Fidelity Special Values PLC — Audit Report / Information 2011

Oct 31, 2011

FIDELITY INVESTMENT TRUSTS 31 OCTOBER 2011

FIDELITY SPECIAL VALUES PLC AIMS TO PROFIT FROM STOCKS UNLOVED BY THE MARKET

Fidelity Special Values PLC invests mainly in UK-listed companies. The portfolio is likely to have a bias towards medium-sized and smaller companies. The portfolio manager is a value investor, naturally seeking out stocks that are often unloved and unfashionable at the current time.

FIDELITY SPECIAL VALUES PLC DETAILS TO 31.10.11

Share price:	498.25p
NAV:	566.67p
Discount:	12.07%
Gearing Exposure:	108.64%
Ordinary shares in	56,218,896
issue:
Launch date:	17/11/1994
Portfolio Manager:	Sanjeev Shah
Appointed to trust:	01/01/2008
Years at Fidelity:	15
Investment available via ISA and Share Plan

SINGLE YEAR PERFORMANCE (5 YEARS ENDING OCTOBER)

		Oct 06- Oct 07- Oct 08- Oct 09- Oct 10- Oct 07 Oct 08 Oct 09 Oct 10 Oct 11
Share Price	13.0%	-35.3%	48.0%	6.3%	-8.6%
Price Record	Oct 07	Oct 08	Oct 09	Oct 10	Oct 11
Share Price (pence)	587.00	375.00	531.00 555.50		498.25
NAV (pence)	636.27	422.82	567.53 624.95		566.67

PERFORMANCE RECORD

PORTFOLIO MANAGER

Hopes of a resolution to the European debt crisis led to a rally in UK equities. I am not expecting a quick fix to the problems yet and it is likely that a low-growth economic environment will continue for some time. At present market levels there are many individual shares that are attractively valued. Corporate balance sheets are in much better health than two years ago and shares look to be good value compared with other asset classes. In this environment, I believe that companies able to demonstrate sustainable sales and earnings growth should be priced at a significant premium.

Sanjeev Shah, Portfolio Manager

INVESTMENT HIGHLIGHTS

The Trust NAV rose by 6.7% compared to its benchmark, which rose by 7.9%. Against a backdrop of increasing risk appetite, the underweight stance in the materials sector detracted from relative performance. After a difficult period, financials, where the fund is overweight, recovered some of their recent losses. Citigroup was among the notable contributors as plans to address the eurozone debt crisis were announced, although these benefits were offset by the weak performance of Lloyds Banking Group. Key contributors included builders merchant Wolseley, which resumed its annual dividend as it returned to profits, and software provider Logica, which is expected to benefit from a recovery in corporate spending.

FIVE YEAR PERFORMANCE COMPARISON

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 17.11.94
Share Price	-13.3%	7.2%	-13.9%	-8.6%	43.9%	5.2%	136.3%	536.2%
NAV	-10.1%	6.7%	-12.4%	-7.8%	44.4%	12.2%	159.1%	610.5%
FTSE All Share Index	-3.9%	7.9%	-7.8%	0.6%	46.0%	8.9%	66.4%	214.6%
Ranking within UK Capital Growth Inv. Trust Sector (Share Price)
Position of the company	17	4	13	16	16	11	7	4
Total number of companies	21	21	21	20	19	17	16	13
Quartile Ranking	4	1	3	4	4	3	2	2

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 October 2011. bid-bid with net income reinvested. These figures do not include an initial charge. Rankings: Morningstar. Quartile rank refers to performance over time rated on a scale of 1-4. A ranking of 1 indicates that the item being ranked is in the top 25% of the sample; a quartile of 2 indicates it's in the top 50% and so on.

Please remember that past performance is not a guide to what may happen in the future. The value of investments can go down as well as up and you may not get back the amount you invested. As this fund can invest up to 20% in overseas companies this fund may be subject to currency fluctuations. Please remember the eligibility to invest in an ISA depends on individual circumstances and tax rules may be subject to change.

TOP 10 SECURITY HOLDINGS AS AT 31.10.11

	% of total net assets
HSBC HOLDINGS (UK REG)	6.4
GLAXOSMITHKLINE	5.7
BRITISH SKY BROADCAST (BSKYB)	5.4
BP	4.8
LLOYDS BANKING GROUP	4.7
VODAFONE GROUP	4.2
WOLSELEY	3.3
KINGFISHER	3.0
CENTRICA	2.6
SAINSBURY (J)	2.6
Source: FIL Limited, 31 October 2011		Source: FIL Limited, 31 October 2011

INDUSTRY BREAKDOWN AS AT 31.10.11

Includes present exposure of cash and equities (other). Source: FIL Limited, 31 October 2011

DEALING INFORMATION

SEAQ Code: 51079

Listed: London Stock Exchange Quoted: London Stock Exchange Financial Times The Times The Daily Telegraph The Independent Reuters Code: FSV.L

GEOGRAPHIC BREAKDOWN AS AT 31.10.11

GLOSSARY

NAV

The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.

DISCOUNT

If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.

GEARING EXPOSURE

Investment trusts have the ability to borrow additional money to invest, known as gearing. The trust has the ability to use bank loans, bank overdrafts and Contracts for Difference (CFDs) to increase its exposure to stocks. CFDs are used as a way of gaining exposure to the price movements of shares without buying the underlying shares directly.

OVERWEIGHT/UNDERWEIGHT

If a stock is deemed "overweight" this indicates that the portfolio has a higher exposure to a stock compared to its benchmark. If a stock is deemed "underweight" this indicates that portfolio has a lower exposure to a stock compared to its benchmark.

TOP 10 SECURITY HOLDINGS

The ten largest holdings are shown as a percentage based on total exposure which is the fixed asset investments plus the fair value of the underlying securities within the derivative instruments.

SECTOR/GEOGRAPHICAL BREAKDOWNS

These are expressed as a percentage of total portfolio and cash.

FAIR VALUE

Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment. If you are unsure of the suitability of an investment, please contact a financial adviser.

For more information contact us on 0800 41 41 10, 9am – 6pm Monday to Saturday or go to www.fidelity.co.uk/specialvalues