Index: django/core/management/commands/loaddata.py
===================================================================
--- django/core/management/commands/loaddata.py	(revision 11027)
+++ django/core/management/commands/loaddata.py	(working copy)
@@ -76,7 +76,8 @@
         if has_bz2:
             compression_types['bz2'] = bz2.BZ2File
 
-        app_fixtures = [os.path.join(os.path.dirname(app.__file__), 'fixtures') for app in get_apps()]
+        app_fixtures = [os.path.join(os.path.dirname(app.__file__.rsplit('models', 1)[0]), 'fixtures')
+                        for app in get_apps()]
         for fixture_label in fixture_labels:
             parts = fixture_label.split('.')