THORNBURG INVESTMENT MANAGEMENT INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	45,404	$48,795	0.6%	$955.55	0.0%	COM	532457108
MMYT	MAKEMYTRIP LIMITED MAURITIUS	159,711	$13,115	0.2%	$82.03	0.0%	SHS	V5633W109
CLBT	CELLEBRITE DI LTD	440,624	$7,944	0.1%	$17.96	0.0%	ORDINARY SHARES	M2197Q107
XP	XP INC	450,131	$7,369	0.1%	$17.61	0.0%	CL A	G98239109
NTSK	NETSKOPE INC	302,288	$5,302	0.1%	$20.86	0.0%	CL A	64119N608
MIR	MIRION TECHNOLOGIES INC	226,209	$5,298	0.1%	$24.94	0.0%	COM CL A	60471A101
CSTM	CONSTELLIUM SE	251,735	$4,745	0.1%	$16.60	0.0%	CL A SHS	F21107101
ENTG	ENTEGRIS INC	51,267	$4,319	0.1%	$86.76	0.0%	COM	29362U104
AVAV	AEROVIRONMENT INC	14,051	$3,399	0.0%	$314.38	0.0%	COM	008073108
CCB	COASTAL FINL CORP WA	19,252	$2,206	0.0%	$109.10	0.0%	COM NEW	19046P209

Increased Positions (47)

MRK MERCK & CO INC 5.0%

Value ($000) $392,480 (+32.8%) Shares 3,728,673 (+5.9%) Est. Cost $74.77 Unrealized +24.7%

T AT&T INC 9.1%

Value ($000) $721,466 (-9.6%) Shares 29,044,508 (+2.8%) Est. Cost $15.73 Unrealized +60.7%

FCX FREEPORT-MCMORAN INC 1.8%

Value ($000) $141,948 (+95.1%) Shares 2,794,794 (+50.7%) Est. Cost $40.52 Unrealized +6.9%

RF REGIONS FINANCIAL CORP NEW 2.1%

Value ($000) $168,849 (+38.5%) Shares 6,230,601 (+34.7%) Est. Cost $14.91 Unrealized +70.2%

CSCO CISCO SYS INC 2.8%

Value ($000) $221,002 (+23.7%) Shares 2,869,033 (+9.8%) Est. Cost $46.65 Unrealized +58.2%

BZ KANZHUN LIMITED 1.6%

Value ($000) $124,665 (+38.6%) Shares 6,117,010 (+58.8%) Est. Cost $18.33 Unrealized —

ALC ALCON AG 1.7%

Value ($000) $138,081 (+29.1%) Shares 1,747,719 (+21.7%) Est. Cost $83.37 Unrealized -7.6%

SOBO SOUTH BOW CORP 1.0%

Value ($000) $77,840 (+37.8%) Shares 2,829,875 (+41.7%) Est. Cost $25.64 Unrealized +6.0%

PFE PFIZER INC 0.7%

Value ($000) $54,841 (+48.5%) Shares 2,202,459 (+52.0%) Est. Cost $27.32 Unrealized -8.4%

ADBE ADOBE INC 0.4%

Value ($000) $34,714 (+68.7%) Shares 99,185 (+70.0%) Est. Cost $351.07 Unrealized -3.1%

SE SEA LTD 0.5%

Value ($000) $41,311 (-25.1%) Shares 323,829 (+4.9%) Est. Cost $76.60 Unrealized —

BABA ALIBABA GROUP HLDG LTD 1.1%

Value ($000) $85,607 (-13.4%) Shares 584,028 (+5.5%) Est. Cost $73.10 Unrealized —

CME CME GROUP INC 4.0%

Value ($000) $313,097 (+4.3%) Shares 1,146,539 (+3.2%) Est. Cost $101.55 Unrealized +166.6%

AER AERCAP HOLDINGS NV 0.2%

Value ($000) $16,783 (+92.0%) Shares 116,740 (+61.6%) Est. Cost $122.65 Unrealized +8.0%

AMD ADVANCED MICRO DEVICES INC 0.3%

Value ($000) $26,394 (+42.8%) Shares 123,243 (+7.9%) Est. Cost $126.06 Unrealized +78.2%

MRX MAREX GROUP PLC 0.5%

Value ($000) $42,278 (+19.8%) Shares 1,102,143 (+5.0%) Est. Cost $35.43 Unrealized -4.2%

MU MICRON TECHNOLOGY INC 0.1%

Value ($000) $7,543 (+478.6%) Shares 26,428 (+239.2%) Est. Cost $176.65 Unrealized +29.8%

MTSI MACOM TECH SOLUTIONS HLDGS I 0.2%

Value ($000) $15,867 (+44.7%) Shares 92,639 (+5.2%) Est. Cost $93.05 Unrealized +70.6%

TTAN SERVICETITAN INC 0.2%

Value ($000) $13,223 (+58.6%) Shares 124,159 (+50.1%) Est. Cost $105.70 Unrealized -7.6%

SN SHARKNINJA INC 0.3%

Value ($000) $21,145 (+22.2%) Shares 188,960 (+12.7%) Est. Cost $58.04 Unrealized +69.8%

ING ING GROEP N.V. 0.2%

Value ($000) $17,717 (+24.3%) Shares 632,753 (+15.8%) Est. Cost $55.26 Unrealized —

CASY CASEYS GEN STORES INC 0.1%

Value ($000) $7,749 (+54.8%) Shares 14,020 (+58.3%) Est. Cost $532.10 Unrealized +3.3%

MNDY MONDAY COM LTD 0.1%

Value ($000) $6,155 (+49.2%) Shares 41,714 (+95.8%) Est. Cost $173.01 Unrealized -2.7%

PJT PJT PARTNERS INC 0.1%

Value ($000) $8,956 (+22.9%) Shares 53,566 (+30.6%) Est. Cost $100.64 Unrealized +69.8%

VEU VANGUARD INTL EQUITY INDEX F 0.0%

Value ($000) $1,718 (+541.8%) Shares 23,356 (+522.7%) Est. Cost $71.16 Unrealized —

BMRN BIOMARIN PHARMACEUTICAL INC 0.1%

Value ($000) $5,392 (+36.1%) Shares 90,730 (+24.0%) Est. Cost $90.38 Unrealized -39.8%

ACWX ISHARES TR 0.2%

Value ($000) $16,134 (+8.2%) Shares 240,341 (+4.8%) Est. Cost $61.33 Unrealized —

BROS DUTCH BROS INC 0.1%

Value ($000) $5,252 (+29.1%) Shares 85,792 (+10.4%) Est. Cost $63.37 Unrealized -10.3%

GLOB GLOBANT S A 0.0%

Value ($000) $2,438 (+82.8%) Shares 37,296 (+60.5%) Est. Cost $143.20 Unrealized -56.1%

AVTR AVANTOR INC 0.1%

Value ($000) $6,612 (+18.9%) Shares 576,959 (+29.4%) Est. Cost $23.32 Unrealized -47.2%

NOW SERVICENOW INC 0.1%

Value ($000) $4,570 (-16.8%) Shares 29,835 (+400.0%) Est. Cost $162.04 Unrealized +5.9%

SARO STANDARDAERO INC 0.1%

Value ($000) $6,668 (+15.4%) Shares 232,502 (+9.8%) Est. Cost $26.82 Unrealized +1.5%

CIM CHIMERA INVT CORP 0.8%

Value ($000) $65,487 (-1.3%) Shares 5,268,481 (+5.0%) Est. Cost $15.63 Unrealized —

EFA ISHARES TR 0.1%

Value ($000) $6,446 (+15.3%) Shares 67,126 (+12.1%) Est. Cost $82.06 Unrealized —

CIGI COLLIERS INTL GROUP INC 0.0%

Value ($000) $1,094 (+319.3%) Shares 7,439 (+346.0%) Est. Cost $150.90 Unrealized -0.5%

INSP INSPIRE MED SYS INC 0.0%

Value ($000) $2,324 (+53.8%) Shares 25,197 (+23.7%) Est. Cost $231.08 Unrealized -58.6%

CELH CELSIUS HLDGS INC 0.1%

Value ($000) $5,167 (-9.3%) Shares 112,954 (+13.9%) Est. Cost $39.58 Unrealized +27.3%

VRRM VERRA MOBILITY CORP 0.1%

Value ($000) $7,991 (+5.2%) Shares 356,591 (+15.9%) Est. Cost $24.46 Unrealized -6.7%

VXUS VANGUARD STAR FDS 0.0%

Value ($000) $733 (+88.7%) Shares 9,722 (+83.7%) Est. Cost $71.98 Unrealized —

TW TRADEWEB MKTS INC 0.0%

Value ($000) $3,415 (+7.4%) Shares 31,760 (+10.8%) Est. Cost $75.00 Unrealized +43.1%

SLB SCHLUMBERGER LTD 0.0%

Value ($000) $1,359 (+15.9%) Shares 35,406 (+3.8%) Est. Cost $40.34 Unrealized -10.6%

CRDO CREDO TECHNOLOGY GROUP HOLDI 0.1%

Value ($000) $7,908 (+2.4%) Shares 54,962 (+3.6%) Est. Cost $22.24 Unrealized +591.4%

ITT ITT INC 0.2%

Value ($000) $17,933 (-0.4%) Shares 103,356 (+2.6%) Est. Cost $85.16 Unrealized +110.4%

KOF COCA-COLA FEMSA SAB DE CV 0.0%

Value ($000) $435 (+15.2%) Shares 4,594 (+1.1%) Est. Cost $96.71 Unrealized —

SAP SAP SE 0.1%

Value ($000) $4,673 (+0.9%) Shares 19,238 (+11.0%) Est. Cost $24.09 Unrealized —

IOT SAMSARA INC 0.0%

Value ($000) $3,238 (-0.3%) Shares 91,335 (+4.8%) Est. Cost $40.76 Unrealized -5.0%

ITUB ITAU UNIBANCO HLDG S A 0.0%

Value ($000) $308 (-0.9%) Shares 42,993 (+1.6%) Est. Cost $11.84 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRK	MERCK & CO INC	3,728,673 (+5.9%)	$392,480 (+32.8%)	5.0%	$74.77	+24.7%	COM	58933Y105
T	AT&T INC	29,044,508 (+2.8%)	$721,466 (-9.6%)	9.1%	$15.73	+60.7%	COM	00206R102
FCX	FREEPORT-MCMORAN INC	2,794,794 (+50.7%)	$141,948 (+95.1%)	1.8%	$40.52	+6.9%	CL B	35671D857
RF	REGIONS FINANCIAL CORP NEW	6,230,601 (+34.7%)	$168,849 (+38.5%)	2.1%	$14.91	+70.2%	COM	7591EP100
CSCO	CISCO SYS INC	2,869,033 (+9.8%)	$221,002 (+23.7%)	2.8%	$46.65	+58.2%	COM	17275R102
BZ	KANZHUN LIMITED	6,117,010 (+58.8%)	$124,665 (+38.6%)	1.6%	$18.33	—	SPONSORED ADS	48553T106
ALC	ALCON AG	1,747,719 (+21.7%)	$138,081 (+29.1%)	1.7%	$83.37	-7.6%	ORD SHS	H01301128
SOBO	SOUTH BOW CORP	2,829,875 (+41.7%)	$77,840 (+37.8%)	1.0%	$25.64	+6.0%	COM	83671M105
PFE	PFIZER INC	2,202,459 (+52.0%)	$54,841 (+48.5%)	0.7%	$27.32	-8.4%	COM	717081103
ADBE	ADOBE INC	99,185 (+70.0%)	$34,714 (+68.7%)	0.4%	$351.07	-3.1%	COM	00724F101
SE	SEA LTD	323,829 (+4.9%)	$41,311 (-25.1%)	0.5%	$76.60	—	SPONSORD ADS	81141R100
BABA	ALIBABA GROUP HLDG LTD	584,028 (+5.5%)	$85,607 (-13.4%)	1.1%	$73.10	—	SPONSORED ADS	01609W102
CME	CME GROUP INC	1,146,539 (+3.2%)	$313,097 (+4.3%)	4.0%	$101.55	+166.6%	COM	12572Q105
AER	AERCAP HOLDINGS NV	116,740 (+61.6%)	$16,783 (+92.0%)	0.2%	$122.65	+8.0%	SHS	N00985106
AMD	ADVANCED MICRO DEVICES INC	123,243 (+7.9%)	$26,394 (+42.8%)	0.3%	$126.06	+78.2%	COM	007903107
MRX	MAREX GROUP PLC	1,102,143 (+5.0%)	$42,278 (+19.8%)	0.5%	$35.43	-4.2%	ORD	G5S37H101
MU	MICRON TECHNOLOGY INC	26,428 (+239.2%)	$7,543 (+478.6%)	0.1%	$176.65	+29.8%	COM	595112103
MTSI	MACOM TECH SOLUTIONS HLDGS I	92,639 (+5.2%)	$15,867 (+44.7%)	0.2%	$93.05	+70.6%	COM	55405Y100
TTAN	SERVICETITAN INC	124,159 (+50.1%)	$13,223 (+58.6%)	0.2%	$105.70	-7.6%	SHS CL A	81764X103
SN	SHARKNINJA INC	188,960 (+12.7%)	$21,145 (+22.2%)	0.3%	$58.04	+69.8%	COM SHS	G8068L108
ING	ING GROEP N.V.	632,753 (+15.8%)	$17,717 (+24.3%)	0.2%	$55.26	—	SPONSORED ADR	456837103
CASY	CASEYS GEN STORES INC	14,020 (+58.3%)	$7,749 (+54.8%)	0.1%	$532.10	+3.3%	COM	147528103
MNDY	MONDAY COM LTD	41,714 (+95.8%)	$6,155 (+49.2%)	0.1%	$173.01	-2.7%	SHS	M7S64H106
PJT	PJT PARTNERS INC	53,566 (+30.6%)	$8,956 (+22.9%)	0.1%	$100.64	+69.8%	COM CL A	69343T107
VEU	VANGUARD INTL EQUITY INDEX F	23,356 (+522.7%)	$1,718 (+541.8%)	0.0%	$71.16	—	ALLWRLD EX US	922042775
BMRN	BIOMARIN PHARMACEUTICAL INC	90,730 (+24.0%)	$5,392 (+36.1%)	0.1%	$90.38	-39.8%	COM	09061G101
ACWX	ISHARES TR	240,341 (+4.8%)	$16,134 (+8.2%)	0.2%	$61.33	—	MSCI ACWI EX US	464288240
BROS	DUTCH BROS INC	85,792 (+10.4%)	$5,252 (+29.1%)	0.1%	$63.37	-10.3%	CL A	26701L100
GLOB	GLOBANT S A	37,296 (+60.5%)	$2,438 (+82.8%)	0.0%	$143.20	-56.1%	COM	L44385109
AVTR	AVANTOR INC	576,959 (+29.4%)	$6,612 (+18.9%)	0.1%	$23.32	-47.2%	COM	05352A100
NOW	SERVICENOW INC	29,835 (+400.0%)	$4,570 (-16.8%)	0.1%	$162.04	+5.9%	COM	81762P102
SARO	STANDARDAERO INC	232,502 (+9.8%)	$6,668 (+15.4%)	0.1%	$26.82	+1.5%	COM	85423L103
CIM	CHIMERA INVT CORP	5,268,481 (+5.0%)	$65,487 (-1.3%)	0.8%	$15.63	—	COM SHS	16934Q802
EFA	ISHARES TR	67,126 (+12.1%)	$6,446 (+15.3%)	0.1%	$82.06	—	MSCI EAFE ETF	464287465
CIGI	COLLIERS INTL GROUP INC	7,439 (+346.0%)	$1,094 (+319.3%)	0.0%	$150.90	-0.5%	SUB VTG SHS	194693107
INSP	INSPIRE MED SYS INC	25,197 (+23.7%)	$2,324 (+53.8%)	0.0%	$231.08	-58.6%	COM	457730109
CELH	CELSIUS HLDGS INC	112,954 (+13.9%)	$5,167 (-9.3%)	0.1%	$39.58	+27.3%	COM NEW	15118V207
VRRM	VERRA MOBILITY CORP	356,591 (+15.9%)	$7,991 (+5.2%)	0.1%	$24.46	-6.7%	CL A COM STK	92511U102
VXUS	VANGUARD STAR FDS	9,722 (+83.7%)	$733 (+88.7%)	0.0%	$71.98	—	VG TL INTL STK F	921909768
TW	TRADEWEB MKTS INC	31,760 (+10.8%)	$3,415 (+7.4%)	0.0%	$75.00	+43.1%	CL A	892672106
SLB	SCHLUMBERGER LTD	35,406 (+3.8%)	$1,359 (+15.9%)	0.0%	$40.34	-10.6%	COM STK	806857108
CRDO	CREDO TECHNOLOGY GROUP HOLDI	54,962 (+3.6%)	$7,908 (+2.4%)	0.1%	$22.24	+591.4%	ORDINARY SHARES	G25457105
ITT	ITT INC	103,356 (+2.6%)	$17,933 (-0.4%)	0.2%	$85.16	+110.4%	COM	45073V108
KOF	COCA-COLA FEMSA SAB DE CV	4,594 (+1.1%)	$435 (+15.2%)	0.0%	$96.71	—	SPONS ADS REP	191241108
SAP	SAP SE	19,238 (+11.0%)	$4,673 (+0.9%)	0.1%	$24.09	—	SPON ADR	803054204
IOT	SAMSARA INC	91,335 (+4.8%)	$3,238 (-0.3%)	0.0%	$40.76	-5.0%	COM CL A	79589L106
ITUB	ITAU UNIBANCO HLDG S A	42,993 (+1.6%)	$308 (-0.9%)	0.0%	$11.84	—	SPON ADR REP PFD	465562106

Exited Positions (10)

NVO NOVO-NORDISK A S 0.4%

Value ($000) $30,208 Shares 544,386 Est. Cost $11.47 Unrealized —

ELME ELME COMMUNITIES 0.3%

Value ($000) $26,967 Shares 1,599,492 Est. Cost $25.01 Unrealized —

— TOTALENERGIES SE 0.2%

Value ($000) $13,963 Shares 233,917 Est. Cost $92.10 Unrealized —

TXNM TXNM ENERGY INC 0.1%

Value ($000) $11,741 Shares 207,615 Est. Cost $42.58 Unrealized +35.5%

RPAY REPAY HLDGS CORP 0.1%

Value ($000) $5,720 Shares 1,093,704 Est. Cost $20.09 Unrealized -80.1%

— CYBERARK SOFTWARE LTD 0.1%

Value ($000) $5,539 Shares 11,465 Est. Cost $226.47 Unrealized —

CWAN CLEARWATER ANALYTICS HLDGS I 0.0%

Value ($000) $3,277 Shares 181,830 Est. Cost $18.57 Unrealized +7.9%

RARE ULTRAGENYX PHARMACEUTICAL IN 0.0%

Value ($000) $2,083 Shares 69,248 Est. Cost $29.99 Unrealized +9.7%

SMPL SIMPLY GOOD FOODS CO 0.0%

Value ($000) $295 Shares 11,885 Est. Cost $34.78 Unrealized -40.2%

FANG DIAMONDBACK ENERGY INC 0.0%

Value ($000) $221 Shares 1,544 Est. Cost $33.48 Unrealized +339.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVO	NOVO-NORDISK A S	544,386	$30,208	0.4%	$11.47	—	—	670100205
ELME	ELME COMMUNITIES	1,599,492	$26,967	0.3%	$25.01	—	—	939653101
—	TOTALENERGIES SE	233,917	$13,963	0.2%	$92.10	—	—	89151E109
TXNM	TXNM ENERGY INC	207,615	$11,741	0.1%	$42.58	+35.5%	—	69349H107
RPAY	REPAY HLDGS CORP	1,093,704	$5,720	0.1%	$20.09	-80.1%	—	76029L100
—	CYBERARK SOFTWARE LTD	11,465	$5,539	0.1%	$226.47	—	—	M2682V108
CWAN	CLEARWATER ANALYTICS HLDGS I	181,830	$3,277	0.0%	$18.57	+7.9%	—	185123106
RARE	ULTRAGENYX PHARMACEUTICAL IN	69,248	$2,083	0.0%	$29.99	+9.7%	—	90400D108
SMPL	SIMPLY GOOD FOODS CO	11,885	$295	0.0%	$34.78	-40.2%	—	82900L102
FANG	DIAMONDBACK ENERGY INC	1,544	$221	0.0%	$33.48	+339.2%	—	25278X109

Decreased Positions (77)

JPM JPMORGAN CHASE & CO. 0.0%

Value ($000) $628 (-97.9%) Shares 1,949 (-97.9%) Est. Cost $44.26 Unrealized +599.4%

META META PLATFORMS INC 1.1%

Value ($000) $85,660 (-18.8%) Shares 129,770 (-9.7%) Est. Cost $133.37 Unrealized +400.3%

CP CANADIAN PACIFIC KANSAS CITY 2.0%

Value ($000) $154,839 (-9.4%) Shares 2,102,939 (-8.4%) Est. Cost $77.17 Unrealized -4.6%

AVGO BROADCOM INC 9.0%

Value ($000) $712,272 (-2.1%) Shares 2,057,995 (-6.6%) Est. Cost $144.24 Unrealized +147.5%

TSM TAIWAN SEMICONDUCTOR MFG LTD 2.5%

Value ($000) $195,784 (+5.5%) Shares 644,259 (-3.1%) Est. Cost $76.14 Unrealized —

LYB LYONDELLBASELL INDUSTRIES N 0.5%

Value ($000) $42,308 (-16.1%) Shares 977,081 (-5.0%) Est. Cost $55.70 Unrealized -20.2%

KRG KITE RLTY GROUP TR 0.0%

Value ($000) $266 (-96.6%) Shares 11,077 (-96.9%) Est. Cost $20.39 Unrealized —

GOOGL ALPHABET INC 1.7%

Value ($000) $132,224 (+5.9%) Shares 422,442 (-17.7%) Est. Cost $110.10 Unrealized +159.4%

ATGE ADTALEM GLOBAL ED INC 0.2%

Value ($000) $12,752 (-33.9%) Shares 123,239 (-1.3%) Est. Cost $119.83 Unrealized -4.4%

NTNX NUTANIX INC 0.1%

Value ($000) $6,699 (-47.9%) Shares 129,597 (-25.1%) Est. Cost $61.89 Unrealized -1.3%

PSTG PURE STORAGE INC 0.2%

Value ($000) $12,983 (-32.1%) Shares 193,748 (-15.0%) Est. Cost $37.06 Unrealized +125.4%

COHR COHERENT CORP 0.3%

Value ($000) $19,926 (+44.1%) Shares 107,961 (-15.9%) Est. Cost $54.83 Unrealized +172.8%

CCC CCC INTELLIGENT SOLUTIONS HL 0.1%

Value ($000) $7,463 (-43.9%) Shares 938,688 (-35.7%) Est. Cost $9.92 Unrealized -18.0%

MYRG MYR GROUP INC DEL 0.1%

Value ($000) $11,596 (-32.6%) Shares 53,070 (-35.8%) Est. Cost $133.16 Unrealized +63.4%

SONY SONY GROUP CORP 0.2%

Value ($000) $14,722 (-24.0%) Shares 575,081 (-14.5%) Est. Cost $43.58 Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 0.1%

Value ($000) $7,543 (-37.6%) Shares 99,830 (-34.0%) Est. Cost $71.50 Unrealized +5.5%

TBBB BBB FOODS INC 0.1%

Value ($000) $6,247 (-41.5%) Shares 187,102 (-52.7%) Est. Cost $25.77 Unrealized +16.0%

FLUT FLUTTER ENTMT PLC 0.2%

Value ($000) $14,239 (-22.4%) Shares 66,216 (-8.3%) Est. Cost $207.59 Unrealized +8.3%

WCN WASTE CONNECTIONS INC 0.0%

Value ($000) $761 (-83.7%) Shares 4,337 (-83.7%) Est. Cost $129.51 Unrealized +33.4%

BKNG BOOKING HOLDINGS INC 0.3%

Value ($000) $22,342 (-14.1%) Shares 4,172 (-13.4%) Est. Cost $2157.77 Unrealized +138.1%

CXT CRANE NXT CO 0.1%

Value ($000) $6,729 (-32.2%) Shares 142,960 (-3.4%) Est. Cost $59.28 Unrealized -0.5%

ANET ARISTA NETWORKS INC 0.3%

Value ($000) $21,074 (-12.3%) Shares 160,832 (-2.5%) Est. Cost $91.51 Unrealized +50.4%

BLDR BUILDERS FIRSTSOURCE INC 0.2%

Value ($000) $14,729 (-16.7%) Shares 143,154 (-1.8%) Est. Cost $115.49 Unrealized -2.7%

TLN TALEN ENERGY CORP 0.2%

Value ($000) $13,956 (-16.4%) Shares 37,231 (-5.2%) Est. Cost $197.91 Unrealized +96.4%

MA MASTERCARD INCORPORATED 0.7%

Value ($000) $56,547 (-4.4%) Shares 99,052 (-4.7%) Est. Cost $230.49 Unrealized +142.5%

AGYS AGILYSYS INC 0.3%

Value ($000) $21,170 (+11.7%) Shares 178,136 (-1.1%) Est. Cost $51.50 Unrealized +133.7%

BAP CREDICORP LTD 0.1%

Value ($000) $11,652 (-15.5%) Shares 40,601 (-21.6%) Est. Cost $146.23 Unrealized +81.1%

CACI CACI INTL INC 0.6%

Value ($000) $44,621 (+4.5%) Shares 83,746 (-2.2%) Est. Cost $242.64 Unrealized +132.9%

RMBS RAMBUS INC DEL 0.1%

Value ($000) $5,289 (-26.0%) Shares 57,554 (-16.1%) Est. Cost $54.36 Unrealized +81.0%

FWONK LIBERTY MEDIA CORP DEL 0.0%

Value ($000) $3,542 (-34.2%) Shares 35,956 (-30.3%) Est. Cost $0.06 Unrealized —

GPI GROUP 1 AUTOMOTIVE INC 0.1%

Value ($000) $8,832 (-15.7%) Shares 22,455 (-6.2%) Est. Cost $243.76 Unrealized +68.4%

DEO DIAGEO PLC 0.0%

Value ($000) $3,259 (-33.2%) Shares 37,772 (-26.1%) Est. Cost $388.60 Unrealized —

GKOS GLAUKOS CORP 0.1%

Value ($000) $5,389 (+34.7%) Shares 47,725 (-2.7%) Est. Cost $116.26 Unrealized -17.8%

ASML ASML HOLDING N V 0.3%

Value ($000) $21,735 (+6.6%) Shares 20,316 (-3.5%) Est. Cost $391.65 Unrealized —

MUFG MITSUBISHI UFJ FINL GROUP IN 0.2%

Value ($000) $16,298 (-7.6%) Shares 1,027,642 (-7.1%) Est. Cost $8.90 Unrealized —

RGEN REPLIGEN CORP 0.1%

Value ($000) $7,618 (+19.2%) Shares 46,488 (-2.7%) Est. Cost $163.63 Unrealized -4.3%

NU NU HLDGS LTD 0.2%

Value ($000) $17,904 (-6.1%) Shares 1,069,535 (-10.2%) Est. Cost $9.92 Unrealized +62.1%

SHOP SHOPIFY INC 0.3%

Value ($000) $22,098 (+5.4%) Shares 137,279 (-2.7%) Est. Cost $71.26 Unrealized +125.3%

TCOM TRIP COM GROUP LTD 0.2%

Value ($000) $12,711 (-7.1%) Shares 176,758 (-2.8%) Est. Cost $52.83 Unrealized —

FROG JFROG LTD 0.1%

Value ($000) $6,646 (+16.8%) Shares 106,399 (-11.5%) Est. Cost $38.18 Unrealized +48.9%

FOUR SHIFT4 PMTS INC 0.0%

Value ($000) $3,582 (-20.9%) Shares 56,879 (-2.7%) Est. Cost $61.22 Unrealized +15.4%

OTEX OPEN TEXT CORP 0.1%

Value ($000) $5,486 (-14.1%) Shares 168,449 (-1.5%) Est. Cost $31.09 Unrealized +13.9%

AS AMER SPORTS INC 0.0%

Value ($000) $1,503 (-34.9%) Shares 40,253 (-39.4%) Est. Cost $22.88 Unrealized +49.9%

ONON ON HLDG AG 0.0%

Value ($000) $3,125 (-18.8%) Shares 67,225 (-26.1%) Est. Cost $18.27 Unrealized +135.8%

AIT APPLIED INDL TECHNOLOGIES IN 0.2%

Value ($000) $19,486 (-3.5%) Shares 75,889 (-1.9%) Est. Cost $111.35 Unrealized +129.1%

IBN ICICI BANK LIMITED 0.1%

Value ($000) $5,732 (-9.8%) Shares 192,359 (-8.5%) Est. Cost $12.08 Unrealized —

CYTK CYTOKINETICS INC 0.1%

Value ($000) $5,236 (+12.4%) Shares 82,398 (-2.7%) Est. Cost $53.42 Unrealized +16.5%

PODD INSULET CORP 0.1%

Value ($000) $4,048 (-10.5%) Shares 14,242 (-2.7%) Est. Cost $270.64 Unrealized +15.5%

AAPL APPLE INC 0.0%

Value ($000) $361 (-54.3%) Shares 1,329 (-57.2%) Est. Cost $175.82 Unrealized +52.6%

CWST CASELLA WASTE SYS INC 0.3%

Value ($000) $23,901 (+1.8%) Shares 244,037 (-1.4%) Est. Cost $60.93 Unrealized +52.4%

AIZ ASSURANT INC 0.1%

Value ($000) $11,105 (-3.5%) Shares 46,109 (-13.2%) Est. Cost $162.98 Unrealized +36.7%

CHDN CHURCHILL DOWNS INC 0.0%

Value ($000) $3,225 (+14.1%) Shares 28,342 (-2.7%) Est. Cost $129.89 Unrealized -20.3%

STLA STELLANTIS N.V 0.0%

Value ($000) $3,227 (+13.9%) Shares 296,324 (-2.3%) Est. Cost $19.42 Unrealized —

— PINNACLE FINL PARTNERS INC 0.2%

Value ($000) $13,223 (-2.4%) Shares 138,594 (-4.1%) Est. Cost $55.04 Unrealized —

FTI TECHNIPFMC PLC 0.2%

Value ($000) $18,927 (+1.6%) Shares 424,762 (-10.1%) Est. Cost $11.10 Unrealized +280.4%

AORT ARTIVION INC 0.1%

Value ($000) $5,885 (+4.8%) Shares 129,037 (-2.7%) Est. Cost $27.77 Unrealized +60.4%

INSM INSMED INC 0.1%

Value ($000) $6,608 (+4.2%) Shares 37,971 (-13.8%) Est. Cost $73.80 Unrealized +147.3%

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $2,035 (-10.8%) Shares 10,912 (-10.8%) Est. Cost $91.10 Unrealized +104.3%

LBRT LIBERTY ENERGY INC 0.0%

Value ($000) $1,161 (+26.3%) Shares 62,882 (-15.6%) Est. Cost $12.11 Unrealized +38.0%

TJX TJX COS INC NEW 0.5%

Value ($000) $40,026 (+0.6%) Shares 260,571 (-5.4%) Est. Cost $49.25 Unrealized +199.9%

STEP STEPSTONE GROUP INC 0.1%

Value ($000) $4,565 (-4.4%) Shares 71,137 (-2.7%) Est. Cost $59.88 Unrealized +5.6%

— COMCAST HOLDINGS CORP 0.2%

Value ($000) $17,248 (+1.2%) Shares 281,010 (-1.1%) Est. Cost $58.36 Unrealized —

CPNG COUPANG INC 0.0%

Value ($000) $269 (-41.8%) Shares 11,384 (-20.6%) Est. Cost $22.24 Unrealized +28.0%

SAIA SAIA INC 0.0%

Value ($000) $3,293 (+6.1%) Shares 10,084 (-2.7%) Est. Cost $212.00 Unrealized +42.6%

AGX ARGAN INC 0.1%

Value ($000) $7,711 (-2.4%) Shares 24,611 (-15.9%) Est. Cost $138.40 Unrealized +128.9%

VRT VERTIV HOLDINGS CO 0.3%

Value ($000) $21,654 (+0.8%) Shares 133,658 (-6.1%) Est. Cost $17.78 Unrealized +876.5%

TRU TRANSUNION 0.2%

Value ($000) $16,994 (+1.0%) Shares 198,186 (-1.4%) Est. Cost $66.84 Unrealized +22.8%

ICLR ICON PLC 0.1%

Value ($000) $9,871 (-1.4%) Shares 54,173 (-5.3%) Est. Cost $238.60 Unrealized -25.4%

PWR QUANTA SVCS INC 0.0%

Value ($000) $634 (-15.6%) Shares 1,503 (-17.1%) Est. Cost $38.53 Unrealized +1040.0%

INFY INFOSYS LTD 0.0%

Value ($000) $298 (-25.7%) Shares 16,738 (-32.1%) Est. Cost $21.11 Unrealized —

AL AIR LEASE CORP 0.0%

Value ($000) $254 (-24.5%) Shares 3,950 (-25.2%) Est. Cost $47.40 Unrealized +34.4%

AMZN AMAZON COM INC 0.0%

Value ($000) $2,481 (+3.3%) Shares 10,748 (-1.7%) Est. Cost $117.94 Unrealized +94.0%

PAC GRUPO AEROPUERTO DEL PACIFIC 0.0%

Value ($000) $533 (+9.7%) Shares 2,021 (-1.3%) Est. Cost $229.62 Unrealized —

TS TENARIS S A 0.0%

Value ($000) $819 (-3.2%) Shares 21,297 (-9.9%) Est. Cost $37.73 Unrealized —

V VISA INC 0.0%

Value ($000) $1,461 (+1.3%) Shares 4,166 (-1.4%) Est. Cost $121.23 Unrealized +180.8%

KB KB FINL GROUP INC 0.0%

Value ($000) $402 (+2.6%) Shares 4,675 (-1.1%) Est. Cost $58.12 Unrealized —

HDB HDFC BANK LTD 0.0%

Value ($000) $568 (+0.1%) Shares 15,533 (-6.4%) Est. Cost $47.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JPM	JPMORGAN CHASE & CO.	1,949 (-97.9%)	$628 (-97.9%)	0.0%	$44.26	+599.4%	COM	46625H100
META	META PLATFORMS INC	129,770 (-9.7%)	$85,660 (-18.8%)	1.1%	$133.37	+400.3%	CL A	30303M102
CP	CANADIAN PACIFIC KANSAS CITY	2,102,939 (-8.4%)	$154,839 (-9.4%)	2.0%	$77.17	-4.6%	COM	13646K108
AVGO	BROADCOM INC	2,057,995 (-6.6%)	$712,272 (-2.1%)	9.0%	$144.24	+147.5%	COM	11135F101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	644,259 (-3.1%)	$195,784 (+5.5%)	2.5%	$76.14	—	SPONSORED ADS	874039100
LYB	LYONDELLBASELL INDUSTRIES N	977,081 (-5.0%)	$42,308 (-16.1%)	0.5%	$55.70	-20.2%	SHS - A -	N53745100
KRG	KITE RLTY GROUP TR	11,077 (-96.9%)	$266 (-96.6%)	0.0%	$20.39	—	COM NEW	49803T300
GOOGL	ALPHABET INC	422,442 (-17.7%)	$132,224 (+5.9%)	1.7%	$110.10	+159.4%	CAP STK CL A	02079K305
ATGE	ADTALEM GLOBAL ED INC	123,239 (-1.3%)	$12,752 (-33.9%)	0.2%	$119.83	-4.4%	COM	00737L103
NTNX	NUTANIX INC	129,597 (-25.1%)	$6,699 (-47.9%)	0.1%	$61.89	-1.3%	CL A	67059N108
PSTG	PURE STORAGE INC	193,748 (-15.0%)	$12,983 (-32.1%)	0.2%	$37.06	+125.4%	CL A	74624M102
COHR	COHERENT CORP	107,961 (-15.9%)	$19,926 (+44.1%)	0.3%	$54.83	+172.8%	COM	19247G107
CCC	CCC INTELLIGENT SOLUTIONS HL	938,688 (-35.7%)	$7,463 (-43.9%)	0.1%	$9.92	-18.0%	COM	12510Q100
MYRG	MYR GROUP INC DEL	53,070 (-35.8%)	$11,596 (-32.6%)	0.1%	$133.16	+63.4%	COM	55405W104
SONY	SONY GROUP CORP	575,081 (-14.5%)	$14,722 (-24.0%)	0.2%	$43.58	—	SPONSORED ADR	835699307
WH	WYNDHAM HOTELS & RESORTS INC	99,830 (-34.0%)	$7,543 (-37.6%)	0.1%	$71.50	+5.5%	COM	98311A105
TBBB	BBB FOODS INC	187,102 (-52.7%)	$6,247 (-41.5%)	0.1%	$25.77	+16.0%	CL A COM	G0896C103
FLUT	FLUTTER ENTMT PLC	66,216 (-8.3%)	$14,239 (-22.4%)	0.2%	$207.59	+8.3%	SHS	G3643J108
WCN	WASTE CONNECTIONS INC	4,337 (-83.7%)	$761 (-83.7%)	0.0%	$129.51	+33.4%	COM	94106B101
BKNG	BOOKING HOLDINGS INC	4,172 (-13.4%)	$22,342 (-14.1%)	0.3%	$2157.77	+138.1%	COM	09857L108
CXT	CRANE NXT CO	142,960 (-3.4%)	$6,729 (-32.2%)	0.1%	$59.28	-0.5%	COM	224441105
ANET	ARISTA NETWORKS INC	160,832 (-2.5%)	$21,074 (-12.3%)	0.3%	$91.51	+50.4%	COM SHS	040413205
BLDR	BUILDERS FIRSTSOURCE INC	143,154 (-1.8%)	$14,729 (-16.7%)	0.2%	$115.49	-2.7%	COM	12008R107
TLN	TALEN ENERGY CORP	37,231 (-5.2%)	$13,956 (-16.4%)	0.2%	$197.91	+96.4%	COM	87422Q109
MA	MASTERCARD INCORPORATED	99,052 (-4.7%)	$56,547 (-4.4%)	0.7%	$230.49	+142.5%	CL A	57636Q104
AGYS	AGILYSYS INC	178,136 (-1.1%)	$21,170 (+11.7%)	0.3%	$51.50	+133.7%	COM	00847J105
BAP	CREDICORP LTD	40,601 (-21.6%)	$11,652 (-15.5%)	0.1%	$146.23	+81.1%	COM	G2519Y108
CACI	CACI INTL INC	83,746 (-2.2%)	$44,621 (+4.5%)	0.6%	$242.64	+132.9%	CL A	127190304
RMBS	RAMBUS INC DEL	57,554 (-16.1%)	$5,289 (-26.0%)	0.1%	$54.36	+81.0%	COM	750917106
FWONK	LIBERTY MEDIA CORP DEL	35,956 (-30.3%)	$3,542 (-34.2%)	0.0%	$0.06	—	COM LBTY ONE S C	531229755
GPI	GROUP 1 AUTOMOTIVE INC	22,455 (-6.2%)	$8,832 (-15.7%)	0.1%	$243.76	+68.4%	COM	398905109
DEO	DIAGEO PLC	37,772 (-26.1%)	$3,259 (-33.2%)	0.0%	$388.60	—	SPON ADR NEW	25243Q205
GKOS	GLAUKOS CORP	47,725 (-2.7%)	$5,389 (+34.7%)	0.1%	$116.26	-17.8%	COM	377322102
ASML	ASML HOLDING N V	20,316 (-3.5%)	$21,735 (+6.6%)	0.3%	$391.65	—	N Y REGISTRY SHS	N07059210
MUFG	MITSUBISHI UFJ FINL GROUP IN	1,027,642 (-7.1%)	$16,298 (-7.6%)	0.2%	$8.90	—	SPONSORED ADS	606822104
RGEN	REPLIGEN CORP	46,488 (-2.7%)	$7,618 (+19.2%)	0.1%	$163.63	-4.3%	COM	759916109
NU	NU HLDGS LTD	1,069,535 (-10.2%)	$17,904 (-6.1%)	0.2%	$9.92	+62.1%	ORD SHS CL A	G6683N103
SHOP	SHOPIFY INC	137,279 (-2.7%)	$22,098 (+5.4%)	0.3%	$71.26	+125.3%	CL A SUB VTG SHS	82509L107
TCOM	TRIP COM GROUP LTD	176,758 (-2.8%)	$12,711 (-7.1%)	0.2%	$52.83	—	ADS	89677Q107
FROG	JFROG LTD	106,399 (-11.5%)	$6,646 (+16.8%)	0.1%	$38.18	+48.9%	ORD SHS	M6191J100
FOUR	SHIFT4 PMTS INC	56,879 (-2.7%)	$3,582 (-20.9%)	0.0%	$61.22	+15.4%	CL A	82452J109
OTEX	OPEN TEXT CORP	168,449 (-1.5%)	$5,486 (-14.1%)	0.1%	$31.09	+13.9%	COM	683715106
AS	AMER SPORTS INC	40,253 (-39.4%)	$1,503 (-34.9%)	0.0%	$22.88	+49.9%	COM SHS	G0260P102
ONON	ON HLDG AG	67,225 (-26.1%)	$3,125 (-18.8%)	0.0%	$18.27	+135.8%	NAMEN AKT A	H5919C104
AIT	APPLIED INDL TECHNOLOGIES IN	75,889 (-1.9%)	$19,486 (-3.5%)	0.2%	$111.35	+129.1%	COM	03820C105
IBN	ICICI BANK LIMITED	192,359 (-8.5%)	$5,732 (-9.8%)	0.1%	$12.08	—	ADR	45104G104
CYTK	CYTOKINETICS INC	82,398 (-2.7%)	$5,236 (+12.4%)	0.1%	$53.42	+16.5%	COM NEW	23282W605
PODD	INSULET CORP	14,242 (-2.7%)	$4,048 (-10.5%)	0.1%	$270.64	+15.5%	COM	45784P101
AAPL	APPLE INC	1,329 (-57.2%)	$361 (-54.3%)	0.0%	$175.82	+52.6%	COM	037833100
CWST	CASELLA WASTE SYS INC	244,037 (-1.4%)	$23,901 (+1.8%)	0.3%	$60.93	+52.4%	CL A	147448104
AIZ	ASSURANT INC	46,109 (-13.2%)	$11,105 (-3.5%)	0.1%	$162.98	+36.7%	COM	04621X108
CHDN	CHURCHILL DOWNS INC	28,342 (-2.7%)	$3,225 (+14.1%)	0.0%	$129.89	-20.3%	COM	171484108
STLA	STELLANTIS N.V	296,324 (-2.3%)	$3,227 (+13.9%)	0.0%	$19.42	—	SHS	N82405106
—	PINNACLE FINL PARTNERS INC	138,594 (-4.1%)	$13,223 (-2.4%)	0.2%	$55.04	—	COM	72346Q104
FTI	TECHNIPFMC PLC	424,762 (-10.1%)	$18,927 (+1.6%)	0.2%	$11.10	+280.4%	COM	G87110105
AORT	ARTIVION INC	129,037 (-2.7%)	$5,885 (+4.8%)	0.1%	$27.77	+60.4%	COM	228903100
INSM	INSMED INC	37,971 (-13.8%)	$6,608 (+4.2%)	0.1%	$73.80	+147.3%	COM PAR $.01	457669307
NVDA	NVIDIA CORPORATION	10,912 (-10.8%)	$2,035 (-10.8%)	0.0%	$91.10	+104.3%	COM	67066G104
LBRT	LIBERTY ENERGY INC	62,882 (-15.6%)	$1,161 (+26.3%)	0.0%	$12.11	+38.0%	COM CL A	53115L104
TJX	TJX COS INC NEW	260,571 (-5.4%)	$40,026 (+0.6%)	0.5%	$49.25	+199.9%	COM	872540109
STEP	STEPSTONE GROUP INC	71,137 (-2.7%)	$4,565 (-4.4%)	0.1%	$59.88	+5.6%	COM CL A	85914M107
—	COMCAST HOLDINGS CORP	281,010 (-1.1%)	$17,248 (+1.2%)	0.2%	$58.36	—	ZONES CV2% PCS	200300507
CPNG	COUPANG INC	11,384 (-20.6%)	$269 (-41.8%)	0.0%	$22.24	+28.0%	CL A	22266T109
SAIA	SAIA INC	10,084 (-2.7%)	$3,293 (+6.1%)	0.0%	$212.00	+42.6%	COM	78709Y105
AGX	ARGAN INC	24,611 (-15.9%)	$7,711 (-2.4%)	0.1%	$138.40	+128.9%	COM	04010E109
VRT	VERTIV HOLDINGS CO	133,658 (-6.1%)	$21,654 (+0.8%)	0.3%	$17.78	+876.5%	COM CL A	92537N108
TRU	TRANSUNION	198,186 (-1.4%)	$16,994 (+1.0%)	0.2%	$66.84	+22.8%	COM	89400J107
ICLR	ICON PLC	54,173 (-5.3%)	$9,871 (-1.4%)	0.1%	$238.60	-25.4%	SHS	G4705A100
PWR	QUANTA SVCS INC	1,503 (-17.1%)	$634 (-15.6%)	0.0%	$38.53	+1040.0%	COM	74762E102
INFY	INFOSYS LTD	16,738 (-32.1%)	$298 (-25.7%)	0.0%	$21.11	—	SPONSORED ADR	456788108
AL	AIR LEASE CORP	3,950 (-25.2%)	$254 (-24.5%)	0.0%	$47.40	+34.4%	CL A	00912X302
AMZN	AMAZON COM INC	10,748 (-1.7%)	$2,481 (+3.3%)	0.0%	$117.94	+94.0%	COM	023135106
PAC	GRUPO AEROPUERTO DEL PACIFIC	2,021 (-1.3%)	$533 (+9.7%)	0.0%	$229.62	—	SPON ADS B	400506101
TS	TENARIS S A	21,297 (-9.9%)	$819 (-3.2%)	0.0%	$37.73	—	SPONSORED ADS	88031M109
V	VISA INC	4,166 (-1.4%)	$1,461 (+1.3%)	0.0%	$121.23	+180.8%	COM CL A	92826C839
KB	KB FINL GROUP INC	4,675 (-1.1%)	$402 (+2.6%)	0.0%	$58.12	—	SPONSORED ADR	48241A105
HDB	HDFC BANK LTD	15,533 (-6.4%)	$568 (+0.1%)	0.0%	$47.77	—	SPONSORED ADS	40415F101

Unchanged Positions (42)

C CITIGROUP INC 11.8%

Value ($000) $935,583 Shares 8,017,682 Est. Cost $44.27 Unrealized +134.1%

HD HOME DEPOT INC 2.3%

Value ($000) $178,899 Shares 519,903 Est. Cost $75.55 Unrealized +382.6%

LIN LINDE PLC 1.5%

Value ($000) $115,892 Shares 272,505 Est. Cost $348.64 Unrealized +22.6%

EQH EQUITABLE HLDGS INC 2.9%

Value ($000) $232,996 Shares 4,889,730 Est. Cost $18.96 Unrealized +149.2%

FER FERROVIAL SE 1.4%

Value ($000) $111,982 Shares 1,724,228 Est. Cost $39.72 Unrealized +60.3%

RACE FERRARI N V 0.4%

Value ($000) $32,562 Shares 88,109 Est. Cost $232.64 Unrealized +72.0%

MELI MERCADOLIBRE INC 0.8%

Value ($000) $60,337 Shares 29,955 Est. Cost $912.85 Unrealized +130.1%

ENB ENBRIDGE INC 2.2%

Value ($000) $172,376 Shares 3,601,831 Est. Cost $34.55 Unrealized +36.4%

AZN ASTRAZENECA PLC 0.6%

Value ($000) $46,515 Shares 505,985 Est. Cost $59.49 Unrealized —

COF CAPITAL ONE FINL CORP 0.6%

Value ($000) $44,268 Shares 182,654 Est. Cost $74.40 Unrealized +198.6%

STKL SUNOPTA INC 0.1%

Value ($000) $7,883 Shares 2,074,489 Est. Cost $8.00 Unrealized -43.3%

WD WALKER & DUNLOP INC 0.1%

Value ($000) $9,630 Shares 160,103 Est. Cost $106.18 Unrealized -33.6%

TRP TC ENERGY CORP 2.8%

Value ($000) $222,536 Shares 4,040,854 Est. Cost $34.75 Unrealized +53.6%

SCHW SCHWAB CHARLES CORP 1.0%

Value ($000) $75,421 Shares 754,888 Est. Cost $47.59 Unrealized +99.1%

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.5%

Value ($000) $35,896 Shares 3,137,783 Est. Cost $6.67 Unrealized +73.8%

LHX L3HARRIS TECHNOLOGIES INC 0.5%

Value ($000) $37,195 Shares 126,698 Est. Cost $188.19 Unrealized +53.3%

MDT MEDTRONIC PLC 2.3%

Value ($000) $185,275 Shares 1,928,745 Est. Cost $78.67 Unrealized +23.5%

ABBV ABBVIE INC 1.2%

Value ($000) $91,627 Shares 401,010 Est. Cost $88.61 Unrealized +156.8%

ACA ARCOSA INC 0.1%

Value ($000) $11,600 Shares 109,101 Est. Cost $75.72 Unrealized +33.2%

SITM SITIME CORP 0.1%

Value ($000) $7,419 Shares 21,006 Est. Cost $192.95 Unrealized +62.2%

SLRC SLR INVESTMENT CORP 0.9%

Value ($000) $67,527 Shares 4,367,861 Est. Cost $7.35 Unrealized +103.2%

LPLA LPL FINL HLDGS INC 0.1%

Value ($000) $10,526 Shares 29,470 Est. Cost $89.87 Unrealized +293.6%

DTM DT MIDSTREAM INC 0.2%

Value ($000) $11,948 Shares 99,833 Est. Cost $97.46 Unrealized +17.3%

TDG TRANSDIGM GROUP INC 0.8%

Value ($000) $63,349 Shares 47,636 Est. Cost $1364.80 Unrealized -4.0%

WAL WESTERN ALLIANCE BANCORP 0.2%

Value ($000) $13,748 Shares 163,527 Est. Cost $52.17 Unrealized +54.5%

XPO XPO INC 0.1%

Value ($000) $11,483 Shares 84,488 Est. Cost $70.35 Unrealized +93.7%

BJ BJS WHSL CLUB HLDGS INC 0.1%

Value ($000) $10,955 Shares 121,685 Est. Cost $63.18 Unrealized +45.3%

MSFT MICROSOFT CORP 0.1%

Value ($000) $6,582 Shares 13,609 Est. Cost $256.69 Unrealized +95.0%

FRPT FRESHPET INC 0.0%

Value ($000) $3,940 Shares 64,667 Est. Cost $118.78 Unrealized -52.2%

THC TENET HEALTHCARE CORP 0.2%

Value ($000) $12,670 Shares 63,760 Est. Cost $150.45 Unrealized +34.3%

BMY BRISTOL-MYERS SQUIBB CO 0.0%

Value ($000) $2,071 Shares 38,400 Est. Cost $41.01 Unrealized +15.9%

PBR PETROLEO BRASILEIRO SA PETRO 0.1%

Value ($000) $4,087 Shares 344,876 Est. Cost $10.52 Unrealized —

MTDR MATADOR RES CO 0.1%

Value ($000) $4,782 Shares 112,680 Est. Cost $55.01 Unrealized -23.7%

SHEL SHELL PLC 0.1%

Value ($000) $7,996 Shares 108,821 Est. Cost $57.85 Unrealized —

ZTS ZOETIS INC 0.0%

Value ($000) $732 Shares 5,816 Est. Cost $181.33 Unrealized -28.2%

DCO DUCOMMUN INC DEL 0.2%

Value ($000) $12,852 Shares 135,098 Est. Cost $90.38 Unrealized +3.1%

DECK DECKERS OUTDOOR CORP 0.1%

Value ($000) $5,669 Shares 54,681 Est. Cost $135.98 Unrealized -31.1%

SXT SENSIENT TECHNOLOGIES CORP 0.2%

Value ($000) $12,298 Shares 130,897 Est. Cost $75.06 Unrealized +25.7%

NVS NOVARTIS AG 0.0%

Value ($000) $674 Shares 4,889 Est. Cost $72.60 Unrealized —

CLH CLEAN HARBORS INC 0.2%

Value ($000) $14,214 Shares 60,620 Est. Cost $67.02 Unrealized +240.9%

VOD VODAFONE GROUP PLC NEW 0.0%

Value ($000) $227 Shares 17,164 Est. Cost $0.25 Unrealized —

— AIRBNB INC 0.0%

Value ($000) $1,337 Shares 1,350,000 Est. Cost $0.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	8,017,682	$935,583	11.8%	$44.27	+134.1%	COM NEW	172967424
HD	HOME DEPOT INC	519,903	$178,899	2.3%	$75.55	+382.6%	COM	437076102
LIN	LINDE PLC	272,505	$115,892	1.5%	$348.64	+22.6%	SHS	G54950103
EQH	EQUITABLE HLDGS INC	4,889,730	$232,996	2.9%	$18.96	+149.2%	COM	29452E101
FER	FERROVIAL SE	1,724,228	$111,982	1.4%	$39.72	+60.3%	ORD SHS	N3168P101
RACE	FERRARI N V	88,109	$32,562	0.4%	$232.64	+72.0%	COM	N3167Y103
MELI	MERCADOLIBRE INC	29,955	$60,337	0.8%	$912.85	+130.1%	COM	58733R102
ENB	ENBRIDGE INC	3,601,831	$172,376	2.2%	$34.55	+36.4%	COM	29250N105
AZN	ASTRAZENECA PLC	505,985	$46,515	0.6%	$59.49	—	SPONSORED ADR	046353108
COF	CAPITAL ONE FINL CORP	182,654	$44,268	0.6%	$74.40	+198.6%	COM	14040H105
STKL	SUNOPTA INC	2,074,489	$7,883	0.1%	$8.00	-43.3%	COM	8676EP108
WD	WALKER & DUNLOP INC	160,103	$9,630	0.1%	$106.18	-33.6%	COM	93148P102
TRP	TC ENERGY CORP	4,040,854	$222,536	2.8%	$34.75	+53.6%	COM	87807B107
SCHW	SCHWAB CHARLES CORP	754,888	$75,421	1.0%	$47.59	+99.1%	COM	808513105
MFIC	MIDCAP FINANCIAL INVSTMNT CO	3,137,783	$35,896	0.5%	$6.67	+73.8%	COM NEW	03761U502
LHX	L3HARRIS TECHNOLOGIES INC	126,698	$37,195	0.5%	$188.19	+53.3%	COM	502431109
MDT	MEDTRONIC PLC	1,928,745	$185,275	2.3%	$78.67	+23.5%	SHS	G5960L103
ABBV	ABBVIE INC	401,010	$91,627	1.2%	$88.61	+156.8%	COM	00287Y109
ACA	ARCOSA INC	109,101	$11,600	0.1%	$75.72	+33.2%	COM	039653100
SITM	SITIME CORP	21,006	$7,419	0.1%	$192.95	+62.2%	COM	82982T106
SLRC	SLR INVESTMENT CORP	4,367,861	$67,527	0.9%	$7.35	+103.2%	COM	83413U100
LPLA	LPL FINL HLDGS INC	29,470	$10,526	0.1%	$89.87	+293.6%	COM	50212V100
DTM	DT MIDSTREAM INC	99,833	$11,948	0.2%	$97.46	+17.3%	COMMON STOCK	23345M107
TDG	TRANSDIGM GROUP INC	47,636	$63,349	0.8%	$1364.80	-4.0%	COM	893641100
WAL	WESTERN ALLIANCE BANCORP	163,527	$13,748	0.2%	$52.17	+54.5%	COM	957638109
XPO	XPO INC	84,488	$11,483	0.1%	$70.35	+93.7%	COM	983793100
BJ	BJS WHSL CLUB HLDGS INC	121,685	$10,955	0.1%	$63.18	+45.3%	COM	05550J101
MSFT	MICROSOFT CORP	13,609	$6,582	0.1%	$256.69	+95.0%	COM	594918104
FRPT	FRESHPET INC	64,667	$3,940	0.0%	$118.78	-52.2%	COM	358039105
THC	TENET HEALTHCARE CORP	63,760	$12,670	0.2%	$150.45	+34.3%	COM NEW	88033G407
BMY	BRISTOL-MYERS SQUIBB CO	38,400	$2,071	0.0%	$41.01	+15.9%	COM	110122108
PBR	PETROLEO BRASILEIRO SA PETRO	344,876	$4,087	0.1%	$10.52	—	SPONSORED ADR	71654V408
MTDR	MATADOR RES CO	112,680	$4,782	0.1%	$55.01	-23.7%	COM	576485205
SHEL	SHELL PLC	108,821	$7,996	0.1%	$57.85	—	SPON ADS	780259305
ZTS	ZOETIS INC	5,816	$732	0.0%	$181.33	-28.2%	CL A	98978V103
DCO	DUCOMMUN INC DEL	135,098	$12,852	0.2%	$90.38	+3.1%	COM	264147109
DECK	DECKERS OUTDOOR CORP	54,681	$5,669	0.1%	$135.98	-31.1%	COM	243537107
SXT	SENSIENT TECHNOLOGIES CORP	130,897	$12,298	0.2%	$75.06	+25.7%	COM	81725T100
NVS	NOVARTIS AG	4,889	$674	0.0%	$72.60	—	SPONSORED ADR	66987V109
CLH	CLEAN HARBORS INC	60,620	$14,214	0.2%	$67.02	+240.9%	COM	184496107
VOD	VODAFONE GROUP PLC NEW	17,164	$227	0.0%	$0.25	—	SPONSORED ADR	92857W308
—	AIRBNB INC	1,350,000	$1,337	0.0%	$0.96	—	NOTE 3/1	009066AB7