Compass Rose Asset Management, LP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR SERIES TRUST	8,000,000	$636,480	47.9%	—	—	CALL	464288903
—	ISHARES TR	1,600,000	$290,928	21.9%	—	—	PUT	78468R956
—	ORACLE CORP	500,000	$22,505	1.7%	$45.01	—	6.5 DEP CUM SR D	68389X204
—	ISHARES TR	470,000	$18,043	1.4%	—	—	PUT	464286950
RKT	ROCKET COS INC	1,090,000	$15,533	1.2%	$20.15	0.0%	COM CL A	77311W101
NVT	NVENT ELEC PLC	126,000	$14,903	1.1%	$112.33	0.0%	SHS	G6700G107
SAN	BANCO SANTANDER SA	635,000	$7,163	0.5%	$11.28	—	ADR	05964H105
RIOT	RIOT PLATFORMS INC	495,000	$6,118	0.5%	$15.87	0.0%	COM	767292105
FDS	FACTSET RESH SYS INC	25,000	$5,425	0.4%	$247.11	0.0%	COM	303075105
MARA	MARA HOLDINGS INC	520,000	$4,243	0.3%	$9.27	0.0%	COM	565788106
HUT	HUT 8 CORP	25,649	$1,203	0.1%	$56.58	0.0%	COM	44812J104

Increased Positions (4)

— SPDR SERIES TRUST 5.8%

Value ($000) $76,619 (+125.0%) Shares 2,695,000 (+169.5%) Est. Cost — Unrealized —

— JD.COM INC 7.7%

Value ($000) $102,244 (+34.8%) Shares 102,500,000 (+36.7%) Est. Cost $1.04 Unrealized —

KWEB KRANESHARES TRUST 2.6%

Value ($000) $34,969 (+86.7%) Shares 1,230,000 (+123.6%) Est. Cost $30.94 Unrealized —

AERO GRUPO AEROMEXICO SAB DE CV 0.6%

Value ($000) $7,635 (-4.8%) Shares 545,000 (+49.2%) Est. Cost $19.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR SERIES TRUST	2,695,000 (+169.5%)	$76,619 (+125.0%)	5.8%	—	—	CALL	500767906
—	JD.COM INC	102,500,000 (+36.7%)	$102,244 (+34.8%)	7.7%	$1.04	—	NOTE 0.250% 6/0	47215PAJ5
KWEB	KRANESHARES TRUST	1,230,000 (+123.6%)	$34,969 (+86.7%)	2.6%	$30.94	—	CSI CHI INTERNET	500767306
AERO	GRUPO AEROMEXICO SAB DE CV	545,000 (+49.2%)	$7,635 (-4.8%)	0.6%	$19.34	—	SPONSORED ADS	40054J109

Exited Positions (17)

SPY SPDR S&P 500 ETF TR 39.0%

Value ($000) $518,259 Shares 760,000 Est. Cost — Unrealized —

— ISHARES TR 12.1%

Value ($000) $161,260 Shares 2,000,000 Est. Cost — Unrealized —

CMCSA COMCAST CORP NEW 5.3%

Value ($000) $70,000 Shares 2,500,000 Est. Cost $28.53 Unrealized +4.5%

NFLX NETFLIX INC 3.5%

Value ($000) $46,880 Shares 500,000 Est. Cost — Unrealized —

KVUE KENVUE INC 2.6%

Value ($000) $34,500 Shares 2,000,000 Est. Cost $16.89 Unrealized +4.6%

KMB KIMBERLY-CLARK CORP 2.3%

Value ($000) $30,267 Shares 300,000 Est. Cost $108.41 Unrealized -4.9%

KVUE KENVUE INC 2.2%

Value ($000) $29,239 Shares 1,695,000 Est. Cost $16.89 Unrealized +4.6%

WBD WARNER BROS DISCOVERY INC 1.8%

Value ($000) $23,338 Shares 809,800 Est. Cost — Unrealized —

CMCSA COMCAST CORP NEW 1.2%

Value ($000) $15,393 Shares 515,000 Est. Cost $28.53 Unrealized +4.5%

BLCO BAUSCH PLUS LOMB CORP 1.2%

Value ($000) $15,372 Shares 900,000 Est. Cost $16.07 Unrealized +7.2%

UPS UNITED PARCEL SERVICE INC 0.8%

Value ($000) $10,316 Shares 104,000 Est. Cost $92.75 Unrealized +18.5%

KHC KRAFT HEINZ CO 0.7%

Value ($000) $9,700 Shares 400,000 Est. Cost $26.49 Unrealized -9.7%

BMA BANCO MACRO SA 0.5%

Value ($000) $6,437 Shares 71,390 Est. Cost $90.16 Unrealized —

AIG AMERICAN INTL GROUP INC 0.4%

Value ($000) $5,219 Shares 61,000 Est. Cost $79.68 Unrealized -4.2%

KREF KKR REAL ESTATE FIN TR INC 0.2%

Value ($000) $2,754 Shares 335,000 Est. Cost $8.22 Unrealized —

— BOEING CO 0.1%

Value ($000) $1,562 Shares 22,624 Est. Cost $69.06 Unrealized —

OPTU OPTIMUM COMMUNICATIONS INC 0.1%

Value ($000) $825 Shares 500,000 Est. Cost $2.27 Unrealized -26.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	760,000	$518,259	39.0%	—	—	CALL	78462F103
—	ISHARES TR	2,000,000	$161,260	12.1%	—	—	PUT	464288953
CMCSA	COMCAST CORP NEW	2,500,000	$70,000	5.3%	$28.53	+4.5%	CALL	20030N101
NFLX	NETFLIX INC	500,000	$46,880	3.5%	—	—	CALL	64110L106
KVUE	KENVUE INC	2,000,000	$34,500	2.6%	$16.89	+4.6%	CALL	49177J102
KMB	KIMBERLY-CLARK CORP	300,000	$30,267	2.3%	$108.41	-4.9%	CALL	494368103
KVUE	KENVUE INC	1,695,000	$29,239	2.2%	$16.89	+4.6%	—	49177J102
WBD	WARNER BROS DISCOVERY INC	809,800	$23,338	1.8%	—	—	CALL	934423104
CMCSA	COMCAST CORP NEW	515,000	$15,393	1.2%	$28.53	+4.5%	—	20030N101
BLCO	BAUSCH PLUS LOMB CORP	900,000	$15,372	1.2%	$16.07	+7.2%	—	071705107
UPS	UNITED PARCEL SERVICE INC	104,000	$10,316	0.8%	$92.75	+18.5%	—	911312106
KHC	KRAFT HEINZ CO	400,000	$9,700	0.7%	$26.49	-9.7%	—	500754106
BMA	BANCO MACRO SA	71,390	$6,437	0.5%	$90.16	—	—	05961W105
AIG	AMERICAN INTL GROUP INC	61,000	$5,219	0.4%	$79.68	-4.2%	—	026874784
KREF	KKR REAL ESTATE FIN TR INC	335,000	$2,754	0.2%	$8.22	—	—	48251K100
—	BOEING CO	22,624	$1,562	0.1%	$69.06	—	—	097023204
OPTU	OPTIMUM COMMUNICATIONS INC	500,000	$825	0.1%	$2.27	-26.2%	—	02156K103

Decreased Positions (3)

— PG&E CORP 3.1%

Value ($000) $41,600 (-18.8%) Shares 40,000,000 (-20.0%) Est. Cost $1.04 Unrealized —

KMB KIMBERLY-CLARK CORP 0.8%

Value ($000) $10,129 (-48.8%) Shares 105,000 (-46.4%) Est. Cost $108.41 Unrealized -4.9%

SUZ SUZANO S A 0.6%

Value ($000) $8,509 (-43.1%) Shares 850,000 (-46.9%) Est. Cost $9.38 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PG&E CORP	40,000,000 (-20.0%)	$41,600 (-18.8%)	3.1%	$1.04	—	NOTE 4.250%12/0	69331CAL2
KMB	KIMBERLY-CLARK CORP	105,000 (-46.4%)	$10,129 (-48.8%)	0.8%	$108.41	-4.9%	COM	494368103
SUZ	SUZANO S A	850,000 (-46.9%)	$8,509 (-43.1%)	0.6%	$9.38	—	SPON ADS	86959K105

Unchanged Positions (1)

— AMERICAN WTR CAP CORP 1.9%

Value ($000) $24,950 Shares 25,000,000 Est. Cost $1.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AMERICAN WTR CAP CORP	25,000,000	$24,950	1.9%	$1.02	—	NOTE 3.625% 6/1	03040WBE4