Portfolio Update

Fidelity Japanese Values PLC

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

Security Description                                         % Gross Assets
                                                                           
SODICK                                                                  3.8
                                                                           
TELEWAVE                                                                3.4
                                                                           
RYOHIN KEIKAKU                                                          2.8
                                                                           
KITZ CORP                                                               2.2
                                                                           
E*TRADE SECURITIES                                                      2.1
                                                                           
KK DAVINCI ADVISORS                                                     2.0
                                                                           
FUJIKURA                                                                2.0
                                                                           
LIVEDOOR                                                                2.0
                                                                           
JSR                                                                     1.7
                                                                           
NISSIN                                                                  1.7
                                                                           
TOTAL                                                                  23.7

Contact for queries:

Name: Miss Tracey A Bennett, Fidelity Investments International

Telephone: [phone]