| Master Trust's Investment in Common Stock |
The following is the Master Trust’s investment in Cummins Inc. common stock excluding funds held in the Northern Trust Collective Short-Term Investment Fund: | | | | | | | | | | | | | | | | | December 31, | | | | 2025 | | 2024 | | Number of shares | | 2,054,938 | | | 2,185,371 | | | Fair value | | $ | 1,048,943,101 | | | $ | 761,820,330 | | | | | | |
The following table sets forth by level, within the hierarchy, the Master Trust’s assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | Master Trust level assets | | Fair Value | | Level 1 | | Fair Value | | Level 1 | | Registered investment companies | | $ | 138,692,527 | | | $ | 138,692,527 | | | $ | 361,788,044 | | | $ | 361,788,044 | | | Common stock | | 1,048,943,101 | | | 1,048,943,101 | | | 761,820,330 | | | 761,820,330 | | | Total assets in the fair value hierarchy | | 1,187,635,628 | | | $ | 1,187,635,628 | | | 1,123,608,374 | | | $ | 1,123,608,374 | | | Common/collective trust funds* | | 5,942,356,197 | | | | | 4,880,564,583 | | | | | Investments at fair value | | $ | 7,129,991,825 | | | | | $ | 6,004,172,957 | | | | | | | | | | | | | * Common/collective trust funds are measured at fair value using the net asset value per share or its equivalent as a practical expedient and are therefore not required to be classified in the fair value hierarchy. |
The following table sets forth the Master Trust's assets valued at NAV as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Unfunded Commitments | | Redemption Frequency | | Other Redemption Restrictions | | Redemption Notice Restrictions | | Vanguard Target Retirement Trusts | | $ | 3,631,365,005 | | | None | | Daily | | None | | None | | Northern Trust Collective S&P 500 Index Fund | | 943,391,661 | | | None | | Daily | | None | | None | | Northern Trust Collective ACWI Ex-US Fund | | 86,310,743 | | | None | | Daily | | None | | None | | Northern Trust Collective Aggregate Bond Index Fund | | 83,314,971 | | | None | | Daily | | None | | None | | Sprucegrove International Fund | | 65,821,784 | | | None | | Daily | | None | | 5 days | | Loomis Sayles Large Growth Fund | | 542,785,603 | | | None | | Daily | | None | | None | | Aristotle Collective Investment Trust Fund | | 58,507,110 | | | None | | Daily | | None | | 5 days | | Northern Trust Collective Short Term Investment Fund | | 10,304,134 | | | None | | Daily | | None | | None | | Capital Group Growth Fund of America Trust Fund | | 133,070,999 | | | None | | Daily | | None | | 5 days | | BNY Mellon Walter Scott International Fund | | 47,275,784 | | | None | | Daily | | None | | None | | Aristotle Collective Trust Investment Trust Small/Mid Capital Equity | | 38,928,436 | | | None | | Daily | | None | | 5 days | | Earnest Partners Multiple Investment Trust | | 39,172,103 | | | None | | Daily | | None | | 5 days | | PIMCO Total Return Fund | | 17,434,660 | | | None | | Daily | | None | | 5 days | | Vanguard Extended Market Index | | 244,673,204 | | | None | | Daily | | None | | None | | | | | | | | | | | |
The following table sets forth the Master Trust's assets valued at NAV as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Unfunded Commitments | | Redemption Frequency | | Other Redemption Restrictions | | Redemption Notice Restrictions | | Vanguard Target Retirement Trusts | | $ | 3,098,617,547 | | | None | | Daily | | None | | None | | Northern Trust Collective S&P 500 Index Fund | | 819,491,629 | | | None | | Daily | | None | | None | | Northern Trust Collective ACWI Ex-US Fund | | 38,032,572 | | | None | | Daily | | None | | None | | Northern Trust Collective Aggregate Bond Index Fund | | 62,629,776 | | | None | | Daily | | None | | None | | Sprucegrove International Fund | | 61,327,596 | | | None | | Daily | | None | | 10 days | | Loomis Sayles Large Growth Fund | | 493,510,324 | | | None | | Daily | | None | | None | | Aristotle Collective Investment Trust Fund | | 53,890,837 | | | None | | Daily | | None | | 5 days | | Northern Trust Collective Short Term Investment Fund | | 11,786,374 | | | None | | Daily | | None | | None | | Capital Group Growth Fund of America Trust Fund | | 116,793,568 | | | None | | Daily | | None | | 5 days | | BNY Mellon Walter Scott International Fund | | 42,255,794 | | | None | | Daily | | None | | None | | Aristotle Collective Trust Investment Trust Small/Mid Capital Equity | | 41,731,971 | | | None | | Daily | | None | | 5 days | | Earnest Partners Multiple Investment Trust | | 40,496,595 | | | None | | Daily | | None | | 5 days | | | | | | | | | | | |
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