Portfolio Update

Herald Investment Trust PLC
05 October 2006


                          HERALD INVESTMENT TRUST PLC

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


30 September 2006


No       Holding                                               % of Total Assets

1.       Detica Group                                                    3.6%
2.       Northgate Information Solutions                                 3.3%
3.       Imagination Technologies                                        3.2%
4.       Amstrad                                                         3.1%
5.       SDL                                                             3.0%
6.       Thomson Intermedia                                              1.8%
7.       Diploma                                                         1.7%
8.       SurfControl                                                     1.7%
9.       IBS Opensystems                                                 1.5%
10.      Wilmington Group                                                1.4%

                                                           Baillie Gifford & Co.
                                                             Company Secretaries

                                                                  5 October 2006


                      This information is provided by RNS
            The company news service from the London Stock Exchange