Top 10 Investments

Herald Investment Trust PLC
05 January 2004

                          HERALD INVESTMENT TRUST PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



31 December 2003


No       Holding                                               % of Total Assets

1.       Northgate Information Solutions                              2.9%
2.       Amstrad                                                      2.5%
3.       Plasmon                                                      2.4%
4.       Imagination Technologies                                     2.4%
5.       Surfcontrol                                                  2.1%
6.       Telemetrix                                                   1.8%
7.       Gresham Computing                                            1.8%
8.       Detica Group                                                 1.5%
9.       Acal                                                         1.5%
10.      Linx Print Technologies                                      1.5%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  5 January 2004






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