Portfolio Update

Electra Investment Trust PLC
1 October 2004



Electra Investment Trust PLC - Portfolio Update

1 October 2004

Electra Investment Trust PLC ('Electra') announces that as at 30 September 2004,
its ten largest investments were:

Barclays Bank Floating Rate Notes

European Investment Bank Floating Rate Notes

Capital Safety Group

Amtico

Allflex

Abbey National Floating Rate Notes

Bank of Scotland Floating Rate Notes

Lloyds Bank Floating Rate Notes

Inchcape Shipping Services

Moser Baer


Electra's financial year ended on 30 September 2004.  The net asset value per
share at that date will be announced when the Preliminary Results are issued
and will reflect the revaluation of the unlisted portfolio at 30 September 
2004, the July 2004 Tender Offer and on-market purchases for cancellation of 
Electra's shares during the year.

The list of investments shown above was calculated on the basis of the asset
valuation at 31 March 2004 adjusted to reflect completed purchases and sales
of investments, currency movements and mid market values in respect of listed
investments and unlisted investments where these are valued by reference to
quoted prices.

This list includes all investments with a value greater than 5% of Electra's
gross assets at 30 September 2004.

This announcement was made in accordance with the Listing Rule 21.20 (i) (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

HALH Mumford

Electra Partners Limited                            [phone]




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