Company: BA
Filing Date: 2025-06-10
Form Type: 11-K
Source: 0000012927-25-000044
Chunk: 17

Company: BOEING CO
Filing Date: 2025-06-10
Form: 11-K
Chunk 17
---
 is a contract for the purchase or sale of agency mortgage-backed securities to be delivered at a future agreed-upon date.

As of December 31, 2024 and 2023, the Master Trust has invested in derivative contracts. The fair value of these contracts is included in the Master Trust’s statements of net assets, as discussed in Note 4, and was not material.

Derivative contracts realized gains and losses and the change in unrealized gains and losses are reflected in the Master Trust’s statement of changes in net assets as net appreciation or depreciation of investments. The effect of derivative contracts realized gains and losses and the change in unrealized gains and losses for the year ended December 31, 2024 was not material.

The following table summarizes the gross notional value of derivative contracts outstanding as of December 31, 2024 and 2023. The gross notional amounts give an indication of the volume of the Master Trust’s derivative activity and significantly exceed the fair value of the derivative investments, which is more representative of the economic exposure associated with derivatives in the Master Trust.

<div align='center'>14</div>

| December 31, 2024 |     |   |       | Interest Rate |   |    | Credit |   |     | Foreign  
 Currency |   |     | Equity |     |   |     | Future     
 Settlement |   |       | Total |
|:------------------|:----|:--|------:|:--------------|:--|---:|:-------|:--|----:|:---------|:--|----:|:-------|:----|:--|----:|:-----------|:--|------:|:------|
| Forward contracts |     | $ |     — |               | $ |  — |        | $ | 276 |          | $ |   — |        |     | $ |   — |            | $ |   276 |       |
| Futures           |     |   | 2,793 |               |   |  — |        |   |   5 |          |   | 277 |        |     |   |   — |            |   | 3,075 |       |
| Options           |     |   |    53 |               |   |  — |        |   |  16 |          |   |   — |        |     |   |   — |            |   |    69 |       |
| Swaps             |