Portfolio Update

Baillie Gifford Japan Trust PLC
06 December 2005

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

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


30 November 2005


No       Holding                             % of Total Assets

1.       Yamada Denki                        4.0%

2.       Sumitomo Heavy                      3.6%

3.       Sumitomo Realty & Development       3.2%

4.       Itochu                              3.1%

5.       Mitsubishi UFJ Financial Group      2.6%

6.       Japan Tobacco                       2.5%

7.       Toray Industries                    2.5%

8.       Aiful                               2.4%

9.       Asahi Glass                         2.3%

10.      Tokyu                               2.3%



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 6 December 2005



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