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:

November 30

 

 

Date of reporting period:

February 28, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Strategic
Dividend & Income Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity® Strategic
Dividend & Income Fund 

1.814340.106

ASDI-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 13.8%

 

Principal
Amount

Value

Convertible Bonds - 9.6%

CONSUMER DISCRETIONARY - 0.7%

Auto Components - 0.1%

BorgWarner, Inc. 3.5% 4/15/12

$ 310,000

$ 740,714

Automobiles - 0.1%

Ford Motor Co. 4.25% 11/15/16

280,000

511,168

Hotels, Restaurants & Leisure - 0.1%

MGM Mirage, Inc. 4.25% 4/15/15 (g)

1,170,000

1,270,181

Leisure Equipment & Products - 0.1%

Eastman Kodak Co. 7% 4/1/17

1,420,000

1,267,776

Specialty Retail - 0.3%

Group 1 Automotive, Inc. 3% 3/15/20 (g)

585,000

744,120

Sonic Automotive, Inc. 5% 10/1/29

1,100,000

1,456,510

 

2,200,630

TOTAL CONSUMER DISCRETIONARY

5,990,469

ENERGY - 1.3%

Energy Equipment & Services - 0.1%

Exterran Holdings, Inc. 4.25% 6/15/14

250,000

302,425

Oil States International, Inc. 2.375% 7/1/25

180,000

416,025

 

718,450

Oil, Gas & Consumable Fuels - 1.2%

Alpha Natural Resources, Inc. 2.375% 4/15/15

690,000

896,241

Chesapeake Energy Corp. 2.5% 5/15/37

1,670,000

1,866,058

Peabody Energy Corp. 4.75% 12/15/66

2,100,000

2,698,500

Pioneer Natural Resources Co. 2.875% 1/15/38

470,000

838,363

Quicksilver Resources, Inc. 1.875% 11/1/24

480,000

536,160

Western Refining, Inc. 5.75% 6/15/14

2,120,000

3,593,400

 

10,428,722

TOTAL ENERGY

11,147,172

FINANCIALS - 0.5%

Capital Markets - 0.3%

Janus Capital Group, Inc. 3.25% 7/15/14

300,000

369,210

Jefferies Group, Inc. 3.875% 11/1/29

1,370,000

1,423,944

Penson Worldwide, Inc. 8% 6/1/14 (g)

615,000

649,256

 

2,442,410

Corporate Bonds - continued

 

Principal
Amount

Value

Convertible Bonds - continued

FINANCIALS - continued

Diversified Financial Services - 0.0%

KKR Financial Holdings LLC 7.5% 1/15/17

$ 240,000

$ 344,424

Real Estate Management & Development - 0.2%

Digital Realty Trust LP:

4.125% 8/15/26 (g)

450,000

838,688

5.5% 4/15/29 (g)

270,000

395,523

 

1,234,211

TOTAL FINANCIALS

4,021,045

HEALTH CARE - 1.8%

Biotechnology - 0.7%

BioMarin Pharmaceutical, Inc. 1.875% 4/23/17

420,000

559,062

Cephalon, Inc. 2% 6/1/15

1,150,000

1,506,500

Gilead Sciences, Inc. 1.625% 5/1/16 (g)

3,620,000

3,909,600

Incyte Corp. 4.75% 10/1/15

170,000

304,011

 

6,279,173

Health Care Providers & Services - 0.5%

Health Management Associates, Inc. 3.75% 5/1/28 (g)

450,000

546,750

Laboratory Corp. of America Holdings 0% 9/11/21

956,000

1,153,127

LifePoint Hospitals, Inc. 3.5% 5/15/14

550,000

574,090

Omnicare, Inc. 3.75% 12/15/25

1,580,000

1,969,865

 

4,243,832

Life Sciences Tools & Services - 0.1%

Invitrogen Corp.:

1.5% 2/15/24

820,000

955,300

3.25% 6/15/25

290,000

329,527

 

1,284,827

Pharmaceuticals - 0.5%

Biovail Corp. 5.375% 8/1/14

1,150,000

3,301,190

Mylan, Inc. 3.75% 9/15/15

330,000

613,594

 

3,914,784

TOTAL HEALTH CARE

15,722,616

INDUSTRIALS - 1.8%

Aerospace & Defense - 0.1%

Alliant Techsystems, Inc. 3% 8/15/24

460,000

521,525

Corporate Bonds - continued

 

Principal
Amount

Value

Convertible Bonds - continued

INDUSTRIALS - continued

Commercial Services & Supplies - 0.3%

Covanta Holding Corp. 3.25% 6/1/14

$ 2,390,000

$ 2,819,650

Construction & Engineering - 1.0%

Fluor Corp. 1.5% 2/15/24

1,286,000

3,268,048

MasTec, Inc.:

4% 6/15/14

900,000

1,255,545

4.25% 12/15/14

2,940,000

4,016,775

 

8,540,368

Electrical Equipment - 0.1%

EnerSys 3.375% 6/1/38 (e)

800,000

957,360

Industrial Conglomerates - 0.2%

Textron, Inc. 4.5% 5/1/13

650,000

1,390,610

Machinery - 0.0%

Danaher Corp. 0% 1/22/21

270,000

395,719

Road & Rail - 0.1%

Hertz Global Holdings, Inc. 5.25% 6/1/14

510,000

1,010,310

TOTAL INDUSTRIALS

15,635,542

INFORMATION TECHNOLOGY - 2.5%

Computers & Peripherals - 0.7%

EMC Corp.:

1.75% 12/1/11

960,000

1,630,656

1.75% 12/1/13

2,320,000

4,058,550

Quantum Corp. 3.5% 11/15/15 (g)

340,000

333,098

 

6,022,304

Internet Software & Services - 0.5%

Equinix, Inc.:

3% 10/15/14

1,230,000

1,302,078

4.75% 6/15/16

1,850,000

2,412,215

VeriSign, Inc. 3.25% 8/15/37

740,000

889,776

 

4,604,069

IT Services - 0.5%

CACI International, Inc. 2.125% 5/1/14

3,720,000

4,594,200

Semiconductors & Semiconductor Equipment - 0.1%

Microchip Technology, Inc. 2.125% 12/15/37

390,000

517,725

Micron Technology, Inc. 4.25% 10/15/13

230,000

527,850

 

1,045,575

Corporate Bonds - continued

 

Principal Amount

Value

Convertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Software - 0.7%

Symantec Corp. 1% 6/15/13

$ 4,660,000

$ 5,616,232

TOTAL INFORMATION TECHNOLOGY

21,882,380

MATERIALS - 0.4%

Metals & Mining - 0.3%

Newmont Mining Corp. 1.625% 7/15/17

1,880,000

2,552,852

Paper & Forest Products - 0.1%

Rayonier TRS Holdings, Inc.:

3.75% 10/15/12

430,000

517,344

4.5% 8/15/15 (g)

500,000

671,300

 

1,188,644

TOTAL MATERIALS

3,741,496

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.3%

Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (g)

2,330,000

2,473,295

Wireless Telecommunication Services - 0.2%

Leap Wireless International, Inc. 4.5% 7/15/14

1,930,000

1,794,997

TOTAL TELECOMMUNICATION SERVICES

4,268,292

UTILITIES - 0.1%

Multi-Utilities - 0.1%

CMS Energy Corp.:

2.875% 12/1/24

380,000

571,188

5.5% 6/15/29

170,000

244,171

 

815,359

TOTAL CONVERTIBLE BONDS

83,224,371

Nonconvertible Bonds - 4.2%

CONSUMER DISCRETIONARY - 1.0%

Hotels, Restaurants & Leisure - 0.8%

FelCor Lodging LP 10% 10/1/14

2,650,000

3,014,375

Corporate Bonds - continued

 

Principal
Amount

Value

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - continued

GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17

$ 995,000

$ 1,074,600

MGM Mirage, Inc. 6.625% 7/15/15

2,000,000

1,910,000

NCL Corp. Ltd. 11.75% 11/15/16

1,005,000

1,185,900

 

7,184,875

Leisure Equipment & Products - 0.2%

Eastman Kodak Co. 9.75% 3/1/18 (g)

1,200,000

1,227,000

TOTAL CONSUMER DISCRETIONARY

8,411,875

CONSUMER STAPLES - 0.1%

Food & Staples Retailing - 0.1%

Bi-Lo LLC/Bi-Lo Finance Corp. 9.25% 2/15/19 (g)

170,000

176,800

Tops Markets LLC 10.125% 10/15/15

400,000

430,000

 

606,800

ENERGY - 0.5%

Oil, Gas & Consumable Fuels - 0.5%

Western Refining, Inc.:

10.75% 6/15/14 (g)(i)

990,000

1,064,250

11.25% 6/15/17 (g)

3,115,000

3,457,650

 

4,521,900

FINANCIALS - 1.2%

Capital Markets - 0.4%

JPMorgan Chase Capital XXII 6.45% 2/2/37

3,500,000

3,588,410

Lehman Brothers Holdings, Inc. 0% (d)(i)

1,000,000

100

 

3,588,510

Commercial Banks - 0.6%

Capital One Capital IV 6.745% 2/17/37 (i)

2,000,000

2,010,000

Wells Fargo Capital X 5.95% 12/15/36

1,000,000

986,794

Wells Fargo Capital XIII 7.7% (i)

2,000,000

2,057,500

 

5,054,294

Diversified Financial Services - 0.2%

Goldman Sachs Capital II 5.793% (i)

2,500,000

2,150,000

TOTAL FINANCIALS

10,792,804

Corporate Bonds - continued

 

Principal
Amount

Value

Nonconvertible Bonds - continued

HEALTH CARE - 0.0%

Health Care Providers & Services - 0.0%

Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18 (g)

$ 45,000

$ 47,588

INDUSTRIALS - 0.2%

Commercial Services & Supplies - 0.1%

Covanta Holding Corp. 7.25% 12/1/20

180,000

189,002

International Lease Finance Corp. 8.25% 12/15/20

305,000

336,629

United Rentals North America, Inc. 10.875% 6/15/16

350,000

406,875

 

932,506

Marine - 0.1%

Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17 (g)

500,000

515,000

Navios Maritime Holdings, Inc. 8.125% 2/15/19 (g)

10,000

10,000

 

525,000

TOTAL INDUSTRIALS

1,457,506

INFORMATION TECHNOLOGY - 0.2%

Internet Software & Services - 0.2%

Terremark Worldwide, Inc.:

9.5% 11/15/13 (g)

150,000

156,000

12% 6/15/17

1,225,000

1,519,000

 

1,675,000

TELECOMMUNICATION SERVICES - 0.7%

Diversified Telecommunication Services - 0.7%

Clearwire Communications LLC/Clearwire Finance, Inc. 12% 12/1/15 (g)

4,600,000

4,956,500

Sprint Capital Corp. 6.875% 11/15/28

1,250,000

1,126,563

 

6,083,063

UTILITIES - 0.3%

Multi-Utilities - 0.3%

Wisconsin Energy Corp. 6.25% 5/15/67 (i)

3,000,000

2,996,250

TOTAL NONCONVERTIBLE BONDS

36,592,786

TOTAL CORPORATE BONDS

(Cost $107,754,532)

119,817,157

U.S. Treasury Obligations - 0.1%

 

Principal
Amount

Value

U.S. Treasury Bills, yield at date of purchase 0.14% to 0.15% 3/3/11 to 4/14/11 (h)
(Cost $949,976)

$ 950,000

$ 949,983

Common Stocks - 64.1%

Shares

 

CONSUMER DISCRETIONARY - 3.3%

Hotels, Restaurants & Leisure - 1.4%

Darden Restaurants, Inc.

20,100

947,313

McDonald's Corp.

132,700

10,042,736

Starbucks Corp.

23,700

781,626

Summit Hotel Properties, Inc.

33,000

321,750

 

12,093,425

Media - 0.5%

Time Warner Cable, Inc.

60,900

4,395,762

Multiline Retail - 0.1%

Kohl's Corp.

13,300

716,737

Specialty Retail - 1.1%

Foot Locker, Inc.

50,600

1,005,422

Home Depot, Inc.

185,900

6,965,673

TJX Companies, Inc.

23,600

1,176,932

 

9,148,027

Textiles, Apparel & Luxury Goods - 0.2%

VF Corp.

21,700

2,076,039

TOTAL CONSUMER DISCRETIONARY

28,429,990

CONSUMER STAPLES - 9.2%

Beverages - 3.3%

Dr Pepper Snapple Group, Inc.

24,000

865,440

PepsiCo, Inc.

169,600

10,756,032

The Coca-Cola Co.

264,800

16,926,016

 

28,547,488

Food Products - 1.3%

Kraft Foods, Inc. Class A

251,300

8,001,392

Unilever NV unit

106,800

3,229,632

 

11,231,024

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Household Products - 2.6%

Kimberly-Clark Corp.

59,800

$ 3,940,820

Procter & Gamble Co.

303,858

19,158,247

 

23,099,067

Tobacco - 2.0%

Imperial Tobacco Group PLC

39,482

1,267,146

Philip Morris International, Inc.

256,018

16,072,810

 

17,339,956

TOTAL CONSUMER STAPLES

80,217,535

ENERGY - 10.3%

Energy Equipment & Services - 0.2%

Ensco International Ltd. ADR

31,700

1,778,370

Oil, Gas & Consumable Fuels - 10.1%

Chevron Corp.

197,200

20,459,500

Exxon Mobil Corp.

541,500

46,314,487

Kinder Morgan Holding Co. LLC (f)

24,000

732,000

Marathon Oil Corp.

147,000

7,291,200

Royal Dutch Shell PLC:

Class A (United Kingdom)

126,900

4,562,775

Class A sponsored ADR

87,900

6,350,775

Sunoco, Inc.

53,200

2,226,952

 

87,937,689

TOTAL ENERGY

89,716,059

FINANCIALS - 15.9%

Commercial Banks - 0.3%

Australia & New Zealand Banking Group Ltd.

46,539

1,150,341

M&T Bank Corp.

19,000

1,672,950

 

2,823,291

Insurance - 1.3%

ACE Ltd.

50,400

3,187,800

Axis Capital Holdings Ltd.

51,800

1,881,376

The Travelers Companies, Inc.

78,900

4,728,477

Willis Group Holdings PLC

31,400

1,221,146

 

11,018,799

Real Estate Investment Trusts - 13.9%

Acadia Realty Trust (SBI)

109,400

2,166,120

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Alexandria Real Estate Equities, Inc.

60,800

$ 4,876,160

AMB Property Corp. (SBI)

26,800

974,984

American Assets Trust, Inc.

14,100

303,996

American Campus Communities, Inc.

9,600

320,832

AvalonBay Communities, Inc.

9,475

1,146,759

Beni Stabili SpA Siiq

128,600

131,859

Boston Properties, Inc.

52,493

5,035,129

Brandywine Realty Trust (SBI)

133,152

1,637,770

Camden Property Trust (SBI)

12,800

757,376

CBL & Associates Properties, Inc.

170,969

3,051,797

Chesapeake Lodging Trust

75,563

1,405,472

Colonial Properties Trust (SBI)

14,447

284,750

Coresite Realty Corp.

26,424

410,629

DCT Industrial Trust, Inc.

211,600

1,189,192

Developers Diversified Realty Corp.

28,398

406,091

DiamondRock Hospitality Co. (a)

264,710

3,112,990

Digital Realty Trust, Inc. (f)

92,484

5,439,909

Education Realty Trust, Inc.

296,100

2,442,825

Equity Residential (SBI)

71,792

3,956,457

Essex Property Trust, Inc.

36,625

4,533,443

Excel Trust, Inc.

22,355

272,955

Glimcher Realty Trust

57,487

528,880

HCP, Inc.

78,463

2,981,594

Healthcare Realty Trust, Inc.

95,240

2,219,092

Highwoods Properties, Inc. (SBI)

66,818

2,267,135

Host Hotels & Resorts, Inc.

104,373

1,920,463

Kimco Realty Corp.

136,102

2,637,657

Kite Realty Group Trust

112,734

635,820

Lexington Corporate Properties Trust

149,300

1,413,871

LTC Properties, Inc.

7,900

230,838

Mid-America Apartment Communities, Inc.

65,100

4,229,547

National Health Investors, Inc.

11,598

551,137

Omega Healthcare Investors, Inc.

88,900

2,130,933

Post Properties, Inc.

50,218

1,958,502

ProLogis Trust

449,865

7,314,805

Public Storage

74,220

8,331,195

Realty Income Corp.

26,400

949,608

Simon Property Group, Inc.

120,024

13,207,441

SL Green Realty Corp.

75,600

5,725,188

Sunstone Hotel Investors, Inc. (a)

123,255

1,323,759

Tanger Factory Outlet Centers, Inc.

37,500

999,375

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

The Macerich Co.

64,977

$ 3,290,435

Ventas, Inc.

129,100

7,154,722

Vornado Realty Trust

49,261

4,597,529

Weyerhaeuser Co.

18,098

441,772

 

120,898,793

Real Estate Management & Development - 0.3%

CB Richard Ellis Group, Inc. Class A (a)

46,858

1,173,324

Helical Bar PLC

8,500

38,778

The St. Joe Co. (a)

35,192

942,442

 

2,154,544

Thrifts & Mortgage Finance - 0.1%

People's United Financial, Inc.

56,100

739,398

TOTAL FINANCIALS

137,634,825

HEALTH CARE - 8.0%

Health Care Providers & Services - 0.6%

Brookdale Senior Living, Inc. (a)

72,000

1,936,080

Emeritus Corp. (a)

95,531

2,247,844

Sunrise Senior Living, Inc. (a)

80,104

912,385

 

5,096,309

Pharmaceuticals - 7.4%

GlaxoSmithKline PLC

374,900

7,197,619

Johnson & Johnson

313,744

19,276,431

Merck & Co., Inc.

471,190

15,346,658

Pfizer, Inc.

1,148,300

22,093,292

 

63,914,000

TOTAL HEALTH CARE

69,010,309

INDUSTRIALS - 7.1%

Aerospace & Defense - 2.3%

Honeywell International, Inc.

94,100

5,449,331

Raytheon Co.

52,300

2,678,283

The Boeing Co.

88,400

6,365,684

United Technologies Corp.

62,500

5,221,250

 

19,714,548

Air Freight & Logistics - 0.4%

United Parcel Service, Inc. Class B

50,100

3,697,380

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - 0.6%

Pitney Bowes, Inc.

42,400

$ 1,067,632

Republic Services, Inc.

61,600

1,823,976

The Geo Group, Inc. (a)

38,200

971,426

Waste Management, Inc.

46,000

1,704,760

 

5,567,794

Electrical Equipment - 0.8%

Alstom SA

25,037

1,493,124

Emerson Electric Co.

94,500

5,637,870

 

7,130,994

Industrial Conglomerates - 1.5%

3M Co.

97,200

8,964,756

General Electric Co.

210,653

4,406,861

 

13,371,617

Machinery - 1.0%

Caterpillar, Inc.

82,300

8,471,139

Road & Rail - 0.5%

Norfolk Southern Corp.

58,900

3,862,662

TOTAL INDUSTRIALS

61,816,134

INFORMATION TECHNOLOGY - 2.4%

IT Services - 0.6%

Accenture PLC Class A

24,300

1,250,964

Automatic Data Processing, Inc.

81,600

4,080,000

 

5,330,964

Semiconductors & Semiconductor Equipment - 1.8%

Analog Devices, Inc.

59,700

2,380,836

Intel Corp.

217,000

4,658,990

Intersil Corp. Class A

209,600

2,680,784

Linear Technology Corp.

47,200

1,631,232

Microchip Technology, Inc. (f)

24,300

896,913

National Semiconductor Corp.

97,000

1,503,500

Xilinx, Inc.

45,600

1,516,200

 

15,268,455

TOTAL INFORMATION TECHNOLOGY

20,599,419

Common Stocks - continued

Shares

Value

MATERIALS - 1.5%

Chemicals - 1.2%

Air Products & Chemicals, Inc.

28,900

$ 2,658,800

E.I. du Pont de Nemours & Co.

96,100

5,273,007

PPG Industries, Inc.

24,700

2,182,986

Praxair, Inc.

5,100

506,838

 

10,621,631

Metals & Mining - 0.1%

Commercial Metals Co.

67,100

1,118,557

Paper & Forest Products - 0.2%

MeadWestvaco Corp.

44,700

1,311,945

TOTAL MATERIALS

13,052,133

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 2.0%

AT&T, Inc.

599,600

17,016,648

Wireless Telecommunication Services - 0.5%

Vodafone Group PLC

1,503,700

4,269,673

TOTAL TELECOMMUNICATION SERVICES

21,286,321

UTILITIES - 3.9%

Electric Utilities - 2.0%

American Electric Power Co., Inc.

152,900

5,470,762

FirstEnergy Corp. (f)

100,200

3,837,660

NextEra Energy, Inc.

52,600

2,917,722

Northeast Utilities

60,800

2,069,632

PPL Corp.

136,792

3,478,621

 

17,774,397

Multi-Utilities - 1.9%

Dominion Resources, Inc.

39,100

1,784,133

National Grid PLC

455,300

4,231,407

PG&E Corp.

79,200

3,647,952

Public Service Enterprise Group, Inc.

79,800

2,609,460

Sempra Energy

77,400

4,120,002

 

16,392,954

TOTAL UTILITIES

34,167,351

TOTAL COMMON STOCKS

(Cost $490,672,889)

555,930,076

Preferred Stocks - 17.1%

Shares

Value

Convertible Preferred Stocks - 4.8%

CONSUMER DISCRETIONARY - 1.1%

Automobiles - 0.7%

General Motors Co. 4.75%

113,000

$ 5,749,440

Media - 0.4%

Interpublic Group of Companies, Inc. 5.25%

3,344

3,882,484

TOTAL CONSUMER DISCRETIONARY

9,631,924

CONSUMER STAPLES - 0.2%

Food Products - 0.2%

Archer Daniels Midland Co. 6.25%

30,400

1,401,136

ENERGY - 0.4%

Oil, Gas & Consumable Fuels - 0.4%

El Paso Corp. 4.99%

2,475

3,548,408

FINANCIALS - 2.2%

Commercial Banks - 0.6%

Huntington Bancshares, Inc. 8.50%

886

1,027,760

KeyCorp Series A, 7.75%

9,000

1,009,170

Wells Fargo & Co. 7.50%

3,090

3,182,700

 

5,219,630

Diversified Financial Services - 1.4%

2010 Swift Mandatory Common Exchange Security Trust 6.00% (a)(g)

72,800

990,808

AMG Capital Trust I 5.10%

12,800

637,600

Bank of America Corp. Series L, 7.25%

1,498

1,503,992

Citigroup, Inc. 7.50%

41,700

5,608,650

United Rentals Trust I 6.50%

77,363

3,844,941

 

12,585,991

Real Estate Investment Trusts - 0.2%

FelCor Lodging Trust, Inc. Series A, 1.95% (a)

53,000

1,399,730

Real Estate Management & Development - 0.0%

Grubb & Ellis Co.:

12.00% (g)

2,700

234,900

12.00% (a)(g)

1,000

87,000

 

321,900

TOTAL FINANCIALS

19,527,251

Preferred Stocks - continued

Shares

Value

Convertible Preferred Stocks - continued

HEALTH CARE - 0.4%

Health Care Providers & Services - 0.4%

HealthSouth Corp. Series A 6.50%

3,108

$ 3,278,816

INDUSTRIALS - 0.2%

Professional Services - 0.2%

Nielsen Holdings B.V. 6.25% (a)

25,000

1,379,688

MATERIALS - 0.3%

Metals & Mining - 0.3%

AngloGold Ashanti Holdings Finance PLC 6.00%

50,100

2,748,486

UTILITIES - 0.0%

Electric Utilities - 0.0%

PPL Corp. 9.50%

9,600

511,392

TOTAL CONVERTIBLE PREFERRED STOCKS

42,027,101

Nonconvertible Preferred Stocks - 12.3%

CONSUMER DISCRETIONARY - 0.5%

Media - 0.5%

CBS Corp. 6.75%

65,000

1,669,850

Comcast Corp. 6.625%

28,660

734,842

Viacom, Inc. 6.85%

86,000

2,205,900

 

4,610,592

CONSUMER STAPLES - 0.3%

Food Products - 0.3%

H.J. Heinz Finance Co. 8.00% (g)

28

2,940,000

FINANCIALS - 8.2%

Capital Markets - 1.9%

BNY Capital V 5.95%

115,000

2,858,900

Deutsche Bank Contingent Capital Trust II 6.55%

140,000

3,364,200

Goldman Sachs Group, Inc.:

6.125%

86,000

2,094,100

Series C, 4.9931%

40,000

958,800

Series D

200,000

4,496,000

Morgan Stanley Capital I Trust 6.60%

120,000

2,914,800

 

16,686,800

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Commercial Banks - 1.7%

Barclays Bank PLC:

7.75%

78,600

$ 1,995,654

Series 2

40,000

933,600

BB&T Capital Trust VI 9.60%

49,000

1,391,600

CoBank ACB 7.00% (g)

17,000

833,000

First Tennessee Bank NA, Memphis 3.90% (g)

5,000

3,175,000

HSBC Holdings PLC Series B, 8.00%

75,400

2,035,800

Keycorp Capital IX 6.75%

6,882

168,196

USB Capital XII 6.30%

80,000

2,004,800

Zions Bancorp. 11.00%

80,000

2,183,200

 

14,720,850

Diversified Financial Services - 2.7%

Bank of America Corp.:

Series D, 6.204%

45,000

1,003,050

Series H, 8.20%

86,015

2,227,789

Citigroup Capital VIII 6.95%

141,900

3,480,807

Citigroup Capital XIII 7.875%

47,594

1,287,418

Deutsche Bank Capital Funding Trust VIII 6.375%

50,000

1,163,500

General Electric Capital Corp. 6.05%

40,000

1,023,200

GMAC LLC 7.00% (g)

11,475

10,815,188

JPMorgan Chase Capital XXIX 6.70%

95,000

2,443,400

 

23,444,352

Insurance - 0.1%

MetLife, Inc. Series A, 4.39%

40,000

931,200

Real Estate Investment Trusts - 1.4%

Apartment Investment & Management Co. Series V, 8.00%

33,966

867,492

CBL & Associates Properties, Inc. 7.375%

49,500

1,202,355

Hospitality Properties Trust:

Series B, 8.875%

64,944

1,674,906

Series C, 7.00%

100,000

2,416,000

Public Storage:

Series I, 7.25%

20,000

507,400

Series K, 7.25%

27,600

700,764

Series M, 6.625%

50,000

1,282,000

Series P, 6.50%

80,000

2,026,400

Vornado Realty Trust Series E, 7.00%

40,000

1,004,000

 

11,681,317

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.4%

Fannie Mae:

Series E, 5.10% (a)

27,562

$ 79,930

Series H, 5.81% (a)

71,200

227,840

Series I, 5.375% (a)

5,000

17,000

Series L, 5.125% (a)

140,900

450,880

Series N, 5.50% (a)

92,650

296,480

Series O, 7.00% (a)

42,200

139,260

Series R, 7.65% (a)

40,000

66,800

Series T, 8.25% (a)

40,000

72,000

Freddie Mac:

Series F, 5.00% (a)

68,500

219,200

Series H, 5.10% (a)

10,300

32,960

Series K, 5.79% (a)

25,200

80,640

Series O, 5.81% (a)

19,500

62,400

Series R, 5.70% (a)

117,000

374,400

Series S, 0.00% (a)

10,000

32,700

Series U, 5.90% (a)

40,000

68,000

Series V, 5.57% (a)

566,000

933,900

Series W, 5.66% (a)

161,600

276,336

 

3,430,726

TOTAL FINANCIALS

70,895,245

INDUSTRIALS - 0.1%

Commercial Services & Supplies - 0.1%

Pitney Bowes International Holdings, Inc. 6.125% (g)

500

486,250

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.2%

AT&T, Inc. 6.375%

51,800

1,349,908

UTILITIES - 3.0%

Electric Utilities - 2.7%

Alabama Power Co.:

4.60%

2,000

169,000

5.625%

137,300

3,415,338

6.45%

80,000

2,115,000

Baltimore Gas & Electric Co. Series 1993, 6.70%

10,000

1,007,500

Duquesne Light Co. 6.50%

66,050

3,252,963

FPL Group Capital Trust I 5.875%

20,000

505,000

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

UTILITIES - continued

Electric Utilities - continued

Nextera Energy Capital Holdings, Inc. 7.45%

60,000

$ 1,579,800

Pacific Gas & Electric Co. Series D 5.00%

69,200

1,534,164

PPL Electric Utilities Corp. 6.25%

165,000

4,125,000

Southern California Edison Co.:

6.125%

35,000

3,386,250

Series C:

4.24%

34,600

647,020

6.00%

20,000

1,917,500

Series D, 4.32%

15,000

291,600

 

23,946,135

Multi-Utilities - 0.3%

Consolidated Edison Co. of New York, Inc. Series A, 5.00%

25,205

2,308,778

TOTAL UTILITIES

26,254,913

TOTAL NONCONVERTIBLE PREFERRED STOCKS

106,536,908

TOTAL PREFERRED STOCKS

(Cost $186,777,579)

148,564,009

Preferred Securities - 0.9%

Principal
Amount

 

FINANCIALS - 0.9%

Commercial Banks - 0.4%

PNC Preferred Funding Trust I 6.517% 12/31/49 (g)(i)

$ 3,000,000

2,501,274

SunTrust Preferred Capital I 5.853% 12/15/49 (i)

968,000

747,509

 

3,248,783

Diversified Financial Services - 0.5%

JPMorgan Chase & Co. 7.9% (i)

4,000,000

4,541,585

TOTAL PREFERRED SECURITIES

(Cost $7,384,025)

7,790,368

Money Market Funds - 5.1%

Shares

Value

Fidelity Cash Central Fund, 0.19% (b)

33,667,467

$ 33,667,467

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

10,352,652

10,352,652

TOTAL MONEY MARKET FUNDS

(Cost $44,020,119)

44,020,119

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $837,559,120)

877,071,712

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(9,503,208)

NET ASSETS - 100%

$ 867,568,504

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

183 CME E-mini S&P 500 Index Contracts

March 2011

$ 12,133,815

$ 470,040

 

The face value of futures purchased as a percentage of net assets is 1.4%

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) Non-income producing - Security is in default.

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(g) 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 $45,506,019 or 5.2% of net assets.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $949,983.

(i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

$ 16,420

Fidelity Securities Lending Cash Central Fund

4,183

Total

$ 20,603

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used 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

$ 42,672,506

$ 38,790,022

$ 3,882,484

$ -

Consumer Staples

84,558,671

81,618,671

2,940,000

-

Energy

93,264,467

89,716,059

3,548,408

-

Financials

228,057,321

206,208,613

21,848,708

-

Health Care

72,289,125

61,812,690

10,476,435

-

Industrials

63,682,072

61,816,134

1,865,938

-

Information Technology

20,599,419

20,599,419

-

-

Materials

15,800,619

15,800,619

-

-

Telecommunication Services

22,636,229

18,366,556

4,269,673

-

Utilities

60,933,656

37,313,698

23,619,958

-

Corporate Bonds

119,817,157

-

119,817,057

100

U.S. Government and Government Agency Obligations

949,983

-

949,983

-

Preferred Securities

7,790,368

-

7,790,368

-

Money Market Funds

44,020,119

44,020,119

-

-

Total Investments in Securities:

$ 877,071,712

$ 676,062,600

$ 201,009,012

$ 100

Derivative Instruments:

Assets

Futures Contracts

$ 470,040

$ 470,040

$ -

$ -

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

Investments in Securities:

Beginning Balance

$ 1,755,673

Total Realized Gain (Loss)

(16,916)

Total Unrealized Gain (Loss)

(11,484)

Cost of Purchases

-

Proceeds of Sales

(1,727,173)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 100

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $842,497,314. Net unrealized appreciation aggregated $34,574,398, of which $99,762,076 related to appreciated investment securities and $65,187,678 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.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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 corporate bonds and preferred securities, 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.

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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 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.

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 ® Strategic
Dividend & Income Fund

February 28, 2011 

1.814104.106

SDI-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 13.8%

 

Principal
Amount

Value

Convertible Bonds - 9.6%

CONSUMER DISCRETIONARY - 0.7%

Auto Components - 0.1%

BorgWarner, Inc. 3.5% 4/15/12

$ 310,000

$ 740,714

Automobiles - 0.1%

Ford Motor Co. 4.25% 11/15/16

280,000

511,168

Hotels, Restaurants & Leisure - 0.1%

MGM Mirage, Inc. 4.25% 4/15/15 (g)

1,170,000

1,270,181

Leisure Equipment & Products - 0.1%

Eastman Kodak Co. 7% 4/1/17

1,420,000

1,267,776

Specialty Retail - 0.3%

Group 1 Automotive, Inc. 3% 3/15/20 (g)

585,000

744,120

Sonic Automotive, Inc. 5% 10/1/29

1,100,000

1,456,510

 

2,200,630

TOTAL CONSUMER DISCRETIONARY

5,990,469

ENERGY - 1.3%

Energy Equipment & Services - 0.1%

Exterran Holdings, Inc. 4.25% 6/15/14

250,000

302,425

Oil States International, Inc. 2.375% 7/1/25

180,000

416,025

 

718,450

Oil, Gas & Consumable Fuels - 1.2%

Alpha Natural Resources, Inc. 2.375% 4/15/15

690,000

896,241

Chesapeake Energy Corp. 2.5% 5/15/37

1,670,000

1,866,058

Peabody Energy Corp. 4.75% 12/15/66

2,100,000

2,698,500

Pioneer Natural Resources Co. 2.875% 1/15/38

470,000

838,363

Quicksilver Resources, Inc. 1.875% 11/1/24

480,000

536,160

Western Refining, Inc. 5.75% 6/15/14

2,120,000

3,593,400

 

10,428,722

TOTAL ENERGY

11,147,172

FINANCIALS - 0.5%

Capital Markets - 0.3%

Janus Capital Group, Inc. 3.25% 7/15/14

300,000

369,210

Jefferies Group, Inc. 3.875% 11/1/29

1,370,000

1,423,944

Penson Worldwide, Inc. 8% 6/1/14 (g)

615,000

649,256

 

2,442,410

Corporate Bonds - continued

 

Principal
Amount

Value

Convertible Bonds - continued

FINANCIALS - continued

Diversified Financial Services - 0.0%

KKR Financial Holdings LLC 7.5% 1/15/17

$ 240,000

$ 344,424

Real Estate Management & Development - 0.2%

Digital Realty Trust LP:

4.125% 8/15/26 (g)

450,000

838,688

5.5% 4/15/29 (g)

270,000

395,523

 

1,234,211

TOTAL FINANCIALS

4,021,045

HEALTH CARE - 1.8%

Biotechnology - 0.7%

BioMarin Pharmaceutical, Inc. 1.875% 4/23/17

420,000

559,062

Cephalon, Inc. 2% 6/1/15

1,150,000

1,506,500

Gilead Sciences, Inc. 1.625% 5/1/16 (g)

3,620,000

3,909,600

Incyte Corp. 4.75% 10/1/15

170,000

304,011

 

6,279,173

Health Care Providers & Services - 0.5%

Health Management Associates, Inc. 3.75% 5/1/28 (g)

450,000

546,750

Laboratory Corp. of America Holdings 0% 9/11/21

956,000

1,153,127

LifePoint Hospitals, Inc. 3.5% 5/15/14

550,000

574,090

Omnicare, Inc. 3.75% 12/15/25

1,580,000

1,969,865

 

4,243,832

Life Sciences Tools & Services - 0.1%

Invitrogen Corp.:

1.5% 2/15/24

820,000

955,300

3.25% 6/15/25

290,000

329,527

 

1,284,827

Pharmaceuticals - 0.5%

Biovail Corp. 5.375% 8/1/14

1,150,000

3,301,190

Mylan, Inc. 3.75% 9/15/15

330,000

613,594

 

3,914,784

TOTAL HEALTH CARE

15,722,616

INDUSTRIALS - 1.8%

Aerospace & Defense - 0.1%

Alliant Techsystems, Inc. 3% 8/15/24

460,000

521,525

Corporate Bonds - continued

 

Principal
Amount

Value

Convertible Bonds - continued

INDUSTRIALS - continued

Commercial Services & Supplies - 0.3%

Covanta Holding Corp. 3.25% 6/1/14

$ 2,390,000

$ 2,819,650

Construction & Engineering - 1.0%

Fluor Corp. 1.5% 2/15/24

1,286,000

3,268,048

MasTec, Inc.:

4% 6/15/14

900,000

1,255,545

4.25% 12/15/14

2,940,000

4,016,775

 

8,540,368

Electrical Equipment - 0.1%

EnerSys 3.375% 6/1/38 (e)

800,000

957,360

Industrial Conglomerates - 0.2%

Textron, Inc. 4.5% 5/1/13

650,000

1,390,610

Machinery - 0.0%

Danaher Corp. 0% 1/22/21

270,000

395,719

Road & Rail - 0.1%

Hertz Global Holdings, Inc. 5.25% 6/1/14

510,000

1,010,310

TOTAL INDUSTRIALS

15,635,542

INFORMATION TECHNOLOGY - 2.5%

Computers & Peripherals - 0.7%

EMC Corp.:

1.75% 12/1/11

960,000

1,630,656

1.75% 12/1/13

2,320,000

4,058,550

Quantum Corp. 3.5% 11/15/15 (g)

340,000

333,098

 

6,022,304

Internet Software & Services - 0.5%

Equinix, Inc.:

3% 10/15/14

1,230,000

1,302,078

4.75% 6/15/16

1,850,000

2,412,215

VeriSign, Inc. 3.25% 8/15/37

740,000

889,776

 

4,604,069

IT Services - 0.5%

CACI International, Inc. 2.125% 5/1/14

3,720,000

4,594,200

Semiconductors & Semiconductor Equipment - 0.1%

Microchip Technology, Inc. 2.125% 12/15/37

390,000

517,725

Micron Technology, Inc. 4.25% 10/15/13

230,000

527,850

 

1,045,575

Corporate Bonds - continued

 

Principal Amount

Value

Convertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Software - 0.7%

Symantec Corp. 1% 6/15/13

$ 4,660,000

$ 5,616,232

TOTAL INFORMATION TECHNOLOGY

21,882,380

MATERIALS - 0.4%

Metals & Mining - 0.3%

Newmont Mining Corp. 1.625% 7/15/17

1,880,000

2,552,852

Paper & Forest Products - 0.1%

Rayonier TRS Holdings, Inc.:

3.75% 10/15/12

430,000

517,344

4.5% 8/15/15 (g)

500,000

671,300

 

1,188,644

TOTAL MATERIALS

3,741,496

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.3%

Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (g)

2,330,000

2,473,295

Wireless Telecommunication Services - 0.2%

Leap Wireless International, Inc. 4.5% 7/15/14

1,930,000

1,794,997

TOTAL TELECOMMUNICATION SERVICES

4,268,292

UTILITIES - 0.1%

Multi-Utilities - 0.1%

CMS Energy Corp.:

2.875% 12/1/24

380,000

571,188

5.5% 6/15/29

170,000

244,171

 

815,359

TOTAL CONVERTIBLE BONDS

83,224,371

Nonconvertible Bonds - 4.2%

CONSUMER DISCRETIONARY - 1.0%

Hotels, Restaurants & Leisure - 0.8%

FelCor Lodging LP 10% 10/1/14

2,650,000

3,014,375

Corporate Bonds - continued

 

Principal
Amount

Value

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - continued

GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17

$ 995,000

$ 1,074,600

MGM Mirage, Inc. 6.625% 7/15/15

2,000,000

1,910,000

NCL Corp. Ltd. 11.75% 11/15/16

1,005,000

1,185,900

 

7,184,875

Leisure Equipment & Products - 0.2%

Eastman Kodak Co. 9.75% 3/1/18 (g)

1,200,000

1,227,000

TOTAL CONSUMER DISCRETIONARY

8,411,875

CONSUMER STAPLES - 0.1%

Food & Staples Retailing - 0.1%

Bi-Lo LLC/Bi-Lo Finance Corp. 9.25% 2/15/19 (g)

170,000

176,800

Tops Markets LLC 10.125% 10/15/15

400,000

430,000

 

606,800

ENERGY - 0.5%

Oil, Gas & Consumable Fuels - 0.5%

Western Refining, Inc.:

10.75% 6/15/14 (g)(i)

990,000

1,064,250

11.25% 6/15/17 (g)

3,115,000

3,457,650

 

4,521,900

FINANCIALS - 1.2%

Capital Markets - 0.4%

JPMorgan Chase Capital XXII 6.45% 2/2/37

3,500,000

3,588,410

Lehman Brothers Holdings, Inc. 0% (d)(i)

1,000,000

100

 

3,588,510

Commercial Banks - 0.6%

Capital One Capital IV 6.745% 2/17/37 (i)

2,000,000

2,010,000

Wells Fargo Capital X 5.95% 12/15/36

1,000,000

986,794

Wells Fargo Capital XIII 7.7% (i)

2,000,000

2,057,500

 

5,054,294

Diversified Financial Services - 0.2%

Goldman Sachs Capital II 5.793% (i)

2,500,000

2,150,000

TOTAL FINANCIALS

10,792,804

Corporate Bonds - continued

 

Principal
Amount

Value

Nonconvertible Bonds - continued

HEALTH CARE - 0.0%

Health Care Providers & Services - 0.0%

Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18 (g)

$ 45,000

$ 47,588

INDUSTRIALS - 0.2%

Commercial Services & Supplies - 0.1%

Covanta Holding Corp. 7.25% 12/1/20

180,000

189,002

International Lease Finance Corp. 8.25% 12/15/20

305,000

336,629

United Rentals North America, Inc. 10.875% 6/15/16

350,000

406,875

 

932,506

Marine - 0.1%

Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17 (g)

500,000

515,000

Navios Maritime Holdings, Inc. 8.125% 2/15/19 (g)

10,000

10,000

 

525,000

TOTAL INDUSTRIALS

1,457,506

INFORMATION TECHNOLOGY - 0.2%

Internet Software & Services - 0.2%

Terremark Worldwide, Inc.:

9.5% 11/15/13 (g)

150,000

156,000

12% 6/15/17

1,225,000

1,519,000

 

1,675,000

TELECOMMUNICATION SERVICES - 0.7%

Diversified Telecommunication Services - 0.7%

Clearwire Communications LLC/Clearwire Finance, Inc. 12% 12/1/15 (g)

4,600,000

4,956,500

Sprint Capital Corp. 6.875% 11/15/28

1,250,000

1,126,563

 

6,083,063

UTILITIES - 0.3%

Multi-Utilities - 0.3%

Wisconsin Energy Corp. 6.25% 5/15/67 (i)

3,000,000

2,996,250

TOTAL NONCONVERTIBLE BONDS

36,592,786

TOTAL CORPORATE BONDS

(Cost $107,754,532)

119,817,157

U.S. Treasury Obligations - 0.1%

 

Principal
Amount

Value

U.S. Treasury Bills, yield at date of purchase 0.14% to 0.15% 3/3/11 to 4/14/11 (h)
(Cost $949,976)

$ 950,000

$ 949,983

Common Stocks - 64.1%

Shares

 

CONSUMER DISCRETIONARY - 3.3%

Hotels, Restaurants & Leisure - 1.4%

Darden Restaurants, Inc.

20,100

947,313

McDonald's Corp.

132,700

10,042,736

Starbucks Corp.

23,700

781,626

Summit Hotel Properties, Inc.

33,000

321,750

 

12,093,425

Media - 0.5%

Time Warner Cable, Inc.

60,900

4,395,762

Multiline Retail - 0.1%

Kohl's Corp.

13,300

716,737

Specialty Retail - 1.1%

Foot Locker, Inc.

50,600

1,005,422

Home Depot, Inc.

185,900

6,965,673

TJX Companies, Inc.

23,600

1,176,932

 

9,148,027

Textiles, Apparel & Luxury Goods - 0.2%

VF Corp.

21,700

2,076,039

TOTAL CONSUMER DISCRETIONARY

28,429,990

CONSUMER STAPLES - 9.2%

Beverages - 3.3%

Dr Pepper Snapple Group, Inc.

24,000

865,440

PepsiCo, Inc.

169,600

10,756,032

The Coca-Cola Co.

264,800

16,926,016

 

28,547,488

Food Products - 1.3%

Kraft Foods, Inc. Class A

251,300

8,001,392

Unilever NV unit

106,800

3,229,632

 

11,231,024

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Household Products - 2.6%

Kimberly-Clark Corp.

59,800

$ 3,940,820

Procter & Gamble Co.

303,858

19,158,247

 

23,099,067

Tobacco - 2.0%

Imperial Tobacco Group PLC

39,482

1,267,146

Philip Morris International, Inc.

256,018

16,072,810

 

17,339,956

TOTAL CONSUMER STAPLES

80,217,535

ENERGY - 10.3%

Energy Equipment & Services - 0.2%

Ensco International Ltd. ADR

31,700

1,778,370

Oil, Gas & Consumable Fuels - 10.1%

Chevron Corp.

197,200

20,459,500

Exxon Mobil Corp.

541,500

46,314,487

Kinder Morgan Holding Co. LLC (f)

24,000

732,000

Marathon Oil Corp.

147,000

7,291,200

Royal Dutch Shell PLC:

Class A (United Kingdom)

126,900

4,562,775

Class A sponsored ADR

87,900

6,350,775

Sunoco, Inc.

53,200

2,226,952

 

87,937,689

TOTAL ENERGY

89,716,059

FINANCIALS - 15.9%

Commercial Banks - 0.3%

Australia & New Zealand Banking Group Ltd.

46,539

1,150,341

M&T Bank Corp.

19,000

1,672,950

 

2,823,291

Insurance - 1.3%

ACE Ltd.

50,400

3,187,800

Axis Capital Holdings Ltd.

51,800

1,881,376

The Travelers Companies, Inc.

78,900

4,728,477

Willis Group Holdings PLC

31,400

1,221,146

 

11,018,799

Real Estate Investment Trusts - 13.9%

Acadia Realty Trust (SBI)

109,400

2,166,120

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Alexandria Real Estate Equities, Inc.

60,800

$ 4,876,160

AMB Property Corp. (SBI)

26,800

974,984

American Assets Trust, Inc.

14,100

303,996

American Campus Communities, Inc.

9,600

320,832

AvalonBay Communities, Inc.

9,475

1,146,759

Beni Stabili SpA Siiq

128,600

131,859

Boston Properties, Inc.

52,493

5,035,129

Brandywine Realty Trust (SBI)

133,152

1,637,770

Camden Property Trust (SBI)

12,800

757,376

CBL & Associates Properties, Inc.

170,969

3,051,797

Chesapeake Lodging Trust

75,563

1,405,472

Colonial Properties Trust (SBI)

14,447

284,750

Coresite Realty Corp.

26,424

410,629

DCT Industrial Trust, Inc.

211,600

1,189,192

Developers Diversified Realty Corp.

28,398

406,091

DiamondRock Hospitality Co. (a)

264,710

3,112,990

Digital Realty Trust, Inc. (f)

92,484

5,439,909

Education Realty Trust, Inc.

296,100

2,442,825

Equity Residential (SBI)

71,792

3,956,457

Essex Property Trust, Inc.

36,625

4,533,443

Excel Trust, Inc.

22,355

272,955

Glimcher Realty Trust

57,487

528,880

HCP, Inc.

78,463

2,981,594

Healthcare Realty Trust, Inc.

95,240

2,219,092

Highwoods Properties, Inc. (SBI)

66,818

2,267,135

Host Hotels & Resorts, Inc.

104,373

1,920,463

Kimco Realty Corp.

136,102

2,637,657

Kite Realty Group Trust

112,734

635,820

Lexington Corporate Properties Trust

149,300

1,413,871

LTC Properties, Inc.

7,900

230,838

Mid-America Apartment Communities, Inc.

65,100

4,229,547

National Health Investors, Inc.

11,598

551,137

Omega Healthcare Investors, Inc.

88,900

2,130,933

Post Properties, Inc.

50,218

1,958,502

ProLogis Trust

449,865

7,314,805

Public Storage

74,220

8,331,195

Realty Income Corp.

26,400

949,608

Simon Property Group, Inc.

120,024

13,207,441

SL Green Realty Corp.

75,600

5,725,188

Sunstone Hotel Investors, Inc. (a)

123,255

1,323,759

Tanger Factory Outlet Centers, Inc.

37,500

999,375

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

The Macerich Co.

64,977

$ 3,290,435

Ventas, Inc.

129,100

7,154,722

Vornado Realty Trust

49,261

4,597,529

Weyerhaeuser Co.

18,098

441,772

 

120,898,793

Real Estate Management & Development - 0.3%

CB Richard Ellis Group, Inc. Class A (a)

46,858

1,173,324

Helical Bar PLC

8,500

38,778

The St. Joe Co. (a)

35,192

942,442

 

2,154,544

Thrifts & Mortgage Finance - 0.1%

People's United Financial, Inc.

56,100

739,398

TOTAL FINANCIALS

137,634,825

HEALTH CARE - 8.0%

Health Care Providers & Services - 0.6%

Brookdale Senior Living, Inc. (a)

72,000

1,936,080

Emeritus Corp. (a)

95,531

2,247,844

Sunrise Senior Living, Inc. (a)

80,104

912,385

 

5,096,309

Pharmaceuticals - 7.4%

GlaxoSmithKline PLC

374,900

7,197,619

Johnson & Johnson

313,744

19,276,431

Merck & Co., Inc.

471,190

15,346,658

Pfizer, Inc.

1,148,300

22,093,292

 

63,914,000

TOTAL HEALTH CARE

69,010,309

INDUSTRIALS - 7.1%

Aerospace & Defense - 2.3%

Honeywell International, Inc.

94,100

5,449,331

Raytheon Co.

52,300

2,678,283

The Boeing Co.

88,400

6,365,684

United Technologies Corp.

62,500

5,221,250

 

19,714,548

Air Freight & Logistics - 0.4%

United Parcel Service, Inc. Class B

50,100

3,697,380

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - 0.6%

Pitney Bowes, Inc.

42,400

$ 1,067,632

Republic Services, Inc.

61,600

1,823,976

The Geo Group, Inc. (a)

38,200

971,426

Waste Management, Inc.

46,000

1,704,760

 

5,567,794

Electrical Equipment - 0.8%

Alstom SA

25,037

1,493,124

Emerson Electric Co.

94,500

5,637,870

 

7,130,994

Industrial Conglomerates - 1.5%

3M Co.

97,200

8,964,756

General Electric Co.

210,653

4,406,861

 

13,371,617

Machinery - 1.0%

Caterpillar, Inc.

82,300

8,471,139

Road & Rail - 0.5%

Norfolk Southern Corp.

58,900

3,862,662

TOTAL INDUSTRIALS

61,816,134

INFORMATION TECHNOLOGY - 2.4%

IT Services - 0.6%

Accenture PLC Class A

24,300

1,250,964

Automatic Data Processing, Inc.

81,600

4,080,000

 

5,330,964

Semiconductors & Semiconductor Equipment - 1.8%

Analog Devices, Inc.

59,700

2,380,836

Intel Corp.

217,000

4,658,990

Intersil Corp. Class A

209,600

2,680,784

Linear Technology Corp.

47,200

1,631,232

Microchip Technology, Inc. (f)

24,300

896,913

National Semiconductor Corp.

97,000

1,503,500

Xilinx, Inc.

45,600

1,516,200

 

15,268,455

TOTAL INFORMATION TECHNOLOGY

20,599,419

Common Stocks - continued

Shares

Value

MATERIALS - 1.5%

Chemicals - 1.2%

Air Products & Chemicals, Inc.

28,900

$ 2,658,800

E.I. du Pont de Nemours & Co.

96,100

5,273,007

PPG Industries, Inc.

24,700

2,182,986

Praxair, Inc.

5,100

506,838

 

10,621,631

Metals & Mining - 0.1%

Commercial Metals Co.

67,100

1,118,557

Paper & Forest Products - 0.2%

MeadWestvaco Corp.

44,700

1,311,945

TOTAL MATERIALS

13,052,133

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 2.0%

AT&T, Inc.

599,600

17,016,648

Wireless Telecommunication Services - 0.5%

Vodafone Group PLC

1,503,700

4,269,673

TOTAL TELECOMMUNICATION SERVICES

21,286,321

UTILITIES - 3.9%

Electric Utilities - 2.0%

American Electric Power Co., Inc.

152,900

5,470,762

FirstEnergy Corp. (f)

100,200

3,837,660

NextEra Energy, Inc.

52,600

2,917,722

Northeast Utilities

60,800

2,069,632

PPL Corp.

136,792

3,478,621

 

17,774,397

Multi-Utilities - 1.9%

Dominion Resources, Inc.

39,100

1,784,133

National Grid PLC

455,300

4,231,407

PG&E Corp.

79,200

3,647,952

Public Service Enterprise Group, Inc.

79,800

2,609,460

Sempra Energy

77,400

4,120,002

 

16,392,954

TOTAL UTILITIES

34,167,351

TOTAL COMMON STOCKS

(Cost $490,672,889)

555,930,076

Preferred Stocks - 17.1%

Shares

Value

Convertible Preferred Stocks - 4.8%

CONSUMER DISCRETIONARY - 1.1%

Automobiles - 0.7%

General Motors Co. 4.75%

113,000

$ 5,749,440

Media - 0.4%

Interpublic Group of Companies, Inc. 5.25%

3,344

3,882,484

TOTAL CONSUMER DISCRETIONARY

9,631,924

CONSUMER STAPLES - 0.2%

Food Products - 0.2%

Archer Daniels Midland Co. 6.25%

30,400

1,401,136

ENERGY - 0.4%

Oil, Gas & Consumable Fuels - 0.4%

El Paso Corp. 4.99%

2,475

3,548,408

FINANCIALS - 2.2%

Commercial Banks - 0.6%

Huntington Bancshares, Inc. 8.50%

886

1,027,760

KeyCorp Series A, 7.75%

9,000

1,009,170

Wells Fargo & Co. 7.50%

3,090

3,182,700

 

5,219,630

Diversified Financial Services - 1.4%

2010 Swift Mandatory Common Exchange Security Trust 6.00% (a)(g)

72,800

990,808

AMG Capital Trust I 5.10%

12,800

637,600

Bank of America Corp. Series L, 7.25%

1,498

1,503,992

Citigroup, Inc. 7.50%

41,700

5,608,650

United Rentals Trust I 6.50%

77,363

3,844,941

 

12,585,991

Real Estate Investment Trusts - 0.2%

FelCor Lodging Trust, Inc. Series A, 1.95% (a)

53,000

1,399,730

Real Estate Management & Development - 0.0%

Grubb & Ellis Co.:

12.00% (g)

2,700

234,900

12.00% (a)(g)

1,000

87,000

 

321,900

TOTAL FINANCIALS

19,527,251

Preferred Stocks - continued

Shares

Value

Convertible Preferred Stocks - continued

HEALTH CARE - 0.4%

Health Care Providers & Services - 0.4%

HealthSouth Corp. Series A 6.50%

3,108

$ 3,278,816

INDUSTRIALS - 0.2%

Professional Services - 0.2%

Nielsen Holdings B.V. 6.25% (a)

25,000

1,379,688

MATERIALS - 0.3%

Metals & Mining - 0.3%

AngloGold Ashanti Holdings Finance PLC 6.00%

50,100

2,748,486

UTILITIES - 0.0%

Electric Utilities - 0.0%

PPL Corp. 9.50%

9,600

511,392

TOTAL CONVERTIBLE PREFERRED STOCKS

42,027,101

Nonconvertible Preferred Stocks - 12.3%

CONSUMER DISCRETIONARY - 0.5%

Media - 0.5%

CBS Corp. 6.75%

65,000

1,669,850

Comcast Corp. 6.625%

28,660

734,842

Viacom, Inc. 6.85%

86,000

2,205,900

 

4,610,592

CONSUMER STAPLES - 0.3%

Food Products - 0.3%

H.J. Heinz Finance Co. 8.00% (g)

28

2,940,000

FINANCIALS - 8.2%

Capital Markets - 1.9%

BNY Capital V 5.95%

115,000

2,858,900

Deutsche Bank Contingent Capital Trust II 6.55%

140,000

3,364,200

Goldman Sachs Group, Inc.:

6.125%

86,000

2,094,100

Series C, 4.9931%

40,000

958,800

Series D

200,000

4,496,000

Morgan Stanley Capital I Trust 6.60%

120,000

2,914,800

 

16,686,800

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Commercial Banks - 1.7%

Barclays Bank PLC:

7.75%

78,600

$ 1,995,654

Series 2

40,000

933,600

BB&T Capital Trust VI 9.60%

49,000

1,391,600

CoBank ACB 7.00% (g)

17,000

833,000

First Tennessee Bank NA, Memphis 3.90% (g)

5,000

3,175,000

HSBC Holdings PLC Series B, 8.00%

75,400

2,035,800

Keycorp Capital IX 6.75%

6,882

168,196

USB Capital XII 6.30%

80,000

2,004,800

Zions Bancorp. 11.00%

80,000

2,183,200

 

14,720,850

Diversified Financial Services - 2.7%

Bank of America Corp.:

Series D, 6.204%

45,000

1,003,050

Series H, 8.20%

86,015

2,227,789

Citigroup Capital VIII 6.95%

141,900

3,480,807

Citigroup Capital XIII 7.875%

47,594

1,287,418

Deutsche Bank Capital Funding Trust VIII 6.375%

50,000

1,163,500

General Electric Capital Corp. 6.05%

40,000

1,023,200

GMAC LLC 7.00% (g)

11,475

10,815,188

JPMorgan Chase Capital XXIX 6.70%

95,000

2,443,400

 

23,444,352

Insurance - 0.1%

MetLife, Inc. Series A, 4.39%

40,000

931,200

Real Estate Investment Trusts - 1.4%

Apartment Investment & Management Co. Series V, 8.00%

33,966

867,492

CBL & Associates Properties, Inc. 7.375%

49,500

1,202,355

Hospitality Properties Trust:

Series B, 8.875%

64,944

1,674,906

Series C, 7.00%

100,000

2,416,000

Public Storage:

Series I, 7.25%

20,000

507,400

Series K, 7.25%

27,600

700,764

Series M, 6.625%

50,000

1,282,000

Series P, 6.50%

80,000

2,026,400

Vornado Realty Trust Series E, 7.00%

40,000

1,004,000

 

11,681,317

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.4%

Fannie Mae:

Series E, 5.10% (a)

27,562

$ 79,930

Series H, 5.81% (a)

71,200

227,840

Series I, 5.375% (a)

5,000

17,000

Series L, 5.125% (a)

140,900

450,880

Series N, 5.50% (a)

92,650

296,480

Series O, 7.00% (a)

42,200

139,260

Series R, 7.65% (a)

40,000

66,800

Series T, 8.25% (a)

40,000

72,000

Freddie Mac:

Series F, 5.00% (a)

68,500

219,200

Series H, 5.10% (a)

10,300

32,960

Series K, 5.79% (a)

25,200

80,640

Series O, 5.81% (a)

19,500

62,400

Series R, 5.70% (a)

117,000

374,400

Series S, 0.00% (a)

10,000

32,700

Series U, 5.90% (a)

40,000

68,000

Series V, 5.57% (a)

566,000

933,900

Series W, 5.66% (a)

161,600

276,336

 

3,430,726

TOTAL FINANCIALS

70,895,245

INDUSTRIALS - 0.1%

Commercial Services & Supplies - 0.1%

Pitney Bowes International Holdings, Inc. 6.125% (g)

500

486,250

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.2%

AT&T, Inc. 6.375%

51,800

1,349,908

UTILITIES - 3.0%

Electric Utilities - 2.7%

Alabama Power Co.:

4.60%

2,000

169,000

5.625%

137,300

3,415,338

6.45%

80,000

2,115,000

Baltimore Gas & Electric Co. Series 1993, 6.70%

10,000

1,007,500

Duquesne Light Co. 6.50%

66,050

3,252,963

FPL Group Capital Trust I 5.875%

20,000

505,000

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

UTILITIES - continued

Electric Utilities - continued

Nextera Energy Capital Holdings, Inc. 7.45%

60,000

$ 1,579,800

Pacific Gas & Electric Co. Series D 5.00%

69,200

1,534,164

PPL Electric Utilities Corp. 6.25%

165,000

4,125,000

Southern California Edison Co.:

6.125%

35,000

3,386,250

Series C:

4.24%

34,600

647,020

6.00%

20,000

1,917,500

Series D, 4.32%

15,000

291,600

 

23,946,135

Multi-Utilities - 0.3%

Consolidated Edison Co. of New York, Inc. Series A, 5.00%

25,205

2,308,778

TOTAL UTILITIES

26,254,913

TOTAL NONCONVERTIBLE PREFERRED STOCKS

106,536,908

TOTAL PREFERRED STOCKS

(Cost $186,777,579)

148,564,009

Preferred Securities - 0.9%

Principal
Amount

 

FINANCIALS - 0.9%

Commercial Banks - 0.4%

PNC Preferred Funding Trust I 6.517% 12/31/49 (g)(i)

$ 3,000,000

2,501,274

SunTrust Preferred Capital I 5.853% 12/15/49 (i)

968,000

747,509

 

3,248,783

Diversified Financial Services - 0.5%

JPMorgan Chase & Co. 7.9% (i)

4,000,000

4,541,585

TOTAL PREFERRED SECURITIES

(Cost $7,384,025)

7,790,368

Money Market Funds - 5.1%

Shares

Value

Fidelity Cash Central Fund, 0.19% (b)

33,667,467

$ 33,667,467

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

10,352,652

10,352,652

TOTAL MONEY MARKET FUNDS

(Cost $44,020,119)

44,020,119

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $837,559,120)

877,071,712

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(9,503,208)

NET ASSETS - 100%

$ 867,568,504

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

183 CME E-mini S&P 500 Index Contracts

March 2011

$ 12,133,815

$ 470,040

 

The face value of futures purchased as a percentage of net assets is 1.4%

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) Non-income producing - Security is in default.

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(g) 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 $45,506,019 or 5.2% of net assets.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $949,983.

(i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

$ 16,420

Fidelity Securities Lending Cash Central Fund

4,183

Total

$ 20,603

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used 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

$ 42,672,506

$ 38,790,022

$ 3,882,484

$ -

Consumer Staples

84,558,671

81,618,671

2,940,000

-

Energy

93,264,467

89,716,059

3,548,408

-

Financials

228,057,321

206,208,613

21,848,708

-

Health Care

72,289,125

61,812,690

10,476,435

-

Industrials

63,682,072

61,816,134

1,865,938

-

Information Technology

20,599,419

20,599,419

-

-

Materials

15,800,619

15,800,619

-

-

Telecommunication Services

22,636,229

18,366,556

4,269,673

-

Utilities

60,933,656

37,313,698

23,619,958

-

Corporate Bonds

119,817,157

-

119,817,057

100

U.S. Government and Government Agency Obligations

949,983

-

949,983

-

Preferred Securities

7,790,368

-

7,790,368

-

Money Market Funds

44,020,119

44,020,119

-

-

Total Investments in Securities:

$ 877,071,712

$ 676,062,600

$ 201,009,012

$ 100

Derivative Instruments:

Assets

Futures Contracts

$ 470,040

$ 470,040

$ -

$ -

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

Investments in Securities:

Beginning Balance

$ 1,755,673

Total Realized Gain (Loss)

(16,916)

Total Unrealized Gain (Loss)

(11,484)

Cost of Purchases

-

Proceeds of Sales

(1,727,173)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 100

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $842,497,314. Net unrealized appreciation aggregated $34,574,398, of which $99,762,076 related to appreciated investment securities and $65,187,678 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.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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 corporate bonds and preferred securities, 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.

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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 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.

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:

April 29, 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:

April 29, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 29, 2011