Portfolio Update

Herald Investment Trust PLC
06 July 2006

                          HERALD INVESTMENT TRUST PLC

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



30 June 2006


No       Holding                                               % of Total Assets

1.       Northgate Information Solutions                               3.3%
2.       Amstrad                                                       3.3%
3.       Detica Group                                                  3.2%
4.       SDL                                                           2.6%
5.       Imagination Technologies                                      2.1%
6.       Thomson Intermedia                                            1.8%
7.       Diploma                                                       1.7%
8.       SurfControl                                                   1.7%
9.       IBS Opensystems                                               1.4%
10.      Euromoney                                                     1.4%




                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     6 July 2006




                      This information is provided by RNS
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