00000353412017-04-082017-04-080000035341sid:S000006068Membersid:NFMidCapValueFundZPRO02Member2017-04-082017-04-080000035341sid:S000006068Membersid:NFMidCapValueFundZPRO02Membersid:C000177516Member2017-04-082017-04-080000035341sid:S000006068Membersid:NFMidCapValueFundZPRO02Membersid:C000043327Member2017-04-082017-04-080000035341sid:S000006068Membersid:NFMidCapValueFundZPRO02Membersid:ReturnBeforeTaxesMembersid:C000043327Member2017-04-082017-04-080000035341sid:S000006068Membersid:NFMidCapValueFundZPRO02Memberrr:AfterTaxesOnDistributionsMembersid:C000043327Member2017-04-082017-04-080000035341sid:S000006068Membersid:NFMidCapValueFundZPRO02Memberrr:AfterTaxesOnDistributionsAndSalesMembersid:C000043327Member2017-04-082017-04-080000035341sid:S000006068Membersid:NFMidCapValueFundZPRO02Membersid:IndexRS013Member2017-04-082017-04-080000035341sid:S000006066Membersid:NFFidelityStockSelectorLargeCapValueFundZPRO02Member2017-04-082017-04-080000035341sid:S000006066Membersid:NFFidelityStockSelectorLargeCapValueFundZPRO02Membersid:C000177515Member2017-04-082017-04-080000035341sid:S000006066Membersid:NFFidelityStockSelectorLargeCapValueFundZPRO02Membersid:C000043313Member2017-04-082017-04-080000035341sid:S000006066Membersid:NFFidelityStockSelectorLargeCapValueFundZPRO02Membersid:ReturnBeforeTaxesMembersid:C000043313Member2017-04-082017-04-080000035341sid:S000006066Membersid:NFFidelityStockSelectorLargeCapValueFundZPRO02Memberrr:AfterTaxesOnDistributionsMembersid:C000043313Member2017-04-082017-04-080000035341sid:S000006066Membersid:NFFidelityStockSelectorLargeCapValueFundZPRO02Memberrr:AfterTaxesOnDistributionsAndSalesMembersid:C000043313Member2017-04-082017-04-080000035341sid:S000006066Membersid:NFFidelityStockSelectorLargeCapValueFundZPRO02Membersid:IndexRS005Member2017-04-082017-04-08 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000035341FIDELITY DEVONSHIRE TRUST485BPOS2017-04-072017-04-082017-01-31false2017-04-08Fund SummaryFund/Class: Fidelity® Mid Cap Value Fund/Fidelity Advisor® Mid Cap Value Fund ZInvestment ObjectiveThe fund seeks long-term growth of capital.Fee TableThe following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.Shareholder fees~ http://www.proofPlus.com/role/ShareholderFeesS000006068_NFMidCapValueFundZPRO02 column period compact * ~0Annual Operating Expenses(expenses that you pay each year as a % of the value of your investment)~ http://www.proofPlus.com/role/OperatingExpensesS000006068_NFMidCapValueFundZPRO02 column period compact * ~Based on historical expenses, adjusted to reflect current fees.0.00500.00Based on estimated amounts for the current fiscal year.0.00090.0059This example helps compare the cost of investing in the fund with the cost of investing in other funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 60189329738~ http://www.proofPlus.com/role/ExpenseExampleS000006068_NFMidCapValueFundZPRO02 column period compact * ~Sell All SharesPortfolio Turnover0.83The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 83% of the average value of its portfolio. Principal Investment Strategies<ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Normally investing primarily in common stocks.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Normally investing at least 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell Midcap® Index or the S&P MidCap 400® Index).</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Potentially investing in companies with smaller or larger market capitalizations.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Using the Russell Midcap® Value Index as a guide in structuring the fund and selecting its investments.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Investing in domestic and foreign issuers.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul>Principal Investment RisksAn investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.You could lose money by investing in the fund.<ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers. </li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. PerformanceThe information illustrates the changes in the performance of Class I shares from year to year and compares the performance of Class I shares to the performance of a securities market index over various periods of time.Past performance (before and after taxes) is not an indication of future performance.institutional.fidelity.comThe following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of Class I shares from year to year and compares the performance of Class I shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit institutional.fidelity.com for more recent performance information.Performance history will be available for Class Z after Class Z has been in operation for one calendar year.Year-by-Year Returns*Calendar Years-0.40560.35460.2542-0.04270.19020.38920.1663-0.04580.1241~ http://www.proofPlus.com/role/AnnualTotalReturnsBarChartS000006068_NFMidCapValueFundZPRO02 column period compact * ~Highest Quarter Return0.25492009-09-30Lowest Quarter Return-0.24772008-12-31<table style="font: normal 9pt Arial, sans-serif;" border="0" cellspacing="5" cellpadding="0" width="745"><tr><td align="left" valign="top">During the periods shown in the chart:</td><td align="right" valign="top">Returns</td><td align="right" valign="top">Quarter ended</td></tr><tr><td align="left" valign="top">Highest Quarter Return</td><td align="right" valign="top" >25.49%</td><td align="right" valign="top">September 30, 2009</td></tr><tr><td align="left" valign="top">Lowest Quarter Return</td><td align="right" valign="top">-24.77%</td><td align="right" valign="top">December 31, 2008</td></tr></table>* The returns shown above are for Class I, which is not offered through this prospectus. Class Z would have substantially similar annual returns to Class I because the classes are invested in the same portfolio of securities. Class Z's returns would differ from Class I's returns to the extent that the classes do not have the same expenses.Average Annual Returns*After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes.The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).~ http://www.proofPlus.com/role/AverageAnnualTotalReturnsS000006068_NFMidCapValueFundZPRO02 column period compact * ~Return Before TaxesFidelity® Mid Cap Value Fund0.12410.15650.0693Return After Taxes on DistributionsFidelity® Mid Cap Value Fund0.12050.14010.0600Return After Taxes on Distributions and Sale of Fund SharesFidelity® Mid Cap Value Fund0.07330.12090.05310.20000.15700.07122007-02-132007-02-132007-02-13After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). For the periods ended December 31, 2016* The returns shown above are for Class I, which is not offered through this prospectus. Class Z would have substantially similar annual returns to Class I because the classes are invested in the same portfolio of securities. Class Z's returns would differ from Class I's returns to the extent that the classes do not have the same expenses.Fund SummaryFund/Class: Fidelity® Stock Selector Large Cap Value Fund/Fidelity Advisor® Stock Selector Large Cap Value Fund ZInvestment ObjectiveThe fund seeks long-term growth of capital.Fee TableThe following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.Shareholder fees~ http://www.proofPlus.com/role/ShareholderFeesS000006066_NFFidelityStockSelectorLargeCapValueFundZPRO02 column period compact * ~0Annual Operating Expenses(expenses that you pay each year as a % of the value of your investment)~ http://www.proofPlus.com/role/OperatingExpensesS000006066_NFFidelityStockSelectorLargeCapValueFundZPRO02 column period compact * ~Based on historical expenses, adjusted to reflect current fees.0.00520.00Based on estimated amounts for the current fiscal year.0.00110.0063This example helps compare the cost of investing in the fund with the cost of investing in other funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 64202351786~ http://www.proofPlus.com/role/ExpenseExampleS000006066_NFFidelityStockSelectorLargeCapValueFundZPRO02 column period compact * ~Sell All SharesPortfolio Turnover0.51The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 51% of the average value of its portfolio. Principal Investment Strategies<ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Normally investing at least 80% of assets in stocks of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index).</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Investing in domestic and foreign issuers.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, telecom services, and utilities), using different Fidelity managers.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li style="padding-bottom: 10px;">Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul>Principal Investment RisksAn investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.You could lose money by investing in the fund.<ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.</li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </li></ul><ul style="font: normal 11pt 'Times New Roman', serif; color: #000000;"><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. PerformanceThe information illustrates the changes in the performance of Class I shares from year to year and compares the performance of Class I shares to the performance of a securities market index over various periods of time.Past performance (before and after taxes) is not an indication of future performance.institutional.fidelity.comThe following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of Class I shares from year to year and compares the performance of Class I shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit institutional.fidelity.com for more recent performance information.Performance history will be available for Class Z after Class Z has been in operation for one calendar year.Year-by-Year Returns*Calendar Years-0.39710.15590.0927-0.00320.16210.32220.1344-0.03780.1597~ http://www.proofPlus.com/role/AnnualTotalReturnsBarChartS000006066_NFFidelityStockSelectorLargeCapValueFundZPRO02 column period compact * ~Highest Quarter Return0.19402009-09-30Lowest Quarter Return-0.23152008-12-31<table style="font: normal 9pt Arial, sans-serif;" border="0" cellspacing="5" cellpadding="0" width="745"><tr><td align="left" valign="top">During the periods shown in the chart:</td><td align="right" valign="top">Returns</td><td align="right" valign="top">Quarter ended</td></tr><tr><td align="left" valign="top">Highest Quarter Return</td><td align="right" valign="top" >19.40%</td><td align="right" valign="top">September 30, 2009</td></tr><tr><td align="left" valign="top">Lowest Quarter Return</td><td align="right" valign="top">-23.15%</td><td align="right" valign="top">December 31, 2008</td></tr></table>The returns shown above are for Class I, which is not offered through this prospectus. Class Z would have substantially similar annual returns to Class I because the classes are invested in the same portfolio of securities. Class Z's returns would differ from Class I's returns to the extent that the classes do not have the same expenses.Average Annual Returns*After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes.The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).~ http://www.proofPlus.com/role/AverageAnnualTotalReturnsS000006066_NFFidelityStockSelectorLargeCapValueFundZPRO02 column period compact * ~Return Before TaxesFidelity® Stock Selector Large Cap Value Fund0.15970.14230.0409Return After Taxes on DistributionsFidelity® Stock Selector Large Cap Value Fund0.15620.13890.0371Return After Taxes on Distributions and Sale of Fund SharesFidelity® Stock Selector Large Cap Value Fund0.09330.11430.03220.17340.14800.05532007-02-132007-02-132007-02-13After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). For the periods ended December 31, 2016* The returns shown above are for Class I, which is not offered through this prospectus. Class Z would have substantially similar annual returns to Class I because the classes are invested in the same portfolio of securities. Class Z's returns would differ from Class I's returns to the extent that the classes do not have the same expenses.Based on estimated amounts for the current fiscal year.Based on historical expenses, adjusted to reflect current fees.Based on estimated amounts for the current fiscal year.From February 13, 2007Based on historical expenses, adjusted to reflect current fees.