Elliott Investment Management L.P. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLP	SELECT SECTOR SPDR TR	20,000,000 (+33.3%)	$1,553,600 (+32.2%)	6.9%	—	—	PUT	81369Y308
GDX	VANECK ETF TRUST	14,000,000 (+21.7%)	$1,200,780 (+36.7%)	5.3%	—	—	PUT	92189F106
SDRL	SEADRILL LTD	4,558,758 (+23.1%)	$157,733 (+41.0%)	0.7%	$36.02	-13.5%	COM	G7997W102
OR	OR ROYALTIES INC.	3,111,000 (+42.7%)	$110,098 (+26.0%)	0.5%	$27.37	+28.0%	COM SHS	68390D106
GLIBK	GCI LIBERTY INC	659,928 (+38.4%)	$24,556 (+38.2%)	0.1%	$35.22	-0.4%	COM SER C	36164V800
XLE	SELECT SECTOR SPDR TR	16,000,000 (+100.0%)	$715,360 (+0.1%)	3.2%	—	—	PUT	81369Y506

Exited Positions (3)

XLV SELECT SECTOR SPDR TR 1.2%

Value ($000) $278,340 Shares 2,000,000 Est. Cost — Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.3%

Value ($000) $72,696 Shares 650,000 Est. Cost — Unrealized —

OXLC OXFORD LANE CAP CORP 0.1%

Value ($000) $17,256 Shares 1,019,239 Est. Cost $16.93 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLV	SELECT SECTOR SPDR TR	2,000,000	$278,340	1.2%	—	—	PUT	81369Y209
WPM	WHEATON PRECIOUS METALS CORP	650,000	$72,696	0.3%	—	—	PUT	962879102
OXLC	OXFORD LANE CAP CORP	1,019,239	$17,256	0.1%	$16.93	—	—	691543847

Decreased Positions (6)

IWD ISHARES TR 2.6%

Value ($000) $588,952 (-42.1%) Shares 2,800,000 (-44.0%) Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 4.1%

Value ($000) $921,465 (-23.3%) Shares 1,500,000 (-25.0%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 2.5%

Value ($000) $559,500 (-30.7%) Shares 3,000,000 (-30.7%) Est. Cost — Unrealized —

IGV ISHARES TR 0.1%

Value ($000) $31,707 (-86.2%) Shares 300,000 (-85.0%) Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 2.7%

Value ($000) $614,310 (-18.1%) Shares 1,000,000 (-20.0%) Est. Cost — Unrealized —

XME SPDR SERIES TRUST 0.4%

Value ($000) $93,249 (-28.5%) Shares 900,000 (-35.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWD	ISHARES TR	2,800,000 (-44.0%)	$588,952 (-42.1%)	2.6%	—	—	PUT	464287598
QQQ	INVESCO QQQ TR	1,500,000 (-25.0%)	$921,465 (-23.3%)	4.1%	—	—	PUT	46090E103
NVDA	NVIDIA CORPORATION	3,000,000 (-30.7%)	$559,500 (-30.7%)	2.5%	—	—	PUT	67066G104
IGV	ISHARES TR	300,000 (-85.0%)	$31,707 (-86.2%)	0.1%	—	—	PUT	464287515
QQQ	INVESCO QQQ TR	1,000,000 (-20.0%)	$614,310 (-18.1%)	2.7%	—	—	CALL	46090E103
XME	SPDR SERIES TRUST	900,000 (-35.7%)	$93,249 (-28.5%)	0.4%	—	—	PUT	78464A755

Unchanged Positions (20)

TFPM TRIPLE FLAG PRECIOUS METAL 19.7%

Value ($000) $4,445,358 Shares 133,815,727 Est. Cost $12.36 Unrealized +153.0%

LUV SOUTHWEST AIRLS CO 9.4%

Value ($000) $2,113,141 Shares 51,128,500 Est. Cost $26.84 Unrealized +29.6%

PINS PINTEREST INC 3.2%

Value ($000) $724,920 Shares 28,000,000 Est. Cost $22.64 Unrealized +27.2%

PSX PHILLIPS 66 11.0%

Value ($000) $2,484,149 Shares 19,251,000 Est. Cost $116.23 Unrealized +15.3%

SU SUNCOR ENERGY INC NEW 10.3%

Value ($000) $2,336,477 Shares 52,670,800 Est. Cost $30.49 Unrealized +38.6%

ETSY ETSY INC 1.2%

Value ($000) $277,200 Shares 5,000,000 Est. Cost $66.66 Unrealized -8.5%

UNIT UNITI GROUP LLC 1.8%

Value ($000) $413,676 Shares 59,012,219 Est. Cost $7.16 Unrealized -11.5%

DLR DIGITAL RLTY TR INC 0.7%

Value ($000) $154,710 Shares 1,000,000 Est. Cost — Unrealized —

XOP SPDR SERIES TRUST 1.3%

Value ($000) $302,822 Shares 2,398,400 Est. Cost — Unrealized —

— STRATEGY INC 0.1%

Value ($000) $22,709 Shares 16,000,000 Est. Cost $2.05 Unrealized —

HPE HEWLETT PACKARD ENTERPRISE C 2.0%

Value ($000) $447,516 Shares 18,630,978 Est. Cost $16.47 Unrealized +42.3%

CCI CROWN CASTLE INC 0.5%

Value ($000) $108,866 Shares 1,225,000 Est. Cost $90.81 Unrealized +0.3%

IGV ISHARES TR 0.5%

Value ($000) $105,690 Shares 1,000,000 Est. Cost — Unrealized —

ST SENSATA TECHNOLOGIES HLDG PL 0.5%

Value ($000) $108,193 Shares 3,250,000 Est. Cost $38.52 Unrealized -17.0%

XLI SELECT SECTOR SPDR TR 5.1%

Value ($000) $1,163,400 Shares 7,500,000 Est. Cost — Unrealized —

BILL BILL HOLDINGS INC 0.7%

Value ($000) $163,620 Shares 3,000,000 Est. Cost $46.44 Unrealized +10.6%

PEP PEPSICO INC 0.8%

Value ($000) $182,988 Shares 1,275,000 Est. Cost $140.43 Unrealized +3.9%

— WAYFAIR INC 0.2%

Value ($000) $34,327 Shares 15,000,000 Est. Cost $1.39 Unrealized —

EQIX EQUINIX INC 0.5%

Value ($000) $114,924 Shares 150,000 Est. Cost $880.48 Unrealized -11.3%

HYG ISHARES TR 1.4%

Value ($000) $306,394 Shares 3,800,000 Est. Cost $80.65 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TFPM	TRIPLE FLAG PRECIOUS METAL	133,815,727	$4,445,358	19.7%	$12.36	+153.0%	COM	89679M104
LUV	SOUTHWEST AIRLS CO	51,128,500	$2,113,141	9.4%	$26.84	+29.6%	COM	844741108
PINS	PINTEREST INC	28,000,000	$724,920	3.2%	$22.64	+27.2%	CL A	72352L106
PSX	PHILLIPS 66	19,251,000	$2,484,149	11.0%	$116.23	+15.3%	COM	718546104
SU	SUNCOR ENERGY INC NEW	52,670,800	$2,336,477	10.3%	$30.49	+38.6%	COM	867224107
ETSY	ETSY INC	5,000,000	$277,200	1.2%	$66.66	-8.5%	COM	29786A106
UNIT	UNITI GROUP LLC	59,012,219	$413,676	1.8%	$7.16	-11.5%	COM SHS	912932100
DLR	DIGITAL RLTY TR INC	1,000,000	$154,710	0.7%	—	—	PUT	253868103
XOP	SPDR SERIES TRUST	2,398,400	$302,822	1.3%	—	—	PUT	78468R556
—	STRATEGY INC	16,000,000	$22,709	0.1%	$2.05	—	NOTE 0.625% 3/1	594972AJ0
HPE	HEWLETT PACKARD ENTERPRISE C	18,630,978	$447,516	2.0%	$16.47	+42.3%	COM	42824C109
CCI	CROWN CASTLE INC	1,225,000	$108,866	0.5%	$90.81	+0.3%	COM	22822V101
IGV	ISHARES TR	1,000,000	$105,690	0.5%	—	—	CALL	464287515
ST	SENSATA TECHNOLOGIES HLDG PL	3,250,000	$108,193	0.5%	$38.52	-17.0%	SHS	G8060N102
XLI	SELECT SECTOR SPDR TR	7,500,000	$1,163,400	5.1%	—	—	PUT	81369Y704
BILL	BILL HOLDINGS INC	3,000,000	$163,620	0.7%	$46.44	+10.6%	COM	090043100
PEP	PEPSICO INC	1,275,000	$182,988	0.8%	$140.43	+3.9%	COM	713448108
—	WAYFAIR INC	15,000,000	$34,327	0.2%	$1.39	—	NOTE 3.500%11/1	94419LAR2
EQIX	EQUINIX INC	150,000	$114,924	0.5%	$880.48	-11.3%	COM	29444U700
HYG	ISHARES TR	3,800,000	$306,394	1.4%	$80.65	—	IBOXX HI YD ETF	464288513