Statistics & Performance Rpt

Herald Investment Trust PLC
07 May 2004


                                            HERALD INVESTMENT TRUST
                                       STATISTICS AND PERFORMANCE REPORT

                          At                 At                At              Performance      Performance
                          inception
                          16 February        31 March          30 April        since            since inception
                          1994               2004              2004         31 March 2004 (%)         (%)
                                    

NAV (p)                     98.7 p*            390.9 p         387.1 p               -1.0%           +292.2%
FTSE-100                  3417.7              4385.7          4489.7                  2.4%            +31.4%
FTSE-All-share            1717.8              2197.0          2237.3                  1.8%            +30.2%
FTSE-Smallcap             2076.1              2632.9          2625.3                 -0.3%            +26.5%
Extended HGSC
(capital gains ex         1750.0              2543.9          2549.8                  0.2%            +45.7%
I.T.)
Share price                 90.9 p**           331.0 p         330.0 p               -0.3%           +263.0%

Premium/(Discount) to NAV/share as at 30 April 2004                                                  (14.8)%

UK Equity Portfolio as a %  of Net Assets at 30 April 2004***                                          69.7%

Overseas Equity Portfolio as % of Net Assets at 30 April 2004****                                      29.6%

Gearing/(Cash) as a % of Net Assets at 30 April 2004*****                                               0.8%

Number of Equity Holdings at 30 April 2004                                                               248

*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 4 convertibles and 1 warrant
****Includes 2 warrants
***** On 30 April 2004, US $47.35m was borrowed for a period of 6 months at 1.79%.

The Net Assets at 30/04/04 was £366.6m.
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.




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