DISCIPLINED GROWTH INVESTORS INC /MN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SMCI	SUPER MICRO COMPUTER INC COM N	9,637,492 (+1.6%)	$282,089 (-37.9%)	5.4%	$39.47	+4.3%	CS	86800U302
IT	GARTNER INC COM	357,160 (+312.0%)	$90,104 (+295.4%)	1.7%	$253.06	-4.9%	CS	366651107
GRMN	GARMIN LTD SHS	1,399,515 (+1.6%)	$283,892 (-16.3%)	5.4%	$62.59	+246.2%	CS	H2906T109
CGNX	COGNEX CORP COM	4,655,358 (+1.1%)	$167,500 (-19.7%)	3.2%	$41.34	-2.2%	CS	192422103
VSAT	VIASAT INC COM	5,925,770 (+3.5%)	$204,202 (+21.7%)	3.9%	$28.70	+23.0%	CS	92552V100
CELH	CELSIUS HLDGS INC COM NEW	1,525,147 (+121.6%)	$69,760 (+76.3%)	1.3%	$39.94	+26.1%	CS	15118V207
ALGN	ALIGN TECHNOLOGY INC	820,935 (+2.1%)	$128,189 (+27.3%)	2.5%	$170.42	-15.9%	CS	016255101
SFIX	STITCH FIX INC COM CL A	19,477,691 (+11.2%)	$102,258 (+34.2%)	2.0%	$7.37	-38.1%	CS	860897107
ANET	ARISTA NETWORKS INC COM SHS	1,948,824 (+1.3%)	$255,354 (-8.9%)	4.9%	$100.00	+37.7%	CS	040413205
AKAM	AKAMAI TECHNOLOGIES COM	1,774,883 (+1.8%)	$154,859 (+17.2%)	3.0%	$74.19	+10.9%	CS	00971T101
GNTX	GENTEX CORP COM	4,803,223 (+1.4%)	$111,771 (-16.6%)	2.1%	$23.08	+4.5%	CS	371901109
CTRA	COTERRA ENERGY INC COM	6,777,536 (+1.5%)	$178,385 (+13.0%)	3.4%	$17.25	+45.5%	CS	127097103
KRNT	KORNIT DIGITAL LTD SHS	3,034,591 (+65.1%)	$43,637 (+75.8%)	0.8%	$17.26	-20.6%	CS	M6372Q113
GNRC	GENERAC HLDGS INC COM	627,776 (+1.5%)	$85,610 (-17.3%)	1.6%	$141.99	+13.6%	CS	368736104
EXE	EXPAND ENERGY CORPORATION COM	2,549,879 (+2.3%)	$281,405 (+6.2%)	5.4%	$89.71	+23.3%	CS	165167735
FND	FLOOR & DECOR HLDGS INC CL A	1,146,738 (+2.4%)	$69,825 (-15.4%)	1.3%	$97.79	-33.7%	CS	339750101
SMTC	SEMTECH CORP COM	2,801,291 (+2.6%)	$206,427 (+5.9%)	4.0%	$40.59	+74.8%	CS	816850101
WEAV	WEAVE COMMUNICATIONS INC COM	2,311,343 (+82.6%)	$17,543 (+107.5%)	0.3%	$7.22	-8.0%	CS	94724R108
PLXS	PLEXUS CORP COM	1,590,840 (+2.4%)	$233,853 (+4.0%)	4.5%	$50.71	+189.2%	CS	729132100
DV	DOUBLEVERIFY HLDGS INC COM	3,738,393 (+29.1%)	$42,767 (+23.3%)	0.8%	$16.15	-31.7%	CS	25862V105
POWI	POWER INTEGRATIONS INC COM	2,001,698 (+1.8%)	$71,140 (-10.1%)	1.4%	$49.26	-23.4%	CS	739276103
ZIP	ZIPRECRUITER INC CL A	6,371,139 (+53.4%)	$24,847 (+41.8%)	0.5%	$6.17	-27.1%	CS	98980B103
SPSC	SPS COMM INC COM	844,613 (+6.6%)	$75,280 (-8.8%)	1.4%	$110.90	-16.4%	CS	78463M107
PRLB	PROTO LABS INC COM	2,673,729 (+3.1%)	$135,264 (+4.3%)	2.6%	$56.39	-9.3%	CS	743713109
SN	SHARKNINJA INC COM SHS	455,597 (+1.8%)	$50,981 (+10.4%)	1.0%	$86.66	+13.7%	CS	G8068L108
AXGN	AXOGEN INC COM	201,876 (+20.5%)	$6,607 (+121.0%)	0.1%	$15.07	+63.2%	CS	05463X106
AIOT	POWERFLEET INC	7,918,934 (+7.7%)	$42,129 (+9.4%)	0.8%	$4.56	+12.2%	CS	73931J109
PGNY	PROGYNY INC COM	622,433 (+3.4%)	$15,984 (+23.4%)	0.3%	$32.41	-29.0%	CS	74340E103
ALRM	ALARM COM HLDGS INC COM	3,417,517 (+2.6%)	$174,362 (-1.4%)	3.3%	$62.33	-18.2%	CS	011642105
EGAN	EGAIN CORP COM NEW	935,270 (+7.6%)	$9,624 (+27.2%)	0.2%	$8.40	+42.3%	CS	28225C806
PAYX	PAYCHEX INC COM	153,351 (+1.5%)	$17,203 (-10.2%)	0.3%	$64.40	+81.0%	CS	704326107
GLOB	GLOBANT SA	84,095 (+17.7%)	$5,497 (+34.1%)	0.1%	$71.99	-12.7%	CS	L44385109
CEVA	CEVA INC COM	607,748 (+12.5%)	$13,079 (-8.3%)	0.3%	$22.17	+10.7%	CS	157210105
MLKN	MILLERKNOLL INC COM	515,994 (+9.3%)	$9,432 (+12.6%)	0.2%	$25.00	-35.3%	CS	600544100
MTLS	MATERIALISE NV SPONSORED ADS	1,173,846 (+16.4%)	$6,515 (+16.0%)	0.1%	$6.09	—	CS	57667T100
SSD	SIMPSON MFG INC COM	260,230 (+1.6%)	$42,019 (-2.0%)	0.8%	$163.15	+3.4%	CS	829073105
GGG	GRACO INC COM	358,412 (+2.1%)	$29,379 (-1.4%)	0.6%	$35.65	+129.8%	CS	384109104
MDXG	MIMEDX GROUP INC COM	1,482,894 (+7.2%)	$10,039 (+4.0%)	0.2%	$7.29	-3.8%	CS	602496101
INMD	INMODE LTD SHS	282,869 (+10.7%)	$4,155 (+9.1%)	0.1%	$21.36	-31.1%	CS	M5425M103
SRI	STONERIDGE INC COM	204,019 (+6.8%)	$1,181 (-18.8%)	0.0%	$26.23	-76.0%	CS	86183P102

Exited Positions (4)

— PROS HOLDINGS INC COM 0.2%

Value ($000) $11,495 Shares 501,748 Est. Cost $19.74 Unrealized —

CTLP CANTALOUPE INC COM 0.1%

Value ($000) $4,945 Shares 467,877 Est. Cost $7.81 Unrealized +35.8%

FOXF FOX FACTORY HLDG CORP COM 0.1%

Value ($000) $3,096 Shares 127,462 Est. Cost $43.12 Unrealized -55.8%

— VERINT SYS INC COM 0.1%

Value ($000) $2,899 Shares 143,143 Est. Cost $21.47 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PROS HOLDINGS INC COM	501,748	$11,495	0.2%	$19.74	—	—	74346Y103
CTLP	CANTALOUPE INC COM	467,877	$4,945	0.1%	$7.81	+35.8%	—	138103106
FOXF	FOX FACTORY HLDG CORP COM	127,462	$3,096	0.1%	$43.12	-55.8%	—	35138V102
—	VERINT SYS INC COM	143,143	$2,899	0.1%	$21.47	—	—	92343X100

Decreased Positions (12)

PSTG PURE STORAGE INC CL A 6.3%

Value ($000) $328,175 (-24.1%) Shares 4,897,406 (-5.1%) Est. Cost $19.05 Unrealized +338.6%

IDCC INTERDIGITAL INC COM 3.7%

Value ($000) $193,942 (-29.0%) Shares 609,153 (-23.0%) Est. Cost $82.80 Unrealized +327.0%

YETI YETI HLDGS INC COM 0.1%

Value ($000) $5,861 (-77.1%) Shares 132,697 (-82.8%) Est. Cost $34.95 Unrealized +10.1%

TREX TREX CO INC COM 0.7%

Value ($000) $35,334 (-34.0%) Shares 1,007,236 (-2.7%) Est. Cost $59.42 Unrealized -31.9%

DLB DOLBY LABORATORIES INC COM CL 1.7%

Value ($000) $86,215 (-13.3%) Shares 1,342,492 (-2.3%) Est. Cost $58.81 Unrealized +13.1%

LGIH LGI HOMES INC COM 0.6%

Value ($000) $30,554 (-24.9%) Shares 711,214 (-9.6%) Est. Cost $130.46 Unrealized -64.1%

ZETA ZETA GLOBAL HOLDINGS CORP CL A 2.1%

Value ($000) $111,933 (-7.9%) Shares 5,500,408 (-10.0%) Est. Cost $17.96 Unrealized +4.0%

CLB CORE LABORATORIES INC 1.6%

Value ($000) $82,826 (+12.2%) Shares 5,166,914 (-13.4%) Est. Cost $18.20 Unrealized -18.3%

SSTI SOUNDTHINKING INC COM 0.0%

Value ($000) $1,573 (-68.4%) Shares 195,941 (-52.6%) Est. Cost $13.49 Unrealized -35.3%

GEOS GEOSPACE TECHNOLOGIES CORP COM 0.4%

Value ($000) $19,135 (-12.5%) Shares 1,131,568 (-1.9%) Est. Cost $11.64 Unrealized +72.5%

INTU INTUIT COM 1.1%

Value ($000) $59,482 (-4.3%) Shares 89,795 (-1.3%) Est. Cost $68.31 Unrealized +867.2%

AVGO BROADCOM INC COM 0.0%

Value ($000) $309 (-9.7%) Shares 893 (-13.9%) Est. Cost $215.92 Unrealized +65.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSTG	PURE STORAGE INC CL A	4,897,406 (-5.1%)	$328,175 (-24.1%)	6.3%	$19.05	+338.6%	CS	74624M102
IDCC	INTERDIGITAL INC COM	609,153 (-23.0%)	$193,942 (-29.0%)	3.7%	$82.80	+327.0%	CS	45867G101
YETI	YETI HLDGS INC COM	132,697 (-82.8%)	$5,861 (-77.1%)	0.1%	$34.95	+10.1%	CS	98585X104
TREX	TREX CO INC COM	1,007,236 (-2.7%)	$35,334 (-34.0%)	0.7%	$59.42	-31.9%	CS	89531P105
DLB	DOLBY LABORATORIES INC COM CL	1,342,492 (-2.3%)	$86,215 (-13.3%)	1.7%	$58.81	+13.1%	CS	25659T107
LGIH	LGI HOMES INC COM	711,214 (-9.6%)	$30,554 (-24.9%)	0.6%	$130.46	-64.1%	CS	50187T106
ZETA	ZETA GLOBAL HOLDINGS CORP CL A	5,500,408 (-10.0%)	$111,933 (-7.9%)	2.1%	$17.96	+4.0%	CS	98956A105
CLB	CORE LABORATORIES INC	5,166,914 (-13.4%)	$82,826 (+12.2%)	1.6%	$18.20	-18.3%	CS	21867A105
SSTI	SOUNDTHINKING INC COM	195,941 (-52.6%)	$1,573 (-68.4%)	0.0%	$13.49	-35.3%	CS	82536T107
GEOS	GEOSPACE TECHNOLOGIES CORP COM	1,131,568 (-1.9%)	$19,135 (-12.5%)	0.4%	$11.64	+72.5%	CS	37364X109
INTU	INTUIT COM	89,795 (-1.3%)	$59,482 (-4.3%)	1.1%	$68.31	+867.2%	CS	461202103
AVGO	BROADCOM INC COM	893 (-13.9%)	$309 (-9.7%)	0.0%	$215.92	+65.3%	CS	11135F101

Unchanged Positions (8)

ISRG INTUITIVE SURGICAL INC 1.2%

Value ($000) $62,541 Shares 110,426 Est. Cost $260.54 Unrealized +104.3%

ADSK AUTODESK INC COM 1.8%

Value ($000) $95,305 Shares 321,967 Est. Cost $56.82 Unrealized +432.5%

IPGP IPG PHOTONICS CORP COM 0.8%

Value ($000) $40,578 Shares 566,734 Est. Cost $110.59 Unrealized -26.2%

MCHP MICROCHIP TECHNOLOGY INC. COM 2.2%

Value ($000) $113,763 Shares 1,785,355 Est. Cost $57.30 Unrealized +7.1%

TTWO TAKE-TWO INTERACTIVE SOFTWARE 1.5%

Value ($000) $78,585 Shares 306,935 Est. Cost $157.09 Unrealized +58.7%

SNA SNAP ON INC COM 2.2%

Value ($000) $112,944 Shares 327,754 Est. Cost $174.98 Unrealized +94.6%

AAPL APPLE INC COM 0.0%

Value ($000) $417 Shares 1,535 Est. Cost $165.01 Unrealized +62.6%

MSFT MICROSOFT CORP COM 0.0%

Value ($000) $325 Shares 672 Est. Cost $295.16 Unrealized +69.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ISRG	INTUITIVE SURGICAL INC	110,426	$62,541	1.2%	$260.54	+104.3%	CS	46120E602
ADSK	AUTODESK INC COM	321,967	$95,305	1.8%	$56.82	+432.5%	CS	052769106
IPGP	IPG PHOTONICS CORP COM	566,734	$40,578	0.8%	$110.59	-26.2%	CS	44980X109
MCHP	MICROCHIP TECHNOLOGY INC. COM	1,785,355	$113,763	2.2%	$57.30	+7.1%	CS	595017104
TTWO	TAKE-TWO INTERACTIVE SOFTWARE	306,935	$78,585	1.5%	$157.09	+58.7%	CS	874054109
SNA	SNAP ON INC COM	327,754	$112,944	2.2%	$174.98	+94.6%	CS	833034101
AAPL	APPLE INC COM	1,535	$417	0.0%	$165.01	+62.6%	CS	037833100
MSFT	MICROSOFT CORP COM	672	$325	0.0%	$295.16	+69.6%	CS	594918104