Statistics & Performance Rpt

Herald Investment Trust PLC
5 October 2001


                             HERALD INVESTMENT TRUST
                        STATISTICS AND PERFORMANCE REPORT
               At            At          At             Performance Performance
               inception
               16-February   31-August   30-September   since 31    since
                                                        Aug         inception
               1994          2001        2001           2001 (%)    (%)
Basic NAV (p)         98.7 P     299.5 p        245.6 p      -18.0%     +148.9%
                           *
FTSE-100            3417.7      5345.0         4903.4         -8.3%      +43.5%
FTSE-All-share      1717.8      2590.2         2340.5         -9.6%      +36.2%
FTSE-Smallcap       2076.1      2702.2         2171.2        -19.7%       +4.6%
HGSC (ext cap
gains ex I.T.)      1750.0      2395.2         1937.6        -19.1%      +10.7%
Shareprice            90.9 P **  283.0 p        218.5 p      -22.8%     +140.4%
Warrant price         45.5 P     186.5 p        125.0 p      -33.0%     +174.7%

Premium/(Discount) to fully diluted                                      (9.0)%
NAV/share as at 30th September 2001
UK Equity Portfolio as a % of                                             45.1%
Shareholders' Funds at 30th September
2001***
Overseas Equity Portfolio as % of Shareholders' Funds                     31.2%
at 30th September 2001****
Gilts and cash net of loan as a % of Shareholders'                        23.7%
Funds at 30th September 2001
Number of Equity Holdings at 30th                                           227
September 2001

*100p is shareholders' 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. The CGT base for the warrant is 45.5p
***Includes 1 convertible and 2 warrants
****Includes 1 convertible and 1 warrant
***** On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.
The NAV at 30/09/01 was £207.4m & the fully diluted NAVp/share 240.06p.
There are 84,453,686 shares currently in issue, and 3,353,663 warrants 
outstanding.

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 regulated by IMRO. 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. Warrants often involve a high degree of 
gearing so that a relatively small movement in the price of the security to 
which the warrants relate may result in a disproportionately large movement, 
unfavourable as well as Favourable, in the price of the warrants.

These figures are not
audited.