Newport Trust Company, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MOS	MOSAIC CO NEW	566,866 (+2.0%)	$13,656 (-29.2%)	0.0%	$25.73	+4.0%	COM	61945C103
WHR	WHIRLPOOL CORP	2,391,252 (+10.2%)	$172,505 (+1.2%)	0.4%	$123.61	-40.3%	COM	963320106
OZK	BANK OZK LITTLE ROCK ARK	625,411 (+5.5%)	$28,781 (-4.8%)	0.1%	$25.43	+82.0%	COM	06417N103
UIS	UNISYS CORP	1,354,788 (+12.8%)	$3,739 (-20.2%)	0.0%	$10.78	-71.0%	COM NEW	909214306
BDC	BELDEN INC	341,103 (+2.8%)	$39,756 (-0.4%)	0.1%	$61.75	+88.9%	COM	077454106
MCB	METROPOLITAN BK HLDG CORP	10,435 (+13.5%)	$797 (+15.9%)	0.0%	$46.09	+60.2%	COM	591774104
FTS	FORTIS INC	9,909 (+1.8%)	$515 (+4.2%)	0.0%	$42.41	+19.9%	COM	349553107

Exited Positions (1)

HWM HOWMET AEROSPACE INC 0.5%

Value ($000) $190,897 Shares 972,823 Est. Cost $89.95 Unrealized +121.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HWM	HOWMET AEROSPACE INC	972,823	$190,897	0.5%	$89.95	+121.2%	—	443201108

Decreased Positions (48)

PSN PARSONS CORP DEL 7.4%

Value ($000) $3,077,400 (-27.2%) Shares 49,796,122 (-2.4%) Est. Cost $32.83 Unrealized +138.4%

T AT&T INC 10.9%

Value ($000) $4,556,945 (-12.9%) Shares 183,451,879 (-1.0%) Est. Cost $15.32 Unrealized +65.1%

HON HONEYWELL INTL INC 6.2%

Value ($000) $2,590,184 (-10.8%) Shares 13,276,867 (-3.8%) Est. Cost $113.37 Unrealized +72.0%

GD GENERAL DYNAMICS CORP 11.1%

Value ($000) $4,620,907 (-2.9%) Shares 13,725,738 (-1.7%) Est. Cost $170.35 Unrealized +100.1%

WWD WOODWARD INC 1.4%

Value ($000) $605,300 (+15.1%) Shares 2,002,182 (-3.8%) Est. Cost $140.26 Unrealized +95.9%

F FORD MTR CO 4.3%

Value ($000) $1,802,120 (+4.2%) Shares 137,356,677 (-5.0%) Est. Cost $8.07 Unrealized +59.0%

SRE SEMPRA 2.5%

Value ($000) $1,034,401 (-5.8%) Shares 11,715,950 (-4.0%) Est. Cost $55.80 Unrealized +62.3%

COF CAPITAL ONE FINL CORP 1.4%

Value ($000) $601,783 (+11.0%) Shares 2,483,012 (-2.6%) Est. Cost $81.12 Unrealized +173.9%

WBD WARNER BROS DISCOVERY INC 0.5%

Value ($000) $217,601 (+36.2%) Shares 7,550,349 (-7.7%) Est. Cost $17.58 Unrealized +33.0%

GEV GE VERNOVA INC 2.6%

Value ($000) $1,092,924 (+5.1%) Shares 1,672,237 (-1.1%) Est. Cost $158.10 Unrealized +285.2%

DAL DELTA AIR LINES INC DEL 1.4%

Value ($000) $570,214 (+9.0%) Shares 8,216,343 (-10.9%) Est. Cost $47.79 Unrealized +30.7%

UAL UNITED AIRLS HLDGS INC 0.9%

Value ($000) $365,279 (+13.6%) Shares 3,266,669 (-1.9%) Est. Cost $62.33 Unrealized +62.1%

NKE NIKE INC 0.8%

Value ($000) $354,273 (-10.6%) Shares 5,560,705 (-2.2%) Est. Cost $98.24 Unrealized -33.9%

DIS DISNEY WALT CO 2.9%

Value ($000) $1,231,047 (-3.0%) Shares 10,820,485 (-2.4%) Est. Cost $104.56 Unrealized +4.8%

XEL XCEL ENERGY INC 0.7%

Value ($000) $274,621 (-11.6%) Shares 3,718,127 (-3.5%) Est. Cost $64.42 Unrealized +21.5%

JCI JOHNSON CTLS INTL PLC 1.2%

Value ($000) $510,312 (+5.4%) Shares 4,261,479 (-3.3%) Est. Cost $29.26 Unrealized +292.4%

M MACYS INC 0.4%

Value ($000) $154,119 (+20.0%) Shares 6,989,536 (-2.5%) Est. Cost $15.27 Unrealized +34.1%

HUM HUMANA INC 0.6%

Value ($000) $252,477 (-9.0%) Shares 985,738 (-7.6%) Est. Cost $232.61 Unrealized +12.3%

DD DUPONT DE NEMOURS INC 0.0%

Value ($000) $15,192 (-61.1%) Shares 377,898 (-24.6%) Est. Cost $27.31 Unrealized +36.9%

ELV ELEVANCE HEALTH INC FORMERLY 0.8%

Value ($000) $352,310 (+6.5%) Shares 1,005,020 (-1.9%) Est. Cost $286.17 Unrealized +17.7%

DRI DARDEN RESTAURANTS INC 0.8%

Value ($000) $337,433 (-4.7%) Shares 1,833,677 (-1.5%) Est. Cost $67.47 Unrealized +169.9%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $62,536 (-20.5%) Shares 389,878 (-19.6%) Est. Cost $69.17 Unrealized +122.0%

STT STATE STR CORP 0.5%

Value ($000) $188,262 (+7.8%) Shares 1,459,282 (-3.1%) Est. Cost $74.42 Unrealized +59.8%

EMR EMERSON ELEC CO 1.4%

Value ($000) $595,079 (-2.0%) Shares 4,483,714 (-3.2%) Est. Cost $107.47 Unrealized +23.2%

VVV VALVOLINE INC 0.1%

Value ($000) $41,208 (-22.0%) Shares 1,418,026 (-3.7%) Est. Cost $24.07 Unrealized +33.4%

WAT WATERS CORP 0.2%

Value ($000) $66,672 (+20.6%) Shares 175,530 (-4.8%) Est. Cost $197.51 Unrealized +86.3%

ETR ENTERGY CORP NEW 1.2%

Value ($000) $490,870 (-2.2%) Shares 5,310,716 (-1.4%) Est. Cost $50.21 Unrealized +88.3%

SPGI S&P GLOBAL INC 1.3%

Value ($000) $534,532 (+1.6%) Shares 1,022,851 (-5.4%) Est. Cost $321.12 Unrealized +53.9%

GE GE AEROSPACE 7.2%

Value ($000) $2,988,571 (-0.2%) Shares 9,702,208 (-2.6%) Est. Cost $157.95 Unrealized +90.4%

MCO MOODYS CORP 0.3%

Value ($000) $141,741 (+4.9%) Shares 277,462 (-2.2%) Est. Cost $136.31 Unrealized +257.5%

KHC KRAFT HEINZ CO 0.1%

Value ($000) $59,654 (-9.0%) Shares 2,459,954 (-2.3%) Est. Cost $21.39 Unrealized +15.1%

ASH ASHLAND INC 0.1%

Value ($000) $28,870 (+16.2%) Shares 492,082 (-5.1%) Est. Cost $60.65 Unrealized -13.3%

GT GOODYEAR TIRE & RUBR CO 0.1%

Value ($000) $31,283 (+12.4%) Shares 3,571,120 (-4.1%) Est. Cost $19.80 Unrealized -60.2%

VSCO VICTORIAS SECRET AND CO 0.0%

Value ($000) $4,958 (+88.6%) Shares 91,526 (-5.5%) Est. Cost $18.91 Unrealized +110.0%

MO ALTRIA GROUP INC 0.0%

Value ($000) $5,947 (-27.4%) Shares 103,142 (-16.8%) Est. Cost $28.79 Unrealized +106.2%

HBAN HUNTINGTON BANCSHARES INC 0.4%

Value ($000) $181,447 (-1.2%) Shares 10,458,036 (-1.6%) Est. Cost $9.92 Unrealized +64.1%

ED CONSOLIDATED EDISON INC 0.1%

Value ($000) $48,608 (-3.9%) Shares 489,408 (-2.7%) Est. Cost $83.89 Unrealized +17.8%

BBWI BATH & BODY WORKS INC 0.0%

Value ($000) $5,554 (-24.8%) Shares 276,594 (-3.5%) Est. Cost $33.85 Unrealized -35.8%

PNW PINNACLE WEST CAP CORP 0.1%

Value ($000) $41,785 (-4.0%) Shares 471,080 (-3.0%) Est. Cost $68.95 Unrealized +29.4%

HIG HARTFORD INSURANCE GROUP INC 0.8%

Value ($000) $338,948 (+0.3%) Shares 2,459,709 (-2.9%) Est. Cost $46.60 Unrealized +182.4%

MMM 3M CO 2.2%

Value ($000) $925,861 (-0.1%) Shares 5,783,016 (-3.2%) Est. Cost $110.37 Unrealized +47.8%

MDLZ MONDELEZ INTL INC 0.0%

Value ($000) $2,502 (-23.9%) Shares 46,478 (-11.7%) Est. Cost $34.48 Unrealized +65.5%

TRMK TRUSTMARK CORP 0.0%

Value ($000) $16,473 (-3.2%) Shares 422,930 (-1.6%) Est. Cost $27.63 Unrealized +40.3%

SOLV SOLVENTUM CORP 0.0%

Value ($000) $9,524 (+5.5%) Shares 120,186 (-2.8%) Est. Cost $60.70 Unrealized +26.2%

SFNC SIMMONS 1ST NATL CORP 0.0%

Value ($000) $10,090 (-3.4%) Shares 535,276 (-1.8%) Est. Cost $27.14 Unrealized -31.7%

GNW GENWORTH FINL INC 0.0%

Value ($000) $8,816 (-2.6%) Shares 976,323 (-4.0%) Est. Cost $3.42 Unrealized +154.6%

RAMP LIVERAMP HLDGS INC 0.0%

Value ($000) $17,232 (-0.9%) Shares 586,716 (-4.7%) Est. Cost $45.28 Unrealized -36.6%

BOH BANK HAWAII CORP 0.1%

Value ($000) $23,795 (+0.6%) Shares 348,039 (-3.4%) Est. Cost $45.82 Unrealized +42.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSN	PARSONS CORP DEL	49,796,122 (-2.4%)	$3,077,400 (-27.2%)	7.4%	$32.83	+138.4%	COM	70202L102
T	AT&T INC	183,451,879 (-1.0%)	$4,556,945 (-12.9%)	10.9%	$15.32	+65.1%	COM	00206R102
HON	HONEYWELL INTL INC	13,276,867 (-3.8%)	$2,590,184 (-10.8%)	6.2%	$113.37	+72.0%	COM	438516106
GD	GENERAL DYNAMICS CORP	13,725,738 (-1.7%)	$4,620,907 (-2.9%)	11.1%	$170.35	+100.1%	COM	369550108
WWD	WOODWARD INC	2,002,182 (-3.8%)	$605,300 (+15.1%)	1.4%	$140.26	+95.9%	COM	980745103
F	FORD MTR CO	137,356,677 (-5.0%)	$1,802,120 (+4.2%)	4.3%	$8.07	+59.0%	COM	345370860
SRE	SEMPRA	11,715,950 (-4.0%)	$1,034,401 (-5.8%)	2.5%	$55.80	+62.3%	COM	816851109
COF	CAPITAL ONE FINL CORP	2,483,012 (-2.6%)	$601,783 (+11.0%)	1.4%	$81.12	+173.9%	COM	14040H105
WBD	WARNER BROS DISCOVERY INC	7,550,349 (-7.7%)	$217,601 (+36.2%)	0.5%	$17.58	+33.0%	COM SER A	934423104
GEV	GE VERNOVA INC	1,672,237 (-1.1%)	$1,092,924 (+5.1%)	2.6%	$158.10	+285.2%	COM	36828A101
DAL	DELTA AIR LINES INC DEL	8,216,343 (-10.9%)	$570,214 (+9.0%)	1.4%	$47.79	+30.7%	COM NEW	247361702
UAL	UNITED AIRLS HLDGS INC	3,266,669 (-1.9%)	$365,279 (+13.6%)	0.9%	$62.33	+62.1%	COM	910047109
NKE	NIKE INC	5,560,705 (-2.2%)	$354,273 (-10.6%)	0.8%	$98.24	-33.9%	CL B	654106103
DIS	DISNEY WALT CO	10,820,485 (-2.4%)	$1,231,047 (-3.0%)	2.9%	$104.56	+4.8%	COM	254687106
XEL	XCEL ENERGY INC	3,718,127 (-3.5%)	$274,621 (-11.6%)	0.7%	$64.42	+21.5%	COM	98389B100
JCI	JOHNSON CTLS INTL PLC	4,261,479 (-3.3%)	$510,312 (+5.4%)	1.2%	$29.26	+292.4%	SHS	G51502105
M	MACYS INC	6,989,536 (-2.5%)	$154,119 (+20.0%)	0.4%	$15.27	+34.1%	COM	55616P104
HUM	HUMANA INC	985,738 (-7.6%)	$252,477 (-9.0%)	0.6%	$232.61	+12.3%	COM	444859102
DD	DUPONT DE NEMOURS INC	377,898 (-24.6%)	$15,192 (-61.1%)	0.0%	$27.31	+36.9%	COM	26614N102
ELV	ELEVANCE HEALTH INC FORMERLY	1,005,020 (-1.9%)	$352,310 (+6.5%)	0.8%	$286.17	+17.7%	COM	036752103
DRI	DARDEN RESTAURANTS INC	1,833,677 (-1.5%)	$337,433 (-4.7%)	0.8%	$67.47	+169.9%	COM	237194105
PM	PHILIP MORRIS INTL INC	389,878 (-19.6%)	$62,536 (-20.5%)	0.1%	$69.17	+122.0%	COM	718172109
STT	STATE STR CORP	1,459,282 (-3.1%)	$188,262 (+7.8%)	0.5%	$74.42	+59.8%	COM	857477103
EMR	EMERSON ELEC CO	4,483,714 (-3.2%)	$595,079 (-2.0%)	1.4%	$107.47	+23.2%	COM	291011104
VVV	VALVOLINE INC	1,418,026 (-3.7%)	$41,208 (-22.0%)	0.1%	$24.07	+33.4%	COM	92047W101
WAT	WATERS CORP	175,530 (-4.8%)	$66,672 (+20.6%)	0.2%	$197.51	+86.3%	COM	941848103
ETR	ENTERGY CORP NEW	5,310,716 (-1.4%)	$490,870 (-2.2%)	1.2%	$50.21	+88.3%	COM	29364G103
SPGI	S&P GLOBAL INC	1,022,851 (-5.4%)	$534,532 (+1.6%)	1.3%	$321.12	+53.9%	COM	78409V104
GE	GE AEROSPACE	9,702,208 (-2.6%)	$2,988,571 (-0.2%)	7.2%	$157.95	+90.4%	COM NEW	369604301
MCO	MOODYS CORP	277,462 (-2.2%)	$141,741 (+4.9%)	0.3%	$136.31	+257.5%	COM	615369105
KHC	KRAFT HEINZ CO	2,459,954 (-2.3%)	$59,654 (-9.0%)	0.1%	$21.39	+15.1%	COM	500754106
ASH	ASHLAND INC	492,082 (-5.1%)	$28,870 (+16.2%)	0.1%	$60.65	-13.3%	COM	044186104
GT	GOODYEAR TIRE & RUBR CO	3,571,120 (-4.1%)	$31,283 (+12.4%)	0.1%	$19.80	-60.2%	COM	382550101
VSCO	VICTORIAS SECRET AND CO	91,526 (-5.5%)	$4,958 (+88.6%)	0.0%	$18.91	+110.0%	COMMON STOCK	926400102
MO	ALTRIA GROUP INC	103,142 (-16.8%)	$5,947 (-27.4%)	0.0%	$28.79	+106.2%	COM	02209S103
HBAN	HUNTINGTON BANCSHARES INC	10,458,036 (-1.6%)	$181,447 (-1.2%)	0.4%	$9.92	+64.1%	COM	446150104
ED	CONSOLIDATED EDISON INC	489,408 (-2.7%)	$48,608 (-3.9%)	0.1%	$83.89	+17.8%	COM	209115104
BBWI	BATH & BODY WORKS INC	276,594 (-3.5%)	$5,554 (-24.8%)	0.0%	$33.85	-35.8%	COM	070830104
PNW	PINNACLE WEST CAP CORP	471,080 (-3.0%)	$41,785 (-4.0%)	0.1%	$68.95	+29.4%	COM	723484101
HIG	HARTFORD INSURANCE GROUP INC	2,459,709 (-2.9%)	$338,948 (+0.3%)	0.8%	$46.60	+182.4%	COM	416515104
MMM	3M CO	5,783,016 (-3.2%)	$925,861 (-0.1%)	2.2%	$110.37	+47.8%	COM	88579Y101
MDLZ	MONDELEZ INTL INC	46,478 (-11.7%)	$2,502 (-23.9%)	0.0%	$34.48	+65.5%	CL A	609207105
TRMK	TRUSTMARK CORP	422,930 (-1.6%)	$16,473 (-3.2%)	0.0%	$27.63	+40.3%	COM	898402102
SOLV	SOLVENTUM CORP	120,186 (-2.8%)	$9,524 (+5.5%)	0.0%	$60.70	+26.2%	COM SHS	83444M101
SFNC	SIMMONS 1ST NATL CORP	535,276 (-1.8%)	$10,090 (-3.4%)	0.0%	$27.14	-31.7%	CL A $1 PAR	828730200
GNW	GENWORTH FINL INC	976,323 (-4.0%)	$8,816 (-2.6%)	0.0%	$3.42	+154.6%	COM SHS	37247D106
RAMP	LIVERAMP HLDGS INC	586,716 (-4.7%)	$17,232 (-0.9%)	0.0%	$45.28	-36.6%	COM	53815P108
BOH	BANK HAWAII CORP	348,039 (-3.4%)	$23,795 (+0.6%)	0.1%	$45.82	+42.9%	COM	062540109

Unchanged Positions (7)

BA BOEING CO 15.3%

Value ($000) $6,401,847 Shares 29,485,294 Est. Cost $233.06 Unrealized -11.8%

LTM LATAM AIRLINES GROUP SA 0.5%

Value ($000) $214,686 Shares 3,974,931 Est. Cost $40.64 Unrealized —

DDS DILLARDS INC 6.6%

Value ($000) $2,742,549 Shares 4,523,121 Est. Cost $48.70 Unrealized +1150.8%

BBY BEST BUY INC 0.2%

Value ($000) $76,950 Shares 1,149,706 Est. Cost $45.30 Unrealized +66.6%

NI NISOURCE INC 0.6%

Value ($000) $238,062 Shares 5,700,723 Est. Cost $22.37 Unrealized +90.5%

BTI BRITISH AMERN TOB PLC 0.4%

Value ($000) $147,841 Shares 2,611,105 Est. Cost $62.21 Unrealized —

BMO BANK MONTREAL QUE 0.4%

Value ($000) $170,701 Shares 1,315,207 Est. Cost $58.71 Unrealized +115.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BA	BOEING CO	29,485,294	$6,401,847	15.3%	$233.06	-11.8%	COM	097023105
LTM	LATAM AIRLINES GROUP SA	3,974,931	$214,686	0.5%	$40.64	—	SPONSORED ADR	51817R205
DDS	DILLARDS INC	4,523,121	$2,742,549	6.6%	$48.70	+1150.8%	CL A	254067101
BBY	BEST BUY INC	1,149,706	$76,950	0.2%	$45.30	+66.6%	COM	086516101
NI	NISOURCE INC	5,700,723	$238,062	0.6%	$22.37	+90.5%	COM	65473P105
BTI	BRITISH AMERN TOB PLC	2,611,105	$147,841	0.4%	$62.21	—	SPONSORED ADR	110448107
BMO	BANK MONTREAL QUE	1,315,207	$170,701	0.4%	$58.71	+115.7%	COM	063671101