Top 10 and holdings over 5%

Fidelity European Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
December 2003, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                     % Gross Assets
                                                                       
FRANCE TELECOM                                                      2.9
                                                                       
TOTAL                                                               2.6
                                                                       
EUROPEAN AERONAUTIC DEFENCE & SPACE                                 2.2
                                                                       
CREDIT AGRICOLE                                                     2.0
                                                                       
STATOIL ASA                                                         2.0
                                                                       
ALTADIS                                                             2.0
                                                                       
AXA                                                                 1.9
                                                                       
ENI                                                                 1.9
                                                                       
DEUTSCHE TELEKOM (REGD)                                             1.8
                                                                       
ROYAL DUTCH PETROLEUM (NL)                                          1.7
                                                                       
                                                                   20.9