Portfolio Update

Pacific Horizon Investment Tst PLC
04 August 2004


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


31 July 2004


No      Holding                                           % of Total Assets

1.      British American Tobacco                                 4.2%
2.      Unilever Indonesia                                       4.0%
3.      Petrochina 'H'                                           3.2%
4.      CNOOC                                                    3.2%
5.      Cheung Kong                                              3.2%
6.      Samsung Corporation                                      3.0%
7.      Bumi Resources                                           3.0%
8.      Pacific Basin Shipping                                   2.8%
9.      Malaysia International Shipping                          2.6%
10.     Sinopec 'H'                                              2.6%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                   4 August 2004


                      This information is provided by RNS
            The company news service from the London Stock Exchange