Fidelity Special Values PLC — Fund Information / Factsheet 2011

Jul 31, 2011

FIDELITY INVESTMENT TRUSTS 31 JULY 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 31.07.11

Share price:	541p
NAV:	611.27p
Discount:	11.50%
Gearing Exposure:	111.18%
Ordinary shares in	56,528,896
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 JULY)

	Jul 06- Jul 07	Jul 07- Jul 08	Jul 08- Jul 09	Jul 09- Jul 10	Jul 10- Jul 11
Share Price	13.8%	-21.6%	8.5%	19.6%	-0.1%
Price Record	Jul 07	Jul 08	Jul 09	Jul 10	Jul 11
Share Price (pence)	584.00	452.00		469.25 552.00	541.00
NAV (pence)	626.51	519.27		520.60 602.80	611.27

PERFORMANCE RECORD

PORTFOLIO MANAGER

The current difficult period for world markets should not come as a surprise. We should expect to see further cycles of market recovery followed by sharp reversals as part of the aftermath of events in 2008. The current market turbulence has not changed my long term thesis on UK banks. These stocks will be volatile but long term potential remains despite recent poor performance. I am happy to continue my long-term underweight in mining stocks which are at historic valuation highs. The view I have held consistently this year is that global growth is fragile and therefore these valuations are unsustainable in anything other than the very short term.

Sanjeev Shah, Portfolio Manager

INVESTMENT HIGHLIGHTS

The Trust NAV fell by 5.0%, compared to its benchmark which fell by 2.2%. Performance was impacted by a combination of weakening macro environment and unexpected news which impacted key holdings, such as British Sky Broadcasting (BSkyB), which fell following the phone hacking scandal involving News Corporation, which opted to withdraw its bid. As risk aversion grew, the underweight stance in the mining sector proved beneficial to relative returns, as did the overweight exposure to the defensive health care sector, notably GlaxoSmithKline. However, some key holdings within the technology sector, such as Ericsson and Logica, detracted as a weakening economic backdrop led to worries about their short-term earnings outlook.

FIVE YEAR PERFORMANCE COMPARISON

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 17.11.94
Share Price	-5.9%	-5.2%	-6.4%	-0.1%	29.6%	15.7%	123.5%	590.8%
NAV	-3.0%	-5.0%	-3.9%	3.2%	26.9%	24.8%	139.0%	666.4%
FTSE All Share Index	0.7%	-2.2%	1.2%	14.9%	22.8%	20.2%	59.3%	229.7%
Ranking within UK Capital Growth Inv. Trust Sector (Share Price)
Position of the company	23	23	22	23	12	12	7	3
Total number of companies	24	24	24	24	22	20	18	15
Quartile Ranking	4	4	4	4	3	3	2	1

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

FIDELITY SPECIAL VALUES PLC

TOP 10 SECURITY HOLDINGS AS AT 31.07.11

	% of total net assets
GLAXOSMITHKLINE	5.9
HSBC HOLDINGS (UK REG)	5.4
VODAFONE GROUP	4.7
BRITISH SKY BROADCAST (BSKYB)	4.6
LLOYDS BANKING GROUP	4.4
BP	3.9
ERICSSON	3.4
PEARSON	2.7
KINGFISHER	2.4
AVIVA	2.4
Source: FIL Limited, 31 July 2011		Source: FIL Limited, 31 July 2011

INDUSTRY BREAKDOWN AS AT 31.07.11

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

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 by value are valued at their exposure and shown as a percentage of total exposure. The exposure of listed investments, unlisted and derivatives is their fair value and the exposure of contracts for difference is the fair value of the underlying listed investments in the contract.

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