497 1 fixed.htm

Supplement to the
Fidelity
® Intermediate Bond Fund
Fidelity Short-Term Bond Fund

Funds of Fidelity Fixed-Income Trust

STATEMENT OF ADDITIONAL INFORMATION

November 20, 2007

The following information supplements similar information found in the "Management Contracts" section beginning on page 29.

Sub-Adviser - FMR U.K. On behalf of each fund, FMR has entered into a sub-advisory agreement with FMR U.K. Pursuant to the sub-advisory agreement, FMR may receive from the sub-adviser investment research and advice on issuers outside the United States (non-discretionary services) and FMR may grant the sub-adviser investment management authority and the authority to buy and sell securities if FMR believes it would be beneficial to the funds (discretionary services). FMR, and not the funds, pays the sub-adviser.

<R>Andrew Dudley no longer serves as co-manager of Fidelity Short-Term Bond Fund. The following information replaces the information for Mr. Dudley found in the "Management Contracts" section beginning on page 29.</R>

<R>Robin Foley is the co-portfolio manager of Short-Term Bond and receives compensation for her services. As of July 31, 2008, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.</R>

<R>The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index assigned to each fund or account, and (ii) the investment performance of other FMR taxable bond funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to three years for the comparison to a benchmark index. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of Ms. Foley's bonus that is linked to the investment performance of Short-Term Bond is based on the pre-tax investment performance of the fund measured against the Lehman Brothers 1-3 Year U.S. Government/Credit Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.</R>

<R>The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate her time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.</R>

<R>RCOM8B-08-03 September 3, 2008 1.872064.102</R>

<R>The following table provides information relating to other accounts managed by Ms. Foley as of July 31, 2008:</R>

<R>

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts</R>

<R>Number of Accounts Managed

2

2

27</R>

<R>Number of Accounts Managed with Performance-Based Advisory Fees

none

none

none</R>

<R>Assets Managed (in millions)

$ 8,079

$ 652

$ 26,129</R>

<R>Assets Managed with Performance-Based Advisory Fees (in millions)

none

none

none</R>

<R>* Includes Short-Term Bond ($6,689 (in millions) assets managed).</R>

<R>As of July 31, 2008, the dollar range of shares of Short-Term Bond beneficially owned by Ms. Foley was none.</R>