Doc re Portfolio Update

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 June
2006, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                         % Gross Assets
                                                                           
Telewave                                                                2.9
                                                                           
Ryohin Keikaku                                                          2.5
                                                                           
Intelligence                                                            2.1
                                                                           
Konica Minola Holdings                                                  2.1
                                                                           
Fujikura                                                                  2
                                                                           
Otsuka                                                                  1.8
                                                                           
Sodick                                                                  1.7
                                                                           
Hitachi Construction Machinery                                          1.6
                                                                           
Fullcast                                                                1.6
                                                                           
JSR                                                                     1.6
                                                                           
TOTAL                                                                  19.9
                                                                           

Contact for queries:

Name: Julian Rhys, Fidelity Investments International

Telephone: [phone]