10 Largest Holdings

Baillie Gifford Japan Trust PLC
01 December 2003

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

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


No       Holding                                   % of Total Assets

1.         UFJ Holdings                           3.2%
2.         Goodwill Group                         3.1%
3.         Uniden                                 2.9%
4.         Konica Minolta Holdings                2.9%
5.         Yamada Denki                           2.5%
6.         LeoPalace 21                           2.5%
7.         Tokyu                                  2.5%
8.         KDDI                                   2.4%
9.         Sumitomo Reality & Dev.                2.4%
10.       NTT DoCoMo                              2.4%


                                                          Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 1 December 2003



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