N-CSR 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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:

October 31

 

 

Date of reporting period:

October 31, 2009

Item 1. Reports to Stockholders

Fidelity®
Series Global ex U.S. Index
Fund

Annual Report

October 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Investment Summary

<Click Here>

A summary of the fund's holdings.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

Report of Independent Registered Public Accounting Firm

<Click Here>

 

Trustees and Officers

<Click Here>

 

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

 

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 29, 2009 to October 31, 2009). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2009 to October 31, 2009).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Annual Report

 

Annualized Expense Ratio

Beginning
Account Value

Ending
Account Value
October 31, 2009

Expenses Paid
During Period
 

Actual

.25%

$ 1,000.00

$ 976.00

$ .22A

Hypothetical (5% return per year before expenses)

 

$ 1,000.00

$ 1,023.95

$ 1.28B

A Actual expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 33/365 (to reflect the period September 29, 2009 to October 31, 2009).

B Hypothetical expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2009

fid33

Japan 14.6%

 

fid35

United Kingdom 14.6%

 

fid37

France 7.2%

 

fid39

Canada 6.7%

 

fid41

Australia 5.7%

 

fid43

Germany 5.5%

 

fid45

Switzerland 5.4%

 

fid47

Spain 3.3%

 

fid49

Brazil 3.3%

 

fid51

Other 33.7%

 

fid53

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

 

% of fund's
net assets

Stocks, Investment Companies and Equity Futures

99.9

Short-Term Investments and Net Other Assets

0.1

Top Ten Stocks as of October 31, 2009

 

% of fund's
net assets

HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)

1.4

Royal Dutch Shell PLC (United Kingdom, Oil, Gas & Consumable Fuels)

1.4

BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)

1.3

Nestle SA (Reg.) (Switzerland, Food Products)

1.2

Banco Santander SA (Spain, Commercial Banks)

0.9

Total SA Series B (France, Oil, Gas & Consumable Fuels)

0.9

Telefonica SA (Spain, Diversified Telecommunication Services)

0.8

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

0.8

Petroleo Brasileiro SA Petrobras (Brazil, Oil, Gas & Consumable Fuels)

0.8

Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)

0.8

 

10.3

Market Sectors as of October 31, 2009

 

% of fund's
net assets

Financials

26.9

Energy

11.5

Materials

10.1

Industrials

9.2

Consumer Staples

8.4

Consumer Discretionary

7.4

Telecommunication Services

6.3

Information Technology

6.1

Health Care

6.0

Utilities

5.1

Annual Report

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value

Australia - 5.7%

AGL Energy Ltd.

635

$ 7,868

Alumina Ltd.

3,465

5,083

Amcor Ltd.

1,729

8,901

AMP Ltd.

2,863

15,080

Aristocrat Leisure Ltd.

556

2,219

Arrow Energy Ltd. (a)

822

2,970

Asciano Group unit (a)

3,828

5,124

ASX Ltd.

243

7,323

Australia & New Zealand Banking Group Ltd.

3,317

67,632

AXA Asia Pacific Holdings Ltd.

1,445

5,407

Bendigo & Adelaide Bank Ltd.

494

4,002

BHP Billiton Ltd.

4,772

156,454

Billabong International Ltd.

277

2,562

BlueScope Steel Ltd.

2,592

6,867

Boral Ltd.

841

4,288

Brambles Ltd.

1,994

12,567

Caltex Australia Ltd. (a)

191

1,731

CFS Retail Property Trust

2,450

4,208

Coca-Cola Amatil Ltd.

790

7,508

Cochlear Ltd.

80

4,583

Commonwealth Bank of Australia

2,160

99,784

Computershare Ltd.

631

6,124

Crown Ltd.

699

5,086

CSL Ltd.

858

24,083

CSR Ltd.

1,733

2,948

CSR Ltd. (a)(c)

303

525

DEXUS Property Group unit

6,679

4,717

Energy Resources of Australia Ltd.

94

1,941

Fortescue Metals Group Ltd. (a)

1,757

5,881

Fosters Group Ltd.

2,740

13,433

Goodman Fielder Ltd.

1,892

2,713

Goodman Group unit

8,497

4,555

Harvey Norman Holdings Ltd.

755

2,674

Incitec Pivot Ltd.

2,272

5,298

Insurance Australia Group Ltd.

2,942

9,893

John Fairfax Holdings Ltd.

3,008

4,261

Leighton Holdings Ltd.

212

6,730

Lend Lease Corp. Ltd.

617

5,113

Macquarie Group Ltd.

432

18,914

Macquarie Infrastructure Group unit

3,209

4,105

MAp Group:

unit

975

2,479

Common Stocks - continued

Shares

Value

Australia - continued

MAp Group: - continued

unit (a)

88

$ 227

Metcash Ltd.

1,083

4,552

Mirvac Group unit

3,588

4,696

National Australia Bank Ltd.

2,728

72,054

Newcrest Mining Ltd.

688

19,770

Nufarm Ltd.

243

2,483

OneSteel Ltd.

1,885

5,116

Orica Ltd.

510

10,815

Origin Energy Ltd.

1,243

17,817

OZ Minerals Ltd. (a)

4,431

4,632

Paladin Energy Ltd. (a)

915

3,309

Perpetual Trustees Australia Ltd.

54

1,799

Qantas Airways Ltd.

1,575

3,915

QBE Insurance Group Ltd.

1,426

28,708

Rio Tinto Ltd.

620

34,356

Santos Ltd.

1,164

15,511

Sims Metal Management Ltd.

207

3,648

Sonic Healthcare Ltd.

518

6,465

SP AusNet unit

1,874

1,472

Stockland Corp. Ltd. unit

3,245

10,776

Suncorp-Metway Ltd.

1,788

13,981

Tabcorp Holdings Ltd.

864

5,510

Tattersall's Ltd.

1,728

3,825

Telstra Corp. Ltd.

6,262

18,602

The GPT Group unit

12,168

6,208

Toll Holdings Ltd.

953

7,221

Transurban Group unit

1,637

6,640

Wesfarmers Ltd.

1,430

35,671

Wesfarmers Ltd. (price protected shares)

216

5,410

Westfield Group unit

2,914

31,560

Westpac Banking Corp.

4,140

96,731

Woodside Petroleum Ltd.

706

29,604

Woolworths Ltd.

1,748

44,727

WorleyParsons Ltd.

233

5,374

TOTAL AUSTRALIA

1,126,819

Austria - 0.2%

Erste Bank AG

248

10,036

OMV AG

214

8,852

Osterreichische Elektrizitatswirtschafts AG

110

4,952

Raiffeisen International Bank-Holding AG

77

4,546

Common Stocks - continued

Shares

Value

Austria - continued

Telekom Austria AG

459

$ 7,531

Vienna Insurance Group

55

3,107

Voestalpine AG

168

5,773

TOTAL AUSTRIA

44,797

Bailiwick of Jersey - 0.3%

Experian PLC

1,461

13,409

Petrofac Ltd.

295

4,560

Randgold Resources Ltd.

116

7,649

Shire PLC

797

14,100

WPP PLC

1,785

16,002

TOTAL BAILIWICK OF JERSEY

55,720

Belgium - 0.7%

Anheuser-Busch InBev SA NV

1,026

48,321

Belgacom SA

217

8,143

Colruyt NV

21

5,002

Compagnie Nationale A Portefeuille (CNP)

47

2,459

Delhaize Group SA

143

9,714

Dexia SA (a)

752

6,286

Fortis (a)

3,177

13,801

Groupe Bruxelles Lambert SA

115

10,162

KBC Groupe SA (a)

229

9,880

Mobistar SA

42

2,891

Solvay SA

84

8,263

UCB SA

143

6,117

Umicore SA

162

4,947

TOTAL BELGIUM

135,986

Bermuda - 0.2%

Cheung Kong Infrastructure Holdings Ltd.

1,000

3,556

Chinese Estates Holdings Ltd.

1,000

1,714

Credicorp Ltd. (NY Shares)

96

6,627

GOME Electrical Appliances Holdings Ltd. (a)

11,000

3,222

Hopson Development Holdings Ltd.

2,000

3,500

Huabao International Holdings Ltd.

2,000

1,908

Noble Group Ltd.

2,000

3,654

NWS Holdings Ltd.

1,000

1,899

Orient Overseas International Ltd.

500

2,440

Seadrill Ltd. (a)

400

8,355

Common Stocks - continued

Shares

Value

Bermuda - continued

Sinofert Holdings Ltd.

2,000

$ 990

Yue Yuen Industrial (Holdings) Ltd.

1,000

2,787

TOTAL BERMUDA

40,652

Brazil - 3.3%

AES Tiete SA (PN) (non-vtg.)

100

1,127

America Latina Logistica SA unit

500

3,671

Aracruz Celulose SA (PN-B) (a)

700

1,308

B2W Companhia Global Do Varejo

100

2,899

Banco Bradesco SA (PN)

2,200

43,046

Banco do Brasil SA

500

8,009

Banco do Estado do Rio Grande do Sul SA (b)

300

1,908

Banco Santander (Brasil) SA ADR (a)

800

9,488

BM&F BOVESPA SA

1,700

10,956

Bradespar SA (PN)

300

6,158

Brasil Foods SA

500

12,057

Brasil Telecom Participacoes SA (PN)

200

2,021

Brasil Telecom SA (PN)

200

1,705

Braskem SA (PN-A) (a)

200

1,317

Centrais Electricas Brasileiras SA (Electrobras):

(ON)

300

4,274

(PN-B)

300

3,816

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

100

3,019

Companhia de Bebidas das Americas (AmBev) (PN)

200

18,164

Companhia de Concessoes Rodoviarias

200

3,934

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

200

3,861

Companhia de Transmissao de Energia Eletrica Paulista (PN)

100

2,771

Companhia Energetica de Minas Gerais (CEMIG) (PN)

500

7,850

Companhia Energetica de Sao Paulo Series A

300

3,492

Companhia Paranaense de Energia-Copel (PN B)

100

1,743

Companhia Siderurgica Nacional SA (CSN)

600

19,824

Cosan SA Industria e Comercio (a)

200

2,118

CPFL Energia SA

100

1,752

Cyrela Brazil Realty SA

300

3,807

Duratex SA

300

2,078

Eletropaulo Metropolitana SA (PN-B)

100

1,887

Embraer - Empresa Brasileira de Aeronautica SA

700

3,569

Energias do Brasil SA

100

1,605

Fertilizantes Fosfatados SA (PN) (a)

100

965

Gerdau SA

100

1,144

Gerdau SA (PN)

900

13,567

Common Stocks - continued

Shares

Value

Brazil - continued

GVT Holding SA (a)

100

$ 2,870

Itau Unibanco Banco Multiplo SA

2,900

55,178

Itausa-Investimentos Itau S.A. (PN)

3,200

18,297

JBS SA

500

2,759

Klabin SA (PN) (non-vtg.)

600

1,431

Lojas Americanas SA (PN)

500

3,262

Marfrig Alimentos SA (a)

200

2,288

Metalurgica Gerdau SA (PN)

400

7,347

MRV Engenharia e Participacoes SA

100

1,879

Natura Cosmeticos SA

200

3,595

Net Servicos de Comunicacao SA (PN) (a)

300

3,698

Petroleo Brasileiro SA - Petrobras:

(ON)

3,200

73,586

(PN) (non-vtg.)

4,500

89,223

Porto Seguro SA

100

1,056

Redecard SA

500

7,342

Souza Cruz Industria Comerico

100

3,550

Suzano Bahia Sul Papel e Celulose SA

200

1,739

Tele Norte Leste Participacoes SA:

(ON)

100

2,254

(PN)

400

7,608

TIM Participacoes SA

900

2,131

Tractebel Energia SA

200

2,442

Ultrapar Participacoes SA

100

4,381

Usinas Siderurgicas de Minas Gerais SA - Usiminas:

(ON)

200

4,917

(PN-A) (non-vtg.)

400

10,447

Vale SA

2,000

50,818

Vale SA (PN-A)

3,000

67,539

VisaNet Brasil

900

8,284

Vivo Participacoes SA (PN)

200

4,869

Votorantim Celulose e Papel SA (a)

100

1,370

TOTAL BRAZIL

657,070

Canada - 6.7%

Agnico-Eagle Mines Ltd. (Canada)

221

11,756

Agrium, Inc.

223

10,367

Alimentation Couche-Tard, Inc. Class B (sub. vtg.)

180

3,157

ARC Energy Trust unit

162

2,919

Astral Media, Inc. Class A (non-vtg.)

68

2,012

Bank of Montreal

775

35,828

Bank of Nova Scotia

1,411

58,963

Common Stocks - continued

Shares

Value

Canada - continued

Barrick Gold Corp.

1,378

$ 49,579

BCE, Inc.

361

8,631

Biovail Corp.

202

2,724

Bombardier, Inc. Class B (sub. vtg.)

2,044

8,287

Brookfield Asset Management, Inc. Class A

691

14,575

Brookfield Properties Corp.

346

3,595

CAE, Inc.

362

2,818

Cameco Corp.

558

15,542

Canadian Imperial Bank of Commerce

543

31,090

Canadian National Railway Co.

666

32,167

Canadian Natural Resources Ltd.

771

49,997

Canadian Oil Sands Trust

336

9,054

Canadian Pacific Railway Ltd.

239

10,351

Canadian Tire Ltd. Class A (non-vtg.)

111

5,606

Canadian Utilities Ltd. Class A (non-vtg.)

119

4,234

CGI Group, Inc. Class A (sub. vtg.) (a)

390

4,761

CI Financial Corp.

230

4,055

Crescent Point Energy Corp.

207

7,035

Eldorado Gold Corp. (a)

539

6,003

Empire Co. Ltd. Class A (non-vtg.)

41

1,628

Enbridge, Inc.

506

19,668

EnCana Corp.

1,067

59,122

Enerplus Resources Fund Series G

245

5,340

Ensign Energy Services, Inc.

184

2,637

Fairfax Financial Holdings Ltd. (sub. vtg.)

28

10,009

Finning International, Inc.

242

3,567

First Quantum Minerals Ltd.

111

7,588

Fortis, Inc.

241

5,631

Franco-Nevada Corp.

157

3,900

George Weston Ltd.

73

3,719

Gerdau AmeriSteel Corp.

216

1,468

Gildan Activewear, Inc. (a)

163

2,869

Goldcorp, Inc.

1,039

38,169

Great-West Lifeco, Inc.

403

8,820

Groupe Aeroplan, Inc.

284

2,429

Husky Energy, Inc.

363

9,554

IAMGOLD Corp.

493

6,533

IGM Financial, Inc.

168

5,981

Imperial Oil Ltd.

423

15,899

Industrial Alliance Life Insurance Co.

114

2,925

Inmet Mining Corp.

72

3,813

Intact Financial Corp.

119

3,616

Common Stocks - continued

Shares

Value

Canada - continued

Ivanhoe Mines Ltd. (a)

349

$ 3,758

Kinross Gold Corp.

988

18,339

Loblaw Companies Ltd.

156

4,302

Magna International, Inc. Class A (sub. vtg.)

151

5,956

Manitoba Telecom Services, Inc.

29

841

Manulife Financial Corp.

2,290

42,930

Metro, Inc. Class A (sub. vtg.)

158

4,925

National Bank of Canada

228

11,873

Nexen, Inc.

667

14,340

Niko Resources Ltd.

63

5,097

Onex Corp. (sub. vtg.)

139

3,133

Open Text Corp. (a)

79

2,947

Pan American Silver Corp. (a)

117

2,448

Penn West Energy Trust

589

9,764

PetroBakken Energy Ltd. Class A

100

2,883

Potash Corp. of Saskatchewan, Inc.

420

39,139

Power Corp. of Canada (sub. vtg.)

493

11,610

Power Financial Corp.

351

8,826

Progress Energy Resources Corp.

221

2,825

Provident Energy Trust

370

2,303

Research In Motion Ltd. (a)

726

42,638

RioCan (REIT)

155

2,625

Ritchie Brothers Auctioneers, Inc.

141

3,103

Rogers Communications, Inc. Class B (non-vtg.)

707

20,730

Royal Bank of Canada

1,998

101,113

Saputo, Inc.

205

4,917

Shaw Communications, Inc. Class B

493

8,764

Sherritt International Corp.

417

2,673

Shoppers Drug Mart Corp.

294

11,672

Silver Wheaton Corp. (a)

409

5,137

Sino-Forest Corp. (a)

307

4,318

SNC-Lavalin Group, Inc.

215

8,687

Sun Life Financial, Inc.

796

22,001

Suncor Energy, Inc.

2,215

73,475

Talisman Energy, Inc.

1,449

24,702

Teck Resources Ltd. Class B (sub. vtg.) (a)

700

20,305

TELUS Corp.

82

2,574

TELUS Corp. (non-vtg.)

203

6,046

Thomson Reuters Corp.

531

16,879

TMX Group, Inc.

104

2,785

Toronto-Dominion Bank

1,212

69,036

TransAlta Corp.

281

5,239

Common Stocks - continued

Shares

Value

Canada - continued

TransCanada Corp.

953

$ 29,184

Trican Well Service Ltd.

178

2,081

Vermilion Energy Trust

49

1,318

Viterra, Inc. (a)

330

3,139

Yamana Gold, Inc.

1,043

11,058

Yellow Pages Income Fund

358

1,772

TOTAL CANADA

1,326,201

Cayman Islands - 0.3%

Agile Property Holdings Ltd.

2,000

2,560

Alibaba.com Ltd.

2,000

4,608

Belle International Holdings Ltd.

5,000

5,048

Chaoda Modern Agriculture (Holdings) Ltd.

4,000

3,091

China Dongxiang Group Co. Ltd.

3,000

1,833

China High Speed Transmission Equipment Group Co. Ltd.

1,000

2,006

China Zhongwang Holdings Ltd.

2,400

2,247

Country Garden Holdings Co. Ltd.

6,000

2,301

Foxconn International Holdings Ltd. (a)

3,000

2,635

Geely Automobile Holdings Ltd.

5,000

1,808

Hengan International Group Co. Ltd.

1,000

6,437

Hidili Industry International Development Ltd. (a)

1,000

1,023

Kingboard Chemical Holdings Ltd.

1,000

4,025

Renhe Commercial Holdings Co. Ltd.

10,000

1,924

Shimao Property Holdings Ltd.

2,500

4,644

Shui On Land Ltd.

4,000

2,425

SOHO China Ltd.

3,000

1,612

Want Want China Holdings Ltd.

4,000

2,350

TOTAL CAYMAN ISLANDS

52,577

Chile - 0.3%

Banco Santander Chile

60,000

3,051

CAP SA

110

2,859

Cencosud SA

1,500

4,661

Colbun SA

10,000

2,354

Compania Cervecerias Unidas SA

300

2,116

Compania de Petroleos de Chile SA (COPEC)

650

8,692

Empresa Nacional de Electricidad SA

4,600

7,070

Empresa Nacional de Telecomunicaciones SA (ENTEL)

150

1,995

Empresas CMPC SA

140

5,010

Enersis SA

20,000

7,104

Lan Airlines SA

200

2,686

Common Stocks - continued

Shares

Value

Chile - continued

SACI Falabella

500

$ 2,373

Sociedad Quimica y Minera de Chile SA (PN-B)

130

4,774

TOTAL CHILE

54,745

China - 2.4%

Air China Ltd. (H Shares) (a)

4,000

2,165

Aluminum Corp. of China Ltd. (H Shares)

6,000

6,536

Angang Steel Co. Ltd. (H Shares)

2,000

3,687

Bank of China (H Shares)

81,000

46,989

Bank of Communications Co. Ltd. (H Shares)

8,000

9,566

Beijing Capital International Airport Co. Ltd. (H Shares) (a)

2,000

1,345

BYD Co. Ltd. (H Shares) (a)

500

4,578

China BlueChemical Ltd. (H shares)

2,000

1,064

China Citic Bank Corp. Ltd. Class H

7,000

5,240

China Coal Energy Co. Ltd. (H Shares)

5,000

6,956

China Communications Construction Co. Ltd. (H Shares)

6,000

6,451

China Communications Services Corp. Ltd. (H Shares)

2,000

1,035

China Construction Bank Corp. (H Shares)

64,000

55,178

China Cosco Holdings Co. Ltd. (H Shares)

3,500

4,314

China International Marine Containers Co. Ltd. (B Shares)

1,000

997

China Life Insurance Co. Ltd. (H Shares)

11,000

50,578

China Mengniu Dairy Co. Ltd. (a)

2,000

5,604

China Merchants Bank Co. Ltd. (H Shares)

5,000

12,792

China National Building Materials Co. Ltd. (H Shares)

2,000

4,294

China Oilfield Services Ltd. (H Shares)

2,000

2,161

China Petroleum & Chemical Corp. (H Shares)

22,000

18,658

China Railway Construction Corp. Ltd. (H Shares)

2,500

3,314

China Railway Group Ltd. (a)

5,000

3,936

China Resources Land Ltd.

2,000

4,828

China Shenhua Energy Co. Ltd. (H Shares)

4,500

20,188

China Shipping Container Lines Co. Ltd. (H Shares) (a)

5,000

1,789

China Shipping Development Co. Ltd. (H Shares)

2,000

2,807

China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)

3,000

1,664

China Telecom Corp. Ltd. (H Shares)

20,000

8,840

China Vanke Co. Ltd. (B Shares)

1,700

2,103

China Yurun Food Group Ltd.

2,000

4,111

Datang International Power Generation Co. Ltd.

4,000

1,894

Dongfang Electric Corp. Ltd.

200

994

Dongfeng Motor Group Co. Ltd. (H Shares)

4,000

4,756

Guangshen Railway Co. Ltd. (H Shares)

2,000

813

Guangzhou R&F Properties Co. Ltd. (H Shares)

1,200

2,249

Huaneng Power International, Inc. (H Shares)

4,000

2,553

Common Stocks - continued

Shares

Value

China - continued

Industrial & Commercial Bank of China Ltd. (H Shares)

65,000

$ 51,716

Inner Mongolia Yitai Coal Co. Ltd. Class B

400

2,565

Jiangsu Expressway Co. Ltd. (H Shares)

2,000

1,779

Jiangxi Copper Co. Ltd. (H Shares)

2,000

4,532

Li Ning Co. Ltd.

1,000

2,713

Maanshan Iron & Steel Co. Ltd. (H Shares) (a)

2,000

1,204

Metallurgical Corp. of China Ltd. (H Shares)

4,000

2,642

Parkson Retail Group Ltd.

1,500

2,429

PetroChina Co. Ltd. (H Shares)

30,000

36,099

PICC Property & Casualty Co. Ltd. (H Shares) (a)

4,000

2,946

Ping An Insurance (Group) Co. of China, Ltd. (H Shares)

2,000

17,528

Shanghai Electric Group Co. Ltd. (H Shares)

4,000

1,884

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B

600

1,120

Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares)

1,200

993

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) (a)

4,000

1,603

Tencent Holdings Ltd.

1,300

22,637

Yantai Changyu Pioneer Wine Co. (B Shares)

300

2,205

Yanzhou Coal Mining Co. Ltd. (H Shares)

2,000

3,092

Zhejiang Expressway Co. Ltd. (H Shares)

2,000

1,701

Zijin Mining Group Co. Ltd. (H Shares)

6,000

5,808

ZTE Corp. (H Shares)

400

2,217

TOTAL CHINA

486,440

Colombia - 0.1%

BanColombia SA

326

3,185

BanColombia SA (PN)

397

3,918

Cementos Argos SA

407

2,039

Ecopetrol SA

5,774

7,376

Interconexion Electrica SA

530

3,085

Inversiones Argos SA

413

3,141

Suramericana de Inversiones SA

300

3,382

TOTAL COLOMBIA

26,126

Cyprus - 0.0%

Bank of Cyprus Public Co. Ltd.

792

6,352

Czech Republic - 0.1%

Ceske Energeticke Zavody AS

230

11,466

Komercni Banka AS

22

4,376

Telefonica O2 Czech Republic AS

160

3,785

TOTAL CZECH REPUBLIC

19,627

Common Stocks - continued

Shares

Value

Denmark - 0.6%

A.P. Moller - Maersk AS:

Series A

1

$ 6,703

Series B

2

13,761

Carlsberg AS Series B

152

10,729

Coloplast AS Series B

32

2,622

Danske Bank AS (a)

646

14,976

DSV de Sammensluttede Vognmaend AS (a)

297

4,657

H. Lundbeck AS

84

1,632

Novo Nordisk AS Series B

637

39,672

Novozymes AS Series B

66

6,074

Topdanmark AS (a)

20

2,891

Trygvesta AS

34

2,460

Vestas Wind Systems AS (a)

290

20,555

William Demant Holding AS (a)

34

2,430

TOTAL DENMARK

129,162

Egypt - 0.1%

Al Ezz Dekheila Steel Co.- Alexandria SAE

5

737

Commercial International Bank Ltd.

348

3,621

EFG-Hermes Holding SAE

323

1,904

Egyptian Co. for Mobile Services (MobiNil)

42

1,619

Egyptian Kuwaiti Holding

848

2,010

El Ezz Steel Rebars SAE

299

878

El Sewedy Cables Holding Co.

53

712

Orascom Construction Industries SAE

122

5,796

Orascom Telecom Holding SAE

636

4,311

Sidi Kerir Petrochemcials Co.

360

772

Talaat Moustafa Group Holding (a)

645

860

Telecom Egypt SAE

470

1,528

TOTAL EGYPT

24,748

Finland - 0.8%

Elisa Corp. (A Shares)

189

3,668

Fortum Corp.

632

15,001

Kesko Oyj

94

3,137

Kone Oyj (B Shares)

219

8,202

Metso Corp.

181

5,074

Neste Oil Oyj

182

3,230

Nokia Corp.

5,325

67,257

Nokian Tyres PLC

151

3,231

Orion Oyj (B Shares)

126

2,397

Outokumpu Oyj (A Shares)

168

2,791

Common Stocks - continued

Shares

Value

Finland - continued

Pohjola Bank PLC (A Shares)

196

$ 2,186

Rautaruukki Oyj (K Shares)

119

2,438

Sampo OYJ (A Shares)

598

14,361

Sanoma-WSOY Oyj

114

2,110

Stora Enso Oyj (R Shares)

827

6,280

UPM-Kymmene Corp.

740

8,908

Wartsila Corp.

119

4,324

TOTAL FINLAND

154,595

France - 7.2%

Accor SA

204

9,809

Aeroports de Paris

42

3,197

Air France KLM (Reg.) (a)

191

2,940

Alcatel-Lucent SA (a)

3,291

12,324

Alstom SA

287

19,987

Atos Origin SA (a)

64

3,008

AXA SA

2,228

55,407

BIC SA

38

2,644

bioMerieux SA

19

2,114

BNP Paribas SA

1,307

98,955

Bouygues SA

317

14,997

Bureau Veritas SA

69

3,808

Cap Gemini SA

207

9,629

Carrefour SA

902

38,851

Casino Guichard Perrachon et Compagnie

78

6,219

Christian Dior SA

91

9,103

CNP Assurances

53

5,130

Compagnie de St. Gobain

523

25,632

Compagnie Generale de Geophysique SA (a)

204

4,054

Credit Agricole SA

1,267

24,434

Danone

782

47,129

Dassault Systemes SA

92

5,323

Eiffage SA

58

3,170

Electricite de France

337

18,845

Eramet SA

8

2,507

Essilor International SA

285

16,000

Eurazeo SA

39

2,461

Eutelsat Communications

140

4,460

Fonciere Des Regions

33

3,645

France Telecom SA

2,604

64,520

GDF Suez

1,716

71,980

Gecina SA

27

2,883

Common Stocks - continued

Shares

Value

France - continued

Hermes International SA

75

$ 10,462

ICADE

28

2,953

Iliad Group SA

23

2,494

Imerys

48

2,642

Ipsen SA

35

1,786

JC Decaux SA (a)

94

1,905

Klepierre SA

129

5,358

L'Air Liquide SA

355

38,344

L'Oreal SA

340

34,858

Lafarge SA (Bearer)

284

23,174

Lagardere S.C.A. (Reg.)

168

7,616

Legrand SA

149

4,056

LVMH Moet Hennessy - Louis Vuitton

349

36,284

M6 Metropole Television SA

91

2,198

Michelin CGDE Series B

206

15,324

Natixis SA (a)

1,240

7,007

Neopost SA

44

3,860

PagesJaunes Groupe SA

180

2,210

Pernod Ricard SA

276

23,065

Peugeot Citroen SA (a)

216

7,074

PPR SA

108

11,818

Publicis Groupe SA

167

6,365

Renault SA (a)

263

11,843

Safran SA

266

4,306

Sanofi-Aventis

1,497

109,726

Schneider Electric SA

332

34,692

SCOR SE

236

6,017

Societe Des Autoroutes Paris-Rhin-Rhone

32

2,409

Societe Generale Series A

810

54,091

Sodexo SA

135

7,730

Suez Environnement SA

382

8,508

Technip SA

148

9,328

Television Francaise 1 SA

166

2,615

Thales SA

127

6,171

Total SA Series B

3,036

181,663

Unibail-Rodamco

116

25,767

Vallourec SA

76

12,045

Veolia Environnement

538

17,635

VINCI SA

601

31,511

Vivendi

1,666

46,372

TOTAL FRANCE

1,418,447

Common Stocks - continued

Shares

Value

Germany - 5.3%

adidas AG

275

$ 12,747

Allianz AG (Reg.)

644

73,094

BASF AG

1,313

70,523

Bayer AG

1,087

75,548

Bayerische Motoren Werke AG (BMW)

471

23,077

Beiersdorf AG

125

7,707

Celesio AG

121

3,007

Commerzbank AG (a)

1,008

10,532

Daimler AG (Reg.)

1,282

61,831

Deutsche Bank AG

842

60,312

Deutsche Boerse AG

277

22,468

Deutsche Lufthansa AG (Reg.)

324

5,006

Deutsche Post AG

1,203

20,349

Deutsche Postbank AG (a)

124

3,848

Deutsche Telekom AG (Reg.)

4,032

54,593

E.ON AG

2,703

103,776

Fraport AG Frankfurt Airport Services Worldwide

52

2,449

Fresenius Medical Care AG & Co. KGaA

272

13,189

Fresenius SE

40

1,993

GEA Group AG

222

4,191

Hamburger Hafen und Logistik AG

34

1,326

Hannover Rueckversicherungs AG (a)

86

3,878

HeidelbergCement AG

200

11,987

Henkel AG & Co. KGaA

185

7,252

Hochtief AG

60

4,530

Infineon Technologies AG (a)

1,539

6,879

K&S AG

211

11,544

Linde AG

216

22,692

MAN SE

150

12,357

Merck KGaA

92

8,652

Metro AG

161

8,946

Munich Re Group (Reg.)

294

46,569

Puma AG

7

2,140

RWE AG

595

52,272

Salzgitter AG

55

4,956

SAP AG

1,220

55,229

Siemens AG (Reg.)

1,170

105,323

SolarWorld AG

119

2,578

Suedzucker AG (Bearer)

94

1,945

Thyssenkrupp AG

476

15,340

TUI AG (a)

198

1,374

TUI AG rights 11/11/09 (a)

198

0

Common Stocks - continued

Shares

Value

Germany - continued

United Internet AG (a)

178

$ 2,321

Volkswagen AG

126

20,514

Wacker Chemie AG

22

3,169

TOTAL GERMANY

1,044,013

Greece - 0.4%

Alpha Bank AE (a)

510

9,974

Coca-Cola Hellenic Bottling Co. SA

260

6,849

EFG Eurobank Ergasias SA

460

7,378

Greek Organization of Football Prognostics SA

319

8,168

Hellenic Petroleum SA

129

1,576

Hellenic Telecommunications Organization SA

349

5,906

Marfin Financial Group Holdings SA

902

3,637

National Bank of Greece SA (a)

863

32,117

Piraeus Bank SA

431

7,516

Public Power Corp. of Greece (a)

165

3,387

Titan Cement Co. SA (Reg.)

82

2,859

TOTAL GREECE

89,367

Hong Kong - 2.7%

ASM Pacific Technology Ltd.

300

2,332

Bank of East Asia Ltd.

2,000

7,016

Beijing Enterprises Holdings Ltd.

500

2,993

BOC Hong Kong Holdings Ltd.

5,500

12,661

Cathay Pacific Airways Ltd.

2,000

3,241

Cheung Kong Holdings Ltd.

2,000

25,383

China Agri-Industries Holding Ltd.

2,000

1,918

China Everbright Ltd.

2,000

4,715

China Insurance International Holdings Co. Ltd. (a)

1,000

3,525

China Merchant Holdings International Co. Ltd.

2,000

6,379

China Mobile (Hong Kong) Ltd.

8,500

79,685

China Overseas Land & Investment Ltd.

6,000

12,936

China Resources Enterprise Ltd.

2,000

6,655

China Resources Power Holdings Co. Ltd.

2,000

4,143

China Travel International Investment HK Ltd.

4,000

817

China Unicom (Hong Kong) Ltd.

8,000

10,172

Citic Pacific Ltd.

2,000

5,154

CLP Holdings Ltd.

3,000

20,107

CNOOC Ltd.

25,000

37,442

Cosco Pacific Ltd.

2,000

2,763

Denway Motors Ltd.

6,000

2,872

Esprit Holdings Ltd.

1,600

10,651

Common Stocks - continued

Shares

Value

Hong Kong - continued

Fosun International Ltd.

2,500

$ 1,693

Franshion Properties China Ltd.

4,000

1,118

Fushan International Energy Group Ltd.

4,000

3,081

Guangdong Investment Ltd.

4,000

2,090

Hang Lung Group Ltd.

1,000

5,013

Hang Lung Properties Ltd.

3,000

11,338

Hang Seng Bank Ltd.

1,100

15,540

Henderson Land Development Co. Ltd.

2,000

14,140

Hong Kong & China Gas Co. Ltd.

6,000

14,436

Hong Kong Electric Holdings Ltd.

2,000

10,696

Hong Kong Exchange & Clearing Ltd.

1,500

26,405

Hopewell Holdings Ltd.

1,000

3,146

Hutchison Whampoa Ltd.

3,000

21,057

Hysan Development Co. Ltd.

1,000

2,953

Kerry Properties Ltd.

1,000

5,576

Lenovo Group Ltd.

6,000

3,341

Li & Fung Ltd.

4,000

16,636

Lifestyle International Holdings Ltd.

1,000

1,607

Link (REIT)

3,000

6,756

Mongolia Energy Corp. Ltd. (a)

4,000

1,681

MTR Corp. Ltd.

2,000

7,084

New World Development Co. Ltd.

4,000

8,610

PCCW Ltd.

5,000

1,228

Shanghai Industrial Holdings Ltd. (H Shares)

1,000

4,698

Shangri-La Asia Ltd.

2,000

3,847

Sino Land Co.

2,000

3,804

Sino-Ocean Land Holdings Ltd.

4,500

4,376

Sinotruk Hong Kong Ltd.

1,000

1,189

Sun Hung Kai Properties Ltd.

2,000

30,302

Swire Pacific Ltd. (A Shares)

1,000

12,187

Tingyi (Cayman Island) Holding Corp.

2,000

4,463

Wharf Holdings Ltd.

2,000

10,807

Wheelock and Co. Ltd.

1,000

3,213

Wing Hang Bank Ltd.

500

4,851

TOTAL HONG KONG

532,522

Hungary - 0.1%

Magyar Telekom PLC

665

2,888

MOL Hungarian Oil and Gas PLC Series A (For. Reg.) (a)

74

6,254

OTP Bank Ltd. (a)

398

11,360

Richter Gedeon Ltd.

20

4,188

TOTAL HUNGARY

24,690

Common Stocks - continued

Shares

Value

India - 1.5%

Ambuja Cements Ltd.

900

$ 1,691

Axis Bank Ltd.

310

5,906

Bajaj Auto Ltd.

70

2,052

Bharat Heavy Electricals Ltd.

170

7,957

Bharat Petroleum Corp. Ltd.

200

2,175

Cairn India Ltd. (a)

850

4,711

Cipla Ltd.

454

2,751

DLF Ltd.

600

4,670

Dr. Reddy's Laboratories Ltd.

181

3,879

GAIL India Ltd.

506

3,727

GMR Infrastructure Ltd. (a)

862

1,115

Grasim Industries Ltd.

30

1,397

HCL Technologies Ltd.

250

1,607

HDFC Bank Ltd.

390

13,293

Hero Honda Motors Ltd.

109

3,603

Hindalco Industries Ltd.

900

2,302

Hindustan Unilever Ltd.

1,250

7,480

Housing Development Finance Corp. Ltd.

300

16,801

ICICI Bank Ltd.

1,100

18,181

Indiabulls Real Estate Ltd. (a)

430

2,251

Infosys Technologies Ltd.

645

29,980

Infrastructure Development Finance Co. Ltd.

861

2,660

ITC Ltd.

1,550

8,353

Jaiprakash Associates Ltd.

848

3,738

Jindal Steel & Power Ltd.

565

7,619

JSW Steel Ltd.

109

1,728

Kotak Mahindra Bank Ltd.

199

2,974

Larsen & Toubro Ltd.

280

9,250

Mahindra & Mahindra Ltd.

190

3,680

Maruti Suzuki India Ltd.

103

3,047

NTPC Ltd.

1,150

5,166

Oil & Natural Gas Corp. Ltd.

410

9,778

Power Grid Corp. of India Ltd.

700

1,537

Ranbaxy Laboratories Ltd. (a)

180

1,484

Reliance Capital Ltd.

150

2,352

Reliance Communication Ltd.

900

3,320

Reliance Industries Ltd.

950

38,468

Reliance Infrastructure Ltd.

157

3,477

Reliance Natural Resource Ltd. (a)

1,139

1,529

Satyam Computer Services Ltd.

700

1,514

Sesa Goa Ltd.

561

3,566

Siemens India Ltd.

130

1,408

Common Stocks - continued

Shares

Value

India - continued

State Bank of India

90

$ 4,156

Steel Authority of India Ltd.

600

2,070

Sterlite Industries (India) Ltd.

530

8,567

Sun Pharmaceutical Industries Ltd.

100

2,912

Tata Consultancy Services Ltd.

646

8,596

Tata Motors Ltd.

238

2,820

Tata Power Co. Ltd.

132

3,714

Tata Steel Ltd.

250

2,473

Unitech Ltd.

1,600

2,744

United Phosphorous Ltd.

332

1,003

United Spirits Ltd.

110

2,475

Wipro Ltd.

413

5,268

Zee Entertainment Enterprises Ltd.

270

1,310

TOTAL INDIA

302,285

Indonesia - 0.4%

PT Aneka Tambang Tbk

5,000

1,162

PT Astra Agro Lestari Tbk

500

1,110

PT Astra International Tbk

3,000

9,652

PT Bank Central Asia Tbk

17,500

8,241

PT Bank Danamon Indonesia Tbk Series A

4,000

1,866

PT Bank Mandiri Persero Tbk

10,500

5,038

PT Bank Rakyat Indonesia Tbk

8,000

5,822

PT Bumi Resources Tbk

25,000

6,018

PT Indocement Tunggal Prakarsa Tbk

2,000

2,277

PT Indofood Sukses Makmur Tbk

6,500

2,054

PT Indosat Tbk

2,000

1,062

PT International Nickel Indonesia Tbk (a)

3,000

1,243

PT Lippo Karawaci Tbk (a)

14,500

981

PT Perusahaan Gas Negara Tbk Series B

17,000

6,325

PT Semen Gresik Tbk

2,500

1,767

PT Tambang Batubbara Bukit Asam Tbk

1,000

1,558

PT Telkomunikasi Indonesia Tbk Series B

14,500

12,486

PT Unilever Indonesia Tbk

2,000

2,092

PT United Tractors Tbk

2,000

3,067

TOTAL INDONESIA

73,821

Ireland - 0.2%

CRH PLC

984

24,108

Elan Corp. PLC (a)

705

3,745

Common Stocks - continued

Shares

Value

Ireland - continued

Kerry Group PLC Class A

199

$ 5,901

Ryanair Holdings PLC (a)

524

2,275

TOTAL IRELAND

36,029

Isle of Man - 0.0%

Genting International PLC (a)

7,000

5,346

Israel - 0.6%

Bank Hapoalim BM (Reg.) (a)

1,405

5,187

Bank Leumi le-Israel BM (a)

1,675

6,617

Bezeq Israeli Telecommunication Corp. Ltd.

1,677

3,752

Cellcom Israel Ltd.

69

2,076

Check Point Software Technologies Ltd. (a)

239

7,426

Delek Group Ltd.

6

994

Discount Investment Corp. Ltd.

36

850

Elbit Systems Ltd.

30

1,823

Israel Chemicals Ltd.

719

8,561

Israel Corp. Ltd. (Class A) (a)

3

2,085

Israel Discount Bank Ltd. (Class A)

692

1,338

Makhteshim-Agan Industries

369

1,763

Mizrahi Tefahot Bank Ltd. (a)

173

1,419

Nice Systems Ltd. (a)

86

2,692

Ormat Industries Ltd.

91

799

Partner Communications Co. Ltd.

108

2,057

Teva Pharmaceutical Industries Ltd.

1,267

63,110

TOTAL ISRAEL

112,549

Italy - 2.4%

A2A SpA

1,550

2,867

ACEA SpA

105

1,231

Assicurazioni Generali SpA

1,703

43,004

Atlantia SpA

366

8,671

Autogrill SpA (a)

147

1,659

Banca Carige SpA

918

2,595

Banca Monte dei Paschi di Siena SpA

3,123

5,947

Banca Popolare di Milano

559

4,171

Banco Popolare Societa Cooperativa (a)

910

7,941

Enel SpA

9,366

55,888

ENI SpA

3,704

91,730

EXOR SpA

102

2,022

Fiat SpA (a)

1,087

16,252

Finmeccanica SpA

576

9,697

Fondiaria-Sai SpA

88

1,610

Common Stocks - continued

Shares

Value

Italy - continued

Intesa Sanpaolo SpA

10,955

$ 46,347

Italcementi SpA

100

1,444

Lottomatica SpA

66

1,410

Luxottica Group SpA

165

4,016

Mediaset SpA

1,007

6,561

Mediobanca SpA

674

8,614

Mediolanum SpA

309

1,967

Parmalat SpA

2,415

6,706

Pirelli & C SpA (a)

3,704

2,088

Prysmian SpA

141

2,488

Saipem SpA

377

11,173

Saras Raffinerie Sarde SpA

401

1,306

Snam Rete Gas SpA

2,131

10,348

Telecom Italia SpA

14,261

22,654

Terna SpA

1,844

7,320

UniCredit SpA

20,253

68,250

Unione di Banche Italiane SCPA

818

11,718

Unipol Gruppo Finanziario SpA (a)

1,046

1,521

TOTAL ITALY

471,216

Japan - 14.6%

ABC-Mart, Inc.

100

2,898

ACOM Co. Ltd.

60

767

Advantest Corp.

200

4,418

Aeon Co. Ltd.

900

8,028

Aeon Credit Service Co. Ltd.

100

963

Aeon Mall Co. Ltd.

100

2,096

Aioi Insurance Co. Ltd.

1,000

4,403

Aisin Seiki Co. Ltd.

300

7,628

Ajinomoto Co., Inc.

1,000

9,386

Alfresa Holdings Corp.

100

4,324

All Nippon Airways Co. Ltd.

1,000

2,790

Aozora Bank Ltd. (a)

1,000

1,182

Asahi Breweries Ltd.

600

10,608

Asahi Glass Co. Ltd.

1,000

8,425

Asahi Kasei Corp.

2,000

9,911

Astellas Pharma, Inc.

600

22,096

Bank of Yokohama Ltd.

2,000

9,821

Benesse Corp.

100

4,410

Bridgestone Corp.

900

14,842

Brother Industries Ltd.

300

3,416

Canon Marketing Japan, Inc.

100

1,620

Common Stocks - continued

Shares

Value

Japan - continued

Canon, Inc.

1,500

$ 56,557

Casio Computer Co. Ltd.

300

2,201

Central Japan Railway Co.

2

13,325

Chiba Bank Ltd.

1,000

6,167

Chubu Electric Power Co., Inc.

900

20,095

Chugai Pharmaceutical Co. Ltd.

300

5,869

Chugokun Electric Power Co.

400

8,095

Chuo Mitsui Trust Holdings, Inc.

1,000

3,701

Citizen Holdings Co. Ltd.

400

2,251

Coca-Cola West Co. Ltd.

100

1,858

Cosmo Oil Co. Ltd.

1,000

2,627

Credit Saison Co. Ltd.

200

2,236

Dai Nippon Printing Co. Ltd.

1,000

12,530

Daiichi Sankyo Kabushiki Kaisha

1,000

19,537

Daikin Industries Ltd.

300

10,169

Dainippon Sumitomo Pharma Co. Ltd.

200

2,079

Daito Trust Construction Co.

100

4,157

Daiwa House Industry Co. Ltd.

1,000

10,684

Daiwa Securities Group, Inc.

2,000

10,527

Denki Kagaku Kogyo KK

1,000

3,669

Denso Corp.

700

19,127

Dentsu, Inc.

200

4,285

Dic Corp.

1,000

1,637

East Japan Railway Co.

500

32,021

Eisai Co. Ltd.

400

14,205

Electric Power Development Co. Ltd.

200

6,167

Elpida Memory, Inc. (a)

300

3,920

FamilyMart Co. Ltd.

100

2,979

Fanuc Ltd.

300

24,920

Fast Retailing Co. Ltd.

100

16,460

Fuji Electric Holdings Co. Ltd.

1,000

1,858

Fuji Heavy Industries Ltd.

1,000

3,908

Fuji Media Holdings, Inc.

1

1,469

Fujifilm Holdings Corp.

700

19,902

Fujitsu Ltd.

3,000

17,667

Fukuoka Financial Group, Inc.

1,000

3,657

Furukawa Electric Co. Ltd.

1,000

3,793

GS Yuasa Corp.

1,000

8,614

Gunma Bank Ltd.

1,000

5,210

Hakuhodo DY Holdings, Inc.

30

1,507

Hankyu Hanshin Holdings, Inc.

2,000

8,910

Hikari Tsushin, Inc.

100

1,876

Common Stocks - continued

Shares

Value

Japan - continued

Hiroshima Bank Ltd.

1,000

$ 3,837

Hisamitsu Pharmaceutical Co., Inc.

100

3,438

Hitachi Chemical Co. Ltd.

100

1,985

Hitachi Construction Machinery Co. Ltd.

200

4,661

Hitachi High-Technologies Corp.

100

1,656

Hitachi Ltd.

5,000

16,145

Hokkaido Electric Power Co., Inc.

300

5,777

Hokuhoku Financial Group, Inc.

2,000

4,334

Hokuriku Electric Power Co., Inc.

300

6,840

Honda Motor Co. Ltd.

2,300

71,043

Hoya Corp.

600

13,205

Ibiden Co. Ltd.

200

7,161

Inpex Corp.

1

8,167

Isetan Mitsukoshi Holdings Ltd.

500

4,792

Ishikawajima-Harima Heavy Industries Co. Ltd. (a)

2,000

3,814

Isuzu Motors Ltd.

2,000

4,229

Ito En Ltd.

100

1,682

Itochu Corp.

2,000

12,642

ITOCHU Techno-Solutions Corp.

100

2,749

J Front Retailing Co. Ltd.

1,000

4,740

JAFCO Co. Ltd.

100

2,689

Japan Airlines Corp. (a)

1,000

1,295

Japan Petroleum Exploration Co. Ltd.

100

4,993

Japan Prime Realty Investment Corp.

1

2,178

Japan Real Estate Investment Corp.

1

7,980

Japan Tobacco, Inc.

6

16,834

JFE Holdings, Inc.

700

22,804

Joyo Bank Ltd.

1,000

4,400

JS Group Corp.

400

6,529

JSR Corp.

300

5,851

JTEKT Corp.

300

3,169

Jupiter Telecommunications Co.

3

2,742

Kajima Corp.

1,000

2,341

Kansai Electric Power Co., Inc.

1,100

23,769

Kao Corp.

800

17,820

Kawasaki Heavy Industries Ltd.

2,000

4,998

Kawasaki Kisen Kaisha Ltd.

1,000

3,644

KDDI Corp.

4

21,231

Keihin Electric Express Railway Co. Ltd.

1,000

7,961

Keio Corp.

1,000

6,297

Keyence Corp.

100

19,854

Kintetsu Corp.

2,000

7,113

Common Stocks - continued

Shares

Value

Japan - continued

Kirin Holdings Co. Ltd.

1,000

$ 16,324

Kobe Steel Ltd.

4,000

7,270

Komatsu Ltd.

1,400

27,294

Konami Corp.

100

1,820

Konica Minolta Holdings, Inc.

1,000

9,394

Kubota Corp.

2,000

15,542

Kuraray Co. Ltd.

500

5,162

Kuraya Sanseido, Inc.

200

2,793

Kurita Water Industries Ltd.

200

6,117

Kyocera Corp.

200

16,778

Kyowa Hakko Kirin Co., Ltd.

1,000

11,560

Kyushu Electric Power Co., Inc.

500

10,210

Lawson, Inc.

100

4,471

Leopalace21 Corp.

200

1,082

Mabuchi Motor Co. Ltd.

100

4,786

Makita Corp.

200

6,628

Marubeni Corp.

2,000

9,896

Marui Group Co. Ltd.

300

1,723

Maruichi Steel Tube Ltd.

100

1,866

Matsui Securities Co. Ltd.

200

1,440

Mazda Motor Corp.

2,000

4,514

McDonald's Holdings Co. (Japan) Ltd.

100

2,022

Meiji Holdings Co. Ltd. (a)

100

4,073

Minebea Ltd.

1,000

4,192

Mitsubishi Chemical Holdings Corp.

2,000

7,427

Mitsubishi Corp.

1,900

40,283

Mitsubishi Electric Corp.

3,000

22,822

Mitsubishi Estate Co. Ltd.

2,000

30,212

Mitsubishi Gas Chemical Co., Inc.

1,000

4,613

Mitsubishi Heavy Industries Ltd.

4,000

14,145

Mitsubishi Materials Corp.

2,000

5,274

Mitsubishi Motors Corp. of Japan (a)

5,000

7,397

Mitsubishi Rayon Co. Ltd.

1,000

3,454

Mitsubishi UFJ Financial Group, Inc.

13,300

70,845

Mitsubishi UFJ Lease & Finance Co. Ltd.

80

2,383

Mitsui & Co. Ltd.

2,500

32,834

Mitsui Chemicals, Inc.

1,000

3,435

Mitsui Engineering & Shipbuilding Co.

1,000

2,589

Mitsui Fudosan Co. Ltd.

1,000

16,181

Mitsui Mining & Smelting Co. Ltd. (a)

1,000

2,577

Mitsui O.S.K. Lines Ltd.

2,000

11,614

Mitsui Sumitomo Insurance Group Holdings, Inc.

600

13,968

Common Stocks - continued

Shares

Value

Japan - continued

Mitsumi Electric Co. Ltd.

100

$ 2,017

Mizuho Financial Group, Inc.

17,900

35,309

Mizuho Securities Co. Ltd.

1,000

3,451

Mizuho Trust & Banking Co. Ltd. (a)

2,000

1,906

Murata Manufacturing Co. Ltd.

300

14,638

Namco Bandai Holdings, Inc.

300

3,068

NEC Corp. (a)

3,000

8,528

Nidec Corp.

200

16,887

Nikon Corp.

500

9,319

Nintendo Co. Ltd.

100

25,084

Nippon Building Fund, Inc.

1

8,197

Nippon Express Co. Ltd.

1,000

4,095

Nippon Mining Holdings, Inc.

1,500

6,692

Nippon Oil Corp.

2,000

9,856

Nippon Paper Group, Inc.

100

2,654

Nippon Sheet Glass Co. Ltd.

1,000

2,947

Nippon Steel Corp.

7,000

26,707

Nippon Telegraph & Telephone Corp.

700

28,885

Nippon Yusen KK

2,000

7,383

Nipponkoa Insurance Co. Ltd.

1,000

5,445

Nishi-Nippon City Bank Ltd.

1,000

2,474

Nissan Motor Co. Ltd.

3,500

25,328

Nisshin Seifun Group, Inc.

500

6,670

Nisshin Steel Co. Ltd.

1,000

1,669

Nissin Food Holdings Co. Ltd.

100

3,529

Nitori Co. Ltd.

100

8,133

Nitto Denko Corp.

200

6,040

NOK Corp.

200

2,654

Nomura Holdings, Inc.

5,100

35,948

Nomura Real Estate Holdings, Inc.

100

1,592

Nomura Research Institute Ltd.

100

2,163

NSK Ltd.

1,000

5,810

NTN Corp.

1,000

3,776

NTT Data Corp.

2

5,755

NTT DoCoMo, Inc.

22

31,908

NTT Urban Development Co.

2

1,607

Obayashi Corp.

1,000

3,776

Obic Co. Ltd.

10

1,691

Odakyu Electric Railway Co. Ltd.

1,000

8,146

Oji Paper Co. Ltd.

1,000

4,352

Olympus Corp.

300

9,364

Omron Corp.

300

5,052

Common Stocks - continued

Shares

Value

Japan - continued

Ono Pharmaceutical Co. Ltd.

100

$ 4,748

Oracle Corp. Japan

100

4,407

Oriental Land Co. Ltd.

100

6,779

ORIX Corp.

150

9,690

Osaka Gas Co. Ltd.

3,000

10,042

OSAKA Titanium technologies Co. Ltd.

100

2,651

Panasonic Corp.

2,800

39,524

Panasonic Electric Works Co., Ltd.

1,000

12,624

Promise Co. Ltd.

100

636

Rakuten, Inc.

10

6,849

Resona Holdings, Inc.

700

8,335

Ricoh Co. Ltd.

1,000

13,591

Rinnai Corp.

100

4,394

ROHM Co. Ltd.

100

6,632

Sankyo Co. Ltd. (Gunma)

100

5,712

Santen Pharmaceutical Co. Ltd.

100

3,431

Sanyo Electric Co. Ltd. (a)

2,000

4,958

Sapporo Hokuyo Holdings, Inc. (a)

400

1,350

SBI Holdings, Inc.

24

4,410

Secom Co. Ltd.

300

13,998

Sega Sammy Holdings, Inc.

300

4,260

Seiko Epson Corp.

200

3,092

Sekisui Chemical Co. Ltd.

1,000

6,049

Sekisui House Ltd.

1,000

8,648

Senshu Ikeda Holdings, Inc. (a)

700

2,326

Seven & i Holdings Co., Ltd.

1,100

24,083

Seven Bank Ltd.

1

2,443

Sharp Corp.

2,000

21,340

Shikoku Electric Power Co., Inc.

300

8,442

SHIMANO, Inc.

100

3,824

SHIMIZU Corp.

1,000

3,835

Shin-Etsu Chemical Co., Ltd.

600

31,821

Shinko Electric Industries Co.Ltd.

100

1,489

Shinsei Bank Ltd. (a)

1,000

1,305

Shionogi & Co. Ltd.

400

8,629

Shiseido Co. Ltd.

500

9,129

Shizuoka Bank Ltd.

1,000

9,937

Showa Denko KK

2,000

3,850

Showa Shell Sekiyu KK

300

2,955

SMC Corp.

100

11,421

Softbank Corp.

1,100

25,922

Sojitz Corp.

1,800

3,323

Common Stocks - continued

Shares

Value

Japan - continued

Sompo Japan Insurance, Inc.

1,000

$ 5,848

Sony Corp.

1,400

41,343

Sony Financial Holdings, Inc.

1

2,870

Square Enix Holdings Co. Ltd.

100

2,489

Stanley Electric Co. Ltd.

200

3,916

Sumco Corp.

200

3,817

Sumitomo Chemical Co. Ltd.

2,000

7,969

Sumitomo Corp.

1,600

15,533

Sumitomo Electric Industries Ltd.

1,100

13,349

Sumitomo Heavy Industries Ltd.

1,000

4,537

Sumitomo Metal Industries Ltd.

5,000

12,775

Sumitomo Metal Mining Co. Ltd.

1,000

15,816

Sumitomo Mitsui Financial Group, Inc.

1,300

44,190

Sumitomo Realty & Development Co. Ltd.

1,000

18,962

Sumitomo Rubber Industries Ltd.

200

1,844

Sumitomo Trust & Banking Co. Ltd.

2,000

10,570

Suzuken Co. Ltd.

100

3,539

Suzuki Motor Corp.

500

12,099

T&D Holdings, Inc.

300

7,751

Taiheiyo Cement Corp.

1,000

1,161

Taisei Corp.

1,000

1,963

Takeda Pharmaceutical Co. Ltd.

1,100

43,995

TDK Corp.

200

11,500

Teijin Ltd.

1,000

2,939

Terumo Corp.

200

10,528

The Hachijuni Bank Ltd.

1,000

5,916

THK Co. Ltd.

200

3,456

Tobu Railway Co. Ltd.

1,000

5,469

Toho Co. Ltd.

200

3,006

Toho Gas Co. Ltd.

1,000

5,186

Tohoku Electric Power Co., Inc.

600

12,322

Tokio Marine Holdings, Inc.

1,000

25,572

Tokyo Broadcasting System Holding

100

1,492

Tokyo Electric Power Co.

1,700

41,790

Tokyo Electron Ltd.

200

11,252

Tokyo Gas Co., Ltd.

3,000

11,885

Tokyo Steel Manufacturing Co. Ltd.

100

1,310

Tokyu Corp.

2,000

8,741

Tokyu Land Corp.

1,000

4,032

Toppan Printing Co. Ltd.

1,000

8,938

Toray Industries, Inc.

2,000

11,394

Toshiba Corp.

6,000

34,294

Common Stocks - continued

Shares

Value

Japan - continued

Tosoh Corp.

1,000

$ 2,689

Toyo Seikan Kaisha Ltd.

200

3,360

Toyoda Gosei Co. Ltd.

100

2,804

Toyota Boshoku Corp.

100

2,085

Toyota Industries Corp.

300

8,126

Toyota Motor Corp.

3,900

153,969

Toyota Tsusho Corp.

300

4,290

Trend Micro, Inc.

100

3,461

Tsumura & Co.

100

3,441

Ube Industries Ltd.

1,000

2,577

Uni-Charm Corp.

100

9,584

UNY Co. Ltd.

300

2,228

Ushio, Inc.

200

3,144

USS Co. Ltd.

30

1,815

West Japan Railway Co.

2

7,088

Yahoo! Japan Corp.

21

6,437

Yakult Honsha Co. Ltd.

100

2,604

Yamada Denki Co. Ltd.

120

7,313

Yamaha Corp.

200

2,066

Yamaha Motor Co. Ltd.

300

3,573

Yamato Holdings Co. Ltd.

1,000

14,753

Yamato Kogyo Co. Ltd.

100

3,001

Yokogawa Electric Corp.

300

2,432

TOTAL JAPAN

2,898,444

Korea (South) - 2.6%

Amorepacific Corp.

5

3,438

Busan Bank

230

2,598

Celltrion, Inc. (a)

76

913

Cheil Industries, Inc.

67

2,490

CJ CheilJedang Corp.

11

1,853

Daegu Bank Co. Ltd.

170

2,247

Daelim Industrial Co.

40

2,529

Daewoo Engineering & Construction Co. Ltd.

160

1,624

Daewoo International Corp.

70

1,905

Daewoo Securities Co. Ltd.

180

2,725

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

140

1,835

DC Chemical Co. Ltd.

18

3,151

Dongbu Insurance Co. Ltd.

60

1,814

Dongkuk Steel Mill Co. Ltd.

50

1,058

Doosan Co. Ltd.

14

967

Doosan Heavy Industries & Construction Co. Ltd.

45

2,406

Common Stocks - continued

Shares

Value

Korea (South) - continued

Doosan Infracore Co. Ltd.

110

$ 1,560

GS Engineering & Construction Corp.

51

4,456

GS Holdings Corp.

70

1,728

Hana Financial Group, Inc.

270

7,978

Hanjin Heavy Industries & Consolidated Co. Ltd.

40

712

Hanjin Shipping Co. Ltd.

80

1,083

Hankook Tire Co. Ltd.

110

2,095

Hanwha Chemical Corp.

110

1,019

Hanwha Corp.

70

2,229

HITE Brewery Co. Ltd.

7

949

Honam Petrochemical Corp.

20

1,367

Hynix Semiconductor, Inc. (a)

670

9,911

Hyosung Corp.

32

1,752

Hyundai Department Store Co. Ltd.

21

2,000

Hyundai Engineering & Construction Co. Ltd.

71

3,905

Hyundai Heavy Industries Co. Ltd.

54

7,369

Hyundai Industrial Development & Construction Co.

80

2,359

Hyundai Mipo Dockyard Co. Ltd.

16

1,313

Hyundai Mobis

90

11,957

Hyundai Motor Co.

219

19,791

Hyundai Securities Co. Ltd.

170

1,923

Hyundai Steel Co.

78

4,937

Industrial Bank of Korea (a)

230

2,776

Kangwon Land, Inc.

140

1,864

KB Financial Group, Inc. (a)

464

22,237

KCC Corp.

7

2,011

Kia Motors Corp. (a)

290

4,292

Korea Electric Power Corp. (a)

370

10,446

Korea Exchange Bank

370

4,189

Korea Express Co. Ltd. (a)

13

711

Korea Gas Corp.

33

1,387

Korea Investment Holdings Co. Ltd.

50

1,329

Korea Zinc Co. Ltd.

12

1,848

Korean Air Lines Co. Ltd. (a)

50

1,896

KT Corp.

180

5,846

KT&G Corp.

158

9,168

LG Chemical Ltd.

66

11,332

LG Corp.

135

7,620

LG Dacom Corp.

60

944

LG Display Co. Ltd.

330

7,868

LG Electronics, Inc.

134

12,411

LG Household & Health Care Ltd.

12

2,483

Common Stocks - continued

Shares

Value

Korea (South) - continued

LG Telecom Ltd.

190

$ 1,418

Lotte Confectionery Co. Ltd.

1

1,002

Lotte Shopping Co. Ltd.

12

3,377

LS Cable Ltd.

25

2,035

LS Industrial Systems Ltd.

23

1,717

Mirae Asset Securities Co. Ltd.

33

1,719

NCsoft Corp.

19

2,025

NHN Corp. (a)

58

8,523

POSCO

93

38,400

S-Oil Corp.

64

3,085

S1 Corp.

24

957

Samsung C&T Corp.

178

7,218

Samsung Card Co. Ltd.

52

2,053

Samsung Electro-Mechanics Co. Ltd.

85

7,041

Samsung Electronics Co. Ltd.

157

94,126

Samsung Engineering Co. Ltd.

43

3,788

Samsung Fire & Marine Insurance Co. Ltd.

54

9,796

Samsung Heavy Industries Ltd.

230

4,335

Samsung SDI Co. Ltd.

49

5,573

Samsung Securities Co. Ltd.

71

3,467

Samsung Techwin Co. Ltd.

53

4,043

Shinhan Financial Group Co. Ltd. (a)

570

21,547

Shinsegae Co. Ltd.

20

8,603

SK Broadband Co., Ltd. (a)

203

832

SK Energy Co. Ltd.

85

7,778

SK Holdings Co. Ltd.

33

2,608

SK Networks Co. Ltd.

100

942

SK Telecom Co. Ltd.

56

8,497

STX Pan Ocean Co. Ltd. (Korea)

150

1,362

STX Shipbuilding Co. Ltd.

60

638

Taewoong Co. Ltd.

12

815

Taihan Electric Wire Co.

40

637

Tong Yang Securities, Inc.

100

913

Woongjin Coway Co. Ltd.

70

2,331

Woori Finance Holdings Co. Ltd. (a)

340

4,560

Woori Investment & Securities Co. Ltd.

120

1,503

Yuhan Corp.

12

1,926

TOTAL KOREA (SOUTH)

509,794

Luxembourg - 0.3%

ArcelorMittal SA (Netherlands)

1,221

41,290

Millicom International Cellular SA unit (a)

107

6,871

Common Stocks - continued

Shares

Value

Luxembourg - continued

SES SA FDR (France) unit

403

$ 8,750

Tenaris SA

672

12,015

TOTAL LUXEMBOURG

68,926

Malaysia - 0.6%

AirAsia Bhd (a)

1,900

747

AMMB Holdings Bhd

2,500

3,437

Axiata Group Bhd

3,600

3,066

Berjaya Sports Toto Bhd

1,100

1,387

British American Tobacco (Malaysia) Bhd

200

2,627

Bumiputra-Commerce Holdings Bhd

2,800

10,158

Bursa Malaysia Bhd

500

1,183

DiGi.com Bhd

500

3,193

Gamuda Bhd

2,200

2,009

Genting Bhd

3,200

6,727

Genting Malaysia Bhd

4,600

3,674

Genting Plantations Bhd

400

715

Hong Leong Bank BHD

600

1,312

Hong Leong Credit BHD

500

905

IGB Corp. Bhd (a)

1,500

852

IJM Corp. Bhd

1,600

2,232

IOI Corp. Bhd

4,900

7,597

KLCC Property Holdings Bhd

800

764

Kuala Lumpur Kepong Bhd

700

3,057

Lafarge Malayan Cement Bhd

500

882

Malayan Banking Bhd

5,000

9,683

Malaysian Airline System Bhd (a)

900

815

Malaysian International Shipping Corp. BHD (For. Reg.)

1,600

4,160

Malaysian Plantations Bhd

1,300

929

MMC Corp. Bhd

1,100

797

Parkson Holdings Bhd

700

1,039

Petronas Dagangan BHD

300

780

Petronas Gas BHD

700

2,001

PLUS Expressways Bhd

2,100

2,024

PPB Group Bhd

700

3,091

Public Bank Bhd (For. Reg.)

1,500

4,673

RHB Capital BHD

600

941

Sime Darby Bhd

4,300

11,118

SP Setia Bhd

1,100

1,237

Telekom Malaysia Bhd

1,400

1,230

Tenaga Nasional BHD

2,800

6,863

UMW Holdings Bhd

800

1,473

Common Stocks - continued

Shares

Value

Malaysia - continued

YTL Corp. Bhd

1,000

$ 2,127

YTL Power International Bhd

2,900

1,822

TOTAL MALAYSIA

113,327

Mauritius - 0.0%

Golden Agri-Resources Ltd. (a)

9,000

2,708

Mexico - 0.9%

Alfa SA de CV Series A

400

2,119

America Movil SAB de CV Series L

26,500

58,585

Carso Global Telecom Sab de CV Series A1 (a)

1,000

3,890

Cemex SA de CV unit

13,000

13,499

Coca-Cola FEMSA SAB de CV Series L

400

2,158

Desarrolladora Homex SAB de CV (a)

300

1,785

Fomento Economico Mexicano SAB de CV unit

3,100

13,418

Grupo Aeroportuario del Pacifico SA de CV Series B

700

1,794

Grupo Bimbo Sab de CV Series A

500

2,912

Grupo Carso SA de CV Series A1

800

2,363

Grupo Elektra SA de CV

105

4,119

Grupo Financiero Banorte SAB de CV Series O

2,000

6,392

Grupo Financiero Inbursa SA de CV Series O

900

2,536

Grupo Mexico SA de CV Series B

5,400

10,838

Grupo Modelo SAB de CV Series C (a)

700

3,181

Grupo Televisa SA de CV

3,500

13,532

Industrias Penoles SA de CV

100

1,826

Kimberly-Clark de Mexico SA de CV Series A

800

3,169

Mexichem SAB de CV

1,300

2,068

Telefonos de Mexico SA de CV Series L

7,800

6,492

Telmex Internacional SAB de CV Series L

7,600

5,111

Urbi, Desarrollos Urbanos, SA de CV (a)

700

1,342

Wal-Mart de Mexico SA de CV Series V

4,200

14,651

TOTAL MEXICO

177,780

Morocco - 0.1%

Attijariwafa Bank

41

1,404

Banque Morocaine du Commerce Exterieur

67

2,119

Compagnie Generale Immobiliere

5

1,221

Douja Promotion Groupe Addoha SA

141

2,088

Maroc Telecom

250

4,599

ONA SA

8

1,366

TOTAL MOROCCO

12,797

Common Stocks - continued

Shares

Value

Netherlands - 1.9%

Aegon NV (a)

2,221

$ 15,946

Akzo Nobel NV

329

19,501

ASML Holding NV (Netherlands)

612

16,503

Corio NV

76

5,170

European Aeronautic Defence and Space Co. EADS NV

579

10,893

Fugro NV (Certificaten Van Aandelen) unit

92

5,145

Heineken Holding NV (A Shares)

157

6,124

Heineken NV (Bearer)

349

15,466

ING Groep NV (Certificaten Van Aandelen) unit (a)

2,787

36,267

James Hardie Industries NV unit (a)

614

3,890

Koninklijke Ahold NV

1,696

21,414

Koninklijke Boskalis Westminster NV (Certificaten Van Aandelen) unit

79

2,783

Koninklijke KPN NV

2,439

44,326

Koninklijke Philips Electronics NV

1,383

34,740

QIAGEN NV (a)

281

5,830

Randstad Holdings NV (a)

145

5,526

Reed Elsevier NV

1,030

12,035

Royal DSM NV

219

9,617

SBM Offshore NV

213

4,097

STMicroelectronics NV

969

7,776

TNT NV

524

13,941

Unilever NV (Certificaten Van Aandelen) unit

2,317

71,618

Wolters Kluwer NV (Certificaten Van Aandelen)

396

8,855

TOTAL NETHERLANDS

377,463

New Zealand - 0.1%

Auckland International Airport Ltd.

1,203

1,743

Contact Energy Ltd.

422

1,895

Fletcher Building Ltd.

862

5,145

Sky City Entertainment Group Ltd.

833

2,074

Telecom Corp. of New Zealand Ltd.

2,633

4,753

TOTAL NEW ZEALAND

15,610

Norway - 0.5%

DnB NOR ASA (a)

1,000

11,517

Norsk Hydro ASA (a)

1,000

6,593

Orkla ASA (A Shares)

1,000

9,291

Renewable Energy Corp. AS (a)

400

2,402

StatoilHydro ASA

1,600

37,973

Common Stocks - continued

Shares

Value

Norway - continued

Telenor ASA (a)

1,200

$ 15,539

Yara International ASA

250

8,322

TOTAL NORWAY

91,637

Peru - 0.0%

Compania de Minas Buenaventura SA sponsored ADR

271

9,097

Philippines - 0.1%

Ayala Corp.

250

1,540

Ayala Land, Inc.

7,200

1,592

Banco de Oro Universal Bank

1,100

811

Bank of the Philippine Islands (BPI)

1,800

1,782

Globe Telecom, Inc.

50

974

Jollibee Food Corp.

700

752

Manila Electric Co.

630

2,495

Metropolitan Bank & Trust Co.

1,000

864

Philippine Long Distance Telephone Co.

70

3,826

PNOC Energy Development Corp.

10,000

885

SM Investments Corp.

260

1,725

SM Prime Holdings, Inc.

6,000

1,264

TOTAL PHILIPPINES

18,510

Poland - 0.3%

Asseco Poland SA

81

1,638

Bank Handlowy w Warszawie SA (a)

45

996

Bank Millennium SA (a)

465

772

Bank Polska Kasa Opieki SA (a)

167

9,080

Bank Zachodni WBK SA (a)

31

1,677

BRE Bank SA (a)

15

1,413

Cyfrowy Polsat SA

148

719

Getin Holding SA (a)

445

1,283

Globe Trade Centre SA (a)

170

1,489

Grupa Lotos SA (a)

93

855

ING Bank Slaski SA (a)

4

904

KGHM Polska Miedz SA (Bearer)

170

5,812

PBG SA (a)

13

1,021

Polish Oil & Gas Co.

1,657

2,033

Polski Koncern Naftowy Orlen SA (a)

454

4,786

Powszechna Kasa Oszczednosci Bank SA

887

10,639

Telekomunikacja Polska SA

946

5,592

TVN SA

196

982

TOTAL POLAND

51,691

Common Stocks - continued

Shares

Value

Portugal - 0.2%

Banco Comercial Portugues SA (Reg.)

3,342

$ 4,770

Banco Espirito Santo SA (Reg.)

747

5,517

Brisa Auto-Estradas de Portugal SA

255

2,518

Cimpor-Cimentos de Portugal SGPS SA

334

2,605

Energias de Portugal SA

2,604

11,523

Galp Energia SGPS SA Class B

219

3,687

Jeronimo Martins SGPS SA

313

2,787

Portugal Telecom SGPS SA (Reg.)

830

9,508

TOTAL PORTUGAL

42,915

Russia - 1.3%

Comstar United TeleSystems OJSC GDR (Reg. S)

235

1,220

Federal Grid Co. Unified Energy System JSC (a)

409,610

4,419

Gazprom Neft (a)

467

2,362

Lukoil Oil Co. (a)

665

39,033

Mechel Steel Group OAO sponsored ADR

207

3,552

Mobile TeleSystems OJSC sponsored ADR

283

12,820

Novolipetsk Steel Ojsc

110

2,882

OAO Gazprom

13,463

80,338

OAO NOVATEK GDR

129

6,515

OAO Tatneft sponsored ADR

350

9,118

OAO TMK unit

77

1,394

OJSC MMC Norilsk Nickel (a)

122

15,833

OJSC Oil Co. Rosneft (a)

1,806

13,669

Pharmstandard OJSC unit (a)

107

1,739

Polymetal JSC (a)

111

970

Polyus Gold OJSC (a)

108

5,589

Rostelecom (a)

156

1,072

RusHydro OJSC (a)

144,700

5,155

Sberbank (Savings Bank of the Russian Federation)

12,272

27,193

Severstal JSC (a)

285

2,099

Sistema JSFC sponsored GDR (a)

137

2,230

Surgutneftegaz JSC (Reg.)

10,100

8,988

Uralkali JSC

1,055

4,972

Vimpel Communications sponsored ADR (a)

437

7,835

VTB Bank JSC (a)

2,224,000

4,368

Wimm-Bill-Dann Foods OJSC sponsored ADR (a)

25

1,690

TOTAL RUSSIA

267,055

Singapore - 0.9%

Ascendas Real Estate Investment Trust (A-REIT)

2,000

2,599

CapitaLand Ltd.

4,000

11,597

Common Stocks - continued

Shares

Value

Singapore - continued

CapitaMall Trust

3,000

$ 3,369

City Developments Ltd.

1,000

7,005

ComfortDelgro Corp. Ltd.

3,000

3,259

Cosco Corp. Singapore Ltd.

1,000

791

DBS Group Holdings Ltd.

2,000

18,311

Fraser & Neave Ltd.

1,000

2,722

Keppel Corp. Ltd.

2,000

11,491

Neptune Orient Lines Ltd.

1,000

1,113

Olam International Ltd.

2,000

3,838

Oversea-Chinese Banking Corp. Ltd.

4,000

21,550

SembCorp Industries Ltd.

1,000

2,356

SembCorp Marine Ltd.

1,000

2,439

Singapore Airlines Ltd.

1,000

9,587

Singapore Exchange Ltd.

1,000

5,665

Singapore Press Holdings Ltd.

2,000

5,476

Singapore Technologies Engineering Ltd.

2,000

4,028

Singapore Telecommunications Ltd.

11,000

22,805

StarHub Ltd.

1,000

1,339

United Overseas Bank Ltd.

2,000

23,968

UOL Group Ltd.

1,000

2,385

Wilmar International Ltd.

2,000

8,816

TOTAL SINGAPORE

176,509

South Africa - 1.5%

Absa Group Ltd.

460

7,331

African Bank Investments Ltd.

1,088

4,289

African Rainbow Minerals Ltd.

150

2,936

Anglo Platinum Ltd. (a)

85

7,442

AngloGold Ashanti Ltd.

428

15,882

ArcelorMittal South Africa Ltd.

253

3,449

Aspen Pharmacare Holdings Ltd.

306

2,593

Aveng Ltd.

562

3,003

Bidvest Group Ltd.

406

6,392

Discovery Holdings Ltd.

375

1,495

Exxaro Resources Ltd.

177

2,005

FirstRand Ltd.

4,012

9,136

Foschini Ltd.

291

2,316

Gold Fields Ltd.

952

12,176

Growthpoint Properties Ltd.

2,005

3,570

Harmony Gold Mining Co. Ltd.

515

5,157

Impala Platinum Holdings Ltd.

764

17,045

Imperial Holdings Ltd.

237

2,469

Common Stocks - continued

Shares

Value

South Africa - continued

Investec Ltd.

306

$ 2,280

Kumba Iron Ore Ltd.

114

3,444

Liberty Holdings Ltd.

162

1,401

Massmart Holdings Ltd.

285

3,303

MTN Group Ltd.

2,093

31,479

Murray & Roberts Holdings Ltd.

448

3,233

Naspers Ltd. Class N

546

19,879

Nedbank Group Ltd.

273

4,137

Netcare Ltd.

1,320

1,950

Northam Platinum Ltd.

204

969

Pick 'n Pay Stores Ltd.

320

1,671

Pretoria Portland Cement Co. Ltd.

706

2,978

Redefine Income Fund Ltd. unit

3,385

3,120

Remgro Ltd.

625

7,360

Reunert Ltd.

251

1,780

RMB Holdings Ltd.

1,031

3,781

Sanlam Ltd.

2,917

8,046

Sappi Ltd.

725

2,696

Sasol Ltd.

816

30,896

Shoprite Holdings Ltd.

578

4,735

Standard Bank Group Ltd.

1,659

20,853

Steinhoff International Holdings Ltd.

1,660

4,039

Telkom SA Ltd.

371

2,089

Tiger Brands Ltd.

233

4,682

Truworths International Ltd.

614

3,537

Vodacom Group (Pty) Ltd. (a)

529

3,684

Woolworths Holdings Ltd.

968

2,167

TOTAL SOUTH AFRICA

288,875

Spain - 3.3%

Abertis Infraestructuras SA

400

8,529

Acerinox SA

198

3,949

Actividades de Construccion y Servicios SA (ACS)

204

9,822

Banco Bilbao Vizcaya Argentaria SA

5,064

90,513

Banco de Sabadell SA

1,280

8,655

Banco de Valencia SA

300

2,547

Banco Popular Espanol SA (Reg.)

1,232

11,023

Banco Santander SA

11,599

186,642

Bankinter SA

403

4,258

Cintra Concesiones de Infrastructuras de Transporte SA

281

2,901

Criteria CaixaCorp, SA

1,196

5,843

EDP Renovaveis SA (a)

309

3,083

Common Stocks - continued

Shares

Value

Spain - continued

Enagas SA

254

$ 5,240

Fomento Construcciones y Contratas SA (FOCSA)

54

2,203

Gamesa Corporacion Tecnologica, SA

259

4,757

Gas Natural SDG SA Series E

318

6,409

Gestevision Telecinco SA

140

1,452

Grifols SA

181

2,931

Grupo Acciona SA

36

4,402

Grupo Ferrovial SA

80

3,327

Iberdrola Renovables SA

1,198

5,342

Iberdrola SA

5,229

47,553

Iberia Lineas Aereas de Espana SA (a)

670

1,854

Inditex SA

310

18,247

Indra Sistemas SA

139

3,275

Mapfre SA (Reg.)

1,017

4,370

Red Electrica Corporacion SA

153

7,927

Repsol YPF SA

1,042

27,738

Telefonica SA

6,022

168,162

Vallehermoso SA

130

1,972

Zardoya Otis SA

188

3,782

TOTAL SPAIN

658,708

Sweden - 1.8%

Alfa Laval AB

488

5,960

Assa Abloy AB (B Shares)

444

7,758

Atlas Copco AB:

(A Shares)

956

12,818

(B Shares)

554

6,600

Electrolux AB (B Shares) (a)

340

8,149

Getinge AB (B Shares)

285

5,310

H&M Hennes & Mauritz AB (B Shares)

728

41,349

Holmen AB (B Shares)

75

2,024

Husqvarna AB (B Shares) (a)

579

3,646

Investor AB (B Shares)

648

11,464

Lundin Petroleum AB (a)

314

2,660

Nordea Bank AB

4,593

49,295

Sandvik AB

1,433

15,828

Scania AB (B Shares)

455

5,837

Securitas AB (B Shares)

446

4,161

Skandinaviska Enskilda Banken AB (A Shares) (a)

2,159

13,077

Skanska AB (B Shares)

567

8,320

SKF AB (B Shares)

552

8,740

Common Stocks - continued

Shares

Value

Sweden - continued

SSAB Svenskt Stal AB:

(A Shares)

257

$ 3,917

(B Shares)

119

1,664

Svenska Cellulosa AB (SCA) (B Shares)

808

11,102

Svenska Handelsbanken AB (A Shares)

696

17,985

Swedbank AB (A Shares)

714

6,150

Swedish Match Co.

357

7,326

TELE2 AB (B Shares)

433

6,311

Telefonaktiebolaget LM Ericsson (B Shares)

4,243

44,327

TeliaSonera AB

3,194

21,168

Volvo AB:

(A Shares)

622

5,744

(B Shares)

1,551

14,688

TOTAL SWEDEN

353,378

Switzerland - 5.4%

ABB Ltd. (Reg.)

3,137

58,790

Actelion Ltd. (Reg.) (a)

142

7,840

Adecco SA (Reg.)

175

7,845

ARYZTA AG

115

4,528

Baloise Holdings AG (Reg.)

71

6,099

BKW FMB Energie AG

18

1,482

Compagnie Financiere Richemont SA Series A

742

20,869

Credit Suisse Group (Reg.)

1,600

85,515

Geberit AG (Reg.)

58

9,621

Givaudan SA

11

8,169

Holcim Ltd. (Reg.)

349

22,295

Julius Baer Group Ltd.

300

11,291

Julius Baer Holding Ltd.

300

3,675

Kuehne & Nagel International AG

76

6,903

Lindt & Spruengli AG (participation certificate)

1

2,109

Logitech International SA (Reg.) (a)

258

4,403

Lonza Group AG

64

4,987

Nestle SA (Reg.)

5,174

241,127

Nobel Biocare Holding AG (Switzerland)

177

5,037

Novartis AG (Reg.)

3,007

156,556

Pargesa Holding SA

38

3,048

Roche Holding AG (participation certificate)

999

160,350

Schindler Holding AG:

(participation certificate)

69

4,727

(Reg.)

30

2,079

SGS Societe Generale de Surveillance Holding SA (Reg.)

7

9,380

Common Stocks - continued

Shares

Value

Switzerland - continued

Sonova Holding AG

66

$ 6,805

Straumann Holding AG

11

2,659

Swiss Life Holding AG

42

5,051

Swiss Reinsurance Co. (Reg.)

491

20,107

Swisscom AG (Reg.)

34

12,301

Syngenta AG (Switzerland)

138

32,669

The Swatch Group AG:

(Bearer)

44

10,313

(Reg.)

61

2,747

UBS AG (For. Reg.) (a)

5,059

84,341

Zurich Financial Services AG (Reg.)

209

48,049

TOTAL SWITZERLAND

1,073,767

Taiwan - 2.3%

Acer, Inc.

4,000

9,393

Advanced Semiconductor Engineering, Inc.

6,000

4,711

Asia Cement Corp.

2,000

2,092

ASUSTeK Computer, Inc.

5,000

9,149

AU Optronics Corp.

11,000

9,718

Capital Securities Corp. (a)

2,000

924

Catcher Technology Co. Ltd.

1,000

2,412

Cathay Financial Holding Co. Ltd. (a)

8,000

13,668

Chang Hwa Commercial Bank

7,000

3,034

Cheng Shin Rubber Industry Co. Ltd.

1,000

2,047

Chi Mei Optoelectronics Corp. (a)

7,000

3,479

Chicony Electronics Co. Ltd.

1,000

2,179

China Airlines Ltd. (a)

2,000

619

China Development Finance Holding Corp.

13,000

3,374

China Steel Corp.

14,000

12,383

Chinatrust Financial Holding Co. Ltd.

12,000

7,181

Chunghwa Picture Tubes, Ltd. (a)

14,000

1,431

Chunghwa Telecom Co. Ltd.

7,000

12,241

Clevo Co. Ltd.

1,000

1,243

CMC Magnetics Corp. (a)

4,000

875

Compal Communications, Inc.

1,000

1,470

Compal Electronics, Inc.

5,000

6,228

Coretronic Corp.

1,000

1,091

CSBC Corp.

1,000

926

Delta Electronics, Inc.

2,000

5,533

E.Sun Financial Holdings Co. Ltd.

4,000

1,551

Epistar Corp.

1,000

2,901

Eternal Chemical Co. Ltd.

1,000

923

Common Stocks - continued

Shares

Value

Taiwan - continued

EVA Airways Corp. (a)

2,000

$ 747

Evergreen International Storage & Transport Corp. (a)

1,000

806

Evergreen Marine Corp. (Taiwan) (a)

1,000

503

Far East Department Stores Co. Ltd.

1,000

1,023

Far Eastern Textile Ltd.

4,000

4,699

Far EasTone Telecommunications Co. Ltd.

2,000

2,242

Feng Hsin Iron & Steel Co.

1,000

1,506

First Financial Holding Co. Ltd.

7,000

4,029

Formosa Chemicals & Fibre Corp.

4,000

7,426

Formosa Petrochemical Corp.

2,000

4,859

Formosa Plastics Corp.

6,000

11,466

Formosa Taffeta Co. Ltd.

1,000

675

Foxconn Technology Co. Ltd.

1,000

3,319

Fubon Financial Holding Co. Ltd. (a)

6,000

6,633

HannStar Display Corp. (a)

6,000

1,127

Hon Hai Precision Industry Co. Ltd. (Foxconn)

11,000

42,924

HTC Corp.

1,000

9,893

Hua Nan Financial Holdings Co. Ltd.

5,000

2,894

Innolux Display Corp.

3,000

3,937

Inotera Memories, Inc. (a)

2,000

1,177

Inventec Corp.

3,000

1,653

KGI Securities Co. Ltd.

4,000

1,826

Lite-On Technology Corp.

3,000

3,936

Macronix International Co. Ltd.

5,000

2,525

MediaTek, Inc.

2,000

27,887

Mega Financial Holding Co. Ltd.

11,000

6,103

Micro-Star International Co. Ltd.

1,000

596

Mitac International Corp.

2,000

932

Nan Ya Plastics Corp.

7,000

11,094

Novatek Microelectronics Corp.

1,000

2,248

Polaris Securities Co. Ltd.

3,000

1,534

Pou Chen Corp.

3,000

2,049

Powertech Technology, Inc.

1,000

2,727

President Chain Store Corp.

1,000

2,254

Prime View International Co. Ltd.

1,000

1,623

Qisda Corp. (a)

2,000

1,105

Quanta Computer, Inc.

3,000

5,654

Realtek Semiconductor Corp.

1,000

2,118

Ruentex Industries Ltd. (a)

1,000

1,626

Shin Kong Financial Holding Co. Ltd. (a)

7,000

2,837

Siliconware Precision Industries Co. Ltd.

4,000

5,239

Sincere Navigation Corp.

1,000

1,107

Common Stocks - continued

Shares

Value

Taiwan - continued

Sinopac Holdings Co. (a)

8,000

$ 2,943

Synnex Technology International Corp.

1,000

1,885

Taishin Financial Holdings Co. Ltd. (a)

6,000

2,339

Taiwan Business Bank (a)

3,000

730

Taiwan Cement Corp.

4,000

4,088

Taiwan Cooperative Bank

5,000

2,939

Taiwan Fertilizer Co. Ltd.

1,000

3,093

Taiwan Glass Industry Corp.

1,000

766

Taiwan Mobile Co. Ltd.

3,000

5,345

Taiwan Secom Co.

1,000

1,523

Taiwan Semiconductor Manufacturing Co. Ltd.

35,000

63,253

Tatung Co. Ltd. (a)

5,000

1,097

TECO Electric & Machinery Co. Ltd.

2,000

793

Tripod Technology Corp.

1,000

2,493

TSRC Corp.

1,000

1,160

Tung Ho Steel Enterprise Corp.

1,000

947

U-Ming Marine Transport Corp.

1,000

1,807

Unified-President Enterprises Corp.

5,000

5,558

Unimicron Technology Corp.

1,000

1,137

United Microelectronics Corp. (a)

17,000

8,142

Vanguard International Semiconductor Corp.

2,000

809

Walsin Lihwa Corp. (a)

4,000

1,291

Wan Hai Lines Ltd. (a)

1,000

458

Winbond Electronics Corp. (a)

4,000

736

Wintek Corp. (a)

1,000

663

Wistron Corp.

2,000

3,336

WPG Holding Co. Ltd.

1,000

1,363

Yang Ming Marine Transport Corp.

2,000

704

Yuanta Financial Holding Co. Ltd.

10,000

6,575

Yulon Motor Co. Ltd.

1,000

1,114

TOTAL TAIWAN

452,421

Thailand - 0.3%

Advanced Info Service PCL (For. Reg.)

1,300

3,297

Bangkok Bank Ltd. PCL

600

2,012

Bangkok Bank Ltd. PCL (For. Reg.)

1,300

4,363

Bank of Ayudhya PCL

2,600

1,382

Banpu PCL

200

2,581

BEC World PCL (For. Reg.)

1,200

790

C.P. Seven Eleven PCL

3,100

1,732

Glow Energy PCL (For. Reg.)

800

753

Kasikornbank PCL (For. Reg.)

1,700

4,124

Common Stocks - continued

Shares

Value

Thailand - continued

Krung Thai Bank PCL (For. Reg.)

3,900

$ 1,009

Land & House PCL (For. Reg.)

3,500

626

PTT Aromatics & Refining PLC

1,500

939

PTT Chemical PCL

500

919

PTT Exploration & Production PCL (For. Reg.)

1,600

6,821

PTT PCL (For. Reg.)

1,200

8,468

Ratchaburi Electric Generating Holding PCL

700

761

Siam Cement PCL (For. Reg.)

400

2,480

Siam Commercial Bank PCL (For. Reg.)

1,700

3,861

Thai Oil PCL (For. Reg.)

1,200

1,455

Thai Petrochemical Industry PCL

13,600

1,535

TMB PCL (For.Reg.) (a)

23,400

757

Total Access Communication PCL

700

808

TOTAL THAILAND

51,473

Turkey - 0.3%

Akbank T. A. S.

1,059

5,776

Aksigorta AS

222

676

Anadolu Efes Biracilik ve Malt Sanyii AS

283

3,238

Asya Katilim Bankasi AS (a)

617

1,289

Bim Birlesik Magazalar AS JSC

53

1,939

Coca-Cola Icecek AS

110

856

Dogan Sirketler Grubu Holding AS

1,173

780

Enka Insaat ve Sanayi AS

323

1,310

Eregli Demir ve Celik Fabrikalari TAS

554

1,518

Haci Omer Sabanci Holding AS

666

2,458

Koc Holding AS

672

1,716

Petkim Petrokimya Holding AS (a)

154

748

Tekfen Holding AS

262

756

Tupras-Turkiye Petrol Rafinerileri AS

174

3,009

Turk Sise ve Cam Fabrikalari AS

733

775

Turk Telekomunikasyon AS

721

2,196

Turkcell Iletisim Hizmet AS

1,085

7,216

Turkiye Garanti Bankasi AS

2,973

10,876

Turkiye Halk Bankasi AS

438

2,636

Turkiye Is Bankasi AS Series C

1,513

5,786

Turkiye Vakiflar Bankasi TAO (a)

1,048

2,565

Yapi ve Kredi Bankasi AS (a)

1,214

2,519

TOTAL TURKEY

60,638

United Kingdom - 14.6%

3i Group PLC

1,370

5,931

Common Stocks - continued

Shares

Value

United Kingdom - continued

Admiral Group PLC

265

$ 4,468

AMEC PLC

474

6,276

Anglo American PLC (United Kingdom) (a)

1,873

68,113

Antofagasta PLC

561

7,106

Associated British Foods PLC

508

6,902

AstraZeneca PLC (United Kingdom)

2,060

92,507

Astro All Asia Networks PLC

800

772

Autonomy Corp. PLC (a)

305

6,725

Aviva PLC

3,896

24,537

BAE Systems PLC

5,032

25,983

Balfour Beatty PLC

975

4,253

Barclays PLC

15,690

82,260

Berkeley Group Holdings PLC unit (a)

177

2,479

BG Group PLC

4,780

82,794

BHP Billiton PLC

3,140

84,727

BP PLC

26,651

249,810

British Airways PLC (a)

820

2,448

British American Tobacco PLC (United Kingdom)

2,840

90,530

British Land Co. PLC

1,214

9,412

British Sky Broadcasting Group PLC

1,625

14,220

BT Group PLC

11,023

23,630

Bunzl PLC

468

5,106

Burberry Group PLC

617

5,460

Cable & Wireless PLC

3,615

8,606

Cadbury PLC

1,944

24,592

Cairn Energy PLC (a)

196

8,502

Capita Group PLC

888

11,124

Carnival PLC

232

7,195

Carphone Warehouse Group PLC

590

1,783

Centrica PLC

7,282

29,686

Cobham PLC

1,631

5,880

Compass Group PLC

2,639

16,811

Diageo PLC

3,558

57,972

Drax Group PLC

520

3,970

Eurasian Natural Resources Corp. PLC

367

5,022

FirstGroup PLC

687

4,243

Fresnillo PLC

255

3,104

Friends Provident PLC

3,310

4,434

G4S PLC (United Kingdom)

1,815

7,539

GlaxoSmithKline PLC

7,381

151,455

Hammerson PLC

991

6,609

Home Retail Group PLC

1,252

5,988

Common Stocks - continued

Shares

Value

United Kingdom - continued

HSBC Holdings PLC (United Kingdom) (Reg.)

24,622

$ 272,151

Icap PLC

738

4,929

Imperial Tobacco Group PLC

1,447

42,762

InterContinental Hotel Group PLC

370

4,769

International Power PLC

2,167

9,037

Invensys PLC

1,140

5,297

Investec PLC

601

4,313

J Sainsbury PLC

1,693

9,170

Johnson Matthey PLC

305

7,071

Kazakhmys PLC

305

5,453

Kingfisher PLC

3,366

12,357

Land Securities Group PLC

1,076

11,695

Legal & General Group PLC

8,340

10,749

Liberty International PLC

645

4,777

Lloyds TSB Group PLC

23,176

33,115

London Stock Exchange Group PLC

212

2,962

Lonmin PLC (a)

220

5,284

Man Group PLC

2,430

12,368

Marks & Spencer Group PLC

2,249

12,647

National Grid PLC

3,464

34,493

Next PLC

281

8,281

Old Mutual PLC

7,510

13,094

Pearson PLC

1,154

15,773

Prudential PLC

3,590

32,800

Reckitt Benckiser Group PLC

863

43,002

Reed Elsevier PLC

1,728

13,113

Rexam PLC

1,251

5,689

Rio Tinto PLC (Reg.)

1,949

86,194

Rolls-Royce Group PLC

2,638

19,568

Royal & Sun Alliance Insurance Group PLC

4,750

9,452

Royal Bank of Scotland Group PLC (a)

24,048

16,551

Royal Dutch Shell PLC:

Class A (United Kingdom)

5,042

149,583

Class B

3,835

110,437

SABMiller PLC

1,340

35,266

Sage Group PLC

1,869

6,551

Schroders PLC

175

3,160

Scottish & Southern Energy PLC

1,310

23,207

Segro PLC

1,045

6,056

Serco Group PLC

697

5,785

Severn Trent PLC

337

5,265

Smith & Nephew PLC

1,259

11,133

Common Stocks - continued

Shares

Value

United Kingdom - continued

Smiths Group PLC

555

$ 8,137

Standard Chartered PLC (United Kingdom)

2,859

70,432

Standard Life PLC

3,149

11,271

Tanjong PLC

300

1,327

Tesco PLC

11,243

75,192

Thomas Cook Group PLC

617

2,074

Tomkins PLC

1,255

3,464

TUI Travel PLC

806

3,085

Tullow Oil PLC

1,140

22,217

Unilever PLC

1,826

54,571

United Utilities Group PLC

972

7,030

Vedanta Resources PLC

197

6,769

Vodafone Group PLC

74,655

164,582

Whitbread PLC

251

5,246

Wm Morrison Supermarkets PLC

2,998

13,782

Wolseley PLC (a)

404

8,212

Xstrata PLC

2,712

39,294

TOTAL UNITED KINGDOM

2,893,008

United States of America - 0.1%

Southern Copper Corp.

302

9,513

Synthes, Inc.

84

9,987

TOTAL UNITED STATES OF AMERICA

19,500

TOTAL COMMON STOCKS

(Cost $19,581,921)

19,137,933

Nonconvertible Preferred Stocks - 0.4%

 

 

 

 

Germany - 0.2%

Bayerische Motoren Werke AG (BMW) (non-vtg.)

74

2,438

Fresenius SE (non-vtg.)

115

6,686

Henkel AG & Co. KGaA

253

11,526

Porsche Automobil Holding SE

124

9,500

RWE AG (non-vtg.)

55

4,322

Volkswagen AG

150

14,937

TOTAL GERMANY

49,409

Italy - 0.1%

Intesa Sanpaolo SpA

1,329

4,351

Telecom Italia SpA (Risparmio Shares)

8,591

9,488

TOTAL ITALY

13,839

Nonconvertible Preferred Stocks - continued

Shares

Value

Korea (South) - 0.1%

Hyundai Motor Co. Series 2

50

$ 1,621

LG Electronics, Inc.

25

987

Samsung Electronics Co. Ltd.

29

11,575

TOTAL KOREA (SOUTH)

14,183

Russia - 0.0%

Surgutneftegaz JSC

9,800

4,213

Transneft

2

1,723

TOTAL RUSSIA

5,936

United Kingdom - 0.0%

Rolls-Royce Group PLC Series C (a)

158,280

260

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $87,043)

83,627

Investment Companies - 0.3%

 

 

 

 

United States of America - 0.3%

iShares MSCI Brazil Index ETF

200

13,766

iShares MSCI Canada Index ETF

1,700

40,545

TOTAL INVESTMENT COMPANIES

(Cost $57,609)

54,311

U.S. Government and Government Agency Obligations - 0.6%

 

Principal Amount

 

U.S. Treasury Obligations - 0.6%

U.S. Treasury Bills, yield at date of purchase 0.33% to 0.38% 9/23/10 (d)
(Cost $129,577)

$ 130,000

129,640

Money Market Funds - 2.2%

Shares

Value

Fidelity Cash Central Fund, 0.20% (e)
(Cost $430,638)

430,638

$ 430,638

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $20,286,788)

19,836,149

NET OTHER ASSETS - (0.1)%

(19,454)

NET ASSETS - 100%

$ 19,816,695

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

5 CME E-mini MSCI EAFE Index Contracts

Dec. 2009

$ 375,975

$ (7,591)

3 CME E-mini MSCI Emerging Markets Index Contracts

Dec. 2009

134,400

(1,040)

TOTAL EQUITY INDEX CONTRACTS

$ 510,375

$ (8,631)

The face value of futures purchased as a percentage of net assets - 2.6%

Security Type Abbreviations

ETF - Exchange Traded Fund

Legend

(a) Non-income producing

(b) 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 $1,908 or 0.0% of net assets.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(d) 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 $104,709.

(e) 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.

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

$ 133

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Japan

$ 2,898,444

$ -

$ 2,898,444

$ -

United Kingdom

2,893,268

1,436,742

1,456,526

-

France

1,418,447

994,807

423,640

-

Canada

1,326,201

1,326,201

-

-

Australia

1,126,819

752

1,126,067

-

Germany

1,093,422

676,161

417,261

-

Switzerland

1,073,767

710,283

363,484

-

Spain

658,708

185,653

473,055

-

Brazil

657,070

657,070

-

-

Other

6,075,414

2,339,709

3,735,705

-

Investment Companies

54,311

54,311

-

-

U.S. Government and Government Agency Obligations

129,640

-

129,640

-

Money Market Funds

430,638

430,638

-

-

Total Investments in Securities:

$ 19,836,149

$ 8,812,327

$ 11,023,822

$ -

Derivative Instruments:

Liabilities

Futures Contracts

$ (8,631)

$ (8,631)

$ -

$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by risk exposure as of October 31, 2009. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Risk Exposure /
Derivative Type

Value

 

Asset

Liability

Equity Risk

Futures Contracts (a)

$ -

$ (8,631)

Total Value of Derivatives

$ -

$ (8,631)

(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $909 all of which will expire on October 31, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

 

October 31, 2009

 

 

 

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $19,856,150)

$ 19,405,511

 

Fidelity Central Funds (cost $430,638)

430,638

 

Total Investments (cost $20,286,788)

 

$ 19,836,149

Cash

358

Receivable for investments sold

3

Receivable for fund shares sold

2,661

Dividends receivable

8,783

Distributions receivable from Fidelity Central Funds

133

Other affiliated receivables

1,783

Total assets

19,849,870

 

 

 

Liabilities

Payable for investments purchased
Regular delivery

$ 8,283

Delayed delivery

525

Accrued management fee

4,267

Payable for daily variation on futures contracts

20,100

Total liabilities

33,175

 

 

 

Net Assets

$ 19,816,695

Net Assets consist of:

 

Paid in capital

$ 20,271,833

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

4,121

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

(459,259)

Net Assets, for 2,029,983 shares outstanding

$ 19,816,695

Net Asset Value, offering price and redemption price per share ($19,816,695 ÷ 2,029,983 shares)

$ 9.76

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

 

For the period September 29, 2009 (commencement of operations) to October 31, 2009

 

 

 

Investment Income

 

 

Dividends

 

$ 16,732

Interest

 

96

Income from Fidelity Central Funds

 

133

 

 

16,961

Less foreign taxes withheld

 

(1,485)

Total income

 

15,476

 

 

 

Expenses

Management fee

$ 4,663

Independent trustees' compensation

5

Total expenses

4,668

Net investment income (loss)

10,808

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

1,892

Foreign currency transactions

(31,943)

Futures contracts

5,829

Total net realized gain (loss)

 

(24,222)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(450,639)

Assets and liabilities in foreign currencies

11

Futures contracts

(8,631)

Total change in net unrealized appreciation (depreciation)

 

(459,259)

Net gain (loss)

(483,481)

Net increase (decrease) in net assets resulting from operations

$ (472,673)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

 

For the period September 29, 2009 (commencement of operations) to October 31, 2009

Increase (Decrease) in Net Assets

 

Operations

 

Net investment income (loss)

$ 10,808

Net realized gain (loss)

(24,222)

Change in net unrealized appreciation (depreciation)

(459,259)

Net increase (decrease) in net assets resulting from operations

(472,673)

Share transactions
Proceeds from sales of shares

20,289,368

Total increase (decrease) in net assets

19,816,695

 

 

Net Assets

Beginning of period

-

End of period

$ 19,816,695

Other Information

Shares

Sold

2,029,983

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Period ended October 31,
2009 F

Selected Per-Share Data

 

Net asset value, beginning of period

$ 10.00

Income from Investment Operations

 

Net investment income (loss) C

  .01

Net realized and unrealized gain (loss)

  (.25)

Total from investment operations

  (.24)

Net asset value, end of period

$ 9.76

Total Return B

  (2.40)%

Ratios to Average Net Assets D, G

 

Expenses before reductions

  .25% A

Expenses net of fee waivers, if any

  .25% A

Expenses net of all reductions

  .25% A

Net investment income (loss)

  .58% A

Supplemental Data

 

Net assets, end of period (000 omitted)

$ 19,817

Portfolio turnover rate E

  - H

A Annualized

B Total returns for periods of less than one year are not annualized.

C Calculated based on average shares outstanding during the period.

D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

F For the period September 29, 2009 (commencement of operations) to October 31, 2009.

G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

H Amount represents less than 1%.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

1. Organization.

Fidelity Series Global ex U.S. Index Fund (the Fund) is a fund of Fidelity Fixed-Income Trust (the trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by authorized intermediaries and mutual funds for which Fidelity Management and Research Company (FMR) or an affiliate serves as an investment manager and FMR investment professionals. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 21, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments 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. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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 significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Annual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's federal tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), market discount and capital loss carryforwards.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 319,779

Gross unrealized depreciation

(774,019)

Net unrealized appreciation (depreciation)

$ (454,240)

 

 

Tax Cost

$ 20,290,389

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward

$ (909)

Net unrealized appreciation (depreciation)

$ (462,861)

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Annual Report

4. Operating Policies - continued

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risks relative to those derivatives. This risk is further explained below:

Equity Risk

Equity risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may exceed any futures variation margin reflected in the Fund's Statement of Assets and Liabilities and may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end.

Annual Report

Notes to Financial Statements - continued

5. Investments in Derivative Instruments - continued

Futures Contracts - continued

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations. The total underlying face amount of all open futures contracts at period end is indicative of the volume of this derivative type.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type

Realized
Gain (Loss)

Change in Unrealized
Gain (Loss)

Equity Risk

 

 

Futures Contracts

$ 5,829

$ (8,631)

Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)(b)

$ 5,829

$ (8,631)

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $5,829 for futures contracts.

(b) Total derivatives change in unrealized gain (loss) included in the Statement of Operations is comprised of $(8,631) for futures contracts.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $19,762,229 and $37,736, respectively.

Annual Report

7. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .25% of the Fund's average net assets. Under the management contract, FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by FMR for providing these services.

8. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Fixed-Income Trust and Shareholders of Fidelity Series Global ex U.S. Index Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Series Global ex U.S. Index Fund (the Fund), a fund of Fidelity Fixed-Income Trust, including the schedule of investments, as of October 31, 2009, and the related statement of operations, the statement of changes in net assets and the financial highlights for the period from September 29, 2009 (commencement of operations) to October 31, 2009. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the Custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Series Global ex U.S. Index Fund as of October 31, 2009, the results of its operations, the changes in its net assets and the financial highlights for the period from September 29, 2009 (commencement of operations) to October 31, 2009, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 21, 2009

Annual Report

Trustees and Officers

The Trustees and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 188 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

Abigail P. Johnson (47)

 

Year of Election or Appointment: 2009

Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal and Workplace Investing (2005-present). Ms. Johnson is a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

James C. Curvey (74)

 

Year of Election or Appointment: 2007

Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-
present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation

Albert R. Gamper, Jr. (67)

 

Year of Election or Appointment: 2006

Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President. Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).

Arthur E. Johnson (62)

 

Year of Election or Appointment: 2008

Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Previously, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009), and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008). Mr. Arthur E. Johnson and Ms. Abigail P. Johnson are not related.

Michael E. Kenneally (55)

 

Year of Election or Appointment: 2009

Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (69)

 

Year of Election or Appointment: 2007

Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (63)

 

Year of Election or Appointment: 2001

Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director of McKesson Corporation (healthcare service). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).

Kenneth L. Wolfe (70)

 

Year of Election or Appointment: 2005

Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (2004-2009).

Annual Report

Trustees and Officers - continued

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

John R. Hebble (51)

 

Year of Election or Appointment: 2008 

President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.

Boyce I. Greer (53)

 

Year of Election or Appointment: 2005 or 2006

Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR. Mr. Greer is President of the Asset Allocation Division (2008-present), President and a Director of Strategic Advisers, Inc. (2008-present), President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005).

Derek L. Young (45)

 

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officers of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager.

Scott C. Goebel (41)

 

Year of Election or Appointment: 2008

Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Holly C. Laurent (55)

 

Year of Election or Appointment: 2008

Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).

Christine Reynolds (51)

 

Year of Election or Appointment: 2008

Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).

Michael H. Whitaker (42)

 

Year of Election or Appointment: 2008

Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.

Jeffrey S. Christian (48)

 

Year of Election or Appointment: 2009

Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009) and as Vice President of Business Analysis (2003-2004).

Bryan A. Mehrmann (48)

 

Year of Election or Appointment: 2005

Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).

Stephanie J. Dorsey (40)

 

Year of Election or Appointment: 2008

Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Paul M. Murphy (62)

 

Year of Election or Appointment: 2007

Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).

Kenneth B. Robins (40)

 

Year of Election or Appointment: 2009

Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).

Gary W. Ryan (51)

 

Year of Election or Appointment: 2005

Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Global ex U.S. Index Fund

On July 16, 2009, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline.

Resources Dedicated to Investment Management and Support Services. The Board considered the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel.

Shareholder and Administrative Services. The Board considered the nature, quality, cost, and extent of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment Performance. Fidelity Series Global ex U.S. Index Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute investment performance, as well as the fund's relative investment performance measured against a broad-based securities market index.

Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee, noting that FMR will bear all operating expenses of the fund, except transfer agency fees (which are zero bp), interest, taxes, brokerage commissions, fees and expenses of the independent trustees, and extraordinary expenses. The Board noted that the fund's proposed management fee, even before deducting projected payments by FMR for non-management expenses, is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that the fund's net management fee and projected total expenses were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.

Economies of Scale. The Board concluded that the realization of economies of scale was not relevant to the approval of the fund's Advisory Contracts because the fund pays no transfer agency fee and, other than the management fee, FMR pays all other expenses of the fund, with limited exceptions. In connection with its future renewal of the fund's Advisory contracts, the Board will consider whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Geode Capital Management, LLC

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

SGX-ANN-1209
1.899279.100

fid69

Item 2. Code of Ethics

As of the end of the period, October 31, 2009, Fidelity Fixed-Income Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR.   Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.  

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Series Global ex U.S. Index Fund (the "Fund"):

Services Billed by Deloitte Entities

October 31, 2009 FeesA,B

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

 

Fidelity Series Global ex U.S. Index Fund

$30,000

$-

$5,600

$-

October 31, 2008 FeesA,B

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

 

Fidelity Series Global ex U.S. Index Fund

$-

$-

$-

$-

A Amounts may reflect rounding.

B Fidelity Series Global ex U.S. Index Fund commenced operations on September 29, 2009.

The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Fund Service Providers"):

Services Billed by Deloitte Entities

 

October 31, 2009A, B

October 31, 2008A, B

Audit-Related Fees

$685,000

$745,000

Tax Fees

$2,000

$-

All Other Fees

$215,000

$470,000

A Amounts may reflect rounding.

B May include amounts billed prior to the fund's commencement of operations.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for assurance services provided to the fund or Fund Service Provider that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund are as follows:

Billed By

October 31, 2009 A, B

October 31, 2008 A, B

Deloitte Entities

$955,000

$1,385,000

A Amounts may reflect rounding.

B May include amounts billed prior to the fund's commencement of operations.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Fund, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund and its related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's last two fiscal years relating to services provided to (i) the Fund or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12. Exhibits

(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

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.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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:

December 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:

December 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 29, 2009