Portfolio Update

Fidelity European Values PLC

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

Security Description                                     % Gross Assets
                                                                       
UBS (Regd)                                                          4.6
                                                                       
Allianz                                                             3.9
                                                                       
ING Groep                                                           3.8
                                                                       
E.On                                                                3.6
                                                                       
Novartis (Regd)                                                     3.5
                                                                       
Roche Holdings Genussscheine                                        3.4
                                                                       
Societe Generale Paris                                              3.0
                                                                       
Axa                                                                 2.8
                                                                       
Sanofi-Aventis                                                      2.7
                                                                       
SAP                                                                 2.5
                                                                       
TOTAL                                                              33.8
                                                                       

Contact for queries:

Name: Julian Rhys, Fidelity Investments International

Telephone: [phone]