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Supplement to the
Fidelity® Large Cap Growth Fund,
Fidelity Large Cap
Value Fund,
Fidelity Mid Cap Growth Fund, and Fidelity Mid Cap Value Fund

(formerly Fidelity Structured Large Cap Growth Fund, Fidelity Structured Large Cap Value Fund, Fidelity Structured Mid Cap Growth Fund, and Fidelity Structured Mid Cap Value Fund)

March 31, 2006
Prospectus

<R>Effective January 28, 2007, each fund will be comprised of multiple classes of shares. References to each fund are deemed to include class where applicable. The features and policies related to your shares will not change.</R>

At its July 2006 meeting, the Board of Trustees of Fidelity® Large Cap Growth Fund and Fidelity Large Cap Value Fund approved removal of the redemption fee on shares held less than 30 days effective no later than September 1, 2006. The redemption fee will not be imposed on any shares redeemed from accounts held directly with Fidelity beginning July 24, 2006. If you redeem fund shares through an intermediary prior to September 1, 2006, you should contact your intermediary for more information on whether the redemption fee will be imposed on the shares you redeem.

<R>LMC-07-01 January 28, 2007
1.766529.115</R>

<R>The following information replaces the similar information found under the heading "Year-by-Year Returns" in the "Fund Summary" section beginning on page 7.</R>

<R>Large Cap Growth</R>

<R>Calendar Years</R>

<R>2002</R>

<R>2003</R>

<R>2004</R>

<R>2005</R>

<R>2006</R>

<R>-29.08%</R>

<R>26.69%</R>

<R>13.75%</R>

<R>13.04%</R>

<R>5.67%</R>

<R>

</R>

<R>During the periods shown in the chart for Large Cap Growth:</R>

<R>Returns</R>

<R>Quarter ended</R>

<R>Highest Quarter Return</R>

<R> 14.47%</R>

<R>June 30, 2003</R>

<R>Lowest Quarter Return</R>

<R> -6.42%</R>

<R>June 30, 2006</R>

<R>Large Cap Value</R>

<R>Calendar Years</R>

<R>2002</R>

<R>2003</R>

<R>2004</R>

<R>2005</R>

<R>2006</R>

<R>-17.16%</R>

<R>25.95%</R>

<R>17.73%</R>

<R>11.21%</R>

<R>17.11%</R>

<R>

</R>

<R>During the periods shown in the chart for Large Cap Value:</R>

<R>Returns</R>

<R>Quarter ended</R>

<R>Highest Quarter Return</R>

<R> 15.35%</R>

<R>June 30, 2003</R>

<R>Lowest Quarter Return</R>

<R> -5.57%</R>

<R>March 31, 2003</R>

<R>Mid Cap Growth</R>

<R>Calendar Years</R>

<R>2002</R>

<R>2003</R>

<R>2004</R>

<R>2005</R>

<R>2006</R>

<R>-30.49%</R>

<R>40.60%</R>

<R>16.23%</R>

<R>13.56%</R>

<R>7.94%</R>

<R>

</R>

<R>During the periods shown in the chart for Mid Cap Growth:</R>

<R>Returns</R>

<R>Quarter ended</R>

<R>Highest Quarter Return</R>

<R> 18.41%</R>

<R>June 30, 2003</R>

<R>Lowest Quarter Return</R>

<R> -6.63%</R>

<R>June 30, 2006</R>

<R>Mid Cap Value</R>

<R>Calendar Years</R>

<R>2002</R>

<R>2003</R>

<R>2004</R>

<R>2005</R>

<R>2006</R>

<R>-13.52%</R>

<R>33.49%</R>

<R>21.87%</R>

<R>13.68%</R>

<R>14.50%</R>

<R>

</R>

<R>During the periods shown in the chart for Mid Cap Value:</R>

<R>Returns</R>

<R>Quarter ended</R>

<R>Highest Quarter Return</R>

<R> 15.74%</R>

<R>June 30, 2003</R>

<R>Lowest Quarter Return</R>

<R> -3.41%</R>

<R>March 31, 2003</R>

<R>The following information replaces the similar information found under the heading "Average Annual Returns" in the "Fund Summary" section beginning on page 9.</R>

<R>For the periods ended
December 31, 2006</R>

<R>Past 1
year</R>

<R>Past 5
years</R>

<R>Life of
fundA</R>

<R>Large Cap Growth </R>

<R>Return Before Taxes</R>

<R> 5.67</R>

<R> 4.07</R>

<R> 4.04</R>

<R>Return After Taxes on Distributions</R>

<R> 5.07</R>

<R> 3.85</R>

<R> 3.84</R>

<R>Return After Taxes on Distributions and Sale of Fund Shares</R>

<R> 3.92</R>

<R> 3.41</R>

<R> 3.40</R>

<R>Russell 1000 Growth Index
(reflects no deduction for fees, expenses, or taxes)</R>

<R> 9.07</R>

<R> 2.69</R>

<R> 2.59</R>

<R>Large Cap Value</R>

<R>Return Before Taxes</R>

<R> 17.11%</R>

<R> 9.85%</R>

<R> 10.19%</R>

<R>Return After Taxes on Distributions</R>

<R> 16.39%</R>

<R> 9.40%</R>

<R> 9.73%</R>

<R>Return After Taxes on Distributions and Sale of Fund Shares</R>

<R> 11.47%</R>

<R> 8.38%</R>

<R> 8.68%</R>

<R>Russell 1000 Value Index
(reflects no deduction for fees, expenses, or taxes)</R>

<R> 22.25%</R>

<R> 10.86%</R>

<R> 11.04%</R>

<R>Mid Cap Growth </R>

<R>Return Before Taxes</R>

<R> 7.94%</R>

<R> 6.84%</R>

<R> 7.81%</R>

<R>Return After Taxes on Distributions</R>

<R> 7.59%</R>

<R> 6.64%</R>

<R> 7.60%</R>

<R>Return After Taxes on Distributions and Sale of Fund Shares</R>

<R> 5.30%</R>

<R> 5.87%</R>

<R> 6.72%</R>

<R>Russell Midcap Growth Index
(reflects no deduction for fees, expenses, or taxes)</R>

<R> 10.66%</R>

<R> 8.22%</R>

<R> 9.16%</R>

<R>Mid Cap Value</R>

<R>Return Before Taxes</R>

<R> 14.50%</R>

<R> 12.86%</R>

<R> 13.81%</R>

<R>Return After Taxes on Distributions</R>

<R> 13.68%</R>

<R> 12.14%</R>

<R> 13.09%</R>

<R>Return After Taxes on Distributions and Sale of Fund Shares</R>

<R> 9.88%</R>

<R> 10.98%</R>

<R> 11.84%</R>

<R>Russell Midcap Value Index
(reflects no deduction for fees, expenses, or taxes)</R>

<R> 20.22%</R>

<R> 15.88%</R>

<R> 16.64%</R>

<R>A From November 15, 2001.</R>

Supplement to the

Fidelity® Large Cap Growth Fund,
(formerly Fidelity Structured Large Cap Growth Fund)

Fidelity Large Cap Value Fund
(formerly Fidelity Structured Large Cap Value Fund)

Fidelity Mid Cap Growth Fund
(formerly Fidelity Structured Mid Cap Growth Fund)

and Fidelity Mid Cap Value Fund
(formerly Fidelity Structured Mid Cap Value Fund)

Funds of Fidelity Devonshire Trust

STATEMENT OF ADDITIONAL INFORMATION

March 31, 2006

Effective January 28, 2007, each fund will be comprised of multiple classes of shares. References to each fund are deemed to include class where applicable. The features and policies related to your shares will not change.

LMCB-07-01 January 28, 2007
1.774031.108