Karani Asset Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPGI	S&P GLOBAL INC	12,533 (+66.4%)	$6,550 (+78.7%)	5.4%	$508.39	-2.8%	COM	78409V104
ODFL	OLD DOMINION FREIGHT LINE IN	32,991 (+45.6%)	$5,173 (+62.2%)	4.2%	$150.42	-4.8%	COM	679580100
DE	DEERE & CO	13,336 (+20.5%)	$6,209 (+22.7%)	5.1%	$345.81	+35.2%	COM	244199105
INTU	INTUIT	6,575 (+18.0%)	$4,355 (+14.4%)	3.6%	$373.43	+76.9%	COM	461202103
RLI	RLI CORP	98,434 (+7.2%)	$6,298 (+5.2%)	5.2%	$64.74	-5.1%	COM	749607107
NFLX	NETFLIX INC	5,390 (+889.0%)	$505 (-22.7%)	0.4%	$108.83	-0.9%	COM	64110L106

Exited Positions (2)

PHM PULTE GROUP INC 4.4%

Value ($000) $5,421 Shares 41,026 Est. Cost $67.35 Unrealized +81.8%

KKR KKR & CO INC 3.9%

Value ($000) $4,771 Shares 36,711 Est. Cost $84.96 Unrealized +46.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PHM	PULTE GROUP INC	41,026	$5,421	4.4%	$67.35	+81.8%	—	745867101
KKR	KKR & CO INC	36,711	$4,771	3.9%	$84.96	+46.3%	—	48251W104

Decreased Positions (16)

CDNS CADENCE DESIGN SYSTEM INC 0.6%

Value ($000) $691 (-80.8%) Shares 2,212 (-78.5%) Est. Cost $145.85 Unrealized +123.7%

NVDA NVIDIA CORPORATION 7.0%

Value ($000) $8,493 (-23.4%) Shares 45,540 (-23.4%) Est. Cost $127.66 Unrealized +45.8%

MSFT MICROSOFT CORP 5.3%

Value ($000) $6,534 (-10.1%) Shares 13,510 (-3.7%) Est. Cost $343.37 Unrealized +45.8%

STLD STEEL DYNAMICS INC 3.6%

Value ($000) $4,377 (+17.9%) Shares 25,829 (-3.0%) Est. Cost $115.12 Unrealized +37.6%

AMAT APPLIED MATLS INC 3.2%

Value ($000) $3,965 (+19.5%) Shares 15,430 (-4.8%) Est. Cost $169.49 Unrealized +41.3%

NVO NOVO-NORDISK A S 1.2%

Value ($000) $1,493 (-27.3%) Shares 29,340 (-20.7%) Est. Cost $65.15 Unrealized —

ASML ASML HOLDING N V 7.0%

Value ($000) $8,513 (+6.6%) Shares 7,957 (-3.6%) Est. Cost $777.09 Unrealized —

CMI CUMMINS INC 3.3%

Value ($000) $3,977 (-10.6%) Shares 7,791 (-26.0%) Est. Cost $340.11 Unrealized +37.1%

TXN TEXAS INSTRS INC 2.7%

Value ($000) $3,250 (-10.7%) Shares 18,733 (-5.4%) Est. Cost $175.33 Unrealized -2.6%

LLY ELI LILLY & CO 1.0%

Value ($000) $1,219 (+38.2%) Shares 1,134 (-1.9%) Est. Cost $802.56 Unrealized +19.1%

GOOGL ALPHABET INC 7.6%

Value ($000) $9,296 (+3.4%) Shares 29,699 (-19.7%) Est. Cost $161.47 Unrealized +76.9%

AXP AMERICAN EXPRESS CO 3.6%

Value ($000) $4,395 (+6.6%) Shares 11,879 (-4.2%) Est. Cost $207.03 Unrealized +72.4%

MA MASTERCARD INCORPORATED 5.3%

Value ($000) $6,519 (-3.0%) Shares 11,419 (-3.4%) Est. Cost $521.70 Unrealized +7.1%

MRK MERCK & CO INC 0.9%

Value ($000) $1,076 (+14.0%) Shares 10,220 (-9.1%) Est. Cost $98.84 Unrealized -5.7%

RSP INVESCO EXCHANGE TRADED FD T 0.2%

Value ($000) $220 (-17.0%) Shares 1,149 (-17.8%) Est. Cost $189.70 Unrealized —

SPY SPDR S&P 500 ETF TR 6.6%

Value ($000) $8,115 (-0.2%) Shares 11,900 (-2.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CDNS	CADENCE DESIGN SYSTEM INC	2,212 (-78.5%)	$691 (-80.8%)	0.6%	$145.85	+123.7%	COM	127387108
NVDA	NVIDIA CORPORATION	45,540 (-23.4%)	$8,493 (-23.4%)	7.0%	$127.66	+45.8%	COM	67066G104
MSFT	MICROSOFT CORP	13,510 (-3.7%)	$6,534 (-10.1%)	5.3%	$343.37	+45.8%	COM	594918104
STLD	STEEL DYNAMICS INC	25,829 (-3.0%)	$4,377 (+17.9%)	3.6%	$115.12	+37.6%	COM	858119100
AMAT	APPLIED MATLS INC	15,430 (-4.8%)	$3,965 (+19.5%)	3.2%	$169.49	+41.3%	COM	038222105
NVO	NOVO-NORDISK A S	29,340 (-20.7%)	$1,493 (-27.3%)	1.2%	$65.15	—	ADR	670100205
ASML	ASML HOLDING N V	7,957 (-3.6%)	$8,513 (+6.6%)	7.0%	$777.09	—	NY REGISTRY SHS	N07059210
CMI	CUMMINS INC	7,791 (-26.0%)	$3,977 (-10.6%)	3.3%	$340.11	+37.1%	COM	231021106
TXN	TEXAS INSTRS INC	18,733 (-5.4%)	$3,250 (-10.7%)	2.7%	$175.33	-2.6%	COM	882508104
LLY	ELI LILLY & CO	1,134 (-1.9%)	$1,219 (+38.2%)	1.0%	$802.56	+19.1%	COM	532457108
GOOGL	ALPHABET INC	29,699 (-19.7%)	$9,296 (+3.4%)	7.6%	$161.47	+76.9%	CAP STK CL A	02079K305
AXP	AMERICAN EXPRESS CO	11,879 (-4.2%)	$4,395 (+6.6%)	3.6%	$207.03	+72.4%	COM	025816109
MA	MASTERCARD INCORPORATED	11,419 (-3.4%)	$6,519 (-3.0%)	5.3%	$521.70	+7.1%	CL A	57636Q104
MRK	MERCK & CO INC	10,220 (-9.1%)	$1,076 (+14.0%)	0.9%	$98.84	-5.7%	COM	58933Y105
RSP	INVESCO EXCHANGE TRADED FD T	1,149 (-17.8%)	$220 (-17.0%)	0.2%	$189.70	—	S&P500 EQL WGT	46137V357
SPY	SPDR S&P 500 ETF TR	11,900 (-2.5%)	$8,115 (-0.2%)	6.6%	—	—	PUT	78462F103

Unchanged Positions (13)

AAPL APPLE INC 5.9%

Value ($000) $7,263 Shares 26,715 Est. Cost $126.86 Unrealized +111.5%

LRCX LAM RESEARCH CORP 0.7%

Value ($000) $890 Shares 5,198 Est. Cost $78.47 Unrealized +98.0%

KLAC KLA CORP 1.3%

Value ($000) $1,631 Shares 1,342 Est. Cost $761.00 Unrealized +54.0%

ISRG INTUITIVE SURGICAL INC 0.6%

Value ($000) $744 Shares 1,314 Est. Cost $479.87 Unrealized +10.9%

URI UNITED RENTALS INC 0.6%

Value ($000) $704 Shares 870 Est. Cost $888.48 Unrealized -2.4%

FICO FAIR ISAAC CORP 0.6%

Value ($000) $719 Shares 425 Est. Cost $1841.84 Unrealized -6.5%

CRM SALESFORCE INC 0.6%

Value ($000) $708 Shares 2,673 Est. Cost $264.95 Unrealized -6.3%

ROP ROPER TECHNOLOGIES INC 0.5%

Value ($000) $574 Shares 1,290 Est. Cost $559.52 Unrealized -17.4%

COST COSTCO WHSL CORP NEW 0.5%

Value ($000) $620 Shares 719 Est. Cost $638.23 Unrealized +41.9%

IVV ISHARES TR 0.9%

Value ($000) $1,044 Shares 1,524 Est. Cost $429.43 Unrealized —

GE GE AEROSPACE 0.7%

Value ($000) $863 Shares 2,802 Est. Cost $246.98 Unrealized +21.8%

JPM JPMORGAN CHASE & CO. 0.5%

Value ($000) $650 Shares 2,016 Est. Cost $142.31 Unrealized +117.5%

TT TRANE TECHNOLOGIES PLC 0.1%

Value ($000) $78 Shares 200 Est. Cost $195.76 Unrealized +111.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	26,715	$7,263	5.9%	$126.86	+111.5%	COM	037833100
LRCX	LAM RESEARCH CORP	5,198	$890	0.7%	$78.47	+98.0%	COM NEW	512807306
KLAC	KLA CORP	1,342	$1,631	1.3%	$761.00	+54.0%	COM NEW	482480100
ISRG	INTUITIVE SURGICAL INC	1,314	$744	0.6%	$479.87	+10.9%	COM NEW	46120E602
URI	UNITED RENTALS INC	870	$704	0.6%	$888.48	-2.4%	COM	911363109
FICO	FAIR ISAAC CORP	425	$719	0.6%	$1841.84	-6.5%	COM	303250104
CRM	SALESFORCE INC	2,673	$708	0.6%	$264.95	-6.3%	COM	79466L302
ROP	ROPER TECHNOLOGIES INC	1,290	$574	0.5%	$559.52	-17.4%	COM	776696106
COST	COSTCO WHSL CORP NEW	719	$620	0.5%	$638.23	+41.9%	COM	22160K105
IVV	ISHARES TR	1,524	$1,044	0.9%	$429.43	—	CORE S&P500 ETF	464287200
GE	GE AEROSPACE	2,802	$863	0.7%	$246.98	+21.8%	COM NEW	369604301
JPM	JPMORGAN CHASE & CO.	2,016	$650	0.5%	$142.31	+117.5%	COM	46625H100
TT	TRANE TECHNOLOGIES PLC	200	$78	0.1%	$195.76	+111.3%	SHS	G8994E103