Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
December 2007, announced in accordance with Listing Rule LR 15.6.8R(2).

Security Description                                     % Gross Assets
                                                                       
E.On                                                                5.1
                                                                       
Roche Holdings Genussscheine                                        4.5
                                                                       
Telefonica                                                          3.9
                                                                       
Suez                                                                3.3
                                                                       
KPN                                                                 3.1
                                                                       
Electricite de France                                               3.1
                                                                       
Gazprom O A O ADR (UK)                                              2.3
                                                                       
Deutsche Boerse                                                     2.2
                                                                       
Royal Dutch Shell "A" (NL)                                          2.2
                                                                       
Statoilhydro                                                        2.2
                                                                       
TOTAL                                                              31.9
                                                                       

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

2 January 2008

Telephone: [phone]