Portfolio Update

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
March 2006, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                         % Gross Assets
                                                                           
Sodick                                                                  3.3
                                                                           
Ryohin Keikaku                                                          2.6
                                                                           
Fujikura                                                                2.6
                                                                           
Telewave                                                                2.1
                                                                           
E*Trade Securities                                                      1.8
                                                                           
Cyber Agent                                                             1.8
                                                                           
Fullcast                                                                1.7
                                                                           
Otsuka                                                                  1.6
                                                                           
SMBC Friend Securities                                                  1.6
                                                                           
Hitachi Construction Machinery                                          1.5
                                                                           
TOTAL                                                                  20.6

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]