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 811-01352

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:

April 30, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Real Estate
Investment Portfolio

April 30, 2011 

1.800348.107

REA-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value (000s)

HEALTH CARE PROVIDERS & SERVICES - 0.5%

Health Care Facilities - 0.5%

Brookdale Senior Living, Inc. (a)

609,500

$ 16,603

REAL ESTATE INVESTMENT TRUSTS - 95.8%

Diversified REITs - 0.3%

American Assets Trust, Inc.

470,000

10,378

Office REITs - 0.1%

Coresite Realty Corp.

146,900

2,320

REITs - Apartments - 16.6%

American Campus Communities, Inc.

1,192,800

41,927

Apartment Investment & Management Co. Class A

2,016,674

54,370

Camden Property Trust (SBI)

875,000

54,906

Education Realty Trust, Inc.

1,830,000

15,573

Equity Residential (SBI)

4,063,900

242,696

Home Properties, Inc.

611,200

38,750

Mid-America Apartment Communities, Inc.

545,000

36,433

Post Properties, Inc.

900,000

36,540

UDR, Inc.

3,213,041

83,186

TOTAL REITS - APARTMENTS

604,381

REITs - Factory Outlets - 1.0%

Tanger Factory Outlet Centers, Inc.

1,275,400

35,239

REITs - Health Care Facilities - 11.2%

HCP, Inc.

4,067,000

161,135

Health Care REIT, Inc. (d)

430,700

23,159

Healthcare Realty Trust, Inc.

1,170,200

26,727

Nationwide Health Properties, Inc.

885,100

38,767

Ventas, Inc.

2,838,192

158,740

TOTAL REITS - HEALTH CARE FACILITIES

408,528

REITs - Hotels - 5.9%

Chesapeake Lodging Trust

449,420

8,081

DiamondRock Hospitality Co.

2,239,776

26,967

Host Hotels & Resorts, Inc.

8,991,605

159,961

Sunstone Hotel Investors, Inc. (a)

1,690,474

17,682

TOTAL REITS - HOTELS

212,691

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - CONTINUED

REITs - Industrial Buildings - 16.8%

AMB Property Corp. (REIT)

806,900

$ 29,371

DCT Industrial Trust, Inc.

4,200,200

24,403

Duke Realty LP

4,337,700

66,150

First Industrial Realty Trust, Inc. (a)(d)

1,029,300

12,887

ProLogis Trust

11,325,312

184,489

Public Storage

2,256,500

264,710

Stag Industrial, Inc.

425,000

5,398

U-Store-It Trust

2,120,000

24,083

TOTAL REITS - INDUSTRIAL BUILDINGS

611,491

REITs - Malls - 15.9%

CBL & Associates Properties, Inc. (d)

3,705,050

68,803

Simon Property Group, Inc.

3,338,972

382,446

The Macerich Co.

2,364,000

124,866

TOTAL REITS - MALLS

576,115

REITs - Management/Investment - 2.8%

Digital Realty Trust, Inc. (d)

1,461,600

88,193

Franklin Street Properties Corp.

910,500

12,874

TOTAL REITS - MANAGEMENT/INVESTMENT

101,067

REITs - Mobile Home Parks - 0.6%

Sun Communities, Inc.

565,000

21,741

REITs - Office Buildings - 12.3%

Alexandria Real Estate Equities, Inc. (d)

804,600

66,098

Boston Properties, Inc.

1,939,300

202,715

Brandywine Realty Trust (SBI)

2,200,000

27,940

Highwoods Properties, Inc. (SBI) (d)

1,188,370

43,851

SL Green Realty Corp.

1,269,246

104,751

TOTAL REITS - OFFICE BUILDINGS

445,355

REITs - Shopping Centers - 12.3%

Cedar Shopping Centers, Inc.

3,137,200

18,509

Developers Diversified Realty Corp.

4,167,667

61,431

Excel Trust, Inc.

532,300

6,334

Federal Realty Investment Trust (SBI)

979,200

85,739

Glimcher Realty Trust

673,500

6,432

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - CONTINUED

REITs - Shopping Centers - continued

Kimco Realty Corp.

7,473,400

$ 146,030

Kite Realty Group Trust

2,565,300

13,340

Ramco-Gershenson Properties Trust (SBI)

506,100

6,524

Vornado Realty Trust

1,067,471

103,203

TOTAL REITS - SHOPPING CENTERS

447,542

TOTAL REAL ESTATE INVESTMENT TRUSTS

3,476,848

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%

Real Estate Operating Companies - 1.0%

Forest City Enterprises, Inc. Class A (a)

1,870,000

35,923

TOTAL COMMON STOCKS

(Cost $2,803,122)

3,529,374

Money Market Funds - 5.5%

 

 

 

 

Fidelity Cash Central Fund, 0.13% (b)

112,075,687

112,076

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

86,805,383

86,805

TOTAL MONEY MARKET FUNDS

(Cost $198,881)

198,881

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $3,002,003)

3,728,255

NET OTHER ASSETS (LIABILITIES) - (2.8)%

(100,291)

NET ASSETS - 100%

$ 3,627,964

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

$ 68

Fidelity Securities Lending Cash Central Fund

256

Total

$ 324

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Cedar Shopping Centers, Inc.

$ 19,934

$ 1,471

$ 1,936

$ -

$ -

Total

$ 19,934

$ 1,471

$ 1,936

$ -

$ -

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 April 30, 2011, the cost of investment securities for income tax purposes was $3,147,441,000. Net unrealized appreciation aggregated $580,814,000, of which $893,653,000 related to appreciated investment securities and $312,839,000 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:

June 29, 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:

June 29, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 29, 2011