Portfolio Update-Replacement

Pacific Horizon Investment Tst PLC
09 November 2004

The issuer advises that the following replaces the Portfolio Update released on
5 November 2004 at 10.20am under RNS number 9042E.



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

31 October 2004

No      Holding                                                  % of Total
                                                                    Assets

1.      Pacific Basin Shipping                                       3.9%
2.      Samsung Corporation                                          3.5%
3.      BAT Malaysia                                                 3.4%
4.      Bumi Resources                                               3.3%
5.      Cheung Kong                                                  3.2%
6.      Unilever Indonesia                                           3.1%
7.      Petrochina 'H'                                               3.0%
8.      Malaysia International Shipping                              2.6%
9.      CNOOC                                                        2.5%
10.     Mobileone                                                    2.3%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 9 November 2004



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