Portfolio Update

Herald Investment Trust PLC
05 April 2005

                          HERALD INVESTMENT TRUST PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



31 March 2005


No       Holding                                               % of Total Assets

1.       Northgate Information Solutions                                 3.6%
2.       Amstrad                                                         2.8%
3.       Imagination Technologies                                        2.5%
4.       Diploma                                                         1.8%
5.       Detica                                                          1.8%
6.       SurfControl                                                     1.7%
7.       SDL                                                             1.7%
8.       Incisive Media                                                  1.6%
9.       Thomson Intermedia                                              1.5%
10.      Gresham Computing                                               1.5%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    5 April 2005




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