List of top 10 investments and holdings over 5%

Fidelity Special Values PLC

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

Security Description                         % Gross Assets
                                                           
BP                                                      3.8
                                                           
ITV                                                     3.1
                                                           
Mm02                                                    2.5
                                                           
Shell Transport & Trading                               2.0
                                                           
Standard Chartered                                      2.0
                                                           
Prudential                                              1.9
                                                           
Cairn Energy                                            1.9
                                                           
Hilton Group                                            1.9
                                                           
London Stock Exchange                                   1.7
                                                           
Roche Holding Genussheine                               1.7
                                                           
TOTAL                                                  22.5