Top 10 investments and holdings over 5%

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
March 2004, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                         % Gross Assets
                                                                           
Ryohin Keikaku                                                            3
                                                                           
Cyber Agent                                                             2.5
                                                                           
Toyo Ink Manufacturing                                                  2.4
                                                                           
Arrk                                                                    2.4
                                                                           
Toppan Printing                                                         2.3
                                                                           
Global Media Online                                                     2.1
                                                                           
Doshisha                                                                  2
                                                                           
USS                                                                       2
                                                                           
Fujikura                                                                1.7
                                                                           
H.I.S.                                                                  1.7
                                                                           
TOTAL                                                                  22.1