Portfolio Update

Fidelity Asian Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
October 2005 announced in accordance with Listing Rule LR 15.4.11R(2)

Security Description                                 % Gross Assets
                                                                   
Samsung Electronics                                             8.6
                                                                   
Hutchison Whampoa                                               4.5
                                                                   
CNOOC                                                           4.3
                                                                   
Far Eastone Telecom                                             3.3
                                                                   
Asia Optical                                                    3.2
                                                                   
Hyundai Motor                                                   2.8
                                                                   
Li & Fung                                                       2.6
                                                                   
Asustek Computer                                                2.5
                                                                   
China Telecom 'H'                                               2.3
                                                                   
Bumiputra-Commerce Holdings                                     2.3
                                                                   
                                                               36.4