Portfolio Update

Fidelity Special Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31 May
2007, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                         % Gross Assets
                                                           
Tesco                                                   5.2
                                                           
Vodafone Group                                          4.6
                                                           
Reed Elsevier                                           4.5
                                                           
British Sky Broadcasting (BSkyB)                        3.4
                                                           
Statoil Asa                                             3.2
                                                           
Shire                                                   3.1
                                                           
Glaxosmithkline                                         2.7
                                                           
Bayer                                                   2.6
                                                           
Premier Farnell                                         2.1
                                                           
Premier Foods                                           2.1
                                                           
Total                                                  33.5

Contact for queries:

Name: Tracey Bennett, Fidelity Investments International

Telephone: [phone]