Portfolio Update

Baillie Gifford Japan Trust PLC
05 June 2006

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

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



31 May 2006

          

No       Holding                                               % of Total Assets



1.         Sumitomo Realty & Development                               3.5%

2.         Itochu                                                      3.1%

3.         Sumitomo Heavy                                              3.1%

4.         Japan Tobacco                                               2.9%

5.         Mitsubishi UFJ Finl.                                        2.5%

6.         Yamada Denki                                                2.5%

7.         USS                                                         2.4%

8.         Toray Inds.                                                 2.4%

9.         Asahi Glass                                                 2.3%

10.        Diamond Lease                                               2.3%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     2 June 2006




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