Vulcan Value Partners, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRU	TRANSUNION	3,207,405 (+201.8%)	$221,920 (+143.8%)	5.9%	$79.97	-1.3%	Equity	89400J107
MEDP	MEDPACE HLDGS INC	203,068 (+329.3%)	$97,511 (+266.9%)	2.6%	$490.41	+10.6%	Equity	58506Q109
TPG	TPG INC	1,986,026 (+15.3%)	$80,454 (-26.9%)	2.1%	$57.39	-0.2%	Equity	872657101
RYAN	RYAN SPECIALTY HOLDINGS INC	6,595,335 (+42.7%)	$222,527 (-6.7%)	5.9%	$52.81	-11.7%	Equity	78351F107
SARO	STANDARDAERO INC	716,983 (+51.4%)	$18,549 (+36.2%)	0.5%	$28.61	+9.3%	Equity	85423L103
CIGI	COLLIERS INTL GROUP INC	255,321 (+38.5%)	$27,291 (+0.6%)	0.7%	$101.91	+31.8%	Equity	194693107

Exited Positions (9)

CSGP COSTAR GROUP INC 8.0%

Value ($000) $301,527 Shares 4,485,021 Est. Cost $81.43 Unrealized -30.1%

SWK STANLEY BLACK & DECKER INC 2.1%

Value ($000) $78,777 Shares 1,059,558 Est. Cost $77.43 Unrealized +9.1%

CCK CROWN HLDGS INC 1.1%

Value ($000) $41,232 Shares 400,303 Est. Cost $88.02 Unrealized +22.8%

VRTS VIRTUS INVT PARTNERS INC 0.3%

Value ($000) $12,616 Shares 77,326 Est. Cost $124.06 Unrealized +25.3%

TKR TIMKEN CO 0.3%

Value ($000) $11,646 Shares 138,434 Est. Cost $71.33 Unrealized +38.0%

MIDD MIDDLEBY CORP 0.3%

Value ($000) $10,381 Shares 69,825 Est. Cost $138.44 Unrealized +12.3%

SEE SEALED AIR CORP NEW 0.1%

Value ($000) $4,906 Shares 118,417 Est. Cost $39.33 Unrealized +6.3%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $4,144 Shares 6,023 Est. Cost $687.14 Unrealized —

IWD ISHARES TR 0.0%

Value ($000) $636 Shares 2,748 Est. Cost $231.44 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSGP	COSTAR GROUP INC	4,485,021	$301,527	8.0%	$81.43	-30.1%	—	22160N109
SWK	STANLEY BLACK & DECKER INC	1,059,558	$78,777	2.1%	$77.43	+9.1%	—	854502101
CCK	CROWN HLDGS INC	400,303	$41,232	1.1%	$88.02	+22.8%	—	228368106
VRTS	VIRTUS INVT PARTNERS INC	77,326	$12,616	0.3%	$124.06	+25.3%	—	92828Q109
TKR	TIMKEN CO	138,434	$11,646	0.3%	$71.33	+38.0%	—	887389104
MIDD	MIDDLEBY CORP	69,825	$10,381	0.3%	$138.44	+12.3%	—	596278101
SEE	SEALED AIR CORP NEW	118,417	$4,906	0.1%	$39.33	+6.3%	—	81211K100
SPY	SPDR S&P 500 ETF TR	6,023	$4,144	0.1%	$687.14	—	—	78462F103
IWD	ISHARES TR	2,748	$636	0.0%	$231.44	—	—	464287598

Decreased Positions (25)

CRM SALESFORCE INC 1.0%

Value ($000) $36,737 (-91.1%) Shares 196,803 (-87.3%) Est. Cost $244.74 Unrealized -11.8%

MSFT MICROSOFT CORP 10.9%

Value ($000) $410,515 (-25.6%) Shares 1,108,991 (-2.9%) Est. Cost $258.37 Unrealized +68.2%

UNH UNITEDHEALTH GROUP INC 6.5%

Value ($000) $246,960 (-31.0%) Shares 912,674 (-15.7%) Est. Cost $395.54 Unrealized -22.0%

TDG TRANSDIGM GROUP INC 5.7%

Value ($000) $213,513 (-33.3%) Shares 184,228 (-23.4%) Est. Cost $619.94 Unrealized +119.6%

GOOG ALPHABET INC 5.1%

Value ($000) $194,077 (-33.6%) Shares 676,556 (-27.4%) Est. Cost $109.06 Unrealized +196.8%

AMZN AMAZON COM INC 8.8%

Value ($000) $332,371 (-18.2%) Shares 1,595,868 (-9.3%) Est. Cost $130.64 Unrealized +73.6%

QRVO QORVO INC 0.6%

Value ($000) $20,806 (-77.7%) Shares 268,813 (-75.6%) Est. Cost $91.36 Unrealized -10.0%

EG EVEREST GROUP LTD 11.8%

Value ($000) $445,126 (-13.1%) Shares 1,361,865 (-9.8%) Est. Cost $359.52 Unrealized -7.9%

MA MASTERCARD INCORPORATED 5.1%

Value ($000) $191,459 (-25.3%) Shares 383,179 (-14.7%) Est. Cost $260.71 Unrealized +106.8%

NICE NICE LTD 1.7%

Value ($000) $63,103 (+64026.5%) Shares 572,311 (-34.3%) Est. Cost $56.87 Unrealized —

V VISA INC 5.1%

Value ($000) $193,269 (-24.3%) Shares 639,454 (-12.1%) Est. Cost $171.10 Unrealized +92.4%

ELV ELEVANCE HEALTH INC FORMERLY 2.3%

Value ($000) $86,880 (-35.8%) Shares 296,771 (-23.2%) Est. Cost $400.44 Unrealized -12.2%

FISV FISERV INC 1.6%

Value ($000) $61,082 (-36.7%) Shares 1,094,659 (-23.9%) Est. Cost $117.07 Unrealized -45.4%

IQV IQVIA HLDGS INC 1.1%

Value ($000) $42,311 (-41.9%) Shares 248,101 (-23.2%) Est. Cost $151.11 Unrealized +39.1%

HEI/A HEICO CORP NEW 1.0%

Value ($000) $37,670 (-40.4%) Shares 178,456 (-28.6%) Est. Cost $103.46 Unrealized +150.8%

LFUS LITTELFUSE INC 0.7%

Value ($000) $26,506 (-45.5%) Shares 78,107 (-59.4%) Est. Cost $226.13 Unrealized +41.5%

KMX CARMAX INC 2.4%

Value ($000) $91,679 (-19.0%) Shares 2,204,876 (-24.7%) Est. Cost $60.14 Unrealized -25.4%

JLL JONES LANG LASALLE INC 0.9%

Value ($000) $33,338 (-34.2%) Shares 109,549 (-27.3%) Est. Cost $202.71 Unrealized +65.8%

G GENPACT LIMITED 0.7%

Value ($000) $26,459 (-24.2%) Shares 710,313 (-4.9%) Est. Cost $37.60 Unrealized +13.3%

MLKN MILLERKNOLL INC 0.5%

Value ($000) $19,154 (-25.4%) Shares 1,324,609 (-4.7%) Est. Cost $24.99 Unrealized -18.1%

FBIN FORTUNE BRANDS INNOVATIONS I 0.4%

Value ($000) $13,389 (-24.3%) Shares 343,563 (-2.8%) Est. Cost $62.86 Unrealized -9.6%

ABM ABM INDS INC 0.6%

Value ($000) $24,279 (-12.9%) Shares 630,296 (-4.3%) Est. Cost $37.77 Unrealized +19.3%

PRG PROG HOLDINGS INC 0.4%

Value ($000) $16,248 (-8.0%) Shares 566,314 (-5.5%) Est. Cost $39.03 Unrealized -14.0%

PK PARK HOTELS & RESORTS INC 0.3%

Value ($000) $12,592 (-6.5%) Shares 1,195,835 (-4.9%) Est. Cost $14.12 Unrealized —

ITRN ITURAN LOCATION AND CONTROL 0.6%

Value ($000) $24,203 (+3.3%) Shares 493,840 (-8.6%) Est. Cost $23.14 Unrealized +97.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRM	SALESFORCE INC	196,803 (-87.3%)	$36,737 (-91.1%)	1.0%	$244.74	-11.8%	Equity	79466L302
MSFT	MICROSOFT CORP	1,108,991 (-2.9%)	$410,515 (-25.6%)	10.9%	$258.37	+68.2%	Equity	594918104
UNH	UNITEDHEALTH GROUP INC	912,674 (-15.7%)	$246,960 (-31.0%)	6.5%	$395.54	-22.0%	Equity	91324P102
TDG	TRANSDIGM GROUP INC	184,228 (-23.4%)	$213,513 (-33.3%)	5.7%	$619.94	+119.6%	Equity	893641100
GOOG	ALPHABET INC	676,556 (-27.4%)	$194,077 (-33.6%)	5.1%	$109.06	+196.8%	Equity	02079K107
AMZN	AMAZON COM INC	1,595,868 (-9.3%)	$332,371 (-18.2%)	8.8%	$130.64	+73.6%	Equity	023135106
QRVO	QORVO INC	268,813 (-75.6%)	$20,806 (-77.7%)	0.6%	$91.36	-10.0%	Equity	74736K101
EG	EVEREST GROUP LTD	1,361,865 (-9.8%)	$445,126 (-13.1%)	11.8%	$359.52	-7.9%	Equity	G3223R108
MA	MASTERCARD INCORPORATED	383,179 (-14.7%)	$191,459 (-25.3%)	5.1%	$260.71	+106.8%	Equity	57636Q104
NICE	NICE LTD	572,311 (-34.3%)	$63,103 (+64026.5%)	1.7%	$56.87	—	Equity	653656108
V	VISA INC	639,454 (-12.1%)	$193,269 (-24.3%)	5.1%	$171.10	+92.4%	Equity	92826C839
ELV	ELEVANCE HEALTH INC FORMERLY	296,771 (-23.2%)	$86,880 (-35.8%)	2.3%	$400.44	-12.2%	Equity	036752103
FISV	FISERV INC	1,094,659 (-23.9%)	$61,082 (-36.7%)	1.6%	$117.07	-45.4%	Equity	337738108
IQV	IQVIA HLDGS INC	248,101 (-23.2%)	$42,311 (-41.9%)	1.1%	$151.11	+39.1%	Equity	46266C105
HEI/A	HEICO CORP NEW	178,456 (-28.6%)	$37,670 (-40.4%)	1.0%	$103.46	+150.8%	Equity	422806208
LFUS	LITTELFUSE INC	78,107 (-59.4%)	$26,506 (-45.5%)	0.7%	$226.13	+41.5%	Equity	537008104
KMX	CARMAX INC	2,204,876 (-24.7%)	$91,679 (-19.0%)	2.4%	$60.14	-25.4%	Equity	143130102
JLL	JONES LANG LASALLE INC	109,549 (-27.3%)	$33,338 (-34.2%)	0.9%	$202.71	+65.8%	Equity	48020Q107
G	GENPACT LIMITED	710,313 (-4.9%)	$26,459 (-24.2%)	0.7%	$37.60	+13.3%	Equity	G3922B107
MLKN	MILLERKNOLL INC	1,324,609 (-4.7%)	$19,154 (-25.4%)	0.5%	$24.99	-18.1%	Equity	600544100
FBIN	FORTUNE BRANDS INNOVATIONS I	343,563 (-2.8%)	$13,389 (-24.3%)	0.4%	$62.86	-9.6%	Equity	34964C106
ABM	ABM INDS INC	630,296 (-4.3%)	$24,279 (-12.9%)	0.6%	$37.77	+19.3%	Equity	000957100
PRG	PROG HOLDINGS INC	566,314 (-5.5%)	$16,248 (-8.0%)	0.4%	$39.03	-14.0%	Equity	74319R101
PK	PARK HOTELS & RESORTS INC	1,195,835 (-4.9%)	$12,592 (-6.5%)	0.3%	$14.12	—	Equity	700517105
ITRN	ITURAN LOCATION AND CONTROL	493,840 (-8.6%)	$24,203 (+3.3%)	0.6%	$23.14	+97.0%	Equity	M6158M104

Unchanged Positions (1)

ARES ARES MANAGEMENT CORPORATION 4.9%

Value ($000) $184,507 Shares 1,691,176 Est. Cost $149.59 Unrealized -0.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARES	ARES MANAGEMENT CORPORATION	1,691,176	$184,507	4.9%	$149.59	-0.7%	Equity	03990B101