Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30
September 2005, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                     % Gross Assets
                                                                       
Novartis (Regd)                                                     5.3
                                                                       
SAP                                                                 3.3
                                                                       
Total                                                               2.8
                                                                       
European Aeronautic Defence & Space                                 2.5
                                                                       
Sanofi-Aventis                                                      2.5
                                                                       
Koninklijke Philips Electronics                                     2.4
                                                                       
Astrazeneca                                                         2.4
                                                                       
ING Groep                                                           2.3
                                                                       
Societe Generale Paris                                              2.1
                                                                       
BASF                                                                2.0
                                                                       
TOTAL                                                              27.6

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]