First Pacific Advisors, LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAX	BAXTER INTL INC	6,700,925	$112,576	1.6%	$20.46	0.0%	COM	071813109
AJG	GALLAGHER ARTHUR J & CO	387,687	$83,965	1.2%	$240.41	0.0%	COM	363576109
WAT	WATERS CORP	267,472	$79,653	1.1%	$367.10	0.0%	COM	941848103
PYPL	PAYPAL HLDGS INC	1,391,409	$62,933	0.9%	$50.08	0.0%	COM	70450Y103
CNH	CNH INDL N V	4,809,255	$52,902	0.7%	$11.41	0.0%	SHS	N20944109
MRSH	MARSH & MCLENNAN COS INC	108,697	$18,853	0.3%	$181.36	0.0%	COM	571748102
VBIL	VANGUARD INSTL INDEX FD	90,159	$6,821	0.1%	$75.65	—	0-3 MO TREAS BIL	922040845
GLD	SPDR GOLD TR	13,995	$6,022	0.1%	$430.29	—	GOLD SHS	78463V107
EQPT	EQUIPMENTSHARE COM INC	285,714	$5,820	0.1%	$20.37	—	COM CL A	29445S100
FNV	FRANCO NEV CORP	6,611	$1,633	0.0%	$245.78	0.0%	COM	351858105
CVX	CHEVRON CORPORATION	6,144	$1,271	0.0%	$171.87	0.0%	COM	166764100
SCCO	SOUTHERN COPPER CORP	7,056	$1,214	0.0%	$187.35	0.0%	COM	84265V105
ROST	ROSS STORES INC	5,154	$1,117	0.0%	$192.38	0.0%	COM	778296103
TSLA	TESLA INC	3,000	$1,115	0.0%	$425.98	0.0%	COM	88160R101
EMR	EMERSON ELEC CO	8,426	$1,104	0.0%	$148.47	0.0%	COM	291011104
DG	DOLLAR GEN CORP	9,077	$1,078	0.0%	$147.69	0.0%	COM	256677105
CSL	CARLISLE COS INC	2,632	$878	0.0%	$371.49	0.0%	COM	142339100
ORLY	OREILLY AUTOMOTIVE INC	8,355	$771	0.0%	$94.98	0.0%	COM	67103H107
NVST	ENVISTA HOLDINGS CORPORATION	30,397	$771	0.0%	$25.74	0.0%	COM	29415F104
DIS	DISNEY WALT CO	7,872	$759	0.0%	$109.45	0.0%	COM	254687106
HSIC	SCHEIN HENRY INC	9,914	$731	0.0%	$78.06	0.0%	COM	806407102
GWW	WW GRAINGER INC	669	$730	0.0%	$1094.66	0.0%	COM	384802104
MCD	MCDONALDS CORP	2,142	$666	0.0%	$317.25	0.0%	COM	580135101
CPAY	CORPAY INC	2,147	$625	0.0%	$327.56	0.0%	COM SHS	219948106
SMG	SCOTTS MIRACLE-GRO CO	7,357	$447	0.0%	$64.30	0.0%	CL A	810186106
BIDU	BAIDU INC	3,421	$381	0.0%	$111.42	—	SPON ADR REP A	056752108
DEO	DIAGEO PLC	1	$0	0.0%	$74.00	—	SPON ADR NEW	25243Q205

Increased Positions (18)

LBRDK LIBERTY BROADBAND CORP 3.3%

Value ($000) $233,523 (+80.0%) Shares 4,642,610 (+73.9%) Est. Cost $51.05 Unrealized -2.5%

ICLR ICON PLC 1.5%

Value ($000) $109,672 (-38.6%) Shares 991,075 (+1.0%) Est. Cost $180.93 Unrealized -13.6%

BDX BECTON DICKINSON & CO 4.4%

Value ($000) $311,385 (-17.8%) Shares 1,980,440 (+1.5%) Est. Cost $186.64 Unrealized -10.1%

IFF INTERNATIONAL FLAVORS&FRAGRA 5.5%

Value ($000) $392,490 (+9.4%) Shares 5,409,925 (+1.6%) Est. Cost $89.65 Unrealized -17.3%

FBIN FORTUNE BRANDS INNOVATIONS I 2.1%

Value ($000) $147,783 (-16.2%) Shares 3,792,230 (+7.6%) Est. Cost $56.05 Unrealized +1.4%

AVTR AVANTOR INC 0.9%

Value ($000) $63,418 (+39.4%) Shares 8,089,023 (+103.8%) Est. Cost $11.93 Unrealized -7.8%

TMO THERMO FISHER SCIENTIFIC INC 1.5%

Value ($000) $109,069 (-13.9%) Shares 221,896 (+1.5%) Est. Cost $449.27 Unrealized +27.9%

VYX NCR VOYIX CORPORATION 0.5%

Value ($000) $34,214 (-33.4%) Shares 5,405,082 (+7.3%) Est. Cost $13.27 Unrealized -24.9%

KMX CARMAX INC 1.7%

Value ($000) $123,979 (+9.7%) Shares 2,981,709 (+2.0%) Est. Cost $79.21 Unrealized -43.3%

DEI DOUGLAS EMMETT INC 1.1%

Value ($000) $81,360 (+13.4%) Shares 8,636,970 (+32.3%) Est. Cost $11.68 Unrealized —

UBER UBER TECHNOLOGIES INC 1.0%

Value ($000) $69,759 (-10.4%) Shares 969,817 (+1.7%) Est. Cost $41.38 Unrealized +90.2%

BIO BIO RAD LABS INC 1.6%

Value ($000) $113,551 (-6.6%) Shares 407,358 (+1.5%) Est. Cost $303.75 Unrealized -1.6%

MICC MAGNUM ICE CREAM CO NV 0.5%

Value ($000) $33,714 (+25.3%) Shares 2,255,110 (+32.8%) Est. Cost $15.96 Unrealized +5.3%

MTN VAIL RESORTS INC 2.1%

Value ($000) $150,949 (+4.5%) Shares 1,176,350 (+8.2%) Est. Cost $171.38 Unrealized -19.6%

AON AON PLC 3.2%

Value ($000) $226,998 (-2.0%) Shares 703,258 (+7.1%) Est. Cost $197.23 Unrealized +70.4%

CMCSA COMCAST CORP NEW 3.5%

Value ($000) $246,692 (-1.7%) Shares 8,592,563 (+2.3%) Est. Cost $31.69 Unrealized -5.9%

PCG PG&E CORP 0.3%

Value ($000) $20,417 (+11.2%) Shares 1,162,062 (+1.7%) Est. Cost $26.43 Unrealized -38.0%

VT VANGUARD INTL EQUITY INDEX F 0.1%

Value ($000) $3,650 (+31.1%) Shares 26,390 (+33.7%) Est. Cost $117.79 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LBRDK	LIBERTY BROADBAND CORP	4,642,610 (+73.9%)	$233,523 (+80.0%)	3.3%	$51.05	-2.5%	COM SER C	530307305
ICLR	ICON PLC	991,075 (+1.0%)	$109,672 (-38.6%)	1.5%	$180.93	-13.6%	SHS	G4705A100
BDX	BECTON DICKINSON & CO	1,980,440 (+1.5%)	$311,385 (-17.8%)	4.4%	$186.64	-10.1%	COM	075887109
IFF	INTERNATIONAL FLAVORS&FRAGRA	5,409,925 (+1.6%)	$392,490 (+9.4%)	5.5%	$89.65	-17.3%	COM	459506101
FBIN	FORTUNE BRANDS INNOVATIONS I	3,792,230 (+7.6%)	$147,783 (-16.2%)	2.1%	$56.05	+1.4%	COM	34964C106
AVTR	AVANTOR INC	8,089,023 (+103.8%)	$63,418 (+39.4%)	0.9%	$11.93	-7.8%	COM	05352A100
TMO	THERMO FISHER SCIENTIFIC INC	221,896 (+1.5%)	$109,069 (-13.9%)	1.5%	$449.27	+27.9%	COM	883556102
VYX	NCR VOYIX CORPORATION	5,405,082 (+7.3%)	$34,214 (-33.4%)	0.5%	$13.27	-24.9%	COM	62886E108
KMX	CARMAX INC	2,981,709 (+2.0%)	$123,979 (+9.7%)	1.7%	$79.21	-43.3%	COM	143130102
DEI	DOUGLAS EMMETT INC	8,636,970 (+32.3%)	$81,360 (+13.4%)	1.1%	$11.68	—	COM	25960P109
UBER	UBER TECHNOLOGIES INC	969,817 (+1.7%)	$69,759 (-10.4%)	1.0%	$41.38	+90.2%	COM	90353T100
BIO	BIO RAD LABS INC	407,358 (+1.5%)	$113,551 (-6.6%)	1.6%	$303.75	-1.6%	CL A	090572207
MICC	MAGNUM ICE CREAM CO NV	2,255,110 (+32.8%)	$33,714 (+25.3%)	0.5%	$15.96	+5.3%	ORD SHS	N5505D105
MTN	VAIL RESORTS INC	1,176,350 (+8.2%)	$150,949 (+4.5%)	2.1%	$171.38	-19.6%	COM	91879Q109
AON	AON PLC	703,258 (+7.1%)	$226,998 (-2.0%)	3.2%	$197.23	+70.4%	SHS CL A	G0403H108
CMCSA	COMCAST CORP NEW	8,592,563 (+2.3%)	$246,692 (-1.7%)	3.5%	$31.69	-5.9%	CL A	20030N101
PCG	PG&E CORP	1,162,062 (+1.7%)	$20,417 (+11.2%)	0.3%	$26.43	-38.0%	COM	69331C108
VT	VANGUARD INTL EQUITY INDEX F	26,390 (+33.7%)	$3,650 (+31.1%)	0.1%	$117.79	—	TT WRLD ST ETF	922042742

Exited Positions (5)

CHTR CHARTER COMMUNICATIONS INC N 1.3%

Value ($000) $96,343 Shares 461,525 Est. Cost $312.14 Unrealized -31.5%

GPOR GULFPORT ENERGY CORP 0.4%

Value ($000) $26,505 Shares 127,434 Est. Cost $64.90 Unrealized +200.0%

SGOV ISHARES TR 0.1%

Value ($000) $4,099 Shares 40,837 Est. Cost $100.60 Unrealized —

LAUR LAUREATE EDUCATION INC 0.0%

Value ($000) $3,417 Shares 101,485 Est. Cost $11.95 Unrealized +189.4%

DAR DARLING INGREDIENTS INC 0.0%

Value ($000) $1,888 Shares 52,447 Est. Cost $33.00 Unrealized +37.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CHTR	CHARTER COMMUNICATIONS INC N	461,525	$96,343	1.3%	$312.14	-31.5%	—	16119P108
GPOR	GULFPORT ENERGY CORP	127,434	$26,505	0.4%	$64.90	+200.0%	—	402635502
SGOV	ISHARES TR	40,837	$4,099	0.1%	$100.60	—	—	46436E718
LAUR	LAUREATE EDUCATION INC	101,485	$3,417	0.0%	$11.95	+189.4%	—	518613203
DAR	DARLING INGREDIENTS INC	52,447	$1,888	0.0%	$33.00	+37.0%	—	237266101

Decreased Positions (24)

GOOGL ALPHABET INC 6.8%

Value ($000) $484,105 (-19.1%) Shares 1,683,493 (-11.9%) Est. Cost $106.84 Unrealized +202.6%

META META PLATFORMS INC 5.5%

Value ($000) $389,399 (-16.0%) Shares 680,613 (-3.1%) Est. Cost $183.87 Unrealized +256.5%

NATL NCR ATLEOS CORPORATION 0.1%

Value ($000) $4,834 (-93.8%) Shares 110,933 (-94.6%) Est. Cost $22.37 Unrealized +76.5%

KMI KINDER MORGAN INC DEL 0.6%

Value ($000) $44,686 (-60.1%) Shares 1,332,715 (-67.3%) Est. Cost $12.11 Unrealized +145.6%

TEL TE CONNECTIVITY PLC 4.8%

Value ($000) $345,062 (-14.8%) Shares 1,650,857 (-7.3%) Est. Cost $146.90 Unrealized +56.5%

C CITIGROUP INC 5.0%

Value ($000) $360,101 (-12.0%) Shares 3,175,212 (-9.5%) Est. Cost $38.95 Unrealized +198.3%

MAR MARRIOTT INTL INC NEW 1.1%

Value ($000) $76,127 (-37.1%) Shares 232,754 (-40.3%) Est. Cost $105.59 Unrealized +213.3%

LPLA LPL FINL HLDGS INC 1.4%

Value ($000) $96,453 (-30.3%) Shares 320,624 (-17.2%) Est. Cost $41.95 Unrealized +750.8%

GOOG ALPHABET INC 5.4%

Value ($000) $382,429 (-9.7%) Shares 1,333,157 (-1.2%) Est. Cost $107.40 Unrealized +201.4%

ADI ANALOG DEVICES INC 7.7%

Value ($000) $548,198 (+7.8%) Shares 1,723,135 (-8.1%) Est. Cost $44.02 Unrealized +618.2%

WFC WELLS FARGO & CO 1.0%

Value ($000) $69,478 (-32.8%) Shares 872,730 (-21.4%) Est. Cost $39.40 Unrealized +128.5%

WAB WABTEC 0.9%

Value ($000) $65,160 (-31.3%) Shares 260,732 (-41.3%) Est. Cost $70.77 Unrealized +237.6%

SATS ECHOSTAR CORP 0.1%

Value ($000) $5,510 (-78.8%) Shares 47,066 (-80.3%) Est. Cost $20.85 Unrealized +458.0%

AVGO BROADCOM INC 0.3%

Value ($000) $19,334 (-35.1%) Shares 62,465 (-27.5%) Est. Cost $139.72 Unrealized +139.2%

AMRZ AMRIZE LTD 2.5%

Value ($000) $176,260 (-4.4%) Shares 3,146,383 (-7.7%) Est. Cost $51.02 Unrealized +11.9%

NOV NOV INC 1.7%

Value ($000) $118,893 (-6.0%) Shares 6,320,758 (-21.9%) Est. Cost $13.91 Unrealized +33.7%

FERG FERGUSON ENTERPRISES INC 2.7%

Value ($000) $190,572 (-3.5%) Shares 816,993 (-7.9%) Est. Cost $194.33 Unrealized +29.2%

TDW TIDEWATER INC NEW 0.1%

Value ($000) $6,897 (+43.8%) Shares 82,549 (-13.1%) Est. Cost $21.35 Unrealized +200.1%

EBC EASTERN BANKSHARES INC 0.0%

Value ($000) $2 (-99.9%) Shares 83 (-99.9%) Est. Cost $11.16 Unrealized +83.3%

— ECHOSTAR CORP 1.8%

Value ($000) $130,635 (-0.5%) Shares 36,570,974 (-7.0%) Est. Cost $1.18 Unrealized —

RUSHA RUSH ENTERPRISES INC 0.1%

Value ($000) $8,534 (+6.8%) Shares 129,094 (-12.8%) Est. Cost $26.77 Unrealized +145.8%

RSVR RESERVOIR MEDIA INC 0.0%

Value ($000) $3,023 (+21.3%) Shares 308,747 (-6.2%) Est. Cost $7.35 Unrealized +2.3%

PARR PAR PAC HOLDINGS INC 0.0%

Value ($000) $2,045 (+33.1%) Shares 32,651 (-25.3%) Est. Cost $14.69 Unrealized +164.6%

HYBB ISHARES TR 0.0%

Value ($000) $7 (-51.0%) Shares 142 (-50.3%) Est. Cost $47.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	1,683,493 (-11.9%)	$484,105 (-19.1%)	6.8%	$106.84	+202.6%	CAP STK CL A	02079K305
META	META PLATFORMS INC	680,613 (-3.1%)	$389,399 (-16.0%)	5.5%	$183.87	+256.5%	CL A	30303M102
NATL	NCR ATLEOS CORPORATION	110,933 (-94.6%)	$4,834 (-93.8%)	0.1%	$22.37	+76.5%	COM SHS	63001N106
KMI	KINDER MORGAN INC DEL	1,332,715 (-67.3%)	$44,686 (-60.1%)	0.6%	$12.11	+145.6%	COM	49456B101
TEL	TE CONNECTIVITY PLC	1,650,857 (-7.3%)	$345,062 (-14.8%)	4.8%	$146.90	+56.5%	ORD SHS	G87052109
C	CITIGROUP INC	3,175,212 (-9.5%)	$360,101 (-12.0%)	5.0%	$38.95	+198.3%	COM NEW	172967424
MAR	MARRIOTT INTL INC NEW	232,754 (-40.3%)	$76,127 (-37.1%)	1.1%	$105.59	+213.3%	CL A	571903202
LPLA	LPL FINL HLDGS INC	320,624 (-17.2%)	$96,453 (-30.3%)	1.4%	$41.95	+750.8%	COM	50212V100
GOOG	ALPHABET INC	1,333,157 (-1.2%)	$382,429 (-9.7%)	5.4%	$107.40	+201.4%	CAP STK CL C	02079K107
ADI	ANALOG DEVICES INC	1,723,135 (-8.1%)	$548,198 (+7.8%)	7.7%	$44.02	+618.2%	COM	032654105
WFC	WELLS FARGO & CO	872,730 (-21.4%)	$69,478 (-32.8%)	1.0%	$39.40	+128.5%	COM	949746101
WAB	WABTEC	260,732 (-41.3%)	$65,160 (-31.3%)	0.9%	$70.77	+237.6%	COM	929740108
SATS	ECHOSTAR CORP	47,066 (-80.3%)	$5,510 (-78.8%)	0.1%	$20.85	+458.0%	CL A	278768106
AVGO	BROADCOM INC	62,465 (-27.5%)	$19,334 (-35.1%)	0.3%	$139.72	+139.2%	COM	11135F101
AMRZ	AMRIZE LTD	3,146,383 (-7.7%)	$176,260 (-4.4%)	2.5%	$51.02	+11.9%	SHS	H2927K103
NOV	NOV INC	6,320,758 (-21.9%)	$118,893 (-6.0%)	1.7%	$13.91	+33.7%	COM	62955J103
FERG	FERGUSON ENTERPRISES INC	816,993 (-7.9%)	$190,572 (-3.5%)	2.7%	$194.33	+29.2%	COMMON STOCK NEW	31488V107
TDW	TIDEWATER INC NEW	82,549 (-13.1%)	$6,897 (+43.8%)	0.1%	$21.35	+200.1%	COM	88642R109
EBC	EASTERN BANKSHARES INC	83 (-99.9%)	$2 (-99.9%)	0.0%	$11.16	+83.3%	COM	27627N105
—	ECHOSTAR CORP	36,570,974 (-7.0%)	$130,635 (-0.5%)	1.8%	$1.18	—	NOTE 3.875%11/3	278768AB2
RUSHA	RUSH ENTERPRISES INC	129,094 (-12.8%)	$8,534 (+6.8%)	0.1%	$26.77	+145.8%	CL A	781846209
RSVR	RESERVOIR MEDIA INC	308,747 (-6.2%)	$3,023 (+21.3%)	0.0%	$7.35	+2.3%	COM	76119X105
PARR	PAR PAC HOLDINGS INC	32,651 (-25.3%)	$2,045 (+33.1%)	0.0%	$14.69	+164.6%	COM NEW	69888T207
HYBB	ISHARES TR	142 (-50.3%)	$7 (-51.0%)	0.0%	$47.13	—	BB RAT CORP BD	46435U473

Unchanged Positions (17)

JEF JEFFERIES FINANCIAL GROUP IN 1.5%

Value ($000) $106,745 Shares 2,586,501 Est. Cost $16.51 Unrealized +256.2%

AMZN AMAZON COM INC 4.1%

Value ($000) $294,956 Shares 1,416,219 Est. Cost $127.67 Unrealized +77.7%

NXPI NXP SEMICONDUCTORS N V 2.1%

Value ($000) $151,369 Shares 768,915 Est. Cost $119.70 Unrealized +95.8%

DELL DELL TECHNOLOGIES INC 0.9%

Value ($000) $62,859 Shares 382,985 Est. Cost $24.29 Unrealized +389.9%

VNO VORNADO RLTY TR 0.6%

Value ($000) $43,679 Shares 1,680,601 Est. Cost $19.35 Unrealized —

STGW STAGWELL INC 0.1%

Value ($000) $7,497 Shares 1,191,918 Est. Cost $6.94 Unrealized -21.7%

OEC ORION S.A. 0.0%

Value ($000) $2,713 Shares 417,388 Est. Cost $17.17 Unrealized -63.4%

UPWK UPWORK INC 0.0%

Value ($000) $626 Shares 57,081 Est. Cost $14.49 Unrealized +23.8%

SATS ECHOSTAR CORP 0.1%

Value ($000) $5,502 Shares 47,000 Est. Cost $20.85 Unrealized +458.0%

MRVI MARAVAI LIFESCIENCES HLDGS I 0.0%

Value ($000) $2,504 Shares 884,883 Est. Cost $2.17 Unrealized +59.5%

— WAYFAIR INC 0.1%

Value ($000) $4,638 Shares 4,934,000 Est. Cost $0.57 Unrealized —

ASLE AERSALE CORPORATION 0.0%

Value ($000) $1,298 Shares 208,726 Est. Cost $6.40 Unrealized +16.6%

ALGT ALLEGIANT TRAVEL CO 0.0%

Value ($000) $2,770 Shares 34,186 Est. Cost $91.28 Unrealized +6.4%

PBFS PIONEER BANCORP INC MD 0.0%

Value ($000) $2,324 Shares 166,974 Est. Cost $9.53 Unrealized +47.3%

PDLB PONCE FINANCIAL GROUP INC 0.0%

Value ($000) $3,034 Shares 181,562 Est. Cost $9.35 Unrealized +76.7%

UNIT UNITI GROUP LLC 0.0%

Value ($000) $237 Shares 25,235 Est. Cost $7.16 Unrealized +8.5%

NFLX NETFLIX INC. 0.0%

Value ($000) $1,577 Shares 16,400 Est. Cost $101.27 Unrealized -17.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JEF	JEFFERIES FINANCIAL GROUP IN	2,586,501	$106,745	1.5%	$16.51	+256.2%	COM	47233W109
AMZN	AMAZON COM INC	1,416,219	$294,956	4.1%	$127.67	+77.7%	COM	023135106
NXPI	NXP SEMICONDUCTORS N V	768,915	$151,369	2.1%	$119.70	+95.8%	COM	N6596X109
DELL	DELL TECHNOLOGIES INC	382,985	$62,859	0.9%	$24.29	+389.9%	CL C	24703L202
VNO	VORNADO RLTY TR	1,680,601	$43,679	0.6%	$19.35	—	SH BEN INT	929042109
STGW	STAGWELL INC	1,191,918	$7,497	0.1%	$6.94	-21.7%	COM CL A	85256A109
OEC	ORION S.A.	417,388	$2,713	0.0%	$17.17	-63.4%	COM	L72967109
UPWK	UPWORK INC	57,081	$626	0.0%	$14.49	+23.8%	COM	91688F104
SATS	ECHOSTAR CORP	47,000	$5,502	0.1%	$20.85	+458.0%	PUT	278768106
MRVI	MARAVAI LIFESCIENCES HLDGS I	884,883	$2,504	0.0%	$2.17	+59.5%	COM CL A	56600D107
—	WAYFAIR INC	4,934,000	$4,638	0.1%	$0.57	—	NOTE 1.000% 8/1	94419LAF8
ASLE	AERSALE CORPORATION	208,726	$1,298	0.0%	$6.40	+16.6%	COM	00810F106
ALGT	ALLEGIANT TRAVEL CO	34,186	$2,770	0.0%	$91.28	+6.4%	COM	01748X102
PBFS	PIONEER BANCORP INC MD	166,974	$2,324	0.0%	$9.53	+47.3%	COM	723561106
PDLB	PONCE FINANCIAL GROUP INC	181,562	$3,034	0.0%	$9.35	+76.7%	COMMON STOCK	732344106
UNIT	UNITI GROUP LLC	25,235	$237	0.0%	$7.16	+8.5%	COM SHS	912932100
NFLX	NETFLIX INC.	16,400	$1,577	0.0%	$101.27	-17.2%	COM	64110L106