Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
December 2005, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                     % Gross Assets
                                                                       
NOVARTIS (REGD)                                                     5.4
                                                                       
ING GROEP                                                           4.6
                                                                       
BNP PARIBAS                                                         4.2
                                                                       
SANOFI-AVENTIS                                                      3.9
                                                                       
ALLIANZ                                                             3.5
                                                                       
ROCHE HOLDINGS GENUSSSCHEINE                                        3.4
                                                                       
SAP                                                                 3.3
                                                                       
AXA                                                                 2.7
                                                                       
TOTAL                                                               2.5
                                                                       
BAYER                                                               2.2
                                                                       
TOTAL                                                              35.7

Contact for queries:

Name: Miss Tracey A Bennett, Fidelity Investments International

Telephone: [phone]