Newport Trust Company, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
F	FORD MTR CO	139,301,961 (+1.4%)	$1,607,545 (-10.8%)	3.9%	$8.15	+68.5%	COM	345370860
COF	CAPITAL ONE FINL CORP	2,646,859 (+6.6%)	$482,866 (-19.8%)	1.2%	$89.92	+148.3%	COM	14040H105
SPGI	S&P GLOBAL INC	1,033,108 (+1.0%)	$439,422 (-17.8%)	1.1%	$322.75	+50.3%	COM	78409V104
HUM	HUMANA INC	1,046,726 (+6.2%)	$181,492 (-28.1%)	0.4%	$232.08	-3.7%	COM	444859102
WHR	WHIRLPOOL CORP	2,581,888 (+8.0%)	$139,215 (-19.3%)	0.3%	$120.64	-30.9%	COM	963320106
WAT	WATERS CORP	183,921 (+4.8%)	$54,772 (-17.8%)	0.1%	$205.24	+78.9%	COM	941848103
FTS	FORTIS INC	71,545 (+622.0%)	$3,992 (+675.6%)	0.0%	$51.90	+2.9%	COM	349553107
BBY	BEST BUY INC	1,167,885 (+1.6%)	$74,978 (-2.6%)	0.2%	$45.64	+46.7%	COM	086516101
UIS	UNISYS CORP	1,389,670 (+2.6%)	$2,877 (-23.1%)	0.0%	$10.58	-74.9%	COM NEW	909214306

Exited Positions (2)

BBWI BATH & BODY WORKS INC 0.0%

Value ($000) $5,554 Shares 276,594 Est. Cost $33.85 Unrealized -33.8%

VSCO VICTORIAS SECRET AND CO 0.0%

Value ($000) $4,958 Shares 91,526 Est. Cost $18.91 Unrealized +218.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBWI	BATH & BODY WORKS INC	276,594	$5,554	0.0%	$33.85	-33.8%	—	070830104
VSCO	VICTORIAS SECRET AND CO	91,526	$4,958	0.0%	$18.91	+218.1%	—	926400102

Decreased Positions (44)

BA BOEING CO 14.0%

Value ($000) $5,705,160 (-10.9%) Shares 28,664,824 (-2.8%) Est. Cost $233.06 Unrealized +2.4%

T AT&T INC 12.8%

Value ($000) $5,202,978 (+14.2%) Shares 179,474,938 (-2.2%) Est. Cost $15.32 Unrealized +68.1%

HON HONEYWELL INTL INC 7.1%

Value ($000) $2,907,920 (+12.3%) Shares 12,865,197 (-3.1%) Est. Cost $113.37 Unrealized +99.3%

GEV GE VERNOVA INC 3.4%

Value ($000) $1,401,166 (+28.2%) Shares 1,605,185 (-4.0%) Est. Cost $158.10 Unrealized +366.1%

GE GE AEROSPACE 6.7%

Value ($000) $2,710,302 (-9.3%) Shares 9,551,052 (-1.6%) Est. Cost $157.95 Unrealized +101.4%

MMM 3M CO 2.0%

Value ($000) $812,495 (-12.2%) Shares 5,594,540 (-3.3%) Est. Cost $110.37 Unrealized +48.6%

ETR ENTERGY CORP NEW 1.4%

Value ($000) $585,192 (+19.2%) Shares 5,208,183 (-1.9%) Est. Cost $50.21 Unrealized +93.9%

UAL UNITED AIRLS HLDGS INC 0.7%

Value ($000) $296,455 (-18.8%) Shares 3,219,890 (-1.4%) Est. Cost $62.33 Unrealized +79.2%

NKE NIKE INC 0.7%

Value ($000) $285,663 (-19.4%) Shares 5,408,236 (-2.7%) Est. Cost $98.24 Unrealized -34.9%

ELV ELEVANCE HEALTH INC FORMERLY 0.7%

Value ($000) $288,414 (-18.1%) Shares 985,188 (-2.0%) Est. Cost $286.17 Unrealized +22.8%

SRE SEMPRA 2.7%

Value ($000) $1,091,124 (+5.5%) Shares 11,229,015 (-4.2%) Est. Cost $55.80 Unrealized +60.4%

LTM LATAM AIRLINES GROUP SA 0.4%

Value ($000) $160,303 (-25.3%) Shares 3,242,366 (-18.4%) Est. Cost $40.64 Unrealized —

DAL DELTA AIR LINES INC 1.3%

Value ($000) $522,960 (-8.3%) Shares 7,866,420 (-4.3%) Est. Cost $47.79 Unrealized +46.2%

GD GENERAL DYNAMICS CORP 11.4%

Value ($000) $4,657,702 (+0.8%) Shares 13,570,601 (-1.1%) Est. Cost $170.35 Unrealized +108.1%

JCI JOHNSON CONTROLS INTERNATION 1.3%

Value ($000) $546,286 (+7.0%) Shares 4,171,713 (-2.1%) Est. Cost $29.26 Unrealized +330.8%

EMR EMERSON ELEC CO 1.4%

Value ($000) $571,254 (-4.0%) Shares 4,360,053 (-2.8%) Est. Cost $107.47 Unrealized +38.2%

NI NISOURCE INC 0.6%

Value ($000) $261,167 (+9.7%) Shares 5,597,232 (-1.8%) Est. Cost $22.37 Unrealized +96.7%

MCO MOODYS CORP 0.3%

Value ($000) $118,946 (-16.1%) Shares 272,656 (-1.7%) Est. Cost $136.31 Unrealized +259.2%

WBD WARNER BROS DISCOVERY INC 0.5%

Value ($000) $199,463 (-8.3%) Shares 7,263,777 (-3.8%) Est. Cost $17.58 Unrealized +60.7%

XEL XCEL ENERGY INC 0.7%

Value ($000) $290,741 (+5.9%) Shares 3,659,878 (-1.6%) Est. Cost $64.42 Unrealized +19.8%

DRI DARDEN RESTAURANTS INC 0.9%

Value ($000) $349,523 (+3.6%) Shares 1,782,919 (-2.8%) Est. Cost $67.47 Unrealized +207.4%

HIG HARTFORD INSURANCE GROUP INC 0.8%

Value ($000) $326,947 (-3.5%) Shares 2,417,711 (-1.7%) Est. Cost $46.60 Unrealized +193.5%

GT GOODYEAR TIRE & RUBR CO 0.1%

Value ($000) $22,748 (-27.3%) Shares 3,431,008 (-3.9%) Est. Cost $19.80 Unrealized -53.0%

STT STATE STR CORP 0.4%

Value ($000) $180,999 (-3.9%) Shares 1,430,141 (-2.0%) Est. Cost $74.42 Unrealized +75.0%

KHC KRAFT HEINZ CO 0.1%

Value ($000) $53,846 (-9.7%) Shares 2,394,205 (-2.7%) Est. Cost $21.39 Unrealized +11.8%

ED CONSOLIDATED EDISON INC 0.1%

Value ($000) $54,346 (+11.8%) Shares 480,171 (-1.9%) Est. Cost $83.89 Unrealized +25.6%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $57,013 (-8.8%) Shares 344,822 (-11.6%) Est. Cost $69.17 Unrealized +154.3%

BMO BANK MONTREAL MEDIUM 0.4%

Value ($000) $175,585 (+2.9%) Shares 1,297,365 (-1.4%) Est. Cost $58.71 Unrealized +136.6%

VVV VALVOLINE INC 0.1%

Value ($000) $45,898 (+11.4%) Shares 1,362,754 (-3.9%) Est. Cost $24.07 Unrealized +43.3%

PNW PINNACLE WEST CAP CORP 0.1%

Value ($000) $46,266 (+10.7%) Shares 459,217 (-2.5%) Est. Cost $68.95 Unrealized +35.6%

ASH ASHLAND INC 0.1%

Value ($000) $24,994 (-13.4%) Shares 449,452 (-8.7%) Est. Cost $60.65 Unrealized +2.8%

Q QNITY ELECTRONICS INC 0.0%

Value ($000) $19,276 (+19.6%) Shares 167,063 (-15.3%) Est. Cost $84.91 Unrealized +19.2%

RAMP LIVERAMP HLDGS INC 0.0%

Value ($000) $14,976 (-13.1%) Shares 564,711 (-3.8%) Est. Cost $45.28 Unrealized -44.1%

SNY SANOFI SA 0.1%

Value ($000) $35,556 (-5.0%) Shares 737,978 (-4.4%) Est. Cost $48.46 Unrealized —

SOLV SOLVENTUM CORP 0.0%

Value ($000) $7,666 (-19.5%) Shares 117,404 (-2.3%) Est. Cost $60.70 Unrealized +29.1%

GNW GENWORTH FINL INC 0.0%

Value ($000) $7,529 (-14.6%) Shares 927,222 (-5.0%) Est. Cost $3.42 Unrealized +152.9%

TRMK TRUSTMARK CORP 0.0%

Value ($000) $17,217 (+4.5%) Shares 408,564 (-3.4%) Est. Cost $27.63 Unrealized +53.3%

OZK BANK OZK LITTLE ROCK ARK 0.1%

Value ($000) $28,057 (-2.5%) Shares 611,396 (-2.2%) Est. Cost $25.43 Unrealized +90.1%

BTI BRITISH AMERN TOB PLC 0.4%

Value ($000) $148,107 (+0.2%) Shares 2,533,038 (-3.0%) Est. Cost $62.21 Unrealized —

SFNC SIMMONS FIRST NATL CORP 0.0%

Value ($000) $10,307 (+2.1%) Shares 529,905 (-1.0%) Est. Cost $27.14 Unrealized -24.9%

DD DUPONT DE NEMOURS INC 0.0%

Value ($000) $15,024 (-1.1%) Shares 328,032 (-13.2%) Est. Cost $27.31 Unrealized +68.8%

MO ALTRIA GROUP INC 0.0%

Value ($000) $5,851 (-1.6%) Shares 88,660 (-14.0%) Est. Cost $28.79 Unrealized +118.9%

MCB METROPOLITAN BK HLDG CORP 0.0%

Value ($000) $730 (-8.4%) Shares 8,766 (-16.0%) Est. Cost $46.09 Unrealized +92.3%

MDLZ MONDELEZ INTL INC 0.0%

Value ($000) $2,508 (+0.2%) Shares 43,510 (-6.4%) Est. Cost $34.48 Unrealized +68.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BA	BOEING CO	28,664,824 (-2.8%)	$5,705,160 (-10.9%)	14.0%	$233.06	+2.4%	COM	097023105
T	AT&T INC	179,474,938 (-2.2%)	$5,202,978 (+14.2%)	12.8%	$15.32	+68.1%	COM	00206R102
HON	HONEYWELL INTL INC	12,865,197 (-3.1%)	$2,907,920 (+12.3%)	7.1%	$113.37	+99.3%	COM	438516106
GEV	GE VERNOVA INC	1,605,185 (-4.0%)	$1,401,166 (+28.2%)	3.4%	$158.10	+366.1%	COM	36828A101
GE	GE AEROSPACE	9,551,052 (-1.6%)	$2,710,302 (-9.3%)	6.7%	$157.95	+101.4%	COM NEW	369604301
MMM	3M CO	5,594,540 (-3.3%)	$812,495 (-12.2%)	2.0%	$110.37	+48.6%	COM	88579Y101
ETR	ENTERGY CORP NEW	5,208,183 (-1.9%)	$585,192 (+19.2%)	1.4%	$50.21	+93.9%	COM	29364G103
UAL	UNITED AIRLS HLDGS INC	3,219,890 (-1.4%)	$296,455 (-18.8%)	0.7%	$62.33	+79.2%	COM	910047109
NKE	NIKE INC	5,408,236 (-2.7%)	$285,663 (-19.4%)	0.7%	$98.24	-34.9%	CL B	654106103
ELV	ELEVANCE HEALTH INC FORMERLY	985,188 (-2.0%)	$288,414 (-18.1%)	0.7%	$286.17	+22.8%	COM	036752103
SRE	SEMPRA	11,229,015 (-4.2%)	$1,091,124 (+5.5%)	2.7%	$55.80	+60.4%	COM	816851109
LTM	LATAM AIRLINES GROUP SA	3,242,366 (-18.4%)	$160,303 (-25.3%)	0.4%	$40.64	—	SPONSORED ADR	51817R205
DAL	DELTA AIR LINES INC	7,866,420 (-4.3%)	$522,960 (-8.3%)	1.3%	$47.79	+46.2%	COM NEW	247361702
GD	GENERAL DYNAMICS CORP	13,570,601 (-1.1%)	$4,657,702 (+0.8%)	11.4%	$170.35	+108.1%	COM	369550108
JCI	JOHNSON CONTROLS INTERNATION	4,171,713 (-2.1%)	$546,286 (+7.0%)	1.3%	$29.26	+330.8%	SHS	G51502105
EMR	EMERSON ELEC CO	4,360,053 (-2.8%)	$571,254 (-4.0%)	1.4%	$107.47	+38.2%	COM	291011104
NI	NISOURCE INC	5,597,232 (-1.8%)	$261,167 (+9.7%)	0.6%	$22.37	+96.7%	COM	65473P105
MCO	MOODYS CORP	272,656 (-1.7%)	$118,946 (-16.1%)	0.3%	$136.31	+259.2%	COM	615369105
WBD	WARNER BROS DISCOVERY INC	7,263,777 (-3.8%)	$199,463 (-8.3%)	0.5%	$17.58	+60.7%	COM SER A	934423104
XEL	XCEL ENERGY INC	3,659,878 (-1.6%)	$290,741 (+5.9%)	0.7%	$64.42	+19.8%	COM	98389B100
DRI	DARDEN RESTAURANTS INC	1,782,919 (-2.8%)	$349,523 (+3.6%)	0.9%	$67.47	+207.4%	COM	237194105
HIG	HARTFORD INSURANCE GROUP INC	2,417,711 (-1.7%)	$326,947 (-3.5%)	0.8%	$46.60	+193.5%	COM	416515104
GT	GOODYEAR TIRE & RUBR CO	3,431,008 (-3.9%)	$22,748 (-27.3%)	0.1%	$19.80	-53.0%	COM	382550101
STT	STATE STR CORP	1,430,141 (-2.0%)	$180,999 (-3.9%)	0.4%	$74.42	+75.0%	COM	857477103
KHC	KRAFT HEINZ CO	2,394,205 (-2.7%)	$53,846 (-9.7%)	0.1%	$21.39	+11.8%	COM	500754106
ED	CONSOLIDATED EDISON INC	480,171 (-1.9%)	$54,346 (+11.8%)	0.1%	$83.89	+25.6%	COM	209115104
PM	PHILIP MORRIS INTL INC	344,822 (-11.6%)	$57,013 (-8.8%)	0.1%	$69.17	+154.3%	COM	718172109
BMO	BANK MONTREAL MEDIUM	1,297,365 (-1.4%)	$175,585 (+2.9%)	0.4%	$58.71	+136.6%	COM	063671101
VVV	VALVOLINE INC	1,362,754 (-3.9%)	$45,898 (+11.4%)	0.1%	$24.07	+43.3%	COM	92047W101
PNW	PINNACLE WEST CAP CORP	459,217 (-2.5%)	$46,266 (+10.7%)	0.1%	$68.95	+35.6%	COM	723484101
ASH	ASHLAND INC	449,452 (-8.7%)	$24,994 (-13.4%)	0.1%	$60.65	+2.8%	COM	044186104
Q	QNITY ELECTRONICS INC	167,063 (-15.3%)	$19,276 (+19.6%)	0.0%	$84.91	+19.2%	COMMON STOCK	74743L100
RAMP	LIVERAMP HLDGS INC	564,711 (-3.8%)	$14,976 (-13.1%)	0.0%	$45.28	-44.1%	COM	53815P108
SNY	SANOFI SA	737,978 (-4.4%)	$35,556 (-5.0%)	0.1%	$48.46	—	SPONSORED ADR	80105N105
SOLV	SOLVENTUM CORP	117,404 (-2.3%)	$7,666 (-19.5%)	0.0%	$60.70	+29.1%	COM SHS	83444M101
GNW	GENWORTH FINL INC	927,222 (-5.0%)	$7,529 (-14.6%)	0.0%	$3.42	+152.9%	COM SHS	37247D106
TRMK	TRUSTMARK CORP	408,564 (-3.4%)	$17,217 (+4.5%)	0.0%	$27.63	+53.3%	COM	898402102
OZK	BANK OZK LITTLE ROCK ARK	611,396 (-2.2%)	$28,057 (-2.5%)	0.1%	$25.43	+90.1%	COM	06417N103
BTI	BRITISH AMERN TOB PLC	2,533,038 (-3.0%)	$148,107 (+0.2%)	0.4%	$62.21	—	SPONSORED ADR	110448107
SFNC	SIMMONS FIRST NATL CORP	529,905 (-1.0%)	$10,307 (+2.1%)	0.0%	$27.14	-24.9%	CL A $1 PAR	828730200
DD	DUPONT DE NEMOURS INC	328,032 (-13.2%)	$15,024 (-1.1%)	0.0%	$27.31	+68.8%	COM	26614N102
MO	ALTRIA GROUP INC	88,660 (-14.0%)	$5,851 (-1.6%)	0.0%	$28.79	+118.9%	COM	02209S103
MCB	METROPOLITAN BK HLDG CORP	8,766 (-16.0%)	$730 (-8.4%)	0.0%	$46.09	+92.3%	COM	591774104
MDLZ	MONDELEZ INTL INC	43,510 (-6.4%)	$2,508 (+0.2%)	0.0%	$34.48	+68.7%	CL A	609207105

Unchanged Positions (9)

PSN PARSONS CORP DEL 6.7%

Value ($000) $2,716,013 Shares 50,138,695 Est. Cost $32.83 Unrealized +106.8%

DIS DISNEY WALT CO 2.5%

Value ($000) $1,032,931 Shares 10,717,278 Est. Cost $104.56 Unrealized +4.7%

DDS DILLARDS INC 6.3%

Value ($000) $2,581,462 Shares 4,512,177 Est. Cost $48.70 Unrealized +1226.5%

WWD WOODWARD INC 1.8%

Value ($000) $718,399 Shares 2,007,149 Est. Cost $140.26 Unrealized +151.8%

M MACYS INC 0.3%

Value ($000) $125,413 Shares 6,932,729 Est. Cost $15.27 Unrealized +41.2%

HBAN HUNTINGTON BANCSHARES INC 0.4%

Value ($000) $162,458 Shares 10,380,696 Est. Cost $9.92 Unrealized +80.3%

BOH BANK HAWAII CORP 0.1%

Value ($000) $25,781 Shares 347,220 Est. Cost $45.82 Unrealized +62.7%

MOS MOSAIC CO 0.0%

Value ($000) $14,508 Shares 568,921 Est. Cost $25.73 Unrealized +8.3%

BDC BELDEN INC 0.1%

Value ($000) $39,165 Shares 341,072 Est. Cost $61.75 Unrealized +108.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSN	PARSONS CORP DEL	50,138,695	$2,716,013	6.7%	$32.83	+106.8%	COM	70202L102
DIS	DISNEY WALT CO	10,717,278	$1,032,931	2.5%	$104.56	+4.7%	COM	254687106
DDS	DILLARDS INC	4,512,177	$2,581,462	6.3%	$48.70	+1226.5%	CL A	254067101
WWD	WOODWARD INC	2,007,149	$718,399	1.8%	$140.26	+151.8%	COM	980745103
M	MACYS INC	6,932,729	$125,413	0.3%	$15.27	+41.2%	COM	55616P104
HBAN	HUNTINGTON BANCSHARES INC	10,380,696	$162,458	0.4%	$9.92	+80.3%	COM	446150104
BOH	BANK HAWAII CORP	347,220	$25,781	0.1%	$45.82	+62.7%	COM	062540109
MOS	MOSAIC CO	568,921	$14,508	0.0%	$25.73	+8.3%	COM	61945C103
BDC	BELDEN INC	341,072	$39,165	0.1%	$61.75	+108.4%	COM	077454106