Portfolio Update

Monks Investment Trust PLC
04 August 2004

                         THE MONKS 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.      Baillie Gifford Pacific C Income                               6.6%
2.      Suncor Energy                                                  3.6%
3.      Golden West Financial                                          3.1%
4.      Moodys                                                         2.5%
5.      Altria Group                                                   2.2%
6.      Baillie Gifford High Yield Bond Fund C Income                  2.0%
7.      Burlington Resources                                           1.9%
8.      GlaxoSmithKline                                                1.7%
9.      Bank of Scotland (SAMS) 2072                                   1.7%
10.     Mohawk Industries                                              1.6%


                                                          Baillie Gifford & Co.
                                                             Company Secretaries
                                                                   4 August 2004


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