NEXT CENTURY GROWTH INVESTORS LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LGND	Ligand Pharmaceuticals	95,876	$19,142	1.4%	$193.14	0.0%	COM	53220K504
UCTT	Ultra Clean Holdings	280,543	$17,444	1.3%	$46.90	0.0%	COM	90385V107
HTFL	Heartflow	652,969	$15,887	1.2%	$28.97	0.0%	COM	42238D107
MOD	Modine Manufacturing	50,223	$10,884	0.8%	$176.49	0.0%	COM	607828100
KNX	Knight-Swift Transportation Ho	157,491	$9,068	0.7%	$57.86	0.0%	COM	499049104
ICHR	Ichor Holdings	187,005	$8,716	0.6%	$34.88	0.0%	COM	G4740B105
FPS	Forgent Power Solutions	289,800	$8,482	0.6%	$29.27	—	COM	34631F102
CVLG	Covenant Logistics Group	294,868	$8,006	0.6%	$26.86	0.0%	COM	22284P105
CAVA	CAVA Group	91,995	$7,442	0.5%	$67.52	0.0%	COM	148929102
TEX	Terex Corp	109,002	$6,442	0.5%	$62.32	0.0%	COM	880779103
SVCO	Silvaco Group	831,903	$5,890	0.4%	$4.14	0.0%	COM	82728C102
MRTN	Marten Transport	418,371	$5,493	0.4%	$12.96	0.0%	COM	573075108
VCEL	Vericel Corp	152,779	$4,915	0.4%	$37.14	0.0%	COM	92346J108
EQPT	Equipmentshare.com	226,974	$4,623	0.3%	$20.37	—	COM	29445S100
AMAT	Applied Materials	13,367	$4,569	0.3%	$326.57	0.0%	COM	038222105
YSS	York Space Systems	191,817	$4,253	0.3%	$22.17	—	COM	987084100
OFRM	Once Upon A Farm	238,059	$3,892	0.3%	$16.35	—	COM	68237F108
PLTR	Palantir Technologies	15,902	$2,326	0.2%	$154.17	0.0%	COM	69608A108
STX	Seagate Technology Holdings	4,723	$1,850	0.1%	$376.45	0.0%	COM	G7997R103
KOPN	Kopin Corp	237,307	$534	0.0%	$2.59	0.0%	COM	500600101

Increased Positions (29)

LINC Lincoln Educational Services 3.1%

Value ($000) $42,332 (+121.5%) Shares 1,040,602 (+31.5%) Est. Cost $16.65 Unrealized +64.8%

AEHR Aehr Test Systems 2.0%

Value ($000) $27,986 (+150.9%) Shares 754,737 (+36.6%) Est. Cost $24.30 Unrealized +15.5%

GLBE Global-E Online 1.7%

Value ($000) $23,517 (+117.8%) Shares 762,300 (+177.5%) Est. Cost $36.85 Unrealized -1.8%

COHR Coherent Corp 1.9%

Value ($000) $26,203 (+42.7%) Shares 109,999 (+10.5%) Est. Cost $78.24 Unrealized +172.7%

MTSI MACOM Technology Solutions Hol 2.1%

Value ($000) $28,926 (+34.6%) Shares 130,256 (+3.8%) Est. Cost $71.98 Unrealized +207.0%

PKE Park AeroSpace 1.3%

Value ($000) $18,404 (+63.9%) Shares 672,168 (+27.8%) Est. Cost $20.17 Unrealized +21.0%

MIRM Mirum Pharmaceuticals 2.6%

Value ($000) $35,616 (+22.5%) Shares 385,539 (+4.8%) Est. Cost $54.10 Unrealized +78.5%

RBC RBC Bearings Inc 1.6%

Value ($000) $21,452 (+30.1%) Shares 39,498 (+7.4%) Est. Cost $226.56 Unrealized +128.5%

SAIA Saia Inc 1.0%

Value ($000) $14,456 (+44.0%) Shares 41,151 (+33.9%) Est. Cost $283.87 Unrealized +31.1%

BLLN BillionToOne 0.5%

Value ($000) $7,149 (+138.3%) Shares 90,564 (+147.0%) Est. Cost $92.75 Unrealized -6.3%

LOAR Loar Holdings 0.5%

Value ($000) $7,158 (+128.6%) Shares 124,938 (+171.4%) Est. Cost $63.49 Unrealized +8.5%

MAMA Mama's Creations 1.9%

Value ($000) $26,788 (+17.4%) Shares 1,746,308 (+3.2%) Est. Cost $8.77 Unrealized +69.2%

SITM Sitime Corp 1.3%

Value ($000) $17,262 (+24.7%) Shares 49,984 (+27.5%) Est. Cost $233.35 Unrealized +61.8%

OLLI Ollie's Bargain Outlet 0.9%

Value ($000) $12,223 (+30.9%) Shares 132,800 (+55.9%) Est. Cost $103.50 Unrealized +8.5%

AXGN Axogen Inc 2.1%

Value ($000) $28,689 (+9.6%) Shares 865,963 (+8.3%) Est. Cost $25.26 Unrealized +31.8%

CAT Caterpillar 0.4%

Value ($000) $4,955 (+72.1%) Shares 6,994 (+39.2%) Est. Cost $430.32 Unrealized +59.0%

BROS Dutch Bros Inc 1.2%

Value ($000) $16,861 (-10.8%) Shares 332,828 (+7.7%) Est. Cost $47.89 Unrealized +18.7%

SIBN SI-BONE Inc 0.4%

Value ($000) $4,849 (+73.2%) Shares 383,958 (+170.4%) Est. Cost $17.04 Unrealized -0.7%

AIP Arteris 0.7%

Value ($000) $9,693 (+26.7%) Shares 589,585 (+19.5%) Est. Cost $9.68 Unrealized +63.3%

CRWD Crowdstrike Holdings Inc 0.2%

Value ($000) $3,411 (+90.1%) Shares 8,738 (+128.3%) Est. Cost $398.68 Unrealized +8.1%

AGYS Agilysys 0.8%

Value ($000) $11,417 (+15.8%) Shares 160,490 (+93.4%) Est. Cost $93.07 Unrealized +3.2%

CELH Celsius Holdings 0.7%

Value ($000) $9,838 (-13.2%) Shares 277,288 (+11.8%) Est. Cost $45.14 Unrealized +12.3%

INSM Insmed Inc 0.3%

Value ($000) $4,279 (+21.1%) Shares 26,167 (+28.9%) Est. Cost $140.90 Unrealized +12.9%

GH Guardant Health 0.2%

Value ($000) $2,491 (+31.9%) Shares 26,967 (+45.9%) Est. Cost $95.12 Unrealized +13.0%

BLFS Biolife Solutions 0.5%

Value ($000) $6,906 (+8.6%) Shares 361,940 (+37.6%) Est. Cost $23.94 Unrealized -1.5%

GOOGL Alphabet Inc-Cl A 0.8%

Value ($000) $11,170 (+4.1%) Shares 38,844 (+13.3%) Est. Cost $176.33 Unrealized +83.3%

V Visa Inc 0.3%

Value ($000) $3,795 (+13.0%) Shares 12,556 (+31.1%) Est. Cost $189.33 Unrealized +73.9%

AXON Axon Enterprise 0.3%

Value ($000) $3,885 (+6.2%) Shares 9,149 (+42.0%) Est. Cost $574.73 Unrealized -8.3%

TCMD Tactile Systems 0.8%

Value ($000) $11,188 (-1.1%) Shares 428,159 (+9.8%) Est. Cost $22.81 Unrealized +27.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LINC	Lincoln Educational Services	1,040,602 (+31.5%)	$42,332 (+121.5%)	3.1%	$16.65	+64.8%	COM	533535100
AEHR	Aehr Test Systems	754,737 (+36.6%)	$27,986 (+150.9%)	2.0%	$24.30	+15.5%	COM	00760J108
GLBE	Global-E Online	762,300 (+177.5%)	$23,517 (+117.8%)	1.7%	$36.85	-1.8%	COM	M5216V106
COHR	Coherent Corp	109,999 (+10.5%)	$26,203 (+42.7%)	1.9%	$78.24	+172.7%	COM	19247G107
MTSI	MACOM Technology Solutions Hol	130,256 (+3.8%)	$28,926 (+34.6%)	2.1%	$71.98	+207.0%	COM	55405Y100
PKE	Park AeroSpace	672,168 (+27.8%)	$18,404 (+63.9%)	1.3%	$20.17	+21.0%	COM	70014A104
MIRM	Mirum Pharmaceuticals	385,539 (+4.8%)	$35,616 (+22.5%)	2.6%	$54.10	+78.5%	COM	604749101
RBC	RBC Bearings Inc	39,498 (+7.4%)	$21,452 (+30.1%)	1.6%	$226.56	+128.5%	COM	75524B104
SAIA	Saia Inc	41,151 (+33.9%)	$14,456 (+44.0%)	1.0%	$283.87	+31.1%	COM	78709Y105
BLLN	BillionToOne	90,564 (+147.0%)	$7,149 (+138.3%)	0.5%	$92.75	-6.3%	COM	090168105
LOAR	Loar Holdings	124,938 (+171.4%)	$7,158 (+128.6%)	0.5%	$63.49	+8.5%	COM	53947R105
MAMA	Mama's Creations	1,746,308 (+3.2%)	$26,788 (+17.4%)	1.9%	$8.77	+69.2%	COM	56146T103
SITM	Sitime Corp	49,984 (+27.5%)	$17,262 (+24.7%)	1.3%	$233.35	+61.8%	COM	82982T106
OLLI	Ollie's Bargain Outlet	132,800 (+55.9%)	$12,223 (+30.9%)	0.9%	$103.50	+8.5%	COM	681116109
AXGN	Axogen Inc	865,963 (+8.3%)	$28,689 (+9.6%)	2.1%	$25.26	+31.8%	COM	05463X106
CAT	Caterpillar	6,994 (+39.2%)	$4,955 (+72.1%)	0.4%	$430.32	+59.0%	COM	149123101
BROS	Dutch Bros Inc	332,828 (+7.7%)	$16,861 (-10.8%)	1.2%	$47.89	+18.7%	COM	26701L100
SIBN	SI-BONE Inc	383,958 (+170.4%)	$4,849 (+73.2%)	0.4%	$17.04	-0.7%	COM	825704109
AIP	Arteris	589,585 (+19.5%)	$9,693 (+26.7%)	0.7%	$9.68	+63.3%	COM	04302A104
CRWD	Crowdstrike Holdings Inc	8,738 (+128.3%)	$3,411 (+90.1%)	0.2%	$398.68	+8.1%	COM	22788C105
AGYS	Agilysys	160,490 (+93.4%)	$11,417 (+15.8%)	0.8%	$93.07	+3.2%	COM	00847J105
CELH	Celsius Holdings	277,288 (+11.8%)	$9,838 (-13.2%)	0.7%	$45.14	+12.3%	COM	15118V207
INSM	Insmed Inc	26,167 (+28.9%)	$4,279 (+21.1%)	0.3%	$140.90	+12.9%	COM	457669307
GH	Guardant Health	26,967 (+45.9%)	$2,491 (+31.9%)	0.2%	$95.12	+13.0%	COM	40131M109
BLFS	Biolife Solutions	361,940 (+37.6%)	$6,906 (+8.6%)	0.5%	$23.94	-1.5%	COM	09062W204
GOOGL	Alphabet Inc-Cl A	38,844 (+13.3%)	$11,170 (+4.1%)	0.8%	$176.33	+83.3%	COM	02079K305
V	Visa Inc	12,556 (+31.1%)	$3,795 (+13.0%)	0.3%	$189.33	+73.9%	COM	92826C839
AXON	Axon Enterprise	9,149 (+42.0%)	$3,885 (+6.2%)	0.3%	$574.73	-8.3%	COM	05464C101
TCMD	Tactile Systems	428,159 (+9.8%)	$11,188 (-1.1%)	0.8%	$22.81	+27.4%	COM	87357P100

Exited Positions (29)

WGS GeneDx Holdings 1.6%

Value ($000) $22,554 Shares 173,411 Est. Cost $64.41 Unrealized +57.0%

CCB Coastal Financial Corp 1.5%

Value ($000) $20,423 Shares 178,224 Est. Cost $107.75 Unrealized -8.2%

PEN Penumbra 1.1%

Value ($000) $14,871 Shares 47,830 Est. Cost $269.99 Unrealized +25.8%

NTSK Netskope 0.7%

Value ($000) $10,145 Shares 578,365 Est. Cost $22.42 Unrealized -37.9%

CRDO Credo Technology Group Holding 0.7%

Value ($000) $10,106 Shares 70,232 Est. Cost $23.59 Unrealized +456.7%

OWLT Owlet Inc 0.6%

Value ($000) $7,851 Shares 484,908 Est. Cost $7.26 Unrealized +77.1%

PHAT Phathom Pharmaceuticals 0.5%

Value ($000) $6,533 Shares 393,774 Est. Cost $14.28 Unrealized -4.1%

AVAV Aerovironment 0.5%

Value ($000) $6,456 Shares 26,691 Est. Cost $262.57 Unrealized +12.9%

FIGR Figure Technology Solutions 0.5%

Value ($000) $6,413 Shares 157,017 Est. Cost $40.00 Unrealized +23.4%

OPRX Optimizerx Corp 0.4%

Value ($000) $6,196 Shares 505,407 Est. Cost $16.14 Unrealized -32.9%

PGY Pagaya Technologies 0.4%

Value ($000) $5,929 Shares 283,680 Est. Cost $32.30 Unrealized -42.6%

TATT TAT Technologies 0.4%

Value ($000) $5,902 Shares 132,154 Est. Cost $40.90 Unrealized +25.9%

SNOW Snowflake Inc 0.4%

Value ($000) $5,587 Shares 25,469 Est. Cost $169.70 Unrealized +14.6%

PSNL Personalis Inc 0.4%

Value ($000) $4,970 Shares 624,363 Est. Cost $8.75 Unrealized +2.2%

MDB MongoDB 0.3%

Value ($000) $3,766 Shares 8,974 Est. Cost $257.06 Unrealized +46.3%

BRCB Black Rock Coffee Bar 0.3%

Value ($000) $3,596 Shares 161,601 Est. Cost $26.05 Unrealized -35.4%

PCOR Procore Technologies 0.2%

Value ($000) $3,254 Shares 44,735 Est. Cost $73.96 Unrealized -18.5%

PI Impinj Inc 0.2%

Value ($000) $3,035 Shares 17,444 Est. Cost $157.69 Unrealized -3.6%

ASIC Ategrity Specialty Holdings 0.2%

Value ($000) $3,018 Shares 143,657 Est. Cost $22.88 Unrealized -18.3%

BETA Beta Technologies 0.2%

Value ($000) $2,667 Shares 94,526 Est. Cost $29.84 Unrealized -24.3%

UAMY United States Antimony 0.2%

Value ($000) $2,412 Shares 480,430 Est. Cost $7.85 Unrealized +5.1%

BA Boeing Co 0.2%

Value ($000) $2,352 Shares 10,834 Est. Cost $209.45 Unrealized +13.9%

ORCL Oracle Corporation 0.2%

Value ($000) $2,219 Shares 11,385 Est. Cost $254.17 Unrealized -33.3%

GWRE Guidewire Software 0.1%

Value ($000) $1,999 Shares 9,943 Est. Cost $114.42 Unrealized +31.3%

NOW ServiceNow Inc 0.1%

Value ($000) $1,972 Shares 12,870 Est. Cost $156.87 Unrealized -22.7%

GSHD Goosehead Insurance 0.1%

Value ($000) $1,919 Shares 26,050 Est. Cost $79.26 Unrealized -21.8%

BSX Boston Scientific Corp 0.1%

Value ($000) $972 Shares 10,198 Est. Cost $90.42 Unrealized -5.1%

GLDD Great Lakes Dredge & Doc 0.0%

Value ($000) $400 Shares 30,520 Est. Cost $9.29 Unrealized +64.7%

MPTI/WS M-Tron Industries - Warrants 0.0%

Value ($000) $28 Shares 27,967 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WGS	GeneDx Holdings	173,411	$22,554	1.6%	$64.41	+57.0%	—	81663L200
CCB	Coastal Financial Corp	178,224	$20,423	1.5%	$107.75	-8.2%	—	19046P209
PEN	Penumbra	47,830	$14,871	1.1%	$269.99	+25.8%	—	70975L107
NTSK	Netskope	578,365	$10,145	0.7%	$22.42	-37.9%	—	64119N608
CRDO	Credo Technology Group Holding	70,232	$10,106	0.7%	$23.59	+456.7%	—	G25457105
OWLT	Owlet Inc	484,908	$7,851	0.6%	$7.26	+77.1%	—	69120X206
PHAT	Phathom Pharmaceuticals	393,774	$6,533	0.5%	$14.28	-4.1%	—	71722W107
AVAV	Aerovironment	26,691	$6,456	0.5%	$262.57	+12.9%	—	008073108
FIGR	Figure Technology Solutions	157,017	$6,413	0.5%	$40.00	+23.4%	—	349381103
OPRX	Optimizerx Corp	505,407	$6,196	0.4%	$16.14	-32.9%	—	68401U204
PGY	Pagaya Technologies	283,680	$5,929	0.4%	$32.30	-42.6%	—	M7S64L123
TATT	TAT Technologies	132,154	$5,902	0.4%	$40.90	+25.9%	—	M8740S227
SNOW	Snowflake Inc	25,469	$5,587	0.4%	$169.70	+14.6%	—	833445109
PSNL	Personalis Inc	624,363	$4,970	0.4%	$8.75	+2.2%	—	71535D106
MDB	MongoDB	8,974	$3,766	0.3%	$257.06	+46.3%	—	60937P106
BRCB	Black Rock Coffee Bar	161,601	$3,596	0.3%	$26.05	-35.4%	—	092244102
PCOR	Procore Technologies	44,735	$3,254	0.2%	$73.96	-18.5%	—	74275K108
PI	Impinj Inc	17,444	$3,035	0.2%	$157.69	-3.6%	—	453204109
ASIC	Ategrity Specialty Holdings	143,657	$3,018	0.2%	$22.88	-18.3%	—	04681Y103
BETA	Beta Technologies	94,526	$2,667	0.2%	$29.84	-24.3%	—	086921103
UAMY	United States Antimony	480,430	$2,412	0.2%	$7.85	+5.1%	—	911549103
BA	Boeing Co	10,834	$2,352	0.2%	$209.45	+13.9%	—	097023105
ORCL	Oracle Corporation	11,385	$2,219	0.2%	$254.17	-33.3%	—	68389X105
GWRE	Guidewire Software	9,943	$1,999	0.1%	$114.42	+31.3%	—	40171V100
NOW	ServiceNow Inc	12,870	$1,972	0.1%	$156.87	-22.7%	—	81762P102
GSHD	Goosehead Insurance	26,050	$1,919	0.1%	$79.26	-21.8%	—	38267D109
BSX	Boston Scientific Corp	10,198	$972	0.1%	$90.42	-5.1%	—	101137107
GLDD	Great Lakes Dredge & Doc	30,520	$400	0.0%	$9.29	+64.7%	—	390607109
MPTI/WS	M-Tron Industries - Warrants	27,967	$28	0.0%	—	—	—	55380K125

Decreased Positions (62)

ATEC Alphatec Holdings Inc 1.9%

Value ($000) $25,790 (-49.3%) Shares 2,370,377 (-2.0%) Est. Cost $11.38 Unrealized +40.2%

XMTR Xometry Inc 2.3%

Value ($000) $32,159 (-32.7%) Shares 787,430 (-2.0%) Est. Cost $30.77 Unrealized +97.0%

FROG JFrog 0.6%

Value ($000) $8,395 (-62.5%) Shares 178,874 (-50.0%) Est. Cost $45.03 Unrealized +17.6%

PL Planet Labs PBC 0.6%

Value ($000) $7,869 (-62.5%) Shares 281,533 (-73.6%) Est. Cost $7.71 Unrealized +214.7%

ADMA ADMA Biologics 0.5%

Value ($000) $6,978 (-65.2%) Shares 774,436 (-29.6%) Est. Cost $16.96 Unrealized -0.0%

AAOI Applied Optoelectronics 2.0%

Value ($000) $27,131 (+67.3%) Shares 320,731 (-31.1%) Est. Cost $29.86 Unrealized +40.0%

IRTC iRhythm Holdings 1.4%

Value ($000) $19,981 (-34.8%) Shares 169,306 (-2.0%) Est. Cost $107.64 Unrealized +47.3%

AORT Artivion Inc 2.7%

Value ($000) $37,488 (-21.3%) Shares 1,023,701 (-2.0%) Est. Cost $27.01 Unrealized +52.5%

ALM Almonty Industries 1.9%

Value ($000) $26,341 (+61.2%) Shares 1,819,124 (-1.9%) Est. Cost $7.35 Unrealized +61.7%

MSFT Microsoft Corp. 0.8%

Value ($000) $11,107 (-46.9%) Shares 30,004 (-30.6%) Est. Cost $267.02 Unrealized +62.8%

APLD Applied Digital Corp 0.7%

Value ($000) $10,253 (-47.5%) Shares 431,900 (-45.8%) Est. Cost $18.09 Unrealized +89.7%

ADPT Adaptive Biotechnologies 0.5%

Value ($000) $7,000 (-54.3%) Shares 504,346 (-46.6%) Est. Cost $13.99 Unrealized +21.5%

PAY Paymentus Holdings 2.1%

Value ($000) $29,422 (-21.2%) Shares 1,158,353 (-2.0%) Est. Cost $19.11 Unrealized +41.5%

MYRG MYR Group Inc 2.7%

Value ($000) $36,583 (+26.4%) Shares 129,579 (-2.2%) Est. Cost $142.35 Unrealized +78.5%

ALHC Alignment Healthcare 2.9%

Value ($000) $39,858 (-12.6%) Shares 2,262,076 (-2.0%) Est. Cost $13.68 Unrealized +56.7%

LEU Centrus Energy Corp 0.2%

Value ($000) $2,459 (-69.7%) Shares 14,163 (-57.7%) Est. Cost $250.26 Unrealized +6.9%

ATRO Astronics Corp 3.8%

Value ($000) $52,471 (-9.4%) Shares 786,317 (-26.3%) Est. Cost $14.70 Unrealized +399.3%

UTI Universal Technical Institute 2.5%

Value ($000) $34,479 (+17.5%) Shares 955,102 (-15.0%) Est. Cost $19.45 Unrealized +47.0%

AMZN Amazon.Com 0.5%

Value ($000) $7,068 (-40.5%) Shares 33,937 (-34.0%) Est. Cost $142.61 Unrealized +59.1%

CRS Carpenter Technology 1.6%

Value ($000) $22,537 (+22.2%) Shares 57,179 (-2.3%) Est. Cost $177.81 Unrealized +96.4%

WING Wingstop 0.2%

Value ($000) $2,281 (-62.7%) Shares 14,717 (-42.6%) Est. Cost $305.37 Unrealized -13.4%

KNSL Kinsale Capital Group 0.2%

Value ($000) $3,282 (-52.9%) Shares 9,606 (-46.1%) Est. Cost $155.69 Unrealized +152.7%

APP Applovin 0.1%

Value ($000) $1,950 (-64.7%) Shares 4,899 (-40.2%) Est. Cost $282.92 Unrealized +79.2%

WULF Terawulf Inc 0.7%

Value ($000) $10,021 (-26.1%) Shares 694,476 (-41.2%) Est. Cost $9.63 Unrealized +51.4%

PEGA Pegasystems 0.3%

Value ($000) $3,493 (-49.9%) Shares 82,077 (-29.6%) Est. Cost $58.57 Unrealized -17.9%

NVDA Nvidia Corporation 1.4%

Value ($000) $19,746 (-14.8%) Shares 113,223 (-8.8%) Est. Cost $106.04 Unrealized +76.0%

ZETA Zeta Global 0.3%

Value ($000) $4,203 (-44.6%) Shares 264,027 (-29.1%) Est. Cost $17.96 Unrealized +7.0%

KRMN Karman Holdings 1.0%

Value ($000) $13,705 (-19.4%) Shares 171,203 (-26.3%) Est. Cost $62.04 Unrealized +54.9%

KMTS Kestra Medical Technology 0.7%

Value ($000) $9,119 (-26.2%) Shares 457,558 (-1.8%) Est. Cost $22.66 Unrealized +11.2%

SHOP Shopify Inc 0.2%

Value ($000) $2,901 (-52.6%) Shares 24,454 (-35.7%) Est. Cost $104.16 Unrealized +31.0%

LSCC Lattice Semiconductor Corp 1.9%

Value ($000) $25,936 (+13.4%) Shares 279,600 (-10.1%) Est. Cost $58.50 Unrealized —

LGN Legence Corp 1.0%

Value ($000) $13,444 (+29.0%) Shares 238,114 (-1.6%) Est. Cost $34.27 Unrealized +42.4%

VRT Vertiv Holdings 0.6%

Value ($000) $8,089 (+50.8%) Shares 32,281 (-2.5%) Est. Cost $64.16 Unrealized +211.5%

WAY Waystar Holdings 0.4%

Value ($000) $5,223 (-32.7%) Shares 216,616 (-8.6%) Est. Cost $29.64 Unrealized -7.2%

TMDX Transmedics Group Inc 0.7%

Value ($000) $9,588 (-20.0%) Shares 96,445 (-2.1%) Est. Cost $116.83 Unrealized +15.9%

STRL Sterling Infrastruture 2.0%

Value ($000) $27,453 (+9.4%) Shares 67,407 (-17.7%) Est. Cost $152.33 Unrealized +147.1%

FEIM Frequency Electronics 0.7%

Value ($000) $9,577 (-19.0%) Shares 216,374 (-1.4%) Est. Cost $33.79 Unrealized +56.9%

BE Bloom Energy Corp 0.4%

Value ($000) $6,056 (+52.3%) Shares 44,698 (-2.4%) Est. Cost $46.44 Unrealized +211.5%

AAPL Apple Computer Inc 1.4%

Value ($000) $19,818 (-8.2%) Shares 78,087 (-1.7%) Est. Cost $168.37 Unrealized +56.1%

HOOD Robinhood Markets 0.2%

Value ($000) $2,506 (-39.7%) Shares 36,160 (-1.7%) Est. Cost $120.37 Unrealized -20.4%

AAON Aaon Inc 0.7%

Value ($000) $8,981 (-15.5%) Shares 108,535 (-22.1%) Est. Cost $83.43 Unrealized +11.6%

MPTI M-Tron Industries 0.5%

Value ($000) $7,235 (+23.7%) Shares 108,220 (-1.5%) Est. Cost $52.75 Unrealized +19.3%

AVGO Broadcom 0.7%

Value ($000) $9,677 (-12.0%) Shares 31,267 (-1.7%) Est. Cost $231.35 Unrealized +44.4%

EVLV Evolv Technologies 0.4%

Value ($000) $4,884 (-16.9%) Shares 807,321 (-1.6%) Est. Cost $7.26 Unrealized -16.2%

SARO StandardAero Inc 0.5%

Value ($000) $6,793 (-12.0%) Shares 262,996 (-2.3%) Est. Cost $28.77 Unrealized +8.7%

GE GE Aerospace 0.3%

Value ($000) $4,491 (-16.8%) Shares 15,827 (-9.7%) Est. Cost $300.80 Unrealized +5.8%

TSLA Tesla Motors Inc 0.3%

Value ($000) $3,927 (-18.7%) Shares 10,563 (-1.7%) Est. Cost $302.26 Unrealized +40.9%

META Meta Platforms, Inc. 0.4%

Value ($000) $5,167 (-14.8%) Shares 9,031 (-1.7%) Est. Cost $463.96 Unrealized +41.3%

— FTAI Aviation 1.7%

Value ($000) $24,068 (+3.7%) Shares 98,235 (-16.7%) Est. Cost $128.02 Unrealized —

GEV GE Vernova 0.4%

Value ($000) $4,977 (+19.2%) Shares 5,702 (-10.8%) Est. Cost $606.74 Unrealized +21.5%

CVNA Carvana 0.1%

Value ($000) $1,733 (-26.7%) Shares 5,512 (-1.6%) Est. Cost $221.24 Unrealized +84.6%

PWR Quanta Services 0.2%

Value ($000) $2,906 (+25.3%) Shares 5,293 (-3.7%) Est. Cost $124.49 Unrealized +290.6%

HWM Howmet Aerospace 0.4%

Value ($000) $6,059 (-8.0%) Shares 26,291 (-18.2%) Est. Cost $99.39 Unrealized +127.9%

ORN Orion Group Holdings 0.5%

Value ($000) $7,160 (+7.9%) Shares 656,914 (-1.6%) Est. Cost $8.06 Unrealized +53.3%

MP MP Materials Corp 0.4%

Value ($000) $6,189 (-6.7%) Shares 128,243 (-2.3%) Est. Cost $62.91 Unrealized -1.9%

MA Mastercard Inc 0.2%

Value ($000) $2,512 (-13.9%) Shares 5,027 (-1.7%) Est. Cost $131.36 Unrealized +310.4%

GS Goldman Sachs Group Com 0.5%

Value ($000) $6,452 (-5.3%) Shares 7,627 (-1.6%) Est. Cost $388.05 Unrealized +140.3%

ROKU Roku Inc 0.1%

Value ($000) $1,917 (-14.2%) Shares 20,259 (-1.7%) Est. Cost $101.49 Unrealized -3.0%

COST Costco Wholesale Corp 0.2%

Value ($000) $2,196 (+13.6%) Shares 2,204 (-1.7%) Est. Cost $382.13 Unrealized +152.2%

AMD Advanced Micro Devices 0.2%

Value ($000) $2,618 (-6.6%) Shares 12,867 (-1.7%) Est. Cost $224.60 Unrealized -1.3%

LMB Limbach Holdings 0.2%

Value ($000) $2,947 (-1.4%) Shares 37,757 (-1.6%) Est. Cost $88.03 Unrealized -2.1%

BWB Bridgewater Bancshares 0.4%

Value ($000) $5,904 (-0.7%) Shares 333,554 (-1.6%) Est. Cost $14.96 Unrealized +25.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATEC	Alphatec Holdings Inc	2,370,377 (-2.0%)	$25,790 (-49.3%)	1.9%	$11.38	+40.2%	COM	02081G201
XMTR	Xometry Inc	787,430 (-2.0%)	$32,159 (-32.7%)	2.3%	$30.77	+97.0%	COM	98423F109
FROG	JFrog	178,874 (-50.0%)	$8,395 (-62.5%)	0.6%	$45.03	+17.6%	COM	M6191J100
PL	Planet Labs PBC	281,533 (-73.6%)	$7,869 (-62.5%)	0.6%	$7.71	+214.7%	COM	72703X106
ADMA	ADMA Biologics	774,436 (-29.6%)	$6,978 (-65.2%)	0.5%	$16.96	-0.0%	COM	000899104
AAOI	Applied Optoelectronics	320,731 (-31.1%)	$27,131 (+67.3%)	2.0%	$29.86	+40.0%	COM	03823U102
IRTC	iRhythm Holdings	169,306 (-2.0%)	$19,981 (-34.8%)	1.4%	$107.64	+47.3%	COM	450056106
AORT	Artivion Inc	1,023,701 (-2.0%)	$37,488 (-21.3%)	2.7%	$27.01	+52.5%	COM	228903100
ALM	Almonty Industries	1,819,124 (-1.9%)	$26,341 (+61.2%)	1.9%	$7.35	+61.7%	COM	020398707
MSFT	Microsoft Corp.	30,004 (-30.6%)	$11,107 (-46.9%)	0.8%	$267.02	+62.8%	COM	594918104
APLD	Applied Digital Corp	431,900 (-45.8%)	$10,253 (-47.5%)	0.7%	$18.09	+89.7%	COM	038169207
ADPT	Adaptive Biotechnologies	504,346 (-46.6%)	$7,000 (-54.3%)	0.5%	$13.99	+21.5%	COM	00650F109
PAY	Paymentus Holdings	1,158,353 (-2.0%)	$29,422 (-21.2%)	2.1%	$19.11	+41.5%	COM	70439P108
MYRG	MYR Group Inc	129,579 (-2.2%)	$36,583 (+26.4%)	2.7%	$142.35	+78.5%	COM	55405W104
ALHC	Alignment Healthcare	2,262,076 (-2.0%)	$39,858 (-12.6%)	2.9%	$13.68	+56.7%	COM	01625V104
LEU	Centrus Energy Corp	14,163 (-57.7%)	$2,459 (-69.7%)	0.2%	$250.26	+6.9%	COM	15643U104
ATRO	Astronics Corp	786,317 (-26.3%)	$52,471 (-9.4%)	3.8%	$14.70	+399.3%	COM	046433108
UTI	Universal Technical Institute	955,102 (-15.0%)	$34,479 (+17.5%)	2.5%	$19.45	+47.0%	COM	913915104
AMZN	Amazon.Com	33,937 (-34.0%)	$7,068 (-40.5%)	0.5%	$142.61	+59.1%	COM	023135106
CRS	Carpenter Technology	57,179 (-2.3%)	$22,537 (+22.2%)	1.6%	$177.81	+96.4%	COM	144285103
WING	Wingstop	14,717 (-42.6%)	$2,281 (-62.7%)	0.2%	$305.37	-13.4%	COM	974155103
KNSL	Kinsale Capital Group	9,606 (-46.1%)	$3,282 (-52.9%)	0.2%	$155.69	+152.7%	COM	49714P108
APP	Applovin	4,899 (-40.2%)	$1,950 (-64.7%)	0.1%	$282.92	+79.2%	COM	03831W108
WULF	Terawulf Inc	694,476 (-41.2%)	$10,021 (-26.1%)	0.7%	$9.63	+51.4%	COM	88080T104
PEGA	Pegasystems	82,077 (-29.6%)	$3,493 (-49.9%)	0.3%	$58.57	-17.9%	COM	705573103
NVDA	Nvidia Corporation	113,223 (-8.8%)	$19,746 (-14.8%)	1.4%	$106.04	+76.0%	COM	67066G104
ZETA	Zeta Global	264,027 (-29.1%)	$4,203 (-44.6%)	0.3%	$17.96	+7.0%	COM	98956A105
KRMN	Karman Holdings	171,203 (-26.3%)	$13,705 (-19.4%)	1.0%	$62.04	+54.9%	COM	485924104
KMTS	Kestra Medical Technology	457,558 (-1.8%)	$9,119 (-26.2%)	0.7%	$22.66	+11.2%	COM	G52441105
SHOP	Shopify Inc	24,454 (-35.7%)	$2,901 (-52.6%)	0.2%	$104.16	+31.0%	COM	82509L107
LSCC	Lattice Semiconductor Corp	279,600 (-10.1%)	$25,936 (+13.4%)	1.9%	$58.50	—	COM	518415104
LGN	Legence Corp	238,114 (-1.6%)	$13,444 (+29.0%)	1.0%	$34.27	+42.4%	COM	52476L109
VRT	Vertiv Holdings	32,281 (-2.5%)	$8,089 (+50.8%)	0.6%	$64.16	+211.5%	COM	92537N108
WAY	Waystar Holdings	216,616 (-8.6%)	$5,223 (-32.7%)	0.4%	$29.64	-7.2%	COM	946784105
TMDX	Transmedics Group Inc	96,445 (-2.1%)	$9,588 (-20.0%)	0.7%	$116.83	+15.9%	COM	89377M109
STRL	Sterling Infrastruture	67,407 (-17.7%)	$27,453 (+9.4%)	2.0%	$152.33	+147.1%	COM	859241101
FEIM	Frequency Electronics	216,374 (-1.4%)	$9,577 (-19.0%)	0.7%	$33.79	+56.9%	COM	358010106
BE	Bloom Energy Corp	44,698 (-2.4%)	$6,056 (+52.3%)	0.4%	$46.44	+211.5%	COM	093712107
AAPL	Apple Computer Inc	78,087 (-1.7%)	$19,818 (-8.2%)	1.4%	$168.37	+56.1%	COM	037833100
HOOD	Robinhood Markets	36,160 (-1.7%)	$2,506 (-39.7%)	0.2%	$120.37	-20.4%	COM	770700102
AAON	Aaon Inc	108,535 (-22.1%)	$8,981 (-15.5%)	0.7%	$83.43	+11.6%	COM	000360206
MPTI	M-Tron Industries	108,220 (-1.5%)	$7,235 (+23.7%)	0.5%	$52.75	+19.3%	COM	55380K109
AVGO	Broadcom	31,267 (-1.7%)	$9,677 (-12.0%)	0.7%	$231.35	+44.4%	COM	11135F101
EVLV	Evolv Technologies	807,321 (-1.6%)	$4,884 (-16.9%)	0.4%	$7.26	-16.2%	COM	30049H102
SARO	StandardAero Inc	262,996 (-2.3%)	$6,793 (-12.0%)	0.5%	$28.77	+8.7%	COM	85423L103
GE	GE Aerospace	15,827 (-9.7%)	$4,491 (-16.8%)	0.3%	$300.80	+5.8%	COM	369604301
TSLA	Tesla Motors Inc	10,563 (-1.7%)	$3,927 (-18.7%)	0.3%	$302.26	+40.9%	COM	88160R101
META	Meta Platforms, Inc.	9,031 (-1.7%)	$5,167 (-14.8%)	0.4%	$463.96	+41.3%	COM	30303M102
—	FTAI Aviation	98,235 (-16.7%)	$24,068 (+3.7%)	1.7%	$128.02	—	COM	G3730v105
GEV	GE Vernova	5,702 (-10.8%)	$4,977 (+19.2%)	0.4%	$606.74	+21.5%	COM	36828A101
CVNA	Carvana	5,512 (-1.6%)	$1,733 (-26.7%)	0.1%	$221.24	+84.6%	COM	146869102
PWR	Quanta Services	5,293 (-3.7%)	$2,906 (+25.3%)	0.2%	$124.49	+290.6%	COM	74762E102
HWM	Howmet Aerospace	26,291 (-18.2%)	$6,059 (-8.0%)	0.4%	$99.39	+127.9%	COM	443201108
ORN	Orion Group Holdings	656,914 (-1.6%)	$7,160 (+7.9%)	0.5%	$8.06	+53.3%	COM	68628V308
MP	MP Materials Corp	128,243 (-2.3%)	$6,189 (-6.7%)	0.4%	$62.91	-1.9%	COM	553368101
MA	Mastercard Inc	5,027 (-1.7%)	$2,512 (-13.9%)	0.2%	$131.36	+310.4%	COM	57636Q104
GS	Goldman Sachs Group Com	7,627 (-1.6%)	$6,452 (-5.3%)	0.5%	$388.05	+140.3%	COM	38141G104
ROKU	Roku Inc	20,259 (-1.7%)	$1,917 (-14.2%)	0.1%	$101.49	-3.0%	COM	77543R102
COST	Costco Wholesale Corp	2,204 (-1.7%)	$2,196 (+13.6%)	0.2%	$382.13	+152.2%	COM	22160K105
AMD	Advanced Micro Devices	12,867 (-1.7%)	$2,618 (-6.6%)	0.2%	$224.60	-1.3%	COM	007903107
LMB	Limbach Holdings	37,757 (-1.6%)	$2,947 (-1.4%)	0.2%	$88.03	-2.1%	COM	53263P105
BWB	Bridgewater Bancshares	333,554 (-1.6%)	$5,904 (-0.7%)	0.4%	$14.96	+25.7%	COM	108621103

Unchanged Positions (1)

INOD Innodata Inc 1.0%

Value ($000) $14,228 Shares 368,402 Est. Cost $48.92 Unrealized +10.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INOD	Innodata Inc	368,402	$14,228	1.0%	$48.92	+10.2%	COM	457642205