Portfolio Update

Fidelity Japanese Values PLC

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

Security Description                                         % Gross Assets
                                                                           
Telewave                                                                3.2
                                                                           
Otsuka                                                                  2.5
                                                                           
Sodick                                                                  2.2
                                                                           
Ryohin Keikaku                                                          2.2
                                                                           
Doshisha                                                                2.0
                                                                           
Usen                                                                    1.8
                                                                           
Tokai Carbon                                                            1.8
                                                                           
Foster Electric                                                         1.7
                                                                           
Hamakyorex                                                              1.6
                                                                           
Livedoor                                                                1.6
                                                                           
TOTAL                                                                  20.6

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]