Interim Results

Pacific Horizon Investment Tst PLC
02 March 2005


                      PACIFIC HORIZON INVESTMENT TRUST PLC

                 Results for the six months to 31 January 2005



In the six months to 31 January 2005, the Company's net asset value outperformed the comparative index by 1.9 percentage
points.  Net asset value per share rose by 19.2% compared to the MSCI All Country Far east ex Japan Index, which rose by
17.3% in sterling terms.  Over this period, the Company's share price rose by 25.1%+.


•    Performance was aided by local currency appreciation against sterling which enhanced returns from
     investment in Korea, Taiwan and Thailand.


•    The general picture is one of reasonably good economic growth and moderate inflation coupled with
     companies becoming far more focused on improving returns to shareholders.


•    The markets of the region are not without their concerns.  Consequently, the Company has bought put
     options covering Hong Kong, Korea, Taiwan and Singapore.  In addition, the Company has sold forward
     Hong Kong dollars for sterling as a means of hedging exposure to US dollar-linked currencies.


•    The Managers believe that as a consequence of reasonable valuations and potential growth rates, many
     companies across the region are appealing.  The Board and Managers are cautiously optimistic about the
     outlook.



+ Past performance is no guarantee of future performance.



Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve capital growth through investment in the 
stockmarkets of the Asia-Pacific region (excluding Japan).  The Company has total assets of £56.4 million.


Pacific Horizon is managed by Baillie Gifford & Co., an Edinburgh based fund management group.


2 March 2005

                                    - ends -

For further information please contact:


Gerald Smith, Manager

Pacific Horizon Investment Trust PLC                           0131 275 2000


Mike Lord, Director

Broadgate Marketing                                            020 7726 6111

                      PACIFIC HORIZON INVESTMENT TRUST PLC

                                 Interim Report


In the six months to 31 January 2005 the net asset value per share rose by 19.2%
to 73.73p.  Over the same period the MSCI All Country Far East ex Japan Index
rose by 17.3% in sterling terms. Earnings per share for the period were 0.54p
compared to 0.34p in the first half of the previous year.  As in previous years,
no interim dividend will be paid.



All of the markets in the region rose during the Company's half year, with
Indonesia, the Philippines and Korea performing particularly well in local
currency terms and the other markets rising by approximately 10-12%. For a
sterling-based investor returns from markets in countries with currencies that
are either explicitly pegged to the US dollar or which tend to trade against
sterling in line with the US dollar were reduced by the weakness of the US
dollar against sterling.  Other currencies, most notably the Korean won,
appreciated against sterling, enhancing returns from investment in Korea,
Taiwan, Thailand and, to a much smaller extent, Singapore.



The economic news during the period was dominated by conflicting signals
emerging from China, where the authorities have been engaged in efforts to
prevent over-investment in certain industries, curb speculation in real estate
and avert a build-up in inflationary pressures.  It now appears that there has
been very little if any slowdown in the rate of growth of the Chinese economy,
but uncertainty about the course of Chinese economic developments contributed to
volatility in markets across the region and the shares of companies in cyclical
industries were subject to particularly wide swings in price as sentiment ebbed
and flowed.  The strengthening and subsequent partial weakening in the price of
oil also affected markets and, at the end of period, the Indian Ocean tsunami
triggered a rally in stocks thought likely to benefit from the reconstruction to
come in Indonesia and Thailand.



While there were, and remain, some pockets of weakness, notably in the Korean
domestic economy, the general picture is one of reasonably good economic growth
with inflation rising at a moderate rate but not yet reaching levels that are
causing serious concern.  This is a favourable environment for corporate
profitability and companies have also become more focused on improving returns
to shareholders, one manifestation of which is a trend towards the payment of
higher dividends.  At a time when interest rates are low and investors are
seeking income the shares of companies that have committed themselves to the
payment of high dividends have performed well.  We have found some attractive
opportunities of this sort in the emerging real estate investment trust sector.
Other industries where we have identified attractive investments include
shipping, coal, oil and gas and suppliers to these industries.



Against these favourable factors for investment in the markets of the region
must be set some more general concerns about the risks facing investors and the
observation that, in the past, markets in the Asian region have on occasion
suffered large falls that have adversely affected returns, even when measured
over long time horizons.  Principal among these general concerns is the
apparently ever-increasing appetite for the most risky and illiquid of
investments combined with historically low levels of volatility in the prices of
all financial assets.  The use of borrowed funds and common investment
strategies by large investors has created the potential for a sharp fall in
financial markets should anything trigger an increase in volatility.  At the
same time these market conditions make it relatively inexpensive to mitigate the
impact of large falls in markets through the purchase of put options exercisable
well below current price levels.  The portfolio has been partially hedged
against very large falls in overall market levels by the purchase of put options
covering the markets of Hong Kong, Korea, Taiwan and Singapore exercisable at
significantly below prevailing prices.



For some time, the returns to sterling based investors have been reduced by
currency movements.  As noted above, a number of the countries in which the
Company invests have currencies linked to the US dollar. The need for a
continuing inflow from the rest of the world into America in order to finance
its very large deficits suggests that there is a significant risk of further
weakness to come and the possibility of a very sharp fall cannot be easily
disregarded.  This risk has been reduced by hedging part of the value of the
Company's exposure to US dollar-linked currencies through a forward sale of Hong
Kong dollars for sterling.



On 7 December 2004 Douglas McDougall stood down as Chairman and Peter Mackay,
who has been a Director since 2001 became Chairman.  Douglas McDougall remains
on the Board.  This change was made in response to amendments to the Listing
Rules which are effective from April 2005.

                                                           By Order of the Board

                                                           Baillie Gifford & Co.

                                                                    1 March 2005


The following is an interim statement for the six months ended 31 January 2005
which has been neither reviewed nor audited by the auditors.  This statement is
being printed and will be sent to all shareholders on 11 March 2005.  Copies
will be available for inspection at the Registered Office of the Company or may
be obtained on request from the Managers and Secretaries after that date.



PACIFIC HORIZON INVESTMENT TRUST PLC

STATEMENT OF TOTAL RETURN

               (unaudited and incorporating the revenue account*)

                       for the six months ended           for the six months ended             for the year ended     
                            31 January 2005                    31 January 2004                    31 July 2004        
                     Revenue     Capital     Total        Revenue   Capital    Total       Revenue   Capital     Total  
                       £'000       £'000     £'000          £'000     £'000    £'000         £'000     £'000     £'000  

  Realised gains           
  on investments           -        607       607               -     3,875    3,875             -     6,360     6,360  
                                                                                        

  Unrealised                                                    
  gains/(losses)                                                                                
  on investments           -      8,287     8,287               -     7,067    7,067             -   (1,055)   (1,055)  
                                                                         

  Currency                 
  (losses)/gains           -      (220)      (220)              -       861      861             -       948       948  
                                                                                        

  Income (note 2)        939          -       939             730         -      730         1,858         -     1,858

  Investment            
  management fee        (271)         -      (271)          (253)         -    (253)         (493)         -     (493)  
                                                                                           

  Other                  
  administrative                                                                                                      
  expenses               (89)         -       (89)          (112)         -    (112)         (208)         -     (208)  
                                                                                          

  Net return                                                  
  before finance costs 
  and taxation           579        8,674   9,253             365    11,803   12,168         1,157     6,253     7,410  
                                                                                               
  Finance costs of        
  borrowings              (3)         -        (3)           (33)         -     (33)          (58)         -      (58)  
                                                                                         
  Return on                                                   
  ordinary                                                                                    
  activities                                                                                                          
  before taxation        576        8,674   9,250             332    11,803   12,135         1,099     6,253     7,352  
                                                                             
  Tax on ordinary       
  activities            (162)         -      (162)           (74)         -     (74)         (313)         -     (313)  
                                                                                           
  Return on                                                   
  ordinary                                                                                    
  activities after                                                                                                    
  taxation               414      8,674     9,088             258    11,803   12,061           786     6,253     7,039  
                                                                             
  Dividend in                                                   
  respect of                                                                                    
  equity shares            -          -         -               -         -        -         (535)         -     (535)  
                                                                         
  Transfer to            
  reserves               414        8,674   9,088             258    11,803   12,061           251     6,253     6,504
                                                                                             
  Return per                                                
  ordinary share       0.54p     11.34p    11.88p          0.34p    15.43p   15.77p         1.03p     8.17p     9.20p   
  (note 3)                                               
                                                                                                              
  Dividend per                                                  
  ordinary share            -                                   -                            0.70p                      
  (note 4)                                                                                                            


*  The revenue column of this statement is the profit and loss account of the
   Company.

   All revenue and capital items in this statement derive from continuing
   operations.

  PACIFIC HORIZON INVESTMENT TRUST PLC


                            SUMMARISED BALANCE SHEET
                               at 31 January 2005
                                  (unaudited)


                                                              31 January 2005  31 January 2004    31 July 2004
                                                                        £'000            £'000           £'000
                                                                                                    
FIXED ASSETS

Investments                                                           55,831           59,052           47,550

CURRENT ASSETS

Debtors                                                                  142              518              268
Cash and short term deposits                                           1,182            1,036              447

                                                                       1,324            1,554              715
CREDITORS

Amounts falling due within one year (note 5)                            (745)          (7,721)            (910)

NET CURRENT ASSETS/(LIABILITIES)                                         579           (6,167)            (195)

TOTAL ASSETS LESS CURRENT LIABILITIES                                 56,410           52,885            47,355

PROVISIONS FOR LIABILITIES AND CHARGES

Deferred taxation                                                        (17)             (23)             (50)

                                                                      56,393           52,862           47,305

CAPITAL AND RESERVES

Called-up share capital                                                7,649            7,649            7,649
Capital reserves                                                      46,850           43,726           38,176
Revenue reserve                                                        1,894            1,487            1,480

EQUITY SHAREHOLDERS' FUNDS                                            56,393           52,862           47,305


NET ASSET VALUE PER ORDINARY SHARE                                     73.73p           69.11p           61.84p

Ordinary shares in issue (note 6)                                  76,487,002       76,487,002       76,487,002


                            DISTRIBUTION OF ASSETS
                               at 31 January 2005
                                  (unaudited)

                                                                       31 January    31 January       31 July
                                                                             2005          2004          2004
                                                                                %             %             %
                                                                                              
Equities:        Hong Kong and China                                         27.7          32.5         34.4
                 Korea                                                       15.7          20.2         15.1
                 Singapore                                                   15.5           7.8         12.9
                 Taiwan                                                      12.5          12.4         11.5
                 Malaysia                                                    10.9           9.7         14.7
                 Indonesia                                                   10.7           9.6         10.4
                 Thailand                                                     4.9           4.9          0.5
                 Philippines                                                  1.1           1.5          1.0

Total equities                                                               99.0          98.6        100.5

Net liquid assets/(liabilities)                                               1.0           1.4         (0.5)
Total assets (before deduction of bank loan)                                100.0         100.0         100.0

PACIFIC HORIZON INVESTMENT TRUST PLC


                                      SUMMARISED CASH FLOW STATEMENT
                                                (unaudited)

                                                              for the six       for the six     for the year
                                                             months ended      months ended            ended
                                                          31 January 2005   31 January 2004     31 July 2004
                                                                £'000               £'000              £'000

Net cash inflow from operating activities                        623                 210                873
Net cash outflow from servicing of finance                        (3)                (27)               (58)
Total tax paid                                                     -                   -               (114)
Net cash inflow/(outflow) from financial investment              650              (7,442)            (1,610)
Equity dividend paid                                            (535)               (344)              (344)
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING                       735              (7,603)            (1,253)
NET CASH INFLOW FROM BANK LOANS                                    -               8,016              1,077
INCREASE/(DECREASE) IN CASH                                      735                 413               (176)


RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
FUNDS/(DEBT)


Increase/(decrease) in cash in the period                        735                 413               (176)
Net cash inflow from bank loans                                    -              (8,016)            (1,077)
Exchange movement on bank loans                                    -                 996              1,077
MOVEMENT IN NET FUNDS/(DEBT) IN THE PERIOD                       735              (6,607)              (176)
Net funds at the start of the period                             447                 623                623
NET FUNDS/(DEBT) AT END OF THE PERIOD                          1,182              (5,984)               447


RECONCILLIATION OF NET REVENUE BEFORE FINANCE COSTS AND
TAXATION TO NET CASH INFLOW FROM OPERATING ACTIVITIES
Net revenue before finance costs and taxation                    579                 365              1,157
Changes in debtors and creditors                                  82                   -                (73)
Realised currency loss                                           (10)               (135)              (129)
Overseas tax suffered                                            (28)                (20)               (82)
NET CASH INFLOW FROM OPERATING ACTIVITIES                        623                 210                873

                                                                 
PACIFIC HORIZON INVESTMENT TRUST PLC


                                             THIRTY LARGEST EQUITY HOLDINGS
                                                   at 31 January 2005

                                                                                            Market
                                                                                             value
                                                                                                     % of total
                                                                                             £'000       assets
Name                           Country       Business                                                    

Bumi Resources                 Indonesia     Coal mining                                     2,139          3.8
Pacific Basin Shipping         Hong Kong     Shipping company                                1,844          3.3
Samsung Corporation            Korea         Construction and trading company                1,793          3.2
Cheung Kong                    Hong Kong     Property developer                              1,774          3.1
Petrochina                     China         Integrated oil company                          1,618          2.9
United Tractors                Indonesia     Heavy equipment manufacturer                    1,573          2.8
Malaysia International
  Shipping Corporation         Malaysia      Shipping company                                1,483          2.6
MobileOne                      Singapore     Wireless telecommunications provider            1,203          2.1
CNPC Hong Kong                 Hong Kong     Oil and gas exploration and production          1,181          2.1
China Petroleum & Chemical                                                                   1,180          2.1
  Corp. (Sinopec)              China         Integrated oil company
Precious Shipping              Thailand      Shipping company                                1,169          2.1
BAT Malaysia                   Malaysia      Tobacco                                         1,160          2.1
Unilever Indonesia             Indonesia     Consumer products manufacturer                  1,158          2.0
Hon Hai Precision Industries   Taiwan        Contract manufacturer                           1,158          2.0
CNOOC                          China         Oil and gas exploration and production          1,066          1.9
Comfortdelgro                  Singapore     Vehicle leasing and engineering services        1,047          1.9
Taiwan Cellular                Taiwan        Wireless telecommunications provider            1,024          1.8
S1                             Korea         Security services provider                      1,008          1.8
Hong Kong
  Exchanges & Clearing         Hong Kong     Stock exchange                                  1,007          1.8
ASM Pacific Technology         Hong Kong     Semiconductor equipment manufacturer              966          1.7
Scomi Group                    Malaysia      Oil services                                      953          1.7
Hung Poo Real
  Estate Development           Taiwan        Property developer                                945          1.7
Li & Fung                      Hong Kong     Supply chain management                           900          1.6
STX Shipbuilding               Korea         Shipbuilder                                       895          1.6
Ascendas Real Estate           Singapore     Real estate investment trust                      884          1.6
CapitaMall Property Trust      Singapore     Real estate investment trust                      875          1.5
IOI                            Malaysia      Diversified industrial                            869          1.5
Hysan Developments             Hong Kong     Property developer                                841          1.5
Korea Line                     Korea         Shipping company                                  823          1.5
Keppel Corp.                   Singapore     Industrial conglomerate                           820          1.4

                                                                                            35,356         62.7


All stocks are listed overseas

PACIFIC HORIZON INVESTMENT TRUST PLC


NOTES


1.    The financial statements for the six months to 31 January 2005 have been prepared on the basis of the
      accounting policies set out in the Company's Annual Financial Statements at 31 July 2004.


      The Interim Report was approved by the Board on 1 March 2005.


      None of the views expressed in this document should be construed as advice to buy or sell a particular
      investment.

                                                         Six months to      Six months to             Year to
                                                            31 January         31 January             31 July
                                                                  2005               2004                2004
                                                                 £'000              £'000               £'000

2.    Income

      Income from investments and interest                         939               730               1,858
      receivable
      Other income                                                 Nil              Nil                  Nil


3.    Return per ordinary share

      Revenue return                                               414               258                 786
      Capital return                                             8,674            11,803               6,253


      Return per ordinary share is based on the above totals of revenue and capital and on 76,487,002
      ordinary shares, being the number of ordinary shares in issue during each period.


4.    No interim dividend will be declared.


5.    A one year £9 million multi-currency facility has been arranged with the Bank of New York which
      expires on 7 December 2005.  In addition the Company has a  £5 million multi-currency loan facility
      with the Royal Bank of Scotland plc which expires on 31 March 2005.  The Company had no borrowings at
      31 January 2005 or 31 July 2004.  At 31 January 2004 there was outstanding drawings of HK$99.35 million           
      (£7,020,000).


6.    At the Extraordinary General Meeting in April 2001 the Company was first granted authority to buy back
      its ordinary shares (equivalent to 14.99% of its issued share capital at that date).  The authority
      was renewed at the Annual General Meeting in November 2004.  In the six months to 31 January 2005 no
      ordinary shares were bought back.  As a result, at 31 January 2005, the Company's authority to buy
      back shares remains unchanged at 11,465,401 ordinary shares.


7.    The financial information contained within this interim report does not constitute statutory accounts
      as defined in section 240 if the Companies Act 1985.  The financial information for the year ended 31
      July 2004 has been extracted from the statutory accounts which have been files with the Registrar of
      Companies and which contain an unqualified Auditors' Report and do not contain a statement under
      sections 237(2) or (3) of the Companies Act 1985.


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