Portfolio Update

Fidelity Asian Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30
April 2005 announced in accordance with Listing Rule 21.20(1)(ii).

Security Description                                 % Gross Assets
                                                                   
Samsung Electronics                                             7.7
                                                                   
Hutchison Whampoa                                               4.6
                                                                   
Li & Fung                                                       4.1
                                                                   
Far Eastone Telecom                                             3.3
                                                                   
Comfortdelgro                                                   3.2
                                                                   
Esprit Holdings                                                 3.0
                                                                   
Thai Oil (F)                                                    2.5
                                                                   
Hyundai Motor                                                   2.4
                                                                   
Shinsegae                                                       2.3
                                                                   
Asustek Computer                                                2.3
                                                                   
                                                               35.4