Portfolio Update

Herald Investment Trust PLC
03 January 2008

                          HERALD INVESTMENT TRUST PLC

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



31 December 2007


No     Holding                                                                % of Total Assets

1.     Northgate Information Solution                                               4.9%
2.     Imagination Technologies                                                     4.5%
3.     SDL                                                                          3.3%
4.     Detica Group                                                                 2.3%
5.     Bundesrepublik Deutschland 5.25% 04/07/2010                                  2.2%
6.     Diploma                                                                      2.1%
7.     IBS Opensystems                                                              1.8%
8.     Phoenix IT Group                                                             1.6%
9.     Wilmington Group                                                             1.5%
10.    Telecom Plus                                                                 1.5%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  3 January 2008




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