Portfolio Update

Herald Investment Trust PLC
05 January 2005

                          HERALD INVESTMENT TRUST PLC

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



31 December 2004


No       Holding                                               % of Total Assets

1.       Northgate Information Solutions                                 3.5%

2.       Amstrad                                                         3.0%

3.       Imagination Technologies                                        2.1%

4.       Detica                                                          1.9%

5.       SDL                                                             1.9%

6.       Plasmon                                                         1.8%

7.       Diploma                                                         1.6%

8.       Incisive Media                                                  1.5%

9.       SurfControl                                                     1.5%

10.     ICM Computer Group                                              1.5%

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  5 January 2005


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