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)

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:	March 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Exchange Fund

March 31, 2010

1.814637.105

EXC-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
CONSUMER DISCRETIONARY - 14.3%
Hotels, Restaurants & Leisure - 6.1%
McDonald's Corp.	156,043		$ 10,411,189
Household Durables - 0.8%
Stanley Black & Decker, Inc.	23,948		1,374,855
Media - 3.4%
DIRECTV (a)	63,000		2,130,030
The Walt Disney Co.	103,073		3,598,278
			5,728,308
Textiles, Apparel & Luxury Goods - 4.0%
Coach, Inc.	174,957		6,914,301
TOTAL CONSUMER DISCRETIONARY			24,428,653
CONSUMER STAPLES - 12.8%
Beverages - 2.2%
The Coca-Cola Co.	69,658		3,781,690
Household Products - 7.6%
Colgate-Palmolive Co.	1,571		133,943
Procter & Gamble Co.	203,497		12,875,255
			13,009,198
Tobacco - 3.0%
Altria Group, Inc.	66,070		1,355,756
Philip Morris International, Inc.	72,270		3,769,603
			5,125,359
TOTAL CONSUMER STAPLES			21,916,247
ENERGY - 12.7%
Energy Equipment & Services - 3.4%
Schlumberger Ltd.	91,096		5,780,952
Oil, Gas & Consumable Fuels - 9.3%
Chevron Corp.	83,712		6,347,881
Exxon Mobil Corp.	142,097		9,517,657
			15,865,538
TOTAL ENERGY			21,646,490
FINANCIALS - 12.7%
Capital Markets - 0.9%
Ameriprise Financial, Inc.	32,900		1,492,344
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 4.3%
American Express Co.	179,203		$ 7,393,916
Diversified Financial Services - 3.4%
CME Group, Inc.	13,000		4,109,430
JPMorgan Chase & Co.	39,181		1,753,350
			5,862,780
Insurance - 4.1%
Berkshire Hathaway, Inc. Class B (a)	86,050		6,993,284
TOTAL FINANCIALS			21,742,324
HEALTH CARE - 11.8%
Health Care Equipment & Supplies - 1.9%
Becton, Dickinson & Co.	42,440		3,341,301
Pharmaceuticals - 9.9%
Bristol-Myers Squibb Co.	33,884		904,703
Johnson & Johnson	139,769		9,112,939
Merck & Co., Inc.	120,112		4,486,183
Pfizer, Inc.	140,119		2,403,041
			16,906,866
TOTAL HEALTH CARE			20,248,167
INDUSTRIALS - 11.7%
Aerospace & Defense - 4.5%
Raytheon Co.	31,100		1,776,432
United Technologies Corp.	80,328		5,912,944
			7,689,376
Commercial Services & Supplies - 0.7%
Waste Management, Inc.	33,125		1,140,494
Industrial Conglomerates - 4.1%
3M Co.	34,830		2,910,743
General Electric Co.	229,226		4,171,913
			7,082,656
Machinery - 0.9%
SPX Corp.	22,251		1,475,686
Road & Rail - 1.5%
Union Pacific Corp.	35,120		2,574,296
TOTAL INDUSTRIALS			19,962,508
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 16.1%
Communications Equipment - 2.3%
Juniper Networks, Inc. (a)	104,000		$ 3,190,720
Motorola, Inc. (a)	101,308		711,182
			3,901,902
Computers & Peripherals - 11.8%
Hewlett-Packard Co.	299,552		15,921,190
International Business Machines Corp.	32,898		4,219,169
			20,140,359
Electronic Equipment & Components - 0.5%
Agilent Technologies, Inc. (a)	27,273		937,918
Software - 1.5%
Microsoft Corp.	90,290		2,642,788
TOTAL INFORMATION TECHNOLOGY			27,622,967
MATERIALS - 2.8%
Chemicals - 2.8%
Air Products & Chemicals, Inc.	64,517		4,771,032
TOTAL COMMON STOCKS (Cost $19,791,424)		162,338,388
Money Market Funds - 5.0%
Fidelity Cash Central Fund, 0.19% (b) (Cost $8,582,939)	8,582,939		8,582,939
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $28,374,363)			170,921,327
NET OTHER ASSETS - 0.1%			219,585
NET ASSETS - 100%		$ 171,140,912

Legend

(a) Non-income producing

(b) 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	$ 3,614

Other Information

All investments are categorized as Level 1 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 March 31, 2010, the cost of investment securities for income tax purposes was $28,374,363. Net unrealized appreciation aggregated $142,546,964, of which $144,337,115 related to appreciated investment securities and $1,790,151 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. 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.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 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 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

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer
Date:	June 1, 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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer
Date:	June 1, 2010

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer
Date:	June 1, 2010