Portfolio Update

Baillie Gifford Japan Trust PLC
05 September 2005


                      THE BAILLIE GIFFORD JAPAN TRUST PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets


31 August 2005


No         Holding                                             % of Total Assets



1.         Yamada Denki                                                     3.9%

2.         Sumitomo Heavy                                                   3.2%

3.         Japan Tobacco                                                    3.1%

4.         Sumitomo Realty & Development                                    2.8%

5.         Itochu                                                           2.8%

6.         Aiful                                                            2.8%

7.         Inpex                                                            2.4%

8.         UFJ Holdings                                                     2.4%

9.         Asahi Glass                                                      2.4%

10.       JFE Holdings                                                      2.3%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                5 September 2005




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