Portfolio Update-Replacement

Pacific Horizon Investment Tst PLC
06 September 2004


The issuer advises that the following replaces the Portfolio Update released on
4 August at 15.33 under RNS number 6314B



Holding No. 1 should read BAT Malaysia and not British American Tobacco as
previously shown.





                      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.      BAT Malaysia                                                      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

                                                                6 September 2004






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