3,050,000		2,886,005
5.65% 6/1/16		700,000		613,156
Health Care Property Investors, Inc.:
4.875% 9/15/10		700,000		686,517
6% 3/1/15		1,500,000		1,323,749
6% 1/30/17		1,000,000		847,723
6.3% 9/15/16		4,500,000		3,902,927
Health Care REIT, Inc. 6.2% 6/1/16		2,250,000		1,949,524
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		500,000		440,674
8.125% 5/1/11		2,608,000		2,598,037
Highwoods/Forsyth LP 5.85% 3/15/17		2,600,000		2,070,614
HMB Capital Trust V 4.2294% 12/15/36 (c)(e)(f)		4,300,000		430
Hospitality Properties Trust:
5.625% 3/15/17		1,540,000		1,149,508
6.7% 1/15/18		1,000,000		765,824
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hospitality Properties Trust: - continued
6.75% 2/15/13		$ 1,250,000		$ 1,099,595
Host Hotels & Resorts LP:
6.875% 11/1/14		2,000,000		1,790,000
9% 5/15/17 (e)		750,000		705,000
HRPT Properties Trust:
1.2244% 3/16/11 (f)		2,000,000		1,741,882
6.5% 1/15/13		1,000,000		892,097
iStar Financial, Inc. 5.95% 10/15/13		7,995,000		3,277,950
Kimco Realty Corp. 5.783% 3/15/16		550,000		465,613
Liberty Property LP:
5.125% 3/2/15		1,440,000		1,221,756
6.375% 8/15/12		2,680,000		2,570,659
National Retail Properties, Inc. 6.875% 10/15/17		2,000,000		1,706,666
Nationwide Health Properties, Inc.:
6.25% 2/1/13		2,000,000		1,894,726
6.5% 7/15/11		4,000,000		3,940,684
Omega Healthcare Investors, Inc.:
7% 4/1/14		3,800,000		3,467,500
7% 1/15/16		1,658,000		1,492,200
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,700,000		1,495,085
Rouse Co.:
5.375% 11/26/13 (c)		3,050,000		1,921,500
7.2% 9/15/12 (c)		1,000,000		635,000
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)(e)		9,000,000		5,670,000
Senior Housing Properties Trust 8.625% 1/15/12		6,765,000		6,646,613
Shurgard Storage Centers, Inc.:
5.875% 3/15/13		3,000,000		2,708,661
7.75% 2/22/11		1,000,000		985,401
Simon Property Group LP:
5% 3/1/12		700,000		697,802
5.75% 5/1/12		500,000		508,014
6.1% 5/1/16		1,000,000		933,206
6.75% 5/15/14		800,000		803,843
UDR, Inc. 5.5% 4/1/14		2,000,000		1,844,323
United Dominion Realty Trust, Inc. 6.05% 6/1/13		2,500,000		2,427,525
Ventas Realty LP:
6.5% 6/1/16		1,020,000		912,900
6.625% 10/15/14		8,020,000		7,619,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Ventas Realty LP: - continued
7.125% 6/1/15		$ 500,000		$ 482,500
Weingarten Realty Invstors 5.263% 5/15/12		1,000,000		887,037
				103,879,170
Real Estate Management & Development - 0.2%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13		1,240,000		1,119,100
8.125% 6/1/12		1,000,000		920,000
CB Richard Ellis Services, Inc. 11.625% 6/15/17 (e)		1,000,000		975,000
ERP Operating LP:
5.2% 4/1/13		1,900,000		1,874,475
6.625% 3/15/12		3,000,000		3,073,812
First Industrial LP 5.75% 1/15/16		1,000,000		608,066
Regency Centers LP:
5.25% 8/1/15		3,509,000		2,848,599
5.875% 6/15/17		600,000		483,505
				11,902,557
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 10.5% 6/1/14 (e)		4,750,000		2,422,500
TOTAL FINANCIALS				120,109,227
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Skilled Healthcare Group, Inc. 11% 1/15/14		1,300,000		1,332,500
Sun Healthcare Group, Inc. 9.125% 4/15/15		2,910,000		2,880,900
				4,213,400
MATERIALS - 0.0%
Paper & Forest Products - 0.0%
Plum Creek Timberlands LP 5.875% 11/15/15		2,000,000		1,690,634
TOTAL NONCONVERTIBLE BONDS				153,260,320
TOTAL CORPORATE BONDS (Cost $271,845,736)			262,299,936
U.S. Treasury Inflation Protected Obligations - 25.7%
		Principal Amount (d)		Value
U.S. Treasury Inflation-Indexed Bonds:
1.75% 1/15/28		$ 37,657,860		$ 35,575,075
2% 1/15/26		109,497,008		107,341,271
2.375% 1/15/25		87,207,551		89,905,699
2.5% 1/15/29		28,800,480		30,519,467
3.625% 4/15/28		30,452,730		37,057,166
3.875% 4/15/29		34,111,889		43,176,184
U.S. Treasury Inflation-Indexed Notes:
0.625% 4/15/13		25,219,500		24,924,008
0.875% 4/15/10		15,757,140		15,769,622
1.25% 4/15/14		25,187,750		25,132,813
1.375% 7/15/18		13,843,060		13,421,257
1.625% 1/15/15		49,714,148		49,481,091
1.625% 1/15/18		21,984,048		21,820,985
1.875% 7/15/13		83,447,648		85,664,485
1.875% 7/15/15		48,934,368		49,523,290
2% 4/15/12		43,501,464		44,739,444
2% 1/15/14		80,990,683		82,838,240
2% 7/15/14		71,433,386		73,107,644
2% 1/15/16		47,644,762		48,359,431
2.125% 1/15/19		35,752,320		36,925,394
2.375% 4/15/11		48,555,648		50,057,834
2.375% 1/15/17		35,155,558		36,693,679
2.375% 1/15/27		71,368,425		73,966,811
2.5% 7/15/16		55,430,025		58,253,428
2.625% 7/15/17		36,007,650		38,385,431
3% 7/15/12		71,824,614		76,257,282
3.375% 1/15/12		8,970,125		9,546,844
3.5% 1/15/11		34,792,840		36,336,698
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS (Cost $1,260,191,958)			1,294,780,573
Asset-Backed Securities - 0.5%
Ameriquest Mortgage Securities, Inc. pass-thru certificates Series 2004-R10 Class M1, 1.0138% 11/25/34 (f)		105,000		65,250
Anthracite CDO II Ltd. Series 2002-2A Class F, 7.6% 12/24/37 (e)		3,005,000		1,202,000
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6769% 3/23/19 (e)(f)		2,815,073		1,829,798
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (e)		5,000,000		3,572,000
Asset-Backed Securities - continued
		Principal Amount (d)		Value
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 1.3569% 1/20/37 (e)(f)		$ 2,357,752		$ 1,060,988
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (e)		2,500,000		1,375,000
Conseco Finance Securitizations Corp.:
Series 2002-1 Class M2, 9.546% 12/1/33		1,500,000		654,837
Series 2002-2 Class M2, 9.163% 3/1/33		2,500,000		1,171,115
Countrywide Home Loan Trust Series 2006-BC2 Class N, 6.5% 2/25/47 (e)		181,452		5,444
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (e)		2,140,000		909,500
Class B2, 1.9513% 12/28/35 (e)(f)		2,110,000		685,750
Class D, 9% 12/28/35 (e)		500,000		130,450
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (e)		1,000,000		250,000
Fairfield Street Solar Corp. Series 2004-1A Class E1, 4.0288% 11/28/39 (e)(f)		850,000		34,000
Fremont Home Loan Trust Series 2006-A Class 2A2, 0.4138% 5/25/36 (f)		21,924		21,781
Guggenheim Structured Real Estate Funding Ltd. Series 2006-3 Class E, 1.9638% 9/25/46 (e)(f)		752,757		45,165
Home Equity Asset Trust Series 2006-3N Class B, 6.5% 8/27/36 (e)		750,000		1
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28		6,125,000		664,262
Long Beach Asset Holdings Corp. Series 2006-4 Class N1, 5.877% 6/25/46 (e)		624,362		62
Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33		1,900,000		722,000
N-Star Real Estate CDO Ltd. Series 1A:
Class B1, 2.3388% 8/28/38 (e)(f)		4,090,000		2,045,000
Class C1B, 7.696% 8/28/38 (e)		1,189,000		525,538
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (e)		5,855,967		4,801,893
Residential Asset Securities Corp.:
Series 2003-KS10 Class MI3, 6.41% 12/25/33		540,404		123,143
Series 2005-AHL1 Class A2, 0.5838% 7/25/35 (f)		1,825,429		1,667,325
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.6663% 2/5/36 (e)(f)		272,035		2,720
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 6.7222% 9/25/26 (e)(f)		3,000,000		180,000
Series 2006-1A:
Class F, 1.7575% 9/25/26 (e)(f)		2,250,000		112,500
Asset-Backed Securities - continued
		Principal Amount (d)		Value
Wachovia Ltd./Wachovia LLC: - continued
Series 2006-1A:
Class G, 1.9575% 9/25/26 (e)(f)		$ 1,530,000		$ 61,200
Class H, 2.2575% 9/25/26 (e)(f)		4,300,000		150,500
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.7025% 11/21/40 (e)(f)		1,500,000		45,000
TOTAL ASSET-BACKED SECURITIES (Cost $47,276,907)			24,114,222
Collateralized Mortgage Obligations - 0.3%
Private Sponsor - 0.3%
Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.5294% 3/15/22 (e)(f)		9,420,000		7,023,241
Banc of America Mortgage Securities, Inc.:
Series 2003-J Class 2A2, 5.2887% 11/25/33 (f)		342,382		298,214
Series 2004-D Class 2A1, 3.8897% 5/25/34 (f)		134,728		113,623
Series 2005-H Class 1A1, 5.3156% 9/25/35 (f)		139,515		110,598
Countrywide Alternative Loan Trust Series 2006-OC5N Class N, 7.25% 7/25/37 (e)		414,656		41
Countrywide Home Loans, Inc. Series 2005-R3 Class B3, 5.5% 9/25/35 (e)(f)		139,282		14,992
Countrywide Home Loans, Inc. Series 2003-J15:
Class B3, 4.7092% 1/25/19 (e)(f)		83,851		24,434
Class B4, 4.7092% 1/25/19 (e)(f)		167,702		50,169
Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.8194% 6/15/22 (e)(f)		5,497,954		3,573,670
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (e)		1,935,000		1,350,047
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2005-D Class B6, 2.5694% 12/15/37 (e)(f)		463,187		26,957
Series 2006-B Class B6, 2.0194% 7/15/38 (e)(f)		927,765		28,018
RESIX Finance Ltd. floater:
Series 2005-C Class B7, 3.4231% 9/10/37 (e)(f)		141,447		10,170
Series 2005-D Class B7, 4.5694% 12/15/37 (e)(f)		277,912		20,704
Series 2006-A Class B7, 3.8194% 3/15/38 (e)(f)		714,683		39,665
Series 2006-B Class B7, 4.1694% 7/15/38 (e)(f)		927,765		41,286
Series 2007-A Class BB, 3.6694% 2/15/39 (e)(f)		787,086		19,205
SBA CMBS Trust Series 2006-1A:
Class E, 6.174% 11/15/36 (e)		96,000		86,400
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
Private Sponsor - continued
SBA CMBS Trust Series 2006-1A: - continued
Class G, 6.904% 11/15/36 (e)		$ 76,000		$ 67,640
Class H, 7.389% 11/15/36 (e)		37,000		32,930
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $18,705,268)			12,932,004
Commercial Mortgage Securities - 1.3%
American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (e)		4,800,000		4,320,000
Banc of America Commercial Mortgage, Inc. sequential payer Series 2005-1 Class A3, 4.877% 11/10/42		874,842		864,778
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.3194% 3/15/22 (e)(f)		800,000		280,000
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (e)		2,000,000		1,223,243
Claregold Trust Series 2007-2A:
Class F, 5.01% 5/15/44 (f)	CAD	1,605,000		499,039
Class G, 5.01% 5/15/44 (f)	CAD	351,000		98,097
Class H, 5.01% 5/15/44 (f)	CAD	235,000		58,345
Class J, 5.01% 5/15/44 (f)	CAD	235,000		53,405
Class K, 5.01% 5/15/44 (f)	CAD	118,000		23,652
Class L, 5.01% 5/15/44 (f)	CAD	421,000		75,050
Class M, 5.01% 5/15/44 (f)	CAD	1,927,737		345,521
COMM pass-thru certificates Series 2001-J1A Class F, 6.958% 2/14/34 (e)		1,475,000		1,339,538
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-C3 Class D, 4.131% 5/15/38		2,000,000		1,147,156
Credit Suisse/Morgan Stanley Commercial Mortgage Trust Series 2006-HC1A:
Class A1, 0.5094% 5/15/23 (e)(f)		3,921,856		3,060,188
Class K, 1.7964% 5/15/23 (e)(f)		3,757,000		1,133,648
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (e)		500,000		200,000
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A:
Class D, 5.7724% 11/15/36 (e)		2,500,000		2,450,000
Class E, 6.0652% 11/15/36 (e)		1,200,000		1,176,000
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		2,400,000		960,000
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.2315% 6/10/31 (e)(f)		2,500,000		2,268,322
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (e)		$ 4,635,000		$ 3,476,250
GE Capital Commercial Mortgage Corp.:
Series 2001-3 Class C, 6.51% 6/10/38		1,430,000		1,280,008
Series 2002-1A Class H, 7.3988% 12/10/35 (e)(f)		1,207,000		820,248
Global Signal Trust II Series 2004-2A:
Class D, 5.093% 12/15/14 (e)		1,000,000		990,000
Class E, 5.587% 12/15/14 (e)		1,710,000		1,692,900
Class F, 6.376% 12/15/14 (e)		800,000		792,000
Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (e)		3,000,000		2,550,000
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class E, 7.624% 4/15/29 (f)		32,904		32,834
Class F, 6.75% 4/15/29 (f)		1,000,000		944,752
Class G, 6.75% 4/15/29 (f)		1,000,000		446,502
Series 1999-C1 Class F, 6.02% 5/15/33 (e)		2,500,000		1,825,000
Series 1999-C3 Class J, 6.974% 8/15/36 (e)		2,720,000		2,565,283
Series 2000-C1:
Class H, 7% 3/15/33 (e)		1,190,000		806,468
Class K, 7% 3/15/33		1,000,000		538,351
Greenwich Capital Commercial Funding Corp. Series 2002-C1 Class H, 5.903% 1/11/35 (e)		1,000,000		653,193
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 1.7144% 3/1/20 (e)(f)		2,800,000		1,708,000
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2002-CIB4:
Class E, 6.7103% 5/12/34 (e)(f)		2,000,000		1,418,385
Class F, 7.1023% 5/12/34 (e)(f)		1,700,000		1,120,147
JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.4994% 2/15/19 (e)(f)		4,000,000		3,200,000
JPMorgan Commercial Mortgage Finance Corp. Series 1997-C5 Class F, 7.5605% 9/15/29		2,066,000		1,911,994
LB-UBS Commercial Mortgage Trust sequential pay Series 2005-C7 Class A1, 4.99% 11/15/30		827,892		832,577
Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class B, 4.13% 11/20/37 (e)		2,630,000		2,104,000
LNR CFL Series 2004-1:
Class I10, 7.72% 2/26/28 (e)		1,350,000		637,200
Class I11, 7.72% 2/26/28 (e)		751,000		274,340
Class I12, 7.72% 2/26/28 (e)		750,000		223,575
Class I9, 7.72% 2/26/28 (e)		1,149,200		675,385
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
Merrill Lynch Mortgage Investors Trust Series 2001-HRPA Class H, 6.778% 2/3/16 (e)		$ 2,000,000		$ 1,540,000
Mezz Capital Commercial Mortgage Trust Series 2005-C3:
Class D, 7.7% 5/20/44 (e)		600,000		36,000
Class F, 10.813% 5/20/44 (e)		400,000		16,000
Morgan Stanley Capital I Trust:
sequential payer Series 2004-RR2 Class A2, 5.45% 10/28/33 (e)		5,008,728		4,257,418
Series 2005-HQ7 Class E, 5.2076% 11/14/42 (f)		1,250,000		311,150
Prudential Securities Secured Financing Corp. Series 1999-NRF1 Class F, 6.074% 11/1/31 (e)		1,000,000		988,600
SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (e)		1,150,000		1,000,500
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (e)		2,000,000		1,420,000
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8944% 9/15/09 (e)(f)		1,800,000		208,639
Wachovia Bank Commercial Mortgage Trust Series 2005-C20 Class A3SF, 0.4494% 7/15/42 (f)		3,811,558		3,561,035
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $86,112,644)			68,434,716

Common Stocks - 11.0%
	Shares
CONSUMER DISCRETIONARY - 0.1%
Household Durables - 0.1%
Centex Corp.	72,100		609,966
D.R. Horton, Inc.	32,300		302,328
Lennar Corp. Class A	48,600		470,934
M/I Homes, Inc.	46,400		454,256
Meritage Homes Corp. (a)	66,700		1,257,962
Pulte Homes, Inc.	127,500		1,125,825
			4,221,271
FINANCIALS - 10.7%
Capital Markets - 0.0%
W.P. Carey & Co. LLC	7,642		190,897
Real Estate Investment Trusts - 10.4%
Acadia Realty Trust (SBI)	757,244		9,882,034
Alexandria Real Estate Equities, Inc.	326,600		11,689,014
AMB Property Corp. (SBI)	277,100		5,212,251
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
American Campus Communities, Inc.	139,800		$ 3,100,764
Annaly Capital Management, Inc.	559,400		8,469,316
Anworth Mortgage Asset Corp.	107,700		776,517
Apartment Investment & Management Co. Class A	1,219,687		10,794,230
AvalonBay Communities, Inc.	221,016		12,363,635
Boston Properties, Inc.	253,500		12,091,950
Brandywine Realty Trust (SBI)	1,701,587		12,676,823
Camden Property Trust (SBI)	510,100		14,078,760
CapLease, Inc.	217,300		599,748
CBL & Associates Properties, Inc.	1,157,558		6,239,238
Colonial Properties Trust (SBI)	50,600		374,440
Corporate Office Properties Trust (SBI)	324,118		9,506,381
Cypress Sharpridge Investments, Inc. (a)	330,096		3,928,142
Cypress Sharpridge Investments, Inc. (e)	270,416		2,896,155
Cypress Sharpridge Investments, Inc. warrants 4/30/11 (a)(e)	60,000		55,778
DCT Industrial Trust, Inc.	225,800		921,264
Developers Diversified Realty Corp.	1,365,400		6,663,152
DiamondRock Hospitality Co.	1,442,462		9,029,812
Digital Realty Trust, Inc.	484,100		17,354,985
Duke Realty LP	1,901,400		16,675,278
Equity Lifestyle Properties, Inc.	131,900		4,904,042
Equity Residential (SBI)	658,100		14,629,563
Essex Property Trust, Inc.	61,700		3,839,591
Federal Realty Investment Trust (SBI)	17,200		886,144
Government Properties Income Trust	41,800		858,154
Hatteras Financial Corp.	7,200		205,848
HCP, Inc.	687,200		14,561,768
Healthcare Realty Trust, Inc.	778,291		13,098,638
Highwoods Properties, Inc. (SBI)	935,500		20,927,135
Home Properties, Inc.	289,700		9,878,770
Host Hotels & Resorts, Inc.	919,100		7,711,249
Inland Real Estate Corp.	965,752		6,760,264
Kimco Realty Corp.	311,320		3,128,766
Kite Realty Group Trust	591,300		1,726,596
LaSalle Hotel Properties (SBI)	26,280		324,295
Lexington Corporate Properties Trust	122,500		416,500
Liberty Property Trust (SBI)	29,700		684,288
MFA Mortgage Investments, Inc.	1,855,646		12,841,070
National Retail Properties, Inc.	101,200		1,755,820
Nationwide Health Properties, Inc.	91,600		2,357,784
ProLogis Trust	2,944,945		23,736,257
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Public Storage	342,900		$ 22,453,092
Ramco-Gershenson Properties Trust (SBI)	269,000		2,692,690
Redwood Trust, Inc.	70,700		1,043,532
Regency Centers Corp.	556,600		19,430,906
Simon Property Group, Inc.	834,938		42,940,861
SL Green Realty Corp.	680,600		15,612,964
Sunstone Hotel Investors, Inc.	2,708,260		14,489,191
Tanger Factory Outlet Centers, Inc.	134,000		4,345,620
The Macerich Co.	981,063		17,276,519
U-Store-It Trust	538,200		2,637,180
UDR, Inc.	948,139		9,794,276
Ventas, Inc.	1,155,880		34,514,577
Vornado Realty Trust	376,089		16,935,288
			524,778,905
Real Estate Management & Development - 0.3%
Brookfield Properties Corp.	839,500		6,690,817
CB Richard Ellis Group, Inc. Class A (a)	840,649		7,868,475
Jones Lang LaSalle, Inc.	35,300		1,155,369
			15,714,661
TOTAL FINANCIALS			540,684,463
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.2%
Brookdale Senior Living, Inc.	197,100		1,919,754
Capital Senior Living Corp. (a)	213,200		970,060
Emeritus Corp. (a)	447,457		5,910,907
Sun Healthcare Group, Inc. (a)	111,500		941,060
			9,741,781
TOTAL COMMON STOCKS (Cost $756,489,410)		554,647,515
Preferred Stocks - 1.4%
	Shares		Value
Convertible Preferred Stocks - 0.0%
FINANCIALS - 0.0%
Real Estate Investment Trusts - 0.0%
HRPT Properties Trust 6.50%	120,000		$ 1,486,440
Lexington Corporate Properties Trust Series C 6.50%	33,800		676,000
Simon Property Group, Inc. 6.00%	20,000		924,800
			3,087,240
Nonconvertible Preferred Stocks - 1.4%
FINANCIALS - 1.4%
Diversified Financial Services - 0.1%
DRA CRT Acquisition Corp. Series A, 8.50%	1,700		15,300
Red Lion Hotels Capital Trust 9.50%	138,465		2,215,440
W2007 Grace Acquisition I, Inc. Series B, 8.75% (a)	7,600		3,040
			2,233,780
Real Estate Investment Trusts - 1.3%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	53,500		1,099,425
AMB Property Corp. Series O, 7.00%	1,000		19,060
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	81,500		163
Series B, 9.25% (a)	233,544		584
Annaly Capital Management, Inc. Series A, 7.875%	205,500		4,685,400
Anworth Mortgage Asset Corp. Series A, 8.625%	220,500		4,809,105
Apartment Investment & Management Co.:
Series G, 9.375%	72,500		1,483,350
Series T, 8.00%	80,000		1,400,000
BioMed Realty Trust, Inc. Series A, 7.375%	20,000		348,400
Cedar Shopping Centers, Inc. 8.875%	15,000		239,850
CenterPoint Properties Trust Series D, 5.377%	5,280		2,376,000
Colonial Properties Trust (depositary shares) Series D, 8.125%	89,500		1,655,750
Cousins Properties, Inc.:
Series A, 7.75%	79,600		1,194,796
Series B, 7.50%	43,159		635,732
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%	40,100		481,200
Digital Realty Trust, Inc.:
Series A, 8.50%	90,000		1,980,000
Series B, 7.875%	36,100		752,685
Duke Realty LP 8.375%	112,097		1,968,423
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	71,300		10,695
Equity Residential (depositary shares) Series N, 6.48%	21,200		395,592
FelCor Lodging Trust, Inc. (depositary shares) Series C, 8.00%	38,200		220,796
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Glimcher Realty Trust Series F, 8.75%	14,151		$ 156,935
Health Care REIT, Inc. Series F, 7.625%	50,000		1,077,500
Hersha Hospitality Trust Series A, 8.00%	31,300		414,725
HomeBanc Mortgage Corp. Series A, 10.00% (a)	213,315		1,280
Hospitality Properties Trust:
Series B, 8.875%	227,090		4,328,335
Series C, 7.00%	74,798		1,159,369
HRPT Properties Trust Series B, 8.75%	11,666		209,055
Innkeepers USA Trust Series C, 8.00%	198,000		99,000
Kimco Realty Corp. Series G, 7.75%	168,000		3,469,200
LaSalle Hotel Properties:
Series B, 8.375%	9,550		188,135
Series E, 8.00%	91,400		1,632,404
Series G, 7.25%	87,640		1,371,566
LBA Realty Fund II Series B, 7.625% (a)	146,695		1,173,560
Lexington Corporate Properties Trust Series B, 8.05%	59,400		748,440
Lexington Realty Trust 7.55%	32,300		384,370
LTC Properties, Inc. Series F, 8.00%	98,800		2,242,760
MFA Mortgage Investments, Inc. Series A, 8.50%	378,300		8,511,750
Mid-America Apartment Communities, Inc. Series H, 8.30%	56,100		1,279,080
Newcastle Investment Corp.:
Series B, 9.75%	160,900		489,136
Series D, 8.375%	33,396		88,499
Omega Healthcare Investors, Inc. Series D, 8.375%	80,000		1,720,000
PS Business Parks, Inc.:
(depositary shares) Series L, 7.60%	14,410		285,174
Series P, 6.70%	65,000		1,140,750
Public Storage:
(depositary shares)	30,000		709,800
Series I, 7.25%	31,655		684,381
Series K, 7.25%	80,000		1,768,000
Series L, 6.75%	10,000		201,000
Series N, 7.00%	40,000		850,000
Realty Income Corp. 6.75%	4,500		94,860
Regency Centers Corp. 7.25%	31,125		593,243
Saul Centers, Inc.:
8.00%	45,000		904,500
Series B (depositary shares) 9.00%	20,000		441,400
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Strategic Hotel & Resorts, Inc.:
Series A, 8.50%	120,000		$ 750,000
Series C, 8.25%	60,000		369,000
Sunstone Hotel Investors, Inc. Series A, 8.00%	45,000		677,250
Taubman Centers, Inc. Series G, 8.00%	20,000		383,000
Weingarten Realty Investors (SBI) Series F, 6.50%	92,546		1,446,494
			67,800,957
TOTAL FINANCIALS			70,034,737
TOTAL PREFERRED STOCKS (Cost $119,727,455)		73,121,977

Floating Rate Loans - 0.3%
	Principal Amount (d)
CONSUMER DISCRETIONARY - 0.2%
Household Durables - 0.0%
TOUSA, Inc. Tranche 1, term loan 7.25% 7/31/12 (f)	$ 1,883,151		1,224,048
Specialty Retail - 0.2%
The Pep Boys - Manny, Moe & Jack term loan 2.67% 10/27/13 (f)	495,369		433,448
Toys 'R' US, Inc. term loan 3.32% 12/8/09 (f)	6,795,003		6,676,091
			7,109,539
TOTAL CONSUMER DISCRETIONARY			8,333,587
FINANCIALS - 0.1%
Diversified Financial Services - 0.0%
LandSource Holding Co. LLC term loan 8.25% 5/31/09 (c)(f)	3,782,118		416,033
Real Estate Investment Trusts - 0.0%
Capital Automotive (REIT) Tranche B, term loan 2.07% 12/16/10 (f)	1,000,000		730,000
Spirit Finance Corp. term loan 4.0275% 8/1/13 (f)	1,000,000		300,000
			1,030,000
Floating Rate Loans - continued
	Principal Amount (d)		Value
FINANCIALS - continued
Real Estate Management & Development - 0.1%
Realogy Corp.:
Credit-Linked Deposit 3.5007% 10/10/13 (f)	$ 729,159		$ 524,994
Tranche B, term loan 4.1769% 10/10/13 (f)	2,708,303		1,949,978
			2,474,972
TOTAL FINANCIALS			3,921,005
HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Skilled Healthcare Group, Inc. Tranche 1, term loan 2.6067% 6/15/12 (f)	969,697		872,727
TOTAL FLOATING RATE LOANS (Cost $18,758,985)		13,127,319
Commodity-Linked Notes - 9.8%
AB Svensk Exportkredit:
Note, one-month U.S. dollar LIBOR minus .27% due 01/28/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	32,300,000		51,057,030
Note, one-month U.S. dollar LIBOR minus .27% due 12/23/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	22,000,000		24,274,842
Cooperatieve Centrale Raiffeisen - Boerenleenbank BA:
Medium Term Note, one-month U.S. dollar LIBOR minus .35% due 4/14/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	16,700,000		18,387,511
Medium Term Note, one-month U.S. dollar LIBOR minus .45% due 1/22/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	15,000,000		23,710,695
Credit Suisse First Boston New York Branch:
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 11/10/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,475,000		11,399,576
Commodity-Linked Notes - continued
	Principal Amount (d)		Value
Credit Suisse First Boston New York Branch: - continued
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 11/24/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	$ 9,330,000		$ 11,192,947
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 11/5/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,605,000		11,574,436
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 12/16/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	10,000,000		11,041,088
Medium Term Note, one-month U.S. dollar LIBOR minus .10% due 4/22/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,400,000		8,955,316
Deutsche Bank AG London Branch:
Medium Term Note, one-month U.S. dollar LIBOR minus .16% due 01/22/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	12,500,000		19,765,693
Medium Term Note, one-month U.S. dollar LIBOR minus .16% due 11/13/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,000,000		10,753,954
Eksportfinans ASA:
Medium Term Note, three-month U.S. dollar LIBOR minus .22% due 01/27/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	50,000,000		79,144,143
Medium Term Note, three-month U.S. dollar LIBOR minus .25% due 11/16/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	29,700,000		39,998,753
JPMorgan Chase Bank NA:
Medium Term Note, three-month U.S. dollar LIBOR minus .30% due 12/21/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	20,000,000		22,045,164
Medium Term Note, three-month U.S. dollar LIBOR minus .97% due 11/9/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	5,000,000		6,690,202
Merrill Lynch & Co., Inc. Medium Term Note, one-month U.S. dollar LIBOR due 11/19/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	27,000,000		36,362,503
Commodity-Linked Notes - continued
	Principal Amount (d)		Value
Morgan Stanley Note, one-month U.S. dollar LIBOR minus 1.7% due 11/12/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	$ 5,000,000		$ 6,733,797
Societe Generale Commodities Products, LLC:
Note, one-month U.S. dollar LIBOR due 1/26/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	40,500,000		64,084,786
Note, one-month U.S. dollar LIBOR due 11/6/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	16,670,000		22,408,553
Note, one-month U.S. dollar LIBOR due 4/27/2010 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	6,600,000		6,792,185
UBS AG Jersey Branch Note, one-month U.S. dollar LIBOR minus .06% due 11/12/2009 (indexed to the Dow Jones-UBS Commodity Index Total Return, multiplied by 3) (e)(f)(h)	8,000,000		10,779,440
TOTAL COMMODITY-LINKED NOTES (Cost $359,780,000)		497,152,614

Fixed-Income Funds - 25.8%
	Shares
Fidelity Floating Rate Central Fund (g) (Cost $1,483,410,464)	15,467,432	1,300,811,031

Preferred Securities - 0.0%
	Principal Amount (d)
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (a)(e)	1,200,000		0
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (e)	500,000		59,591
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (a)(e)	1,650,000		17
Ipswich Street CDO Series 2006-1, 6/27/46 (c)(e)	2,250,000		0
Kent Funding III Ltd. 11/5/47 (a)(e)	2,200,000		0
			59,608
TOTAL PREFERRED SECURITIES (Cost $7,430,385)		59,608

Money Market Funds - 18.2%
	Shares	Value
Fidelity Cash Central Fund, 0.40% (b) (Cost $918,122,056)	918,122,056	$ 918,122,056

Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.01%, dated 6/30/09 due 7/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $11,000)	$ 11,000		11,000
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $5,347,862,268)			5,019,614,571
NET OTHER ASSETS - 0.5%			26,549,731
NET ASSETS - 100%		$ 5,046,164,302

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

(c) Non-income producing - Issuer is in default.

(d) Principal amount is stated in United States dollars unless otherwise noted.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $642,312,441 or 12.7% of net assets.

(f) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

(h) Security is linked to the Dow Jones-AIG Commodity Total Return Index. Securities do not guarantee any return of principal at maturity but instead, will pay at maturity or upon exchange, an amount based on the closing value of the Dow Jones-AIG Commodity Total Return Index. Although these instruments are primarily debt obligations, they indirectly provide exposure to changes in the value of the underlying commodities. Holders of the security have the right to exchange these notes at any time.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$11,000 due 7/01/09 at 0.01%
Barclays Capital, Inc.	$ 1,473
Deutsche Bank Securities, Inc.	1,306
ING Financial Markets LLC	484
J.P. Morgan Securities, Inc.	6,769
Mizuho Securities USA, Inc.	484
Morgan Stanley & Co., Inc.	484
	$ 11,000

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	$ 5,371,639
Fidelity Floating Rate Central Fund	52,440,360
Total	$ 57,811,999

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Floating Rate Central Fund	$ 1,342,745,842	$ 98,997,460	$ 110,047,046	$ 1,300,811,031	48.0%

Other Information

The following is a summary of the inputs used, as of June 30, 2009, involving the Fund's assets and liabilities carried at 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,221,271	$ 4,221,271	$ -	$ -
Financials	613,806,440	604,878,692	6,494,690	2,433,058
Health Care	9,741,781	9,741,781	-	-
Asset-Backed Securities	24,114,222	-	12,708,231	11,405,991
Cash Equivalents	11,000	-	11,000	-
Collateralized Mortgage Obligations	12,932,004	-	12,757,923	174,081
Commercial Mortgage Securities	68,434,716	-	55,870,967	12,563,749
Commodity-Linked Notes	497,152,614	-	497,152,614	-
Corporate Bonds	262,299,936	-	257,222,447	5,077,489
Fixed-Income Funds	1,300,811,031	1,300,811,031	-	-
Floating Rate Loans	13,127,319	-	13,127,319	-
Money Market Funds	918,122,056	918,122,056	-	-
Preferred Securities	59,608	-	-	59,608
U.S. Government and Government Agency Obligations	1,294,780,573	-	1,294,780,573	-
Total Investments in Securities:	$ 5,019,614,571	$ 2,837,774,831	$ 2,150,125,764	$ 31,713,976

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 39,257,885
Total Realized Gain (Loss)	166,426
Total Unrealized Gain (Loss)	(21,276,963)
Cost of Purchases	3,150,078
Proceeds of Sales	(2,303,421)
Amortization/Accretion	(952,697)
Transfer in/out of Level 3	13,672,668
Ending Balance	$ 31,713,976

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities and Other Financial Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $5,407,343,618. Net unrealized depreciation aggregated $387,729,047, of which $233,116,159 related to appreciated investment securities and $620,845,206 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. Certain of the Fund's securities are valued at period end by a single source or dealer. For corporate bonds, floating rate loans, preferred securities and U.S. government and government agency obligations pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. For asset backed securities, collateralized mortgage obligations, commercial mortgage securities pricing services generally utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and types as well as dealer supplied prices. For commodity-linked notes, pricing services generally consider the movement of an underlying commodity index as well as other terms of the contract including the leverage factor and any fee and/or interest components of the note. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Indexed securities are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. Actual prices received at disposition may differ.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Fixed-Income 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 Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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 Fixed-Income Trust

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer
Date:	August 31, 2009

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

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer
Date:	August 31, 2009

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer
Date:	August 31, 2009