Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
December 2006, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                     % Gross Assets
                                                                       
UBS (Regd)                                                          4.7
                                                                       
Allianz                                                             4.4
                                                                       
E.ON                                                                4.3
                                                                       
Societe Generale Paris                                              4.1
                                                                       
Banco Santander Central                                             3.9
                                                                       
AXA                                                                 3.2
                                                                       
Novartis (Regd)                                                     2.9
                                                                       
SAP                                                                 2.5
                                                                       
BNP Paribas                                                         2.4
                                                                       
Unicredito Italiano                                                 2.3
                                                                       
TOTAL                                                              34.7
                                                                       

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]