Portfolio Update

Fidelity Special Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
August 2004, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                         % Gross Assets
                                                           
BP                                                      5.0
                                                           
Mm02                                                    2.9
                                                           
ITV                                                     2.8
                                                           
Cairn Energy                                            2.4
                                                           
Shell Transport & Trading                               2.4
                                                           
BG Group                                                2.3
                                                           
Standard Chartered                                      2.1
                                                           
Hilton Group                                            2.0
                                                           
Rank Group                                              1.9
                                                           
Allied Irish Banks                                      1.9
                                                           
TOTAL                                                  25.7