Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WMT	WALMART INC	24,911	$2.821M	1.1%	$113.26	—	COM	931142103
MSFT	MICROSOFT CORP	5,229	$1.951M	0.8%	$373.02	—	COM	594918104
OXY	OCCIDENTAL PETE CORP	39,423	$1.915M	0.8%	$48.57	—	COM	674599105
JNJ	JOHNSON & JOHNSON	3,471	$882K	0.4%	$253.97	—	COM	478160104
NEE	NEXTERA ENERGY INC	8,171	$717K	0.3%	$87.77	—	COM	65339F101
YUM	YUM BRANDS INC	3,610	$577K	0.2%	$159.86	—	COM	988498101
AMGN	AMGEN INC	957	$347K	0.1%	$362.12	—	COM	031162100
AMKR	AMKOR TECHNOLOGY INC	2,400	$207K	0.1%	$86.23	—	COM	031652100

Increased Positions (11)

VZ VERIZON COMMUNICATIONS INC 1.5%

Value $3.875M (+113.8%) Shares 91,522 (+153.5%) Est. Cost $41.61 Unrealized —

F FORD MTR CO 1.6%

Value $4.136M (+93.0%) Shares 297,577 (+60.2%) Est. Cost $13.45 Unrealized —

CAG CONAGRA BRANDS INC 0.6%

Value $1.464M (+352.7%) Shares 108,800 (+428.7%) Est. Cost $14.28 Unrealized —

T AT&T INC 0.8%

Value $1.911M (+70.3%) Shares 92,304 (+138.5%) Est. Cost $22.62 Unrealized —

DVN DEVON ENERGY CORP NEW 0.5%

Value $1.269M (+68.2%) Shares 30,718 (+104.8%) Est. Cost $38.10 Unrealized —

CVNA CARVANA CO 0.1%

Value $371K (-57.1%) Shares 5,635 (+105.1%) Est. Cost $226.60 Unrealized —

GM GENERAL MTRS CO 1.9%

Value $4.804M (+10.6%) Shares 62,329 (+6.9%) Est. Cost $75.50 Unrealized —

CE CELANESE CORP DEL 0.6%

Value $1.459M (-18.5%) Shares 31,718 (+16.5%) Est. Cost $41.52 Unrealized —

MPC MARATHON PETE CORP 0.1%

Value $341K (+55.0%) Shares 1,332 (+48.0%) Est. Cost $207.72 Unrealized —

SM SM ENERGY COMPANY 0.4%

Value $1.119M (-9.3%) Shares 42,890 (+8.4%) Est. Cost $20.37 Unrealized —

DOW DOW HLDGS INC 0.2%

Value $547K (+11.3%) Shares 19,993 (+69.4%) Est. Cost $28.36 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VZ	VERIZON COMMUNICATIONS INC	91,522 (+153.5%)	$3.875M (+113.8%)	1.5%	$41.61	—	COM	92343V104
F	FORD MTR CO	297,577 (+60.2%)	$4.136M (+93.0%)	1.6%	$13.45	—	COM	345370860
CAG	CONAGRA BRANDS INC	108,800 (+428.7%)	$1.464M (+352.7%)	0.6%	$14.28	—	COM	205887102
T	AT&T INC	92,304 (+138.5%)	$1.911M (+70.3%)	0.8%	$22.62	—	COM	00206R102
DVN	DEVON ENERGY CORP NEW	30,718 (+104.8%)	$1.269M (+68.2%)	0.5%	$38.10	—	COM	25179M103
CVNA	CARVANA CO	5,635 (+105.1%)	$371K (-57.1%)	0.1%	$226.60	—	CL A	146869102
GM	GENERAL MTRS CO	62,329 (+6.9%)	$4.804M (+10.6%)	1.9%	$75.50	—	COM	37045V100
CE	CELANESE CORP DEL	31,718 (+16.5%)	$1.459M (-18.5%)	0.6%	$41.52	—	COM	150870103
MPC	MARATHON PETE CORP	1,332 (+48.0%)	$341K (+55.0%)	0.1%	$207.72	—	COM	56585A102
SM	SM ENERGY COMPANY	42,890 (+8.4%)	$1.119M (-9.3%)	0.4%	$20.37	—	COM	78454L100
DOW	DOW HLDGS INC	19,993 (+69.4%)	$547K (+11.3%)	0.2%	$28.36	—	COM	260557103

Exited Positions (33)

UNH UNITEDHEALTH GROUP INC 1.8%

Value $4.575M Shares 16,906 Est. Cost $313.99 Unrealized —

AXP AMERICAN EXPRESS CO 1.1%

Value $2.793M Shares 9,233 Est. Cost $356.17 Unrealized —

CVS CVS HEALTH CORP 1.1%

Value $2.643M Shares 36,797 Est. Cost $78.11 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.8%

Value $2.055M Shares 8,480 Est. Cost $283.93 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.7%

Value $1.837M Shares 9,028 Est. Cost $221.70 Unrealized —

GE GE AEROSPACE 0.7%

Value $1.699M Shares 5,987 Est. Cost $318.19 Unrealized —

SPG SIMON PPTY GROUP INC NEW 0.5%

Value $1.352M Shares 7,247 Est. Cost $183.97 Unrealized —

CPB THE CAMPBELLS COMPANY 0.5%

Value $1.318M Shares 59,200 Est. Cost $27.76 Unrealized —

MAR MARRIOTT INTL INC NEW 0.5%

Value $1.243M Shares 3,800 Est. Cost $308.39 Unrealized —

BAX BAXTER INTL INC 0.5%

Value $1.21M Shares 72,002 Est. Cost $20.14 Unrealized —

SHW SHERWIN WILLIAMS CO 0.4%

Value $1.026M Shares 3,200 Est. Cost $347.25 Unrealized —

HTZ HERTZ GLOBAL HLDGS INC 0.4%

Value $1.019M Shares 220,937 Est. Cost $5.46 Unrealized —

RDN RADIAN GROUP INC 0.3%

Value $826K Shares 24,972 Est. Cost $33.73 Unrealized —

CAH CARDINAL HEALTH INC 0.3%

Value $803K Shares 3,800 Est. Cost $215.31 Unrealized —

ORCL ORACLE CORP 0.3%

Value $758K Shares 5,152 Est. Cost $169.61 Unrealized —

WY WEYERHAEUSER CO 0.3%

Value $667K Shares 27,300 Est. Cost $23.80 Unrealized —

BBY BEST BUY INC 0.3%

Value $648K Shares 10,100 Est. Cost $66.96 Unrealized —

BHC BAUSCH HEALTH COS INC 0.2%

Value $593K Shares 109,735 Est. Cost $6.45 Unrealized —

TSLA TESLA INC 0.2%

Value $520K Shares 1,400 Est. Cost $425.98 Unrealized —

LUMN LUMEN TECHNOLOGIES INC 0.2%

Value $494K Shares 71,100 Est. Cost $8.08 Unrealized —

MDLZ MONDELEZ INTL INC 0.2%

Value $448K Shares 7,773 Est. Cost $58.16 Unrealized —

MPT MEDICAL PROPERTIES TRUST INC 0.2%

Value $415K Shares 89,537 Est. Cost $4.72 Unrealized —

OGN ORGANON & CO 0.2%

Value $414K Shares 69,050 Est. Cost $7.89 Unrealized —

OMC OMNICOM GROUP INC 0.2%

Value $399K Shares 5,300 Est. Cost $76.54 Unrealized —

BZH BEAZER HOMES USA INC 0.2%

Value $388K Shares 20,158 Est. Cost $22.25 Unrealized —

URI UNITED RENTALS INC 0.1%

Value $353K Shares 484 Est. Cost $867.08 Unrealized —

AAL AMERICAN AIRLINES GROUP INC 0.1%

Value $318K Shares 29,629 Est. Cost $14.57 Unrealized —

WMB WILLIAMS COS INC 0.1%

Value $298K Shares 4,100 Est. Cost $60.06 Unrealized —

PBI PITNEY BOWES INC 0.1%

Value $289K Shares 26,178 Est. Cost $10.37 Unrealized —

HRB BLOCK H & R INC 0.1%

Value $265K Shares 8,355 Est. Cost $46.41 Unrealized —

UAL UNITED AIRLS HLDGS INC 0.1%

Value $260K Shares 2,821 Est. Cost $111.68 Unrealized —

XRX XEROX HOLDINGS CORP 0.1%

Value $226K Shares 175,541 Est. Cost $2.37 Unrealized —

M MACYS INC 0.1%

Value $226K Shares 12,473 Est. Cost $21.56 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	16,906	$4.575M	1.8%	$313.99	—	—	91324P102
AXP	AMERICAN EXPRESS CO	9,233	$2.793M	1.1%	$356.17	—	—	025816109
CVS	CVS HEALTH CORP	36,797	$2.643M	1.1%	$78.11	—	—	126650100
IBM	INTERNATIONAL BUSINESS MACHS	8,480	$2.055M	0.8%	$283.93	—	—	459200101
AMD	ADVANCED MICRO DEVICES INC	9,028	$1.837M	0.7%	$221.70	—	—	007903107
GE	GE AEROSPACE	5,987	$1.699M	0.7%	$318.19	—	—	369604301
SPG	SIMON PPTY GROUP INC NEW	7,247	$1.352M	0.5%	$183.97	—	—	828806109
CPB	THE CAMPBELLS COMPANY	59,200	$1.318M	0.5%	$27.76	—	—	134429109
MAR	MARRIOTT INTL INC NEW	3,800	$1.243M	0.5%	$308.39	—	—	571903202
BAX	BAXTER INTL INC	72,002	$1.21M	0.5%	$20.14	—	—	071813109
SHW	SHERWIN WILLIAMS CO	3,200	$1.026M	0.4%	$347.25	—	—	824348106
HTZ	HERTZ GLOBAL HLDGS INC	220,937	$1.019M	0.4%	$5.46	—	—	42806J700
RDN	RADIAN GROUP INC	24,972	$826K	0.3%	$33.73	—	—	750236101
CAH	CARDINAL HEALTH INC	3,800	$803K	0.3%	$215.31	—	—	14149Y108
ORCL	ORACLE CORP	5,152	$758K	0.3%	$169.61	—	—	68389X105
WY	WEYERHAEUSER CO	27,300	$667K	0.3%	$23.80	—	—	962166104
BBY	BEST BUY INC	10,100	$648K	0.3%	$66.96	—	—	086516101
BHC	BAUSCH HEALTH COS INC	109,735	$593K	0.2%	$6.45	—	—	071734107
TSLA	TESLA INC	1,400	$520K	0.2%	$425.98	—	—	88160R101
LUMN	LUMEN TECHNOLOGIES INC	71,100	$494K	0.2%	$8.08	—	—	550241103
MDLZ	MONDELEZ INTL INC	7,773	$448K	0.2%	$58.16	—	—	609207105
MPT	MEDICAL PROPERTIES TRUST INC	89,537	$415K	0.2%	$4.72	—	—	58463J304
OGN	ORGANON & CO	69,050	$414K	0.2%	$7.89	—	—	68622V106
OMC	OMNICOM GROUP INC	5,300	$399K	0.2%	$76.54	—	—	681919106
BZH	BEAZER HOMES USA INC	20,158	$388K	0.2%	$22.25	—	—	07556Q881
URI	UNITED RENTALS INC	484	$353K	0.1%	$867.08	—	—	911363109
AAL	AMERICAN AIRLINES GROUP INC	29,629	$318K	0.1%	$14.57	—	—	02376R102
WMB	WILLIAMS COS INC	4,100	$298K	0.1%	$60.06	—	—	969457100
PBI	PITNEY BOWES INC	26,178	$289K	0.1%	$10.37	—	—	724479100
HRB	BLOCK H & R INC	8,355	$265K	0.1%	$46.41	—	—	093671105
UAL	UNITED AIRLS HLDGS INC	2,821	$260K	0.1%	$111.68	—	—	910047109
XRX	XEROX HOLDINGS CORP	175,541	$226K	0.1%	$2.37	—	—	98421M106
M	MACYS INC	12,473	$226K	0.1%	$21.56	—	—	55616P104

Decreased Positions (12)

SPY STATE STR SPDR S&P 500 ETF T 43.5%

Value $109M (-30.3%) Shares 146,500 (-39.3%) Est. Cost $655.40 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 24.0%

Value $60.24M (-11.7%) Shares 80,674 (-23.1%) Est. Cost $655.40 Unrealized —

AIG AMERICAN INTL GROUP INC 0.5%

Value $1.313M (-58.7%) Shares 17,617 (-58.3%) Est. Cost $76.34 Unrealized —

AVGO BROADCOM INC 0.2%

Value $419K (-81.5%) Shares 1,110 (-84.8%) Est. Cost $334.17 Unrealized —

DIS DISNEY WALT CO 0.5%

Value $1.135M (-61.8%) Shares 11,793 (-61.8%) Est. Cost $109.45 Unrealized —

CRWV COREWEAVE INC 0.4%

Value $1.119M (-62.0%) Shares 11,242 (-70.4%) Est. Cost $101.39 Unrealized —

BA BOEING CO 1.4%

Value $3.44M (-20.4%) Shares 15,890 (-26.8%) Est. Cost $222.90 Unrealized —

CLF CLEVELAND-CLIFFS INC NEW 0.1%

Value $181K (-79.8%) Shares 19,288 (-81.8%) Est. Cost $12.85 Unrealized —

DCH DAUCH CORP 0.1%

Value $232K (-75.1%) Shares 42,879 (-72.8%) Est. Cost $6.29 Unrealized —

SABR SABRE CORP 0.1%

Value $359K (-27.6%) Shares 171,688 (-49.8%) Est. Cost $1.72 Unrealized —

INTC INTEL CORP 0.9%

Value $2.352M (+4.3%) Shares 16,842 (-67.0%) Est. Cost $46.43 Unrealized —

UIS UNISYS CORP 0.1%

Value $212K (-11.6%) Shares 57,905 (-50.0%) Est. Cost $3.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	146,500 (-39.3%)	$109M (-30.3%)	43.5%	$655.40	—	PUT	78462F103
SPY	STATE STR SPDR S&P 500 ETF T	80,674 (-23.1%)	$60.24M (-11.7%)	24.0%	$655.40	—	TR UNIT	78462F103
AIG	AMERICAN INTL GROUP INC	17,617 (-58.3%)	$1.313M (-58.7%)	0.5%	$76.34	—	COM NEW	026874784
AVGO	BROADCOM INC	1,110 (-84.8%)	$419K (-81.5%)	0.2%	$334.17	—	COM	11135F101
DIS	DISNEY WALT CO	11,793 (-61.8%)	$1.135M (-61.8%)	0.5%	$109.45	—	COM	254687106
CRWV	COREWEAVE INC	11,242 (-70.4%)	$1.119M (-62.0%)	0.4%	$101.39	—	COM CL A	21873S108
BA	BOEING CO	15,890 (-26.8%)	$3.44M (-20.4%)	1.4%	$222.90	—	COM	097023105
CLF	CLEVELAND-CLIFFS INC NEW	19,288 (-81.8%)	$181K (-79.8%)	0.1%	$12.85	—	COM	185899101
DCH	DAUCH CORP	42,879 (-72.8%)	$232K (-75.1%)	0.1%	$6.29	—	COM	024061103
SABR	SABRE CORP	171,688 (-49.8%)	$359K (-27.6%)	0.1%	$1.72	—	COM	78573M104
INTC	INTEL CORP	16,842 (-67.0%)	$2.352M (+4.3%)	0.9%	$46.43	—	COM	458140100
UIS	UNISYS CORP	57,905 (-50.0%)	$212K (-11.6%)	0.1%	$3.12	—	COM NEW	909214306

Unchanged Positions (31)

MET METLIFE INC 2.6%

Value $6.522M Shares 77,087 Est. Cost $78.29 Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.7%

Value $1.755M Shares 41,123 Est. Cost $85.82 Unrealized —

NWL NEWELL BRANDS INC 0.6%

Value $1.609M Shares 262,004 Est. Cost $3.99 Unrealized —

PRU PRUDENTIAL FINL INC 2.2%

Value $5.512M Shares 51,074 Est. Cost $107.09 Unrealized —

TDG TRANSDIGM GROUP INC 1.4%

Value $3.482M Shares 2,614 Est. Cost $1345.49 Unrealized —

COMP COMPASS INC 0.4%

Value $1.079M Shares 87,524 Est. Cost $11.75 Unrealized —

HCA HCA HEALTHCARE INC 0.6%

Value $1.563M Shares 4,008 Est. Cost $463.73 Unrealized —

WHR WHIRLPOOL CORP 0.4%

Value $891K Shares 22,600 Est. Cost $76.40 Unrealized —

OMF ONEMAIN HLDGS INC 0.8%

Value $2.122M Shares 34,800 Est. Cost $61.94 Unrealized —

TMUS T-MOBILE US INC 0.3%

Value $722K Shares 4,305 Est. Cost $205.82 Unrealized —

MCD MCDONALDS CORP 0.4%

Value $1.081M Shares 4,000 Est. Cost $317.25 Unrealized —

BBWI BATH & BODY WORKS INC 0.3%

Value $673K Shares 29,094 Est. Cost $21.72 Unrealized —

SVC SERVICE PPTYS TR 0.2%

Value $512K Shares 302,733 Est. Cost $1.84 Unrealized —

CMCSA COMCAST CORP NEW 0.2%

Value $528K Shares 21,500 Est. Cost $28.53 Unrealized —

ASH ASHLAND INC 0.2%

Value $543K Shares 8,234 Est. Cost $52.60 Unrealized —

GAP GAP INC 0.1%

Value $242K Shares 12,953 Est. Cost $24.07 Unrealized —

NCLH NORWEGIAN CRUISE LINE HLDGS 0.2%

Value $532K Shares 25,200 Est. Cost $21.11 Unrealized —

EMN EASTMAN CHEM CO 0.2%

Value $409K Shares 6,100 Est. Cost $60.99 Unrealized —

BYD BOYD GAMING CORP 0.3%

Value $795K Shares 9,000 Est. Cost $85.16 Unrealized —

MBI MBIA INC 0.1%

Value $246K Shares 37,773 Est. Cost $7.23 Unrealized —

GIS GENERAL MILLS INC 0.1%

Value $331K Shares 9,500 Est. Cost $45.47 Unrealized —

COF CAPITAL ONE FINL CORP 0.1%

Value $241K Shares 1,200 Est. Cost $223.24 Unrealized —

KMI KINDER MORGAN INC DEL 0.2%

Value $405K Shares 12,682 Est. Cost $26.91 Unrealized —

LW LAMB WESTON HLDGS INC 0.3%

Value $717K Shares 16,600 Est. Cost $45.68 Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 1.2%

Value $3.084M Shares 35,407 Est. Cost $119.59 Unrealized —

CYH COMMUNITY HEALTH SYS INC NEW 0.0%

Value $62,936 Shares 18,843 Est. Cost $3.29 Unrealized —

DHR DANAHER CORP DEL 0.6%

Value $1.505M Shares 7,900 Est. Cost $224.68 Unrealized —

TLT ISHARES TR 0.8%

Value $1.994M Shares 23,070 Est. Cost $86.69 Unrealized —

XRXDW XEROX HOLDINGS CORP 0.0%

Value $7,935 Shares 28,865 Est. Cost $0.09 Unrealized —

UBER UBER TECHNOLOGIES INC 0.4%

Value $909K Shares 12,600 Est. Cost $78.72 Unrealized —

GT GOODYEAR TIRE & RUBR CO 0.1%

Value $238K Shares 36,028 Est. Cost $7.88 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MET	METLIFE INC	77,087	$6.522M	2.6%	$78.29	—	COM	59156R108
BSX	BOSTON SCIENTIFIC CORP	41,123	$1.755M	0.7%	$85.82	—	COM	101137107
NWL	NEWELL BRANDS INC	262,004	$1.609M	0.6%	$3.99	—	COM	651229106
PRU	PRUDENTIAL FINL INC	51,074	$5.512M	2.2%	$107.09	—	COM	744320102
TDG	TRANSDIGM GROUP INC	2,614	$3.482M	1.4%	$1345.49	—	COM	893641100
COMP	COMPASS INC	87,524	$1.079M	0.4%	$11.75	—	CL A	20464U100
HCA	HCA HEALTHCARE INC	4,008	$1.563M	0.6%	$463.73	—	COM	40412C101
WHR	WHIRLPOOL CORP	22,600	$891K	0.4%	$76.40	—	COM	963320106
OMF	ONEMAIN HLDGS INC	34,800	$2.122M	0.8%	$61.94	—	COM	68268W103
TMUS	T-MOBILE US INC	4,305	$722K	0.3%	$205.82	—	COM	872590104
MCD	MCDONALDS CORP	4,000	$1.081M	0.4%	$317.25	—	COM	580135101
BBWI	BATH & BODY WORKS INC	29,094	$673K	0.3%	$21.72	—	COM	070830104
SVC	SERVICE PPTYS TR	302,733	$512K	0.2%	$1.84	—	COM SH BEN INT	81761L102
CMCSA	COMCAST CORP NEW	21,500	$528K	0.2%	$28.53	—	CL A	20030N101
ASH	ASHLAND INC	8,234	$543K	0.2%	$52.60	—	COM	044186104
GAP	GAP INC	12,953	$242K	0.1%	$24.07	—	COM	364760108
NCLH	NORWEGIAN CRUISE LINE HLDGS	25,200	$532K	0.2%	$21.11	—	SHS	G66721104
EMN	EASTMAN CHEM CO	6,100	$409K	0.2%	$60.99	—	COM	277432100
BYD	BOYD GAMING CORP	9,000	$795K	0.3%	$85.16	—	COM	103304101
MBI	MBIA INC	37,773	$246K	0.1%	$7.23	—	COM	55262C100
GIS	GENERAL MILLS INC	9,500	$331K	0.1%	$45.47	—	COM	370334104
COF	CAPITAL ONE FINL CORP	1,200	$241K	0.1%	$223.24	—	COM	14040H105
KMI	KINDER MORGAN INC DEL	12,682	$405K	0.2%	$26.91	—	COM	49456B101
LW	LAMB WESTON HLDGS INC	16,600	$717K	0.3%	$45.68	—	COM	513272104
PFSI	PENNYMAC FINL SVCS INC NEW	35,407	$3.084M	1.2%	$119.59	—	COM	70932M107
CYH	COMMUNITY HEALTH SYS INC NEW	18,843	$62,936	0.0%	$3.29	—	COM	203668108
DHR	DANAHER CORP DEL	7,900	$1.505M	0.6%	$224.68	—	COM	235851102
TLT	ISHARES TR	23,070	$1.994M	0.8%	$86.69	—	20 YR TR BD ETF	464287432
XRXDW	XEROX HOLDINGS CORP	28,865	$7,935	0.0%	$0.09	—	*W EXP 02/11/202	98421M114
UBER	UBER TECHNOLOGIES INC	12,600	$909K	0.4%	$78.72	—	COM	90353T100
GT	GOODYEAR TIRE & RUBR CO	36,028	$238K	0.1%	$7.88	—	COM	382550101