Portfolio Update

Herald Investment Trust PLC
05 April 2006

                          HERALD INVESTMENT TRUST PLC

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



31 March 2006


No       Holding                                                  % of Total Assets

1.       Northgate Information Solutions                                 3.1%
2.       SDL                                                             2.8%
3.       Amstrad                                                         2.8%
4.       Detica Group                                                    2.8%
5.       Imagination Technologies                                        2.4%
6.       Thomson Intermedia                                              1.8%
7.       SurfControl                                                     1.7%
8.       Diploma                                                         1.7%
9.       United Internet                                                 1.6%
10.      Euromoney                                                       1.6%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    5 April 2006




                      This information is provided by RNS
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