Portfolio Update

Pacific Horizon Investment Tst PLC
04 May 2004

                      PACIFIC HORIZON INVESTMENT TRUST PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets


30 April 2004

No      Holding                                                % of Total
                                                                 Assets

1.      Unilever Indonesia                                        3.5%
2.      British American Tobacco                                  3.5%
3.      Samsung Corporation                                       2.9%
4.      Cheung Kong                                               2.8%
5.      CNOOC                                                     2.4%
6.      Petrochina 'H'                                            2.4%
7.      Malaysia International Shipping                           2.3%
8.      ASM Pacific Technology                                    2.0%
9.      Mobilone                                                  1.9%
10.     Elec & Eltek International                                1.9%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                      4 May 2004




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