The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2022
Check here if Amendment   Amendment Number:
This Amendment (Check only one.):   is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Herald Investment Management Ltd
Address: 10-11 CHARTERHOUSE SQUARE
LONDON , X0EC1M 6EE
Form 13F File Number: 028-14180

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: ANDREW MILLER
Title: FINANCE MANAGER
Phone: 02075536308
Signature, Place, and Date of Signing:
ANDREW MILLER LONDON , X0 05-16-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 107
Form 13F Information Table Value Total: 549,101
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name


SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
51job Inc ADR 316827104 5,031 86,000 SH SOLE 86,000 0 0
AXT Inc COM 00246W103 1,050 150,000 SH SOLE 150,000 0 0
Absolute Software Corp COM 00386B109 2,107 250,000 SH SOLE 250,000 0 0
Advanced Micro Devices Inc COM 007903107 4,358 39,863 SH SOLE 39,863 0 0
Agilysys Inc COM 00847J105 3,066 77,000 SH SOLE 77,000 0 0
Akamai Technologies Inc COM 00971T101 1,814 15,200 SH SOLE 15,200 0 0
Akoustis Technologies Inc COM 00973N102 4,079 628,636 SH SOLE 628,636 0 0
Alibaba Group Holding Ltd ADR 01609W102 631 5,800 SH SOLE 5,800 0 0
Alkami Technology Inc COM 01644J108 1,428 100,000 SH SOLE 100,000 0 0
Alphabet Inc COM 02079K305 6,520 2,345 SH SOLE 2,345 0 0
Amazon.com Inc COM 023135106 5,215 1,600 SH SOLE 1,600 0 0
American Software Inc/GA COM 029683109 4,039 194,200 SH SOLE 194,200 0 0
Apple Inc COM 037833100 8,461 48,440 SH SOLE 48,440 0 0
Arista Networks Inc COM 040413106 2,555 18,400 SH SOLE 18,400 0 0
Arlo Technologies Inc COM 04206A101 6,257 706,244 SH SOLE 706,244 0 0
Arrow Electronics Inc COM 042735100 1,803 15,200 SH SOLE 15,200 0 0
AvePoint Inc COM 053604104 1,853 353,007 SH SOLE 353,007 0 0
Avid Technology Inc COM 05367P100 9,401 270,000 SH SOLE 270,000 0 0
Ballard Power Systems Inc COM 058586108 6,052 520,000 SH SOLE 520,000 0 0
Bandwidth Inc COM 05988J103 3,476 107,500 SH SOLE 107,500 0 0
Bottomline Technologies de Inc COM 101388106 10,313 182,000 SH SOLE 182,000 0 0
Brightcove Inc COM 10921T101 3,310 425,000 SH SOLE 425,000 0 0
CYREN Ltd COM M26895108 42 8,394 SH SOLE 8,394 0 0
Cadence Design Systems Inc COM 127387108 3,108 18,900 SH SOLE 18,900 0 0
CalAmp Corp COM 128126109 2,187 300,000 SH SOLE 300,000 0 0
Celestica Inc COM 15101Q108 3,570 300,000 SH SOLE 300,000 0 0
Ceva Inc COM 157210105 10,649 262,813 SH SOLE 262,813 0 0
ChannelAdvisor Corp COM 159179100 2,482 150,000 SH SOLE 150,000 0 0
Check Point Software Technologies Ltd COM 162825103 1,271 9,200 SH SOLE 9,200 0 0
ChipMOS TECHNOLOGIES INC ADR 16965P202 2,959 83,485 SH SOLE 83,485 0 0
Cogent Communications Holdings Inc COM 19239V302 6,315 95,300 SH SOLE 95,300 0 0
Cognyte Software Ltd COM M25133105 1,695 150,000 SH SOLE 150,000 0 0
Couchbase Inc COM 22207T101 1,130 65,000 SH SOLE 65,000 0 0
Credo Technology Group Holding Ltd COM G25457105 1,339 88,138 SH SOLE 88,138 0 0
CyberArk Software Ltd COM M2682V108 6,918 41,000 SH SOLE 41,000 0 0
Descartes Systems Group Inc/The COM 249906108 22,679 310,000 SH SOLE 310,000 0 0
Digital Turbine Inc COM 25400W102 7,446 170,000 SH SOLE 170,000 0 0
Dynatrace Inc COM 268150109 1,205 25,600 SH SOLE 25,600 0 0
Everspin Technologies Inc COM 30041T104 2,140 247,738 SH SOLE 247,738 0 0
Fabrinet COM G3323L100 20,259 193,000 SH SOLE 193,000 0 0
FalconStor Software Inc COM 306137209 192 175,000 SH SOLE 175,000 0 0
FireEye Inc COM 562662106 9,883 443,200 SH SOLE 443,200 0 0
Five9 Inc COM 338307101 4,416 40,000 SH SOLE 40,000 0 0
ForgeRock Inc COM 34631B101 855 39,000 SH SOLE 39,000 0 0
FormFactor Inc COM 346375108 3,901 93,000 SH SOLE 93,000 0 0
Freshworks Inc COM 358054104 447 25,000 SH SOLE 25,000 0 0
Harmonic Inc COM 413160102 3,860 416,000 SH SOLE 416,000 0 0
HealthStream Inc COM 42222N103 2,986 150,000 SH SOLE 150,000 0 0
Intel Corp COM 458140100 940 19,000 SH SOLE 19,000 0 0
Intellicheck Inc COM 45817G201 942 372,700 SH SOLE 372,700 0 0
Inuvo Inc COM 46122W204 2,588 5,292,857 SH SOLE 5,292,857 0 0
Issuer Direct Corp COM 46520M204 2,652 90,000 SH SOLE 90,000 0 0
JFrog Ltd COM M6191J100 2,694 100,000 SH SOLE 100,000 0 0
Kulicke & Soffa Industries Inc COM 501242101 8,569 153,295 SH SOLE 153,295 0 0
Lantronix Inc COM 516548203 5,069 760,000 SH SOLE 760,000 0 0
Leidos Holdings Inc COM 525327102 444 4,112 SH SOLE 4,112 0 0
LivePerson Inc COM 538146101 10,381 425,650 SH SOLE 425,650 0 0
ManTech International Corp/VA COM 564563104 3,146 36,485 SH SOLE 36,485 0 0
Match Group Inc COM 57667L107 961 8,849 SH SOLE 8,849 0 0
Micron Technology Inc COM 595112103 1,947 25,000 SH SOLE 25,000 0 0
Microsoft Corp COM 594918104 7,896 25,632 SH SOLE 25,632 0 0
Mimecast Ltd COM G14838109 23,467 295,000 SH SOLE 295,000 0 0
Model N Inc COM 607525102 1,881 70,000 SH SOLE 70,000 0 0
N-Able Inc COM 62878D100 3,299 363,000 SH SOLE 363,000 0 0
NeoPhotonics Corp COM 64051T100 3,040 200,000 SH SOLE 200,000 0 0
NetApp Inc COM 64110D104 2,655 32,000 SH SOLE 32,000 0 0
Ondas Holdings Inc COM 68236H204 3,285 450,000 SH SOLE 450,000 0 0
One Stop Systems Inc COM 68247W109 2,392 626,234 SH SOLE 626,234 0 0
Ooma Inc COM 683416101 3,371 225,400 SH SOLE 225,400 0 0
PagerDuty Inc COM 69553P100 3,419 100,000 SH SOLE 100,000 0 0
Pegasystems Inc COM 705573103 26,299 326,500 SH SOLE 326,500 0 0
Ping Identity Holding Corp COM 72341T103 4,385 160,000 SH SOLE 160,000 0 0
Pixelworks Inc COM 72581M305 796 270,000 SH SOLE 270,000 0 0
Power Integrations Inc COM 739276103 3,519 38,000 SH SOLE 38,000 0 0
Qualys Inc COM 74758T303 13,980 98,250 SH SOLE 98,250 0 0
Quantum Corp COM 747906501 1,186 525,000 SH SOLE 525,000 0 0
QuickLogic Corp COM 74837P405 990 180,000 SH SOLE 180,000 0 0
RADA Electronic Industries Ltd COM M81863124 4,875 350,000 SH SOLE 350,000 0 0
RADCOM Ltd COM M81865111 2,051 161,000 SH SOLE 161,000 0 0
RADWARE Ltd COM M81873107 23,765 745,000 SH SOLE 745,000 0 0
Rapid7 Inc COM 753422104 4,449 40,000 SH SOLE 40,000 0 0
Ribbon Communications Inc COM 762544104 3,361 1,088,000 SH SOLE 1,088,000 0 0
Rimini Street Inc COM 76674Q107 4,930 850,000 SH SOLE 850,000 0 0
SPS Commerce Inc COM 78463M107 13,104 100,000 SH SOLE 100,000 0 0
SailPoint Technologies Holding Inc COM 78781P105 7,929 155,000 SH SOLE 155,000 0 0
Silicom Ltd COM M84116108 3,906 100,000 SH SOLE 100,000 0 0
Silicon Motion Technology Corp ADR 82706C108 25,179 377,506 SH SOLE 377,506 0 0
Streamline Health Solutions Inc COM 86323X106 960 600,000 SH SOLE 600,000 0 0
Super Micro Computer Inc COM 86800U104 15,173 399,000 SH SOLE 399,000 0 0
TTEC Holdings Inc COM 89854H102 9,054 109,970 SH SOLE 109,970 0 0
Taiwan Semiconductor Manufacturing Co Ltd ADR 874039100 990 9,500 SH SOLE 9,500 0 0
Tecogen Inc/Waltham MA COM 87876P201 529 321,078 SH SOLE 321,078 0 0
Telos Corp COM 87969B101 1,743 175,000 SH SOLE 175,000 0 0
Teradyne Inc COM 880770102 2,116 17,900 SH SOLE 17,900 0 0
Texas Instruments Inc COM 882508104 751 4,100 SH SOLE 4,100 0 0
Thryv Holdings Inc COM 886029206 3,778 134,651 SH SOLE 134,651 0 0
Tower Semiconductor Ltd COM M87915274 9,042 186,800 SH SOLE 186,800 0 0
Tufin Software Technologies Ltd COM M8893U102 1,875 210,000 SH SOLE 210,000 0 0
Ultra Clean Holdings Inc COM 90385V107 1,483 35,000 SH SOLE 35,000 0 0
VASCO Data Security International Inc COM 68287N100 2,884 200,000 SH SOLE 200,000 0 0
Varonis Systems Inc COM 922280102 21,825 459,000 SH SOLE 459,000 0 0
Vertex Inc COM 92538J106 2,290 150,000 SH SOLE 150,000 0 0
ViaSat Inc COM 92552V100 4,880 100,000 SH SOLE 100,000 0 0
Vicor Corp COM 925815102 8,607 122,000 SH SOLE 122,000 0 0
Yelp Inc COM 985817105 2,728 80,000 SH SOLE 80,000 0 0
Zoom Video Communications Inc COM 98980L101 1,465 12,500 SH SOLE 12,500 0 0
nLight Inc COM 65487K100 433 25,000 SH SOLE 25,000 0 0