Fidelity Special Values PLC — Fund Information / Factsheet 2014

May 7, 2014

FIDELITY INVESTMENT TRUSTS 31 MARCH 2014

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 31.03.14

Share price:	928p
NAV:	948.99p
NAV (excluding income):	944.08p
Discount:	2.21%
Discount (excluding income):	1.70%
Gearing:	27.28%
Ordinary shares in issue:	54,128,896
Launch date:	17/11/1994
Portfolio Manager:	Alex Wright
Appointed to trust:	03/09/2012
Years at Fidelity:	13

SINGLE YEAR PERFORMANCE (5 YEARS ENDING MARCH)

Investment available via ISA and Share Plan

Share Price 51.1% 4.4% -2.9% 33.2% 35.2% NAV 55.1% 3.9% 0.0% 27.6% 25.5% FTSE All Share Index 52.3% 8.7% 1.4% 16.8% 8.8% Price Record Mar Mar Mar Mar Mar

Share Price (pence) 552.50 566.00 537.00 699.00 928.00 NAV (pence) 615.36 628.51 615.38 769.25 948.99

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

10 11 12 13 14

PORTFOLIO MANAGER

UK equities declined in March as worries about tensions in Ukraine and an economic slowdown in China offset largely positive UK economic data.

Looking at the market today, I think it is appropriate to strike a note of caution over average valuations while noting that attractive opportunities still exist across different company size and industry categories. Value investors today have to work a little harder to find their next idea, and in this environment, the support I receive from our analysts is vital. The more stocks we can meet and work through, the higher the chances of finding the next stock that is going to drive performance for the Trust over the rest of 2014 and beyond.

Headline valuations of the FTSE 250 and Small Cap indices are at small premiums to historical averages, meaning that expectations are now relatively high in many stocks. By contrast, many of the largest stocks in the FTSE 100 are very cheap compared to their own histories and cash generating ability. I am running a number of positions in these very large stocks, including Royal Dutch Shell, HSBC and Sanofi, where I see significant potential for latent shareholder value to be unlocked. In the meantime, I can count on a healthy dividend yield to support the share price.

Elsewhere in the market, I continue to see attractive returns available in a number of defensive mid caps which can reinvest in their businesses in a relatively low risk way whilst simultaneously paying a generous dividend to shareholders. Companies like DCC, UDG Group and McColls fall into this category and constitute a significant proportion of the portfolio. Otherwise, a number of riskier stocks with high exposure to the UK consumer recovery still look interesting, although many of the better quality companies in this area now look fully valued.

Following very strong performances in the equity market over the last couple of years, I think another bumper year in 2014 is unlikely. Additionally, a value investor will naturally underperform on a relative basis if the market prefers fashionable 'jam tomorrow' stocks. On the other hand, aside from a style headwind, low macroeconomic volatility tends to work in favour of stock pickers, as the market focuses on company fundamentals. In summary, I would say that my outlook for the rest of 2014 is fairly balanced. I certainly see good value and latent performance in the Special Values portfolio today.

In March, the Trust recorded NAV returns of -4.7%, compared to -2.6% for the index. Some of our key holdings such as Resolution, Speedy Hire and Phoenix were among the notable detractors from returns during the month, but positions in Lavendon, SSE and DCC contributed. Updated March 2014

Alexander Wright, Portfolio Manager

FIVE YEAR PERFORMANCE COMPARISON

NAV
Benchmark Index
Share Price

PERFORMANCE RECORD

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 17.11.94
Share Price	0.8%	-3.5%	12.2%	35.2%	74.9%	176.0%	218.1%	1166.6%
NAV	-0.8%	-4.7%	8.5%	25.5%	60.1%	158.0%	229.9%	1161.3%
FTSE All Share Index	-0.6%	-2.6%	4.8%	8.8%	28.8%	113.3%	128.7%	326.1%
Ranking within UK Capital Growth Inv. Trust Sector (Share Price)
Position of the company	12	15	8	5	6	7	5	1
Total number of companies	19	19	19	19	18	18	15	12
Quartile Ranking	3	4	2	2	2	2	2	1

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 March 2014, 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 POSITIONS AS AT 31.03.14

	%
ROYAL DUTCH SHELL PLC	5.3
BREWIN DOLPHIN HOLDINGS	5.2
DCC PLC	5.1
UDG HEALTHCARE PLC	5.0
SSE PLC	4.6
SANOFI	4.2
LLOYDS BANKING GROUP PLC	4.0
ELECTRONIC ARTS INC	3.7
CARNIVAL PLC	3.3
HSBC HOLDINGS PLC	3.1

Benchmark is FTSE All Share Index. All data in the above includes any derivative exposures as an economically equivalent position in the underlying asset. Source: FIL Limited, 31 March 2014

INDUSTRY BREAKDOWN AS AT 31.03.14 GLOSSARY

Includes exposure to derivatives. Source: FIL Limited, 31 March 2014

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

MARKET CAP ALLOCATIONS AS AT 31.03.14

Source: FIL Limited, 31 March 2014

NAV

The total value of the 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 asset value per share. NAV calculations can include or exclude current financial year income and both are disclosed in this factsheet.

DISCOUNT

If the share price of the 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

Investment trusts have the ability to borrow additional money to invest, known as gearing. The Company 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 POSITIONS

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

The fair value of the listed investments is measured at bid prices or last prices quoted, depending on the convention of the exchange on which they are listed. Where permitted, unlisted investments, where there is not an active market, are valued using an appropriate valuation technique so as to establish what the transaction price would have been and derivative instruments are valued at the quoted trade price for the contract.

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

FIDELITY, FIDELITY WORLDWIDE INVESTMENT, THE FIDELITY WORLDWIDE INVESTMENT LOGO AND F SYMBOL ARE TRADEMARKS OF FIL LIMITED. ISSUED BY FIL INVESTMENTS INTERNATIONAL AUTHORISED AND REGULATED IN THE UK BY THE FINANCIAL CONDUCT AUTHORITY.