Portfolio Update

Baillie Gifford Japan Trust PLC
03 September 2004

                         BAILLIE GIFFORD JAPAN TRUST PLC

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



31 August 2004


No      Holding                                           % of Total
                                                            Assets

1.      Aiful                                                2.9%
2.      Sumitomo Realty & Development                        2.9%
3.      Asahi Glass                                          2.6%
4.      Yamada Denki                                         2.6%
5.      JFE Holdings                                         2.6%
6.      Diamond Lease                                        2.5%
7.      Sumitomo Heavy Industries                            2.4%
8.      Itochu                                               2.4%
9.      Seiko                                                2.2%
10.     Tokyu                                                2.2%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                3 September 2004






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