Portfolio Update

Electra Investment Trust PLC
02 April 2004

Electra Investment Trust PLC - Portfolio Update 
2 April 2004 

Electra Investment Trust PLC ('Electra') announces that as at 31 March 2004,
its largest investments were: 

                                                                              
  Largest Investments      *% of Gross        *% of Net         *Unaudited    
                             Assets            Assets          Valuation of   
                           at 31 March       at 31 March         Holding      
                              2004              2004        at 31 March 2004  
                                %                %                £'000       
  Barclays Bank                     7.22             9.31              50,000 
  Floating Rate Notes                                                         
  Safety-Kleen Europe               6.91             8.92              47,913 
  European Investment               5.77             7.45              39,997 
  Bank Floating Rate                                                          
  Notes                                                                       
  Capital Safety Group              4.52             5.83              31,317 
  Amtico                            4.13             5.33              28,646 
  Leiner Health                     4.10             5.29              28,416 
  Products                                                                    
  Allflex                           3.92             5.06              27,166 
  Inchcape Shipping                 3.80             4.90              26,316 
  Services                                                                    
  Abbey National                    3.61             4.65              25,000 
  Floating Rate Notes                                                         
  Bank of Scotland                  3.61             4.65              25,000 
  Floating Rate Notes                                                         
  Lloyds Bank Floating              3.61             4.65              25,000 
  Rate Notes                                                                  

Apart from the above there were no other investments with a value greater
than 5% of Electra's gross assets at 31 March 2004.  

* The unaudited valuation at 31 March 2004 was calculated on the basis of the
asset valuation at 30 September 2003 adjusted to reflect the purchases and
sales of investments up to 31 March 2004, currency movements and mid market
valuations on 31 March 2004 in respect of listed investments and restricted
listed investments where these are valued by reference to quoted prices. On
this basis, which excludes any revaluation of unlisted investments, the
unaudited net asset value per share at 31 March 2004 was 824.98p. 

This announcement was made in accordance with the Listing Rule 21.20 (l) (ii)
which requires, inter alia, UK listed investment companies to notify to a
Regulatory Information Service, within two business days of the end of each
quarter, a list of all investments with a value greater than 5% of the
company's gross assets and at least the company's ten largest investments as
at the last business day of that quarter. 

For further information, please contact 

R J Lewis  

Electra Partners Limited                    [phone]  
 
END  



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