Portfolio Update

Herald Investment Trust PLC
03 April 2007

                          HERALD INVESTMENT TRUST PLC

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



30 March 2007


No       Holding                                                  % of Total Assets

1.       SDL                                                             4.0%
2.       Detica Group                                                    3.9%
3.       Imagination Technologies                                        3.8%
4.       Northgate Information Solutions                                 2.8%
5.       Euromoney Institutional Investor                                2.3%
6.       Amstrad                                                         2.0%
7.       IBS Opensystems                                                 1.7%
8.       Diploma                                                         1.6%
9.       SurfControl                                                     1.6%
10.      Wilmington Group                                                1.6%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    3 April 2007




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