Portfolio Update

Fidelity Asian Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
January 2005 announced in accordance with Listing Rule 21.20(1)(ii).

Security Description                                 % Gross Assets
                                                                   
SAMSUNG ELECTRONICS                                               7
                                                                   
HUTCHISON WHAMPOA                                               4.3
                                                                   
CHINA TELECOM'H'                                                3.4
                                                                   
LI & FUNG                                                       3.2
                                                                   
FAR EASTONE TELECOM                                             2.8
                                                                   
SHINAN FINANCIAL GROUP                                          2.4
                                                                   
HUYNDAI MOTOR                                                   2.3
                                                                   
CHINA STEEL                                                     2.2
                                                                   
ESPRIT HOLDINGS                                                 2.2
                                                                   
CHEUNG KONG HOLDINGS                                            2.2
                                                                   
                                                                 32