| Schedule of Master Trust Net Assets |
At December 31, 2025 and 2024, the net assets of the Master Trust and Master Trust B, respectively, were as follows (in thousands of dollars): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | | Master Trust Balances | | Plan’s interest in Master Trust Balances | | Master Trust B Balances | | Plan’s interest in Master Trust B Balances | | Investments at fair value: | | | | | | | | | | Altria Stock | | $ | 1,456,691 | | | $ | 450,048 | | | $ | 1,357,573 | | | $ | 416,847 | | | Cash and cash equivalents | | 40 | | | 23 | | | 36 | | | 22 | | | Collective investment funds | | 2,688,978 | | | 297,490 | | | — | | | — | | | Registered investment companies | | 651,804 | | | 57,711 | | | — | | | — | | | Government securities | | 137,213 | | | 22,147 | | | — | | | — | | | Other | | 16,145 | | | 3,726 | | | — | | | — | | | Total investments at fair value | | 4,950,871 | | | 831,145 | | | 1,357,609 | | | 416,869 | | | Investments at contract value: | | | | | | | | | | Fully benefit-responsive investment contracts | | 494,528 | | | 129,627 | | | — | | | — | | | Total Investments | | 5,445,399 | | | 960,772 | | | 1,357,609 | | | 416,869 | | | | | | | | | | | | Receivables: | | | | | | | | | | Dividends on Altria Stock | | 15,360 | | | 3,110 | | | 15,362 | | | 3,160 | | | Interest and dividend income on other investments | | 29 | | | — | | | — | | | — | | | Other | | 560 | | — | | | — | | | — | | | | | | | | | | | | Payables: | | | | | | | | | | Administrative expenses | | (963) | | | — | | | — | | | — | | | | | | | | | | | | Net assets | | $ | 5,460,385 | | | $ | 963,882 | | | $ | 1,372,971 | | | $ | 420,029 | |
The table below presents Master Trust investment activities for the year ended December 31, 2025, including activities related to assets transferred from Master Trust A beginning on the Transition Date (in thousands of dollars): | | | | | | | Dividends on Altria Stock | $ | 106,187 | | | Net appreciation in Altria Stock | 140,966 | | | Interest and dividends on other investments | 68,205 | | | Net appreciation in fair value of other investments | 275,881 | | | Investment income | $ | 591,239 | | | | | Plan’s interest in investment income from Master Trust | $ | 95,649 | |
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