# EDGAR Filing Document

**Accession Number:** 0000035341
**File Stem:** 0000035341-23-000030
**Filing Date:** 2023-3
**Character Count:** 12636
**Document Hash:** fae19e67b6d84d74830da5cf8527c057
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035341-23-000030.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0000035341-23-000030

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY DEVONSHIRE TRUST
- **CENTRAL INDEX KEY:** 0000035341
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-24389
- **FILM NUMBER:** 23785098

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY EQUITY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870304

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVEREST FUND INC
- **DATE OF NAME CHANGE:** 19751117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVEREST INCOME FUND INC
- **DATE OF NAME CHANGE:** 19690420

## Series and Classes Contracts Data

### Fidelity Equity-Income K6 Fund (Series ID: S000065694)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000212497 | Fidelity Equity-Income K6 Fund | FEKFX           |

**<u>Fund</u>** <u>/Ticker</u>

**Fidelity® Equity-Income K6 Fund** /FEKFX

**Summary Prospectus**

**April 1, 2023**

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at www.fidelity.com/workplacedocuments. You can also get this information at no cost by calling 1-800-835-5095 or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's [prospectus](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000035341/000003534123000023/filing5918.htm#PRO_Hdr) and [SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000035341/000003534123000023/filing5918.htm#SAI_Hdr) dated April 1, 2023 are incorporated herein by reference.

![](img88813_1.jpg)

245 Summer Street, Boston, MA 02210

**Fund Summary**

**Fund:**

**Fidelity® Equity-Income K6 Fund**

**Investment Objective**

Fidelity® Equity-Income K6 Fund seeks reasonable income. In pursuing this objective, the fund will also consider the potential for capital appreciation. The fund seeks a yield for its shareholders that exceeds the yield on the securities comprising the S&P 500® Index.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. **In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of the fund.**

**Shareholder fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)**  | **None**  |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.34 %  |
| Distribution and/or Service (12b-1) fees  |  |
| Other expenses  | 0.00 %  |
| **Total annual operating expenses**  | 0.34 %  |

---

This **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 the 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:

---

| | |
|:---|:---|
| 1 year  | $35  |
| 3 years  | $109  |
| 5 years  | $191  |
| 10 years  | $431  |

---

**Portfolio Turnover**

The 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 37 % of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing at least 80% of assets in equity securities.

* Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks.

* Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).

* Investing in domestic and foreign issuers.

* 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.

* Potentially using covered call options as tools in managing the fund's assets.

**Principal Investment Risks**

* *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.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *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.

* *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.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer.

The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

* *"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.

*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.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's 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 is not an indication of future performance.

Visit www.401k.com and log in for more recent performance information.

**Year-by-Year Returns** 

---

| | | |
|:---|:---|:---|
| 2020  | 2021  | 2022  |
|  6.84 % <br>| 24.74 % <br>| *-* 4.77 % <br>|

---

![](img88813_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:*  | *Returns*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Quarter ended*  |
| *Highest Quarter Return*  | *15.69 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *December 31, 2020*  |
| *Lowest Quarter Return*  | *- 21.98 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *March 31, 2020*  |

---

**Average Annual Returns**

---

| | | |
|:---|:---|:---|
| <br> For the periods ended December 31, 2022  | &nbsp;&nbsp; Past 1 <br> year  | &nbsp;&nbsp; Life of<br> fund <sup>A</sup>  |
| **Fidelity® Equity-Income K6 Fund**  | - 4.77 %  | 10.23 %  |
| Russell 3000® Value Index <br> **(reflects no deduction for fees, expenses, or taxes)**  | &nbsp;&nbsp; <br> - 7.98 %  | &nbsp;&nbsp; <br> 8.04 %  |

---

<sup>A</sup> *From June 13, 2019*

**Investment Adviser**

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Ramona Persaud (Portfolio Manager) has managed the fund since 2019.

**Purchase and Sale of Shares**

Shares generally are available only to certain employer-sponsored retirement plans. For this purpose, employer-sponsored retirement plans generally include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health savings plans, and similar plans, but generally do not include: retail retirement or non-retirement accounts; Individual Retirement Accounts (IRAs) (such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education Savings Accounts; individual 403(b) accounts that are not part of an employer's 403(b) plan; plans investing through the Fidelity Advisor® 403(b) program; plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition programs. Plan participants may purchase shares only if shares are eligible for sale and available through their plan.

You may buy or sell shares in various ways:

**Internet**

**www.401k.com**

**Phone**

**For Individual Accounts (investing through a retirement plan sponsor or other institution), refer to your plan materials or contact that institution directly.**

**For Retirement Plan Level Accounts:**

**Corporate Clients 1-800-962-1375**

**"Not for Profit" Clients 1-800-343-0860**

**Mail**

---

| | |
|:---|:---|
| **Redemptions:** <br> **Fidelity Investments** <br> **P.O. Box 770001** <br> **Cincinnati, OH 45277-0035**  | ***Overnight Express:*** <br> **Fidelity Investments** <br> **100 Crosby Parkway** <br> **Covington, KY 41015**  |

---

**TDD - Service for the Deaf and Hearing Impaired**

**1-800-544-0118**

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Distributions by the fund to tax-advantaged retirement plan accounts are not taxable currently (but you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Currently, the Board of Trustees of the fund has not authorized such payments for shares of the fund. Ask your investment professional or visit your intermediary's web site for more information.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2023 FMR LLC. All rights reserved.

1.9893870.104 EQU-K6-SUM-0423