Portfolio Update

Fidelity European Values PLC

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

Security Description                                     % Gross Assets
                                                                       
Allianz                                                             4.4
                                                                       
E.ON                                                                4.2
                                                                       
Societe Generale Paris                                              4.1
                                                                       
Unicredito Italiano                                                 2.4
                                                                       
Hennes and Mauritz "B"                                              2.2
                                                                       
SAP                                                                 2.2
                                                                       
Roche Holdings Genussscheine                                        2.1
                                                                       
Banco Santander Central Hispano                                     2.0
                                                                       
UBS (Regd)                                                          2.0
                                                                       
AXA                                                                 1.9
                                                                       
TOTAL                                                              27.5
                                                                       

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]