Lightrock Netherlands B.V. Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBT	BRUNSWICK CORP	457,778 (+227.3%)	$33,985 (+275.5%)	7.0%	$74.31	-10.8%	COM	127055101
AKAM	AKAMAI TECHNOLOGIES INC	262,396 (+161.6%)	$22,894 (+254.0%)	4.7%	$86.68	-5.1%	COM	00971T101
BC	AVANTOR INC	660,380 (+51.7%)	$7,568 (-67.7%)	1.6%	$66.53	+1.5%	COM	117043109
WFG	WEST FRASER TIMBER CO LTD	320,303 (+16.1%)	$26,838 (+68.1%)	5.6%	$73.98	-15.4%	COM	952845105
GMED	GLOBUS MEDICAL INC - A	255,400 (+1.4%)	$22,299 (+81.6%)	4.6%	$74.14	+2.4%	CL A	379577208
FSLR	ENVISTA HOLDINGS CORP	666,307 (+2663.8%)	$14,466 (+219.7%)	3.0%	$249.44	+1.1%	COM	336433107
RNR	SALLY BEAUTY HOLDINGS INC	1,017,508 (+4690.1%)	$14,510 (+216.1%)	3.0%	$263.05	+0.0%	COM	G7496G103
JBL	JABIL INC	66,648 (+53.2%)	$15,197 (+89.0%)	3.2%	$159.52	+33.7%	COM	466313103
TROX	TRONOX HOLDINGS PLC	3,051,286 (+66.8%)	$12,724 (+103.3%)	2.6%	$7.55	-49.5%	SHS	G9087Q102
EHC	DIAMONDROCK HOSPITALITY CO	430,000 (+360.8%)	$3,853 (-61.8%)	0.8%	$112.22	+3.1%	COM	29261A100
CUBE	COMPASS MINERALS INTERNATION	630,873 (+227.5%)	$12,390 (+85.9%)	2.6%	$26.77	—	COM	229663109
WTFC	WINTRUST FINANCIAL CORP	181,500 (+2.2%)	$25,377 (+26.8%)	5.3%	$123.75	+7.5%	COM	97650W108
WEX	WEX INC	62,500 (+42.7%)	$9,311 (+58.6%)	1.9%	$148.62	+1.4%	COM	96208T104
STRA	STRATEGIC EDUCATION INC	244,219 (+4.0%)	$19,586 (+14.0%)	4.1%	$83.35	-4.7%	COM	86272C103
MWA	MUELLER WATER PRODUCTS INC-A	496,784 (+11.4%)	$11,833 (+22.2%)	2.5%	$23.57	+4.7%	COM SER A	624758108
TOWN	TOWNE BANK	331,252 (+7.3%)	$11,054 (+21.7%)	2.3%	$34.90	-3.5%	COM	89214P109
TRIP	TRIPADVISOR INC	1,072,810 (+5.1%)	$15,620 (+10.6%)	3.2%	$14.65	+3.9%	COM	896945201
TNC	TENNANT CO	148,526 (+7.2%)	$10,946 (+14.5%)	2.3%	$82.09	-7.2%	COM	880345103
IRT	INDEPENDENCE REALTY TRUST IN	271,434 (+9.7%)	$4,745 (+37.5%)	1.0%	$18.87	—	COM	45378A106
LNN	LINDSAY CORP	132,415 (+5.2%)	$15,608 (+3.6%)	3.2%	$123.87	-3.3%	COM	535555106
DOC	HEALTHPEAK PROPERTIES INC	400,521 (+3.9%)	$6,440 (+2.5%)	1.3%	$19.74	-11.5%	COM	42250P103

Exited Positions (2)

SBH SALLY BEAUTY HOLDINGS INC 3.6%

Value ($000) $17,181 Shares 1,239,998 Est. Cost $10.91 Unrealized +38.1%

AMH AMERICAN HOMES 4 RENT- A 1.4%

Value ($000) $6,776 Shares 239,468 Est. Cost $37.66 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SBH	SALLY BEAUTY HOLDINGS INC	1,239,998	$17,181	3.6%	$10.91	+38.1%	—	79546E104
AMH	AMERICAN HOMES 4 RENT- A	239,468	$6,776	1.4%	$37.66	—	—	02665T306

Decreased Positions (14)

LITE LUMENTUM HOLDINGS INC 2.4%

Value ($000) $11,397 (-55.1%) Shares 30,921 (-83.1%) Est. Cost $77.37 Unrealized +231.9%

DRH DARLING INGREDIENTS INC 2.0%

Value ($000) $9,425 (+286.5%) Shares 261,807 (-27.3%) Est. Cost $8.91 Unrealized —

CTRE CABOT CORP 2.3%

Value ($000) $11,125 (+119.0%) Shares 167,844 (-2.5%) Est. Cost $27.66 Unrealized —

CMP COHU INC 1.1%

Value ($000) $5,354 (-36.2%) Shares 230,089 (-55.2%) Est. Cost $12.65 Unrealized +46.3%

AVTR AMERICAN HOMES 4 RENT- A 1.8%

Value ($000) $8,586 (+45.5%) Shares 267,468 (-51.8%) Est. Cost $15.64 Unrealized -21.3%

PFSI PENNYMAC FINANCIAL SERVICES 3.4%

Value ($000) $16,389 (+17.3%) Shares 124,313 (-6.2%) Est. Cost $101.98 Unrealized +24.4%

THR THERMON GROUP HOLDINGS INC 1.9%

Value ($000) $9,218 (+32.0%) Shares 248,075 (-19.2%) Est. Cost $28.82 Unrealized +13.9%

ENS ENCOMPASS HEALTH CORP 2.3%

Value ($000) $11,018 (-13.5%) Shares 103,806 (-21.6%) Est. Cost $96.28 Unrealized +38.5%

NVST ENERSYS 2.4%

Value ($000) $11,731 (+14.4%) Shares 79,939 (-86.5%) Est. Cost $19.13 Unrealized +7.2%

COHU CARETRUST REIT INC 1.3%

Value ($000) $6,223 (+27.0%) Shares 172,105 (-39.2%) Est. Cost $24.74 Unrealized -7.4%

ANF ABERCROMBIE & FITCH CO-CL A 2.8%

Value ($000) $13,465 (+7.1%) Shares 106,974 (-38.1%) Est. Cost $112.91 Unrealized -22.6%

QDEL QUIDELORTHO CORP 2.7%

Value ($000) $13,166 (+5.4%) Shares 461,000 (-7.5%) Est. Cost $37.68 Unrealized -28.1%

TDC TERADATA CORP DEL 0.8%

Value ($000) $3,970 (+17.0%) Shares 130,423 (-29.7%) Est. Cost $21.52 Unrealized +21.6%

DAR CUBESMART 1.4%

Value ($000) $6,944 (+1.0%) Shares 192,626 (-26.4%) Est. Cost $37.04 Unrealized -8.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LITE	LUMENTUM HOLDINGS INC	30,921 (-83.1%)	$11,397 (-55.1%)	2.4%	$77.37	+231.9%	COM	55024U109
DRH	DARLING INGREDIENTS INC	261,807 (-27.3%)	$9,425 (+286.5%)	2.0%	$8.91	—	COM	252784301
CTRE	CABOT CORP	167,844 (-2.5%)	$11,125 (+119.0%)	2.3%	$27.66	—	COM	14174T107
CMP	COHU INC	230,089 (-55.2%)	$5,354 (-36.2%)	1.1%	$12.65	+46.3%	COM	20451N101
AVTR	AMERICAN HOMES 4 RENT- A	267,468 (-51.8%)	$8,586 (+45.5%)	1.8%	$15.64	-21.3%	CL A	05352A100
PFSI	PENNYMAC FINANCIAL SERVICES	124,313 (-6.2%)	$16,389 (+17.3%)	3.4%	$101.98	+24.4%	COM	70932M107
THR	THERMON GROUP HOLDINGS INC	248,075 (-19.2%)	$9,218 (+32.0%)	1.9%	$28.82	+13.9%	COM	88362T103
ENS	ENCOMPASS HEALTH CORP	103,806 (-21.6%)	$11,018 (-13.5%)	2.3%	$96.28	+38.5%	COM	29275Y102
NVST	ENERSYS	79,939 (-86.5%)	$11,731 (+14.4%)	2.4%	$19.13	+7.2%	COM	29415F104
COHU	CARETRUST REIT INC	172,105 (-39.2%)	$6,223 (+27.0%)	1.3%	$24.74	-7.4%	REITs	192576106
ANF	ABERCROMBIE & FITCH CO-CL A	106,974 (-38.1%)	$13,465 (+7.1%)	2.8%	$112.91	-22.6%	CL A	002896207
QDEL	QUIDELORTHO CORP	461,000 (-7.5%)	$13,166 (+5.4%)	2.7%	$37.68	-28.1%	COM	219798105
TDC	TERADATA CORP DEL	130,423 (-29.7%)	$3,970 (+17.0%)	0.8%	$21.52	+21.6%	COM	88076W103
DAR	CUBESMART	192,626 (-26.4%)	$6,944 (+1.0%)	1.4%	$37.04	-8.6%	COM	237266101

Unchanged Positions (2)

AYI ACUITY INC 1.2%

Value ($000) $5,834 Shares 16,203 Est. Cost $307.51 Unrealized +17.5%

GNTX GENTEX CORP 0.9%

Value ($000) $4,477 Shares 192,384 Est. Cost $28.47 Unrealized -15.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AYI	ACUITY INC	16,203	$5,834	1.2%	$307.51	+17.5%	COM	00508Y102
GNTX	GENTEX CORP	192,384	$4,477	0.9%	$28.47	-15.3%	COM	371901109