Fidelity Special Values PLC — Fund Information / Factsheet 2011

Jan 31, 2011

FIDELITY INVESTMENT TRUSTS 31 JANUARY 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 31.01.11

Share price:	578.00p
NAV:	635.93p
Discount:	9.11%
Gearing Exposure:	113.91%
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:	15
Investment available via ISA and Share Plan

SINGLE YEAR PERFORMANCE (5 YEARS ENDING JANUARY)

	Jan 07	Jan 06- Jan 07- Jan 08- Jan 09- Jan 10- Jan 08	Jan 09	Jan 10	Jan 11
Share Price	8.7%	-7.6%	-22.9%	41.7%	12.7%
Price Record	Jan 07	Jan 08	Jan 09	Jan 10	Jan 11
Share Price (pence)	557.50	508.50		375.00 523.00	578.00

PERFORMANCE RECORD

PORTFOLIO MANAGER

I anticipate a low-growth environment over the next few quarters, and continue to emphasise more stable, high quality growth companies. I expect the environment to favour stocks with strong balance sheets, fair valuations and prospects of generating good long term earnings growth even in a tough economy. I have positioned the portfolio in line with this outlook, emphasising careful stock selection. As a contrarian value investor, I look for companies with strong fundamentals and that are significantly misvalued, unfashionable with brokers' analysts and under owned by mainstream investment institutions. I continue to find such opportunities on a stock specific basis across a range of sectors including financials, media and technology.

Sanjeev Shah, Portfolio Manager

INVESTMENT HIGHLIGHTS

The Trust NAV rose by 1.0%, compared to its benchmark which fell by 0.5%. Primarily, the trust's underweight stance in the mining sector contributed to relative returns due to rising concerns that Chinese government's measures to contain inflation could have a negative impact on demand for metals. Key contributors at stock level included broadcaster ITV, which benefited from a positive outlook for advertising revenue, and online grocery firm Ocado, which reported a strong rise in full-year sales as it won more customers and shoppers spent more per transaction. Holdings in selected banks, notably Lloyds Banking Group, also held back returns, due to speculation that retail banks could face more rigorous capital requirements.

FIVE YEAR PERFORMANCE COMPARISON

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 17.11.94
Share Price	0.5%	0.5%	6.7%	12.7%	23.1%	23.6%	159.0%	638.0%
NAV	0.9%	0.9%	7.3%	15.7%	19.8%	33.1%	159.2%	697.3%
FTSE All Share Index	-0.5%	-0.5%	13.5%	18.1%	13.7%	24.1%	40.2%	225.7%
Ranking within UK Capital Growth Inv. Trust Sector (Share Price)
Position of the company	14	14	20	20	9	12	3	2
Total number of companies	24	24	24	24	21	20	17	14
Quartile Ranking	3	3	4	4	2	3	1	1

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 January 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 31.01.11

	% of total net assets
HSBC HOLDINGS (UK REG)	7.3
VODAFONE GROUP	6.5
GLAXOSMITHKLINE	5.5
LLOYDS BANKING GROUP	5.2
BRITISH SKY BROADCAST (BSKYB)	4.6
BP	3.6
ASTRAZENECA (UK)	3.5
LONDON STOCK EXCHANGE GROUP	3.2
LOGICACMG	3.0
SAINSBURY (J)	2.8
Source: FIL Limited, 31 January 2011		Source: FIL Limited, 31 January 2011

INDUSTRY BREAKDOWN AS AT 31.01.11

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

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