Statistics & Performance Rpt

Herald Investment Trust PLC
04 November 2005


                                              HERALD INVESTMENT TRUST
                                 PRELIMINARY STATISTICS AND PERFORMANCE REPORT

                         At                 At                 At                   Performance      Performance
                         inception                                                  since            since
                         16 February        30 September       31 October           30 September     inception
                         1994               2005               2005                 2005 (%)         (%)

NAV (p)                    98.7 p*              392.5 p             376.8 p               -4.0%          +281.8%
FTSE-100                 3417.7                5477.7              5317.3                 -2.9%           +55.6%
FTSE-All-share           1717.8                2745.8              2664.4                 -3.0%           +55.1%
FTSE-Smallcap            2076.1                3158.4              3042.0                 -3.7%           +46.5%
Extended HGSC
(capital gains ex        1750.0                3165.3              3064.2                 -3.2%           +75.1%
I.T.)
Share price                90.9 p**             364.0 p             336.5 p               -7.6%          +270.2%

Premium/(Discount) to NAV/share as at 31 October 2005                                                    (10.7)%
UK Equity Portfolio as a %  of Net Assets at 31 October 2005***                                           63.9 %
Overseas Equity Portfolio as % of Net Assets at 31 October 2005****                                        33.0%
Gearing/(Cash) as a % of Net Assets at 31 October 2005                                                    (3.0)%
Number of Equity Holdings at 31 October 2005                                                                 264

*100p was the 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.

***Includes 2 convertibles

****Includes 2 warrants

The Net Assets at 31/10/2005  was £330m.
There are 87,556,010 shares currently in issue.

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
authorised and regulated by the Financial Services Authority.   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.



These figures are not audited.












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