Portfolio Update

Pacific Horizon Investment Tst PLC
05 November 2004



                      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                                           3.5%
3.      British American Tobacco                          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
                                                                 5 November 2004






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