Portfolio Update

Fidelity Japanese Values PLC

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

Security Description                                         % Gross Assets
                                                                           
OTSUKA                                                                  2.3
                                                                           
RYOHIN KEIKAKU                                                          2.3
                                                                           
H.I.S.                                                                  2.0
                                                                           
HAMAKYOREX                                                              2.0
                                                                           
FULLCAST                                                                1.8
                                                                           
KITZ CORP                                                               1.8
                                                                           
SFCG                                                                    1.8
                                                                           
USS                                                                     1.7
                                                                           
NIPPON ELECTRIC GLASS                                                   1.7
                                                                           
NEXUS                                                                   1.7
                                                                           
TOTAL                                                                  19.1