Portfolio Update

Pacific Horizon Investment Tst PLC
06 May 2005


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

30 April 2005

No      Holding                                                 % of Total
                                                                  Assets

1.      Pacific Basin Shipping                                     3.3%
2.      Cheung Kong                                                3.2%
3.      Petrochina                                                 3.0%
4.      Malaysia International Shipping Corporation                3.0%
5.      Bumi Resources                                             3.0%
6.      Samsung Corporation                                        2.8%
7.      United Tractors                                            2.7%
8.      MobileOne                                                  2.4%
9.      Precious Shipping                                          2.3%
10.     Hon Hai Precision Industries                               2.2%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                      6 May 2005




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