Full & Historical Holdings
Euro Credit Fund
View Historical Holdings by Month
| Based on Market Value | Based on Equivalent Exposure | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ISIN |
Securities
(on 28-Feb-25)
|
Shares or Par Amount | Value | Percent of Net Assets | Value | Percent of Net Assets | Market Cap ($mm) |
GICS Sectors
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
Country | |
| DE000F01NAF4 | Euro Schatz 2Yr Future MAR 06 25 | 1,200 | €0.00 | 0.00% | €128,316,000.00 | 23.27% | - | Non U.S. Markets | Germany | |
| DE000F1B2NH5 | Euro BOBL Future JUN 06 25 | 200 | €0.00 | 0.00% | €23,782,000.00 | 4.31% | - | Non U.S. Markets | Germany | |
| XS2824047372 | Tesco Corporate Treasury Services PLC RegS 5.125% MAY 22 34 | 9,080,000 | €11,053,335.52 | 2.00% | €11,050,153.30 | 2.00% | - | Corporate Debt | United Kingdom | |
| XS2939370107 | Highland Holdings Sarl 2.875% NOV 19 27 | 6,830,000 | €6,900,578.53 | 1.25% | €6,900,578.53 | 1.25% | - | Corporate Debt | United States | |
| XS2626288257 | Fiserv Inc 4.5% MAY 24 31 | 5,940,000 | €6,549,347.98 | 1.19% | €6,549,347.98 | 1.19% | - | Corporate Debt | United States | |
| XS1835955474 | JPMorgan Chase & Co RegS FRB JUN 12 29 | 6,442,000 | €6,338,584.54 | 1.15% | €6,338,584.54 | 1.15% | - | Corporate Debt | United States | |
| XS2919892179 | CTP NV RegS 3.875% NOV 21 32 | 6,240,000 | €6,323,069.62 | 1.15% | €6,323,069.62 | 1.15% | - | Emerging Markets | Czech Republic | |
| XS1520907814 | AbbVie Inc 2.125% NOV 17 28 | 5,580,000 | €5,507,685.77 | 1.00% | €5,507,542.55 | 1.00% | - | Corporate Debt | United States | |
| XS2801975991 | BAT International Finance PLC RegS 4.13% APR 12 32 | 5,060,000 | €5,419,499.97 | 0.98% | €5,419,499.97 | 0.98% | - | Corporate Debt | United Kingdom | |
| US46115HCD70 | Intesa Sanpaolo SpA 144A 7.2% NOV 28 33 | 4,880,000 | €5,336,834.71 | 0.97% | €5,336,834.71 | 0.97% | - | Corporate Debt | Italy | |
| XS3008530134 | Deutsche Bank AG RegS FRB FEB 26 29 | 4,400,000 | €5,321,164.52 | 0.96% | €5,321,164.52 | 0.96% | - | Corporate Debt | Germany | |
| XS2579293619 | EnBW International Finance BV RegS 3.5% JUL 24 28 | 5,050,000 | €5,289,455.30 | 0.96% | €5,289,455.30 | 0.96% | - | Non U.S. Markets | Germany | |
| XS1992931508 | BP Capital Markets PLC RegS 0.831% NOV 08 27 | 5,510,000 | €5,285,845.95 | 0.96% | €5,285,845.95 | 0.96% | - | Corporate Debt | United States | |
| XS2824763044 | Ferrari NV RegS 3.63% MAY 21 30 | 4,940,000 | €5,245,220.27 | 0.95% | €5,245,220.27 | 0.95% | - | Corporate Debt | Italy | |
| XS2778864210 | Wolters Kluwer NV RegS 3.25% MAR 18 29 | 4,980,000 | €5,231,242.50 | 0.95% | €5,231,242.50 | 0.95% | - | Corporate Debt | Netherlands | |
| XS2902024772 | Haleon UK Capital PLC RegS 2.875% SEP 18 28 | 5,140,000 | €5,228,602.33 | 0.95% | €5,228,602.33 | 0.95% | - | Corporate Debt | United States | |
| EU000A3K7MW2 | European Union RegS 1.625% DEC 04 29 | 5,400,000 | €5,226,515.75 | 0.95% | €5,226,515.75 | 0.95% | - | Non U.S. Markets | Supranational | |
| XS2827696035 | Swisscom Finance BV RegS 3.5% NOV 29 31 | 5,037,000 | €5,223,580.14 | 0.95% | €5,223,580.14 | 0.95% | - | Non U.S. Markets | Switzerland | |
| XS2911681083 | Wurth Finance International BV RegS 3% AUG 28 31 | 5,140,000 | €5,222,261.38 | 0.95% | €5,222,261.39 | 0.95% | - | Corporate Debt | Germany | |
| XS2868742409 | Veralto Corp 4.15% SEP 19 31 | 4,877,000 | €5,221,388.75 | 0.95% | €5,221,388.75 | 0.95% | - | Corporate Debt | United States | |
| XS3003427872 | Terna - Rete Elettrica Nazionale RegS 3.125% FEB 17 32 | 5,025,000 | €5,034,499.24 | 0.91% | €5,034,499.25 | 0.91% | - | Corporate Debt | Italy | |
| XS2588099981 | Svenska Handelsbanken AB RegS 3.375% FEB 17 28 | 4,880,000 | €4,991,823.19 | 0.91% | €4,991,823.19 | 0.91% | - | Corporate Debt | Sweden | |
| XS3000592363 | Svenska Handelsbanken AB RegS 2.875% FEB 17 32 | 5,000,000 | €4,979,336.03 | 0.90% | €4,979,336.03 | 0.90% | - | Corporate Debt | Sweden | |
| IT0005637761 | Banco BPM SpA RegS 2.625% SEP 06 29 | 4,970,000 | €4,965,527.00 | 0.90% | €4,965,527.00 | 0.90% | - | Corporate Debt | Italy | |
| US92890HAD44 | WEA Finance LLC 144A 4.75% SEP 17 44 | 5,910,000 | €4,951,762.04 | 0.90% | €4,951,762.05 | 0.90% | - | Corporate Debt | France | |
| XS2147977636 | Heineken NV RegS 2.25% MAR 30 30 | 4,770,000 | €4,753,721.56 | 0.86% | €4,753,721.56 | 0.86% | - | Corporate Debt | Netherlands | |
| BE6338167909 | Euroclear Bank SA RegS 3.625% OCT 13 27 | 4,580,000 | €4,752,083.40 | 0.86% | €4,752,083.40 | 0.86% | - | Corporate Debt | Belgium | |
| XS2908177145 | Naturgy Finance Iberia SA RegS 3.25% OCT 02 30 | 4,500,000 | €4,593,290.24 | 0.83% | €4,593,290.24 | 0.83% | - | Corporate Debt | Spain | |
| XS2896485930 | Experian Finance PLC RegS 3.375% OCT 10 34 | 4,465,000 | €4,561,553.53 | 0.83% | €4,561,553.53 | 0.83% | - | Corporate Debt | United States | |
| XS2461786829 | CEZ AS RegS 2.375% APR 06 27 | 4,465,000 | €4,513,554.80 | 0.82% | €4,513,554.80 | 0.82% | - | Emerging Markets | Czech Republic | |
| FR0013284254 | Engie SA RegS 1.375% FEB 28 29 | 4,600,000 | €4,357,767.15 | 0.79% | €4,357,247.29 | 0.79% | - | Corporate Debt | France | |
| CH1211713180 | UBS Group AG RegS FRB SEP 30 27 | 3,310,000 | €4,249,995.24 | 0.77% | €4,249,995.24 | 0.77% | - | Corporate Debt | Switzerland | |
| XS2464405229 | AIB Group PLC RegS FRB APR 04 28 | 4,175,000 | €4,218,645.91 | 0.76% | €4,218,645.91 | 0.76% | - | Corporate Debt | Ireland | |
| ES0380907081 | Unicaja Banco SA RegS FRB SEP 12 29 | 4,100,000 | €4,206,790.12 | 0.76% | €4,206,790.12 | 0.76% | - | Corporate Debt | Spain | |
| XS2907137736 | mBank SA RegS FRB SEP 27 30 | 4,000,000 | €4,148,822.79 | 0.75% | €4,148,822.79 | 0.75% | - | Emerging Markets | Poland | |
| XS3013011203 | PPG Industries Inc 3.25% MAR 04 32 | 4,150,000 | €4,140,687.40 | 0.75% | €4,140,687.40 | 0.75% | - | Corporate Debt | United States | |
| XS1997077364 | Transurban Finance Co Pty Ltd RegS 1.45% MAY 16 29 | 4,350,000 | €4,136,401.71 | 0.75% | €4,136,109.73 | 0.75% | - | Corporate Debt | Australia | |
| IT0005631921 | UniCredit SpA RegS FRB JAN 16 33 | 3,970,000 | €4,038,874.58 | 0.73% | €4,038,874.58 | 0.73% | - | Corporate Debt | Italy | |
| XS2746662936 | T-Mobile USA Inc 3.7% MAY 08 32 | 3,779,000 | €4,018,444.42 | 0.73% | €4,018,444.43 | 0.73% | - | Corporate Debt | United States | |
| XS2929985385 | Vier Gas Transport GmbH RegS 3.375% NOV 11 31 | 3,900,000 | €3,986,389.81 | 0.72% | €3,986,389.81 | 0.72% | - | Corporate Debt | Germany | |
| XS2970728205 | Sudzucker International Finance BV RegS 4.13% JAN 29 32 | 3,870,000 | €3,947,816.69 | 0.72% | €3,947,816.69 | 0.72% | - | Corporate Debt | Germany | |
| XS2621757405 | Corning Inc 3.875% MAY 15 26 | 3,760,000 | €3,919,595.72 | 0.71% | €3,919,595.72 | 0.71% | - | Corporate Debt | United States | |
| XS1843459782 | International Flavors & Fragrances Inc 1.8% SEP 25 26 | 3,945,000 | €3,918,223.18 | 0.71% | €3,918,223.18 | 0.71% | - | Corporate Debt | United States | |
| XS2597994065 | Global Payments Inc 4.875% MAR 17 31 | 3,517,000 | €3,906,409.04 | 0.71% | €3,906,409.04 | 0.71% | - | Corporate Debt | United States | |
| XS2925933413 | Coventry Building Society RegS 3.125% OCT 29 29 | 3,830,000 | €3,868,272.51 | 0.70% | €3,868,272.51 | 0.70% | - | Corporate Debt | United Kingdom | |
| XS1405816312 | Alimentation Couche-Tard Inc RegS 1.875 MAY 06 26 | 3,840,000 | €3,862,009.30 | 0.70% | €3,862,009.30 | 0.70% | - | Corporate Debt | Canada | |
| US771196BX91 | Roche Holdings Inc 144A 2.076% DEC 13 31 | 4,680,000 | €3,861,555.37 | 0.70% | €3,861,555.37 | 0.70% | - | Corporate Debt | United States | |
| XS2947149444 | National Grid North America Inc RegS 3.724% NOV 25 34 | 3,760,000 | €3,837,259.09 | 0.70% | €3,837,259.09 | 0.70% | - | Corporate Debt | United States | |
| XS2114852564 | Comcast Corp 0.75% FEB 20 32 | 4,378,000 | €3,733,518.70 | 0.68% | €3,733,518.70 | 0.68% | - | Corporate Debt | United States | |
| XS2767246908 | Ford Motor Credit Co LLC 4.445% FEB 14 30 | 3,650,000 | €3,730,671.25 | 0.68% | €3,730,671.25 | 0.68% | - | Corporate Debt | United States | |
| XS1967636272 | Abertis Infraestructuras SA RegS 3.375% NOV 27 26 | 3,000,000 | €3,577,802.21 | 0.65% | €3,577,802.21 | 0.65% | - | Corporate Debt | Spain | |
| BE6356733327 | Shurgard Luxembourg Sarl RegS 3.625% OCT 22 34 | 3,500,000 | €3,569,009.36 | 0.65% | €3,569,009.36 | 0.65% | - | Corporate Debt | Belgium | |
| US723787AR88 | Pioneer Natural Resources Co 2.15% JAN 15 31 | 4,190,000 | €3,528,727.33 | 0.64% | €3,528,727.33 | 0.64% | - | Corporate Debt | United States | |
| BE0002963446 | Belfius Bank SA 4.125% SEP 12 29 | 3,200,000 | €3,436,698.65 | 0.62% | €3,436,698.65 | 0.62% | - | Non U.S. Markets | Belgium | |
| XS2813774341 | Oncor Electric Delivery Co LLC RegS 3.5% MAY 15 31 | 3,250,000 | €3,411,680.60 | 0.62% | €3,411,680.60 | 0.62% | - | Corporate Debt | United States | |
| US29278GAP37 | Enel Finance International NV 144A 2.5% JUL 12 31 | 4,079,000 | €3,385,278.42 | 0.61% | €3,385,278.42 | 0.61% | - | Corporate Debt | Italy | |
| XS1789752182 | Richemont International Holding SA RegS 1.5% MAR 26 30 | 3,460,000 | €3,307,443.73 | 0.60% | €3,307,319.21 | 0.60% | - | Corporate Debt | Switzerland | |
| XS3016984372 | CaixaBank SA RegS FRB MAR 05 37 | 3,300,000 | €3,297,954.00 | 0.60% | €3,297,954.00 | 0.60% | - | Corporate Debt | Spain | |
| FR001400T0B0 | Cofiroute SA RegS 3.125% MAR 06 33 | 3,300,000 | €3,283,236.00 | 0.60% | €3,283,236.00 | 0.60% | - | Corporate Debt | France | |
| XS2622275969 | American Tower Corp 4.625% MAY 16 31 | 2,900,000 | €3,217,230.60 | 0.58% | €3,217,230.60 | 0.58% | - | Corporate Debt | United States | |
| XS3003232272 | Fastighets AB Balder RegS 4% FEB 19 32 | 3,180,000 | €3,207,748.33 | 0.58% | €3,207,748.33 | 0.58% | - | Corporate Debt | Sweden | |
| XS3003424341 | Securitas AB RegS 3.375% MAY 20 32 | 3,190,000 | €3,200,821.09 | 0.58% | €3,200,821.09 | 0.58% | - | Corporate Debt | Sweden | |
| BE6344187966 | Belfius Bank SA RegS 3.875% JUN 12 28 | 3,000,000 | €3,192,777.21 | 0.58% | €3,192,777.21 | 0.58% | - | Non U.S. Markets | Belgium | |
| XS3002420498 | Carlsberg Breweries AS RegS 3.25% FEB 28 32 | 3,170,000 | €3,188,640.36 | 0.58% | €3,188,640.36 | 0.58% | - | Corporate Debt | Denmark | |
| XS2049149821 | Virgin Money UK PLC RegS FRB SEP 03 27 | 2,610,000 | €3,185,763.23 | 0.58% | €3,185,763.23 | 0.58% | - | Corporate Debt | United Kingdom | |
| XS2623501181 | CaixaBank SA RegS FRB MAY 16 27 | 3,000,000 | €3,177,839.59 | 0.58% | €3,177,839.59 | 0.58% | - | Corporate Debt | Spain | |
| XS1981823542 | Glencore Finance Europe Ltd RegS 1.5% OCT 15 26 | 3,220,000 | €3,175,500.04 | 0.58% | €3,175,500.04 | 0.58% | - | Corporate Debt | Australia | |
| XS1681520786 | Transurban Finance Co Pty Ltd RegS 1.75% MAR 29 28 | 3,217,000 | €3,165,346.35 | 0.57% | €3,165,346.35 | 0.57% | - | Corporate Debt | Australia | |
| AT0000A2SUH1 | Erste Group Bank AG RegS 0.25% SEP 14 29 | 3,500,000 | €3,114,680.40 | 0.56% | €3,114,680.40 | 0.56% | - | Corporate Debt | Austria | |
| FR0013537305 | Thales SA RegS 0% MAR 26 26 | 3,200,000 | €3,108,028.80 | 0.56% | €3,108,028.80 | 0.56% | - | Corporate Debt | France | |
| DE000A4DE9Y3 | Deutsche Bank AG RegS FRB FEB 13 31 | 3,100,000 | €3,103,916.70 | 0.56% | €3,103,916.70 | 0.56% | - | Corporate Debt | Germany | |
| FR001400XRB3 | Pernod Ricard SA RegS 3.25% MAR 03 32 | 3,100,000 | €3,101,184.20 | 0.56% | €3,101,184.20 | 0.56% | - | Corporate Debt | France | |
| XS2777627907 | Heathrow Funding Ltd RegS 6% MAR 05 32 | 2,390,000 | €3,092,473.17 | 0.56% | €3,092,473.18 | 0.56% | - | Corporate Debt | United Kingdom | |
| XS2974139292 | Nationwide Building Society RegS FRB JAN 13 33 | 2,505,000 | €3,086,886.88 | 0.56% | €3,086,886.88 | 0.56% | - | Corporate Debt | United Kingdom | |
| XS2751666699 | Enel Finance International NV RegS 3.875% JAN 23 35 | 2,960,000 | €3,056,614.64 | 0.55% | €3,056,614.64 | 0.55% | - | Corporate Debt | Italy | |
| XSSM11728PZZ | SES Sa SESGFP CDS DEC 20 2029 | 3,200,000 | €-208,478.15 | -0.04% | €2,991,521.85 | 0.54% | - | Corporate Debt | Luxembourg | |
| XS2446386430 | Morgan Stanley FRB MAY 07 32 | 2,840,000 | €2,867,289.37 | 0.52% | €2,867,289.37 | 0.52% | - | Corporate Debt | United States | |
| XS2940455897 | BP Capital Markets PLC RegS 4.375% NOV 19 73 | 2,800,000 | €2,843,842.48 | 0.52% | €2,843,842.48 | 0.52% | - | Corporate Debt | United States | |
| XS2791972248 | JPMorgan Chase & Co RegS FRB MAR 21 34 | 2,640,000 | €2,817,094.31 | 0.51% | €2,817,094.31 | 0.51% | - | Corporate Debt | United States | |
| XS2980851351 | Toronto-Dominion Bank RegS FRB JAN 23 36 | 2,770,000 | €2,813,859.87 | 0.51% | €2,813,859.87 | 0.51% | - | Corporate Debt | Canada | |
| ES0213679OR9 | Bankinter SA RegS 3.5% SEP 10 32 | 2,700,000 | €2,790,955.31 | 0.51% | €2,790,955.31 | 0.51% | - | Corporate Debt | Spain | |
| US23636ABB61 | Danske Bank AS 144A 1.549% SEP 10 27 | 3,000,000 | €2,784,791.02 | 0.50% | €2,784,791.02 | 0.50% | - | Corporate Debt | Denmark | |
| XS1981054221 | Coca-Cola Europacific Partners PLC RegS 1.125% APR 12 29 | 2,940,000 | €2,779,381.76 | 0.50% | €2,779,109.91 | 0.50% | - | Corporate Debt | United Kingdom | |
| XS2839004368 | Becton Dickinson & Co 3.828% JUN 07 32 | 2,610,000 | €2,762,361.57 | 0.50% | €2,762,361.57 | 0.50% | - | Corporate Debt | United States | |
| AT0000A3HGD0 | Erste Group Bank AG RegS FRB JAN 14 33 | 2,700,000 | €2,728,155.30 | 0.49% | €2,728,155.30 | 0.49% | - | Corporate Debt | Austria | |
| XS3015115408 | TotalEnergies Capital International SA RegS 3.16% MAR 03 33 | 2,700,000 | €2,712,272.23 | 0.49% | €2,712,177.00 | 0.49% | - | Corporate Debt | France | |
| EU000A3K4DT4 | European Union RegS 2.5% OCT 04 52 | 3,210,000 | €2,699,905.06 | 0.49% | €2,699,905.05 | 0.49% | - | Non U.S. Markets | Supranational | |
| ES0265936072 | Abanca Corp Bancaria SA RegS FRB FEB 14 31 | 2,700,000 | €2,696,062.36 | 0.49% | €2,696,062.36 | 0.49% | - | Corporate Debt | Spain | |
| XS3005214369 | Johnson & Johnson 3.05% FEB 26 33 | 2,640,000 | €2,667,906.61 | 0.48% | €2,680,260.36 | 0.49% | - | Corporate Debt | United States | |
| FR001400IJ13 | BPCE SA RegS FRB JUN 14 34 | 2,400,000 | €2,664,095.08 | 0.48% | €2,664,095.08 | 0.48% | - | Corporate Debt | France | |
| XS2582774225 | Emeria SASU RegS 7.75% MAR 31 28 | 2,700,000 | €2,661,012.82 | 0.48% | €2,661,012.82 | 0.48% | - | Corporate Debt | France | |
| XS2931344217 | Carrier Global Corp RegS 3.625% JAN 15 37 | 2,650,000 | €2,657,057.42 | 0.48% | €2,657,057.42 | 0.48% | - | Corporate Debt | United States | |
| XS2991273462 | Severn Trent Utilities Finance PLC RegS 3.875% AUG 04 35 | 2,597,000 | €2,650,926.81 | 0.48% | €2,650,926.81 | 0.48% | - | Corporate Debt | United Kingdom | |
| XS2948453720 | Smurfit Kappa Treasury ULC RegS 3.807% NOV 27 36 | 2,592,000 | €2,646,790.55 | 0.48% | €2,646,790.55 | 0.48% | - | Corporate Debt | Ireland | |
| XS2779814750 | Landsbankinn HF RegS 5% MAY 13 28 | 2,420,000 | €2,642,827.09 | 0.48% | €2,642,827.09 | 0.48% | - | Non U.S. Markets | Iceland | |
| XS2979643991 | Inmobiliaria Colonial Socimi SA RegS 3.25% JAN 22 30 | 2,600,000 | €2,627,132.46 | 0.48% | €2,627,132.46 | 0.48% | - | Corporate Debt | Spain | |
| XS2871577115 | NatWest Group PLC RegS FRB AUG 05 31 | 2,510,000 | €2,626,654.93 | 0.48% | €2,626,654.93 | 0.48% | - | Corporate Debt | United Kingdom | |
| CH1255915014 | UBS Group AG RegS FRB MAR 17 32 | 2,330,000 | €2,620,797.53 | 0.48% | €2,620,797.53 | 0.48% | - | Corporate Debt | Switzerland | |
| XS2998755040 | Summer BC Holdco B SARL RegS 5.875% FEB 15 30 | 2,596,000 | €2,620,408.42 | 0.48% | €2,620,408.42 | 0.48% | - | Corporate Debt | Luxembourg | |
| XS2932834604 | DSV Finance BV RegS 3.25% NOV 06 30 | 2,560,000 | €2,615,766.34 | 0.47% | €2,615,766.34 | 0.47% | - | Corporate Debt | Denmark | |
| XS2984228838 | Heimstaden AB RegS 8.375% JAN 29 30 | 2,520,000 | €2,595,443.79 | 0.47% | €2,595,443.79 | 0.47% | - | Corporate Debt | Sweden | |
| XS3003295519 | Koninklijke KPN NV RegS 3.375% FEB 17 35 | 2,600,000 | €2,586,351.53 | 0.47% | €2,586,351.53 | 0.47% | - | Corporate Debt | Netherlands | |
| XS2975081485 | Danske Bank AS RegS FRB JAN 14 33 | 2,550,000 | €2,584,042.22 | 0.47% | €2,584,042.22 | 0.47% | - | Corporate Debt | Denmark | |
| XS2693304813 | Mobico Group PLC RegS 4.875% SEP 26 31 | 2,500,000 | €2,582,214.04 | 0.47% | €2,582,214.04 | 0.47% | - | Corporate Debt | United Kingdom | |
| FR001400WXW9 | Credit Mutuel Home Loan SFH SA RegS 3% JUL 29 32 | 2,500,000 | €2,538,289.86 | 0.46% | €2,538,289.86 | 0.46% | - | Corporate Debt | France | |
| XS2945618465 | Booking Holdings Inc 3.25% NOV 21 32 | 2,460,000 | €2,494,801.89 | 0.45% | €2,494,801.89 | 0.45% | - | Corporate Debt | United States | |
| FR001400L263 | Thales SA RegS 4.25% OCT 18 31 | 2,300,000 | €2,490,262.30 | 0.45% | €2,490,262.30 | 0.45% | - | Corporate Debt | France | |
| US018820AB64 | Allianz SE 144A FRB APR 30 71 | 2,800,000 | €2,462,062.41 | 0.45% | €2,462,062.40 | 0.45% | - | Corporate Debt | Germany | |
| XS2176783319 | Eni SpA REGS 1.25% MAY 18 26 | 2,470,000 | €2,454,954.65 | 0.45% | €2,454,954.65 | 0.45% | - | Corporate Debt | Italy | |
| XS2890435865 | Powszechna Kasa Oszczednosci Bank Polski SA RegS FRB SEP 12 27 | 2,380,000 | €2,444,777.01 | 0.44% | €2,444,777.01 | 0.44% | - | Emerging Markets | Poland | |
| XS2381853436 | National Grid PLC RegS 0.75% SEP 01 33 | 2,940,000 | €2,386,795.42 | 0.43% | €2,386,795.42 | 0.43% | - | Corporate Debt | United Kingdom | |
| XS2724532333 | ams-OSRAM AG RegS 10.5% MAR 30 29 | 2,190,000 | €2,379,416.75 | 0.43% | €2,379,416.75 | 0.43% | - | Corporate Debt | Austria | |
| FR001400SZ78 | RTE Reseau de Transport d'Electricite SADIR RegS 3.5% OCT 02 36 | 2,300,000 | €2,360,716.69 | 0.43% | €2,360,716.69 | 0.43% | - | Non U.S. Markets | France | |
| XS2594025814 | Arcadis NV RegS 4.875% FEB 28 28 | 2,241,000 | €2,349,136.23 | 0.43% | €2,349,136.23 | 0.43% | - | Corporate Debt | Netherlands | |
| US46115HCF29 | Intesa Sanpaolo SpA 144A 7.8% NOV 28 53 | 2,000,000 | €2,308,558.25 | 0.42% | €2,308,558.25 | 0.42% | - | Corporate Debt | Italy | |
| XS2070192591 | Boston Scientific Corp 0.625% DEC 01 27 | 2,430,000 | €2,305,635.26 | 0.42% | €2,305,635.26 | 0.42% | - | Corporate Debt | United States | |
| FR001400XFK9 | Societe Generale SA RegS FRB MAY 17 35 | 2,300,000 | €2,286,404.42 | 0.41% | €2,286,404.42 | 0.41% | - | Corporate Debt | France | |
| FR001400SIL1 | Unibail-Rodamco-Westfield SE RegS 3.875% SEP 11 34 | 2,200,000 | €2,266,977.04 | 0.41% | €2,266,977.04 | 0.41% | - | Corporate Debt | France | |
| FR001400RCO0 | Credit Agricole Assurances SA RegS 4.5% DEC 17 34 | 2,100,000 | €2,199,987.90 | 0.40% | €2,199,987.90 | 0.40% | - | Corporate Debt | France | |
| XS2604697891 | Volkswagen International Finance NV RegS 3.875% MAR 29 26 | 2,100,000 | €2,199,009.53 | 0.40% | €2,199,009.53 | 0.40% | - | Corporate Debt | Germany | |
| XS2975316899 | NatWest Markets PLC RegS 3.125% JAN 10 30 | 2,140,000 | €2,165,803.74 | 0.39% | €2,165,803.74 | 0.39% | - | Corporate Debt | United Kingdom | |
| XS2901491261 | P3 Group Sarl RegS 4% APR 19 32 | 2,070,000 | €2,136,598.14 | 0.39% | €2,136,598.14 | 0.39% | - | Non U.S. Markets | Luxembourg | |
| FR001400TT42 | L'Oreal SA RegS 2.875% NOV 06 31 | 2,100,000 | €2,132,168.26 | 0.39% | €2,132,168.26 | 0.39% | - | Corporate Debt | France | |
| XS2979680332 | Nippon Life Insurance Co FRB JAN 23 55 | 2,090,000 | €2,131,294.96 | 0.39% | €2,131,294.96 | 0.39% | - | Corporate Debt | Japan | |
| XS2433140113 | Volkswagen Financial Services NV RegS 2.125% JAN 18 28 | 1,900,000 | €2,119,009.81 | 0.38% | €2,119,009.81 | 0.38% | - | Corporate Debt | Germany | |
| XS2997535062 | T-Mobile USA Inc 3.5% FEB 11 37 | 2,120,000 | €2,098,108.94 | 0.38% | €2,098,108.94 | 0.38% | - | Corporate Debt | United States | |
| XS2590621368 | NBN Co Ltd RegS 4.375% MAR 15 33 | 1,852,000 | €2,088,822.49 | 0.38% | €2,088,822.50 | 0.38% | - | Non U.S. Markets | Australia | |
| XS2913946989 | Landsbankinn HF RegS 3.75% OCT 08 29 | 2,028,000 | €2,081,405.44 | 0.38% | €2,081,405.43 | 0.38% | - | Non U.S. Markets | Iceland | |
| FR001400TU80 | Electricite de France SA RegS 6.5% NOV 08 64 | 1,700,000 | €2,071,153.59 | 0.38% | €2,071,153.59 | 0.38% | - | Non U.S. Markets | France | |
| XS2848926239 | Flora Food Management BV RegS 6.875% JUL 02 29 | 1,967,000 | €2,070,349.97 | 0.38% | €2,070,349.98 | 0.38% | - | Corporate Debt | Netherlands | |
| XS2975137964 | Enel SpA RegS FRB JAN 14 74 | 2,040,000 | €2,051,406.12 | 0.37% | €2,051,406.12 | 0.37% | - | Corporate Debt | Italy | |
| XS3006514536 | Ford Motor Credit Co LLC 4.066% AUG 21 30 | 2,040,000 | €2,048,507.04 | 0.37% | €2,048,507.04 | 0.37% | - | Corporate Debt | United States | |
| XS2983840518 | Goldman Sachs Group Inc RegS FRB JAN 23 33 | 2,000,000 | €2,033,855.89 | 0.37% | €2,033,855.89 | 0.37% | - | Corporate Debt | United States | |
| BE0390167337 | Belfius Bank SA RegS 3.38% FEB 20 31 | 2,000,000 | €2,016,208.85 | 0.37% | €2,016,208.85 | 0.37% | - | Non U.S. Markets | Belgium | |
| XS2871478058 | Ocado Group PLC RegS 10.5% AUG 08 29 | 1,589,000 | €2,004,792.35 | 0.36% | €2,004,792.35 | 0.36% | - | Corporate Debt | United Kingdom | |
| FR001400MF86 | Engie SA RegS 3.875% DEC 06 33 | 1,900,000 | €1,992,746.55 | 0.36% | €1,992,746.55 | 0.36% | - | Corporate Debt | France | |
| XS2800001914 | Alexandrite Monnet UK Holdco PLC RegS 10.5% MAY 15 29 | 1,740,000 | €1,951,482.50 | 0.35% | €1,951,482.50 | 0.35% | - | Corporate Debt | United Kingdom | |
| DE000CZ45ZA0 | Commerzbank AG RegS 3.625% JAN 14 32 | 1,900,000 | €1,927,231.74 | 0.35% | €1,927,231.74 | 0.35% | - | Corporate Debt | Germany | |
| IT0005598989 | UniCredit SpA RegS 4.2% JUN 11 34 | 1,773,000 | €1,901,556.70 | 0.34% | €1,901,556.71 | 0.34% | - | Corporate Debt | Italy | |
| XS2574220971 | Toronto-Dominion Bank RegS 5.288% JAN 11 28 | 1,490,000 | €1,843,734.41 | 0.33% | €1,843,734.41 | 0.33% | - | Corporate Debt | Canada | |
| XS3000457666 | Banque Ouest Africaine de Developpement RegS FRB FEB 13 55 | 1,873,000 | €1,833,909.58 | 0.33% | €1,833,909.58 | 0.33% | - | Emerging Markets | Supranational | |
| XS2985250898 | Deutsche Telekom AG RegS 3.625% FEB 03 45 | 1,770,000 | €1,748,066.50 | 0.32% | €1,748,066.50 | 0.32% | - | Corporate Debt | Germany | |
| US50220PAC77 | LSEGA Financing PLC 144A 2% APR 06 28 | 1,930,000 | €1,735,251.04 | 0.31% | €1,735,251.04 | 0.31% | - | Corporate Debt | United Kingdom | |
| XS2034622048 | EP Infrastructure AS RegS 1.698% JUL 30 26 | 1,755,000 | €1,734,841.01 | 0.31% | €1,734,841.01 | 0.31% | - | Emerging Markets | Czech Republic | |
| XS2986317506 | JPMorgan Chase & Co RegS 3.588% JAN 23 36 | 1,700,000 | €1,722,685.06 | 0.31% | €1,722,685.06 | 0.31% | - | Corporate Debt | United States | |
| XS2941605409 | Danske Bank AS RegS FRB NOV 19 36 | 1,690,000 | €1,711,396.16 | 0.31% | €1,711,396.16 | 0.31% | - | Corporate Debt | Denmark | |
| XS2927570858 | Morgan Stanley FRB OCT 24 35 | 1,321,000 | €1,600,367.92 | 0.29% | €1,600,367.93 | 0.29% | - | Corporate Debt | United States | |
| DE000CZ439T8 | Commerzbank AG RegS 4.625% JAN 17 31 | 1,500,000 | €1,594,632.95 | 0.29% | €1,594,632.95 | 0.29% | - | Corporate Debt | Germany | |
| XS2977947105 | Heathrow Funding Ltd RegS FRB JAN 16 36 | 1,560,000 | €1,590,339.71 | 0.29% | €1,590,339.71 | 0.29% | - | Corporate Debt | United Kingdom | |
| XS2866204691 | Aviva PLC RegS FRB SEP 12 54 | 1,270,000 | €1,584,407.91 | 0.29% | €1,584,407.92 | 0.29% | - | Corporate Debt | United Kingdom | |
| XS2976332283 | Nestle Finance International Ltd RegS 3.5% JAN 14 45 | 1,570,000 | €1,567,784.67 | 0.28% | €1,567,784.67 | 0.28% | - | Corporate Debt | United States | |
| XS2838370414 | CEZ AS RegS 4.25% JUN 11 32 | 1,468,000 | €1,560,230.46 | 0.28% | €1,560,230.46 | 0.28% | - | Emerging Markets | Czech Republic | |
| XS0327443627 | E.ON International Finance BV RegS 5.875% OCT 30 37 | 1,250,000 | €1,556,664.84 | 0.28% | €1,556,664.84 | 0.28% | - | Corporate Debt | Germany | |
| US71654QCB68 | Petroleos Mexicanos 6.875% AUG 04 26 | 1,604,000 | €1,551,129.39 | 0.28% | €1,551,129.39 | 0.28% | - | Emerging Markets | Mexico | |
| XS2620212386 | Engineering - Ingegneria Informatica - SpA RegS 11.125% MAY 15 28 | 1,390,000 | €1,550,424.34 | 0.28% | €1,550,424.34 | 0.28% | - | Corporate Debt | Italy | |
| XS2990504321 | Autostrade per l'Italia SpA RegS 4.625% FEB 28 36 | 1,450,000 | €1,518,684.63 | 0.28% | €1,518,684.63 | 0.28% | - | Corporate Debt | Italy | |
| FR001400SVC3 | Credit Agricole SA RegS 3.5% SEP 26 34 | 1,500,000 | €1,517,764.36 | 0.28% | €1,517,764.36 | 0.28% | - | Corporate Debt | France | |
| XS3008889175 | Enel Finance International NV RegS 3.5% FEB 24 36 | 1,520,000 | €1,515,192.93 | 0.27% | €1,515,192.93 | 0.27% | - | Corporate Debt | Italy | |
| XS2982065018 | Experian Finance PLC RegS 3.51% DEC 15 33 | 1,480,000 | €1,508,353.96 | 0.27% | €1,508,353.96 | 0.27% | - | Corporate Debt | United States | |
| FR001400XC78 | Credit Agricole Home Loan SFH SA RegS 2.625% FEB 17 31 | 1,500,000 | €1,499,694.02 | 0.27% | €1,499,694.02 | 0.27% | - | Corporate Debt | France | |
| XS2178457425 | Richemont International Holding SA RegS 1.625% MAY 26 40 | 1,870,000 | €1,487,091.76 | 0.27% | €1,487,091.76 | 0.27% | - | Corporate Debt | Switzerland | |
| XS2270147924 | BP Capital Markets BV RegS 0.933% DEC 04 40 | 2,205,000 | €1,461,063.57 | 0.26% | €1,461,063.57 | 0.26% | - | Corporate Debt | United States | |
| FR001400WL86 | Societe Generale SA RegS FRB JUL 15 31 | 1,400,000 | €1,427,344.84 | 0.26% | €1,427,344.84 | 0.26% | - | Corporate Debt | France | |
| XS2436807940 | P3 Group Sarl RegS 1.625% JAN 26 29 | 1,500,000 | €1,407,026.55 | 0.26% | €1,407,026.55 | 0.26% | - | Non U.S. Markets | Luxembourg | |
| DE000CZ45Y30 | Commerzbank AG RegS 3.875% OCT 15 35 | 1,300,000 | €1,328,314.68 | 0.24% | €1,328,314.68 | 0.24% | - | Corporate Debt | Germany | |
| XS2912234197 | Hammerson PLC RegS 5.875% OCT 08 36 | 1,101,000 | €1,327,850.54 | 0.24% | €1,327,850.53 | 0.24% | - | Corporate Debt | United Kingdom | |
| XS1989708836 | ASR Nederland NV RegS FRB MAY 02 49 | 1,300,000 | €1,325,861.06 | 0.24% | €1,325,861.06 | 0.24% | - | Corporate Debt | Netherlands | |
| FR001400PBM0 | Credit Agricole Home Loan SFH SA RegS 3% DEC 11 32 | 1,300,000 | €1,324,684.85 | 0.24% | €1,324,684.85 | 0.24% | - | Corporate Debt | France | |
| XS2315784988 | APA Infrastructure Ltd RegS 2.5% MAR 15 36 | 1,435,000 | €1,324,387.44 | 0.24% | €1,324,387.44 | 0.24% | - | Corporate Debt | Australia | |
| FR001400U3Q9 | Roquette Freres SA RegS FRB NOV 25 73 | 1,300,000 | €1,319,512.20 | 0.24% | €1,319,512.20 | 0.24% | - | Corporate Debt | France | |
| XS2988651498 | CaixaBank SA RegS 3.75% JAN 27 36 | 1,300,000 | €1,316,689.93 | 0.24% | €1,316,689.93 | 0.24% | - | Corporate Debt | Spain | |
| US22535WAJ62 | Credit Agricole SA 144A FRB OCT 03 29 | 1,250,000 | €1,293,573.31 | 0.23% | €1,293,573.31 | 0.23% | - | Corporate Debt | France | |
| XS3000977408 | Linde PLC RegS 3.25% FEB 18 37 | 1,300,000 | €1,285,387.29 | 0.23% | €1,285,387.29 | 0.23% | - | Corporate Debt | United States | |
| XS2739132897 | Eni SpA RegS 3.875% JAN 15 34 | 1,220,000 | €1,269,016.42 | 0.23% | €1,269,016.42 | 0.23% | - | Corporate Debt | Italy | |
| XS2190979489 | Eustream AS RegS 1.625% JUN 25 27 | 1,300,000 | €1,247,668.00 | 0.23% | €1,247,668.00 | 0.23% | - | Non U.S. Markets | Slovakia | |
| XS2118213888 | AusNet Services Holdings Pty Ltd RegS 0.625% AUG 25 30 | 1,380,000 | €1,216,711.75 | 0.22% | €1,216,711.75 | 0.22% | - | Corporate Debt | Australia | |
| XS2948435743 | Prysmian SpA RegS 3.625% NOV 28 28 | 1,180,000 | €1,208,787.64 | 0.22% | €1,208,787.64 | 0.22% | - | Corporate Debt | Italy | |
| US904678AU32 | UniCredit SpA 144A FRB SEP 22 26 | 1,200,000 | €1,155,366.27 | 0.21% | €1,155,366.27 | 0.21% | - | Corporate Debt | Italy | |
| XS2745726047 | Volkswagen Leasing GmbH RegS 4% APR 11 31 | 1,030,000 | €1,089,719.04 | 0.20% | €1,089,719.05 | 0.20% | - | Corporate Debt | Germany | |
| US26442CBG87 | Duke Energy Carolinas LLC 2.85% MAR 15 32 | 1,250,000 | €1,077,462.01 | 0.20% | €1,077,462.01 | 0.20% | - | Corporate Debt | United States | |
| XS2929921653 | Royal Bank of Canada RegS 4.875% NOV 01 30 | 867,000 | €1,068,016.05 | 0.19% | €1,068,016.05 | 0.19% | - | Corporate Debt | Canada | |
| XS2975136214 | Barclays PLC RegS FRB JUL 31 32 | 860,000 | €1,062,771.73 | 0.19% | €1,062,771.73 | 0.19% | - | Corporate Debt | United Kingdom | |
| XS2636745882 | Autostrade per l'Italia SpA RegS 5.125% JUN 14 33 | 935,000 | €1,055,546.60 | 0.19% | €1,055,546.60 | 0.19% | - | Corporate Debt | Italy | |
| XS2196324011 | Exxon Mobil Corp 1.408% JUN 26 39 | 1,379,000 | €1,053,909.97 | 0.19% | €1,053,909.97 | 0.19% | - | Corporate Debt | United States | |
| XS2896353781 | Kerry Group Financial Services Unltd Co RegS 3.75% SEP 05 36 | 1,010,000 | €1,052,971.41 | 0.19% | €1,052,971.41 | 0.19% | - | Corporate Debt | Ireland | |
| XS2954183039 | ArcelorMittal SA RegS 3.5% DEC 13 31 | 1,040,000 | €1,045,001.83 | 0.19% | €1,045,001.83 | 0.19% | - | Corporate Debt | Luxembourg | |
| XS1428782160 | ESB Finance DAC RegS 1.875% JUN 14 31 | 1,100,000 | €1,043,212.14 | 0.19% | €1,043,212.14 | 0.19% | - | Non U.S. Markets | Ireland | |
| XS2366415540 | Thermo Fisher Scientific Finance I BV 2% OCT 18 51 | 1,473,000 | €1,039,647.03 | 0.19% | €1,039,647.03 | 0.19% | - | Corporate Debt | United States | |
| XS2526486159 | NN Group NV RegS FRB MAR 01 43 | 900,000 | €1,027,830.60 | 0.19% | €1,027,830.60 | 0.19% | - | Corporate Debt | Netherlands | |
| XS2941605235 | Volkswagen Financial Services AG RegS 3.875% NOV 19 31 | 1,000,000 | €1,017,432.77 | 0.18% | €1,017,432.77 | 0.18% | - | Corporate Debt | Germany | |
| XS2062490649 | EP Infrastructure AS RegS 2.045% OCT 09 28 | 1,050,000 | €997,613.31 | 0.18% | €997,613.31 | 0.18% | - | Emerging Markets | Czech Republic | |
| XS1918000107 | London Stock Exchange Group PLC RegS 1.75% DEC 06 27 | 1,000,000 | €981,429.34 | 0.18% | €981,429.34 | 0.18% | - | Corporate Debt | United Kingdom | |
| FR001400SZ86 | Sogecap SA RegS FRB APR 03 45 | 900,000 | €955,248.22 | 0.17% | €955,248.22 | 0.17% | - | Corporate Debt | France | |
| FR001400IAO3 | Credit Agricole Home Loan SFH SA RegS 3.25% JUN 08 33 | 900,000 | €945,537.24 | 0.17% | €945,537.24 | 0.17% | - | Corporate Debt | France | |
| XS2941482569 | ING Groep NV RegS FRB NOV 19 32 | 900,000 | €913,123.36 | 0.17% | €913,123.36 | 0.17% | - | Corporate Debt | Netherlands | |
| XS2992313721 | Whitbread Group PLC RegS 5.5% MAY 31 32 | 697,000 | €845,258.39 | 0.15% | €845,258.39 | 0.15% | - | Corporate Debt | United Kingdom | |
| XS2823261248 | AA Bond Co Ltd RegS 6.85% JUL 31 31 | 660,000 | €841,582.23 | 0.15% | €841,582.23 | 0.15% | - | Asset Backed Securities | United Kingdom | |
| XS2821719536 | Johnson & Johnson 3.55% JUN 01 44 | 800,000 | €828,148.17 | 0.15% | €828,148.17 | 0.15% | - | Corporate Debt | United States | |
| XS3009012637 | DSM BV RegS 3.375% FEB 25 36 | 720,000 | €722,323.34 | 0.13% | €722,323.34 | 0.13% | - | Corporate Debt | Netherlands | |
| XS2614623978 | Transurban Finance Co Pty Ltd RegS 4.225% APR 26 33 | 600,000 | €654,080.88 | 0.12% | €654,080.88 | 0.12% | - | Corporate Debt | Australia | |
| BE6360449621 | Barry Callebaut Services NV RegS 4.25% AUG 19 31 | 600,000 | €615,092.63 | 0.11% | €615,092.63 | 0.11% | - | Corporate Debt | Belgium | |
| FR001400XLI1 | BPCE SA RegS FRB FEB 26 36 | 600,000 | €606,977.70 | 0.11% | €606,977.70 | 0.11% | - | Corporate Debt | France | |
| FR0013444692 | Orange SA RegS 1.375% SEP 04 49 | 800,000 | €554,829.18 | 0.10% | €554,829.18 | 0.10% | - | Corporate Debt | France | |
| PTGALCOM0013 | Galp Energia SGPS SA REGS 2% JAN 15 26 | 500,000 | €497,726.88 | 0.09% | €497,726.88 | 0.09% | - | Corporate Debt | Portugal | |
| XS2001315766 | Euronet Worldwide Inc 1.375% MAY 22 26 | 330,000 | €325,802.72 | 0.06% | €325,802.72 | 0.06% | - | Corporate Debt | United States | |
| US92928QAH11 | WEA Finance LLC 144A 2.875% JAN 15 27 | 330,000 | €307,121.49 | 0.06% | €307,121.49 | 0.06% | - | Corporate Debt | France | |
| USCXYM25F00X | UST 10Yr Ultra Bond Future JUN 18 25 | 2 | €0.00 | 0.00% | €220,272.81 | 0.04% | - | U.S. Governments | United States | |
| XS2932829356 | DSV Finance BV RegS 3.375% NOV 06 34 | 170,000 | €172,130.71 | 0.03% | €172,130.71 | 0.03% | - | Corporate Debt | Denmark | |
| XS2988687682 | Engineering - Ingegneria Informatica - SpA REGS 8.625% FEB 15 30 | 100,000 | €106,494.65 | 0.02% | €106,494.65 | 0.02% | - | Corporate Debt | Italy | |
| XS2932836211 | DSV Finance BV RegS 3.375% NOV 06 32 | 100,000 | €102,200.86 | 0.02% | €102,200.86 | 0.02% | - | Corporate Debt | Denmark | |
| USCWNM25F00X | UST Ultra Bond Future JUN 18 25 | -15 | €0.00 | 0.00% | €-1,794,837.81 | -0.33% | - | U.S. Governments | United States | |
| XXCS100168XX | Itraxx Eur Xover Ser 42 V2 Payer 325.00 MAY 21 25 | 11,010,000 | €64,833.49 | 0.01% | €-4,693,933.88 | -0.85% | - | Corporate Debt | Germany | |
| DE000F01NAG2 | Euro BUXL 30Yr Future MAR 06 25 | -55 | €0.00 | 0.00% | €-7,139,000.00 | -1.29% | - | Non U.S. Markets | Germany | |
| USCUSM25F00X | UST Bond 30Yr Future JUN 18 25 | -80 | €0.00 | 0.00% | €-9,107,340.82 | -1.65% | - | U.S. Governments | United States | |
| DE000F01NAD9 | Euro Bund 10Yr Future MAR 06 25 | -80 | €0.00 | 0.00% | €-10,655,200.00 | -1.93% | - | Non U.S. Markets | Germany | |
| XXCS100166XX | Itraxx Eur Xover Ser 42 V2 Payer 325.00 MAY 21 25 | 25,340,000 | €149,217.12 | 0.03% | €-10,803,295.60 | -1.96% | - | Corporate Debt | Germany | |
| USCFVM25F00X | UST Bond 5Yr Future JUN 30 25 | -199 | €0.00 | 0.00% | €-20,706,186.44 | -3.75% | - | U.S. Governments | United States | |
| GB00MDWGKH25 | GB Govt Bond 10Yr Future JUN 26 25 | -195 | €0.00 | 0.00% | €-22,092,342.43 | -4.01% | - | Non U.S. Markets | United Kingdom | |
| - | Cash & Cash Equivalents | - | €2,434,678.71 | 0.44% | €2,435,785.77 | 0.44% | - | - | - | |
| - | Other | - | €-860,819.22 | -0.16% | €-69,181,736.43 | -12.54% | - | - | - | |
*Short positions, unlike long positions, lose value if the underlying asset gains value.
Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.
Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.