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<PAGE> PAGE 3
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE JOHN H. COSTELLO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
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59,094
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4,867
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<TABLE> <S> <C>
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305
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231,931
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5,544
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400,698
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0
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9,783
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24.110
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.100
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2.220
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.120
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</TABLE>
MEMORANDUM
DATE: September 17, 1999
TO: File
FROM: Adrienne Johnson
RE: Item 77(d): Form N-SAR for Fidelity Devonshire Trust
The following is an update to Fidelity Equity-Income Fund, Fidelity
Real Estate Investment Portfolio, and Fidelity Utilities Fund pursuant
to a Board approved vote on April 15, 1999.
Effective June 1, 1999, Fidelity Equity-Income Fund, Fidelity Real
Estate Investment Portfolio, and Fidelity Utilities Fund are permitted
to lend up to 15% of net assets to other funds through the interfund
lending program, and will be subject to the standard 1940 Act
borrowing limit of 33 1/3% of total assets as set forth in the funds'
standard fundamental borrowing limit.
The following is an additional update to Fidelity Equity-Income Fund,
Fidelity Real Estate Investment Portfolio, and Fidelity Utilities Fund
pursuant to a Board approved vote on May 20, 1999.
Effective June 1, 1999, Fidelity Equity-Income Fund, Fidelity Real
Estate Investment Portfolio, and Fidelity Utilities Fund will define
"total assets" for purposes of each fund's fundamental and
non-fundamental name test policies to be total assets of each fund
less collateral held for securities lending transactions.
