Portfolio Update

Herald Investment Trust PLC
06 July 2005

                          HERALD INVESTMENT TRUST PLC

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



30 June 2005


No       Holding                                               % of Total Assets

1.       Northgate Information Solutions                              3.9%
2.       Amstrad                                                      2.6%
3.       Imagination Technologies Group                               2.2%
4.       Detica Group                                                 2.2%
5.       SDL                                                          2.0%
6.       Diploma                                                      1.9%
7.       Incisive Media                                               1.6%
8.       Thomson Intermedia                                           1.6%
9.       Plasmon                                                      1.4%
10.      Alphameric                                                   1.4%




                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     6 July 2005




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