S Squared Technology, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SEMR	SEMRUSH HOLDINGS INC-A	550,079 (+31.4%)	$6,540 (+120.6%)	2.5%	$8.44	+11.0%	COM CL A	81686C104
GDYN	GRID DYNAMICS HOLDINGS INC	636,737 (+109.3%)	$5,750 (+145.1%)	2.2%	$9.54	-9.2%	CL A	39813G109
POWI	POWER INTEGRATIONS INC	130,000 (+116.7%)	$4,620 (+91.5%)	1.8%	$42.40	-11.0%	CL A	739276103
OLED	UNIVERSAL DISPLAY CORP	111,000 (+6.7%)	$12,963 (-13.2%)	5.0%	$178.21	-27.5%	CLASS A COM	91347P105
FTK	FLOTEK INDUSTRIES INC	263,726 (+14.1%)	$4,544 (+34.7%)	1.8%	$9.69	+63.9%	COM NEW	343389409
EVER	EVERQUOTE INC	76,047 (+52.1%)	$2,053 (+79.6%)	0.8%	$23.88	+1.5%	COM CL A	30041R108
IPGP	IPG PHOTONICS CORP	143,916 (+21.0%)	$10,304 (+9.4%)	4.0%	$72.96	+11.8%	COM	44980X109
LSCC	LATTICE SEMICONDUCTOR CORP	356,373 (+2.9%)	$26,222 (+3.3%)	10.2%	$53.32	—	COM	518415104
KLTR	KALTURA INC	1,316,323 (+39.6%)	$2,159 (+58.9%)	0.8%	$2.03	-22.2%	COM	483467106
MGNI	MAGNITE INC	402,862 (+50.4%)	$6,538 (+12.1%)	2.5%	$17.15	-3.2%	COM	55955D100
MNTN	MNTN INC	155,600 (+14.7%)	$1,858 (-26.1%)	0.7%	$21.67	-33.5%	COM	55318A108
CMRC	COMMERCE.COM-SER 1	1,207,786 (+7.7%)	$4,976 (-11.1%)	1.9%	$5.63	-18.2%	COM SER 1	08975P108
SMWB	SIMILARWEB LTD	775,161 (+12.9%)	$5,806 (-9.1%)	2.2%	$7.84	+2.8%	COM	M84137104
ALGM	ALLEGRO MICROSYSTEMS INC	457,451 (+15.1%)	$12,068 (+4.0%)	4.7%	$28.05	-1.9%	SHS	01749D105
APPS	DIGITAL TURBINE INC	653,571 (+13.0%)	$3,268 (-11.7%)	1.3%	$6.89	-17.9%	COM NEW	25400W102
CXM	SPRINKLR INC	571,661 (+9.7%)	$4,448 (+10.6%)	1.7%	$8.20	-7.2%	SHS	85208T107
SLAB	SILICON LABORATORIES INC	98,000 (+3.2%)	$12,809 (+2.8%)	5.0%	$142.52	-7.8%	CL A COM	826919102
PUBM	PUBMATIC INC-CLASS A	280,972 (+7.7%)	$2,492 (+15.3%)	1.0%	$10.08	-13.6%	COM	74467Q103
FIVN	FIVE9 INC	430,195 (+22.9%)	$8,625 (+1.8%)	3.3%	$25.29	-16.1%	COM	338307101

Exited Positions (5)

THRY THRYV HOLDINGS INC 1.6%

Value ($000) $4,152 Shares 344,268 Est. Cost $18.64 Unrealized -57.5%

MRVL MARVELL TECHNOLOGY INC 1.5%

Value ($000) $3,813 Shares 45,357 Est. Cost $49.87 Unrealized +75.4%

UDMY UDEMY INC 0.9%

Value ($000) $2,210 Shares 315,300 Est. Cost $7.01 Unrealized -16.9%

POWL POWELL INDUSTRIES INC 0.7%

Value ($000) $1,829 Shares 6,000 Est. Cost $253.93 Unrealized +32.5%

MX MAGNACHIP SEMICONDUCT-DEP SH 0.6%

Value ($000) $1,598 Shares 510,514 Est. Cost $12.69 Unrealized -78.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
THRY	THRYV HOLDINGS INC	344,268	$4,152	1.6%	$18.64	-57.5%	—	886029206
MRVL	MARVELL TECHNOLOGY INC	45,357	$3,813	1.5%	$49.87	+75.4%	—	573874104
UDMY	UDEMY INC	315,300	$2,210	0.9%	$7.01	-16.9%	—	902685106
POWL	POWELL INDUSTRIES INC	6,000	$1,829	0.7%	$253.93	+32.5%	—	739128106
MX	MAGNACHIP SEMICONDUCT-DEP SH	510,514	$1,598	0.6%	$12.69	-78.1%	—	55933J203

Decreased Positions (9)

KRYS KRYSTAL BIOTECH INC 9.2%

Value ($000) $23,721 (+23.0%) Shares 96,215 (-11.9%) Est. Cost $75.81 Unrealized +177.6%

KTOS KRATOS DEFENSE & SECURITY 5.4%

Value ($000) $14,003 (-23.2%) Shares 184,475 (-7.5%) Est. Cost $16.94 Unrealized +383.4%

AMBA AMBARELLA INC 3.5%

Value ($000) $9,107 (-28.1%) Shares 128,551 (-16.3%) Est. Cost $68.58 Unrealized +17.8%

SYM SYMBOTIC INC 6.1%

Value ($000) $15,715 (-16.7%) Shares 264,126 (-24.5%) Est. Cost $29.17 Unrealized +126.4%

DCGO DOCGO INC 0.7%

Value ($000) $1,804 (-45.3%) Shares 2,055,271 (-15.3%) Est. Cost $4.21 Unrealized -74.6%

EGHT 8X8 INC 0.7%

Value ($000) $1,840 (-38.8%) Shares 934,236 (-34.2%) Est. Cost $3.63 Unrealized -45.7%

DAVE DAVE INC 5.3%

Value ($000) $13,584 (+1.2%) Shares 61,351 (-8.9%) Est. Cost $97.85 Unrealized +119.8%

PRLB PROTO LABS INC 6.0%

Value ($000) $15,486 (-0.5%) Shares 306,103 (-1.6%) Est. Cost $31.49 Unrealized +62.4%

ASUR ASURE SOFTWARE INC 1.5%

Value ($000) $3,762 (-1.4%) Shares 399,360 (-14.2%) Est. Cost $7.94 Unrealized +5.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KRYS	KRYSTAL BIOTECH INC	96,215 (-11.9%)	$23,721 (+23.0%)	9.2%	$75.81	+177.6%	COM	501147102
KTOS	KRATOS DEFENSE & SECURITY	184,475 (-7.5%)	$14,003 (-23.2%)	5.4%	$16.94	+383.4%	COM NEW	50077B207
AMBA	AMBARELLA INC	128,551 (-16.3%)	$9,107 (-28.1%)	3.5%	$68.58	+17.8%	SHS	G037AX101
SYM	SYMBOTIC INC	264,126 (-24.5%)	$15,715 (-16.7%)	6.1%	$29.17	+126.4%	CL A	87151X101
DCGO	DOCGO INC	2,055,271 (-15.3%)	$1,804 (-45.3%)	0.7%	$4.21	-74.6%	COM	256086109
EGHT	8X8 INC	934,236 (-34.2%)	$1,840 (-38.8%)	0.7%	$3.63	-45.7%	COM	282914100
DAVE	DAVE INC	61,351 (-8.9%)	$13,584 (+1.2%)	5.3%	$97.85	+119.8%	CLASS A COM NEW	23834J201
PRLB	PROTO LABS INC	306,103 (-1.6%)	$15,486 (-0.5%)	6.0%	$31.49	+62.4%	COM	743713109
ASUR	ASURE SOFTWARE INC	399,360 (-14.2%)	$3,762 (-1.4%)	1.5%	$7.94	+5.8%	COM	04649U102

Unchanged Positions (3)

GAIA GAIA INC-CLASS A 1.0%

Value ($000) $2,626 Shares 723,305 Est. Cost $9.72 Unrealized -52.9%

ARLO ARLO TECHNOLOGIES INC 2.8%

Value ($000) $7,272 Shares 519,767 Est. Cost $11.56 Unrealized +36.1%

CTLP CANTALOUPE INC 0.8%

Value ($000) $2,101 Shares 197,822 Est. Cost $8.83 Unrealized +20.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GAIA	GAIA INC-CLASS A	723,305	$2,626	1.0%	$9.72	-52.9%	CL A	36269P104
ARLO	ARLO TECHNOLOGIES INC	519,767	$7,272	2.8%	$11.56	+36.1%	COM	04206A101
CTLP	CANTALOUPE INC	197,822	$2,101	0.8%	$8.83	+20.0%	COM	138103106