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 811-1352

Fidelity Devonshire Trust
 (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:

July 31

 

 

Date of reporting period:

October 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Real Estate
Investment Portfolio

October 31, 2011 

1.809107.108

REA-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - 98.0%

REITs - Apartments - 19.5%

American Campus Communities, Inc.

1,142,800

$ 44,489

Apartment Investment & Management Co. Class A

2,821,674

69,611

Camden Property Trust (SBI)

935,000

56,698

Education Realty Trust, Inc.

1,830,000

16,928

Equity Residential (SBI)

4,850,900

284,651

Home Properties, Inc.

531,200

31,288

Mid-America Apartment Communities, Inc.

227,800

14,215

Post Properties, Inc.

1,015,000

41,696

UDR, Inc.

3,267,141

81,450

TOTAL REITS - APARTMENTS

641,026

REITs - Factory Outlets - 1.3%

Tanger Factory Outlet Centers, Inc.

1,497,700

42,175

REITs - Health Care Facilities - 8.6%

HCP, Inc.

2,965,000

118,155

Ventas, Inc.

2,980,354

165,737

TOTAL REITS - HEALTH CARE FACILITIES

283,892

REITs - Hotels - 5.4%

Chesapeake Lodging Trust

449,420

6,714

DiamondRock Hospitality Co.

2,904,776

26,288

Host Hotels & Resorts, Inc.

9,231,605

131,735

Sunstone Hotel Investors, Inc. (a)

1,885,474

13,104

TOTAL REITS - HOTELS

177,841

REITs - Industrial Buildings - 19.5%

DCT Industrial Trust, Inc.

4,465,200

22,147

Duke Realty LP

4,127,700

50,688

Extra Space Storage, Inc.

425,000

9,575

First Industrial Realty Trust, Inc. (a)

1,029,300

10,139

Prologis, Inc.

8,052,000

239,628

Public Storage

2,363,500

305,010

Stag Industrial, Inc.

425,000

4,565

TOTAL REITS - INDUSTRIAL BUILDINGS

641,752

REITs - Malls - 17.0%

CBL & Associates Properties, Inc.

2,705,050

41,604

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - CONTINUED

REITs - Malls - continued

Simon Property Group, Inc.

2,863,972

$ 367,848

The Macerich Co.

3,037,000

151,121

TOTAL REITS - MALLS

560,573

REITs - Management/Investment - 2.8%

CubeSmart

965,000

9,467

Digital Realty Trust, Inc. (d)

1,083,600

67,541

Franklin Street Properties Corp.

1,110,500

14,103

TOTAL REITS - MANAGEMENT/INVESTMENT

91,111

REITs - Mobile Home Parks - 0.7%

Sun Communities, Inc. (d)

570,000

21,706

REITs - Mortgage - 0.0%

Newcastle Investment Corp.

250,000

1,148

REITs - Office Buildings - 12.1%

Alexandria Real Estate Equities, Inc.

621,760

41,092

Boston Properties, Inc.

1,859,300

184,052

Brandywine Realty Trust (SBI)

2,230,000

20,315

Douglas Emmett, Inc.

1,440,000

28,080

Highwoods Properties, Inc. (SBI)

1,141,170

35,353

SL Green Realty Corp.

1,312,246

90,532

TOTAL REITS - OFFICE BUILDINGS

399,424

REITs - Shopping Centers - 11.1%

DDR Corp.

6,052,667

77,535

Excel Trust, Inc.

694,700

7,301

Federal Realty Investment Trust (SBI)

573,800

50,930

Glimcher Realty Trust

1,418,500

12,993

Kimco Realty Corp.

8,125,400

141,951

Kite Realty Group Trust

2,565,300

10,595

Ramco-Gershenson Properties Trust (SBI)

705,024

6,803

Vornado Realty Trust

685,871

56,797

TOTAL REITS - SHOPPING CENTERS

364,905

TOTAL REAL ESTATE INVESTMENT TRUSTS

3,225,553

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%

Real Estate Operating Companies - 0.9%

Forest City Enterprises, Inc. Class A (a)(d)

2,070,000

$ 28,318

TOTAL COMMON STOCKS

(Cost $2,804,313)


3,253,871

Money Market Funds - 2.9%

 

 

 

 

Fidelity Cash Central Fund, 0.12% (b)

33,357,725

33,358

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)

62,330,453

62,330

TOTAL MONEY MARKET FUNDS

(Cost $95,688)


95,688

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $2,900,001)

3,349,559

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(59,014)

NET ASSETS - 100%

$ 3,290,545

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 11

Fidelity Securities Lending Cash Central Fund

34

Total

$ 45

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 October 31, 2011, the cost of investment securities for income tax purposes was $3,039,225,000. Net unrealized appreciation aggregated $310,334,000, of which $720,909,000 related to appreciated investment securities and $410,575,000 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.

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 Devonshire Trust'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 Devonshire Trust

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

December 30, 2011

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:

December 30, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 30, 2011