Portfolio Update

Graphite Enterprise Trust PLC
01 July 2004



 F:/Wp/ENTERPRISE/PRESS.REL/2004/Top10 announcement Jul04.docF:/Wp/ENTERPRISE/
   PRESS.REL/2004/Top10 announcement Jul04.docANNOUNCEMENT TO STOCK EXCHANGE



                         GRAPHITE ENTERPRISE TRUST PLC

                                  1 July 2004


Graphite Enterprise Trust PLC (the 'Trust') announces that the ten largest
investments at 31 March 2004, the most recent date at which the portfolio
valuations have been reviewed by the Directors, were as set out below.  All
investments representing more than 5% of the gross assets of the Trust are
included.


Company


Maplin Electronics
ICG Mezzanine Fund 2000
Hicks Muse Tate & Furst Europe Fund
Wagamama
Standard Brands
Jane Norman
Intermediate Capital Group
Corpfin
Computacenter
U-POL


The Trust announces its net asset value quarterly, with any movements in the
valuation of individual unquoted holdings that are material to the Trust
announced as they occur.



F:/Wp/ENTERPRISE/PRESS.REL/2004/Top10 announcement July04.doc






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