Portfolio Update

Fidelity Special Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30
November 2004, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                         % Gross Assets
                                                           
BP                                                      6.3
                                                           
Standard Chartered                                      3.4
                                                           
BG Group                                                3.3
                                                           
ITV                                                     3.0
                                                           
Mm02                                                    3.0
                                                           
Cairn Energy                                            2.9
                                                           
Allied Irish Banks                                      2.3
                                                           
Hilton Group                                            2.2
                                                           
Rank Group                                              2.0
                                                           
William Hill                                            1.7
                                                           
TOTAL                                                  30.1