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, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Real Estate
Investment Portfolio

October 31, 2012 

1.809107.109


REA-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%

Shares

Value (000s)

HEALTH CARE PROVIDERS & SERVICES - 0.2%

Health Care Facilities - 0.2%

Brookdale Senior Living, Inc. (a)

300,000

$ 7,038

REAL ESTATE INVESTMENT TRUSTS - 98.1%

REITs - Apartments - 17.3%

American Campus Communities, Inc.

1,029,900

46,665

Apartment Investment & Management Co. Class A

3,349,974

89,411

AvalonBay Communities, Inc.

762,400

103,351

Camden Property Trust (SBI)

897,100

58,877

Education Realty Trust, Inc.

2,142,010

22,555

Equity Residential (SBI)

3,432,600

197,066

Home Properties, Inc.

556,500

33,830

Post Properties, Inc.

763,300

37,257

UDR, Inc.

1,809,341

43,913

TOTAL REITS - APARTMENTS

632,925

REITs - Factory Outlets - 1.6%

Tanger Factory Outlet Centers, Inc.

1,877,300

59,079

REITs - Health Care Facilities - 12.4%

HCP, Inc.

4,532,600

200,794

Ventas, Inc.

3,972,454

251,337

TOTAL REITS - HEALTH CARE FACILITIES

452,131

REITs - Hotels - 4.7%

Chesapeake Lodging Trust

499,420

9,414

Host Hotels & Resorts, Inc.

9,410,005

136,069

Sunstone Hotel Investors, Inc. (a)

2,622,500

25,910

TOTAL REITS - HOTELS

171,393

REITs - Industrial Buildings - 19.3%

DCT Industrial Trust, Inc.

4,481,300

28,904

Duke Realty LP

4,761,800

68,951

Extra Space Storage, Inc.

985,700

33,997

First Industrial Realty Trust, Inc. (a)

1,855,500

24,771

First Potomac Realty Trust

1,124,600

13,394

Prologis, Inc.

7,159,300

245,492

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - CONTINUED

REITs - Industrial Buildings - continued

Public Storage

2,029,200

$ 281,308

Stag Industrial, Inc.

445,000

7,707

TOTAL REITS - INDUSTRIAL BUILDINGS

704,524

REITs - Malls - 18.8%

CBL & Associates Properties, Inc.

3,000,850

67,129

General Growth Properties, Inc.

4,696,000

92,323

Simon Property Group, Inc.

2,938,672

447,294

The Macerich Co.

1,385,800

78,991

TOTAL REITS - MALLS

685,737

REITs - Management/Investment - 1.8%

Digital Realty Trust, Inc. (d)

777,500

47,762

Lexington Corporate Properties Trust

1,952,573

18,530

TOTAL REITS - MANAGEMENT/INVESTMENT

66,292

REITs - Mobile Home Parks - 0.9%

Sun Communities, Inc.

790,300

33,177

REITs - Mortgage - 0.6%

CapLease, Inc.

1,200,000

6,156

Newcastle Investment Corp.

1,691,500

14,631

TOTAL REITS - MORTGAGE

20,787

REITs - Office Buildings - 9.5%

Boston Properties, Inc.

1,190,800

126,582

Brandywine Realty Trust (SBI)

2,507,900

29,092

Cousins Properties, Inc.

282,500

2,376

Douglas Emmett, Inc.

1,849,200

43,364

Highwoods Properties, Inc. (SBI)

1,346,123

43,412

SL Green Realty Corp.

1,333,446

100,408

TOTAL REITS - OFFICE BUILDINGS

345,234

REITs - Shopping Centers - 11.2%

Cedar Shopping Centers, Inc.

978,405

5,176

DDR Corp.

6,198,167

95,204

Excel Trust, Inc.

832,200

10,236

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - CONTINUED

REITs - Shopping Centers - continued

Federal Realty Investment Trust (SBI)

283,800

$ 30,602

Glimcher Realty Trust

3,478,479

37,115

Kimco Realty Corp.

8,219,300

160,441

Kite Realty Group Trust

1,581,550

8,651

Ramco-Gershenson Properties Trust (SBI)

1,192,124

15,450

Vornado Realty Trust

547,971

43,953

TOTAL REITS - SHOPPING CENTERS

406,828

TOTAL REAL ESTATE INVESTMENT TRUSTS

3,578,107

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%

Real Estate Operating Companies - 1.0%

Forest City Enterprises, Inc. Class A (a)

2,293,400

36,809

TOTAL COMMON STOCKS

(Cost $3,093,072)


3,621,954

Money Market Funds - 1.3%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)

30,016,049

30,016

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)

18,262,500

18,263

TOTAL MONEY MARKET FUNDS

(Cost $48,279)


48,279

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $3,141,351)

3,670,233

NET OTHER ASSETS (LIABILITIES) - (0.6)%

(23,384)

NET ASSETS - 100%

$ 3,646,849

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

$ 25

Fidelity Securities Lending Cash Central Fund

17

Total

$ 42

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, 2012, the cost of investment securities for income tax purposes was $3,279,192,000. Net unrealized appreciation aggregated $391,041,000, of which $728,863,000 related to appreciated investment securities and $337,822,000 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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 a third party pricing vendor 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 (ADRs), 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.

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 28, 2012

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 28, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 28, 2012