Statistics & Performance Rpt

Herald Investment Trust PLC
04 May 2005


                                              HERALD INVESTMENT TRUST
                                 PRELIMINARY STATISTICS AND PERFORMANCE REPORT

                    At                 At                 At                   Performance      Performance
                    inception          31 March           30 April             since            since inception
                    16 February        2005               2005                 31 March         (%)
                    1994                                                       2005 (%)         
NAV (p)                    98.7 p*              384.0 p             357.9 p               -6.8%          +262.6%
FTSE-100                 3417.7                4894.4              4801.7                 -1.9%           +40.5%
FTSE-All-share           1717.8                2457.7              2397.1                 -2.5%           +39.5%
FTSE-Smallcap            2076.1                2907.3              2802.8                 -3.6%           +35.0%
Extended HGSC
(capital gains ex        1750.0                2890.3              2759.4                 -4.5%           +57.7%
I.T.)
Share price                90.9 p**             337.5 p             319.0 p               -5.5%          +250.9%

Premium/(Discount) to NAV/share as at 30 April 2005                                                      (10.9)%
UK Equity Portfolio as a %  of Net Assets at 30 April 2005***                                              69.1%
Overseas Equity Portfolio as % of Net Assets at 30 April 2005****                                          30.2%
Gearing/(Cash) as a % of Net Assets at 30 April 2005*****                                                 (0.8)%
Number of Equity Holdings at 30 April 2005                                                                   260

*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
****Includes 4 warrants
***** On 26th April 2005, US $47.35m was borrowed for a period of 6 months at 3.79%.

The Net Assets at 29/04/2005  was £313.4m.
There are 87,556,010 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 and are subject to revision when the income account has been finalised for the
year.




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