Portfolio Update

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30
September 2005, announced in accordance with Listing Rule LR 15.4.11R(2).

Security Description                                         % Gross Assets
                                                                           
Sodick                                                                  3.6
                                                                           
Telewave                                                                3.1
                                                                           
Ryohin Keikaku                                                          2.5
                                                                           
Otsuka                                                                  2.1
                                                                           
Mitsui Trust Holdings                                                   1.9
                                                                           
Fujikura                                                                1.8
                                                                           
Tokai Carbon                                                            1.8
                                                                           
Zenrin                                                                  1.7
                                                                           
Kitz Corp                                                               1.7
                                                                           
Nippon Mining Holdings                                                  1.7
                                                                           
TOTAL                                                                  21.9

Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]