Portfolio Update

Electra Investment Trust PLC
05 January 2005

Electra Investment Trust PLC - Portfolio Update

5 January 2005

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



Barclays Bank Floating Rate Notes

European Investment Bank Floating Rate Notes

Capital Safety Group

Inchcape Shipping Services

Allflex

Abbey National Floating Rate Notes

Bank of Scotland Floating Rate Notes

Lloyds Bank Floating Rate Notes

Freightliner

Esporta



The list of investments shown above was calculated on the basis of the asset
valuation at 30 September 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 31 December 2004.

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

HALH Mumford

Electra Partners Limited                          [phone]






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