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, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Dynamic StrategiesSM Fund

March 31, 2009 

1.852678.101

DYS-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

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

Equity Funds - 63.7%

Shares

Value

Diversified Emerging Markets Funds - 3.5%

Fidelity Emerging Markets Fund (b)

34,443

$ 433,298

iShares MSCI Emerging Markets Index ETF

86,400

2,143,584

Market Vectors Africa Index ETF

4,500

88,830

Market Vectors Gulf States ETF (a)

7,500

114,300

PowerShares MENA Frontier Countries Portfolio ETF

15,700

162,966

SPDR S&P BRIC 40 ETF

8,975

132,651

SPDR S&P Emerging Middle East & Africa ETF

7,500

307,875

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

3,383,504

Europe Stock Funds - 0.3%

Fidelity Europe Fund (b)

3,795

74,868

Market Vectors Russia ETF

9,400

132,070

SPDR S&P Emerging Europe ETF

3,300

75,405

TOTAL EUROPE STOCK FUNDS

282,343

Foreign Large Blend Funds - 1.0%

Fidelity Canada Fund (b)

8,843

288,727

iShares MSCI EAFE Index ETF

17,600

661,584

TOTAL FOREIGN LARGE BLEND FUNDS

950,311

Foreign Large Value Funds - 0.1%

PowerShares International Dividend Achievers ETF

5,413

47,851

Foreign Small Mid Growth Funds - 0.2%

Fidelity International Small Cap Opportunities Fund (b)

38,433

208,307

Japan Stock Funds - 0.0%

Fidelity Japan Fund (b)

2,076

16,404

Large Blend Funds - 19.2%

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

299,811

1,651,957

Fidelity Disciplined Equity Fund (b)

170,663

2,640,162

Fidelity Mega Cap Stock Fund (b)

491,515

2,998,239

PowerShares Buyback Achievers ETF

8,000

115,600

Rydex Russell Top 50 ETF

16,800

1,050,672

S&P Depositary Receipts Trust unit Series 1 ETF

96,200

7,642,128

Ultra S&P 500 ProShares ETF

117,300

2,314,329

TOTAL LARGE BLEND FUNDS

18,413,087

Equity Funds - continued

Shares

Value

Large Growth Funds - 0.3%

Fidelity Blue Chip Growth Fund (b)

9,617

$ 240,229

Latin America Stock Funds - 0.5%

Fidelity Latin America Fund (b)

8,794

248,175

iShares MSCI Brazil Index ETF

7,400

278,758

TOTAL LATIN AMERICA STOCK FUNDS

526,933

Mid-Cap Blend Funds - 0.3%

Fidelity Leveraged Company Stock Fund (b)

19,920

252,791

Pacific Asia ex-Japan Stock Funds - 2.1%

Fidelity China Region Fund (b)

18,301

311,659

iPath MSCI India Index ETN (a)

5,510

167,173

iShares MSCI Australia Index ETF

6,550

87,705

iShares MSCI Hong Kong Index ETF

22,400

227,808

iShares MSCI South Korea Index ETF

2,783

79,232

iShares MSCI Taiwan Index ETF

9,200

74,244

SPDR S&P China ETF

23,500

1,066,900

TOTAL PACIFIC ASIA EX-JAPAN STOCK FUNDS

2,014,721

Small Growth Funds - 0.2%

PowerShares Cleantech ETF

9,455

153,360

Specialty Funds - Communications - 0.6%

Fidelity Select Telecommunications Portfolio (b)

18,795

547,132

Specialty Funds - Financial - 3.0%

Fidelity Select Financial Services Portfolio (b)

42,372

1,534,714

SPDR Financial Select Sector ETF

154,400

1,360,264

TOTAL SPECIALTY FUNDS - FINANCIAL

2,894,978

Specialty Funds - Health - 3.3%

Fidelity Select Biotechnology Portfolio (a)(b)

3,849

221,368

Fidelity Select Health Care Portfolio (b)

26,741

2,137,144

SPDR S&P Biotech ETF

16,621

800,301

TOTAL SPECIALTY FUNDS - HEALTH

3,158,813

Equity Funds - continued

Shares

Value

Specialty Funds - Miscellaneous - 5.9%

Fidelity Select Consumer Discretionary Portfolio (b)

99,803

$ 1,312,416

Fidelity Select Consumer Staples Portfolio (b)

40,378

1,846,502

Fidelity Select Defense & Aerospace Portfolio (b)

1,943

79,728

Fidelity Select Industrials Portfolio (b)

132,493

1,481,271

iShares Dow Jones U.S. Home Construction Index ETF

24,800

216,752

iShares Dow Jones U.S. Consumer Services Sector Index ETF

3,300

129,855

Market Vectors Agribusiness ETF

18,500

523,735

Market Vectors Environmental Services ETF

5,500

155,485

TOTAL SPECIALTY FUNDS - MISCELLANEOUS

5,745,744

Specialty Funds - Natural Resources - 11.3%

Claymore Oil Sands Sector ETF

15,442

148,607

Claymore S&P Global Water Index ETF

11,000

134,200

Fidelity Select Energy Portfolio (b)

66,689

1,896,638

Fidelity Select Energy Services Portfolio (b)

8,025

284,228

Fidelity Select Materials Portfolio (b)

14,915

469,087

Fidelity Select Natural Gas Portfolio (b)

18,359

370,310

First Trust ISE Water Index Fund

8,300

115,287

First Trust ISE-Revere Natural Gas Index Fund ETF

25,600

254,720

GreenHaven Continuous Commodity Index ETF (a)

28,500

625,575

Horizons BetaPro DJ-AIG Agricultural Grains Bull
Plus ETF (a)

13,700

209,883

Horizons BetaPro NYMEX Natural Gas Bull Plus ETF (a)

15,000

22,849

iShares Dow Jones U.S. Oil & Gas Exploration & Production Index ETF

8,400

287,616

iShares S&P North American Natural Resources Sector
Index ETF

15,627

369,110

Market Vectors Coal ETF

12,800

174,592

Market Vectors Global Alternative Energy ETF

5,700

105,108

Market Vectors Nuclear Energy ETF (a)

2,258

39,696

Market Vectors RVE Hard Assets Producers ETF

7,127

164,135

Market Vectors Solar Energy ETF (a)

6,400

73,600

Market Vectors Steel ETF

1,400

38,430

PowerShares Global Clean Energy ETF

8,100

87,480

PowerShares Global Water ETF

17,000

187,680

PowerShares Global Wind Energy Portfolio ETF

10,200

106,284

PowerShares Water Resources Portfolio ETF

13,800

164,634

PowerShares WilderHill Clean Energy ETF (a)

13,100

99,560

PowerShares WilderHill Progressive Energy ETF

8,000

112,160

SPDR Oil & Gas Equipment & Services ETF

41,100

690,480

SPDR S&P Oil & Gas Exploration & Production ETF

15,500

412,300

United States 12 Month Oil Fund LP ETF (a)

9,999

302,370

Equity Funds - continued

Shares

Value

Specialty Funds - Natural Resources - continued

United States Natural Gas Fund LP ETF (a)

70,300

$ 1,068,560

United States Oil Fund LP ETF (a)

63,100

1,833,055

TOTAL SPECIALTY FUNDS - NATURAL RESOURCES

10,848,234

Specialty Funds - Precious Metals - 3.0%

Fidelity Select Gold Portfolio (b)

16,913

576,886

Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a)

119,700

1,611,574

Market Vectors Gold Miners ETF (a)

19,924

734,797

TOTAL SPECIALTY FUNDS - PRECIOUS METALS

2,923,257

Specialty Funds - Real Estate - 0.8%

DJ Wilshire REIT ETF

15,900

419,601

Fidelity International Real Estate Fund (a)(b)

9,135

51,157

Fidelity Real Estate Income Fund (b)

22,081

145,072

Fidelity Real Estate Investment Portfolio (b)

8,137

81,782

iShares FTSE NAREIT Residential Index ETF

3,000

54,510

SPDR DJ Wilshire Global Real Estate ETF

3,000

56,490

TOTAL SPECIALTY FUNDS - REAL ESTATE

808,612

Specialty Funds - Technology - 6.4%

Fidelity Select Software & Computer Services Portfolio (a)(b)

1,060

51,317

Fidelity Select Technology Portfolio (b)

58,917

2,484,546

iShares Dow Jones U.S. Technology Sector Index ETF

83,100

3,077,193

SPDR S&P Semiconductor ETF

17,800

487,008

TOTAL SPECIALTY FUNDS - TECHNOLOGY

6,100,064

Specialty Funds - Utilities - 1.7%

Fidelity Select Utilities Portfolio (b)

27,590

979,723

iShares S&P Global Infrastructure Index ETF

4,000

97,920

iShares S&P Global Utilities Sector Index ETF

6,600

251,394

SPDR FTSE Macquarie Global Infrastructure 100 ETF

8,700

288,492

TOTAL SPECIALTY FUNDS - UTILITIES

1,617,529

TOTAL EQUITY FUNDS

(Cost $96,103,049)

61,134,204

Fixed-Income Funds - 31.0%

Shares

Value

Bank Loan Funds - 1.9%

Fidelity Floating Rate High Income Fund (b)

223,147

$ 1,827,573

Conservative Allocation Funds - 2.2%

Fidelity Strategic Real Return Fund (b)

303,475

2,054,527

Emerging Markets Bond Funds - 2.7%

Fidelity New Markets Income Fund (b)

219,476

2,576,649

High Yield Bond Funds - 4.5%

Fidelity High Income Fund (b)

526,887

3,282,508

iShares iBoxx $ High Yield Corporate Bond ETF

14,800

1,003,440

TOTAL HIGH YIELD BOND FUNDS

4,285,948

Inflation-Protected Bond Funds - 6.5%

Fidelity Inflation Protected Bond Fund (b)

573,125

6,269,982

Intermediate-Term Bond Funds - 13.2%

Fidelity Investment Grade Bond Fund (b)

1,994,115

12,702,516

TOTAL FIXED-INCOME FUNDS

(Cost $33,291,890)

29,717,195

Other - 3.4%

 

 

 

 

Bear Market Funds - 0.5%

ProShares UltraShort 20+ Year Treasury ETF

10,600

462,584

Currency Funds - 1.9%

CurrencyShares Australian Dollar Trust ETF

4,518

314,814

CurrencyShares Canadian Dollar Trust ETF

3,798

301,371

CurrencyShares Euro Trust ETF

1,069

142,038

CurrencyShares Japanese Yen Trust ETF (a)

1,421

142,839

CurrencyShares Mexican Peso Trust ETF

560

39,659

CurrencyShares Swiss Franc Trust ETF

1,775

155,898

PowerShares DB US Dollar Index Bearish ETF

5,758

145,274

WisdomTree Dreyfus Brazilian Real ETF

17,200

328,176

WisdomTree Dreyfus Chinese Yuan ETF

7,700

197,274

WisdomTree Dreyfus Indian Rupee ETF

7,700

172,326

TOTAL CURRENCY FUNDS

1,939,669

World Bond Funds - 1.0%

SPDR DB International Government Inflation-Protected Bond ETF

21,400

993,816

TOTAL OTHER

(Cost $3,830,212)

3,396,069

Cash Equivalents - 1.1%

Maturity
Amount

Value

Investments in repurchase agreements in a joint trading account at 0.16%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Treasury Obligations) #
(Cost $996,000)

$ 996,000

$ 996,000

Short-Term Funds - 0.8%

Shares

 

Fidelity Institutional Money Market Portfolio Institutional Class
(Cost $751,802) (b)

751,802

751,802

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $134,972,953)

$ 95,995,270

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

$996,000 due 4/01/09 at 0.16%

Barclays Capital, Inc.

$ 144,726

Deutsche Bank Securities, Inc.

219,542

J.P. Morgan Securities, Inc.

596,998

UBS Securities LLC

34,734

 

$ 996,000

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:

Fund

Value,
beginning of
period

Purchases

Sales
Proceeds

Income

Value,
end of
period

Fidelity Advisor 130/30 Large Cap Institutional Class

$ 1,741,364

$ 267,391

$ 82,450

$ -

$ 1,651,957

Fidelity Blue Chip Growth Fund

280,473

-

24,639

-

240,229

Fidelity Canada Fund

282,290

44,119

16,261

-

288,727

Fidelity China Region Fund

285,063

40,109

14,783

-

311,659

Fidelity Disciplined Equity Fund

2,691,176

401,086

123,675

-

2,640,162

Fidelity Emerging Markets Fund

404,475

66,848

24,639

-

433,298

Fidelity Europe Fund

96,641

-

8,421

-

74,868

Fidelity Floating Rate High Income Fund

1,567,255

214,498

83,772

13,967

1,827,573

Fidelity High Income Fund

1,429,631

1,906,368

74,293

59,603

3,282,508

Fidelity Inflation Protected Bond Fund

9,036,387

-

3,020,637

-

6,269,982

Fidelity Institutional Money Market Portfolio Institutional Class

3,199,538

3,392,840

5,840,576

9,792

751,802

Fidelity International Real Estate Fund

39,655

27,786

9,131

-

51,157

Fidelity International Small Cap Opportunities Fund

208,438

33,424

12,319

-

208,307

Fidelity Investment Grade Bond Fund

11,229,491

2,162,658

715,011

157,399

12,702,516

Fidelity Japan Fund

25,674

-

6,111

-

16,404

Fidelity Latin America Fund

218,943

40,109

14,783

-

248,175

Fidelity Leveraged Company Stock Fund

262,646

41,446

15,276

-

252,791

Fidelity Mega Cap Stock Fund

3,251,511

450,958

267,886

-

2,998,239

Fidelity New Markets Income Fund

2,268,805

323,777

123,195

45,102

2,576,649

Fidelity Real Estate Income Fund

129,359

28,455

11,519

668

145,072

Fidelity Real Estate Investment Portfolio

106,359

28,367

10,727

579

81,782

Fidelity Select Biotechnology Portfolio

240,380

-

12,320

-

221,368

Fidelity Select Consumer Discretionary Portfolio

1,246,071

164,162

51,596

-

1,312,416

Fund

Value,
beginning of
period

Purchases

Sales
Proceeds

Income

Value,
end of
period

Fidelity Select Consumer Staples Portfolio

$ 1,882,486

$ 252,020

$ 81,791

$ -

$ 1,846,502

Fidelity Select Defense & Aerospace Portfolio

107,702

-

9,856

-

79,728

Fidelity Select Energy Portfolio

1,793,955

289,435

69,349

-

1,896,638

Fidelity Select Energy Services Portfolio

248,856

66,848

24,638

-

284,228

Fidelity Select Financial Services Portfolio

2,012,629

180,936

181,635

-

1,534,714

Fidelity Select Gold Portfolio

490,396

66,848

24,639

-

576,886

Fidelity Select Health Care Portfolio

1,935,494

323,348

85,088

-

2,137,144

Fidelity Select Industrials Portfolio

1,597,226

205,284

63,393

-

1,481,271

Fidelity Select Materials Portfolio

412,799

61,934

19,031

-

469,087

Fidelity Select Natural Gas Portfolio

331,965

66,848

24,639

-

370,310

Fidelity Select Software & Computer Services Portfolio

54,948

-

4,928

-

51,317

Fidelity Select Technology Portfolio

2,085,141

339,975

83,688

-

2,484,546

Fidelity Select Telecommunications Portfolio

447,929

76,692

23,414

-

547,132

Fidelity Select Utilities Portfolio

1,000,691

158,777

46,949

-

979,723

Fidelity Strategic Real Return Fund

2,213,747

-

127,179

-

2,054,527

Total

$ 56,857,589

$ 11,723,346

$ 11,434,237

$ 287,110

$ 55,381,394

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table 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

$ 95,995,270

$ 94,999,270

$ 996,000

$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $136,643,117. Net unrealized depreciation aggregated $40,647,847, of which $892,357 related to appreciated investment securities and $41,540,204 related to depreciated investment securities.

Investment Valuation

Investments in the affiliated Underlying Funds are valued at their closing net asset value (NAV) each business day. Exchange Traded Funds (ETFs) are valued at their last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, ETFs are valued at the last quoted price. Security transactions are accounted for as of trade date. 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.

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

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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® Dynamic StrategiesSM Fund
Class A
Class T
Class B
Class C
Institutional Class

March 31, 2009

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

1.864817.101

ADYS-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

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

Equity Funds - 63.7%

Shares

Value

Diversified Emerging Markets Funds - 3.5%

Fidelity Emerging Markets Fund (b)

34,443

$ 433,298

iShares MSCI Emerging Markets Index ETF

86,400

2,143,584

Market Vectors Africa Index ETF

4,500

88,830

Market Vectors Gulf States ETF (a)

7,500

114,300

PowerShares MENA Frontier Countries Portfolio ETF

15,700

162,966

SPDR S&P BRIC 40 ETF

8,975

132,651

SPDR S&P Emerging Middle East & Africa ETF

7,500

307,875

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

3,383,504

Europe Stock Funds - 0.3%

Fidelity Europe Fund (b)

3,795

74,868

Market Vectors Russia ETF

9,400

132,070

SPDR S&P Emerging Europe ETF

3,300

75,405

TOTAL EUROPE STOCK FUNDS

282,343

Foreign Large Blend Funds - 1.0%

Fidelity Canada Fund (b)

8,843

288,727

iShares MSCI EAFE Index ETF

17,600

661,584

TOTAL FOREIGN LARGE BLEND FUNDS

950,311

Foreign Large Value Funds - 0.1%

PowerShares International Dividend Achievers ETF

5,413

47,851

Foreign Small Mid Growth Funds - 0.2%

Fidelity International Small Cap Opportunities Fund (b)

38,433

208,307

Japan Stock Funds - 0.0%

Fidelity Japan Fund (b)

2,076

16,404

Large Blend Funds - 19.2%

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

299,811

1,651,957

Fidelity Disciplined Equity Fund (b)

170,663

2,640,162

Fidelity Mega Cap Stock Fund (b)

491,515

2,998,239

PowerShares Buyback Achievers ETF

8,000

115,600

Rydex Russell Top 50 ETF

16,800

1,050,672

S&P Depositary Receipts Trust unit Series 1 ETF

96,200

7,642,128

Ultra S&P 500 ProShares ETF

117,300

2,314,329

TOTAL LARGE BLEND FUNDS

18,413,087

Equity Funds - continued

Shares

Value

Large Growth Funds - 0.3%

Fidelity Blue Chip Growth Fund (b)

9,617

$ 240,229

Latin America Stock Funds - 0.5%

Fidelity Latin America Fund (b)

8,794

248,175

iShares MSCI Brazil Index ETF

7,400

278,758

TOTAL LATIN AMERICA STOCK FUNDS

526,933

Mid-Cap Blend Funds - 0.3%

Fidelity Leveraged Company Stock Fund (b)

19,920

252,791

Pacific Asia ex-Japan Stock Funds - 2.1%

Fidelity China Region Fund (b)

18,301

311,659

iPath MSCI India Index ETN (a)

5,510

167,173

iShares MSCI Australia Index ETF

6,550

87,705

iShares MSCI Hong Kong Index ETF

22,400

227,808

iShares MSCI South Korea Index ETF

2,783

79,232

iShares MSCI Taiwan Index ETF

9,200

74,244

SPDR S&P China ETF

23,500

1,066,900

TOTAL PACIFIC ASIA EX-JAPAN STOCK FUNDS

2,014,721

Small Growth Funds - 0.2%

PowerShares Cleantech ETF

9,455

153,360

Specialty Funds - Communications - 0.6%

Fidelity Select Telecommunications Portfolio (b)

18,795

547,132

Specialty Funds - Financial - 3.0%

Fidelity Select Financial Services Portfolio (b)

42,372

1,534,714

SPDR Financial Select Sector ETF

154,400

1,360,264

TOTAL SPECIALTY FUNDS - FINANCIAL

2,894,978

Specialty Funds - Health - 3.3%

Fidelity Select Biotechnology Portfolio (a)(b)

3,849

221,368

Fidelity Select Health Care Portfolio (b)

26,741

2,137,144

SPDR S&P Biotech ETF

16,621

800,301

TOTAL SPECIALTY FUNDS - HEALTH

3,158,813

Equity Funds - continued

Shares

Value

Specialty Funds - Miscellaneous - 5.9%

Fidelity Select Consumer Discretionary Portfolio (b)

99,803

$ 1,312,416

Fidelity Select Consumer Staples Portfolio (b)

40,378

1,846,502

Fidelity Select Defense & Aerospace Portfolio (b)

1,943

79,728

Fidelity Select Industrials Portfolio (b)

132,493

1,481,271

iShares Dow Jones U.S. Home Construction Index ETF

24,800

216,752

iShares Dow Jones U.S. Consumer Services Sector Index ETF

3,300

129,855

Market Vectors Agribusiness ETF

18,500

523,735

Market Vectors Environmental Services ETF

5,500

155,485

TOTAL SPECIALTY FUNDS - MISCELLANEOUS

5,745,744

Specialty Funds - Natural Resources - 11.3%

Claymore Oil Sands Sector ETF

15,442

148,607

Claymore S&P Global Water Index ETF

11,000

134,200

Fidelity Select Energy Portfolio (b)

66,689

1,896,638

Fidelity Select Energy Services Portfolio (b)

8,025

284,228

Fidelity Select Materials Portfolio (b)

14,915

469,087

Fidelity Select Natural Gas Portfolio (b)

18,359

370,310

First Trust ISE Water Index Fund

8,300

115,287

First Trust ISE-Revere Natural Gas Index Fund ETF

25,600

254,720

GreenHaven Continuous Commodity Index ETF (a)

28,500

625,575

Horizons BetaPro DJ-AIG Agricultural Grains Bull
Plus ETF (a)

13,700

209,883

Horizons BetaPro NYMEX Natural Gas Bull Plus ETF (a)

15,000

22,849

iShares Dow Jones U.S. Oil & Gas Exploration & Production Index ETF

8,400

287,616

iShares S&P North American Natural Resources Sector
Index ETF

15,627

369,110

Market Vectors Coal ETF

12,800

174,592

Market Vectors Global Alternative Energy ETF

5,700

105,108

Market Vectors Nuclear Energy ETF (a)

2,258

39,696

Market Vectors RVE Hard Assets Producers ETF

7,127

164,135

Market Vectors Solar Energy ETF (a)

6,400

73,600

Market Vectors Steel ETF

1,400

38,430

PowerShares Global Clean Energy ETF

8,100

87,480

PowerShares Global Water ETF

17,000

187,680

PowerShares Global Wind Energy Portfolio ETF

10,200

106,284

PowerShares Water Resources Portfolio ETF

13,800

164,634

PowerShares WilderHill Clean Energy ETF (a)

13,100

99,560

PowerShares WilderHill Progressive Energy ETF

8,000

112,160

SPDR Oil & Gas Equipment & Services ETF

41,100

690,480

SPDR S&P Oil & Gas Exploration & Production ETF

15,500

412,300

United States 12 Month Oil Fund LP ETF (a)

9,999

302,370

Equity Funds - continued

Shares

Value

Specialty Funds - Natural Resources - continued

United States Natural Gas Fund LP ETF (a)

70,300

$ 1,068,560

United States Oil Fund LP ETF (a)

63,100

1,833,055

TOTAL SPECIALTY FUNDS - NATURAL RESOURCES

10,848,234

Specialty Funds - Precious Metals - 3.0%

Fidelity Select Gold Portfolio (b)

16,913

576,886

Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a)

119,700

1,611,574

Market Vectors Gold Miners ETF (a)

19,924

734,797

TOTAL SPECIALTY FUNDS - PRECIOUS METALS

2,923,257

Specialty Funds - Real Estate - 0.8%

DJ Wilshire REIT ETF

15,900

419,601

Fidelity International Real Estate Fund (a)(b)

9,135

51,157

Fidelity Real Estate Income Fund (b)

22,081

145,072

Fidelity Real Estate Investment Portfolio (b)

8,137

81,782

iShares FTSE NAREIT Residential Index ETF

3,000

54,510

SPDR DJ Wilshire Global Real Estate ETF

3,000

56,490

TOTAL SPECIALTY FUNDS - REAL ESTATE

808,612

Specialty Funds - Technology - 6.4%

Fidelity Select Software & Computer Services Portfolio (a)(b)

1,060

51,317

Fidelity Select Technology Portfolio (b)

58,917

2,484,546

iShares Dow Jones U.S. Technology Sector Index ETF

83,100

3,077,193

SPDR S&P Semiconductor ETF

17,800

487,008

TOTAL SPECIALTY FUNDS - TECHNOLOGY

6,100,064

Specialty Funds - Utilities - 1.7%

Fidelity Select Utilities Portfolio (b)

27,590

979,723

iShares S&P Global Infrastructure Index ETF

4,000

97,920

iShares S&P Global Utilities Sector Index ETF

6,600

251,394

SPDR FTSE Macquarie Global Infrastructure 100 ETF

8,700

288,492

TOTAL SPECIALTY FUNDS - UTILITIES

1,617,529

TOTAL EQUITY FUNDS

(Cost $96,103,049)

61,134,204

Fixed-Income Funds - 31.0%

Shares

Value

Bank Loan Funds - 1.9%

Fidelity Floating Rate High Income Fund (b)

223,147

$ 1,827,573

Conservative Allocation Funds - 2.2%

Fidelity Strategic Real Return Fund (b)

303,475

2,054,527

Emerging Markets Bond Funds - 2.7%

Fidelity New Markets Income Fund (b)

219,476

2,576,649

High Yield Bond Funds - 4.5%

Fidelity High Income Fund (b)

526,887

3,282,508

iShares iBoxx $ High Yield Corporate Bond ETF

14,800

1,003,440

TOTAL HIGH YIELD BOND FUNDS

4,285,948

Inflation-Protected Bond Funds - 6.5%

Fidelity Inflation Protected Bond Fund (b)

573,125

6,269,982

Intermediate-Term Bond Funds - 13.2%

Fidelity Investment Grade Bond Fund (b)

1,994,115

12,702,516

TOTAL FIXED-INCOME FUNDS

(Cost $33,291,890)

29,717,195

Other - 3.4%

 

 

 

 

Bear Market Funds - 0.5%

ProShares UltraShort 20+ Year Treasury ETF

10,600

462,584

Currency Funds - 1.9%

CurrencyShares Australian Dollar Trust ETF

4,518

314,814

CurrencyShares Canadian Dollar Trust ETF

3,798

301,371

CurrencyShares Euro Trust ETF

1,069

142,038

CurrencyShares Japanese Yen Trust ETF (a)

1,421

142,839

CurrencyShares Mexican Peso Trust ETF

560

39,659

CurrencyShares Swiss Franc Trust ETF

1,775

155,898

PowerShares DB US Dollar Index Bearish ETF

5,758

145,274

WisdomTree Dreyfus Brazilian Real ETF

17,200

328,176

WisdomTree Dreyfus Chinese Yuan ETF

7,700

197,274

WisdomTree Dreyfus Indian Rupee ETF

7,700

172,326

TOTAL CURRENCY FUNDS

1,939,669

World Bond Funds - 1.0%

SPDR DB International Government Inflation-Protected Bond ETF

21,400

993,816

TOTAL OTHER

(Cost $3,830,212)

3,396,069

Cash Equivalents - 1.1%

Maturity
Amount

Value

Investments in repurchase agreements in a joint trading account at 0.16%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Treasury Obligations) #
(Cost $996,000)

$ 996,000

$ 996,000

Short-Term Funds - 0.8%

Shares

 

Fidelity Institutional Money Market Portfolio Institutional Class
(Cost $751,802) (b)

751,802

751,802

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $134,972,953)

$ 95,995,270

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

$996,000 due 4/01/09 at 0.16%

Barclays Capital, Inc.

$ 144,726

Deutsche Bank Securities, Inc.

219,542

J.P. Morgan Securities, Inc.

596,998

UBS Securities LLC

34,734

 

$ 996,000

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:

Fund

Value,
beginning of
period

Purchases

Sales
Proceeds

Income

Value,
end of
period

Fidelity Advisor 130/30 Large Cap Institutional Class

$ 1,741,364

$ 267,391

$ 82,450

$ -

$ 1,651,957

Fidelity Blue Chip Growth Fund

280,473

-

24,639

-

240,229

Fidelity Canada Fund

282,290

44,119

16,261

-

288,727

Fidelity China Region Fund

285,063

40,109

14,783

-

311,659

Fidelity Disciplined Equity Fund

2,691,176

401,086

123,675

-

2,640,162

Fidelity Emerging Markets Fund

404,475

66,848

24,639

-

433,298

Fidelity Europe Fund

96,641

-

8,421

-

74,868

Fidelity Floating Rate High Income Fund

1,567,255

214,498

83,772

13,967

1,827,573

Fidelity High Income Fund

1,429,631

1,906,368

74,293

59,603

3,282,508

Fidelity Inflation Protected Bond Fund

9,036,387

-

3,020,637

-

6,269,982

Fidelity Institutional Money Market Portfolio Institutional Class

3,199,538

3,392,840

5,840,576

9,792

751,802

Fidelity International Real Estate Fund

39,655

27,786

9,131

-

51,157

Fidelity International Small Cap Opportunities Fund

208,438

33,424

12,319

-

208,307

Fidelity Investment Grade Bond Fund

11,229,491

2,162,658

715,011

157,399

12,702,516

Fidelity Japan Fund

25,674

-

6,111

-

16,404

Fidelity Latin America Fund

218,943

40,109

14,783

-

248,175

Fidelity Leveraged Company Stock Fund

262,646

41,446

15,276

-

252,791

Fidelity Mega Cap Stock Fund

3,251,511

450,958

267,886

-

2,998,239

Fidelity New Markets Income Fund

2,268,805

323,777

123,195

45,102

2,576,649

Fidelity Real Estate Income Fund

129,359

28,455

11,519

668

145,072

Fidelity Real Estate Investment Portfolio

106,359

28,367

10,727

579

81,782

Fidelity Select Biotechnology Portfolio

240,380

-

12,320

-

221,368

Fidelity Select Consumer Discretionary Portfolio

1,246,071

164,162

51,596

-

1,312,416

Fund

Value,
beginning of
period

Purchases

Sales
Proceeds

Income

Value,
end of
period

Fidelity Select Consumer Staples Portfolio

$ 1,882,486

$ 252,020

$ 81,791

$ -

$ 1,846,502

Fidelity Select Defense & Aerospace Portfolio

107,702

-

9,856

-

79,728

Fidelity Select Energy Portfolio

1,793,955

289,435

69,349

-

1,896,638

Fidelity Select Energy Services Portfolio

248,856

66,848

24,638

-

284,228

Fidelity Select Financial Services Portfolio

2,012,629

180,936

181,635

-

1,534,714

Fidelity Select Gold Portfolio

490,396

66,848

24,639

-

576,886

Fidelity Select Health Care Portfolio

1,935,494

323,348

85,088

-

2,137,144

Fidelity Select Industrials Portfolio

1,597,226

205,284

63,393

-

1,481,271

Fidelity Select Materials Portfolio

412,799

61,934

19,031

-

469,087

Fidelity Select Natural Gas Portfolio

331,965

66,848

24,639

-

370,310

Fidelity Select Software & Computer Services Portfolio

54,948

-

4,928

-

51,317

Fidelity Select Technology Portfolio

2,085,141

339,975

83,688

-

2,484,546

Fidelity Select Telecommunications Portfolio

447,929

76,692

23,414

-

547,132

Fidelity Select Utilities Portfolio

1,000,691

158,777

46,949

-

979,723

Fidelity Strategic Real Return Fund

2,213,747

-

127,179

-

2,054,527

Total

$ 56,857,589

$ 11,723,346

$ 11,434,237

$ 287,110

$ 55,381,394

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table 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

$ 95,995,270

$ 94,999,270

$ 996,000

$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $136,643,117. Net unrealized depreciation aggregated $40,647,847, of which $892,357 related to appreciated investment securities and $41,540,204 related to depreciated investment securities.

Investment Valuation

Investments in the affiliated Underlying Funds are valued at their closing net asset value (NAV) each business day. Exchange Traded Funds (ETFs) are valued at their last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, ETFs are valued at the last quoted price. Security transactions are accounted for as of trade date. 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.

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

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Fixed-Income Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Fixed-Income Trust

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

May 29, 2009

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

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

May 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 29, 2009