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 811-2614

Fidelity Exchange Fund
 (Exact name of registrant as specified in charter)

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

December 31

Date of reporting period:

March 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Exchange Fund

March 31, 2005

1.814637.100

EXC-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value

CONSUMER DISCRETIONARY - 18.1%

Auto Components - 0.1%

Dana Corp.

22,174

$ 283,605

Automobiles - 0.2%

General Motors Corp.

15,890

467,007

Hotels, Restaurants & Leisure - 2.7%

McDonald's Corp.

201,170

6,264,434

Household Durables - 0.5%

The Stanley Works

23,948

1,084,126

Media - 9.2%

Gannett Co., Inc.

61,737

4,882,162

Knight-Ridder, Inc.

2,696

181,306

McGraw-Hill Companies, Inc.

75,479

6,585,543

News Corp. Class A

3,612

61,115

The DIRECTV Group, Inc. (a)

16,147

232,840

Tribune Co.

94,030

3,748,976

Viacom, Inc. Class B (non-vtg.)

24,041

837,348

Walt Disney Co.

164,487

4,725,712

21,255,002

Multiline Retail - 0.9%

Neiman Marcus Group, Inc. Class B

11,452

1,033,543

The May Department Stores Co.

27,955

1,034,894

2,068,437

Textiles, Apparel & Luxury Goods - 4.5%

Coach, Inc. (a)

186,781

10,577,408

TOTAL CONSUMER DISCRETIONARY

42,000,019

CONSUMER STAPLES - 13.0%

Beverages - 3.0%

Anheuser-Busch Companies, Inc.

82,886

3,927,968

The Coca-Cola Co.

72,998

3,041,827

6,969,795

Food & Staples Retailing - 0.4%

SUPERVALU, Inc.

26,367

879,339

Food Products - 0.7%

General Mills, Inc.

4,999

245,701

Sara Lee Corp.

62,616

1,387,571

1,633,272

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Household Products - 4.2%

Colgate-Palmolive Co.

65,295

$ 3,406,440

Procter & Gamble Co.

117,858

6,246,474

9,652,914

Personal Products - 2.7%

Gillette Co.

124,221

6,270,676

Tobacco - 2.0%

Altria Group, Inc.

72,270

4,725,735

TOTAL CONSUMER STAPLES

30,131,731

ENERGY - 10.3%

Energy Equipment & Services - 1.8%

Schlumberger Ltd. (NY Shares)

50,548

3,562,623

Transocean, Inc. (a)

9,870

507,910

4,070,533

Oil & Gas - 8.5%

ChevronTexaco Corp.

87,280

5,089,297

Exxon Mobil Corp.

203,102

12,104,879

Kerr-McGee Corp.

7,470

585,125

Royal Dutch Petroleum Co. (NY Shares)

33,010

1,981,920

19,761,221

TOTAL ENERGY

23,831,754

FINANCIALS - 12.9%

Capital Markets - 1.7%

Lehman Brothers Holdings, Inc.

33,799

3,182,514

Waddell & Reed Financial, Inc. Class A

35,246

695,756

3,878,270

Consumer Finance - 4.4%

American Express Co.

195,503

10,042,989

Diversified Financial Services - 2.7%

Citigroup, Inc.

109,805

4,934,637

J.P. Morgan Chase & Co.

39,181

1,355,663

6,290,300

Insurance - 4.1%

Berkshire Hathaway, Inc. Class B (a)

1,905

5,440,680

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

St. Paul Travelers Companies, Inc.

7,061

$ 259,351

Torchmark Corp.

73,192

3,820,622

9,520,653

TOTAL FINANCIALS

29,732,212

HEALTH CARE - 17.2%

Health Care Equipment & Supplies - 5.2%

Becton, Dickinson & Co.

84,290

4,924,222

Guidant Corp.

81,898

6,052,262

Zimmer Holdings, Inc. (a)

12,487

971,613

11,948,097

Health Care Providers & Services - 0.0%

Medco Health Solutions, Inc. (a)

532

26,371

Pharmaceuticals - 12.0%

Bristol-Myers Squibb Co.

138,035

3,514,371

Eli Lilly & Co.

30,231

1,575,035

Johnson & Johnson

142,669

9,581,650

Merck & Co., Inc.

59,161

1,915,042

Pfizer, Inc.

172,694

4,536,671

Schering-Plough Corp.

132,858

2,411,373

Wyeth

102,174

4,309,699

27,843,841

TOTAL HEALTH CARE

39,818,309

INDUSTRIALS - 15.1%

Aerospace & Defense - 2.6%

Raytheon Co.

35,600

1,377,720

United Technologies Corp.

45,164

4,591,372

5,969,092

Commercial Services & Supplies - 0.4%

Waste Management, Inc.

33,125

955,656

Industrial Conglomerates - 8.6%

3M Co.

52,960

4,538,142

General Electric Co.

427,163

15,403,499

19,941,641

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - 3.0%

Parker Hannifin Corp.

84,396

$ 5,141,404

SPX Corp.

40,291

1,743,794

6,885,198

Road & Rail - 0.5%

Union Pacific Corp.

17,560

1,223,932

TOTAL INDUSTRIALS

34,975,519

INFORMATION TECHNOLOGY - 7.4%

Communications Equipment - 1.3%

Motorola, Inc.

194,748

2,915,378

Computers & Peripherals - 4.3%

Hewlett-Packard Co.

313,392

6,875,820

International Business Machines Corp.

33,898

3,097,599

9,973,419

Electronic Equipment & Instruments - 0.6%

Agilent Technologies, Inc. (a)

61,373

1,362,481

Semiconductors & Semiconductor Equipment - 0.3%

Cabot Microelectronics Corp. (a)

11,977

375,838

Freescale Semiconductor, Inc. Class B (a)

21,503

370,927

746,765

Software - 0.9%

Microsoft Corp.

90,290

2,182,309

TOTAL INFORMATION TECHNOLOGY

17,180,352

MATERIALS - 2.9%

Chemicals - 2.9%

Air Products & Chemicals, Inc.

84,853

5,370,346

Cabot Corp.

37,691

1,260,010

6,630,356

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 1.1%

ALLTEL Corp.

1,756

96,317

Sprint Corp.

110,210

2,507,278

2,603,595

TOTAL COMMON STOCKS

(Cost $23,272,440)

226,903,847

Cash Equivalents - 1.9%

Maturity Amount

Value

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.51%, dated 3/31/05 due 4/1/05)
(Cost $4,479,000)

$ 4,479,312

$ 4,479,000

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $27,751,440)

231,382,847

NET OTHER ASSETS - 0.1%

259,644

NET ASSETS - 100%

$ 231,642,491

Legend

(a) Non-income producing

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $27,751,439. Net unrealized appreciation aggregated $203,631,408, of which $206,419,741 related to appreciated investment securities and $2,788,333 related to depreciated investment securities.

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 Corp. 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 Exchange Fund'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 Exchange Fund

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

May 20, 2005

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

May 20, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

May 20, 2005