Portfolio Update

Fidelity Special Values PLC

3 August 2004

Pursuant to Listing Rule 21.20(l)(i), Fidelity Special Values PLC announces
that, as at 31 July 2004, its investments in other listed investment companies
(including listed investment trusts) which themselves do not have stated
investment policies to invest no more than 15% of their total assets in other
listed investment companies (including listed investment trusts) were as
follows:-

Name of Security % of gross assets

Rutland Trust 0.20%

Second Advance Value Realisation Co 0.03%