Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
March 2005, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                     % Gross Assets
                                                                       
EUROPEAN AERONAUTIC DEFENCE & SPACE                                 2.9
                                                                       
UBS (REGD)                                                          2.9
                                                                       
TOTAL                                                               2.9
                                                                       
SAP                                                                 2.6
                                                                       
KONINKLIJKE PHILIPS ELECTRONICS                                     2.5
                                                                       
SOCIETE GENERALE PARIS                                              2.0
                                                                       
ENI                                                                 2.0
                                                                       
ALLIED IRISH BANKS                                                  2.0
                                                                       
RENAULT                                                             2.0
                                                                       
AXA                                                                 1.8
                                                                       
TOTAL                                                              23.6