Statistics & Performance Rpt

Herald Investment Trust PLC
6 April 2001


                             HERALD INVESTMENT TRUST
                        STATISTICS AND PERFORMANCE REPORT
               At inception     At           At         Performance Performance
               16-February      28-February  31-March   since 28    since
                                                        Feb         inception
                      1994          2001        2001       2001 (%)       (%)

Basic NAV (p)          98.7 p*      411.9 p     360.8 p      -12.4%     +265.6%
FTSE-100             3417.7        5917.9      5633.7         -4.8%      +64.8%
FTSE-All-share       1717.8        2868.0      2711.4         -5.5%      +57.8%
FTSE-Smallcap        2076.1        3190.9      2883.0         -9.6%      +38.9%
HGSC (ext cap
gains ex I.T.)       1750.0        2712.5      2459.4         -9.3%      +40.5%
Shareprice             90.9 p**     438.5 p     370.5 p      -15.5%     +307.6%
Warrant price          45.5 p       342.5 p     271.5 p      -20.7%     +496.7%

Premium/(Discount) to fully diluted NAV/share as at 31st March 2001        6.1%

UK Equity Portfolio as a % of Shareholders' Funds at 31st March           52.3%
2001***

Overseas Equity Portfolio as % of Shareholders' Funds at 31st March       31.4%
2001****

Gilts and cash net of loan as a % of Shareholders' Funds at 31st          16.3%
March 2001

Number of Equity Holdings at 31st March                                     236
2001

*100p is shareholders' subscription price before launch costs of 1.3p

**90.9p is CGT base subscription price for shareholders adjusting for warrants
which were issued on a 1 for 5 basis. The CGT base for the warrant is 45.5p

***Includes 3 convertibles and 3 warrants

****Includes 2 convertibles and 1 warrant

***** On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.

The NAV at 31/03/01 was £302.6m & the fully diluted NAVp/share 349.12p. 
There are 83,873,599 shares currently in issue, and 3,933,750 warrants
outstanding.

This Report has been issued on behalf of Herald Investment Trust plc, and has
been approved by Herald Investment Management Limited, its investment manager.
Herald Investment Management Limited is regulated by IMRO. You should
remember that past performance is not necessarily a guide to the future.
Markets and currency movements may cause the value of shares, and the income
from them, to fall as well as rise, and you may get back less than you invested
when you decide to sell your shares. Warrants often involve a high degree of
gearing so that a relatively small movement in the price of the security to
which the warrants relate may result in a disproportionately large movement,
unfavourable as well as favourable, in the price of the warrants.
These figures are not audited.