Portfolio Update

Herald Investment Trust PLC
06 January 2006


                          HERALD INVESTMENT TRUST PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets


31 December 2005


No       Holding                                              % of Total Assets

1.       Northgate Information Solutions                                 4.1%
2.       SDL                                                             3.0%
3.       Detica Group                                                    2.9%
4.       Amstrad                                                         2.8%
5.       Imagination Technologies                                        2.7%
6.       Diploma                                                         1.7%
7.       Thomson Intermedia                                              1.5%
8.       Euromoney                                                       1.5%
9.       SurfControl                                                     1.4%
10.      Alphameric                                                      1.4%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  6 January 2006



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