Portfolio Update

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
March 2005, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                         % Gross Assets
                                                                           
RYOHIN KEIKAKU                                                          2.2
                                                                           
NIPPON ELECTRIC GLASS                                                   2.1
                                                                           
H.I.S.                                                                  2.1
                                                                           
DOSHISHA                                                                  2
                                                                           
OPT                                                                     1.9
                                                                           
FOSTER ELECTRIC                                                         1.9
                                                                           
SODICK                                                                  1.8
                                                                           
TOKAI CARBON                                                            1.8
                                                                           
KITZ CORP                                                               1.7
                                                                           
OTSUKA                                                                  1.7
                                                                           
TOTAL                                                                  19.2