Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HBAN	HUNTINGTON BANCSHARES INC	11,809,650 (+13.8%)	$209M (+28.9%)	0.5%	$10.87	—	COM	446150104
WHR	WHIRLPOOL CORP	2,889,750 (+11.9%)	$114M (-18.2%)	0.3%	$111.99	—	COM	963320106
BDC	BELDEN INC	351,025 (+2.9%)	$42.09M (+7.5%)	0.1%	$63.40	—	COM	077454106
FTS	FORTIS INC	73,912 (+3.3%)	$4.23M (+6.0%)	0.0%	$52.07	—	COM	349553107
MCB	METROPOLITAN BK HLDG CORP	8,941 (+2.0%)	$883K (+20.9%)	0.0%	$47.12	—	COM	591774104

Exited Positions (3)

HON HONEYWELL INTL INC 7.0%

Value $2.908B Shares 12,865,197 Est. Cost $113.37 Unrealized —

PNC PNC FINL SVCS GROUP INC 0.1%

Value $50.81M Shares 244,171 Est. Cost $224.93 Unrealized —

DD DUPONT DE NEMOURS INC 0.0%

Value $15.02M Shares 328,032 Est. Cost $27.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC	12,865,197	$2.908B	7.0%	$113.37	—	—	438516106
PNC	PNC FINL SVCS GROUP INC	244,171	$50.81M	0.1%	$224.93	—	—	693475105
DD	DUPONT DE NEMOURS INC	328,032	$15.02M	0.0%	$27.31	—	—	26614N102

Decreased Positions (49)

GE GE AEROSPACE 8.3%

Value $3.449B (+27.2%) Shares 9,228,033 (-3.4%) Est. Cost $157.95 Unrealized —

GEV GE VERNOVA INC 4.4%

Value $1.837B (+31.1%) Shares 1,564,005 (-2.6%) Est. Cost $158.10 Unrealized —

BA BOEING CO 14.7%

Value $6.118B (+7.2%) Shares 28,260,770 (-1.4%) Est. Cost $233.06 Unrealized —

F FORD MTR CO 4.4%

Value $1.822B (+13.4%) Shares 131,114,486 (-5.9%) Est. Cost $8.15 Unrealized —

HUM HUMANA INC 0.9%

Value $385M (+112.0%) Shares 968,653 (-7.5%) Est. Cost $232.08 Unrealized —

UAL UNITED AIRLS HLDGS INC 1.0%

Value $427M (+44.1%) Shares 3,141,879 (-2.4%) Est. Cost $62.33 Unrealized —

PSN PARSONS CORP DEL 6.2%

Value $2.587B (-4.8%) Shares 49,370,624 (-1.5%) Est. Cost $32.83 Unrealized —

WWD WOODWARD INC 2.0%

Value $810M (+12.8%) Shares 1,904,267 (-5.1%) Est. Cost $140.26 Unrealized —

GD GENERAL DYNAMICS CORP 11.4%

Value $4.746B (+1.9%) Shares 13,398,261 (-1.3%) Est. Cost $170.35 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.9%

Value $369M (+28.0%) Shares 954,915 (-3.1%) Est. Cost $286.17 Unrealized —

SRE SEMPRA 2.4%

Value $1.014B (-7.0%) Shares 10,941,399 (-2.6%) Est. Cost $55.80 Unrealized —

MMM 3M CO 2.1%

Value $883M (+8.7%) Shares 5,455,533 (-2.5%) Est. Cost $110.37 Unrealized —

NKE NIKE INC 0.5%

Value $217M (-24.0%) Shares 5,287,631 (-2.2%) Est. Cost $98.24 Unrealized —

DAL DELTA AIR LINES INC 1.4%

Value $582M (+11.3%) Shares 6,216,343 (-21.0%) Est. Cost $47.79 Unrealized —

STT STATE STR CORP 0.6%

Value $236M (+30.6%) Shares 1,394,123 (-2.5%) Est. Cost $74.42 Unrealized —

JCI JOHNSON CONTROLS INTERNATION 1.4%

Value $594M (+8.7%) Shares 4,064,406 (-2.6%) Est. Cost $29.26 Unrealized —

BMO BANK MONTREAL MEDIUM 0.5%

Value $223M (+26.8%) Shares 1,259,908 (-2.9%) Est. Cost $58.71 Unrealized —

EMR EMERSON ELEC CO 1.5%

Value $610M (+6.8%) Shares 4,262,555 (-2.2%) Est. Cost $107.47 Unrealized —

SPGI S&P GLOBAL INC 1.0%

Value $401M (-8.8%) Shares 984,546 (-4.7%) Est. Cost $322.75 Unrealized —

M MACYS INC 0.4%

Value $159M (+26.9%) Shares 6,758,585 (-2.5%) Est. Cost $15.27 Unrealized —

DIS DISNEY WALT CO 2.4%

Value $1.001B (-3.1%) Shares 10,399,129 (-3.0%) Est. Cost $104.56 Unrealized —

HIG HARTFORD INSURANCE GROUP INC 0.8%

Value $314M (-4.0%) Shares 2,368,234 (-2.0%) Est. Cost $46.60 Unrealized —

BBY BEST BUY INC 0.2%

Value $86.59M (+15.5%) Shares 1,141,144 (-2.3%) Est. Cost $45.64 Unrealized —

DRI DARDEN RESTAURANTS INC 0.9%

Value $361M (+3.3%) Shares 1,752,479 (-1.7%) Est. Cost $67.47 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.5%

Value $189M (-5.5%) Shares 7,073,339 (-2.6%) Est. Cost $17.58 Unrealized —

ETR ENTERGY CORP NEW 1.4%

Value $592M (+1.1%) Shares 5,153,284 (-1.1%) Est. Cost $50.21 Unrealized —

SNY SANOFI SA 0.1%

Value $29.71M (-16.5%) Shares 696,331 (-5.6%) Est. Cost $48.46 Unrealized —

BTI BRITISH AMERN TOB PLC 0.4%

Value $153M (+3.6%) Shares 2,484,902 (-1.9%) Est. Cost $62.21 Unrealized —

VVV VALVOLINE INC 0.1%

Value $50.95M (+11.0%) Shares 1,288,448 (-5.5%) Est. Cost $24.07 Unrealized —

RAMP LIVERAMP HLDGS INC 0.0%

Value $19.84M (+32.5%) Shares 527,052 (-6.7%) Est. Cost $45.28 Unrealized —

PM PHILIP MORRIS INTL INC 0.1%

Value $61.6M (+8.0%) Shares 340,504 (-1.3%) Est. Cost $69.17 Unrealized —

ASH ASHLAND INC 0.1%

Value $29.06M (+16.3%) Shares 441,093 (-1.9%) Est. Cost $60.65 Unrealized —

Q QNITY ELECTRONICS INC 0.1%

Value $23.24M (+20.5%) Shares 142,287 (-14.8%) Est. Cost $84.91 Unrealized —

NI NISOURCE INC 0.6%

Value $258M (-1.4%) Shares 5,416,323 (-3.2%) Est. Cost $22.37 Unrealized —

MOS MOSAIC CO 0.0%

Value $11.21M (-22.7%) Shares 529,218 (-7.0%) Est. Cost $25.73 Unrealized —

ED CONSOLIDATED EDISON INC 0.1%

Value $51.45M (-5.3%) Shares 465,083 (-3.1%) Est. Cost $83.89 Unrealized —

OZK BANK OZK LITTLE ROCK ARK 0.1%

Value $30.88M (+10.0%) Shares 592,739 (-3.1%) Est. Cost $25.43 Unrealized —

PNW PINNACLE WEST CAP CORP 0.1%

Value $48.34M (+4.5%) Shares 451,802 (-1.6%) Est. Cost $68.95 Unrealized —

UIS UNISYS CORP 0.0%

Value $4.638M (+61.2%) Shares 1,267,327 (-8.8%) Est. Cost $10.58 Unrealized —

BOH BANK HAWAII CORP 0.1%

Value $27.39M (+6.3%) Shares 336,151 (-3.2%) Est. Cost $45.82 Unrealized —

KHC KRAFT HEINZ CO 0.1%

Value $55.3M (+2.7%) Shares 2,341,165 (-2.2%) Est. Cost $21.39 Unrealized —

SFNC SIMMONS FIRST NATL CORP 0.0%

Value $11.71M (+13.6%) Shares 516,869 (-2.5%) Est. Cost $27.14 Unrealized —

HP HELMERICH & PAYNE INC 0.0%

Value $5.948M (-17.7%) Shares 181,662 (-9.4%) Est. Cost $33.28 Unrealized —

TRMK TRUSTMARK CORP 0.0%

Value $18.4M (+6.9%) Shares 399,962 (-2.1%) Est. Cost $27.63 Unrealized —

GT GOODYEAR TIRE & RUBR CO 0.1%

Value $21.7M (-4.6%) Shares 3,288,149 (-4.2%) Est. Cost $19.80 Unrealized —

SOLV SOLVENTUM CORP 0.0%

Value $8.711M (+13.6%) Shares 112,912 (-3.8%) Est. Cost $60.70 Unrealized —

GNW GENWORTH FINL INC 0.0%

Value $8.468M (+12.5%) Shares 894,204 (-3.6%) Est. Cost $3.42 Unrealized —

XEL XCEL ENERGY INC 0.7%

Value $290M (-0.2%) Shares 3,612,435 (-1.3%) Est. Cost $64.42 Unrealized —

MDLZ MONDELEZ INTL INC 0.0%

Value $2.483M (-1.0%) Shares 42,930 (-1.3%) Est. Cost $34.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GE	GE AEROSPACE	9,228,033 (-3.4%)	$3.449B (+27.2%)	8.3%	$157.95	—	COM NEW	369604301
GEV	GE VERNOVA INC	1,564,005 (-2.6%)	$1.837B (+31.1%)	4.4%	$158.10	—	COM	36828A101
BA	BOEING CO	28,260,770 (-1.4%)	$6.118B (+7.2%)	14.7%	$233.06	—	COM	097023105
F	FORD MTR CO	131,114,486 (-5.9%)	$1.822B (+13.4%)	4.4%	$8.15	—	COM	345370860
HUM	HUMANA INC	968,653 (-7.5%)	$385M (+112.0%)	0.9%	$232.08	—	COM	444859102
UAL	UNITED AIRLS HLDGS INC	3,141,879 (-2.4%)	$427M (+44.1%)	1.0%	$62.33	—	COM	910047109
PSN	PARSONS CORP DEL	49,370,624 (-1.5%)	$2.587B (-4.8%)	6.2%	$32.83	—	COM	70202L102
WWD	WOODWARD INC	1,904,267 (-5.1%)	$810M (+12.8%)	2.0%	$140.26	—	COM	980745103
GD	GENERAL DYNAMICS CORP	13,398,261 (-1.3%)	$4.746B (+1.9%)	11.4%	$170.35	—	COM	369550108
ELV	ELEVANCE HEALTH INC FORMERLY	954,915 (-3.1%)	$369M (+28.0%)	0.9%	$286.17	—	COM	036752103
SRE	SEMPRA	10,941,399 (-2.6%)	$1.014B (-7.0%)	2.4%	$55.80	—	COM	816851109
MMM	3M CO	5,455,533 (-2.5%)	$883M (+8.7%)	2.1%	$110.37	—	COM	88579Y101
NKE	NIKE INC	5,287,631 (-2.2%)	$217M (-24.0%)	0.5%	$98.24	—	CL B	654106103
DAL	DELTA AIR LINES INC	6,216,343 (-21.0%)	$582M (+11.3%)	1.4%	$47.79	—	COM NEW	247361702
STT	STATE STR CORP	1,394,123 (-2.5%)	$236M (+30.6%)	0.6%	$74.42	—	COM	857477103
JCI	JOHNSON CONTROLS INTERNATION	4,064,406 (-2.6%)	$594M (+8.7%)	1.4%	$29.26	—	SHS	G51502105
BMO	BANK MONTREAL MEDIUM	1,259,908 (-2.9%)	$223M (+26.8%)	0.5%	$58.71	—	COM	063671101
EMR	EMERSON ELEC CO	4,262,555 (-2.2%)	$610M (+6.8%)	1.5%	$107.47	—	COM	291011104
SPGI	S&P GLOBAL INC	984,546 (-4.7%)	$401M (-8.8%)	1.0%	$322.75	—	COM	78409V104
M	MACYS INC	6,758,585 (-2.5%)	$159M (+26.9%)	0.4%	$15.27	—	COM	55616P104
DIS	DISNEY WALT CO	10,399,129 (-3.0%)	$1.001B (-3.1%)	2.4%	$104.56	—	COM	254687106
HIG	HARTFORD INSURANCE GROUP INC	2,368,234 (-2.0%)	$314M (-4.0%)	0.8%	$46.60	—	COM	416515104
BBY	BEST BUY INC	1,141,144 (-2.3%)	$86.59M (+15.5%)	0.2%	$45.64	—	COM	086516101
DRI	DARDEN RESTAURANTS INC	1,752,479 (-1.7%)	$361M (+3.3%)	0.9%	$67.47	—	COM	237194105
WBD	WARNER BROS DISCOVERY INC	7,073,339 (-2.6%)	$189M (-5.5%)	0.5%	$17.58	—	COM SER A	934423104
ETR	ENTERGY CORP NEW	5,153,284 (-1.1%)	$592M (+1.1%)	1.4%	$50.21	—	COM	29364G103
SNY	SANOFI SA	696,331 (-5.6%)	$29.71M (-16.5%)	0.1%	$48.46	—	SPONSORED ADR	80105N105
BTI	BRITISH AMERN TOB PLC	2,484,902 (-1.9%)	$153M (+3.6%)	0.4%	$62.21	—	SPONSORED ADR	110448107
VVV	VALVOLINE INC	1,288,448 (-5.5%)	$50.95M (+11.0%)	0.1%	$24.07	—	COM	92047W101
RAMP	LIVERAMP HLDGS INC	527,052 (-6.7%)	$19.84M (+32.5%)	0.0%	$45.28	—	COM	53815P108
PM	PHILIP MORRIS INTL INC	340,504 (-1.3%)	$61.6M (+8.0%)	0.1%	$69.17	—	COM	718172109
ASH	ASHLAND INC	441,093 (-1.9%)	$29.06M (+16.3%)	0.1%	$60.65	—	COM	044186104
Q	QNITY ELECTRONICS INC	142,287 (-14.8%)	$23.24M (+20.5%)	0.1%	$84.91	—	COMMON STOCK	74743L100
NI	NISOURCE INC	5,416,323 (-3.2%)	$258M (-1.4%)	0.6%	$22.37	—	COM	65473P105
MOS	MOSAIC CO	529,218 (-7.0%)	$11.21M (-22.7%)	0.0%	$25.73	—	COM	61945C103
ED	CONSOLIDATED EDISON INC	465,083 (-3.1%)	$51.45M (-5.3%)	0.1%	$83.89	—	COM	209115104
OZK	BANK OZK LITTLE ROCK ARK	592,739 (-3.1%)	$30.88M (+10.0%)	0.1%	$25.43	—	COM	06417N103
PNW	PINNACLE WEST CAP CORP	451,802 (-1.6%)	$48.34M (+4.5%)	0.1%	$68.95	—	COM	723484101
UIS	UNISYS CORP	1,267,327 (-8.8%)	$4.638M (+61.2%)	0.0%	$10.58	—	COM NEW	909214306
BOH	BANK HAWAII CORP	336,151 (-3.2%)	$27.39M (+6.3%)	0.1%	$45.82	—	COM	062540109
KHC	KRAFT HEINZ CO	2,341,165 (-2.2%)	$55.3M (+2.7%)	0.1%	$21.39	—	COM	500754106
SFNC	SIMMONS FIRST NATL CORP	516,869 (-2.5%)	$11.71M (+13.6%)	0.0%	$27.14	—	CL A $1 PAR	828730200
HP	HELMERICH & PAYNE INC	181,662 (-9.4%)	$5.948M (-17.7%)	0.0%	$33.28	—	COM	423452101
TRMK	TRUSTMARK CORP	399,962 (-2.1%)	$18.4M (+6.9%)	0.0%	$27.63	—	COM	898402102
GT	GOODYEAR TIRE & RUBR CO	3,288,149 (-4.2%)	$21.7M (-4.6%)	0.1%	$19.80	—	COM	382550101
SOLV	SOLVENTUM CORP	112,912 (-3.8%)	$8.711M (+13.6%)	0.0%	$60.70	—	COM SHS	83444M101
GNW	GENWORTH FINL INC	894,204 (-3.6%)	$8.468M (+12.5%)	0.0%	$3.42	—	COM SHS	37247D106
XEL	XCEL ENERGY INC	3,612,435 (-1.3%)	$290M (-0.2%)	0.7%	$64.42	—	COM	98389B100
MDLZ	MONDELEZ INTL INC	42,930 (-1.3%)	$2.483M (-1.0%)	0.0%	$34.48	—	CL A	609207105

Unchanged Positions (7)

T AT&T INC 8.9%

Value $3.7B Shares 178,729,595 Est. Cost $15.32 Unrealized —

DDS DILLARDS INC 5.7%

Value $2.364B Shares 4,472,875 Est. Cost $48.70 Unrealized —

COF CAPITAL ONE FINL CORP 1.3%

Value $528M Shares 2,633,720 Est. Cost $89.92 Unrealized —

LTM LATAM AIRLINES GROUP SA 0.5%

Value $189M Shares 3,242,366 Est. Cost $40.64 Unrealized —

WAT WATERS CORP 0.2%

Value $68.53M Shares 182,722 Est. Cost $205.24 Unrealized —

MCO MOODYS CORP 0.3%

Value $123M Shares 270,475 Est. Cost $136.31 Unrealized —

MO ALTRIA GROUP INC 0.0%

Value $6.437M Shares 89,463 Est. Cost $28.79 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
T	AT&T INC	178,729,595	$3.7B	8.9%	$15.32	—	COM	00206R102
DDS	DILLARDS INC	4,472,875	$2.364B	5.7%	$48.70	—	CL A	254067101
COF	CAPITAL ONE FINL CORP	2,633,720	$528M	1.3%	$89.92	—	COM	14040H105
LTM	LATAM AIRLINES GROUP SA	3,242,366	$189M	0.5%	$40.64	—	SPONSORED ADR	51817R205
WAT	WATERS CORP	182,722	$68.53M	0.2%	$205.24	—	COM	941848103
MCO	MOODYS CORP	270,475	$123M	0.3%	$136.31	—	COM	615369105
MO	ALTRIA GROUP INC	89,463	$6.437M	0.0%	$28.79	—	COM	02209S103