Portfolio Update

Fidelity Asian Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31 July
2004 announced in accordance with Listing Rule 21.20(1)(ii).

Security Description                                 % Gross Assets
                                                                   
SAMSUNG ELECTRONICS                                             7.0
                                                                   
CHINA TELECOM'H'                                                2.8
                                                                   
HUTCHISON WHAMPOA                                               2.7
                                                                   
ESPRIT HOLDINGS                                                 2.6
                                                                   
CHEUNG KONG HOLDINGS                                            2.5
                                                                   
FAR EASTONE TELECOM                                             2.4
                                                                   
CHINA STEEL                                                     2.1
                                                                   
SHINSEGAE                                                       2.0
                                                                   
CITY DEVELOPMENTS                                               1.9
                                                                   
KEPPEL (SG)                                                     1.8
                                                                   
                                                               27.8