ANNUAL REPORT 2005.qxd - Herald

HERALD INVESTMENT FUND PLCThe Herald Worldwide FundSCHEDULE OF INVESTMENTS as at 31 December 2007 continuedNOMINAL SECURITY NAME VALUE GBP FUND%SOFTWARE20,000 Citrix Systems Incorporated Com USD0.001 381,895 4.0620,000 Cognos Incorporated Com NPV 578,318 6.1520,000 Macrovision Corporation Com USD0.001 184,266 1.9621,000 Microsoft Corporation Com USD0.0000125 375,460 3.99TELECOMMUNICATIONS EQUIPMENT28,000 Cisco Systems Com USD0.001 380,348 4.0421,500 F5 Network Incorporated Com NPV 307,282 3.2643,000 Foundry Networks Incorporated Com USD0.0001 377,594 4.01190,000 MRV Communications Com USD0.0017 220,485 2.34TOYS10,000 T-HQ Incorporated Com USD0.01 141,615 1.51UNITED STATES - TOTAL 6,080,169 64.64TOTAL VALUE OF INVESTMENTS 8,615,877 91.59(Cost: GBP 8,045,228)CASH 819,263 8.71OTHER NET LIABILITIES (55,503) (0.59)TOTAL VALUE OF FUND AT BID PRICES 9,379,637 99.71Adjustment from bid market prices to last traded market prices 27,718 0.29–––––––––– ––––––––––TOTAL VALUE OF FUND AT LAST TRADED PRICES 9,407,355 100.00–––––––––– ––––––––––Analysis of Total Assets %Transferable securities admitted to an official stock exchange listing 91.59Current assets 8.41–––––––100.00–––––––The Industry Classification Benchmark ("ICB") is jointly owned by FTSE and Dow Jones and has been licensed for use. FTSEand Dow Jones do not accept liability to any person for any loss or damage arising out of any error or omission in the ICB.29