Portfolio Update

Fidelity Special Values PLC

2 September 2004

Pursuant to Listing Rule 21.20(l)(i), Fidelity Special Values PLC announces
that, as at 31 August 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%