N-Q 1 main.htm

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:

December 31

 

 

Date of reporting period:

March 31, 2011

Item 1. Schedule of Investments

Consolidated Quarterly Holdings Report for

Fidelity ® Dynamic StrategiesSM Fund

(To be renamed Fidelity Global Strategies Fund effective June 2011)

March 31, 2011 

1.852678.103

DYS-QTLY-0511

Consolidated Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Investments reflect the categorizations of assets as defined by Morningstar as of the reporting date indicated above.

Equity Funds - 45.6%

Shares

Value

China Region Funds - 0.7%

Fidelity China Region Fund (e)

34,561

$ 1,115,643

iShares MSCI Hong Kong Index ETF (d)

82,900

1,569,297

TOTAL CHINA REGION FUNDS

2,684,940

Diversified Emerging Markets Funds - 1.8%

Claymore/BNY Mellon Frontier Markets ETF

65,000

1,433,900

Fidelity Emerging Markets Fund (e)

69,029

1,845,136

iShares MSCI Thailand Investable Market Index ETF (d)

23,000

1,536,630

Market Vectors Africa Index ETF

57,000

1,904,934

SPDR S&P Emerging Middle East & Africa ETF (d)

10,400

781,664

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

7,502,264

Europe Stock Funds - 1.9%

iShares MSCI Germany Index ETF (d)

152,700

3,962,565

iShares MSCI Sweden IDX ETF

60,800

1,993,632

Market Vectors Russia ETF (d)

49,800

2,072,676

TOTAL EUROPE STOCK FUNDS

8,028,873

Foreign Large Blend Funds - 0.3%

Fidelity Canada Fund (e)

18,889

1,180,742

Foreign Large Value Funds - 1.9%

iShares MSCI Canada Index ETF (d)

242,100

8,144,244

Foreign Small Mid Growth Funds - 0.2%

Fidelity International Small Cap Opportunities Fund (e)

83,905

901,144

Japan Stock Funds - 1.3%

iShares MSCI Japan Index ETF (d)

320,000

3,299,200

WisdomTree Japan Hedged Equity ETF

57,100

2,105,277

TOTAL JAPAN STOCK FUNDS

5,404,477

Large Blend Funds - 13.4%

Fidelity Advisor 130/30 Large Cap Institutional Class (a)(e)

798,470

6,307,916

Fidelity Disciplined Equity Fund (e)

392,326

9,419,759

Fidelity Mega Cap Stock Fund (e)

997,736

10,476,225

SPDR S&P 500 ETF Trust (d)

229,700

30,437,547

TOTAL LARGE BLEND FUNDS

56,641,447

Equity Funds - continued

Shares

Value

Large Growth Funds - 12.9%

Fidelity Advisor Stock Selector All Cap Fund Institutional Class (e)

2,630,349

$ 54,237,796

Latin America Stock Funds - 0.8%

Fidelity Latin America Fund (e)

18,254

1,074,775

iShares MSCI All Peru Capped Index ETF (d)

16,700

762,355

iShares MSCI Brazil Index ETF

16,700

1,293,916

TOTAL LATIN AMERICA STOCK FUNDS

3,131,046

Mid-Cap Blend Funds - 0.3%

Fidelity Leveraged Company Stock Fund (e)

41,440

1,272,196

Pacific Asia ex-Japan Stock Funds - 1.4%

iShares MSCI Australia Index ETF (d)

40,650

1,082,103

iShares MSCI Malaysia Index ETF (d)

102,300

1,510,971

iShares MSCI Singapore Index ETF (d)

109,800

1,500,966

SPDR S&P China ETF (d)

23,500

1,888,225

TOTAL PACIFIC ASIA EX-JAPAN STOCK FUNDS

5,982,265

Sector Funds - Energy - 3.3%

Fidelity Energy Service Portfolio (a)(e)

20,470

1,807,294

Fidelity Natural Gas Portfolio (e)

41,625

1,543,035

First Trust ISE-Revere Natural Gas Index Fund ETF (d)

273,600

6,388,560

SPDR Oil & Gas Equipment & Services ETF (d)

97,600

4,291,472

TOTAL SECTOR FUNDS - ENERGY

14,030,361

Sector Funds - Industrials - 0.5%

Industrial Select Sector SPDR ETF (d)

52,200

1,966,896

Sector Funds - Natural Resources - 2.7%

Fidelity Global Commodity Stock Fund (e)

40,329

731,167

Market Vectors Agribusiness ETF (d)

137,200

7,688,688

PowerShares Global Water ETF (d)

151,500

3,095,145

TOTAL SECTOR FUNDS - NATURAL RESOURCES

11,515,000

Sector Funds - Real Estate - 1.3%

DJ Wilshire REIT ETF (d)

62,000

4,005,200

Fidelity International Real Estate Fund (e)

63,255

583,839

Fidelity Real Estate Investment Portfolio (e)

29,724

812,354

TOTAL SECTOR FUNDS - REAL ESTATE

5,401,393

Equity Funds - continued

Shares

Value

Sector Funds - Technology - 0.9%

Technology Select Sector SPDR ETF (d)

144,400

$ 3,764,508

TOTAL EQUITY FUNDS

(Cost $168,086,473)

191,789,592

Fixed-Income Funds - 22.6%

 

 

 

 

Bank Loan Funds - 1.1%

Fidelity Floating Rate High Income Fund (e)

456,540

4,506,054

Emerging Markets Bond Funds - 2.0%

Fidelity New Markets Income Fund (e)

536,140

8,369,145

High Yield Bond Funds - 2.0%

Fidelity High Income Fund (e)

510,159

4,673,058

iShares iBoxx $ High Yield Corporate Bond ETF (d)

42,300

3,889,908

TOTAL HIGH YIELD BOND FUNDS

8,562,966

Inflation-Protected Bond Funds - 1.8%

PIMCO 1-5 Year U.S. TIPS Index ETF (d)

145,500

7,772,610

Intermediate-Term Bond Funds - 10.6%

Fidelity Investment Grade Bond Fund (e)

5,131,867

38,027,137

iShares Barclays Aggregate Bond ETF (d)

61,200

6,433,956

TOTAL INTERMEDIATE-TERM BOND FUNDS

44,461,093

Sector Funds - Real Estate - 2.2%

Fidelity Real Estate Income Fund (e)

869,444

9,363,910

World Bond Funds - 2.9%

SPDR Barclays Capital International Treasury Bond ETF (d)

34,100

2,040,203

SPDR DB International Government Inflation-Protected Bond ETF (d)

165,400

9,998,430

TOTAL WORLD BOND FUNDS

12,038,633

TOTAL FIXED-INCOME FUNDS

(Cost $89,885,337)

95,074,411

Other - 24.8%

 

 

 

 

Commodity Funds - Agriculture - 1.8%

PowerShares DB Agriculture ETF (a)

222,700

7,625,248

Other - continued

Shares

Value

Commodity Funds - Broad Basket - 2.8%

Fidelity Commodity Strategy Fund (a)(e)

944,834

$ 11,678,153

Commodity Funds - Energy - 3.0%

PowerShares DB Oil ETF (a)(d)

264,200

8,523,092

United States Natural Gas Fund LP ETF (a)

365,250

4,200,375

TOTAL COMMODITY FUNDS - ENERGY

12,723,467

Commodity Funds - Precious Metals - 8.6%

iShares COMEX Gold Trust ETF (a)

1,459,700

20,450,397

iShares Silver Trust ETF (a)

437,800

16,106,662

TOTAL COMMODITY FUNDS - PRECIOUS METALS

36,557,059

Currency Funds - 2.1%

CurrencyShares Australian Dollar Trust ETF (d)

19,318

2,005,402

CurrencyShares Canadian Dollar Trust ETF (d)

19,298

1,979,782

CurrencyShares Swedsh Krona Trust (d)

6,300

995,847

WisdomTree Dreyfus Brazilian Real ETF

26,000

717,327

WisdomTree Dreyfus Chinese Yuan ETF

58,000

1,470,880

WisdomTree Dreyfus Emerging Currency ETF (d)

65,900

1,507,792

TOTAL CURRENCY FUNDS

8,677,030

Exchange - Traded Notes - Agriculture - 2.4%

ELEMENTS Rogers International Commodity Agricultural ETN (issued by Swedish Export Credit Corp., maturity date 10/24/22) (a)

499,100

5,654,803

ETFS Classic Commodity Securities - Agriculture DJ-UBSCI (a)

477,500

4,548,188

TOTAL EXCHANGE - TRADED NOTES - AGRICULTURE

10,202,991

Exchange - Traded Notes - Energy - 2.6%

Alerian MLP Index ETN (issued by JPMorgan Chase & Co., maturity date 5/24/24)

282,100

10,711,337

Exchange - Traded Notes - Industrial Metals - 0.5%

ETFS Classic Commodity Securities - Copper (a)

47,000

2,230,150

Other - continued

Shares

Value

Specialty Precious Metals Funds - 1.0%

Fidelity Gold Portfolio (e)

36,753

$ 1,914,811

Market Vectors Gold Miners ETF (d)

34,524

2,073,511

TOTAL SPECIALTY PRECIOUS METALS FUNDS

3,988,322

TOTAL OTHER

(Cost $87,400,808)

104,393,757

Short-Term Funds - 22.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class (e)

16,448,556

16,448,556

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

76,645,150

76,645,150

TOTAL SHORT-TERM FUNDS

(Cost $93,093,706)

93,093,706

Cash Equivalents - 2.4%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.12%, dated 3/31/11 due 4/1/11 (Collateralized by U.S. Treasury Obligations) #
(Cost $9,999,000)

$ 9,999,033

9,999,000

TOTAL INVESTMENT PORTFOLIO - 117.5%

(Cost $448,465,324)

494,350,466

NET OTHER ASSETS (LIABILITIES) - (17.5)%

(73,594,429)

NET ASSETS - 100%

$ 420,756,037

Security Type Abbreviations

ETF - Exchange-Traded Fund

ETN - Exchange-Traded Note

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

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

Repurchase Agreement / Counterparty

Value

$9,999,000 due 4/01/11 at 0.12%

BNP Paribas Securities Corp.

$ 1,530,544

Credit Agricole Securities (USA), Inc.

1,284,757

HSBC Securities (USA), Inc.

3,342,452

Mizuho Securities USA, Inc.

1,284,757

RBS Securities, Inc.

1,914,112

UBS Securities LLC

642,378

 

$ 9,999,000

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 Securities Lending Cash Central Fund

$ 101,657

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Fidelity Advisor 130/30 Large Cap Institutional Class

$ 5,885,223

$ -

$ 125,939

$ -

$ 6,307,916

Fidelity Advisor Stock Selector All Cap Fund Institutional Class

52,133,004

-

944,541

-

54,237,796

Fidelity Canada Fund

1,118,621

-

20,780

-

1,180,742

Fidelity China Region Fund

1,143,020

-

18,891

-

1,115,643

Fidelity Commodity Strategy Fund

11,196,287

-

-

-

11,678,153

Affiliated Underlying Funds - continued

Affiliate

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Disciplined Equity Fund

$ 9,022,300

$ -

$ 188,908

$ -

$ 9,419,759

Fidelity Emerging Markets Fund

1,851,666

-

31,485

-

1,845,136

Fidelity Energy Service Portfolio

1,551,007

-

31,485

-

1,807,294

Fidelity Floating Rate High Income Fund

4,565,261

29,524

125,939

29,523

4,506,054

Fidelity Global Commodity Stock Fund

706,801

-

15,742

-

731,167

Fidelity Gold Portfolio

1,986,142

-

31,485

-

1,914,811

Fidelity High Income Fund

4,677,644

69,893

188,908

69,890

4,673,058

Fidelity Institutional Money Market Portfolio Institutional Class

11,031,758

48,516,798

43,100,000

16,798

16,448,556

Fidelity International Real Estate Fund

596,567

-

3,148

-

583,839

Fidelity International Small Cap Opportunities Fund

887,668

-

15,742

-

901,144

Fidelity Investment Grade Bond Fund

38,400,406

277,615

755,633

277,611

38,027,137

Fidelity Latin America Fund

1,097,350

-

18,890

-

1,074,775

Fidelity Leveraged Company Stock Fund

1,198,866

-

22,039

-

1,272,196

Fidelity Mega Cap Stock Fund

10,149,576

-

188,908

-

10,476,225

Fidelity Natural Gas Portfolio

1,413,414

-

31,485

-

1,543,035

Fidelity New Markets Income Fund

8,276,657

112,830

-

112,830

8,369,145

Fidelity Real Estate Income Fund

8,996,896

46,715

-

46,715

9,363,910

Fidelity Real Estate Investment Portfolio

772,744

-

9,445

-

812,354

Total

$ 178,658,878

$ 49,053,375

$ 45,869,393

$ 553,367

$ 188,289,845

Consolidated Subsidiary

 

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Dynamic Strategies Cayman Ltd.

$ 52,035,491

$ 9,500,000

$ 5,200,000

$ -

$ 59,646,656

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Cash Equivalents which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $458,086,781. Net unrealized appreciation aggregated $46,931,718, of which $49,377,230 related to appreciated investment securities and $2,445,512 related to depreciated investment securities.

Consolidated Subsidiary

The fund invests in certain commodity-related investments through Fidelity Dynamic Strategies Cayman Ltd., a wholly-owned subsidiary (the "Subsidiary"). As of March 31, 2011, the Fund held $59,646,656 in the Subsidiary, representing 14.2% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the affiliated Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Exchange-traded Funds (ETFs) and Exchange-traded notes (ETNs) are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board of Trustees believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

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

Consolidated Quarterly Holdings Report for

Fidelity ® Advisor
Dynamic StrategiesSM Fund
Class A
Class T
Class B
Class C
Institutional Class
(To be renamed Fidelity Advisor Global

Strategies Fund effective June 2011)

March 31, 2011

Class A, Class T, Class B, Class C
and Institutional Class
are classes of Fidelity®
Dynamic StrategiesSM Fund 

1.864817.103

ADYS-QTLY-0511

Consolidated Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Investments reflect the categorizations of assets as defined by Morningstar as of the reporting date indicated above.

Equity Funds - 45.6%

Shares

Value

China Region Funds - 0.7%

Fidelity China Region Fund (e)

34,561

$ 1,115,643

iShares MSCI Hong Kong Index ETF (d)

82,900

1,569,297

TOTAL CHINA REGION FUNDS

2,684,940

Diversified Emerging Markets Funds - 1.8%

Claymore/BNY Mellon Frontier Markets ETF

65,000

1,433,900

Fidelity Emerging Markets Fund (e)

69,029

1,845,136

iShares MSCI Thailand Investable Market Index ETF (d)

23,000

1,536,630

Market Vectors Africa Index ETF

57,000

1,904,934

SPDR S&P Emerging Middle East & Africa ETF (d)

10,400

781,664

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

7,502,264

Europe Stock Funds - 1.9%

iShares MSCI Germany Index ETF (d)

152,700

3,962,565

iShares MSCI Sweden IDX ETF

60,800

1,993,632

Market Vectors Russia ETF (d)

49,800

2,072,676

TOTAL EUROPE STOCK FUNDS

8,028,873

Foreign Large Blend Funds - 0.3%

Fidelity Canada Fund (e)

18,889

1,180,742

Foreign Large Value Funds - 1.9%

iShares MSCI Canada Index ETF (d)

242,100

8,144,244

Foreign Small Mid Growth Funds - 0.2%

Fidelity International Small Cap Opportunities Fund (e)

83,905

901,144

Japan Stock Funds - 1.3%

iShares MSCI Japan Index ETF (d)

320,000

3,299,200

WisdomTree Japan Hedged Equity ETF

57,100

2,105,277

TOTAL JAPAN STOCK FUNDS

5,404,477

Large Blend Funds - 13.4%

Fidelity Advisor 130/30 Large Cap Institutional Class (a)(e)

798,470

6,307,916

Fidelity Disciplined Equity Fund (e)

392,326

9,419,759

Fidelity Mega Cap Stock Fund (e)

997,736

10,476,225

SPDR S&P 500 ETF Trust (d)

229,700

30,437,547

TOTAL LARGE BLEND FUNDS

56,641,447

Equity Funds - continued

Shares

Value

Large Growth Funds - 12.9%

Fidelity Advisor Stock Selector All Cap Fund Institutional Class (e)

2,630,349

$ 54,237,796

Latin America Stock Funds - 0.8%

Fidelity Latin America Fund (e)

18,254

1,074,775

iShares MSCI All Peru Capped Index ETF (d)

16,700

762,355

iShares MSCI Brazil Index ETF

16,700

1,293,916

TOTAL LATIN AMERICA STOCK FUNDS

3,131,046

Mid-Cap Blend Funds - 0.3%

Fidelity Leveraged Company Stock Fund (e)

41,440

1,272,196

Pacific Asia ex-Japan Stock Funds - 1.4%

iShares MSCI Australia Index ETF (d)

40,650

1,082,103

iShares MSCI Malaysia Index ETF (d)

102,300

1,510,971

iShares MSCI Singapore Index ETF (d)

109,800

1,500,966

SPDR S&P China ETF (d)

23,500

1,888,225

TOTAL PACIFIC ASIA EX-JAPAN STOCK FUNDS

5,982,265

Sector Funds - Energy - 3.3%

Fidelity Energy Service Portfolio (a)(e)

20,470

1,807,294

Fidelity Natural Gas Portfolio (e)

41,625

1,543,035

First Trust ISE-Revere Natural Gas Index Fund ETF (d)

273,600

6,388,560

SPDR Oil & Gas Equipment & Services ETF (d)

97,600

4,291,472

TOTAL SECTOR FUNDS - ENERGY

14,030,361

Sector Funds - Industrials - 0.5%

Industrial Select Sector SPDR ETF (d)

52,200

1,966,896

Sector Funds - Natural Resources - 2.7%

Fidelity Global Commodity Stock Fund (e)

40,329

731,167

Market Vectors Agribusiness ETF (d)

137,200

7,688,688

PowerShares Global Water ETF (d)

151,500

3,095,145

TOTAL SECTOR FUNDS - NATURAL RESOURCES

11,515,000

Sector Funds - Real Estate - 1.3%

DJ Wilshire REIT ETF (d)

62,000

4,005,200

Fidelity International Real Estate Fund (e)

63,255

583,839

Fidelity Real Estate Investment Portfolio (e)

29,724

812,354

TOTAL SECTOR FUNDS - REAL ESTATE

5,401,393

Equity Funds - continued

Shares

Value

Sector Funds - Technology - 0.9%

Technology Select Sector SPDR ETF (d)

144,400

$ 3,764,508

TOTAL EQUITY FUNDS

(Cost $168,086,473)

191,789,592

Fixed-Income Funds - 22.6%

 

 

 

 

Bank Loan Funds - 1.1%

Fidelity Floating Rate High Income Fund (e)

456,540

4,506,054

Emerging Markets Bond Funds - 2.0%

Fidelity New Markets Income Fund (e)

536,140

8,369,145

High Yield Bond Funds - 2.0%

Fidelity High Income Fund (e)

510,159

4,673,058

iShares iBoxx $ High Yield Corporate Bond ETF (d)

42,300

3,889,908

TOTAL HIGH YIELD BOND FUNDS

8,562,966

Inflation-Protected Bond Funds - 1.8%

PIMCO 1-5 Year U.S. TIPS Index ETF (d)

145,500

7,772,610

Intermediate-Term Bond Funds - 10.6%

Fidelity Investment Grade Bond Fund (e)

5,131,867

38,027,137

iShares Barclays Aggregate Bond ETF (d)

61,200

6,433,956

TOTAL INTERMEDIATE-TERM BOND FUNDS

44,461,093

Sector Funds - Real Estate - 2.2%

Fidelity Real Estate Income Fund (e)

869,444

9,363,910

World Bond Funds - 2.9%

SPDR Barclays Capital International Treasury Bond ETF (d)

34,100

2,040,203

SPDR DB International Government Inflation-Protected Bond ETF (d)

165,400

9,998,430

TOTAL WORLD BOND FUNDS

12,038,633

TOTAL FIXED-INCOME FUNDS

(Cost $89,885,337)

95,074,411

Other - 24.8%

 

 

 

 

Commodity Funds - Agriculture - 1.8%

PowerShares DB Agriculture ETF (a)

222,700

7,625,248

Other - continued

Shares

Value

Commodity Funds - Broad Basket - 2.8%

Fidelity Commodity Strategy Fund (a)(e)

944,834

$ 11,678,153

Commodity Funds - Energy - 3.0%

PowerShares DB Oil ETF (a)(d)

264,200

8,523,092

United States Natural Gas Fund LP ETF (a)

365,250

4,200,375

TOTAL COMMODITY FUNDS - ENERGY

12,723,467

Commodity Funds - Precious Metals - 8.6%

iShares COMEX Gold Trust ETF (a)

1,459,700

20,450,397

iShares Silver Trust ETF (a)

437,800

16,106,662

TOTAL COMMODITY FUNDS - PRECIOUS METALS

36,557,059

Currency Funds - 2.1%

CurrencyShares Australian Dollar Trust ETF (d)

19,318

2,005,402

CurrencyShares Canadian Dollar Trust ETF (d)

19,298

1,979,782

CurrencyShares Swedsh Krona Trust (d)

6,300

995,847

WisdomTree Dreyfus Brazilian Real ETF

26,000

717,327

WisdomTree Dreyfus Chinese Yuan ETF

58,000

1,470,880

WisdomTree Dreyfus Emerging Currency ETF (d)

65,900

1,507,792

TOTAL CURRENCY FUNDS

8,677,030

Exchange - Traded Notes - Agriculture - 2.4%

ELEMENTS Rogers International Commodity Agricultural ETN (issued by Swedish Export Credit Corp., maturity date 10/24/22) (a)

499,100

5,654,803

ETFS Classic Commodity Securities - Agriculture DJ-UBSCI (a)

477,500

4,548,188

TOTAL EXCHANGE - TRADED NOTES - AGRICULTURE

10,202,991

Exchange - Traded Notes - Energy - 2.6%

Alerian MLP Index ETN (issued by JPMorgan Chase & Co., maturity date 5/24/24)

282,100

10,711,337

Exchange - Traded Notes - Industrial Metals - 0.5%

ETFS Classic Commodity Securities - Copper (a)

47,000

2,230,150

Other - continued

Shares

Value

Specialty Precious Metals Funds - 1.0%

Fidelity Gold Portfolio (e)

36,753

$ 1,914,811

Market Vectors Gold Miners ETF (d)

34,524

2,073,511

TOTAL SPECIALTY PRECIOUS METALS FUNDS

3,988,322

TOTAL OTHER

(Cost $87,400,808)

104,393,757

Short-Term Funds - 22.1%

 

 

 

 

Fidelity Institutional Money Market Portfolio Institutional Class (e)

16,448,556

16,448,556

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

76,645,150

76,645,150

TOTAL SHORT-TERM FUNDS

(Cost $93,093,706)

93,093,706

Cash Equivalents - 2.4%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.12%, dated 3/31/11 due 4/1/11 (Collateralized by U.S. Treasury Obligations) #
(Cost $9,999,000)

$ 9,999,033

9,999,000

TOTAL INVESTMENT PORTFOLIO - 117.5%

(Cost $448,465,324)

494,350,466

NET OTHER ASSETS (LIABILITIES) - (17.5)%

(73,594,429)

NET ASSETS - 100%

$ 420,756,037

Security Type Abbreviations

ETF - Exchange-Traded Fund

ETN - Exchange-Traded Note

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

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

Repurchase Agreement / Counterparty

Value

$9,999,000 due 4/01/11 at 0.12%

BNP Paribas Securities Corp.

$ 1,530,544

Credit Agricole Securities (USA), Inc.

1,284,757

HSBC Securities (USA), Inc.

3,342,452

Mizuho Securities USA, Inc.

1,284,757

RBS Securities, Inc.

1,914,112

UBS Securities LLC

642,378

 

$ 9,999,000

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 Securities Lending Cash Central Fund

$ 101,657

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Fidelity Advisor 130/30 Large Cap Institutional Class

$ 5,885,223

$ -

$ 125,939

$ -

$ 6,307,916

Fidelity Advisor Stock Selector All Cap Fund Institutional Class

52,133,004

-

944,541

-

54,237,796

Fidelity Canada Fund

1,118,621

-

20,780

-

1,180,742

Fidelity China Region Fund

1,143,020

-

18,891

-

1,115,643

Fidelity Commodity Strategy Fund

11,196,287

-

-

-

11,678,153

Affiliated Underlying Funds - continued

Affiliate

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Disciplined Equity Fund

$ 9,022,300

$ -

$ 188,908

$ -

$ 9,419,759

Fidelity Emerging Markets Fund

1,851,666

-

31,485

-

1,845,136

Fidelity Energy Service Portfolio

1,551,007

-

31,485

-

1,807,294

Fidelity Floating Rate High Income Fund

4,565,261

29,524

125,939

29,523

4,506,054

Fidelity Global Commodity Stock Fund

706,801

-

15,742

-

731,167

Fidelity Gold Portfolio

1,986,142

-

31,485

-

1,914,811

Fidelity High Income Fund

4,677,644

69,893

188,908

69,890

4,673,058

Fidelity Institutional Money Market Portfolio Institutional Class

11,031,758

48,516,798

43,100,000

16,798

16,448,556

Fidelity International Real Estate Fund

596,567

-

3,148

-

583,839

Fidelity International Small Cap Opportunities Fund

887,668

-

15,742

-

901,144

Fidelity Investment Grade Bond Fund

38,400,406

277,615

755,633

277,611

38,027,137

Fidelity Latin America Fund

1,097,350

-

18,890

-

1,074,775

Fidelity Leveraged Company Stock Fund

1,198,866

-

22,039

-

1,272,196

Fidelity Mega Cap Stock Fund

10,149,576

-

188,908

-

10,476,225

Fidelity Natural Gas Portfolio

1,413,414

-

31,485

-

1,543,035

Fidelity New Markets Income Fund

8,276,657

112,830

-

112,830

8,369,145

Fidelity Real Estate Income Fund

8,996,896

46,715

-

46,715

9,363,910

Fidelity Real Estate Investment Portfolio

772,744

-

9,445

-

812,354

Total

$ 178,658,878

$ 49,053,375

$ 45,869,393

$ 553,367

$ 188,289,845

Consolidated Subsidiary

 

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Dynamic Strategies Cayman Ltd.

$ 52,035,491

$ 9,500,000

$ 5,200,000

$ -

$ 59,646,656

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Cash Equivalents which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $458,086,781. Net unrealized appreciation aggregated $46,931,718, of which $49,377,230 related to appreciated investment securities and $2,445,512 related to depreciated investment securities.

Consolidated Subsidiary

The fund invests in certain commodity-related investments through Fidelity Dynamic Strategies Cayman Ltd., a wholly-owned subsidiary (the "Subsidiary"). As of March 31, 2011, the Fund held $59,646,656 in the Subsidiary, representing 14.2% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the affiliated Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Exchange-traded Funds (ETFs) and Exchange-traded notes (ETNs) are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board of Trustees believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

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

Quarterly Holdings Report

for

Fidelity ® Series Inflation-Protected Bond Index Fund -
Series Inflation-Protected
Bond Index
Class F

March 31, 2011 

1.899335.101

SIB-S-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Inflation Protected Obligations - 99.5%

 

Principal Amount

Value

U.S. Treasury Inflation-Indexed Notes:

0.5% 4/15/15

$ 293,912,939

$ 305,441,275

0.625% 4/15/13

200,813,095

210,572,828

1.125% 1/15/21

324,038,034

329,252,231

1.25% 4/15/14

214,808,218

229,981,111

1.25% 7/15/20

398,318,031

411,886,136

1.375% 7/15/18

196,861,953

209,627,762

1.375% 1/15/20

252,456,892

265,121,380

1.625% 1/15/15

289,772,757

314,678,557

1.625% 1/15/18

200,750,742

216,968,286

1.875% 7/15/13

322,220,290

349,007,295

1.875% 7/15/15

259,506,529

285,502,572

1.875% 7/15/19

208,181,575

228,481,416

2% 4/15/12

209,108,536

218,812,049

2% 1/15/14

331,056,651

361,267,171

2% 7/15/14

297,479,490

327,045,798

2% 1/15/16

252,938,701

279,658,982

2.125% 1/15/19

183,939,056

205,324,566

2.375% 1/15/17

224,610,888

253,533,073

2.5% 7/15/16

254,415,116

288,963,852

2.625% 7/15/17

196,106,291

225,189,417

3% 7/15/12

339,973,208

364,518,034

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

(Cost $5,699,802,550)

5,880,833,791

Cash Equivalents - 0.2%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.18%, dated 3/31/11 due 4/1/11 (Collateralized by U.S. Government Obligations) #
(Cost $10,142,000)

$ 10,142,052

10,142,000

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $5,709,944,550)

5,890,975,791

NET OTHER ASSETS (LIABILITIES) - 0.3%

15,342,816

NET ASSETS - 100%

$ 5,906,318,607

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

Repurchase Agreement / Counterparty

Value

$10,142,000 due 4/01/11 at 0.18%

BNP Paribas Securities Corp.

$ 663,536

Bank of America NA

3,725,011

Barclays Capital, Inc.

805,722

Credit Agricole Securities (USA), Inc.

379,163

HSBC Securities (USA), Inc.

947,908

ING Financial Markets LLC

246,456

J.P. Morgan Securities, Inc.

947,908

Merrill Lynch Government Securities, Inc.

113,749

Merrill Lynch, Pierce, Fenner & Smith, Inc.

606,313

Mizuho Securities USA, Inc.

1,706,234

 

$ 10,142,000

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $5,710,445,500. Net unrealized appreciation aggregated $180,530,291, of which $183,230,386 related to appreciated investment securities and $2,700,095 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. 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. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. 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 fair value, and are categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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:

May 31, 2011

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:

May 31, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 31, 2011