Portfolio Update

Herald Investment Trust PLC
08 January 2007

                          HERALD INVESTMENT TRUST PLC

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


31 December 2006


No       Holding                                               % of Total Assets

1.       Detica Group                                                    3.9%
2.       Imagination Technologies                                        3.6%
3.       Northgate Information Solutions                                 3.1%
4.       SDL                                                             3.1%
5.       Amstrad                                                         2.3%
6.       Euromoney Institutional Investor                                2.2%
7.       IBS Opensystems                                                 1.8%
8.       Thomson Intermedia                                              1.8%
9.       Diploma                                                         1.8%
10.      SurfControl                                                     1.7%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries

                                                                  8 January 2007


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