Portfolio Update

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
March 2006, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                     % Gross Assets
                                                                       
UBS (Regd)                                                          4.7
                                                                       
ING Groep                                                           4.3
                                                                       
Allianz                                                             4.3
                                                                       
BNP Paribas                                                         4.3
                                                                       
Novartis (Regd)                                                     4.1
                                                                       
Sanofi-Aventis                                                      3.6
                                                                       
E.On                                                                3.3
                                                                       
Societe Generale Paris                                              3.1
                                                                       
Axa                                                                 3.1
                                                                       
Roche Holdings Genussscheine                                        3.1
                                                                       
TOTAL                                                              37.9

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]