Portfolio Update

Herald Investment Trust PLC
02 October 2007


                          HERALD INVESTMENT TRUST PLC

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



30 September 2007


No       Holding                                               % of Total Assets

1.       Imagination Technologies                                        3.4%
2.       SDL                                                             3.3%
3.       Detica Group                                                    2.6%
4.       Surfcontrol                                                     2.5%
5.       Northgate Information Solution                                  2.4%
6.       Diploma                                                         2.1%
7.       IBS Opensystems                                                 1.7%
8.       Phoenix IT Group                                                1.5%
9.       Wilmington Group                                                1.4%
10.      ARC International                                               1.4%




                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  2 October 2007




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