Portfolio Update

Herald Investment Trust PLC
06 October 2005

                          HERALD INVESTMENT TRUST PLC

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



30 September 2005


No      Holding                                           % of Total Assets

1.      Northgate Information Solutions                          3.8%
2.      SDL                                                      2.5%
3.      Treasury Stock 4.5% 07/03/2007                           2.4%
4.      Detica Group                                             2.4%
5.      Amstrad                                                  2.1%
6.      Imagination Technologies                                 2.0%
7.      Thomson Intermedia                                       1.9%
8.      Diploma                                                  1.5%
9.      Alphameric                                               1.5%
10.     Plasmon                                                  1.4%

% Total Assets calculated based on assets valued on a mid basis.







                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  6 October 2005




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