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:

April 30, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Real Estate
Investment Portfolio

April 30, 2012 

1.800348.108

REA-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - 98.0%

REITs - Apartments - 19.2%

American Campus Communities, Inc.

1,019,800

$ 45,330

Apartment Investment & Management Co. Class A

3,336,674

90,591

AvalonBay Communities, Inc.

455,000

66,157

Camden Property Trust (SBI)

910,000

61,580

Education Realty Trust, Inc.

2,030,000

22,878

Equity Residential (SBI)

4,705,900

289,130

Home Properties, Inc.

471,200

28,767

Post Properties, Inc.

986,000

48,018

UDR, Inc.

3,157,141

83,128

TOTAL REITS - APARTMENTS

735,579

REITs - Factory Outlets - 1.5%

Tanger Factory Outlet Centers, Inc.

1,854,000

58,067

REITs - Health Care Facilities - 8.9%

HCP, Inc.

3,220,000

133,469

Health Care REIT, Inc.

79,300

4,493

Ventas, Inc.

3,443,354

202,435

TOTAL REITS - HEALTH CARE FACILITIES

340,397

REITs - Hotels - 4.8%

Chesapeake Lodging Trust

449,420

8,135

Host Hotels & Resorts, Inc.

9,291,605

154,612

Sunstone Hotel Investors, Inc. (a)

2,045,474

20,864

TOTAL REITS - HOTELS

183,611

REITs - Industrial Buildings - 19.6%

DCT Industrial Trust, Inc.

4,595,200

27,250

Duke Realty LP

4,572,700

67,767

DuPont Fabros Technology, Inc. (d)

1,039,939

28,234

Extra Space Storage, Inc.

940,000

28,529

First Industrial Realty Trust, Inc. (a)

1,465,300

18,082

First Potomac Realty Trust

409,016

5,088

Prologis, Inc.

7,752,000

277,367

Public Storage

2,056,500

294,614

Stag Industrial, Inc.

425,000

5,916

TOTAL REITS - INDUSTRIAL BUILDINGS

752,847

Common Stocks - continued

Shares

Value (000s)

REAL ESTATE INVESTMENT TRUSTS - CONTINUED

REITs - Malls - 18.8%

CBL & Associates Properties, Inc.

2,755,950

$ 51,343

Simon Property Group, Inc.

3,088,972

480,644

The Macerich Co.

3,039,600

187,148

TOTAL REITS - MALLS

719,135

REITs - Management/Investment - 2.7%

CubeSmart

389,800

4,896

Digital Realty Trust, Inc. (d)

1,166,600

87,600

Lexington Corporate Properties Trust

1,150,000

10,235

TOTAL REITS - MANAGEMENT/INVESTMENT

102,731

REITs - Mobile Home Parks - 0.6%

Sun Communities, Inc.

565,000

24,719

REITs - Mortgage - 0.1%

Newcastle Investment Corp.

700,000

4,949

REITs - Office Buildings - 10.1%

Boston Properties, Inc.

1,581,300

171,176

Brandywine Realty Trust (SBI)

2,130,000

25,262

Douglas Emmett, Inc.

1,480,000

34,395

Highwoods Properties, Inc. (SBI)

1,217,570

42,286

SL Green Realty Corp.

1,407,246

116,013

TOTAL REITS - OFFICE BUILDINGS

389,132

REITs - Shopping Centers - 11.7%

DDR Corp.

7,598,567

112,459

Excel Trust, Inc.

694,700

8,329

Federal Realty Investment Trust (SBI)

393,800

39,640

Glimcher Realty Trust

1,468,500

14,523

Kimco Realty Corp.

8,400,400

163,052

Kite Realty Group Trust

2,575,165

13,159

Ramco-Gershenson Properties Trust (SBI)

839,324

10,105

Vornado Realty Trust

1,001,871

86,001

TOTAL REITS - SHOPPING CENTERS

447,268

TOTAL REAL ESTATE INVESTMENT TRUSTS

3,758,435

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)

2,345,000

$ 37,403

TOTAL COMMON STOCKS

(Cost $2,950,376)


3,795,838

Money Market Funds - 3.1%

 

 

 

 

Fidelity Cash Central Fund, 0.14% (b)

52,245,177

52,245

Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)

66,114,753

66,115

TOTAL MONEY MARKET FUNDS

(Cost $118,360)


118,360

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $3,068,736)

3,914,198

NET OTHER ASSETS (LIABILITIES) - (2.0)%

(78,198)

NET ASSETS - 100%

$ 3,836,000

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

$ 40

Fidelity Securities Lending Cash Central Fund

94

Total

$ 134

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, 2012, the cost of investment securities for income tax purposes was $3,207,934,000. Net unrealized appreciation aggregated $706,264,000, of which $1,018,291,000 related to appreciated investment securities and $312,027,000 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 these securities 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, 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:

June 29, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 29, 2012