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, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Dynamic StrategiesSM Fund

March 31, 2010 

1.852678.102

DYS-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

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

Equity Funds - 53.8%

Shares

Value

Diversified Emerging Markets Funds - 4.5%

Fidelity Emerging Markets Fund (b)

62,938

$ 1,453,243

iShares MSCI Emerging Markets Index ETF

199,200

8,390,304

Market Vectors Africa Index ETF

13,600

428,400

Market Vectors Gulf States ETF

13,800

302,634

PowerShares MENA Frontier Countries Portfolio ETF

23,800

326,774

SPDR S&P Emerging Middle East & Africa ETF

10,400

695,240

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

11,596,595

Europe Stock Funds - 0.2%

Market Vectors Russia ETF

15,900

546,165

Foreign Large Blend Funds - 0.7%

Fidelity Canada Fund (b)

16,997

876,687

iShares MSCI EAFE Index ETF

17,600

985,600

TOTAL FOREIGN LARGE BLEND FUNDS

1,862,287

Foreign Small Mid Growth Funds - 0.3%

Fidelity International Small Cap Opportunities Fund (b)

75,664

669,630

Large Blend Funds - 16.1%

Fidelity Advisor 130/30 Large Cap Institutional Class (b)

723,305

4,990,807

Fidelity Disciplined Equity Fund (b)

353,491

7,762,657

Fidelity Mega Cap Stock Fund (b)

907,044

8,426,439

ProShares Ultra S&P 500 ETF

89,900

3,776,699

S&P Depositary Receipts Trust unit Series 1 ETF

138,900

16,249,911

TOTAL LARGE BLEND FUNDS

41,206,513

Large Growth Funds - 0.3%

Fidelity Advisor Dynamic Capital Appreciation Fund Institutional Class (a)(b)

36,745

640,091

Latin America Stock Funds - 0.8%

Fidelity Latin America Fund (b)

16,477

852,842

iShares MSCI Brazil Index ETF

16,700

1,230,122

TOTAL LATIN AMERICA STOCK FUNDS

2,082,964

Mid-Cap Blend Funds - 0.4%

Fidelity Leveraged Company Stock Fund (b)

37,617

927,271

Equity Funds - continued

Shares

Value

Pacific Asia ex-Japan Stock Funds - 1.6%

Fidelity China Region Fund (b)

31,612

$ 879,772

iPath MSCI India Index ETN (a)

6,710

448,564

iShares MSCI Australia Index ETF

40,650

974,381

SPDR S&P China ETF

23,500

1,692,705

TOTAL PACIFIC ASIA EX-JAPAN STOCK FUNDS

3,995,422

Sector Funds - Communications - 0.5%

Fidelity Select Telecommunications Portfolio (b)

33,075

1,321,688

Sector Funds - Consumer Discretionary - 1.5%

Fidelity Select Consumer Discretionary Portfolio (b)

187,254

3,911,741

Sector Funds - Consumer Staples - 1.8%

Fidelity Select Consumer Staples Portfolio (b)

72,560

4,632,211

Sector Funds - Energy - 4.3%

Fidelity Select Energy Portfolio (b)

106,826

4,734,512

Fidelity Select Energy Service Portfolio (b)

18,277

1,070,642

Fidelity Select Natural Gas Portfolio (a)(b)

37,043

1,159,824

First Trust ISE-Revere Natural Gas Index Fund ETF

46,300

802,379

PowerShares Global Clean Energy ETF

75,100

1,112,982

PowerShares WilderHill Clean Energy ETF (a)

87,300

869,508

SPDR Oil & Gas Equipment & Services ETF

41,700

1,238,490

TOTAL SECTOR FUNDS - ENERGY

10,988,337

Sector Funds - Financial - 3.2%

Fidelity Select Financial Services Portfolio (b)

87,436

5,684,185

SPDR Financial Select Sector ETF

156,600

2,500,902

TOTAL SECTOR FUNDS - FINANCIAL

8,185,087

Sector Funds - Health - 2.8%

Fidelity Select Biotechnology Portfolio (a)(b)

8,171

593,527

Fidelity Select Health Care Portfolio (b)

48,259

5,546,355

SPDR S&P Biotech ETF

16,621

996,429

TOTAL SECTOR FUNDS - HEALTH

7,136,311

Sector Funds - Industrials - 2.7%

Fidelity Select Industrials Portfolio (b)

225,764

4,531,082

Market Vectors Environmental Services ETF

8,200

360,554

Equity Funds - continued

Shares

Value

Sector Funds - Industrials - continued

PowerShares Water Resources Portfolio ETF

86,900

$ 1,514,667

SPDR FTSE Macquarie Global Infrastructure 100 ETF

15,000

613,500

TOTAL SECTOR FUNDS - INDUSTRIALS

7,019,803

Sector Funds - Natural Resources - 3.9%

Alerian MLP Index ETN

166,600

5,086,298

Fidelity Select Materials Portfolio (b)

26,411

1,495,899

Market Vectors Agribusiness ETF

18,500

836,015

Market Vectors Global Alternative Energy ETF

45,900

1,053,405

PowerShares Global Water ETF

83,500

1,503,835

TOTAL SECTOR FUNDS - NATURAL RESOURCES

9,975,452

Sector Funds - Real Estate - 1.3%

DJ Wilshire REIT ETF

46,600

2,505,216

Fidelity International Real Estate Fund (b)

46,005

402,081

Fidelity Real Estate Investment Portfolio (b)

25,577

572,168

TOTAL SECTOR FUNDS - REAL ESTATE

3,479,465

Sector Funds - Technology - 6.1%

Fidelity Select Technology Portfolio (a)(b)

101,613

7,905,457

iShares Dow Jones U.S. Technology Sector Index ETF

131,100

7,654,929

TOTAL SECTOR FUNDS - TECHNOLOGY

15,560,386

Sector Funds - Utilities - 0.8%

Fidelity Select Utilities Portfolio (b)

36,500

1,600,168

iShares S&P Global Utilities Sector Index ETF

8,300

379,227

TOTAL SECTOR FUNDS - UTILITIES

1,979,395

TOTAL EQUITY FUNDS

(Cost $129,647,018)

137,716,814

Fixed-Income Funds - 29.3%

 

 

 

 

Bank Loan Funds - 1.9%

Fidelity Floating Rate High Income Fund (b)

498,528

4,800,826

Conservative Allocation Funds - 3.3%

Fidelity Strategic Real Return Fund (b)

973,224

8,428,121

Fixed-Income Funds - continued

Shares

Value

High Yield Bond Funds - 2.9%

Fidelity High Income Fund (b)

866,932

$ 7,516,303

High Yield Fixed-Income Funds - 2.6%

Fidelity New Markets Income Fund (b)

424,685

6,578,371

Inflation-Protected Bond Funds - 4.5%

Fidelity Inflation Protected Bond Fund (b)

473,859

5,321,435

PIMCO 1-5 Year U.S. TIPS Index ETF

120,000

6,192,000

TOTAL INFLATION-PROTECTED BOND FUNDS

11,513,435

Intermediate-Term Bond Funds - 12.7%

Fidelity Investment Grade Bond Fund (b)

4,529,946

32,389,110

Sector Funds - Real Estate - 1.4%

Fidelity Real Estate Income Fund (b)

361,250

3,522,186

TOTAL FIXED-INCOME FUNDS

(Cost $72,117,984)

74,748,352

Other - 12.9%

 

 

 

 

Alternative Strategies - 2.1%

Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a)

119,700

2,635,640

Horizons BetaPro COMEX Gold ETF (a)(b)

60,000

685,968

Horizons BetaPro COMEX Silver ETF (a)(b)

60,000

716,100

Horizons BetaPro NYMEX Natural Gas Bull Plus ETF (a)

28,000

144,756

Horizons BetaPro S&P Agribusiness North America Bull Plus ETF (a)

13,700

267,929

Horizons BetaPro Winter-Term NYMEX Crude Oil ETF (a)(b)

60,000

646,972

Horizons BetaPro Winter-Term NYMEX Natural Gas ETF (a)(b)

60,000

392,910

TOTAL ALTERNATIVE STRATEGIES

5,490,275

Bear Market Funds - 1.4%

PowerShares DB US Dollar Index Bearish ETF (a)

95,000

2,520,350

ProShares UltraShort 20+ Year Treasury ETF (a)

20,500

998,145

TOTAL BEAR MARKET FUNDS

3,518,495

Commodity Funds - Broad Basket - 2.3%

Fidelity Commodity Strategy Fund (b)

539,552

5,233,654

Fidelity Global Commodity Stock Fund (b)

35,552

531,497

TOTAL COMMODITY FUNDS - BROAD BASKET

5,765,151

Other - continued

Shares

Value

Commodity Funds - Energy - 2.1%

ProShares Ultra DJ-AIG Crude Oil ETF (a)

38,400

$ 501,504

United States 12 Month Oil Fund LP ETF (a)

9,999

408,659

United States Natural Gas Fund LP ETF (a)

144,600

999,186

United States Oil Fund LP ETF (a)

83,200

3,352,960

TOTAL COMMODITY FUNDS - ENERGY

5,262,309

Commodity Funds - Precious Metals - 1.9%

ProShares Ultra Gold ETF (a)

106,100

4,814,818

Currency Funds - 1.7%

CurrencyShares Australian Dollar Trust ETF

7,418

682,753

CurrencyShares Canadian Dollar Trust ETF

6,598

647,066

WisdomTree Dreyfus Brazilian Real ETF

41,300

1,089,081

WisdomTree Dreyfus Chinese Yuan ETF (a)

25,000

628,750

WisdomTree Dreyfus Emerging Currency ETF

29,600

658,008

WisdomTree Dreyfus Indian Rupee ETF (a)

22,400

585,760

TOTAL CURRENCY FUNDS

4,291,418

Precious Metals Equity Funds - 0.8%

Fidelity Select Gold Portfolio (b)

31,111

1,295,790

Market Vectors Gold Miners ETF

19,924

884,825

TOTAL PRECIOUS METALS EQUITY FUNDS

2,180,615

World Bond Funds - 0.6%

SPDR DB International Government Inflation-Protected Bond ETF

28,100

1,556,740

TOTAL OTHER

(Cost $33,448,438)

32,879,821

Cash Equivalents - 4.5%

 

Maturity
Amount

 

Investments in repurchase agreements in a joint trading account at 0.01%, dated 3/31/10 due 4/1/10 (Collateralized by U.S. Government Obligations) #
(Cost $11,598,000)

$ 11,598,003

11,598,000

Short-Term Funds - 2.1%

Shares

Value

Fidelity Institutional Money Market Portfolio Institutional Class (b)
(Cost $5,360,224)

5,360,224

$ 5,360,224

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $252,171,664)

262,303,211

NET OTHER ASSETS - (2.6)%

(6,687,185)

NET ASSETS - 100%

$ 255,616,026

Legend

(a) Non-income producing

(b) Affiliated company

Security Type Abbreviations

ETF - Exchange-Traded Funds

ETN - Exchange-Traded Note

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

Repurchase Agreement / Counterparty

Value

$11,598,000 due 4/01/10 at 0.01%

BNP Paribas Securities Corp.

$ 6,738,830

Bank of America, NA

2,710,130

Barclays Capital, Inc.

895,433

Mizuho Securities USA, Inc.

1,074,520

Wachovia Capital Markets LLC

179,087

 

$ 11,598,000

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

$ 4,197,609

$ 606,051

$ 35,449

$ -

$ 4,990,807

Fidelity Advisor Dynamic Capital Appreciation Fund Institutional Class

-

639,090

-

-

640,091

Fidelity Canada Fund

736,531

94,482

5,864

-

876,687

Fidelity China Region Fund

799,248

85,892

5,331

-

879,772

Fidelity Commodity Strategy Fund

5,156,250

346,510

-

-

5,233,654

Fidelity Disciplined Equity Fund

6,629,841

858,923

53,313

-

7,762,657

Fidelity Emerging Markets Fund

1,287,831

143,154

8,885

-

1,453,243

Fidelity Floating Rate High Income Fund

3,158,857

1,562,510

17,811

31,295

4,800,826

Fidelity Global Commodity Stock Fund

456,015

71,577

4,443

-

531,497

Fidelity High Income Fund

5,714,467

1,666,175

26,717

117,522

7,516,303

Fidelity Inflation Protected Bond Fund

11,671,673

32,803

6,370,913

32,802

5,321,435

Fidelity Institutional Money Market Portfolio Institutional Class

5,511,621

7,186,239

7,337,636

3,168

5,360,224

Fidelity International Real Estate Fund

331,788

72,016

852

-

402,081

Fidelity International Small Cap Opportunities Fund

582,440

71,577

4,443

-

669,630

Fidelity Investment Grade Bond Fund

27,892,950

4,279,887

230,418

258,578

32,389,110

Fidelity Latin America Fund

771,834

85,892

5,331

-

852,842

Fidelity Leveraged Company Stock Fund

771,641

100,208

6,220

-

927,271

Fidelity Mega Cap Stock Fund

7,190,617

858,923

53,313

-

8,426,439

Fidelity New Markets Income Fund

4,477,818

1,925,775

-

83,290

6,578,371

Fidelity Real Estate Income Fund

1,412,597

1,952,321

-

12,481

3,522,186

Fidelity Real Estate Investment Portfolio

445,982

73,506

2,641

1,715

572,168

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Fidelity Select Biotechnology Portfolio

$ 471,435

$ 71,577

$ 4,444

$ -

$ 593,527

Fidelity Select Consumer Discretionary Portfolio

3,199,994

352,022

25,625

-

3,911,741

Fidelity Select Consumer Staples Portfolio

4,076,982

372,334

34,965

-

4,632,211

Fidelity Select Energy Portfolio

4,472,762

291,316

40,352

-

4,734,512

Fidelity Select Energy Service Portfolio

933,116

143,154

8,886

-

1,070,642

Fidelity Select Financial Services Portfolio

4,508,666

622,780

35,657

-

5,684,185

Fidelity Select Gold Portfolio

1,196,451

143,154

8,886

-

1,295,790

Fidelity Select Health Care Portfolio

4,835,530

369,952

46,325

-

5,546,355

Fidelity Select Industrials Portfolio

3,796,880

340,619

35,283

-

4,531,082

Fidelity Select Materials Portfolio

1,307,872

128,379

9,332

-

1,495,899

Fidelity Select Natural Gas Portfolio

1,036,797

143,154

8,886

-

1,159,824

Fidelity Select Technology Portfolio

7,160,593

558,714

59,649

-

7,905,457

Fidelity Select Telecommunications Portfolio

1,230,249

102,219

10,914

-

1,321,688

Fidelity Select Utilities Portfolio

1,550,588

106,677

25,873

-

1,600,168

Fidelity Strategic Real Return Fund

6,884,793

1,438,069

34,930

-

8,428,121

Total

$ 135,860,318

$ 27,897,631

$ 14,559,587

$ 540,851

$ 153,618,496

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Horizons BetaPro COMEX Gold ETF

$ 661,305

$ -

$ -

$ -

$ 685,968

Horizons BetaPro COMEX Silver ETF

677,295

-

-

-

716,100

Horizons BetaPro Winter-Term NYMEX Crude Oil ETF

623,614

-

-

-

646,972

Horizons BetaPro Winter-Term NYMEX Natural Gas ETF

475,134

-

-

-

392,910

Total

$ 2,437,348

$ -

$ -

$ -

$ 2,441,950

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, 2010, the cost of investment securities for income tax purposes was $254,063,329. Net unrealized appreciation aggregated $8,239,882, of which $21,856,608 related to appreciated investment securities and $13,616,726 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. 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. If an unaffiliated Underlying Fund's NAV is unavailable, shares of that fund 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 is categorized as Level 2 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 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

Quarterly Holdings Report

for

Fidelity ® Advisor
Dynamic StrategiesSM Fund
Class A
Class T
Class B
Class C
Institutional Class

March 31, 2010

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

1.864817.102

ADYS-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

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

Equity Funds - 53.8%

Shares

Value

Diversified Emerging Markets Funds - 4.5%

Fidelity Emerging Markets Fund (b)

62,938

$ 1,453,243

iShares MSCI Emerging Markets Index ETF

199,200

8,390,304

Market Vectors Africa Index ETF

13,600

428,400

Market Vectors Gulf States ETF

13,800

302,634

PowerShares MENA Frontier Countries Portfolio ETF

23,800

326,774

SPDR S&P Emerging Middle East & Africa ETF

10,400

695,240

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

11,596,595

Europe Stock Funds - 0.2%

Market Vectors Russia ETF

15,900

546,165

Foreign Large Blend Funds - 0.7%

Fidelity Canada Fund (b)

16,997

876,687

iShares MSCI EAFE Index ETF

17,600

985,600

TOTAL FOREIGN LARGE BLEND FUNDS

1,862,287

Foreign Small Mid Growth Funds - 0.3%

Fidelity International Small Cap Opportunities Fund (b)

75,664

669,630

Large Blend Funds - 16.1%

Fidelity Advisor 130/30 Large Cap Institutional Class (b)

723,305

4,990,807

Fidelity Disciplined Equity Fund (b)

353,491

7,762,657

Fidelity Mega Cap Stock Fund (b)

907,044

8,426,439

ProShares Ultra S&P 500 ETF

89,900

3,776,699

S&P Depositary Receipts Trust unit Series 1 ETF

138,900

16,249,911

TOTAL LARGE BLEND FUNDS

41,206,513

Large Growth Funds - 0.3%

Fidelity Advisor Dynamic Capital Appreciation Fund Institutional Class (a)(b)

36,745

640,091

Latin America Stock Funds - 0.8%

Fidelity Latin America Fund (b)

16,477

852,842

iShares MSCI Brazil Index ETF

16,700

1,230,122

TOTAL LATIN AMERICA STOCK FUNDS

2,082,964

Mid-Cap Blend Funds - 0.4%

Fidelity Leveraged Company Stock Fund (b)

37,617

927,271

Equity Funds - continued

Shares

Value

Pacific Asia ex-Japan Stock Funds - 1.6%

Fidelity China Region Fund (b)

31,612

$ 879,772

iPath MSCI India Index ETN (a)

6,710

448,564

iShares MSCI Australia Index ETF

40,650

974,381

SPDR S&P China ETF

23,500

1,692,705

TOTAL PACIFIC ASIA EX-JAPAN STOCK FUNDS

3,995,422

Sector Funds - Communications - 0.5%

Fidelity Select Telecommunications Portfolio (b)

33,075

1,321,688

Sector Funds - Consumer Discretionary - 1.5%

Fidelity Select Consumer Discretionary Portfolio (b)

187,254

3,911,741

Sector Funds - Consumer Staples - 1.8%

Fidelity Select Consumer Staples Portfolio (b)

72,560

4,632,211

Sector Funds - Energy - 4.3%

Fidelity Select Energy Portfolio (b)

106,826

4,734,512

Fidelity Select Energy Service Portfolio (b)

18,277

1,070,642

Fidelity Select Natural Gas Portfolio (a)(b)

37,043

1,159,824

First Trust ISE-Revere Natural Gas Index Fund ETF

46,300

802,379

PowerShares Global Clean Energy ETF

75,100

1,112,982

PowerShares WilderHill Clean Energy ETF (a)

87,300

869,508

SPDR Oil & Gas Equipment & Services ETF

41,700

1,238,490

TOTAL SECTOR FUNDS - ENERGY

10,988,337

Sector Funds - Financial - 3.2%

Fidelity Select Financial Services Portfolio (b)

87,436

5,684,185

SPDR Financial Select Sector ETF

156,600

2,500,902

TOTAL SECTOR FUNDS - FINANCIAL

8,185,087

Sector Funds - Health - 2.8%

Fidelity Select Biotechnology Portfolio (a)(b)

8,171

593,527

Fidelity Select Health Care Portfolio (b)

48,259

5,546,355

SPDR S&P Biotech ETF

16,621

996,429

TOTAL SECTOR FUNDS - HEALTH

7,136,311

Sector Funds - Industrials - 2.7%

Fidelity Select Industrials Portfolio (b)

225,764

4,531,082

Market Vectors Environmental Services ETF

8,200

360,554

Equity Funds - continued

Shares

Value

Sector Funds - Industrials - continued

PowerShares Water Resources Portfolio ETF

86,900

$ 1,514,667

SPDR FTSE Macquarie Global Infrastructure 100 ETF

15,000

613,500

TOTAL SECTOR FUNDS - INDUSTRIALS

7,019,803

Sector Funds - Natural Resources - 3.9%

Alerian MLP Index ETN

166,600

5,086,298

Fidelity Select Materials Portfolio (b)

26,411

1,495,899

Market Vectors Agribusiness ETF

18,500

836,015

Market Vectors Global Alternative Energy ETF

45,900

1,053,405

PowerShares Global Water ETF

83,500

1,503,835

TOTAL SECTOR FUNDS - NATURAL RESOURCES

9,975,452

Sector Funds - Real Estate - 1.3%

DJ Wilshire REIT ETF

46,600

2,505,216

Fidelity International Real Estate Fund (b)

46,005

402,081

Fidelity Real Estate Investment Portfolio (b)

25,577

572,168

TOTAL SECTOR FUNDS - REAL ESTATE

3,479,465

Sector Funds - Technology - 6.1%

Fidelity Select Technology Portfolio (a)(b)

101,613

7,905,457

iShares Dow Jones U.S. Technology Sector Index ETF

131,100

7,654,929

TOTAL SECTOR FUNDS - TECHNOLOGY

15,560,386

Sector Funds - Utilities - 0.8%

Fidelity Select Utilities Portfolio (b)

36,500

1,600,168

iShares S&P Global Utilities Sector Index ETF

8,300

379,227

TOTAL SECTOR FUNDS - UTILITIES

1,979,395

TOTAL EQUITY FUNDS

(Cost $129,647,018)

137,716,814

Fixed-Income Funds - 29.3%

 

 

 

 

Bank Loan Funds - 1.9%

Fidelity Floating Rate High Income Fund (b)

498,528

4,800,826

Conservative Allocation Funds - 3.3%

Fidelity Strategic Real Return Fund (b)

973,224

8,428,121

Fixed-Income Funds - continued

Shares

Value

High Yield Bond Funds - 2.9%

Fidelity High Income Fund (b)

866,932

$ 7,516,303

High Yield Fixed-Income Funds - 2.6%

Fidelity New Markets Income Fund (b)

424,685

6,578,371

Inflation-Protected Bond Funds - 4.5%

Fidelity Inflation Protected Bond Fund (b)

473,859

5,321,435

PIMCO 1-5 Year U.S. TIPS Index ETF

120,000

6,192,000

TOTAL INFLATION-PROTECTED BOND FUNDS

11,513,435

Intermediate-Term Bond Funds - 12.7%

Fidelity Investment Grade Bond Fund (b)

4,529,946

32,389,110

Sector Funds - Real Estate - 1.4%

Fidelity Real Estate Income Fund (b)

361,250

3,522,186

TOTAL FIXED-INCOME FUNDS

(Cost $72,117,984)

74,748,352

Other - 12.9%

 

 

 

 

Alternative Strategies - 2.1%

Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a)

119,700

2,635,640

Horizons BetaPro COMEX Gold ETF (a)(b)

60,000

685,968

Horizons BetaPro COMEX Silver ETF (a)(b)

60,000

716,100

Horizons BetaPro NYMEX Natural Gas Bull Plus ETF (a)

28,000

144,756

Horizons BetaPro S&P Agribusiness North America Bull Plus ETF (a)

13,700

267,929

Horizons BetaPro Winter-Term NYMEX Crude Oil ETF (a)(b)

60,000

646,972

Horizons BetaPro Winter-Term NYMEX Natural Gas ETF (a)(b)

60,000

392,910

TOTAL ALTERNATIVE STRATEGIES

5,490,275

Bear Market Funds - 1.4%

PowerShares DB US Dollar Index Bearish ETF (a)

95,000

2,520,350

ProShares UltraShort 20+ Year Treasury ETF (a)

20,500

998,145

TOTAL BEAR MARKET FUNDS

3,518,495

Commodity Funds - Broad Basket - 2.3%

Fidelity Commodity Strategy Fund (b)

539,552

5,233,654

Fidelity Global Commodity Stock Fund (b)

35,552

531,497

TOTAL COMMODITY FUNDS - BROAD BASKET

5,765,151

Other - continued

Shares

Value

Commodity Funds - Energy - 2.1%

ProShares Ultra DJ-AIG Crude Oil ETF (a)

38,400

$ 501,504

United States 12 Month Oil Fund LP ETF (a)

9,999

408,659

United States Natural Gas Fund LP ETF (a)

144,600

999,186

United States Oil Fund LP ETF (a)

83,200

3,352,960

TOTAL COMMODITY FUNDS - ENERGY

5,262,309

Commodity Funds - Precious Metals - 1.9%

ProShares Ultra Gold ETF (a)

106,100

4,814,818

Currency Funds - 1.7%

CurrencyShares Australian Dollar Trust ETF

7,418

682,753

CurrencyShares Canadian Dollar Trust ETF

6,598

647,066

WisdomTree Dreyfus Brazilian Real ETF

41,300

1,089,081

WisdomTree Dreyfus Chinese Yuan ETF (a)

25,000

628,750

WisdomTree Dreyfus Emerging Currency ETF

29,600

658,008

WisdomTree Dreyfus Indian Rupee ETF (a)

22,400

585,760

TOTAL CURRENCY FUNDS

4,291,418

Precious Metals Equity Funds - 0.8%

Fidelity Select Gold Portfolio (b)

31,111

1,295,790

Market Vectors Gold Miners ETF

19,924

884,825

TOTAL PRECIOUS METALS EQUITY FUNDS

2,180,615

World Bond Funds - 0.6%

SPDR DB International Government Inflation-Protected Bond ETF

28,100

1,556,740

TOTAL OTHER

(Cost $33,448,438)

32,879,821

Cash Equivalents - 4.5%

 

Maturity
Amount

 

Investments in repurchase agreements in a joint trading account at 0.01%, dated 3/31/10 due 4/1/10 (Collateralized by U.S. Government Obligations) #
(Cost $11,598,000)

$ 11,598,003

11,598,000

Short-Term Funds - 2.1%

Shares

Value

Fidelity Institutional Money Market Portfolio Institutional Class (b)
(Cost $5,360,224)

5,360,224

$ 5,360,224

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $252,171,664)

262,303,211

NET OTHER ASSETS - (2.6)%

(6,687,185)

NET ASSETS - 100%

$ 255,616,026

Legend

(a) Non-income producing

(b) Affiliated company

Security Type Abbreviations

ETF - Exchange-Traded Funds

ETN - Exchange-Traded Note

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

Repurchase Agreement / Counterparty

Value

$11,598,000 due 4/01/10 at 0.01%

BNP Paribas Securities Corp.

$ 6,738,830

Bank of America, NA

2,710,130

Barclays Capital, Inc.

895,433

Mizuho Securities USA, Inc.

1,074,520

Wachovia Capital Markets LLC

179,087

 

$ 11,598,000

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

$ 4,197,609

$ 606,051

$ 35,449

$ -

$ 4,990,807

Fidelity Advisor Dynamic Capital Appreciation Fund Institutional Class

-

639,090

-

-

640,091

Fidelity Canada Fund

736,531

94,482

5,864

-

876,687

Fidelity China Region Fund

799,248

85,892

5,331

-

879,772

Fidelity Commodity Strategy Fund

5,156,250

346,510

-

-

5,233,654

Fidelity Disciplined Equity Fund

6,629,841

858,923

53,313

-

7,762,657

Fidelity Emerging Markets Fund

1,287,831

143,154

8,885

-

1,453,243

Fidelity Floating Rate High Income Fund

3,158,857

1,562,510

17,811

31,295

4,800,826

Fidelity Global Commodity Stock Fund

456,015

71,577

4,443

-

531,497

Fidelity High Income Fund

5,714,467

1,666,175

26,717

117,522

7,516,303

Fidelity Inflation Protected Bond Fund

11,671,673

32,803

6,370,913

32,802

5,321,435

Fidelity Institutional Money Market Portfolio Institutional Class

5,511,621

7,186,239

7,337,636

3,168

5,360,224

Fidelity International Real Estate Fund

331,788

72,016

852

-

402,081

Fidelity International Small Cap Opportunities Fund

582,440

71,577

4,443

-

669,630

Fidelity Investment Grade Bond Fund

27,892,950

4,279,887

230,418

258,578

32,389,110

Fidelity Latin America Fund

771,834

85,892

5,331

-

852,842

Fidelity Leveraged Company Stock Fund

771,641

100,208

6,220

-

927,271

Fidelity Mega Cap Stock Fund

7,190,617

858,923

53,313

-

8,426,439

Fidelity New Markets Income Fund

4,477,818

1,925,775

-

83,290

6,578,371

Fidelity Real Estate Income Fund

1,412,597

1,952,321

-

12,481

3,522,186

Fidelity Real Estate Investment Portfolio

445,982

73,506

2,641

1,715

572,168

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Fidelity Select Biotechnology Portfolio

$ 471,435

$ 71,577

$ 4,444

$ -

$ 593,527

Fidelity Select Consumer Discretionary Portfolio

3,199,994

352,022

25,625

-

3,911,741

Fidelity Select Consumer Staples Portfolio

4,076,982

372,334

34,965

-

4,632,211

Fidelity Select Energy Portfolio

4,472,762

291,316

40,352

-

4,734,512

Fidelity Select Energy Service Portfolio

933,116

143,154

8,886

-

1,070,642

Fidelity Select Financial Services Portfolio

4,508,666

622,780

35,657

-

5,684,185

Fidelity Select Gold Portfolio

1,196,451

143,154

8,886

-

1,295,790

Fidelity Select Health Care Portfolio

4,835,530

369,952

46,325

-

5,546,355

Fidelity Select Industrials Portfolio

3,796,880

340,619

35,283

-

4,531,082

Fidelity Select Materials Portfolio

1,307,872

128,379

9,332

-

1,495,899

Fidelity Select Natural Gas Portfolio

1,036,797

143,154

8,886

-

1,159,824

Fidelity Select Technology Portfolio

7,160,593

558,714

59,649

-

7,905,457

Fidelity Select Telecommunications Portfolio

1,230,249

102,219

10,914

-

1,321,688

Fidelity Select Utilities Portfolio

1,550,588

106,677

25,873

-

1,600,168

Fidelity Strategic Real Return Fund

6,884,793

1,438,069

34,930

-

8,428,121

Total

$ 135,860,318

$ 27,897,631

$ 14,559,587

$ 540,851

$ 153,618,496

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Horizons BetaPro COMEX Gold ETF

$ 661,305

$ -

$ -

$ -

$ 685,968

Horizons BetaPro COMEX Silver ETF

677,295

-

-

-

716,100

Horizons BetaPro Winter-Term NYMEX Crude Oil ETF

623,614

-

-

-

646,972

Horizons BetaPro Winter-Term NYMEX Natural Gas ETF

475,134

-

-

-

392,910

Total

$ 2,437,348

$ -

$ -

$ -

$ 2,441,950

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, 2010, the cost of investment securities for income tax purposes was $254,063,329. Net unrealized appreciation aggregated $8,239,882, of which $21,856,608 related to appreciated investment securities and $13,616,726 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. 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. If an unaffiliated Underlying Fund's NAV is unavailable, shares of that fund 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 is categorized as Level 2 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 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, 2010 

1.899335.100

SIB-S-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Inflation Protected Obligations - 99.5%

 

Principal Amount

Value

U.S. Treasury Inflation-Indexed Notes:

0.625% 4/15/13

$ 76,461,276

$ 78,010,819

1.25% 4/15/14

81,790,009

84,674,536

1.375% 7/15/18

74,956,360

75,151,977

1.375% 1/15/20

53,405,875

52,468,687

1.625% 1/15/15

114,107,830

119,397,943

1.625% 1/15/18

77,203,777

79,069,901

1.875% 7/15/13

123,970,341

131,384,297

1.875% 7/15/15

99,699,838

105,740,902

1.875% 7/15/19

81,062,721

83,757,002

2% 4/15/12

79,618,813

83,472,289

2% 1/15/14

126,689,061

134,681,443

2% 7/15/14

116,117,717

123,696,425

2% 1/15/16

96,971,676

103,028,579

2.125% 1/15/19

75,210,940

79,426,709

2.375% 4/15/11

100,403,528

103,678,039

2.375% 1/15/17

85,756,213

92,774,465

2.5% 7/15/16

96,869,772

106,007,589

2.625% 7/15/17

76,608,270

84,361,763

3% 7/15/12

132,517,254

142,907,473

3.375% 1/15/12

38,466,490

41,211,955

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

(Cost $1,903,826,093)

1,904,902,793

Cash Equivalents - 0.6%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.02%, dated 3/31/10 due 4/1/10 (Collateralized by U.S. Government Obligations) #
(Cost $11,000,000)

$ 11,000,007

11,000,000

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $1,914,826,093)

1,915,902,793

NET OTHER ASSETS - (0.1)%

(1,656,870)

NET ASSETS - 100%

$ 1,914,245,923

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

Repurchase Agreement / Counterparty

Value

$11,000,000 due 4/01/10 at 0.02%

BNP Paribas Securities Corp.

$ 643,613

Banc of America Securities LLC

965,344

Bank of America, NA

321,806

Barclays Capital, Inc.

1,045,871

Citigroup Global Markets, Inc.

965,419

Deutsche Bank Securities, Inc.

643,613

Goldman, Sachs & Co.

965,419

Merrill Lynch Government Securities, Inc.

643,613

Mizuho Securities USA, Inc.

1,769,937

RBC Capital Markets Corp.

482,710

RBS Securities, Inc.

847,081

Wachovia Bank NA

1,287,226

Wachovia Capital Markets LLC

418,348

 

$ 11,000,000

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, 2010, the cost of investment securities for income tax purposes was $1,914,826,093. Net unrealized appreciation aggregated $1,076,700, of which $10,390,283 related to appreciated investment securities and $9,313,583 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 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:

June 1, 2010

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:

June 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 1, 2010