Top Ten Investments

Herald Investment Trust PLC
05 April 2004

                          HERALD INVESTMENT TRUST PLC

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


31 March 2004

No       Holding                                            % of Total Assets

1.       Northgate Information Solutions                                 3.4%
2.       Imagination Technologies                                        3.4%
3.       Amstrad                                                         3.2%
4.       Plasmon                                                         2.0%
5.       Gresham Computing                                               1.9%
6.       SDL                                                             1.6%
7.       Acal                                                            1.5%
8.       Incisive Media                                                  1.5%
9.       Linx Print Technologies                                         1.5%
10.      Detica Group                                                    1.4%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    5 April 2004


                      This information is provided by RNS
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