N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-2105

Fidelity Fixed-Income Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

December 31

 

 

Date of reporting period:

September 30, 2010

Item 1. Schedule of Investments

Consolidated Quarterly Holdings
Report for

Fidelity ® Dynamic StrategiesSM Fund

September 30, 2010 

1.852679.102

DYS-QTLY-1110

Consolidated Investments
September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

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

Equity Funds - 45.1%

Shares

Value

China Region Funds - 0.4%

Fidelity China Region Fund (d)

34,115

$ 1,051,421

Diversified Emerging Markets Funds - 3.6%

Claymore/BNY Mellon Frontier Markets ETF (c)

65,000

1,479,400

Fidelity Emerging Markets Fund (d)

68,003

1,686,472

iShares MSCI Emerging Markets Index ETF

67,800

3,035,406

iShares MSCI Thailand Investable Market Index ETF

23,000

1,427,380

Market Vectors Africa Index ETF (c)

57,000

1,831,980

SPDR S&P Emerging Middle East & Africa ETF

10,400

736,736

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

10,197,374

Europe Stock Funds - 1.2%

iShares MSCI Germany Index ETF

130,000

2,860,000

Market Vectors Russia ETF

15,900

517,227

TOTAL EUROPE STOCK FUNDS

3,377,227

Foreign Large Blend Funds - 0.3%

Fidelity Canada Fund (d)

18,538

969,896

Foreign Large Value Funds - 2.9%

WisdomTree International Dividend Ex-Financials ETF (c)

97,000

4,177,790

WisdomTree International LargeCap Dividend ETF

94,500

4,158,945

TOTAL FOREIGN LARGE VALUE FUNDS

8,336,735

Foreign Small Mid Growth Funds - 0.3%

Fidelity International Small Cap Opportunities Fund (d)

82,254

785,525

Large Blend Funds - 9.6%

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

795,795

5,172,666

Fidelity Disciplined Equity Fund (d)

387,608

8,069,992

Fidelity Mega Cap Stock Fund (d)

990,772

8,877,314

S&P Depositary Receipts Trust unit Series 1 ETF

48,500

5,534,820

TOTAL LARGE BLEND FUNDS

27,654,792

Large Growth Funds - 15.7%

Fidelity Advisor Stock Selector All Cap Fund Institutional Class (a)(d)

2,607,776

45,192,749

Latin America Stock Funds - 1.3%

Fidelity Latin America Fund (d)

18,091

1,002,795

Equity Funds - continued

Shares

Value

Latin America Stock Funds - continued

iShares MSCI Brazil Index ETF (c)

16,700

$ 1,284,731

iShares MSCI Chile Index Fund

19,600

1,450,792

TOTAL LATIN AMERICA STOCK FUNDS

3,738,318

Mid-Cap Blend Funds - 0.3%

Fidelity Leveraged Company Stock Fund (d)

41,148

985,072

Pacific Asia ex-Japan Stock Funds - 3.0%

iShares MSCI Australia Index ETF (c)

40,650

965,031

iShares MSCI Hong Kong Index ETF (c)

82,900

1,503,806

iShares MSCI Malaysia Index ETF (c)

102,300

1,405,602

iShares MSCI Singapore Index ETF (c)

109,800

1,451,556

SPDR S&P China ETF (c)

23,500

1,791,640

WisdomTree India Earnings ETF (c)

55,000

1,450,350

TOTAL PACIFIC ASIA EX-JAPAN STOCK FUNDS

8,567,985

Sector Funds - Energy - 2.0%

Fidelity Energy Service Portfolio (d)

20,314

1,194,082

Fidelity Natural Gas Portfolio (d)

41,094

1,192,542

PowerShares Global Clean Energy ETF (c)

75,100

1,037,882

PowerShares WilderHill Clean Energy ETF (a)

87,300

862,524

SPDR Oil & Gas Equipment & Services ETF (c)

47,400

1,406,358

TOTAL SECTOR FUNDS - ENERGY

5,693,388

Sector Funds - Health - 0.2%

Fidelity Biotechnology Portfolio (a)(d)

8,295

566,526

Sector Funds - Industrials - 0.1%

Market Vectors Environmental Services ETF

8,200

374,890

Sector Funds - Natural Resources - 3.3%

Market Vectors Agribusiness ETF (c)

126,200

5,786,270

Market Vectors Global Alternative Energy ETF (c)

45,900

946,458

PowerShares Global Water ETF (c)

151,500

2,719,425

TOTAL SECTOR FUNDS - NATURAL RESOURCES

9,452,153

Equity Funds - continued

Shares

Value

Sector Funds - Real Estate - 0.4%

Fidelity International Real Estate Fund (d)

58,617

$ 533,413

Fidelity Real Estate Investment Portfolio (d)

29,084

693,943

TOTAL SECTOR FUNDS - REAL ESTATE

1,227,356

Sector Funds - Utilities - 0.5%

SPDR FTSE Macquarie Global Infrastructure 100 ETF

33,100

1,347,700

TOTAL EQUITY FUNDS

(Cost $124,763,897)

129,519,107

Fixed-Income Funds - 27.4%

 

 

 

 

Bank Loan Funds - 0.7%

Fidelity Floating Rate High Income Fund (d)

198,866

1,919,053

Conservative Allocation Funds - 3.3%

Fidelity Strategic Real Return Fund (d)

1,050,798

9,593,784

Emerging Markets Bond Funds - 2.8%

Fidelity New Markets Income Fund (d)

501,266

8,140,562

High Yield Bond Funds - 1.6%

Fidelity High Income Fund (d)

524,545

4,636,979

Inflation-Protected Bond Funds - 2.2%

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

120,000

6,277,200

Intermediate-Term Bond Funds - 14.1%

Fidelity Investment Grade Bond Fund (d)

5,044,895

37,735,813

iShares Lehman Aggregate Bond ETF

24,000

2,607,600

TOTAL INTERMEDIATE-TERM BOND FUNDS

40,343,413

Sector Funds - Real Estate - 2.1%

Fidelity Real Estate Income Fund (d)

597,970

6,063,412

World Bond Funds - 0.6%

SPDR DB International Government Inflation-Protected Bond ETF

28,100

1,651,156

TOTAL FIXED-INCOME FUNDS

(Cost $73,342,448)

78,625,559

Other - 20.6%

Shares

Value

Commodity Funds - Broad Basket - 2.6%

Fidelity Commodity Strategy Fund (d)

674,258

6,917,882

Fidelity Global Commodity Stock Fund (d)

39,642

585,513

TOTAL COMMODITY FUNDS - BROAD BASKET

7,503,395

Commodity Funds - Energy - 1.6%

United States Natural Gas Fund LP ETF (a)

51,700

318,472

United States Oil Fund LP ETF (a)

119,500

4,163,380

TOTAL COMMODITY FUNDS - ENERGY

4,481,852

Commodity Funds - Precious Metals - 8.3%

iShares Silver Trust ETF (a)

410,300

8,743,493

SPDR Gold Trust ETF (a)

117,200

14,991,052

TOTAL COMMODITY FUNDS - PRECIOUS METALS

23,734,545

Currency Funds - 1.6%

CurrencyShares Australian Dollar Trust ETF (c)

7,418

719,546

CurrencyShares Canadian Dollar Trust ETF

6,598

637,631

PowerShares DB US Dollar Index Bearish ETF (a)

26,500

717,090

WisdomTree Dreyfus Brazilian Real ETF

26,000

751,660

WisdomTree Dreyfus Chinese Yuan ETF (a)

25,000

635,000

WisdomTree Dreyfus Emerging Currency ETF (c)

29,600

678,432

WisdomTree Dreyfus Indian Rupee ETF (a)

22,400

592,704

TOTAL CURRENCY FUNDS

4,732,063

Exchange-Traded Notes - Agriculture - 1.6%

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

241,200

2,108,088

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

380,000

2,751,200

EXCHANGE-TRADED NOTES - AGRICULTURE

4,859,288

Exchange-Traded Notes - Energy - 2.8%

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

239,600

8,084,104

Exchange-Traded Notes - Industrial Metals - 1.0%

ETFS Classic Commodity Securities - Copper (a)

69,600

2,831,328

Other - continued

Shares

Value

Precious Metals Equity Funds - 1.1%

Fidelity Gold Portfolio (d)

33,972

$ 1,790,009

Market Vectors Gold Miners ETF

25,524

1,427,557

TOTAL PRECIOUS METALS EQUITY FUNDS

3,217,566

TOTAL OTHER

(Cost $55,134,649)

59,444,141

Short-Term Funds - 8.8%

Fidelity Institutional Money Market Portfolio Institutional Class (d)

13,106,727

13,106,727

Fidelity Securities Lending Cash Central Fund, 0.26% (b)(e)

12,209,150

12,209,150

TOTAL SHORT-TERM FUNDS

(Cost $25,315,877)

25,315,877

Cash Equivalents - 4.9%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.24%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Treasury Obligations) #
(Cost $13,950,000)

$ 13,950,093

13,950,000

TOTAL INVESTMENT PORTFOLIO - 106.8%

(Cost $292,506,871)

306,854,684

NET OTHER ASSETS (LIABILITIES) - (6.8)%

(19,516,661)

NET ASSETS - 100%

$ 287,338,023

Security Type Abbreviations

ETF - Exchange-Traded Fund

ETN - Exchange-Traded Note

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(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.

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

Repurchase Agreement / Counterparty

Value

$13,950,000 due 10/01/10 at 0.24%

BNP Paribas Securities Corp.

$ 2,622,468

Barclays Capital, Inc.

2,262,522

Credit Agricole Securities (USA) Inc.

3,851,102

Deutsche Bank Securities, Inc.

120,346

J.P. Morgan Securities, Inc.

3,071,734

Mizuho Securities USA, Inc.

1,444,163

Morgan Stanley & Co., Inc.

96,277

RBC Capital Markets Corp.

481,388

 

$ 13,950,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Securities Lending Cash Central Fund

$ 4,849

Affiliated Underlying Funds

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

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Advisor 130/30 Large Cap Institutional Class

$ 4,197,609

$ 1,412,823

$ 350,271

$ -

$ 5,172,666

Fidelity Advisor Stock Selector All Cap Fund Institutional Class

-

43,623,332

754,342

-

45,192,749

Fidelity Biotechnology Portfolio

471,435

123,625

43,797

-

566,526

Fidelity Canada Fund

736,531

227,578

57,809

-

969,896

Fidelity China Region Fund

799,248

206,799

52,555

-

1,051,421

Fidelity Commodity Strategy Fund

5,156,250

1,656,815

-

-

6,917,882

Fidelity Consumer Discretionary Portfolio

3,199,994

353,893

3,811,373

1,871

-

Fidelity Consumer Staples Portfolio

4,076,982

378,208

4,357,630

5,873

-

Fidelity Disciplined Equity Fund

6,629,841

2,069,075

525,546

-

8,069,992

Fidelity Emerging Markets Fund

1,287,831

344,801

87,591

-

1,686,472

Fidelity Energy Portfolio

4,472,762

291,316

4,326,925

-

-

Fidelity Energy Service Portfolio

933,116

344,847

87,590

-

1,194,082

Fidelity Financial Services Portfolio

4,508,666

622,780

5,108,191

-

-

Fidelity Floating Rate High Income Fund

3,158,857

1,620,513

2,932,634

92,524

1,919,053

Fidelity Global Commodity Stock Fund

456,015

172,423

43,795

-

585,513

Fidelity Gold Portfolio

1,196,451

357,319

87,591

-

1,790,009

Fidelity Health Care Portfolio

4,835,530

370,193

5,199,025

-

-

Fidelity High Income Fund

5,714,467

1,866,820

3,198,951

340,031

4,636,979

Fidelity Industrials Portfolio

3,796,880

345,131

4,368,144

4,512

-

Affiliated Underlying Funds - continued

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Inflation Protected Bond Fund

$ 11,671,673

$ 37,995

$ 11,815,783

$ -

$ -

Fidelity International Real Estate Fund

331,788

188,022

8,723

6,751

533,413

Fidelity International Small Cap Opportunities Fund

582,440

172,422

43,796

-

785,525

Fidelity Investment Grade Bond Fund

27,892,950

9,999,854

2,276,763

843,477

37,735,813

Fidelity Latin America Fund

771,834

221,153

52,554

14,257

1,002,795

Fidelity Leveraged Company Stock Fund

771,641

242,827

61,314

1,436

985,072

Fidelity Materials Portfolio

1,307,872

129,224

1,370,237

53

-

Fidelity Mega Cap Stock Fund

7,190,617

2,102,275

525,546

33,195

8,877,314

Fidelity Natural Gas Portfolio

1,036,797

346,905

87,592

-

1,192,542

Fidelity New Markets Income Fund

4,477,818

3,092,666

-

276,625

8,140,562

Fidelity Real Estate Income Fund

1,412,597

4,301,516

-

146,703

6,063,412

Fidelity Real Estate Investment Portfolio

445,982

180,024

26,253

7,477

693,943

Fidelity Strategic Real Return Fund

6,884,793

2,436,136

349,752

-

9,593,784

Fidelity Technology Portfolio

7,160,593

558,714

7,764,922

-

-

Fidelity Telecommunications Portfolio

1,230,249

110,151

1,316,572

7,932

-

Fidelity Utilities Portfolio

1,550,588

113,604

1,600,137

6,927

-

Total

$ 130,348,697

$ 80,621,779

$ 62,693,704

$ 1,789,644

$ 155,357,415

Additional information regarding the Fund's fiscal year to date income earned from affiliated Money Market Underlying Funds is as follows:

Fund

Income Earned

Fidelity Institutional Money Market Portfolio

$ 11,457

Other Affiliated Issuers

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

Consolidated Subsidiary

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Dynamic Strategies Cayman Ltd.

$ -

$ 30,300,000

$ -

$ -

$ 31,563,756

Other Affiliated Issuers

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

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Horizons BetaPro COMEX Gold ETF

$ 661,305

$ -

$ 722,918

$ -

$ -

Horizons BetaPro COMEX Silver ETF

677,295

-

723,730

-

-

Horizons BetaPro Winter-Term NYMEX Crude Oil ETF

623,614

-

599,419

-

-

Horizons BetaPro Winter-Term NYMEX Natural Gas ETF

475,134

-

347,674

-

-

Total

$ 2,437,348

$ -

$ 2,393,741

$ -

$ -

Other Information

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

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $293,419,198. Net unrealized appreciation aggregated $13,435,486, of which $20,089,480 related to appreciated investment securities and $6,653,994 related to depreciated investment securities.

Investment in Subsidiary

The Fund invests in certain commodity-related ETFs and ETNs and other commodity-linked investments through its investment in Fidelity Dynamic Strategies Cayman Ltd., a wholly-owned subsidiary (the "Subsidiary"). As of September 30, 2010, the Fund held $31,563,756 in the Subsidiary, representing 11.0% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

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

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Consolidated Quarterly Holdings
Report for

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

September 30, 2010

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

1.852739.102

ADYS-QTLY-1110

Consolidated Investments
September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

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

Equity Funds - 45.1%

Shares

Value

China Region Funds - 0.4%

Fidelity China Region Fund (d)

34,115

$ 1,051,421

Diversified Emerging Markets Funds - 3.6%

Claymore/BNY Mellon Frontier Markets ETF (c)

65,000

1,479,400

Fidelity Emerging Markets Fund (d)

68,003

1,686,472

iShares MSCI Emerging Markets Index ETF

67,800

3,035,406

iShares MSCI Thailand Investable Market Index ETF

23,000

1,427,380

Market Vectors Africa Index ETF (c)

57,000

1,831,980

SPDR S&P Emerging Middle East & Africa ETF

10,400

736,736

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

10,197,374

Europe Stock Funds - 1.2%

iShares MSCI Germany Index ETF

130,000

2,860,000

Market Vectors Russia ETF

15,900

517,227

TOTAL EUROPE STOCK FUNDS

3,377,227

Foreign Large Blend Funds - 0.3%

Fidelity Canada Fund (d)

18,538

969,896

Foreign Large Value Funds - 2.9%

WisdomTree International Dividend Ex-Financials ETF (c)

97,000

4,177,790

WisdomTree International LargeCap Dividend ETF

94,500

4,158,945

TOTAL FOREIGN LARGE VALUE FUNDS

8,336,735

Foreign Small Mid Growth Funds - 0.3%

Fidelity International Small Cap Opportunities Fund (d)

82,254

785,525

Large Blend Funds - 9.6%

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

795,795

5,172,666

Fidelity Disciplined Equity Fund (d)

387,608

8,069,992

Fidelity Mega Cap Stock Fund (d)

990,772

8,877,314

S&P Depositary Receipts Trust unit Series 1 ETF

48,500

5,534,820

TOTAL LARGE BLEND FUNDS

27,654,792

Large Growth Funds - 15.7%

Fidelity Advisor Stock Selector All Cap Fund Institutional Class (a)(d)

2,607,776

45,192,749

Latin America Stock Funds - 1.3%

Fidelity Latin America Fund (d)

18,091

1,002,795

Equity Funds - continued

Shares

Value

Latin America Stock Funds - continued

iShares MSCI Brazil Index ETF (c)

16,700

$ 1,284,731

iShares MSCI Chile Index Fund

19,600

1,450,792

TOTAL LATIN AMERICA STOCK FUNDS

3,738,318

Mid-Cap Blend Funds - 0.3%

Fidelity Leveraged Company Stock Fund (d)

41,148

985,072

Pacific Asia ex-Japan Stock Funds - 3.0%

iShares MSCI Australia Index ETF (c)

40,650

965,031

iShares MSCI Hong Kong Index ETF (c)

82,900

1,503,806

iShares MSCI Malaysia Index ETF (c)

102,300

1,405,602

iShares MSCI Singapore Index ETF (c)

109,800

1,451,556

SPDR S&P China ETF (c)

23,500

1,791,640

WisdomTree India Earnings ETF (c)

55,000

1,450,350

TOTAL PACIFIC ASIA EX-JAPAN STOCK FUNDS

8,567,985

Sector Funds - Energy - 2.0%

Fidelity Energy Service Portfolio (d)

20,314

1,194,082

Fidelity Natural Gas Portfolio (d)

41,094

1,192,542

PowerShares Global Clean Energy ETF (c)

75,100

1,037,882

PowerShares WilderHill Clean Energy ETF (a)

87,300

862,524

SPDR Oil & Gas Equipment & Services ETF (c)

47,400

1,406,358

TOTAL SECTOR FUNDS - ENERGY

5,693,388

Sector Funds - Health - 0.2%

Fidelity Biotechnology Portfolio (a)(d)

8,295

566,526

Sector Funds - Industrials - 0.1%

Market Vectors Environmental Services ETF

8,200

374,890

Sector Funds - Natural Resources - 3.3%

Market Vectors Agribusiness ETF (c)

126,200

5,786,270

Market Vectors Global Alternative Energy ETF (c)

45,900

946,458

PowerShares Global Water ETF (c)

151,500

2,719,425

TOTAL SECTOR FUNDS - NATURAL RESOURCES

9,452,153

Equity Funds - continued

Shares

Value

Sector Funds - Real Estate - 0.4%

Fidelity International Real Estate Fund (d)

58,617

$ 533,413

Fidelity Real Estate Investment Portfolio (d)

29,084

693,943

TOTAL SECTOR FUNDS - REAL ESTATE

1,227,356

Sector Funds - Utilities - 0.5%

SPDR FTSE Macquarie Global Infrastructure 100 ETF

33,100

1,347,700

TOTAL EQUITY FUNDS

(Cost $124,763,897)

129,519,107

Fixed-Income Funds - 27.4%

 

 

 

 

Bank Loan Funds - 0.7%

Fidelity Floating Rate High Income Fund (d)

198,866

1,919,053

Conservative Allocation Funds - 3.3%

Fidelity Strategic Real Return Fund (d)

1,050,798

9,593,784

Emerging Markets Bond Funds - 2.8%

Fidelity New Markets Income Fund (d)

501,266

8,140,562

High Yield Bond Funds - 1.6%

Fidelity High Income Fund (d)

524,545

4,636,979

Inflation-Protected Bond Funds - 2.2%

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

120,000

6,277,200

Intermediate-Term Bond Funds - 14.1%

Fidelity Investment Grade Bond Fund (d)

5,044,895

37,735,813

iShares Lehman Aggregate Bond ETF

24,000

2,607,600

TOTAL INTERMEDIATE-TERM BOND FUNDS

40,343,413

Sector Funds - Real Estate - 2.1%

Fidelity Real Estate Income Fund (d)

597,970

6,063,412

World Bond Funds - 0.6%

SPDR DB International Government Inflation-Protected Bond ETF

28,100

1,651,156

TOTAL FIXED-INCOME FUNDS

(Cost $73,342,448)

78,625,559

Other - 20.6%

Shares

Value

Commodity Funds - Broad Basket - 2.6%

Fidelity Commodity Strategy Fund (d)

674,258

6,917,882

Fidelity Global Commodity Stock Fund (d)

39,642

585,513

TOTAL COMMODITY FUNDS - BROAD BASKET

7,503,395

Commodity Funds - Energy - 1.6%

United States Natural Gas Fund LP ETF (a)

51,700

318,472

United States Oil Fund LP ETF (a)

119,500

4,163,380

TOTAL COMMODITY FUNDS - ENERGY

4,481,852

Commodity Funds - Precious Metals - 8.3%

iShares Silver Trust ETF (a)

410,300

8,743,493

SPDR Gold Trust ETF (a)

117,200

14,991,052

TOTAL COMMODITY FUNDS - PRECIOUS METALS

23,734,545

Currency Funds - 1.6%

CurrencyShares Australian Dollar Trust ETF (c)

7,418

719,546

CurrencyShares Canadian Dollar Trust ETF

6,598

637,631

PowerShares DB US Dollar Index Bearish ETF (a)

26,500

717,090

WisdomTree Dreyfus Brazilian Real ETF

26,000

751,660

WisdomTree Dreyfus Chinese Yuan ETF (a)

25,000

635,000

WisdomTree Dreyfus Emerging Currency ETF (c)

29,600

678,432

WisdomTree Dreyfus Indian Rupee ETF (a)

22,400

592,704

TOTAL CURRENCY FUNDS

4,732,063

Exchange-Traded Notes - Agriculture - 1.6%

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

241,200

2,108,088

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

380,000

2,751,200

EXCHANGE-TRADED NOTES - AGRICULTURE

4,859,288

Exchange-Traded Notes - Energy - 2.8%

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

239,600

8,084,104

Exchange-Traded Notes - Industrial Metals - 1.0%

ETFS Classic Commodity Securities - Copper (a)

69,600

2,831,328

Other - continued

Shares

Value

Precious Metals Equity Funds - 1.1%

Fidelity Gold Portfolio (d)

33,972

$ 1,790,009

Market Vectors Gold Miners ETF

25,524

1,427,557

TOTAL PRECIOUS METALS EQUITY FUNDS

3,217,566

TOTAL OTHER

(Cost $55,134,649)

59,444,141

Short-Term Funds - 8.8%

Fidelity Institutional Money Market Portfolio Institutional Class (d)

13,106,727

13,106,727

Fidelity Securities Lending Cash Central Fund, 0.26% (b)(e)

12,209,150

12,209,150

TOTAL SHORT-TERM FUNDS

(Cost $25,315,877)

25,315,877

Cash Equivalents - 4.9%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.24%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Treasury Obligations) #
(Cost $13,950,000)

$ 13,950,093

13,950,000

TOTAL INVESTMENT PORTFOLIO - 106.8%

(Cost $292,506,871)

306,854,684

NET OTHER ASSETS (LIABILITIES) - (6.8)%

(19,516,661)

NET ASSETS - 100%

$ 287,338,023

Security Type Abbreviations

ETF - Exchange-Traded Fund

ETN - Exchange-Traded Note

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(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.

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

Repurchase Agreement / Counterparty

Value

$13,950,000 due 10/01/10 at 0.24%

BNP Paribas Securities Corp.

$ 2,622,468

Barclays Capital, Inc.

2,262,522

Credit Agricole Securities (USA) Inc.

3,851,102

Deutsche Bank Securities, Inc.

120,346

J.P. Morgan Securities, Inc.

3,071,734

Mizuho Securities USA, Inc.

1,444,163

Morgan Stanley & Co., Inc.

96,277

RBC Capital Markets Corp.

481,388

 

$ 13,950,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Securities Lending Cash Central Fund

$ 4,849

Affiliated Underlying Funds

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

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Advisor 130/30 Large Cap Institutional Class

$ 4,197,609

$ 1,412,823

$ 350,271

$ -

$ 5,172,666

Fidelity Advisor Stock Selector All Cap Fund Institutional Class

-

43,623,332

754,342

-

45,192,749

Fidelity Biotechnology Portfolio

471,435

123,625

43,797

-

566,526

Fidelity Canada Fund

736,531

227,578

57,809

-

969,896

Fidelity China Region Fund

799,248

206,799

52,555

-

1,051,421

Fidelity Commodity Strategy Fund

5,156,250

1,656,815

-

-

6,917,882

Fidelity Consumer Discretionary Portfolio

3,199,994

353,893

3,811,373

1,871

-

Fidelity Consumer Staples Portfolio

4,076,982

378,208

4,357,630

5,873

-

Fidelity Disciplined Equity Fund

6,629,841

2,069,075

525,546

-

8,069,992

Fidelity Emerging Markets Fund

1,287,831

344,801

87,591

-

1,686,472

Fidelity Energy Portfolio

4,472,762

291,316

4,326,925

-

-

Fidelity Energy Service Portfolio

933,116

344,847

87,590

-

1,194,082

Fidelity Financial Services Portfolio

4,508,666

622,780

5,108,191

-

-

Fidelity Floating Rate High Income Fund

3,158,857

1,620,513

2,932,634

92,524

1,919,053

Fidelity Global Commodity Stock Fund

456,015

172,423

43,795

-

585,513

Fidelity Gold Portfolio

1,196,451

357,319

87,591

-

1,790,009

Fidelity Health Care Portfolio

4,835,530

370,193

5,199,025

-

-

Fidelity High Income Fund

5,714,467

1,866,820

3,198,951

340,031

4,636,979

Fidelity Industrials Portfolio

3,796,880

345,131

4,368,144

4,512

-

Affiliated Underlying Funds - continued

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Inflation Protected Bond Fund

$ 11,671,673

$ 37,995

$ 11,815,783

$ -

$ -

Fidelity International Real Estate Fund

331,788

188,022

8,723

6,751

533,413

Fidelity International Small Cap Opportunities Fund

582,440

172,422

43,796

-

785,525

Fidelity Investment Grade Bond Fund

27,892,950

9,999,854

2,276,763

843,477

37,735,813

Fidelity Latin America Fund

771,834

221,153

52,554

14,257

1,002,795

Fidelity Leveraged Company Stock Fund

771,641

242,827

61,314

1,436

985,072

Fidelity Materials Portfolio

1,307,872

129,224

1,370,237

53

-

Fidelity Mega Cap Stock Fund

7,190,617

2,102,275

525,546

33,195

8,877,314

Fidelity Natural Gas Portfolio

1,036,797

346,905

87,592

-

1,192,542

Fidelity New Markets Income Fund

4,477,818

3,092,666

-

276,625

8,140,562

Fidelity Real Estate Income Fund

1,412,597

4,301,516

-

146,703

6,063,412

Fidelity Real Estate Investment Portfolio

445,982

180,024

26,253

7,477

693,943

Fidelity Strategic Real Return Fund

6,884,793

2,436,136

349,752

-

9,593,784

Fidelity Technology Portfolio

7,160,593

558,714

7,764,922

-

-

Fidelity Telecommunications Portfolio

1,230,249

110,151

1,316,572

7,932

-

Fidelity Utilities Portfolio

1,550,588

113,604

1,600,137

6,927

-

Total

$ 130,348,697

$ 80,621,779

$ 62,693,704

$ 1,789,644

$ 155,357,415

Additional information regarding the Fund's fiscal year to date income earned from affiliated Money Market Underlying Funds is as follows:

Fund

Income Earned

Fidelity Institutional Money Market Portfolio

$ 11,457

Other Affiliated Issuers

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

Consolidated Subsidiary

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Dynamic Strategies Cayman Ltd.

$ -

$ 30,300,000

$ -

$ -

$ 31,563,756

Other Affiliated Issuers

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

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Horizons BetaPro COMEX Gold ETF

$ 661,305

$ -

$ 722,918

$ -

$ -

Horizons BetaPro COMEX Silver ETF

677,295

-

723,730

-

-

Horizons BetaPro Winter-Term NYMEX Crude Oil ETF

623,614

-

599,419

-

-

Horizons BetaPro Winter-Term NYMEX Natural Gas ETF

475,134

-

347,674

-

-

Total

$ 2,437,348

$ -

$ 2,393,741

$ -

$ -

Other Information

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

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $293,419,198. Net unrealized appreciation aggregated $13,435,486, of which $20,089,480 related to appreciated investment securities and $6,653,994 related to depreciated investment securities.

Investment in Subsidiary

The Fund invests in certain commodity-related ETFs and ETNs and other commodity-linked investments through its investment in Fidelity Dynamic Strategies Cayman Ltd., a wholly-owned subsidiary (the "Subsidiary"). As of September 30, 2010, the Fund held $31,563,756 in the Subsidiary, representing 11.0% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

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

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

September 30, 2010 

1.899334.101

SIB-S-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Inflation Protected Obligations - 99.5%

 

Principal Amount

Value

U.S. Treasury Inflation-Indexed Notes:

0.5% 4/15/15

$ 135,536,027

$ 139,305,590

0.625% 4/15/13

178,502,020

181,555,505

1.25% 4/15/14

189,105,085

198,814,757

1.25% 7/15/20

268,383,033

281,875,256

1.375% 7/15/18

173,305,928

185,465,795

1.375% 1/15/20

222,248,684

236,359,655

1.625% 1/15/15

263,827,571

282,109,368

1.625% 1/15/18

178,502,020

193,661,915

1.875% 7/15/13

286,629,638

304,526,287

1.875% 7/15/15

230,515,687

250,615,485

1.875% 7/15/19

184,659,402

204,726,756

2% 4/15/12

184,085,575

190,634,333

2% 1/15/14

292,918,066

314,024,169

2% 7/15/14

268,472,281

290,306,625

2% 1/15/16

224,207,449

245,971,589

2.125% 1/15/19

173,894,737

195,852,974

2.375% 1/15/17

197,999,713

223,406,858

2.5% 7/15/16

223,971,337

253,823,495

2.625% 7/15/17

177,123,969

204,333,358

3% 7/15/12

306,392,789

325,477,956

3.375% 1/15/12

88,937,928

93,218,063

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

(Cost $4,680,023,864)

4,796,065,789

Cash Equivalents - 0.3%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.3%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Government Obligations) #
(Cost $13,063,000)

$ 13,063,111

13,063,000

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $4,693,086,864)

4,809,128,789

NET OTHER ASSETS (LIABILITIES) - 0.2%

10,110,665

NET ASSETS - 100%

$ 4,819,239,454

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

Repurchase Agreement / Counterparty

Value

$13,063,000 due 10/01/10 at 0.30%

Bank of America NA

$ 8,156,541

Mizuho Securities USA, Inc.

3,942,690

Societe Generale, New York Branch

963,769

 

$ 13,063,000

Other Information

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

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $4,693,086,476. Net unrealized appreciation aggregated $116,042,313, of which $116,460,520 related to appreciated investment securities and $418,207 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Fixed-Income Trust

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

November 29, 2010

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

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

November 29, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 29, 2010