Portfolio Update

Pacific Horizon Investment Tst PLC
02 February 2005

                      PACIFIC HORIZON INVESTMENT TRUST PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



31 January 2005


No      Holding                                    % of Total
                                                      Assets

1.      Bumi Resources                                  3.8%
2.      Pacific Basin Shipping                          3.3%
3.      Samsung Corporation                             3.2%
4.      Cheung Kong                                     3.2%
5.      Petrochina 'H'                                  2.9%
6.      United Tractor                                  2.8%
7.      Malaysia International Shipping                 2.6%
8.      Mobileone                                       2.1%
9.      CNPC Hong Kong                                  2.1%
10.     Sinopec 'H'                                     2.1%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 2 February 2005




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