Portfolio Update

Baillie Gifford Shin Nippon PLC
05 November 2004



                         BAILLIE GIFFORD SHIN NIPPON PLC

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



31 October 2004


No      Holding                                              % of Total
                                                               Assets

1.      Sumisho Lease                                           2.9%
2.      Arisawa Manufacturing                                   2.8%
3.      En-Japan                                                2.8%
4.      Fuji Seal                                               2.5%
5.      Goldcrest                                               2.4%
6.      USS                                                     2.4%
7.      Sanyo Shinpan Finance                                   2.4%
8.      S E S                                                   2.1%
9.      ARRK                                                    2.1%
10.     Bandai                                                  1.9%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 5 November 2004






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