Fidelity Special Values PLC — Fund Information / Factsheet 2010

Dec 31, 2010

FIDELITY INVESTMENT TRUSTS 31 DECEMBER 2010

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 31.12.10

Share price:	575.00p
NAV:	629.99p
Discount:	8.73%
Gearing Exposure:	117.56%
Ordinary shares in	56,938,896
issue:
Launch date:	17/11/1994
Portfolio Manager:	Sanjeev Shah
Appointed to trust:	01/01/2008
Years at Fidelity:	14
	Investment available via ISA and Share Plan

SINGLE YEAR PERFORMANCE (5 YEARS ENDING DECEMBER)

		Dec 05- Dec 06- Dec 07- Dec 08- Dec 09- Dec 06 Dec 07 Dec 08 Dec 09 Dec 10
Share Price	14.8%	0.4%	-19.1%	33.0%	5.4%
Price Record	Dec 06	Dec 07	Dec 08	Dec 09	Dec 10

PERFORMANCE RECORD

		PORTFOLIO MANAGER

Overall, I anticipate a low-growth economic environment in 2011, and I continue to focus on more stable, long-term growth companies. I expect the environment to favour stocks with strong balance sheets, fair valuations and prospects of good long term earnings growth even in a tough economy. I have positioned the portfolio in line with this, emphasising careful stock selection and continuing to seek opportunities across large, medium and small sized companies. The UK equity market looks fairly valued versus its history and compared with other asset classes. There are good bottom-up stock picking opportunities in a range of sectors and a focus on stock selection will be essential for strong returns.

Sanjeev Shah, Portfolio Manager

INVESTMENT HIGHLIGHTS

The Trust NAV rose by 6.3%, compared to its benchmark which rose by 7.1%. Strong stock selection within the financials and technology sectors ensured a positive return, but my underweight stance in the mining sector held back returns as an increase in metal prices helped mining stocks. However, I remain wary of the unattractive valuations of mining companies and continue my underweight position. Some of the key portfolio positions performed strongly, including software group Logica, whose shares benefited from a positive earnings outlook following strong third-quarter results announced in November. London Stock Exchange also contributed as it continued to benefit from the sharp increase in the number of new issues.

FIVE YEAR PERFORMANCE COMPARISON

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 17.11.94
Share Price	5.4%	7.2%	13.5%	5.4%	13.4%	30.7%	174.5%	634.2%
NAV	14.2%	6.2%	13.5%	14.2%	12.0%	38.1%	163.8%	689.9%
FTSE All Share Index	14.5%	7.1%	22.0%	14.5%	4.4%	28.4%	43.2%	227.4%
Ranking within UK Capital Growth Inv. Trust Sector (Share Price)
Position of the company	22	8	19	22	10	12	3	2
Total number of companies	24	24	24	24	21	20	17	14
Quartile Ranking	4	2	4	4	2	3	1	1

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 December 2010. 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.

FIDELITY SPECIAL VALUES PLC

TOP 10 SECURITY HOLDINGS AS AT 31.12.10

	% of total net assets
HSBC HOLDINGS (UK REG)	6.7
VODAFONE GROUP	6.2
GLAXOSMITHKLINE	6.0
LLOYDS BANKING GROUP	5.5
LONDON STOCK EXCHANGE GROUP	3.7
BRITISH SKY BROADCAST (BSKYB)	3.5
ASTRAZENECA (UK)	3.4
BP	3.4
LOGICACMG	3.0
BRITISH LAND	2.8
Source: FIL Limited, 31 December 2010		Source: FIL Limited, 31 December 2010

INDUSTRY BREAKDOWN AS AT 31.12.10

Includes present exposure of cash and equities (other). Source: FIL Limited, 31 December 2010

DEALING INFORMATION

Listed: London Stock Exchange Quoted: London Stock Exchange Financial Times The Times The Daily Telegraph The Independent Reuters Code: FSV.L SEAQ Code: 51079

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

Top holdings are those securities in which the latest percentage of trusts total assets are invested. They do not include FX forwards, derivative positions and deposits. A full list of holdings, including derivatives, can be found in the fund's annual and/or semi-annual report and accounts. The attribution analysis similarly does not include contributions from derivatives.

SECTOR/GEOGRAPHICAL BREAKDOWNS

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

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