Top 10 investments and holdings over 5%

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 June
2004, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                     % Gross Assets
                                                                       
FRANCE TELECOM                                                      3.3
                                                                       
TOTAL                                                               3.3
                                                                       
UBS (REGD)                                                          3.3
                                                                       
EUROPEAN AERONAUTIC DEFENCE & SPACE                                 3.2
                                                                       
VIVENDI UNIVERSAL                                                   2.7
                                                                       
SOCIETE GENERALE PARIS                                              2.5
                                                                       
CREDIT SUISSE (REGD)                                                2.4
                                                                       
ENI                                                                 2.3
                                                                       
CREDIT AGRICOLE                                                     2.3
                                                                       
RICHEMONT COMPAGNIE FINANCIERE A UNIT (B)                           2.2
                                                                       
TOTAL                                                              27.5