Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
December 2004, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                     % Gross Assets
                                                                       
TOTAL                                                               3.1
                                                                       
DEUTSCHE TELEKOM (REGD)                                             2.7
                                                                       
EUROPEAN AERONAUTIC DEFENCE & SPACE                                 2.7
                                                                       
VIVENDI UNIVERSAL                                                   2.3
                                                                       
CREDIT AGRICOLE                                                     2.3
                                                                       
ALLIED IRISH BANKS                                                  2.1
                                                                       
UBS (REGD)                                                          2.1
                                                                       
ENI                                                                 2.0
                                                                       
SOCIETE GENERALE PARIS                                              1.9
                                                                       
GAMBRO 'A'                                                          1.8
                                                                       
TOTAL                                                              23.0