Portfolio Update

Herald Investment Trust PLC
03 July 2007

                          HERALD INVESTMENT TRUST PLC

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



30 June 2007


No       Holding                                                  % of Total Assets

1.       SDL                                                             3.8%
2.       Imagination Technologies                                        3.4%
3.       Detica Group                                                    3.4%
4.       Northgate Information Solutions                                 2.5%
5.       Euromoney Institutional Investor                                2.3%
6.       SurfControl                                                     2.3%
7.       Phoenix IT Group                                                2.2%
8.       IBS Opensystems                                                 1.6%
9.       Diploma                                                         1.6%
10.      Amstrad                                                         1.5%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     3 July 2007




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