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 31
March 2004, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                     % Gross Assets
                                                                       
France Telecom                                                      3.3
                                                                       
UBS (Regd)                                                          3.1
                                                                       
Total                                                               2.9
                                                                       
Credit Suisse (Regd)                                                2.8
                                                                       
European Aeronautic Defence & Space                                 2.8
                                                                       
Statoil ASA                                                         2.6
                                                                       
Credit Agricole                                                     2.5
                                                                       
Allianz                                                             2.4
                                                                       
ENI                                                                 2.4
                                                                       
Vivendi Universal                                                   2.3
                                                                       
TOTAL                                                              27.1