Portfolio Update

Fidelity Japanese Values PLC

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

Security Description                                         % Gross Assets
                                                                           
Fujikura                                                                2.4
                                                                           
Konica Minola Holdings                                                  2.1
                                                                           
Ryohin Keikaku                                                          2.0
                                                                           
Hitachi Construction Machinery                                          1.7
                                                                           
Otsuka                                                                  1.7
                                                                           
Hamakyorex                                                              1.7
                                                                           
Sumitomo                                                                1.6
                                                                           
Sumitomo Titanium                                                       1.6
                                                                           
Yamada Denki                                                            1.6
                                                                           
Sumitomo Realty and Development                                         1.6
                                                                           
TOTAL                                                                  18.0
                                                                           

Contact for queries:

Name: Julian Rhys, Fidelity Investments International

Telephone: [phone]