Portfolio Update

Fidelity Special Values PLC

2 August 2005

Pursuant to Listing Rule LR 15.4.11R(1), Fidelity Special Values PLC announces
that, as at 31 July 2005, 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 0.18%

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]