Portfolio Update

Baillie Gifford Japan Trust PLC
08 June 2004



                         BAILLIE GIFFORD JAPAN TRUST PLC

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



31 May 2004


No      Holding                                                 % of Total
                                                                 Assets

1.      Asahi Glass                                                 2.9%
2.      Aiful                                                       2.9%
3.      Sumitomo Realty & Development                               2.8%
4.      OMC Card                                                    2.8%
5.      Konica Minolta                                              2.7%
6.      Diamond Lease                                               2.5%
7.      Yamada Denki                                                2.4%
8.      Kyocera                                                     2.4%
9.      Uniden                                                      2.4%
10.     Itochu                                                      2.4%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     8 June 2004






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