Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30
September 2006, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                     % Gross Assets
                                                                       
UBS (Regd)                                                          4.8
                                                                       
E.On                                                                4.2
                                                                       
Allianz                                                             4.1
                                                                       
ING Groep                                                           4.1
                                                                       
Societe Generale Paris                                              3.9
                                                                       
Novartis (Regd)                                                     3.7
                                                                       
Roche Holdings Genussscheine                                        3.4
                                                                       
Axa                                                                 3.0
                                                                       
Banco Santander Central                                             3.0
                                                                       
BNP Paribas                                                         2.6
                                                                       
TOTAL                                                              36.8
                                                                       

Contact for queries:

Name: Julian Rhys, Fidelity Investments International

Telephone: [phone]