Company: OXY-WT
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0000797468-25-000098
Chunk: 12

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-06-27
Form: 11-K
Chunk 12
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        |     |         |       |     | $     | 58,784 |
|                                           |     | Liabilities at fair value as of December 31, 2023 |        |     |         |       |     |       |        |
|                                           |     | Level 1                                           |        |     | Level 2 |       |     | Total |        |
| Foreign currency contracts                |     | $                                                 |      — |     | $       |    30 |     | $     |     30 |
| Total liabilities at fair value           |     | $                                                 |      — |     | $       |    30 |     | $     |     30 |

Prior to the investment being terminated in March 2024, the Baillie Gifford MTIA participated in the Trustee’s Securities Lending Program (the Securities Lending Program) for its U.S. securities held in custody at the Trustee. Under the Securities Lending Program, these securities are loaned by the Trustee to third-party broker-dealers in exchange for collateral (primarily cash), in compliance with the Department of Labor’s collateral requirements. The collateral is at least 102% of the fair value of the borrowed securities. The cash received as collateral is invested in the Trustee’s Institutional Cash Reserves Fund, which is a short-term investment fund, or the Trustee’s Overnight Government Fund, which is an overnight government reverse repurchase investment fund.

The fair value of the Baillie Gifford MTIA securities loaned was approximately $4,122,000 as of December 31, 2023. Cash collateral of approximately $4,309,000 was held as of December 31, 2023, with an offsetting liability. Income earned

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during 2024 and 2023 was approximately $1,000 and $11,000, respectively, net of bank fees of approximately $1,000 and $6,000 respectively. This income is included as interest income for the Baillie Gifford MTIA.

Prior to the investment being terminated in March 2024, the Baillie Gifford MTIA used foreign currency derivatives to reduce foreign currency risk. The Baillie Gifford MTIA did not designate these swaps as hedging instruments. Approximately $92,000 net gain and $16,000 net loss from these derivatives were recognized in net appreciation (depreciation) for the year