Portfolio Update

Fidelity Asian Values PLC

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

Security Description                                 % Gross Assets
                                                                   
Samsung Electronics                                             5.3
                                                                   
CNOOC                                                           4.7
                                                                   
Li & Fung                                                       4.7
                                                                   
Hyundai Motor                                                   3.7
                                                                   
Hon Hai Precision Industry                                      3.7
                                                                   
China Mobile                                                    3.6
                                                                   
Kookmin Bank New                                                3.5
                                                                   
Swire Pacific A                                                 3.1
                                                                   
ASE (Adv Semiconductor Engineering)                             2.7
                                                                   
NHN                                                             2.6
                                                                   
                                                               37.6
                                                                   

Contact for queries:

Name: Julian Rhys, Fidelity Investments International

Telephone: [phone]