Portfolio Update

Herald Investment Trust PLC
04 October 2004

                          HERALD INVESTMENT TRUST PLC

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



30 September 2004


No       Holding                                              % of Total Assets

1.       Amstrad                                                     3.8%
2.       Northgate Information Solutions                             3.6%
3.       Imagination Technologies                                    2.9%
4.       SDL                                                         1.8%
5.       Detica Group                                                1.7%
6.       Plasmon                                                     1.6%
7.       Surfcontrol                                                 1.6%
8.       Diploma                                                     1.5%
9.       Gresham Computing                                           1.4%
10.      Linx Print Tech.                                            1.3%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  4 October 2004






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