Performance & Statistics Rep

Herald Investment Trust PLC
05 August 2004


                                            HERALD INVESTMENT TRUST
                                       STATISTICS AND PERFORMANCE REPORT

                     At                       At             At               Performance        Performance
                     inception                31 May         30 June          since              since 
                     16 February                                              31 May             inception
                     1994                     2004           2004             2004 (%)           (%)

NAV (p)                     98.7 p*            385.8 p         352.2 p               -8.7%           +256.8%
FTSE-100                  3417.7              4464.1          4413.1                 -1.1%            +29.1%
FTSE-All-share            1717.8              2228.7          2192.2                 -1.6%            +27.6%
FTSE-Smallcap             2076.1              2582.8          2480.0                 -4.0%            +19.5%
Extended HGSC
(capital gains ex         1750.0              2560.3          2471.4                 -3.5%            +41.2%
I.T.)
Share price                 90.9 p**           315.8 p         291.0 p               -7.8%           +220.1%
Premium/(Discount) to NAV/share as at 31 July 2004                                                   (17.4)%
UK Equity Portfolio as a %  of Net Assets at 31 July 2004***                                           69.2%
Overseas Equity Portfolio as % of Net Assets at 31 July 2004                                           29.3%
Gearing/(Cash) as a % of Net Assets at 31 July 2004****                                               (1.5)%
Number of Equity Holdings at 31 July 2004                                                                254

*    100p was the subscription price before launch costs of 1.3p
**   90.9p is CGT base subscription price for shareholders adjusting for 
     warrants which were issued on a 1 for 5 basis.
***  Includes 5 convertibles and 1 warrant
**** On 30 April 2004, US $47.35m was borrowed for a period of 6 months at 
     1.79%.

The Net Assets at 30/06/04 was £309.27m.

There are 87,807,348 shares currently in issue.

This Report has  been  issued  on  behalf  of  Herald  Investment  Trust plc,
and  has  been  approved  by Herald  Investment Management Limited, its
investment manager. Herald Investment Management Limited is authorised and
regulated by the Financial Services Authority.   You should remember that past
performance is not necessarily a guide to the future.  Markets and currency
movements may cause the value of shares, and the income from them, to fall as
well as rise, and you may get back less than you invested when you decide to
sell your shares.

These figures are not audited.




                      This information is provided by RNS
            The company news service from the London Stock Exchange