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

Security Description                                     % Gross Assets
                                                                       
TOTAL                                                               3.4
                                                                       
EUROPEAN AERONAUTIC DEFENCE & SPACE                                 3.0
                                                                       
SOCIETE GENERALE PARIS                                              2.5
                                                                       
CREDIT AGRICOLE                                                     2.5
                                                                       
VIVENDI UNIVERSAL                                                   2.4
                                                                       
UBS (REGD)                                                          2.1
                                                                       
ENI                                                                 2.1
                                                                       
RICHEMONT COMPAGNIE FINANCIERE A UNIT (B)                           2.1
                                                                       
NOVO-NORDISK `B'                                                    2.0
                                                                       
ROCHE HOLDING GENUSSHEINE                                           1.9
                                                                       
TOTAL                                                              24.0