NEXT CENTURY GROWTH INVESTORS LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXGN	Axogen Inc	799,882	$26,180	1.8%	$24.59	0.0%	COM	05463X106
ALM	Almonty Industries	1,855,260	$16,345	1.1%	$7.35	0.0%	COM	020398707
AAOI	Applied Optoelectronics	465,288	$16,220	1.1%	$29.86	0.0%	COM	03823U102
TCMD	Tactile Systems	389,980	$11,309	0.8%	$22.20	0.0%	COM	87357P100
PEGA	Pegasystems	116,666	$6,967	0.5%	$58.57	0.0%	COM	705573103
PHAT	Phathom Pharmaceuticals	393,774	$6,533	0.5%	$14.28	0.0%	COM	71722W107
FIGR	Figure Technology Solutions	157,017	$6,413	0.4%	$40.00	0.0%	COM	349381103
TATT	TAT Technologies	132,154	$5,902	0.4%	$40.90	0.0%	COM	M8740S227
GE	GE Aerospace	17,533	$5,401	0.4%	$300.80	0.0%	COM	369604301
PSNL	Personalis Inc	624,363	$4,970	0.3%	$8.75	0.0%	COM	71535D106
PCOR	Procore Technologies	44,735	$3,254	0.2%	$73.96	0.0%	COM	74275K108
BLLN	BillionToOne	36,659	$3,000	0.2%	$101.40	0.0%	COM	090168105
AMD	Advanced Micro Devices	13,086	$2,802	0.2%	$224.60	0.0%	COM	007903107
BETA	Beta Technologies	94,526	$2,667	0.2%	$29.84	0.0%	COM	086921103
UAMY	United States Antimony	480,430	$2,412	0.2%	$7.85	0.0%	COM	911549103
ROKU	Roku Inc	20,599	$2,235	0.2%	$101.49	0.0%	COM	77543R102
GH	Guardant Health	18,484	$1,888	0.1%	$89.46	0.0%	COM	40131M109

Increased Positions (45)

ATEC Alphatec Holdings Inc 3.5%

Value ($000) $50,881 (+53.5%) Shares 2,418,298 (+6.1%) Est. Cost $11.38 Unrealized +62.6%

ADMA ADMA Biologics 1.4%

Value ($000) $20,078 (+246.2%) Shares 1,100,773 (+178.3%) Est. Cost $16.96 Unrealized -0.6%

CCB Coastal Financial Corp 1.4%

Value ($000) $20,423 (+143.6%) Shares 178,224 (+130.0%) Est. Cost $107.75 Unrealized +1.3%

MAMA Mama's Creations 1.6%

Value ($000) $22,817 (+98.3%) Shares 1,691,395 (+54.5%) Est. Cost $8.57 Unrealized +34.1%

FROG JFrog 1.6%

Value ($000) $22,359 (+72.5%) Shares 357,976 (+30.7%) Est. Cost $45.03 Unrealized +26.3%

FEIM Frequency Electronics 0.8%

Value ($000) $11,816 (+376.9%) Shares 219,463 (+200.4%) Est. Cost $33.79 Unrealized +8.9%

KMTS Kestra Medical Technology 0.9%

Value ($000) $12,354 (+184.1%) Shares 465,845 (+154.5%) Est. Cost $22.66 Unrealized +13.6%

ADPT Adaptive Biotechnologies 1.1%

Value ($000) $15,324 (+92.8%) Shares 943,597 (+77.6%) Est. Cost $13.99 Unrealized +16.6%

KRMN Karman Holdings 1.2%

Value ($000) $16,999 (+71.7%) Shares 232,320 (+69.4%) Est. Cost $62.04 Unrealized +16.7%

UTI Universal Technical Institute 2.0%

Value ($000) $29,346 (-18.6%) Shares 1,123,067 (+1.4%) Est. Cost $19.45 Unrealized +45.6%

BROS Dutch Bros Inc 1.3%

Value ($000) $18,911 (+45.8%) Shares 308,910 (+24.7%) Est. Cost $47.19 Unrealized +20.4%

ALHC Alignment Healthcare 3.2%

Value ($000) $45,589 (+15.0%) Shares 2,308,287 (+1.6%) Est. Cost $13.68 Unrealized +31.3%

TMDX Transmedics Group Inc 0.8%

Value ($000) $11,979 (+96.4%) Shares 98,468 (+81.2%) Est. Cost $116.83 Unrealized +7.4%

PKE Park AeroSpace 0.8%

Value ($000) $11,226 (+102.5%) Shares 526,054 (+93.0%) Est. Cost $19.00 Unrealized +4.9%

APLD Applied Digital Corp 1.4%

Value ($000) $19,548 (+39.7%) Shares 797,237 (+30.7%) Est. Cost $18.09 Unrealized +59.2%

LGN Legence Corp 0.7%

Value ($000) $10,418 (+113.9%) Shares 242,045 (+53.1%) Est. Cost $34.27 Unrealized +15.3%

INOD Innodata Inc 1.3%

Value ($000) $18,639 (+37.1%) Shares 365,835 (+107.5%) Est. Cost $48.92 Unrealized +33.3%

WULF Terawulf Inc 0.9%

Value ($000) $13,564 (+53.8%) Shares 1,180,535 (+52.9%) Est. Cost $9.63 Unrealized +39.1%

OWLT Owlet Inc 0.5%

Value ($000) $7,851 (+126.3%) Shares 484,908 (+18.4%) Est. Cost $7.26 Unrealized +56.1%

— FTAI Aviation 1.6%

Value ($000) $23,211 (+21.7%) Shares 117,912 (+3.1%) Est. Cost $128.02 Unrealized —

LSCC Lattice Semiconductor Corp 1.6%

Value ($000) $22,879 (+20.0%) Shares 310,945 (+19.6%) Est. Cost $58.50 Unrealized —

GLBE Global-E Online 0.7%

Value ($000) $10,799 (+52.3%) Shares 274,708 (+38.6%) Est. Cost $38.00 Unrealized -2.4%

AAPL Apple Computer Inc 1.5%

Value ($000) $21,586 (+18.4%) Shares 79,402 (+10.9%) Est. Cost $168.37 Unrealized +59.4%

NTSK Netskope 0.7%

Value ($000) $10,145 (+44.4%) Shares 578,365 (+87.1%) Est. Cost $22.42 Unrealized -7.0%

AEHR Aehr Test Systems 0.8%

Value ($000) $11,155 (+34.1%) Shares 552,506 (+99.9%) Est. Cost $22.92 Unrealized +5.5%

MIRM Mirum Pharmaceuticals 2.0%

Value ($000) $29,071 (+9.9%) Shares 368,035 (+2.0%) Est. Cost $52.08 Unrealized +37.8%

SIBN SI-BONE Inc 0.2%

Value ($000) $2,800 (+715.0%) Shares 141,998 (+508.4%) Est. Cost $17.24 Unrealized +0.8%

OPRX Optimizerx Corp 0.4%

Value ($000) $6,196 (+43.4%) Shares 505,407 (+139.8%) Est. Cost $16.14 Unrealized +1.2%

HOOD Robinhood Markets 0.3%

Value ($000) $4,158 (+71.3%) Shares 36,767 (+116.8%) Est. Cost $120.37 Unrealized +8.0%

PAY Paymentus Holdings 2.6%

Value ($000) $37,328 (+4.5%) Shares 1,181,624 (+1.3%) Est. Cost $19.11 Unrealized +70.6%

GEV GE Vernova 0.3%

Value ($000) $4,176 (+62.2%) Shares 6,389 (+52.6%) Est. Cost $606.74 Unrealized +0.4%

LEU Centrus Energy Corp 0.6%

Value ($000) $8,123 (+22.3%) Shares 33,462 (+56.2%) Est. Cost $250.26 Unrealized +20.7%

AVAV Aerovironment 0.4%

Value ($000) $6,456 (-17.5%) Shares 26,691 (+7.5%) Est. Cost $262.57 Unrealized +19.7%

CELH Celsius Holdings 0.8%

Value ($000) $11,340 (-10.6%) Shares 247,930 (+12.4%) Est. Cost $44.48 Unrealized +13.3%

LINC Lincoln Educational Services 1.3%

Value ($000) $19,109 (+7.0%) Shares 791,271 (+4.1%) Est. Cost $13.25 Unrealized +64.5%

INSM Insmed Inc 0.2%

Value ($000) $3,533 (+54.8%) Shares 20,301 (+28.1%) Est. Cost $135.66 Unrealized +34.5%

EVLV Evolv Technologies 0.4%

Value ($000) $5,875 (+22.0%) Shares 820,478 (+28.6%) Est. Cost $7.26 Unrealized -2.0%

SARO StandardAero Inc 0.5%

Value ($000) $7,724 (+15.7%) Shares 269,301 (+10.1%) Est. Cost $28.77 Unrealized -5.3%

WING Wingstop 0.4%

Value ($000) $6,115 (+20.3%) Shares 25,642 (+26.9%) Est. Cost $305.37 Unrealized -18.9%

MPTI M-Tron Industries 0.4%

Value ($000) $5,848 (+21.1%) Shares 109,884 (+26.2%) Est. Cost $52.75 Unrealized +0.1%

NOW ServiceNow Inc 0.1%

Value ($000) $1,972 (-33.5%) Shares 12,870 (+299.6%) Est. Cost $156.87 Unrealized +9.4%

AXON Axon Enterprise 0.3%

Value ($000) $3,659 (+36.8%) Shares 6,442 (+72.9%) Est. Cost $594.88 Unrealized +4.3%

CRWD Crowdstrike Holdings Inc 0.1%

Value ($000) $1,794 (+87.6%) Shares 3,828 (+96.2%) Est. Cost $357.09 Unrealized +42.6%

AAON Aaon Inc 0.7%

Value ($000) $10,628 (-3.0%) Shares 139,381 (+18.9%) Est. Cost $83.43 Unrealized +10.6%

BRCB Black Rock Coffee Bar 0.2%

Value ($000) $3,596 (-4.1%) Shares 161,601 (+2.9%) Est. Cost $26.05 Unrealized -11.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATEC	Alphatec Holdings Inc	2,418,298 (+6.1%)	$50,881 (+53.5%)	3.5%	$11.38	+62.6%	COM	02081G201
ADMA	ADMA Biologics	1,100,773 (+178.3%)	$20,078 (+246.2%)	1.4%	$16.96	-0.6%	COM	000899104
CCB	Coastal Financial Corp	178,224 (+130.0%)	$20,423 (+143.6%)	1.4%	$107.75	+1.3%	COM	19046P209
MAMA	Mama's Creations	1,691,395 (+54.5%)	$22,817 (+98.3%)	1.6%	$8.57	+34.1%	COM	56146T103
FROG	JFrog	357,976 (+30.7%)	$22,359 (+72.5%)	1.6%	$45.03	+26.3%	COM	M6191J100
FEIM	Frequency Electronics	219,463 (+200.4%)	$11,816 (+376.9%)	0.8%	$33.79	+8.9%	COM	358010106
KMTS	Kestra Medical Technology	465,845 (+154.5%)	$12,354 (+184.1%)	0.9%	$22.66	+13.6%	COM	G52441105
ADPT	Adaptive Biotechnologies	943,597 (+77.6%)	$15,324 (+92.8%)	1.1%	$13.99	+16.6%	COM	00650F109
KRMN	Karman Holdings	232,320 (+69.4%)	$16,999 (+71.7%)	1.2%	$62.04	+16.7%	COM	485924104
UTI	Universal Technical Institute	1,123,067 (+1.4%)	$29,346 (-18.6%)	2.0%	$19.45	+45.6%	COM	913915104
BROS	Dutch Bros Inc	308,910 (+24.7%)	$18,911 (+45.8%)	1.3%	$47.19	+20.4%	COM	26701L100
ALHC	Alignment Healthcare	2,308,287 (+1.6%)	$45,589 (+15.0%)	3.2%	$13.68	+31.3%	COM	01625V104
TMDX	Transmedics Group Inc	98,468 (+81.2%)	$11,979 (+96.4%)	0.8%	$116.83	+7.4%	COM	89377M109
PKE	Park AeroSpace	526,054 (+93.0%)	$11,226 (+102.5%)	0.8%	$19.00	+4.9%	COM	70014A104
APLD	Applied Digital Corp	797,237 (+30.7%)	$19,548 (+39.7%)	1.4%	$18.09	+59.2%	COM	038169207
LGN	Legence Corp	242,045 (+53.1%)	$10,418 (+113.9%)	0.7%	$34.27	+15.3%	COM	52476L109
INOD	Innodata Inc	365,835 (+107.5%)	$18,639 (+37.1%)	1.3%	$48.92	+33.3%	COM	457642205
WULF	Terawulf Inc	1,180,535 (+52.9%)	$13,564 (+53.8%)	0.9%	$9.63	+39.1%	COM	88080T104
OWLT	Owlet Inc	484,908 (+18.4%)	$7,851 (+126.3%)	0.5%	$7.26	+56.1%	COM	69120X206
—	FTAI Aviation	117,912 (+3.1%)	$23,211 (+21.7%)	1.6%	$128.02	—	COM	G3730v105
LSCC	Lattice Semiconductor Corp	310,945 (+19.6%)	$22,879 (+20.0%)	1.6%	$58.50	—	COM	518415104
GLBE	Global-E Online	274,708 (+38.6%)	$10,799 (+52.3%)	0.7%	$38.00	-2.4%	COM	M5216V106
AAPL	Apple Computer Inc	79,402 (+10.9%)	$21,586 (+18.4%)	1.5%	$168.37	+59.4%	COM	037833100
NTSK	Netskope	578,365 (+87.1%)	$10,145 (+44.4%)	0.7%	$22.42	-7.0%	COM	64119N608
AEHR	Aehr Test Systems	552,506 (+99.9%)	$11,155 (+34.1%)	0.8%	$22.92	+5.5%	COM	00760J108
MIRM	Mirum Pharmaceuticals	368,035 (+2.0%)	$29,071 (+9.9%)	2.0%	$52.08	+37.8%	COM	604749101
SIBN	SI-BONE Inc	141,998 (+508.4%)	$2,800 (+715.0%)	0.2%	$17.24	+0.8%	COM	825704109
OPRX	Optimizerx Corp	505,407 (+139.8%)	$6,196 (+43.4%)	0.4%	$16.14	+1.2%	COM	68401U204
HOOD	Robinhood Markets	36,767 (+116.8%)	$4,158 (+71.3%)	0.3%	$120.37	+8.0%	COM	770700102
PAY	Paymentus Holdings	1,181,624 (+1.3%)	$37,328 (+4.5%)	2.6%	$19.11	+70.6%	COM	70439P108
GEV	GE Vernova	6,389 (+52.6%)	$4,176 (+62.2%)	0.3%	$606.74	+0.4%	COM	36828A101
LEU	Centrus Energy Corp	33,462 (+56.2%)	$8,123 (+22.3%)	0.6%	$250.26	+20.7%	COM	15643U104
AVAV	Aerovironment	26,691 (+7.5%)	$6,456 (-17.5%)	0.4%	$262.57	+19.7%	COM	008073108
CELH	Celsius Holdings	247,930 (+12.4%)	$11,340 (-10.6%)	0.8%	$44.48	+13.3%	COM	15118V207
LINC	Lincoln Educational Services	791,271 (+4.1%)	$19,109 (+7.0%)	1.3%	$13.25	+64.5%	COM	533535100
INSM	Insmed Inc	20,301 (+28.1%)	$3,533 (+54.8%)	0.2%	$135.66	+34.5%	COM	457669307
EVLV	Evolv Technologies	820,478 (+28.6%)	$5,875 (+22.0%)	0.4%	$7.26	-2.0%	COM	30049H102
SARO	StandardAero Inc	269,301 (+10.1%)	$7,724 (+15.7%)	0.5%	$28.77	-5.3%	COM	85423L103
WING	Wingstop	25,642 (+26.9%)	$6,115 (+20.3%)	0.4%	$305.37	-18.9%	COM	974155103
MPTI	M-Tron Industries	109,884 (+26.2%)	$5,848 (+21.1%)	0.4%	$52.75	+0.1%	COM	55380K109
NOW	ServiceNow Inc	12,870 (+299.6%)	$1,972 (-33.5%)	0.1%	$156.87	+9.4%	COM	81762P102
AXON	Axon Enterprise	6,442 (+72.9%)	$3,659 (+36.8%)	0.3%	$594.88	+4.3%	COM	05464C101
CRWD	Crowdstrike Holdings Inc	3,828 (+96.2%)	$1,794 (+87.6%)	0.1%	$357.09	+42.6%	COM	22788C105
AAON	Aaon Inc	139,381 (+18.9%)	$10,628 (-3.0%)	0.7%	$83.43	+10.6%	COM	000360206
BRCB	Black Rock Coffee Bar	161,601 (+2.9%)	$3,596 (-4.1%)	0.2%	$26.05	-11.0%	COM	092244102

Exited Positions (20)

AGX Argan Inc 1.2%

Value ($000) $17,814 Shares 65,964 Est. Cost $150.16 Unrealized +111.0%

AVPT Avepoint Inc 1.1%

Value ($000) $15,440 Shares 1,028,663 Est. Cost $16.03 Unrealized -13.8%

ELF ELF Beauty 0.7%

Value ($000) $10,201 Shares 77,004 Est. Cost $86.96 Unrealized +13.2%

TOL Toll Brothers Inc 0.7%

Value ($000) $10,070 Shares 72,900 Est. Cost $130.53 Unrealized +4.0%

PRCH Porch Group 0.6%

Value ($000) $8,758 Shares 521,909 Est. Cost $15.34 Unrealized -21.5%

AMSC American Superconductor 0.5%

Value ($000) $7,615 Shares 128,220 Est. Cost $49.99 Unrealized -13.5%

QTWO Q2 Holdings 0.4%

Value ($000) $6,475 Shares 89,446 Est. Cost $39.98 Unrealized +71.7%

WAL Western Alliance Bancorp 0.4%

Value ($000) $6,461 Shares 74,509 Est. Cost $80.65 Unrealized -0.0%

BLND Blend Labs 0.4%

Value ($000) $6,443 Shares 1,765,108 Est. Cost $3.36 Unrealized -5.1%

TTAN ServiceTitan 0.4%

Value ($000) $6,167 Shares 61,166 Est. Cost $111.68 Unrealized -12.5%

KVYO Klaviyo Inc 0.4%

Value ($000) $5,521 Shares 199,397 Est. Cost $32.29 Unrealized -13.3%

ALKT Alkami Technology 0.4%

Value ($000) $5,353 Shares 215,490 Est. Cost $23.67 Unrealized -6.8%

TWFG TWFG Inc 0.3%

Value ($000) $3,933 Shares 143,340 Est. Cost $27.82 Unrealized -2.3%

KNX Knight-Swift Transportation Ho 0.2%

Value ($000) $3,529 Shares 89,330 Est. Cost $51.46 Unrealized -9.1%

KRUS Kura Sushi USA 0.2%

Value ($000) $3,069 Shares 51,666 Est. Cost $89.46 Unrealized -39.0%

INTA Intapp 0.2%

Value ($000) $2,444 Shares 59,757 Est. Cost $41.16 Unrealized +0.8%

AMPX Amprius Technologies 0.2%

Value ($000) $2,405 Shares 228,628 Est. Cost $7.87 Unrealized +45.3%

SPOT Spotify Technology 0.1%

Value ($000) $2,134 Shares 3,058 Est. Cost $558.87 Unrealized +11.9%

NFLX Netflix.com 0.1%

Value ($000) $1,955 Shares 1,631 Est. Cost $63.46 Unrealized +69.9%

PGR Progressive Corp 0.1%

Value ($000) $976 Shares 3,954 Est. Cost $182.40 Unrealized +16.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AGX	Argan Inc	65,964	$17,814	1.2%	$150.16	+111.0%	—	04010E109
AVPT	Avepoint Inc	1,028,663	$15,440	1.1%	$16.03	-13.8%	—	053604104
ELF	ELF Beauty	77,004	$10,201	0.7%	$86.96	+13.2%	—	26856L103
TOL	Toll Brothers Inc	72,900	$10,070	0.7%	$130.53	+4.0%	—	889478103
PRCH	Porch Group	521,909	$8,758	0.6%	$15.34	-21.5%	—	733245104
AMSC	American Superconductor	128,220	$7,615	0.5%	$49.99	-13.5%	—	030111207
QTWO	Q2 Holdings	89,446	$6,475	0.4%	$39.98	+71.7%	—	74736L109
WAL	Western Alliance Bancorp	74,509	$6,461	0.4%	$80.65	-0.0%	—	957638109
BLND	Blend Labs	1,765,108	$6,443	0.4%	$3.36	-5.1%	—	09352U108
TTAN	ServiceTitan	61,166	$6,167	0.4%	$111.68	-12.5%	—	81764X103
KVYO	Klaviyo Inc	199,397	$5,521	0.4%	$32.29	-13.3%	—	49845K101
ALKT	Alkami Technology	215,490	$5,353	0.4%	$23.67	-6.8%	—	01644J108
TWFG	TWFG Inc	143,340	$3,933	0.3%	$27.82	-2.3%	—	87318A101
KNX	Knight-Swift Transportation Ho	89,330	$3,529	0.2%	$51.46	-9.1%	—	499049104
KRUS	Kura Sushi USA	51,666	$3,069	0.2%	$89.46	-39.0%	—	501270102
INTA	Intapp	59,757	$2,444	0.2%	$41.16	+0.8%	—	45827U109
AMPX	Amprius Technologies	228,628	$2,405	0.2%	$7.87	+45.3%	—	03214Q108
SPOT	Spotify Technology	3,058	$2,134	0.1%	$558.87	+11.9%	—	L8681T102
NFLX	Netflix.com	1,631	$1,955	0.1%	$63.46	+69.9%	—	64110L106
PGR	Progressive Corp	3,954	$976	0.1%	$182.40	+16.4%	—	743315103

Decreased Positions (35)

PI Impinj Inc 0.2%

Value ($000) $3,035 (-84.0%) Shares 17,444 (-83.3%) Est. Cost $157.69 Unrealized +13.0%

PGY Pagaya Technologies 0.4%

Value ($000) $5,929 (-69.8%) Shares 283,680 (-57.1%) Est. Cost $32.30 Unrealized -21.1%

OLLI Ollie's Bargain Outlet 0.6%

Value ($000) $9,335 (-56.7%) Shares 85,167 (-49.3%) Est. Cost $98.61 Unrealized +22.3%

LMB Limbach Holdings 0.2%

Value ($000) $2,988 (-80.2%) Shares 38,381 (-75.3%) Est. Cost $88.03 Unrealized -6.5%

KNSL Kinsale Capital Group 0.5%

Value ($000) $6,975 (-58.8%) Shares 17,833 (-55.2%) Est. Cost $155.69 Unrealized +161.9%

COHR Coherent Corp 1.3%

Value ($000) $18,368 (+66.1%) Shares 99,517 (-3.1%) Est. Cost $64.01 Unrealized +133.7%

MP MP Materials Corp 0.5%

Value ($000) $6,635 (-51.3%) Shares 131,327 (-35.3%) Est. Cost $62.91 Unrealized +0.8%

BE Bloom Energy Corp 0.3%

Value ($000) $3,977 (-58.6%) Shares 45,776 (-59.7%) Est. Cost $46.44 Unrealized +126.3%

STRL Sterling Infrastruture 1.7%

Value ($000) $25,092 (-18.0%) Shares 81,939 (-9.0%) Est. Cost $152.33 Unrealized +126.2%

MYRG MYR Group Inc 2.0%

Value ($000) $28,950 (-15.7%) Shares 132,496 (-19.7%) Est. Cost $142.35 Unrealized +52.9%

GLDD Great Lakes Dredge & Doc 0.0%

Value ($000) $400 (-92.5%) Shares 30,520 (-93.2%) Est. Cost $9.29 Unrealized +32.6%

SITM Sitime Corp 1.0%

Value ($000) $13,845 (-25.6%) Shares 39,199 (-36.6%) Est. Cost $193.66 Unrealized +61.6%

SAIA Saia Inc 0.7%

Value ($000) $10,037 (-32.1%) Shares 30,739 (-37.7%) Est. Cost $253.99 Unrealized +19.0%

BA Boeing Co 0.2%

Value ($000) $2,352 (-66.2%) Shares 10,834 (-66.4%) Est. Cost $209.45 Unrealized -1.8%

COST Costco Wholesale Corp 0.1%

Value ($000) $1,933 (-66.8%) Shares 2,242 (-64.3%) Est. Cost $382.13 Unrealized +137.0%

CRDO Credo Technology Group Holding 0.7%

Value ($000) $10,106 (-21.6%) Shares 70,232 (-20.7%) Est. Cost $23.59 Unrealized +551.8%

GSHD Goosehead Insurance 0.1%

Value ($000) $1,919 (-58.8%) Shares 26,050 (-58.4%) Est. Cost $79.26 Unrealized -10.1%

WAY Waystar Holdings 0.5%

Value ($000) $7,763 (-26.0%) Shares 237,035 (-14.4%) Est. Cost $29.64 Unrealized +20.2%

RBC RBC Bearings Inc 1.1%

Value ($000) $16,486 (-14.0%) Shares 36,764 (-25.1%) Est. Cost $204.91 Unrealized +106.7%

WGS GeneDx Holdings 1.6%

Value ($000) $22,554 (-10.6%) Shares 173,411 (-25.9%) Est. Cost $64.41 Unrealized +113.1%

CRS Carpenter Technology 1.3%

Value ($000) $18,435 (+16.5%) Shares 58,555 (-9.1%) Est. Cost $177.81 Unrealized +69.0%

ATRO Astronics Corp 4.0%

Value ($000) $57,907 (+4.6%) Shares 1,067,612 (-12.1%) Est. Cost $14.70 Unrealized +242.2%

PL Planet Labs PBC 1.5%

Value ($000) $21,005 (-9.0%) Shares 1,065,166 (-40.1%) Est. Cost $7.71 Unrealized +85.8%

META Meta Platforms, Inc. 0.4%

Value ($000) $6,062 (-24.5%) Shares 9,183 (-16.0%) Est. Cost $463.96 Unrealized +43.8%

IRTC iRhythm Holdings 2.1%

Value ($000) $30,668 (-5.7%) Shares 172,838 (-8.6%) Est. Cost $107.64 Unrealized +64.6%

PEN Penumbra 1.0%

Value ($000) $14,871 (+13.0%) Shares 47,830 (-7.9%) Est. Cost $269.99 Unrealized +2.3%

ASIC Ategrity Specialty Holdings 0.2%

Value ($000) $3,018 (-33.2%) Shares 143,657 (-37.1%) Est. Cost $22.88 Unrealized -17.4%

PWR Quanta Services 0.2%

Value ($000) $2,320 (-36.7%) Shares 5,496 (-37.8%) Est. Cost $124.49 Unrealized +252.9%

GOOGL Alphabet Inc-Cl A 0.7%

Value ($000) $10,734 (+12.6%) Shares 34,294 (-12.5%) Est. Cost $156.84 Unrealized +82.1%

BSX Boston Scientific Corp 0.1%

Value ($000) $972 (-48.2%) Shares 10,198 (-47.0%) Est. Cost $90.42 Unrealized +8.4%

MTSI MACOM Technology Solutions Hol 1.5%

Value ($000) $21,490 (+4.4%) Shares 125,466 (-24.1%) Est. Cost $66.29 Unrealized +139.4%

TSLA Tesla Motors Inc 0.3%

Value ($000) $4,831 (-13.1%) Shares 10,742 (-14.0%) Est. Cost $302.26 Unrealized +46.7%

NVDA Nvidia Corporation 1.6%

Value ($000) $23,164 (-2.8%) Shares 124,203 (-2.8%) Est. Cost $106.04 Unrealized +75.5%

GWRE Guidewire Software 0.1%

Value ($000) $1,999 (-25.0%) Shares 9,943 (-14.3%) Est. Cost $114.42 Unrealized +93.3%

MPTI/WS M-Tron Industries - Warrants 0.0%

Value ($000) $28 (-77.3%) Shares 27,967 (-60.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PI	Impinj Inc	17,444 (-83.3%)	$3,035 (-84.0%)	0.2%	$157.69	+13.0%	COM	453204109
PGY	Pagaya Technologies	283,680 (-57.1%)	$5,929 (-69.8%)	0.4%	$32.30	-21.1%	COM	M7S64L123
OLLI	Ollie's Bargain Outlet	85,167 (-49.3%)	$9,335 (-56.7%)	0.6%	$98.61	+22.3%	COM	681116109
LMB	Limbach Holdings	38,381 (-75.3%)	$2,988 (-80.2%)	0.2%	$88.03	-6.5%	COM	53263P105
KNSL	Kinsale Capital Group	17,833 (-55.2%)	$6,975 (-58.8%)	0.5%	$155.69	+161.9%	COM	49714P108
COHR	Coherent Corp	99,517 (-3.1%)	$18,368 (+66.1%)	1.3%	$64.01	+133.7%	COM	19247G107
MP	MP Materials Corp	131,327 (-35.3%)	$6,635 (-51.3%)	0.5%	$62.91	+0.8%	COM	553368101
BE	Bloom Energy Corp	45,776 (-59.7%)	$3,977 (-58.6%)	0.3%	$46.44	+126.3%	COM	093712107
STRL	Sterling Infrastruture	81,939 (-9.0%)	$25,092 (-18.0%)	1.7%	$152.33	+126.2%	COM	859241101
MYRG	MYR Group Inc	132,496 (-19.7%)	$28,950 (-15.7%)	2.0%	$142.35	+52.9%	COM	55405W104
GLDD	Great Lakes Dredge & Doc	30,520 (-93.2%)	$400 (-92.5%)	0.0%	$9.29	+32.6%	COM	390607109
SITM	Sitime Corp	39,199 (-36.6%)	$13,845 (-25.6%)	1.0%	$193.66	+61.6%	COM	82982T106
SAIA	Saia Inc	30,739 (-37.7%)	$10,037 (-32.1%)	0.7%	$253.99	+19.0%	COM	78709Y105
BA	Boeing Co	10,834 (-66.4%)	$2,352 (-66.2%)	0.2%	$209.45	-1.8%	COM	097023105
COST	Costco Wholesale Corp	2,242 (-64.3%)	$1,933 (-66.8%)	0.1%	$382.13	+137.0%	COM	22160K105
CRDO	Credo Technology Group Holding	70,232 (-20.7%)	$10,106 (-21.6%)	0.7%	$23.59	+551.8%	COM	G25457105
GSHD	Goosehead Insurance	26,050 (-58.4%)	$1,919 (-58.8%)	0.1%	$79.26	-10.1%	COM	38267D109
WAY	Waystar Holdings	237,035 (-14.4%)	$7,763 (-26.0%)	0.5%	$29.64	+20.2%	COM	946784105
RBC	RBC Bearings Inc	36,764 (-25.1%)	$16,486 (-14.0%)	1.1%	$204.91	+106.7%	COM	75524B104
WGS	GeneDx Holdings	173,411 (-25.9%)	$22,554 (-10.6%)	1.6%	$64.41	+113.1%	COM	81663L200
CRS	Carpenter Technology	58,555 (-9.1%)	$18,435 (+16.5%)	1.3%	$177.81	+69.0%	COM	144285103
ATRO	Astronics Corp	1,067,612 (-12.1%)	$57,907 (+4.6%)	4.0%	$14.70	+242.2%	COM	046433108
PL	Planet Labs PBC	1,065,166 (-40.1%)	$21,005 (-9.0%)	1.5%	$7.71	+85.8%	COM	72703X106
META	Meta Platforms, Inc.	9,183 (-16.0%)	$6,062 (-24.5%)	0.4%	$463.96	+43.8%	COM	30303M102
IRTC	iRhythm Holdings	172,838 (-8.6%)	$30,668 (-5.7%)	2.1%	$107.64	+64.6%	COM	450056106
PEN	Penumbra	47,830 (-7.9%)	$14,871 (+13.0%)	1.0%	$269.99	+2.3%	COM	70975L107
ASIC	Ategrity Specialty Holdings	143,657 (-37.1%)	$3,018 (-33.2%)	0.2%	$22.88	-17.4%	COM	04681Y103
PWR	Quanta Services	5,496 (-37.8%)	$2,320 (-36.7%)	0.2%	$124.49	+252.9%	COM	74762E102
GOOGL	Alphabet Inc-Cl A	34,294 (-12.5%)	$10,734 (+12.6%)	0.7%	$156.84	+82.1%	COM	02079K305
BSX	Boston Scientific Corp	10,198 (-47.0%)	$972 (-48.2%)	0.1%	$90.42	+8.4%	COM	101137107
MTSI	MACOM Technology Solutions Hol	125,466 (-24.1%)	$21,490 (+4.4%)	1.5%	$66.29	+139.4%	COM	55405Y100
TSLA	Tesla Motors Inc	10,742 (-14.0%)	$4,831 (-13.1%)	0.3%	$302.26	+46.7%	COM	88160R101
NVDA	Nvidia Corporation	124,203 (-2.8%)	$23,164 (-2.8%)	1.6%	$106.04	+75.5%	COM	67066G104
GWRE	Guidewire Software	9,943 (-14.3%)	$1,999 (-25.0%)	0.1%	$114.42	+93.3%	COM	40171V100
MPTI/WS	M-Tron Industries - Warrants	27,967 (-60.2%)	$28 (-77.3%)	0.0%	—	—	WT	55380K125

Unchanged Positions (24)

XMTR Xometry Inc 3.3%

Value ($000) $47,791 Shares 803,613 Est. Cost $30.77 Unrealized +83.2%

AORT Artivion Inc 3.3%

Value ($000) $47,635 Shares 1,044,395 Est. Cost $27.01 Unrealized +64.9%

AIP Arteris 0.5%

Value ($000) $7,647 Shares 493,367 Est. Cost $8.49 Unrealized +70.8%

MSFT Microsoft Corp. 1.5%

Value ($000) $20,898 Shares 43,212 Est. Cost $267.02 Unrealized +87.5%

AGYS Agilysys 0.7%

Value ($000) $9,863 Shares 82,990 Est. Cost $90.25 Unrealized +33.4%

ORN Orion Group Holdings 0.5%

Value ($000) $6,636 Shares 667,654 Est. Cost $8.06 Unrealized +20.3%

ORCL Oracle Corporation 0.2%

Value ($000) $2,219 Shares 11,385 Est. Cost $254.17 Unrealized -6.3%

MDB MongoDB 0.3%

Value ($000) $3,766 Shares 8,974 Est. Cost $257.06 Unrealized +41.5%

GS Goldman Sachs Group Com 0.5%

Value ($000) $6,816 Shares 7,754 Est. Cost $388.05 Unrealized +109.6%

AMZN Amazon.Com 0.8%

Value ($000) $11,872 Shares 51,436 Est. Cost $142.61 Unrealized +60.4%

LOAR Loar Holdings 0.2%

Value ($000) $3,130 Shares 46,036 Est. Cost $54.19 Unrealized +34.5%

AVGO Broadcom 0.8%

Value ($000) $11,003 Shares 31,792 Est. Cost $231.35 Unrealized +54.3%

CAT Caterpillar 0.2%

Value ($000) $2,879 Shares 5,026 Est. Cost $330.84 Unrealized +67.9%

SHOP Shopify Inc 0.4%

Value ($000) $6,123 Shares 38,036 Est. Cost $104.16 Unrealized +54.1%

APP Applovin 0.4%

Value ($000) $5,519 Shares 8,190 Est. Cost $282.92 Unrealized +122.7%

BLFS Biolife Solutions 0.4%

Value ($000) $6,359 Shares 262,971 Est. Cost $24.07 Unrealized +8.7%

VRT Vertiv Holdings 0.4%

Value ($000) $5,364 Shares 33,111 Est. Cost $64.16 Unrealized +170.6%

HWM Howmet Aerospace 0.5%

Value ($000) $6,586 Shares 32,122 Est. Cost $99.39 Unrealized +100.2%

CVNA Carvana 0.2%

Value ($000) $2,365 Shares 5,604 Est. Cost $221.24 Unrealized +68.0%

SNOW Snowflake Inc 0.4%

Value ($000) $5,587 Shares 25,469 Est. Cost $169.70 Unrealized +43.8%

ZETA Zeta Global 0.5%

Value ($000) $7,582 Shares 372,581 Est. Cost $17.96 Unrealized +4.0%

V Visa Inc 0.2%

Value ($000) $3,360 Shares 9,580 Est. Cost $145.89 Unrealized +133.3%

BWB Bridgewater Bancshares 0.4%

Value ($000) $5,943 Shares 339,012 Est. Cost $14.96 Unrealized +16.0%

MA Mastercard Inc 0.2%

Value ($000) $2,919 Shares 5,113 Est. Cost $131.36 Unrealized +325.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XMTR	Xometry Inc	803,613	$47,791	3.3%	$30.77	+83.2%	COM	98423F109
AORT	Artivion Inc	1,044,395	$47,635	3.3%	$27.01	+64.9%	COM	228903100
AIP	Arteris	493,367	$7,647	0.5%	$8.49	+70.8%	COM	04302A104
MSFT	Microsoft Corp.	43,212	$20,898	1.5%	$267.02	+87.5%	COM	594918104
AGYS	Agilysys	82,990	$9,863	0.7%	$90.25	+33.4%	COM	00847J105
ORN	Orion Group Holdings	667,654	$6,636	0.5%	$8.06	+20.3%	COM	68628V308
ORCL	Oracle Corporation	11,385	$2,219	0.2%	$254.17	-6.3%	COM	68389X105
MDB	MongoDB	8,974	$3,766	0.3%	$257.06	+41.5%	COM	60937P106
GS	Goldman Sachs Group Com	7,754	$6,816	0.5%	$388.05	+109.6%	COM	38141G104
AMZN	Amazon.Com	51,436	$11,872	0.8%	$142.61	+60.4%	COM	023135106
LOAR	Loar Holdings	46,036	$3,130	0.2%	$54.19	+34.5%	COM	53947R105
AVGO	Broadcom	31,792	$11,003	0.8%	$231.35	+54.3%	COM	11135F101
CAT	Caterpillar	5,026	$2,879	0.2%	$330.84	+67.9%	COM	149123101
SHOP	Shopify Inc	38,036	$6,123	0.4%	$104.16	+54.1%	COM	82509L107
APP	Applovin	8,190	$5,519	0.4%	$282.92	+122.7%	COM	03831W108
BLFS	Biolife Solutions	262,971	$6,359	0.4%	$24.07	+8.7%	COM	09062W204
VRT	Vertiv Holdings	33,111	$5,364	0.4%	$64.16	+170.6%	COM	92537N108
HWM	Howmet Aerospace	32,122	$6,586	0.5%	$99.39	+100.2%	COM	443201108
CVNA	Carvana	5,604	$2,365	0.2%	$221.24	+68.0%	COM	146869102
SNOW	Snowflake Inc	25,469	$5,587	0.4%	$169.70	+43.8%	COM	833445109
ZETA	Zeta Global	372,581	$7,582	0.5%	$17.96	+4.0%	COM	98956A105
V	Visa Inc	9,580	$3,360	0.2%	$145.89	+133.3%	COM	92826C839
BWB	Bridgewater Bancshares	339,012	$5,943	0.4%	$14.96	+16.0%	COM	108621103
MA	Mastercard Inc	5,113	$2,919	0.2%	$131.36	+325.5%	COM	57636Q104