Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 June
2005, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                     % Gross Assets
                                                                       
Novartis (Regd)                                                     3.7
                                                                       
SAP                                                                 3.7
                                                                       
European Aeronautic Defence & Space                                 2.9
                                                                       
Total                                                               2.8
                                                                       
Koninklijke Philips Electronics                                     2.4
                                                                       
Sanofi-Aventis                                                      2.4
                                                                       
ING Groep                                                           2.4
                                                                       
Astrazeneca                                                         2.2
                                                                       
Societe Generale Paris                                              2.0
                                                                       
BASF                                                                2.0
                                                                       
TOTAL                                                              26.5

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]