| Schedule of Master Trust Net Assets and Changes in Net Assets |
The following tables present the Master Trust net assets and the Plan interest in the Master Trust net assets at contract value as of December 31, 2025 and 2024: | | | | | | | | | | | | | Net Assets as of December 31, 2025 | | Master Trust | | Plan Interest in Master Trust | | Short-term investment fund | $ | 52,641,084 | | | $ | 51,262,536 | | | Investment contracts: | | | | | Fixed maturity synthetic guaranteed investment contracts | 538,518,434 | | | 524,415,881 | | | Constant duration synthetic guaranteed investment contracts | 4,190,550,023 | | | 4,080,809,209 | | | Insurance company separate account guaranteed investment contracts | 793,131,012 | | | 772,360,745 | | | 5,574,840,553 | | | 5,428,848,371 | | | Accrued expenses | (341,994) | | | (333,038) | | | | | | | Net assets | $ | 5,574,498,559 | | | $ | 5,428,515,333 | |
| | | | | | | | | | | | | Net Assets as of December 31, 2024 | | Master Trust | | Plan Interest in Master Trust | | Short-term investment fund | $ | 79,503,123 | | | $ | 77,265,485 | | | Investment contracts: | | | | | Fixed maturity synthetic guaranteed investment contracts | 482,446,942 | | | 468,868,334 | | | Constant duration synthetic guaranteed investment contracts | 4,148,004,782 | | | 4,031,257,991 | | | Insurance company separate account guaranteed investment contracts | 796,649,848 | | | 774,227,908 | | | 5,506,604,695 | | | 5,351,619,718 | | | Accrued expenses | (343,482) | | | (333,815) | | | | | | | Net assets | $ | 5,506,261,213 | | | $ | 5,351,285,903 | |
The following table presents changes in net assets for the Master Trust for the year ended December 31, 2025
| | | | | | | | | | Interest | | $ | 167,208,963 | | | Net transfers | | (97,548,229) | | | Investment management and other expenses | | (1,423,388) | | | | | | Increase in net assets | | 68,237,346 | | | | | | Net assets: | | | | Beginning of year | | 5,506,261,213 | | | | | | End of year | | $ | 5,574,498,559 | | | | | | Plan interest in the Stable Value Master Trust investment income | | $ | 161,207,334 | |
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