| Investments of the Plan Measured at Fair Value |
The investments of the Plan that are measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024, and their level within the fair value hierarchy, are as follows:
| | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2025 | | | Total
Fair Value | Quoted Prices
in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | Investments at fair value: | | | | | | Non-pooled separate account: | | | | | | Hormel Foods Corporation Stock Fund | $ | 57,724,827 | | $ | 57,724,827 | | $ | — | | $ | — | | | | | | | | Mutual funds | 99,678,665 | | 99,678,665 | | — | | — | | | | | | | | Self-directed brokerage accounts | 35,013,339 | | 35,013,339 | | — | | — | | | Total investments in the fair value hierarchy | 192,416,831 | | $ | 192,416,831 | | $ | — | | $ | — | | | | | | | | Investments measured at net asset value as a practical expedient: | | | | | | Separate trust accounts: | | | | | | Collective trusts | 937,499,188 | | | | | | Total separate trust accounts | 937,499,188 | | | | | | Total investments at fair value | $ | 1,129,916,019 | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 | | | Total
Fair Value | Quoted Prices
in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | Investments at fair value: | | | | | | Non-pooled separate account: | | | | | | Hormel Foods Corporation Stock Fund | $ | 80,334,803 | | $ | 80,334,803 | | $ | — | | $ | — | | | | | | | | Mutual funds | 84,669,441 | | 84,669,441 | | — | | — | | | | | | | | Self-directed brokerage accounts | 32,139,395 | | 32,139,395 | | — | | — | | | Total investments in the fair value hierarchy | 197,143,639 | | $ | 197,143,639 | | $ | — | | $ | — | | | | | | | | Investments measured at net asset value as a practical expedient: | | | | | | Separate trust accounts: | | | | | | Collective trusts | 813,748,294 | | | | | | Total separate trust accounts | 813,748,294 | | | | | | Total investments at fair value | $ | 1,010,891,933 | | | | | | | | | |
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