It has both, in fact, and unlike the first UK release by Buena Vista, it's relatively easy to switch between them. It still defaults to the American dub, however, so you need to choose something like language/audio settings/options on the main menu and then "original Japanese version with English subtitles" on that menu. Then you can go back to the main menu or just play the film from there. It's annoying, but it makes sense - the kind of people who would choose to only watch something dubbed are probably the same kind that would be unable to make their way around DVD menus. This version also the advantages of better video quality and, most importantly of all, the subtitles are the proper translation and unrelated to the dub.