Portfolio Update

Baillie Gifford Japan Trust PLC
05 September 2006

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

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



31 August 2006



No       Holding                                               % of Total Assets



1.         Sumitomo Realty & Development                                3.0%

2.         Japan Tobacco                                                2.9%

3.         Yamada Denki                                                 2.7%

4.         Mitsubishi UFJ Finl Gp                                       2.6%

5.         Sumitomo Heavy Industries                                    2.6%

6.         USS                                                          2.5%

7.         Asahi Glass                                                  2.4%

8.         Canon                                                        2.4%

9.         Tokyu                                                        2.4%

10.        Toray Inds                                                   2.3%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                5 September 2006




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