0000035341 2011-12-06 2012-12-05 0000035341 fdt2:S000039218Member fdt2:SeriesMember 2011-12-06 2012-12-05 0000035341 fdt2:S000039217Member 2011-12-06 2012-12-05 0000035341 fdt2:S000039218Member fdt2:SeriesMember fdt2:C000120653Member 2011-12-06 2012-12-05 0000035341 fdt2:S000039219Member 2011-12-06 2012-12-05 0000035341 fdt2:S000039218Member fdt2:FMember 2011-12-06 2012-12-05 0000035341 fdt2:S000039217Member fdt2:C000120652Member 2011-12-06 2012-12-05 0000035341 fdt2:S000039216Member fdt2:FMember fdt2:C000120651Member 2011-12-06 2012-12-05 0000035341 fdt2:S000039219Member fdt2:C000120655Member 2011-12-06 2012-12-05 0000035341 fdt2:S000039216Member fdt2:FMember 2011-12-06 2012-12-05 0000035341 fdt2:S000039218Member fdt2:FMember fdt2:C000120654Member 2011-12-06 2012-12-05 0000035341 fdt2:S000039216Member fdt2:SeriesMember fdt2:C000120650Member 2011-12-06 2012-12-05 0000035341 fdt2:S000039216Member fdt2:SeriesMember 2011-12-06 2012-12-05 pure iso4217:USD 485BPOS FIDELITY DEVONSHIRE TRUST 0000035341 2012-12-04 2012-12-05 2012-12-05 false 2012-12-04 Fund Summary Fund/Class: Fidelity® Series Stock Selector Large Cap Value Fund/Fidelity Series Stock Selector Large Cap Value Fund Investment Objective The fund seeks long-term growth of capital. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in stocks of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index).</li> <li>Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</li> <li>Investing in domestic and foreign issuers.</li> <li>Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers.</li> <li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.</li> <li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li> <li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li> <li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li> <li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li></ul> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance Performance history will be available for the fund after the fund has been in operation for one calendar year. Based on estimated amounts for the current fiscal year. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fund Summary Fund: Fidelity Advisor® Series Equity-Income Fund Investment Objective The fund seeks reasonable income. In pursuing this objective, the fund will also consider the potential for capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 0 Portfolio Turnover 0.0056 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. Fund Summary Fund: Fidelity Advisor® Series Stock Selector Large Cap Value Fund Principal Investment Strategies 0 Investment Objective <ul><li>Normally investing at least 80% of assets in equity securities. </li><li>Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks. </li> <li>Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities. </li><li>Investing in domestic and foreign issuers. </li> <li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. </li></ul> 0.0024 Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments. </li> <li> Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease. </li> <li> Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li> Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. </li> <li> "Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. </li></ul> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 0.008 Performance The fund seeks long-term growth of capital. Based on estimated amounts for the current fiscal year. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fund Summary Fund/Class: Fidelity® Series Stock Selector Large Cap Value Fund/F Investment Objective Performance history will be available for the fund after the fund has been in operation for one calendar year. The fund seeks long-term growth of capital. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Fee Table Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in stocks of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index).</li><li>Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks). </li><li>Investing in domestic and foreign issuers. </li><li>Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers.</li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments. </li></ul> This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Risks Principal Investment Strategies <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments. </li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. </li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. <ul><li>Normally investing at least 80% of assets in stocks of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index). </li><li>Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks). </li><li> Investing in domestic and foreign issuers. </li><li> Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers. </li><li> Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments. </li></ul> Performance Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments. </li><li> Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li> Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </li><li> "Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. </li><li> Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance Performance history will be available for the fund after the fund has been in operation for one calendar year. 0.0046 0 0.0032 Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance history will be available for the fund after the fund has been in operation for one calendar year. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0078 0 You could lose money by investing in the fund. 0 0.0046 0 0.0004 0.005 82 255 0.0056 0 0.0032 80 51 249 160 0.0088 90 281 Fund Summary Fund/Class: Fidelity® Series Equity-Income Fund/F Investment Objective 0 The fund seeks reasonable income. In pursuing this objective, the fund will also consider the potential for capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in equity securities.</li><li>Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks.</li><li>Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance 0 0.0056 0 0.0004 0.006 You could lose money by investing in the fund. Performance history will be available for the fund after the fund has been in operation for one calendar year. Based on estimated amounts for the current fiscal year. 0.0046 0 0.0024 0.007 61 192 72 224 Fund Summary Fund/Class: Fidelity® Series Equity-Income Fund/Fidelity Series Equity-Income Fund Investment Objective The fund seeks reasonable income. In pursuing this objective, the fund will also consider the potential for capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in equity securities.</li><li>Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks.</li><li>Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesStockSelectorLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorSeriesEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesStockSelectorLargeCapValueFundClassF column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesStockSelectorLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityAdvisorSeriesEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorSeriesStockSelectorLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesEquityIncomeFundClassF column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorSeriesEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityAdvisorSeriesStockSelectorLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorSeriesStockSelectorLargeCapValueFund column period compact * ~</div> You could lose money by investing in the fund. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesEquityIncomeFundClassF column period compact * ~</div> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesStockSelectorLargeCapValueFundClassF column period compact * ~</div> Performance history will be available for the fund after the fund has been in operation for one calendar year. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesStockSelectorLargeCapValueFundClassF column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesStockSelectorLargeCapValueFund column period compact * ~</div> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesEquityIncomeFundClassF column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesEquityIncomeFund column period compact * ~</div> Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year.