Portfolio Update

Herald Investment Trust PLC
05 July 2004



                          HERALD INVESTMENT TRUST PLC

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



30 June 2004


No       Holding                                                  % of Total Assets

1.       Amstrad                                                         3.9%
2.       Northgate Information Solutions                                 3.5%
3.       Imagination Technologies                                        2.9%
4.       Plasmon                                                         2.0%
5.       Gresham Computing                                               1.8%
6.       SDL                                                             1.7%
7.       Surfcontrol                                                     1.6%
8.       Acal                                                            1.4%
9.       Diploma                                                         1.4%
10.      Detica Group                                                    1.4%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     5 July 2004






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