Portfolio Update

Fidelity Asian Values PLC

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

Security Description                                 % Gross Assets
                                                                   
Samsung Electronics                                             8.7
                                                                   
Hutchison Whampoa                                               4.6
                                                                   
Far Eastone Telecom                                             3.4
                                                                   
Li & Fung                                                       3.4
                                                                   
CNOOC                                                           3.3
                                                                   
Hyundai Motor                                                   2.8
                                                                   
Esprit Holdings                                                 2.8
                                                                   
ASE (ADV Semiconductor Engineering)                             2.7
                                                                   
Asustek Computer                                                2.6
                                                                   
Taiwan Semiconductor Manufacturing                              2.2
                                                                   
                                                               36.5