M.D. Sass, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SASS	RBB FUND TRUST	2,884,000	$66,930	5.1%	$23.21	—	M D SASS CONCEN	75526L613
DGX	QUEST DIAGNOSTICS INC	299,459	$58,688	4.4%	$190.57	0.0%	COM	74834L100
CHRW	C H ROBINSON WORLDWIDE IN	225,964	$37,526	2.8%	$181.31	0.0%	COM NEW	12541W209
SNPS	SYNOPSYS INC	76,822	$30,458	2.3%	$471.68	0.0%	COM	871607107
GIL	GILDAN ACTIVEWEAR INC	396,504	$22,065	1.7%	$67.39	0.0%	COM	375916103
HYG	ISHARES TR	12,400	$987	0.1%	$79.56	—	IBOXX HI YD ETF	464288513

Increased Positions (14)

AMZN AMAZON COM INC 4.2%

Value ($000) $54,978 (+42.2%) Shares 263,973 (+57.6%) Est. Cost $211.17 Unrealized +7.4%

FICO FAIR ISAAC CORP 3.6%

Value ($000) $47,208 (-15.2%) Shares 44,221 (+34.3%) Est. Cost $1656.38 Unrealized -11.4%

AON AON PLC 3.5%

Value ($000) $45,952 (+20.0%) Shares 142,362 (+31.2%) Est. Cost $358.18 Unrealized -6.2%

ICE INTERCONTINENTAL EXCHANGE IN 4.5%

Value ($000) $58,881 (+12.7%) Shares 374,368 (+16.0%) Est. Cost $154.42 Unrealized +6.8%

COF CAPITAL ONE FINL CORP 4.1%

Value ($000) $53,434 (-9.7%) Shares 292,901 (+20.0%) Est. Cost $195.27 Unrealized +14.3%

SGI SOMNIGROUP INTERNATIONAL INC 3.6%

Value ($000) $47,483 (-9.2%) Shares 642,354 (+9.7%) Est. Cost $69.25 Unrealized +32.8%

MLM MARTIN MARIETTA MATLS INC 4.6%

Value ($000) $60,698 (+6.9%) Shares 103,109 (+13.1%) Est. Cost $545.25 Unrealized +21.2%

IWD ISHARES TR 0.5%

Value ($000) $7,048 (+47.3%) Shares 32,984 (+45.0%) Est. Cost $211.37 Unrealized —

GWRE GUIDEWIRE SOFTWARE INC 0.6%

Value ($000) $8,257 (+27.6%) Shares 55,208 (+71.5%) Est. Cost $190.89 Unrealized -21.3%

SARO STANDARDAERO INC 4.2%

Value ($000) $55,526 (-2.8%) Shares 2,149,680 (+7.9%) Est. Cost $27.98 Unrealized +11.8%

PANW PALO ALTO NETWORKS INC 0.6%

Value ($000) $8,099 (+21.4%) Shares 50,516 (+39.4%) Est. Cost $169.58 Unrealized +1.5%

MRVL MARVELL TECHNOLOGY INC 0.6%

Value ($000) $7,605 (+17.9%) Shares 76,778 (+1.2%) Est. Cost $62.49 Unrealized +29.7%

MSFT MICROSOFT CORP 0.3%

Value ($000) $3,594 (-16.2%) Shares 9,708 (+9.4%) Est. Cost $258.56 Unrealized +68.1%

HSIC SCHEIN HENRY INC 7.1%

Value ($000) $93,843 (+0.3%) Shares 1,273,316 (+2.9%) Est. Cost $69.16 Unrealized +12.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	263,973 (+57.6%)	$54,978 (+42.2%)	4.2%	$211.17	+7.4%	COM	023135106
FICO	FAIR ISAAC CORP	44,221 (+34.3%)	$47,208 (-15.2%)	3.6%	$1656.38	-11.4%	COM	303250104
AON	AON PLC	142,362 (+31.2%)	$45,952 (+20.0%)	3.5%	$358.18	-6.2%	SHS CL A	G0403H108
ICE	INTERCONTINENTAL EXCHANGE IN	374,368 (+16.0%)	$58,881 (+12.7%)	4.5%	$154.42	+6.8%	COM	45866F104
COF	CAPITAL ONE FINL CORP	292,901 (+20.0%)	$53,434 (-9.7%)	4.1%	$195.27	+14.3%	COM	14040H105
SGI	SOMNIGROUP INTERNATIONAL INC	642,354 (+9.7%)	$47,483 (-9.2%)	3.6%	$69.25	+32.8%	COM	88023U101
MLM	MARTIN MARIETTA MATLS INC	103,109 (+13.1%)	$60,698 (+6.9%)	4.6%	$545.25	+21.2%	COM	573284106
IWD	ISHARES TR	32,984 (+45.0%)	$7,048 (+47.3%)	0.5%	$211.37	—	RUS 1000 VAL ETF	464287598
GWRE	GUIDEWIRE SOFTWARE INC	55,208 (+71.5%)	$8,257 (+27.6%)	0.6%	$190.89	-21.3%	COM	40171V100
SARO	STANDARDAERO INC	2,149,680 (+7.9%)	$55,526 (-2.8%)	4.2%	$27.98	+11.8%	COM	85423L103
PANW	PALO ALTO NETWORKS INC	50,516 (+39.4%)	$8,099 (+21.4%)	0.6%	$169.58	+1.5%	COM	697435105
MRVL	MARVELL TECHNOLOGY INC	76,778 (+1.2%)	$7,605 (+17.9%)	0.6%	$62.49	+29.7%	COM	573874104
MSFT	MICROSOFT CORP	9,708 (+9.4%)	$3,594 (-16.2%)	0.3%	$258.56	+68.1%	COM	594918104
HSIC	SCHEIN HENRY INC	1,273,316 (+2.9%)	$93,843 (+0.3%)	7.1%	$69.16	+12.9%	COM	806407102

Exited Positions (5)

STE STERIS PLC 4.0%

Value ($000) $52,209 Shares 205,936 Est. Cost $251.13 Unrealized +1.7%

SLM SLM CORP 2.9%

Value ($000) $37,879 Shares 1,399,804 Est. Cost $29.91 Unrealized -13.5%

ALC ALCON AG 2.6%

Value ($000) $33,967 Shares 431,003 Est. Cost $83.45 Unrealized -3.6%

OWL BLUE OWL CAPITAL INC 0.2%

Value ($000) $2,361 Shares 158,065 Est. Cost $15.25 Unrealized -10.0%

FWONK LIBERTY MEDIA CORP DEL 0.1%

Value ($000) $990 Shares 10,047 Est. Cost $68.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STE	STERIS PLC	205,936	$52,209	4.0%	$251.13	+1.7%	—	G8473T100
SLM	SLM CORP	1,399,804	$37,879	2.9%	$29.91	-13.5%	—	78442P106
ALC	ALCON AG	431,003	$33,967	2.6%	$83.45	-3.6%	—	H01301128
OWL	BLUE OWL CAPITAL INC	158,065	$2,361	0.2%	$15.25	-10.0%	—	09581B103
FWONK	LIBERTY MEDIA CORP DEL	10,047	$990	0.1%	$68.24	—	—	531229755

Decreased Positions (10)

DHR DANAHER CORP DEL 2.9%

Value ($000) $38,148 (-45.4%) Shares 201,201 (-34.0%) Est. Cost $219.10 Unrealized +2.5%

APG API GROUP CORP 4.3%

Value ($000) $56,065 (-26.9%) Shares 1,383,635 (-31.0%) Est. Cost $23.29 Unrealized +83.8%

CBRE CBRE GROUP INC 3.0%

Value ($000) $39,349 (-17.2%) Shares 290,485 (-1.8%) Est. Cost $82.93 Unrealized +94.6%

CLH CLEAN HARBORS INC 5.5%

Value ($000) $72,411 (-7.6%) Shares 252,540 (-24.4%) Est. Cost $191.41 Unrealized +37.5%

WMB WILLIAMS COS INC 6.5%

Value ($000) $85,438 (+6.1%) Shares 1,173,920 (-12.4%) Est. Cost $56.31 Unrealized +17.8%

PWR QUANTA SVCS INC 2.6%

Value ($000) $34,831 (-10.0%) Shares 63,442 (-30.8%) Est. Cost $288.64 Unrealized +68.4%

SPY STATE STR SPDR S&P 500 ETF T 0.6%

Value ($000) $7,440 (-7.5%) Shares 11,440 (-3.1%) Est. Cost $443.29 Unrealized —

AME AMETEK INC 5.9%

Value ($000) $77,554 (-0.3%) Shares 361,795 (-4.5%) Est. Cost $169.65 Unrealized +31.6%

WELL WELLTOWER INC 3.8%

Value ($000) $50,533 (-0.3%) Shares 255,592 (-6.4%) Est. Cost $129.66 Unrealized +44.2%

ACWX ISHARES TR 0.3%

Value ($000) $3,926 (-3.5%) Shares 57,340 (-5.4%) Est. Cost $48.82 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHR	DANAHER CORP DEL	201,201 (-34.0%)	$38,148 (-45.4%)	2.9%	$219.10	+2.5%	COM	235851102
APG	API GROUP CORP	1,383,635 (-31.0%)	$56,065 (-26.9%)	4.3%	$23.29	+83.8%	COM STK	00187Y100
CBRE	CBRE GROUP INC	290,485 (-1.8%)	$39,349 (-17.2%)	3.0%	$82.93	+94.6%	CL A	12504L109
CLH	CLEAN HARBORS INC	252,540 (-24.4%)	$72,411 (-7.6%)	5.5%	$191.41	+37.5%	COM	184496107
WMB	WILLIAMS COS INC	1,173,920 (-12.4%)	$85,438 (+6.1%)	6.5%	$56.31	+17.8%	COM	969457100
PWR	QUANTA SVCS INC	63,442 (-30.8%)	$34,831 (-10.0%)	2.6%	$288.64	+68.4%	COM	74762E102
SPY	STATE STR SPDR S&P 500 ETF T	11,440 (-3.1%)	$7,440 (-7.5%)	0.6%	$443.29	—	TR UNIT	78462F103
AME	AMETEK INC	361,795 (-4.5%)	$77,554 (-0.3%)	5.9%	$169.65	+31.6%	COM	031100100
WELL	WELLTOWER INC	255,592 (-6.4%)	$50,533 (-0.3%)	3.8%	$129.66	+44.2%	COM	95040Q104
ACWX	ISHARES TR	57,340 (-5.4%)	$3,926 (-3.5%)	0.3%	$48.82	—	MSCI ACWI EX US	464288240

Unchanged Positions (6)

PRMB PRIMO BRANDS CORPORATION 4.8%

Value ($000) $63,702 Shares 3,383,017 Est. Cost $28.27 Unrealized -33.9%

APH AMPHENOL CORP 0.5%

Value ($000) $7,099 Shares 56,182 Est. Cost $67.73 Unrealized +116.1%

CDNS CADENCE DESIGN SYSTEM INC 0.3%

Value ($000) $3,581 Shares 12,887 Est. Cost $290.76 Unrealized +4.3%

BWXT BWX TECHNOLOGIES INC 0.2%

Value ($000) $2,751 Shares 13,453 Est. Cost $187.42 Unrealized +8.3%

GOOGL ALPHABET INC 0.2%

Value ($000) $2,022 Shares 7,031 Est. Cost $170.82 Unrealized +89.3%

CACI CACI INTL INC 0.4%

Value ($000) $5,067 Shares 9,316 Est. Cost $372.43 Unrealized +61.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRMB	PRIMO BRANDS CORPORATION	3,383,017	$63,702	4.8%	$28.27	-33.9%	CLASS A COM SHS	741623102
APH	AMPHENOL CORP	56,182	$7,099	0.5%	$67.73	+116.1%	CL A	032095101
CDNS	CADENCE DESIGN SYSTEM INC	12,887	$3,581	0.3%	$290.76	+4.3%	COM	127387108
BWXT	BWX TECHNOLOGIES INC	13,453	$2,751	0.2%	$187.42	+8.3%	COM	05605H100
GOOGL	ALPHABET INC	7,031	$2,022	0.2%	$170.82	+89.3%	CAP STK CL A	02079K305
CACI	CACI INTL INC	9,316	$5,067	0.4%	$372.43	+61.9%	CL A	127190304