Ausbil Investment Management Ltd Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HTO	H2O America	53,119	$2,602	1.5%	$47.95	0.0%	COM	784305104
SANM	Sanmina Corp	7,914	$1,188	0.7%	$147.61	0.0%	COM	801056102
NGD	New Gold Inc	113,000	$984	0.6%	$7.53	0.0%	COM	644535106
UEC	Uranium Energy Corp	45,000	$526	0.3%	$13.12	0.0%	COM	916896103
MUX	McEwen Inc	28,000	$518	0.3%	$18.60	0.0%	COM NEW	58039P305
XERS	Xeris Biopharma Holdings Inc	37,000	$290	0.2%	$7.87	0.0%	COM	98422E103
CCS	Century Communities Inc	3,376	$200	0.1%	$60.69	0.0%	COM	156504300

Increased Positions (15)

FTRE Fortrea Holdings Inc 2.2%

Value ($000) $3,876 (+1145.3%) Shares 224,713 (+587.2%) Est. Cost $11.67 Unrealized +5.9%

MEDP Medpace Holdings Inc 1.7%

Value ($000) $3,040 (+118.3%) Shares 5,413 (+111.4%) Est. Cost $453.92 Unrealized +25.1%

— Pinnacle Financial Partners In 0.6%

Value ($000) $1,017 (+135.9%) Shares 10,663 (+130.8%) Est. Cost $93.29 Unrealized —

ENSG Ensign Group Inc/The 0.7%

Value ($000) $1,154 (+94.9%) Shares 6,626 (+95.2%) Est. Cost $169.21 Unrealized +6.1%

EXE Expand Energy Corp 0.3%

Value ($000) $574 (+951.2%) Shares 5,200 (+940.0%) Est. Cost $109.35 Unrealized +1.2%

IBP Installed Building Products In 0.7%

Value ($000) $1,207 (+73.3%) Shares 4,654 (+63.8%) Est. Cost $245.21 Unrealized +5.3%

CBU Community Financial System Inc 0.6%

Value ($000) $1,117 (+69.9%) Shares 19,446 (+72.3%) Est. Cost $55.84 Unrealized +2.4%

RNR RenaissanceRe Holdings Ltd 0.8%

Value ($000) $1,485 (+44.7%) Shares 5,281 (+32.0%) Est. Cost $247.33 Unrealized +6.4%

FCX Freeport-McMoRan Inc 0.6%

Value ($000) $1,067 (+65.4%) Shares 21,000 (+27.3%) Est. Cost $39.76 Unrealized +9.0%

COLB Columbia Banking System Inc 0.7%

Value ($000) $1,230 (+33.4%) Shares 44,001 (+23.9%) Est. Cost $24.69 Unrealized +8.7%

HBM Hudbay Minerals Inc 0.4%

Value ($000) $736 (+59.5%) Shares 37,000 (+23.3%) Est. Cost $10.07 Unrealized +68.0%

BCPC Balchem Corp 0.8%

Value ($000) $1,370 (+19.4%) Shares 8,931 (+14.2%) Est. Cost $156.00 Unrealized -2.7%

FN Fabrinet 0.3%

Value ($000) $616 (+54.3%) Shares 1,352 (+25.9%) Est. Cost $276.35 Unrealized +57.4%

PLPC Preformed Line Products Co 0.8%

Value ($000) $1,402 (+15.8%) Shares 6,784 (+12.5%) Est. Cost $139.71 Unrealized +52.5%

CORT Corcept Therapeutics Inc 0.2%

Value ($000) $356 (-24.6%) Shares 10,235 (+82.6%) Est. Cost $75.16 Unrealized +4.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FTRE	Fortrea Holdings Inc	224,713 (+587.2%)	$3,876 (+1145.3%)	2.2%	$11.67	+5.9%	COMMON STOCK	34965K107
MEDP	Medpace Holdings Inc	5,413 (+111.4%)	$3,040 (+118.3%)	1.7%	$453.92	+25.1%	COM	58506Q109
—	Pinnacle Financial Partners In	10,663 (+130.8%)	$1,017 (+135.9%)	0.6%	$93.29	—	COM	72346Q104
ENSG	Ensign Group Inc/The	6,626 (+95.2%)	$1,154 (+94.9%)	0.7%	$169.21	+6.1%	COM	29358P101
EXE	Expand Energy Corp	5,200 (+940.0%)	$574 (+951.2%)	0.3%	$109.35	+1.2%	COM	165167735
IBP	Installed Building Products In	4,654 (+63.8%)	$1,207 (+73.3%)	0.7%	$245.21	+5.3%	COM	45780R101
CBU	Community Financial System Inc	19,446 (+72.3%)	$1,117 (+69.9%)	0.6%	$55.84	+2.4%	COM	203607106
RNR	RenaissanceRe Holdings Ltd	5,281 (+32.0%)	$1,485 (+44.7%)	0.8%	$247.33	+6.4%	COM	G7496G103
FCX	Freeport-McMoRan Inc	21,000 (+27.3%)	$1,067 (+65.4%)	0.6%	$39.76	+9.0%	CL B	35671D857
COLB	Columbia Banking System Inc	44,001 (+23.9%)	$1,230 (+33.4%)	0.7%	$24.69	+8.7%	COM	197236102
HBM	Hudbay Minerals Inc	37,000 (+23.3%)	$736 (+59.5%)	0.4%	$10.07	+68.0%	COM	443628102
BCPC	Balchem Corp	8,931 (+14.2%)	$1,370 (+19.4%)	0.8%	$156.00	-2.7%	COM	057665200
FN	Fabrinet	1,352 (+25.9%)	$616 (+54.3%)	0.3%	$276.35	+57.4%	SHS	G3323L100
PLPC	Preformed Line Products Co	6,784 (+12.5%)	$1,402 (+15.8%)	0.8%	$139.71	+52.5%	COM	740444104
CORT	Corcept Therapeutics Inc	10,235 (+82.6%)	$356 (-24.6%)	0.2%	$75.16	+4.5%	COM	218352102

Exited Positions (11)

AEE Ameren Corp 1.3%

Value ($000) $2,312 Shares 22,356 Est. Cost $73.05 Unrealized +39.6%

EXP Eagle Materials Inc 0.7%

Value ($000) $1,189 Shares 5,147 Est. Cost $230.45 Unrealized -4.3%

SLGN Silgan Holdings Inc 0.5%

Value ($000) $921 Shares 21,375 Est. Cost $51.29 Unrealized -20.9%

ACLS Axcelis Technologies Inc 0.5%

Value ($000) $875 Shares 9,234 Est. Cost $66.84 Unrealized +25.3%

GNRC Generac Holdings Inc 0.4%

Value ($000) $670 Shares 3,988 Est. Cost $122.00 Unrealized +32.3%

SFM Sprouts Farmers Market Inc 0.4%

Value ($000) $648 Shares 6,050 Est. Cost $54.30 Unrealized +65.2%

GO Grocery Outlet Holding Corp 0.2%

Value ($000) $378 Shares 23,328 Est. Cost $15.97 Unrealized -21.2%

KNF Knife River Corp 0.2%

Value ($000) $366 Shares 5,046 Est. Cost $89.47 Unrealized -21.5%

REAX Real Brokerage Inc/The 0.2%

Value ($000) $311 Shares 76,585 Est. Cost $4.52 Unrealized -14.4%

LMAT LeMaitre Vascular Inc 0.1%

Value ($000) $219 Shares 2,532 Est. Cost $69.31 Unrealized +24.0%

LRN Stride Inc 0.1%

Value ($000) $202 Shares 1,395 Est. Cost $146.61 Unrealized -38.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEE	Ameren Corp	22,356	$2,312	1.3%	$73.05	+39.6%	—	023608102
EXP	Eagle Materials Inc	5,147	$1,189	0.7%	$230.45	-4.3%	—	26969P108
SLGN	Silgan Holdings Inc	21,375	$921	0.5%	$51.29	-20.9%	—	827048109
ACLS	Axcelis Technologies Inc	9,234	$875	0.5%	$66.84	+25.3%	—	054540208
GNRC	Generac Holdings Inc	3,988	$670	0.4%	$122.00	+32.3%	—	368736104
SFM	Sprouts Farmers Market Inc	6,050	$648	0.4%	$54.30	+65.2%	—	85208M102
GO	Grocery Outlet Holding Corp	23,328	$378	0.2%	$15.97	-21.2%	—	39874R101
KNF	Knife River Corp	5,046	$366	0.2%	$89.47	-21.5%	—	498894104
REAX	Real Brokerage Inc/The	76,585	$311	0.2%	$4.52	-14.4%	—	75585H206
LMAT	LeMaitre Vascular Inc	2,532	$219	0.1%	$69.31	+24.0%	—	525558201
LRN	Stride Inc	1,395	$202	0.1%	$146.61	-38.1%	—	86333M108

Decreased Positions (26)

NSC Norfolk Southern Corp 4.3%

Value ($000) $7,602 (-24.6%) Shares 26,329 (-22.0%) Est. Cost $242.15 Unrealized +19.2%

EXC Exelon Corp 2.8%

Value ($000) $4,937 (-19.6%) Shares 113,269 (-16.9%) Est. Cost $35.37 Unrealized +28.5%

TRP TC Energy Corp 2.5%

Value ($000) $4,372 (-19.3%) Shares 79,286 (-21.1%) Est. Cost $39.51 Unrealized +35.0%

ES Eversource Energy 3.6%

Value ($000) $6,388 (-12.8%) Shares 94,876 (-7.2%) Est. Cost $60.20 Unrealized +15.5%

ATKR Atkore Inc 0.9%

Value ($000) $1,552 (-33.9%) Shares 24,545 (-32.9%) Est. Cost $73.31 Unrealized -11.8%

CEG Constellation Energy Corp 3.1%

Value ($000) $5,404 (-12.5%) Shares 15,298 (-13.0%) Est. Cost $268.83 Unrealized +35.1%

BLD TopBuild Corp 0.9%

Value ($000) $1,599 (-32.4%) Shares 3,832 (-36.1%) Est. Cost $373.50 Unrealized +14.8%

ENB Enbridge Inc 2.7%

Value ($000) $4,807 (-13.3%) Shares 100,323 (-10.2%) Est. Cost $31.54 Unrealized +49.4%

EGP EastGroup Properties Inc 0.7%

Value ($000) $1,241 (-35.7%) Shares 6,966 (-37.9%) Est. Cost $170.39 Unrealized —

NEE NextEra Energy Inc 5.9%

Value ($000) $10,420 (-5.6%) Shares 129,794 (-7.5%) Est. Cost $69.36 Unrealized +18.9%

CSX CSX Corp 5.4%

Value ($000) $9,465 (-5.9%) Shares 261,110 (-9.2%) Est. Cost $32.76 Unrealized +9.0%

PEG Public Service Enterprise Grou 3.4%

Value ($000) $6,051 (-8.1%) Shares 75,357 (-5.5%) Est. Cost $70.94 Unrealized +14.3%

MTH Meritage Homes Corp 0.1%

Value ($000) $193 (-73.2%) Shares 2,938 (-70.1%) Est. Cost $68.36 Unrealized +1.3%

OGS ONE Gas Inc 2.0%

Value ($000) $3,511 (-12.7%) Shares 45,451 (-9.6%) Est. Cost $75.12 Unrealized +7.0%

ETR Entergy Corp 3.7%

Value ($000) $6,506 (-7.2%) Shares 70,388 (-6.2%) Est. Cost $56.66 Unrealized +66.9%

PRI Primerica Inc 0.5%

Value ($000) $801 (-38.2%) Shares 3,099 (-33.8%) Est. Cost $269.55 Unrealized -3.2%

ATO Atmos Energy Corp 2.1%

Value ($000) $3,607 (-11.3%) Shares 21,517 (-10.3%) Est. Cost $111.07 Unrealized +55.1%

NI NiSource Inc 3.0%

Value ($000) $5,242 (-7.5%) Shares 125,538 (-4.6%) Est. Cost $30.72 Unrealized +38.8%

FER Ferrovial SE 3.6%

Value ($000) $6,322 (-5.4%) Shares 97,274 (-16.0%) Est. Cost $39.98 Unrealized +59.3%

NXE NexGen Energy Ltd 0.3%

Value ($000) $598 (-34.7%) Shares 65,000 (-35.6%) Est. Cost $5.60 Unrealized +57.6%

MLI Mueller Industries Inc 2.3%

Value ($000) $4,052 (+7.0%) Shares 35,296 (-6.8%) Est. Cost $50.68 Unrealized +111.8%

ADMA ADMA Biologics Inc 1.0%

Value ($000) $1,780 (+16.1%) Shares 97,591 (-4.2%) Est. Cost $17.35 Unrealized -2.9%

POWL Powell Industries Inc 0.8%

Value ($000) $1,436 (-12.3%) Shares 4,505 (-12.7%) Est. Cost $171.14 Unrealized +96.6%

RLI RLI Corp 0.6%

Value ($000) $1,032 (-16.3%) Shares 16,136 (-17.3%) Est. Cost $72.62 Unrealized -15.4%

DTM DT Midstream Inc 1.4%

Value ($000) $2,412 (-5.3%) Shares 20,152 (-9.7%) Est. Cost $103.16 Unrealized +10.8%

CCJ Cameco Corp 0.6%

Value ($000) $1,100 (+1.4%) Shares 12,000 (-7.7%) Est. Cost $50.93 Unrealized +76.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NSC	Norfolk Southern Corp	26,329 (-22.0%)	$7,602 (-24.6%)	4.3%	$242.15	+19.2%	COM	655844108
EXC	Exelon Corp	113,269 (-16.9%)	$4,937 (-19.6%)	2.8%	$35.37	+28.5%	COM	30161N101
TRP	TC Energy Corp	79,286 (-21.1%)	$4,372 (-19.3%)	2.5%	$39.51	+35.0%	COM	87807B107
ES	Eversource Energy	94,876 (-7.2%)	$6,388 (-12.8%)	3.6%	$60.20	+15.5%	COM	30040W108
ATKR	Atkore Inc	24,545 (-32.9%)	$1,552 (-33.9%)	0.9%	$73.31	-11.8%	COM	047649108
CEG	Constellation Energy Corp	15,298 (-13.0%)	$5,404 (-12.5%)	3.1%	$268.83	+35.1%	COM	21037T109
BLD	TopBuild Corp	3,832 (-36.1%)	$1,599 (-32.4%)	0.9%	$373.50	+14.8%	COM	89055F103
ENB	Enbridge Inc	100,323 (-10.2%)	$4,807 (-13.3%)	2.7%	$31.54	+49.4%	COM	29250N105
EGP	EastGroup Properties Inc	6,966 (-37.9%)	$1,241 (-35.7%)	0.7%	$170.39	—	COM	277276101
NEE	NextEra Energy Inc	129,794 (-7.5%)	$10,420 (-5.6%)	5.9%	$69.36	+18.9%	COM	65339F101
CSX	CSX Corp	261,110 (-9.2%)	$9,465 (-5.9%)	5.4%	$32.76	+9.0%	COM	126408103
PEG	Public Service Enterprise Grou	75,357 (-5.5%)	$6,051 (-8.1%)	3.4%	$70.94	+14.3%	COM	744573106
MTH	Meritage Homes Corp	2,938 (-70.1%)	$193 (-73.2%)	0.1%	$68.36	+1.3%	COM	59001A102
OGS	ONE Gas Inc	45,451 (-9.6%)	$3,511 (-12.7%)	2.0%	$75.12	+7.0%	COM	68235P108
ETR	Entergy Corp	70,388 (-6.2%)	$6,506 (-7.2%)	3.7%	$56.66	+66.9%	COM	29364G103
PRI	Primerica Inc	3,099 (-33.8%)	$801 (-38.2%)	0.5%	$269.55	-3.2%	COM	74164M108
ATO	Atmos Energy Corp	21,517 (-10.3%)	$3,607 (-11.3%)	2.1%	$111.07	+55.1%	COM	049560105
NI	NiSource Inc	125,538 (-4.6%)	$5,242 (-7.5%)	3.0%	$30.72	+38.8%	COM	65473P105
FER	Ferrovial SE	97,274 (-16.0%)	$6,322 (-5.4%)	3.6%	$39.98	+59.3%	ORD SHS	N3168P101
NXE	NexGen Energy Ltd	65,000 (-35.6%)	$598 (-34.7%)	0.3%	$5.60	+57.6%	COM	65340P106
MLI	Mueller Industries Inc	35,296 (-6.8%)	$4,052 (+7.0%)	2.3%	$50.68	+111.8%	COM	624756102
ADMA	ADMA Biologics Inc	97,591 (-4.2%)	$1,780 (+16.1%)	1.0%	$17.35	-2.9%	COM	000899104
POWL	Powell Industries Inc	4,505 (-12.7%)	$1,436 (-12.3%)	0.8%	$171.14	+96.6%	COM	739128106
RLI	RLI Corp	16,136 (-17.3%)	$1,032 (-16.3%)	0.6%	$72.62	-15.4%	COM	749607107
DTM	DT Midstream Inc	20,152 (-9.7%)	$2,412 (-5.3%)	1.4%	$103.16	+10.8%	COMMON STOCK	23345M107
CCJ	Cameco Corp	12,000 (-7.7%)	$1,100 (+1.4%)	0.6%	$50.93	+76.6%	COM	13321L108

Unchanged Positions (19)

VG Venture Global Inc 1.2%

Value ($000) $2,180 Shares 319,718 Est. Cost $14.20 Unrealized -41.5%

LNG Cheniere Energy Inc 3.7%

Value ($000) $6,458 Shares 33,220 Est. Cost $186.97 Unrealized +12.3%

WMB Williams Cos Inc/The 3.6%

Value ($000) $6,263 Shares 104,198 Est. Cost $33.06 Unrealized +81.7%

AES AES Corp/The 2.5%

Value ($000) $4,352 Shares 303,476 Est. Cost $11.31 Unrealized +24.1%

DUK Duke Energy Corp 2.9%

Value ($000) $5,180 Shares 44,190 Est. Cost $115.43 Unrealized +5.3%

AMT American Tower Corp 1.2%

Value ($000) $2,187 Shares 12,458 Est. Cost $193.42 Unrealized -6.8%

CCI Crown Castle Inc 1.6%

Value ($000) $2,759 Shares 31,042 Est. Cost $95.78 Unrealized -4.9%

CNI Canadian National Railway Co 2.1%

Value ($000) $3,628 Shares 36,632 Est. Cost $100.61 Unrealized -4.4%

CIEN Ciena Corp 0.2%

Value ($000) $329 Shares 1,408 Est. Cost $79.05 Unrealized +145.4%

PCG PG&E Corp 2.4%

Value ($000) $4,152 Shares 258,390 Est. Cost $17.30 Unrealized -8.0%

LTC LTC Properties Inc 0.4%

Value ($000) $732 Shares 21,289 Est. Cost $34.46 Unrealized —

SOBO South Bow Corp 1.7%

Value ($000) $2,933 Shares 106,483 Est. Cost $24.08 Unrealized +12.8%

NHI National Health Investors Inc 0.6%

Value ($000) $981 Shares 12,850 Est. Cost $75.98 Unrealized —

CLS Celestica Inc 0.2%

Value ($000) $278 Shares 940 Est. Cost $50.44 Unrealized +497.5%

WLDN Willdan Group Inc 0.2%

Value ($000) $383 Shares 3,695 Est. Cost $94.65 Unrealized +4.0%

REXR Rexford Industrial Realty Inc 0.1%

Value ($000) $186 Shares 4,791 Est. Cost $41.84 Unrealized —

UFPI UFP Industries Inc 0.3%

Value ($000) $610 Shares 6,703 Est. Cost $104.57 Unrealized -12.4%

AIT Applied Industrial Technologie 1.8%

Value ($000) $3,149 Shares 12,262 Est. Cost $199.29 Unrealized +28.0%

CTRE CareTrust REIT Inc 0.1%

Value ($000) $202 Shares 5,584 Est. Cost $35.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VG	Venture Global Inc	319,718	$2,180	1.2%	$14.20	-41.5%	COM CL A	92333F101
LNG	Cheniere Energy Inc	33,220	$6,458	3.7%	$186.97	+12.3%	COM NEW	16411R208
WMB	Williams Cos Inc/The	104,198	$6,263	3.6%	$33.06	+81.7%	COM	969457100
AES	AES Corp/The	303,476	$4,352	2.5%	$11.31	+24.1%	COM	00130H105
DUK	Duke Energy Corp	44,190	$5,180	2.9%	$115.43	+5.3%	COM NEW	26441C204
AMT	American Tower Corp	12,458	$2,187	1.2%	$193.42	-6.8%	COM	03027X100
CCI	Crown Castle Inc	31,042	$2,759	1.6%	$95.78	-4.9%	COM	22822V101
CNI	Canadian National Railway Co	36,632	$3,628	2.1%	$100.61	-4.4%	COM	136375102
CIEN	Ciena Corp	1,408	$329	0.2%	$79.05	+145.4%	COM NEW	171779309
PCG	PG&E Corp	258,390	$4,152	2.4%	$17.30	-8.0%	COM	69331C108
LTC	LTC Properties Inc	21,289	$732	0.4%	$34.46	—	COM	502175102
SOBO	South Bow Corp	106,483	$2,933	1.7%	$24.08	+12.8%	COM	83671M105
NHI	National Health Investors Inc	12,850	$981	0.6%	$75.98	—	COM	63633D104
CLS	Celestica Inc	940	$278	0.2%	$50.44	+497.5%	COM	15101Q207
WLDN	Willdan Group Inc	3,695	$383	0.2%	$94.65	+4.0%	COM	96924N100
REXR	Rexford Industrial Realty Inc	4,791	$186	0.1%	$41.84	—	COM	76169C100
UFPI	UFP Industries Inc	6,703	$610	0.3%	$104.57	-12.4%	COM	90278Q108
AIT	Applied Industrial Technologie	12,262	$3,149	1.8%	$199.29	+28.0%	COM	03820C105
CTRE	CareTrust REIT Inc	5,584	$202	0.1%	$35.24	—	COM	14174T107