AMERICAN CAPITAL MANAGEMENT INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VRNS	VARONIS SYSTEMS INC	1,509,039 (+10.0%)	$49,496 (-37.2%)	2.2%	$47.17	-11.0%	COM	922280102
NOVT	NOVANTA INC	381,866 (+74.5%)	$45,438 (+107.3%)	2.0%	$116.84	-2.5%	COM	67000B104
PRLB	PROTO LABS INC	631,311 (+126.0%)	$31,938 (+128.6%)	1.4%	$48.23	+6.1%	COM	743713109
CSGP	COSTAR GROUP INC	825,340 (+4.0%)	$55,496 (-17.1%)	2.4%	$78.80	-10.1%	COM	22160N109
MANH	MANHATTAN ASSOCIATES INC	366,860 (+1.5%)	$63,581 (-14.2%)	2.8%	$61.86	+195.5%	COM	562750109
AZTA	AZENTA INC	1,021,436 (+23.2%)	$33,973 (+42.6%)	1.5%	$57.07	-42.7%	COM	114340102
IPGP	IPG PHOTONICS CORP	235,554 (+106.4%)	$16,866 (+86.6%)	0.7%	$79.91	+2.1%	COM	44980X109
SPSC	SPS COMMERCE INC	306,786 (+8.2%)	$27,344 (-7.4%)	1.2%	$161.70	-42.7%	COM	78463M107
AAON	AAON INC	271,737 (+11.2%)	$20,720 (-9.3%)	0.9%	$82.81	+11.4%	COM	000360206
MORN	MORNINGSTAR INC	113,064 (+14.0%)	$24,570 (+6.8%)	1.1%	$106.50	+103.4%	COM	617700109
KWR	Quaker Houghton	26,146 (+66.2%)	$3,590 (+73.3%)	0.2%	$132.92	+1.6%	COM	747316107
MMSI	MERIT MEDICAL SYSTEMS INC	93,083 (+6.9%)	$8,204 (+13.2%)	0.4%	$50.24	+69.4%	COM	589889104
SEIC	SEI INVESTMENTS CO	574,819 (+1.7%)	$47,147 (-1.7%)	2.1%	$63.13	+29.4%	COM	784117103
GHM	GRAHAM CORP	46,803 (+15.8%)	$3,006 (+35.4%)	0.1%	$30.60	+97.2%	COM	384556106
DSGX	DESCARTES SYSTEMS GROUP INC (THE)	16,949 (+51.6%)	$1,486 (+41.1%)	0.1%	$103.73	-13.8%	COM	249906108

Exited Positions (2)

PAYC PAYCOM SOFTWARE INC 1.0%

Value ($000) $21,605 Shares 103,802 Est. Cost $232.51 Unrealized -23.9%

TREX TREX COMPANY INC 0.6%

Value ($000) $14,506 Shares 280,737 Est. Cost $67.49 Unrealized -40.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PAYC	PAYCOM SOFTWARE INC	103,802	$21,605	1.0%	$232.51	-23.9%	—	70432V102
TREX	TREX COMPANY INC	280,737	$14,506	0.6%	$67.49	-40.1%	—	89531P105

Decreased Positions (31)

AVAV AEROVIRONMENT INC 6.9%

Value ($000) $156,675 (-31.0%) Shares 647,710 (-10.2%) Est. Cost $38.64 Unrealized +713.6%

KTOS KRATOS DEFENSE & SECURITY SOLUTIONS INC 5.5%

Value ($000) $124,074 (-32.4%) Shares 1,634,493 (-18.7%) Est. Cost $18.80 Unrealized +335.4%

— CYBERARK SOFTWARE LTD 6.7%

Value ($000) $152,559 (-9.8%) Shares 342,015 (-2.3%) Est. Cost $51.19 Unrealized —

GMED GLOBUS MEDICAL INC 1.9%

Value ($000) $42,451 (+48.5%) Shares 486,212 (-2.6%) Est. Cost $74.79 Unrealized +1.5%

NICE NICE LTD 1.5%

Value ($000) $32,950 (-27.4%) Shares 291,494 (-7.0%) Est. Cost $83.73 Unrealized —

RMD RESMED INC 3.3%

Value ($000) $73,936 (-13.1%) Shares 306,956 (-1.3%) Est. Cost $65.93 Unrealized +287.4%

RBC RBC BEARINGS INC 4.2%

Value ($000) $96,016 (+12.9%) Shares 214,117 (-1.7%) Est. Cost $272.99 Unrealized +55.1%

GWRE GUIDEWIRE SOFTWARE INC 2.9%

Value ($000) $65,415 (-14.3%) Shares 325,432 (-2.0%) Est. Cost $101.42 Unrealized +118.1%

KRNT KORNIT DIGITAL LTD 0.2%

Value ($000) $4,093 (-70.6%) Shares 284,628 (-72.4%) Est. Cost $17.46 Unrealized -21.5%

DXCM DEXCOM INC 0.7%

Value ($000) $16,511 (-31.4%) Shares 248,774 (-30.5%) Est. Cost $90.26 Unrealized -28.4%

FTNT FORTINET INC 3.2%

Value ($000) $73,514 (-9.2%) Shares 925,753 (-3.9%) Est. Cost $48.44 Unrealized +71.2%

JKHY JACK HENRY & ASSOCIATES INC 2.0%

Value ($000) $45,864 (+17.0%) Shares 251,337 (-4.5%) Est. Cost $97.46 Unrealized +70.6%

FDS FACTSET RESEARCH SYSTEMS INC 1.7%

Value ($000) $39,161 (-12.0%) Shares 134,951 (-13.1%) Est. Cost $161.54 Unrealized +73.4%

IDXX IDEXX LABORATORIES INC 5.4%

Value ($000) $122,956 (+4.4%) Shares 181,745 (-1.4%) Est. Cost $88.44 Unrealized +670.0%

CGNX COGNEX CORP 0.6%

Value ($000) $13,110 (-21.8%) Shares 364,373 (-1.5%) Est. Cost $38.27 Unrealized +5.6%

GNTX GENTEX CORP 0.6%

Value ($000) $13,494 (-20.1%) Shares 579,892 (-2.9%) Est. Cost $22.36 Unrealized +7.8%

RAMP LIVE RAMP HOLDINGS INC 2.4%

Value ($000) $55,150 (+5.5%) Shares 1,877,756 (-2.5%) Est. Cost $34.10 Unrealized -15.8%

TYL TYLER TECHNOLOGIES INC 0.4%

Value ($000) $10,005 (-17.2%) Shares 22,039 (-4.5%) Est. Cost $398.57 Unrealized +19.5%

TECH BIO-TECHNE CORP 2.4%

Value ($000) $55,349 (+3.6%) Shares 941,149 (-2.0%) Est. Cost $71.01 Unrealized -14.5%

MEDP MEDPACE HOLDINGS INC 5.6%

Value ($000) $126,020 (-1.5%) Shares 224,374 (-9.8%) Est. Cost $395.61 Unrealized +43.5%

TW TRADEWEB MARKETS INC 1.2%

Value ($000) $27,822 (-5.8%) Shares 258,715 (-2.7%) Est. Cost $78.22 Unrealized +37.3%

QLYS QUALYS INC 2.4%

Value ($000) $53,707 (-1.7%) Shares 404,119 (-2.1%) Est. Cost $81.77 Unrealized +68.2%

ALRM ALARM.COM HOLDINGS INC 0.2%

Value ($000) $3,760 (-19.2%) Shares 73,687 (-15.9%) Est. Cost $40.64 Unrealized +25.4%

SNPS SYNOPSYS INC 0.4%

Value ($000) $9,599 (-8.2%) Shares 20,436 (-3.6%) Est. Cost $565.30 Unrealized -21.4%

HOLX HOLOGIC INC 0.1%

Value ($000) $1,213 (-24.4%) Shares 16,280 (-31.5%) Est. Cost $66.26 Unrealized +10.3%

NEOG NEOGEN CORP 0.4%

Value ($000) $9,771 (+2.7%) Shares 1,397,898 (-16.1%) Est. Cost $15.66 Unrealized -59.8%

MPWR MONOLITHIC POWER SYSTEMS INC 0.3%

Value ($000) $5,880 (-3.4%) Shares 6,488 (-1.8%) Est. Cost $208.86 Unrealized +360.0%

FROG JFROG LTD 0.0%

Value ($000) $684 (+26.2%) Shares 10,945 (-4.4%) Est. Cost $34.86 Unrealized +63.1%

BLKB BLACKBAUD INC 0.0%

Value ($000) $819 (-7.5%) Shares 12,930 (-6.0%) Est. Cost $67.64 Unrealized -8.6%

ICLR ICON PLC 0.2%

Value ($000) $4,324 (+1.2%) Shares 23,732 (-2.8%) Est. Cost $37.15 Unrealized +379.4%

VSEC VSE CORP 0.1%

Value ($000) $1,300 (-1.8%) Shares 7,523 (-5.5%) Est. Cost $136.65 Unrealized +25.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVAV	AEROVIRONMENT INC	647,710 (-10.2%)	$156,675 (-31.0%)	6.9%	$38.64	+713.6%	COM	008073108
KTOS	KRATOS DEFENSE & SECURITY SOLUTIONS INC	1,634,493 (-18.7%)	$124,074 (-32.4%)	5.5%	$18.80	+335.4%	COM	50077B207
—	CYBERARK SOFTWARE LTD	342,015 (-2.3%)	$152,559 (-9.8%)	6.7%	$51.19	—	COM	M2682V108
GMED	GLOBUS MEDICAL INC	486,212 (-2.6%)	$42,451 (+48.5%)	1.9%	$74.79	+1.5%	COM	379577208
NICE	NICE LTD	291,494 (-7.0%)	$32,950 (-27.4%)	1.5%	$83.73	—	COM	653656108
RMD	RESMED INC	306,956 (-1.3%)	$73,936 (-13.1%)	3.3%	$65.93	+287.4%	COM	761152107
RBC	RBC BEARINGS INC	214,117 (-1.7%)	$96,016 (+12.9%)	4.2%	$272.99	+55.1%	COM	75524B104
GWRE	GUIDEWIRE SOFTWARE INC	325,432 (-2.0%)	$65,415 (-14.3%)	2.9%	$101.42	+118.1%	COM	40171V100
KRNT	KORNIT DIGITAL LTD	284,628 (-72.4%)	$4,093 (-70.6%)	0.2%	$17.46	-21.5%	COM	M6372Q113
DXCM	DEXCOM INC	248,774 (-30.5%)	$16,511 (-31.4%)	0.7%	$90.26	-28.4%	COM	252131107
FTNT	FORTINET INC	925,753 (-3.9%)	$73,514 (-9.2%)	3.2%	$48.44	+71.2%	COM	34959E109
JKHY	JACK HENRY & ASSOCIATES INC	251,337 (-4.5%)	$45,864 (+17.0%)	2.0%	$97.46	+70.6%	COM	426281101
FDS	FACTSET RESEARCH SYSTEMS INC	134,951 (-13.1%)	$39,161 (-12.0%)	1.7%	$161.54	+73.4%	COM	303075105
IDXX	IDEXX LABORATORIES INC	181,745 (-1.4%)	$122,956 (+4.4%)	5.4%	$88.44	+670.0%	COM	45168D104
CGNX	COGNEX CORP	364,373 (-1.5%)	$13,110 (-21.8%)	0.6%	$38.27	+5.6%	COM	192422103
GNTX	GENTEX CORP	579,892 (-2.9%)	$13,494 (-20.1%)	0.6%	$22.36	+7.8%	COM	371901109
RAMP	LIVE RAMP HOLDINGS INC	1,877,756 (-2.5%)	$55,150 (+5.5%)	2.4%	$34.10	-15.8%	COM	53815P108
TYL	TYLER TECHNOLOGIES INC	22,039 (-4.5%)	$10,005 (-17.2%)	0.4%	$398.57	+19.5%	COM	902252105
TECH	BIO-TECHNE CORP	941,149 (-2.0%)	$55,349 (+3.6%)	2.4%	$71.01	-14.5%	COM	09073M104
MEDP	MEDPACE HOLDINGS INC	224,374 (-9.8%)	$126,020 (-1.5%)	5.6%	$395.61	+43.5%	COM	58506Q109
TW	TRADEWEB MARKETS INC	258,715 (-2.7%)	$27,822 (-5.8%)	1.2%	$78.22	+37.3%	COM	892672106
QLYS	QUALYS INC	404,119 (-2.1%)	$53,707 (-1.7%)	2.4%	$81.77	+68.2%	COM	74758T303
ALRM	ALARM.COM HOLDINGS INC	73,687 (-15.9%)	$3,760 (-19.2%)	0.2%	$40.64	+25.4%	COM	011642105
SNPS	SYNOPSYS INC	20,436 (-3.6%)	$9,599 (-8.2%)	0.4%	$565.30	-21.4%	COM	871607107
HOLX	HOLOGIC INC	16,280 (-31.5%)	$1,213 (-24.4%)	0.1%	$66.26	+10.3%	COM	436440101
NEOG	NEOGEN CORP	1,397,898 (-16.1%)	$9,771 (+2.7%)	0.4%	$15.66	-59.8%	COM	640491106
MPWR	MONOLITHIC POWER SYSTEMS INC	6,488 (-1.8%)	$5,880 (-3.4%)	0.3%	$208.86	+360.0%	COM	609839105
FROG	JFROG LTD	10,945 (-4.4%)	$684 (+26.2%)	0.0%	$34.86	+63.1%	COM	M6191J100
BLKB	BLACKBAUD INC	12,930 (-6.0%)	$819 (-7.5%)	0.0%	$67.64	-8.6%	COM	09227Q100
ICLR	ICON PLC	23,732 (-2.8%)	$4,324 (+1.2%)	0.2%	$37.15	+379.4%	COM	G4705A100
VSEC	VSE CORP	7,523 (-5.5%)	$1,300 (-1.8%)	0.1%	$136.65	+25.1%	COM	918284100

Unchanged Positions (20)

CVLT COMMVAULT SYSTEMS INC 3.0%

Value ($000) $66,918 Shares 533,806 Est. Cost $65.70 Unrealized +114.1%

VEEV VEEVA SYSTEMS INC 2.2%

Value ($000) $49,652 Shares 222,425 Est. Cost $83.32 Unrealized +218.5%

RGEN REPLIGEN CORP 2.4%

Value ($000) $54,912 Shares 335,115 Est. Cost $135.17 Unrealized +15.9%

NEO NEOGENOMICS INC 1.2%

Value ($000) $27,335 Shares 2,324,366 Est. Cost $7.64 Unrealized +41.2%

CGNT COGNYTE SOFTWARE LTD 2.8%

Value ($000) $63,059 Shares 6,708,394 Est. Cost $12.77 Unrealized -32.3%

CRNC CERENCE INC 1.3%

Value ($000) $28,383 Shares 2,655,131 Est. Cost $15.38 Unrealized -28.6%

NCNO NCINO INC 2.3%

Value ($000) $51,993 Shares 2,027,809 Est. Cost $30.13 Unrealized -15.7%

STAA STAAR SURGICAL CO 0.8%

Value ($000) $17,076 Shares 739,536 Est. Cost $36.45 Unrealized -29.3%

HAE HAEMONETICS CORP 0.3%

Value ($000) $5,964 Shares 74,415 Est. Cost $41.31 Unrealized +62.6%

ORLY O'REILLY AUTOMOTIVE INC 0.3%

Value ($000) $7,865 Shares 86,235 Est. Cost $90.41 Unrealized +8.1%

DORM DORMAN PRODUCTS INC 0.1%

Value ($000) $2,514 Shares 20,407 Est. Cost $68.87 Unrealized +96.0%

PODD INSULET CORP 0.2%

Value ($000) $5,369 Shares 18,890 Est. Cost $313.31 Unrealized -0.2%

ZBRA ZEBRA TECHNOLOGIES CORP 0.0%

Value ($000) $801 Shares 3,300 Est. Cost $265.27 Unrealized +0.8%

ACIW ACI WORLDWIDE INC 0.0%

Value ($000) $880 Shares 18,410 Est. Cost $22.26 Unrealized +118.0%

ILMN ILLUMINA INC 0.0%

Value ($000) $291 Shares 2,220 Est. Cost $81.16 Unrealized +44.7%

TRMB TRIMBLE INC 0.1%

Value ($000) $1,489 Shares 19,000 Est. Cost $27.89 Unrealized +185.7%

AAPL APPLE INC 0.0%

Value ($000) $761 Shares 2,800 Est. Cost $175.13 Unrealized +53.2%

SPY SPDR S&P 500 ETF TRUST 0.1%

Value ($000) $1,729 Shares 2,535 Est. Cost $346.27 Unrealized —

FELE FRANKLIN ELECTRIC CO INC 0.1%

Value ($000) $2,102 Shares 22,000 Est. Cost $34.71 Unrealized +173.9%

MDY SPDR S&P MIDCAP 400 ETF TRUST 0.0%

Value ($000) $213 Shares 353 Est. Cost $596.03 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVLT	COMMVAULT SYSTEMS INC	533,806	$66,918	3.0%	$65.70	+114.1%	COM	204166102
VEEV	VEEVA SYSTEMS INC	222,425	$49,652	2.2%	$83.32	+218.5%	COM	922475108
RGEN	REPLIGEN CORP	335,115	$54,912	2.4%	$135.17	+15.9%	COM	759916109
NEO	NEOGENOMICS INC	2,324,366	$27,335	1.2%	$7.64	+41.2%	COM	64049M209
CGNT	COGNYTE SOFTWARE LTD	6,708,394	$63,059	2.8%	$12.77	-32.3%	COM	M25133105
CRNC	CERENCE INC	2,655,131	$28,383	1.3%	$15.38	-28.6%	COM	156727109
NCNO	NCINO INC	2,027,809	$51,993	2.3%	$30.13	-15.7%	COM	63947X101
STAA	STAAR SURGICAL CO	739,536	$17,076	0.8%	$36.45	-29.3%	COM	852312305
HAE	HAEMONETICS CORP	74,415	$5,964	0.3%	$41.31	+62.6%	COM	405024100
ORLY	O'REILLY AUTOMOTIVE INC	86,235	$7,865	0.3%	$90.41	+8.1%	COM	67103H107
DORM	DORMAN PRODUCTS INC	20,407	$2,514	0.1%	$68.87	+96.0%	COM	258278100
PODD	INSULET CORP	18,890	$5,369	0.2%	$313.31	-0.2%	COM	45784P101
ZBRA	ZEBRA TECHNOLOGIES CORP	3,300	$801	0.0%	$265.27	+0.8%	COM	989207105
ACIW	ACI WORLDWIDE INC	18,410	$880	0.0%	$22.26	+118.0%	COM	004498101
ILMN	ILLUMINA INC	2,220	$291	0.0%	$81.16	+44.7%	COM	452327109
TRMB	TRIMBLE INC	19,000	$1,489	0.1%	$27.89	+185.7%	COM	896239100
AAPL	APPLE INC	2,800	$761	0.0%	$175.13	+53.2%	COM	037833100
SPY	SPDR S&P 500 ETF TRUST	2,535	$1,729	0.1%	$346.27	—	COM	78462F103
FELE	FRANKLIN ELECTRIC CO INC	22,000	$2,102	0.1%	$34.71	+173.9%	COM	353514102
MDY	SPDR S&P MIDCAP 400 ETF TRUST	353	$213	0.0%	$596.03	—	COM	78467Y107