TRAN CAPITAL MANAGEMENT, L.P. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IFF	INTERNATIONAL FLAVORSANDFRAGRA	325,326	$21,924	2.6%	$64.40	0.0%	CS	459506101
ARM	ARM HOLDINGS PLC SPONSORED ADR	189,496	$20,714	2.5%	$109.31	—	ADR	042068205
RWT	REDWOOD TR INC	532,982	$2,947	0.4%	$5.53	—	CS	758075402
BWXT	BWX TECHNOLOGIES INC	4,507	$779	0.1%	$187.42	0.0%	CS	05605H100
VRT	VERTIV HOLDINGS CO COM CL A	1,632	$264	0.0%	$173.58	0.0%	CS	92537N108
WCC	WESCO INTL INC	1,069	$262	0.0%	$244.94	0.0%	CS	95082P105
SHOP	SHOPIFY INC	1,384	$223	0.0%	$160.56	0.0%	CS	82509L107

Increased Positions (16)

ATI ALLEGHENY TECHNOLOGIES INC 4.8%

Value ($000) $40,432 (+71.8%) Shares 352,322 (+21.7%) Est. Cost $83.97 Unrealized +16.1%

GOOGL ALPHABET INC CAP STK CL A 4.1%

Value ($000) $34,429 (+55.0%) Shares 109,996 (+20.4%) Est. Cost $137.75 Unrealized +107.3%

FICO FAIR ISAAC CORP 3.9%

Value ($000) $32,601 (+34.3%) Shares 19,283 (+18.9%) Est. Cost $1704.49 Unrealized +1.0%

DHR DANAHER CORP DEL 5.0%

Value ($000) $41,715 (+17.0%) Shares 182,224 (+1.3%) Est. Cost $128.53 Unrealized +70.8%

NFLX NETFLIX COM INC 2.3%

Value ($000) $19,601 (+28.6%) Shares 209,059 (+1544.8%) Est. Cost $107.61 Unrealized +0.2%

PFF ISHARES TR US PFD STK IDX 0.3%

Value ($000) $2,742 (+1118.8%) Shares 88,563 (+1144.7%) Est. Cost $31.65 Unrealized —

VMBS VANGUARD SCOTTSDALE FDS MORTG- 0.3%

Value ($000) $2,719 (+580.6%) Shares 57,746 (+578.9%) Est. Cost $47.77 Unrealized —

SCHR SCHWAB STRATEGIC TR INTRM TRM 0.3%

Value ($000) $2,787 (+473.8%) Shares 111,105 (+474.9%) Est. Cost $27.50 Unrealized —

SCHP SCHWAB STRATEGIC TR US TIPS ET 0.3%

Value ($000) $2,699 (+447.8%) Shares 101,895 (+457.3%) Est. Cost $29.04 Unrealized —

ELF E L F BEAUTY INC 0.7%

Value ($000) $5,514 (-25.9%) Shares 72,515 (+29.2%) Est. Cost $117.71 Unrealized -16.4%

SPY SPDR TR UNIT SER 1 0.3%

Value ($000) $2,589 (+114.4%) Shares 3,797 (+109.4%) Est. Cost $579.81 Unrealized —

AAPL APPLE INC COM 0.3%

Value ($000) $2,419 (+8.3%) Shares 8,898 (+1.5%) Est. Cost $186.95 Unrealized +43.5%

HD HOME DEPOT INC 0.0%

Value ($000) $273 (-12.5%) Shares 794 (+3.0%) Est. Cost $352.98 Unrealized +3.3%

IWM ISHARES TR RUSSELL 2000 0.1%

Value ($000) $531 (+5.1%) Shares 2,159 (+3.3%) Est. Cost $210.60 Unrealized —

MLM MARTIN MARIETTA MATLS INC 4.0%

Value ($000) $33,719 (-0.1%) Shares 54,153 (+1.2%) Est. Cost $315.55 Unrealized +96.9%

IEFA ISHARES TR CORE MSCI EAFE 0.1%

Value ($000) $434 (+4.9%) Shares 4,855 (+2.4%) Est. Cost $75.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATI	ALLEGHENY TECHNOLOGIES INC	352,322 (+21.7%)	$40,432 (+71.8%)	4.8%	$83.97	+16.1%	CS	01741R102
GOOGL	ALPHABET INC CAP STK CL A	109,996 (+20.4%)	$34,429 (+55.0%)	4.1%	$137.75	+107.3%	CS	02079K305
FICO	FAIR ISAAC CORP	19,283 (+18.9%)	$32,601 (+34.3%)	3.9%	$1704.49	+1.0%	CS	303250104
DHR	DANAHER CORP DEL	182,224 (+1.3%)	$41,715 (+17.0%)	5.0%	$128.53	+70.8%	CS	235851102
NFLX	NETFLIX COM INC	209,059 (+1544.8%)	$19,601 (+28.6%)	2.3%	$107.61	+0.2%	CS	64110L106
PFF	ISHARES TR US PFD STK IDX	88,563 (+1144.7%)	$2,742 (+1118.8%)	0.3%	$31.65	—	ETF	464288687
VMBS	VANGUARD SCOTTSDALE FDS MORTG-	57,746 (+578.9%)	$2,719 (+580.6%)	0.3%	$47.77	—	ETF	92206C771
SCHR	SCHWAB STRATEGIC TR INTRM TRM	111,105 (+474.9%)	$2,787 (+473.8%)	0.3%	$27.50	—	ETF	808524854
SCHP	SCHWAB STRATEGIC TR US TIPS ET	101,895 (+457.3%)	$2,699 (+447.8%)	0.3%	$29.04	—	ETF	808524870
ELF	E L F BEAUTY INC	72,515 (+29.2%)	$5,514 (-25.9%)	0.7%	$117.71	-16.4%	CS	26856L103
SPY	SPDR TR UNIT SER 1	3,797 (+109.4%)	$2,589 (+114.4%)	0.3%	$579.81	—	ETF	78462F103
AAPL	APPLE INC COM	8,898 (+1.5%)	$2,419 (+8.3%)	0.3%	$186.95	+43.5%	CS	037833100
HD	HOME DEPOT INC	794 (+3.0%)	$273 (-12.5%)	0.0%	$352.98	+3.3%	CS	437076102
IWM	ISHARES TR RUSSELL 2000	2,159 (+3.3%)	$531 (+5.1%)	0.1%	$210.60	—	ETF	464287655
MLM	MARTIN MARIETTA MATLS INC	54,153 (+1.2%)	$33,719 (-0.1%)	4.0%	$315.55	+96.9%	CS	573284106
IEFA	ISHARES TR CORE MSCI EAFE	4,855 (+2.4%)	$434 (+4.9%)	0.1%	$75.78	—	ETF	46432F842

Exited Positions (5)

SPSC SPS COMM INC 1.8%

Value ($000) $15,370 Shares 147,591 Est. Cost $119.01 Unrealized -22.1%

BLDR BUILDERS FIRSTSOURCE INC 1.5%

Value ($000) $12,386 Shares 102,154 Est. Cost $133.47 Unrealized -15.8%

APD AIR PRODS AND CHEMS INC 0.9%

Value ($000) $7,712 Shares 28,278 Est. Cost $303.96 Unrealized -17.2%

ACN ACCENTURE PLC IRELAND SHS CLAS 0.2%

Value ($000) $1,654 Shares 6,708 Est. Cost $307.47 Unrealized -17.4%

DIS DISNEY WALT CO 0.1%

Value ($000) $663 Shares 5,787 Est. Cost $173.29 Unrealized -36.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPSC	SPS COMM INC	147,591	$15,370	1.8%	$119.01	-22.1%	—	78463M107
BLDR	BUILDERS FIRSTSOURCE INC	102,154	$12,386	1.5%	$133.47	-15.8%	—	12008R107
APD	AIR PRODS AND CHEMS INC	28,278	$7,712	0.9%	$303.96	-17.2%	—	009158106
ACN	ACCENTURE PLC IRELAND SHS CLAS	6,708	$1,654	0.2%	$307.47	-17.4%	—	G1151C101
DIS	DISNEY WALT CO	5,787	$663	0.1%	$173.29	-36.8%	—	254687106

Decreased Positions (21)

MKL MARKEL GROUP INC COM 0.1%

Value ($000) $477 (-97.0%) Shares 222 (-97.3%) Est. Cost $1957.63 Unrealized +3.5%

VEEV VEEVA SYS INC 1.2%

Value ($000) $10,284 (-58.4%) Shares 46,069 (-44.5%) Est. Cost $197.66 Unrealized +34.2%

TLN TALEN ENERGY CORP 7.2%

Value ($000) $59,991 (-12.8%) Shares 160,045 (-1.1%) Est. Cost $138.87 Unrealized +179.9%

CSGP COSTAR GROUP INC 1.9%

Value ($000) $15,687 (-30.0%) Shares 233,303 (-12.2%) Est. Cost $76.08 Unrealized -6.9%

MSFT MICROSOFT CORP 7.0%

Value ($000) $58,117 (-9.7%) Shares 120,170 (-3.3%) Est. Cost $186.84 Unrealized +167.9%

NVDA NVIDIA CORP 7.3%

Value ($000) $60,953 (-8.7%) Shares 326,827 (-8.6%) Est. Cost $101.05 Unrealized +84.2%

COF CAPITAL ONE FINL CORP 0.8%

Value ($000) $6,753 (-44.6%) Shares 27,864 (-51.4%) Est. Cost $185.05 Unrealized +20.1%

EXPE EXPEDIA INC DEL 1.6%

Value ($000) $13,414 (+21.5%) Shares 47,347 (-8.3%) Est. Cost $131.54 Unrealized +87.7%

NKE NIKE INC 0.8%

Value ($000) $6,789 (-22.9%) Shares 106,554 (-15.7%) Est. Cost $72.26 Unrealized -10.2%

AER AERCAP HOLDINGS NV 1.3%

Value ($000) $10,690 (+17.1%) Shares 74,360 (-1.4%) Est. Cost $50.32 Unrealized +163.2%

THC TENET HEALTHCARE CORP COM NEW 0.8%

Value ($000) $6,829 (-7.8%) Shares 34,364 (-5.8%) Est. Cost $151.29 Unrealized +33.6%

CRM SALESFORCE INC COM 2.3%

Value ($000) $19,441 (+3.0%) Shares 73,388 (-7.9%) Est. Cost $227.25 Unrealized +9.2%

SCHW SCHWAB CHARLES CORP NEW 1.8%

Value ($000) $14,885 (-3.3%) Shares 148,984 (-7.6%) Est. Cost $61.40 Unrealized +54.3%

TMUS T-MOBILE US INC 0.3%

Value ($000) $2,100 (-16.4%) Shares 10,345 (-1.4%) Est. Cost $140.91 Unrealized +50.0%

QXO QXO INC 0.0%

Value ($000) $276 (-59.8%) Shares 14,283 (-60.3%) Est. Cost $20.71 Unrealized -7.4%

ENTG ENTEGRIS INC 0.1%

Value ($000) $604 (-28.5%) Shares 7,168 (-21.6%) Est. Cost $79.19 Unrealized +9.6%

AMZN AMAZON COM INC 7.1%

Value ($000) $59,506 (-0.3%) Shares 257,804 (-5.2%) Est. Cost $122.16 Unrealized +87.3%

AVTR AVANTOR INC COM 0.1%

Value ($000) $499 (-27.9%) Shares 43,508 (-21.5%) Est. Cost $12.88 Unrealized -4.5%

LPLA LPL FINL HLDGS INC 0.1%

Value ($000) $660 (-22.3%) Shares 1,849 (-27.6%) Est. Cost $350.35 Unrealized +1.0%

KEYS KEYSIGHT TECHNOLOGIES INC 0.2%

Value ($000) $1,253 (+12.5%) Shares 6,168 (-3.1%) Est. Cost $73.67 Unrealized +151.9%

GGG GRACO INC 0.2%

Value ($000) $1,543 (-6.1%) Shares 18,825 (-2.7%) Est. Cost $50.65 Unrealized +61.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MKL	MARKEL GROUP INC COM	222 (-97.3%)	$477 (-97.0%)	0.1%	$1957.63	+3.5%	CS	570535104
VEEV	VEEVA SYS INC	46,069 (-44.5%)	$10,284 (-58.4%)	1.2%	$197.66	+34.2%	CS	922475108
TLN	TALEN ENERGY CORP	160,045 (-1.1%)	$59,991 (-12.8%)	7.2%	$138.87	+179.9%	CS	87422Q109
CSGP	COSTAR GROUP INC	233,303 (-12.2%)	$15,687 (-30.0%)	1.9%	$76.08	-6.9%	CS	22160N109
MSFT	MICROSOFT CORP	120,170 (-3.3%)	$58,117 (-9.7%)	7.0%	$186.84	+167.9%	CS	594918104
NVDA	NVIDIA CORP	326,827 (-8.6%)	$60,953 (-8.7%)	7.3%	$101.05	+84.2%	CS	67066G104
COF	CAPITAL ONE FINL CORP	27,864 (-51.4%)	$6,753 (-44.6%)	0.8%	$185.05	+20.1%	CS	14040H105
EXPE	EXPEDIA INC DEL	47,347 (-8.3%)	$13,414 (+21.5%)	1.6%	$131.54	+87.7%	CS	30212P303
NKE	NIKE INC	106,554 (-15.7%)	$6,789 (-22.9%)	0.8%	$72.26	-10.2%	CS	654106103
AER	AERCAP HOLDINGS NV	74,360 (-1.4%)	$10,690 (+17.1%)	1.3%	$50.32	+163.2%	CS	N00985106
THC	TENET HEALTHCARE CORP COM NEW	34,364 (-5.8%)	$6,829 (-7.8%)	0.8%	$151.29	+33.6%	CS	88033G407
CRM	SALESFORCE INC COM	73,388 (-7.9%)	$19,441 (+3.0%)	2.3%	$227.25	+9.2%	CS	79466L302
SCHW	SCHWAB CHARLES CORP NEW	148,984 (-7.6%)	$14,885 (-3.3%)	1.8%	$61.40	+54.3%	CS	808513105
TMUS	T-MOBILE US INC	10,345 (-1.4%)	$2,100 (-16.4%)	0.3%	$140.91	+50.0%	CS	872590104
QXO	QXO INC	14,283 (-60.3%)	$276 (-59.8%)	0.0%	$20.71	-7.4%	CS	82846H405
ENTG	ENTEGRIS INC	7,168 (-21.6%)	$604 (-28.5%)	0.1%	$79.19	+9.6%	CS	29362U104
AMZN	AMAZON COM INC	257,804 (-5.2%)	$59,506 (-0.3%)	7.1%	$122.16	+87.3%	CS	023135106
AVTR	AVANTOR INC COM	43,508 (-21.5%)	$499 (-27.9%)	0.1%	$12.88	-4.5%	CS	05352A100
LPLA	LPL FINL HLDGS INC	1,849 (-27.6%)	$660 (-22.3%)	0.1%	$350.35	+1.0%	CS	50212V100
KEYS	KEYSIGHT TECHNOLOGIES INC	6,168 (-3.1%)	$1,253 (+12.5%)	0.2%	$73.67	+151.9%	CS	49338L103
GGG	GRACO INC	18,825 (-2.7%)	$1,543 (-6.1%)	0.2%	$50.65	+61.8%	CS	384109104

Unchanged Positions (29)

META META PLATFORMS INC CL A 4.0%

Value ($000) $33,591 Shares 50,888 Est. Cost $268.63 Unrealized +148.4%

PANW PALO ALTO NETWORKS INC 3.9%

Value ($000) $32,259 Shares 175,133 Est. Cost $146.18 Unrealized +38.0%

TSM TAIWAN SEMICONDUCTOR MFG LTD 4.5%

Value ($000) $37,496 Shares 123,387 Est. Cost $154.33 Unrealized —

GEV GE VERNOVA LLC 2.8%

Value ($000) $23,004 Shares 35,198 Est. Cost $356.51 Unrealized +70.8%

INTU INTUIT 3.0%

Value ($000) $25,156 Shares 37,976 Est. Cost $422.60 Unrealized +56.3%

PGR PROGRESSIVE CORP OHIO 0.8%

Value ($000) $6,360 Shares 27,930 Est. Cost $112.87 Unrealized +88.1%

FERG FERGUSON ENTERPRISES INC COM 4.5%

Value ($000) $37,426 Shares 168,110 Est. Cost $197.54 Unrealized +20.5%

LLY LILLY ELI AND CO 0.1%

Value ($000) $1,210 Shares 1,126 Est. Cost $890.31 Unrealized +7.3%

AMD ADVANCED MICRO DEVICES INC 0.1%

Value ($000) $830 Shares 3,874 Est. Cost $155.38 Unrealized +44.5%

ADP AUTOMATIC DATA PROCESSING IN 0.1%

Value ($000) $1,010 Shares 3,927 Est. Cost $253.49 Unrealized +4.5%

EXR EXTRA SPACE STORAGE INC 0.2%

Value ($000) $1,551 Shares 11,910 Est. Cost $168.93 Unrealized -20.1%

SHW SHERWIN WILLIAMS CO 0.2%

Value ($000) $1,798 Shares 5,550 Est. Cost $229.74 Unrealized +45.4%

NTAP NETAPP INC 0.1%

Value ($000) $1,089 Shares 10,169 Est. Cost $121.10 Unrealized -6.2%

PAYX PAYCHEX INC 0.1%

Value ($000) $885 Shares 7,887 Est. Cost $121.91 Unrealized -4.4%

CSCO CISCO SYS INC 0.1%

Value ($000) $655 Shares 8,500 Est. Cost $46.78 Unrealized +57.7%

LHX L3HARRIS TECHNOLOGIES INC COM 0.1%

Value ($000) $1,037 Shares 3,532 Est. Cost $224.65 Unrealized +28.4%

TXN TEXAS INSTRS INC 0.1%

Value ($000) $655 Shares 3,776 Est. Cost $174.06 Unrealized -1.9%

AHR AMERICAN HEALTHCARE REIT INC 0.0%

Value ($000) $346 Shares 7,350 Est. Cost $28.42 Unrealized —

JNJ JOHNSON AND JOHNSON 0.0%

Value ($000) $331 Shares 1,600 Est. Cost $152.66 Unrealized +29.1%

EEM ISHARES TR MSCI EMERG MKT 0.1%

Value ($000) $683 Shares 12,475 Est. Cost $41.82 Unrealized —

TSLA TESLA MTRS INC 0.2%

Value ($000) $1,423 Shares 3,164 Est. Cost $178.10 Unrealized +148.9%

TECH BIO TECHNE CORP 0.0%

Value ($000) $235 Shares 4,000 Est. Cost $84.04 Unrealized -27.7%

BF/B BROWN FORMAN CORP 0.0%

Value ($000) $302 Shares 11,575 Est. Cost $49.84 Unrealized -43.9%

AFL AFLAC INC 0.1%

Value ($000) $882 Shares 8,000 Est. Cost $57.30 Unrealized +91.7%

JPM J P MORGAN CHASE AND CO 0.0%

Value ($000) $244 Shares 758 Est. Cost $252.67 Unrealized +22.5%

RSP INVESCO EXCHANGE TRADED FD T S 0.1%

Value ($000) $490 Shares 2,560 Est. Cost $169.37 Unrealized —

IEF ISHARES TR 7-10 YR TRS BD 0.0%

Value ($000) $332 Shares 3,450 Est. Cost $93.65 Unrealized —

SGOV ISHARES TR 0-3 MNTH TREASRY 0.0%

Value ($000) $251 Shares 2,500 Est. Cost $100.70 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL CL 0.0%

Value ($000) $251 Shares 500 Est. Cost $408.62 Unrealized +21.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC CL A	50,888	$33,591	4.0%	$268.63	+148.4%	CS	30303M102
PANW	PALO ALTO NETWORKS INC	175,133	$32,259	3.9%	$146.18	+38.0%	CS	697435105
TSM	TAIWAN SEMICONDUCTOR MFG LTD	123,387	$37,496	4.5%	$154.33	—	ADR	874039100
GEV	GE VERNOVA LLC	35,198	$23,004	2.8%	$356.51	+70.8%	CS	36828A101
INTU	INTUIT	37,976	$25,156	3.0%	$422.60	+56.3%	CS	461202103
PGR	PROGRESSIVE CORP OHIO	27,930	$6,360	0.8%	$112.87	+88.1%	CS	743315103
FERG	FERGUSON ENTERPRISES INC COM	168,110	$37,426	4.5%	$197.54	+20.5%	CS	31488V107
LLY	LILLY ELI AND CO	1,126	$1,210	0.1%	$890.31	+7.3%	CS	532457108
AMD	ADVANCED MICRO DEVICES INC	3,874	$830	0.1%	$155.38	+44.5%	CS	007903107
ADP	AUTOMATIC DATA PROCESSING IN	3,927	$1,010	0.1%	$253.49	+4.5%	CS	053015103
EXR	EXTRA SPACE STORAGE INC	11,910	$1,551	0.2%	$168.93	-20.1%	CS	30225T102
SHW	SHERWIN WILLIAMS CO	5,550	$1,798	0.2%	$229.74	+45.4%	CS	824348106
NTAP	NETAPP INC	10,169	$1,089	0.1%	$121.10	-6.2%	CS	64110D104
PAYX	PAYCHEX INC	7,887	$885	0.1%	$121.91	-4.4%	CS	704326107
CSCO	CISCO SYS INC	8,500	$655	0.1%	$46.78	+57.7%	CS	17275R102
LHX	L3HARRIS TECHNOLOGIES INC COM	3,532	$1,037	0.1%	$224.65	+28.4%	CS	502431109
TXN	TEXAS INSTRS INC	3,776	$655	0.1%	$174.06	-1.9%	CS	882508104
AHR	AMERICAN HEALTHCARE REIT INC	7,350	$346	0.0%	$28.42	—	CS	398182303
JNJ	JOHNSON AND JOHNSON	1,600	$331	0.0%	$152.66	+29.1%	CS	478160104
EEM	ISHARES TR MSCI EMERG MKT	12,475	$683	0.1%	$41.82	—	ETF	464287234
TSLA	TESLA MTRS INC	3,164	$1,423	0.2%	$178.10	+148.9%	CS	88160R101
TECH	BIO TECHNE CORP	4,000	$235	0.0%	$84.04	-27.7%	CS	09073M104
BF/B	BROWN FORMAN CORP	11,575	$302	0.0%	$49.84	-43.9%	CS	115637209
AFL	AFLAC INC	8,000	$882	0.1%	$57.30	+91.7%	CS	001055102
JPM	J P MORGAN CHASE AND CO	758	$244	0.0%	$252.67	+22.5%	CS	46625H100
RSP	INVESCO EXCHANGE TRADED FD T S	2,560	$490	0.1%	$169.37	—	ETF	46137V357
IEF	ISHARES TR 7-10 YR TRS BD	3,450	$332	0.0%	$93.65	—	ETF	464287440
SGOV	ISHARES TR 0-3 MNTH TREASRY	2,500	$251	0.0%	$100.70	—	ETF	46436E718
BRK/B	BERKSHIRE HATHAWAY INC DEL CL	500	$251	0.0%	$408.62	+21.8%	CS	084670702