| Schedule of Investments that are 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 | $ | 3,219,586 | | $ | 3,219,586 | | $ | — | | $ | — | | | | | | | | | | Mutual funds | 4,176,588 | | 4,176,588 | | — | | — | | | | | | | | | | Self-directed brokerage accounts | 251,526 | | 251,526 | | — | | — | | | | Total investments in the fair value hierarchy | 7,647,700 | | $ | 7,647,700 | | $ | — | | $ | — | | | | | | | | | | Investments measured at net asset value as a practical expedient: | | | | | | | Separate trust accounts: | | | | | | | Collective trusts | 162,022,809 | | | | | | | Total separate trust accounts | 162,022,809 | | | | | | | Total investments at fair value | $ | 169,670,509 | | | | | | | | | | | | | | | | | | | | 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 | $ | 4,594,251 | | $ | 4,594,251 | | $ | — | | $ | — | | | | | | | | | | Mutual funds | 3,284,281 | | 3,284,281 | | — | | — | | | | | | | | | | Self-directed brokerage accounts | 167,462 | | 167,462 | | — | | — | | | | Total investments in the fair value hierarchy | 8,045,994 | | $ | 8,045,994 | | $ | — | | $ | — | | | | | | | | | | Investments measured at net asset value as a practical expedient: | | | | | | | Separate trust accounts: | | | | | | | Collective trusts | 137,498,677 | | | | | | | Total separate trust accounts | 137,498,677 | | | | | | | Total investments at fair value | $ | 145,544,671 | | | | | |
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