| Schedule of Master Trust Net Assets |
The following table presents the net assets of the Master Trust and the Plan's interest in the Master Trust as of December 31, 2025: | | | | | | | | | | | | | | | | | Master Trust Balances | | Plan's Interest in Master Trust Balances | | Investments, at fair value | | | | | | Participant-directed brokerage accounts | | $ | 1,434,789,053 | | | $ | 454,340,193 | | | General Dynamics Corporation common stock | | 4,620,991,283 | | | 1,367,195,387 | | | Investments in other equity securities | | 1,949,909,396 | | | 512,592,998 | | | Registered investment companies | | 159,953,112 | | | 68,790,810 | | | Interest bearing cash | | 59,218,212 | | | 16,863,041 | | | Overnight deposit accounts | | 19,860,221 | | | 5,228,045 | | | Collective trusts | | 16,240,201,229 | | | 5,535,796,638 | | | Fixed-income securities: | | | | | | US government | | 57,127,990 | | | 24,052,843 | | | Mortgage and asset-backed | | 29,403,943 | | | 12,380,067 | | | Foreign government | | 5,131,051 | | | 2,160,348 | | | Corporate debt | | 34,127,949 | | | 14,369,037 | | | Total investments, at fair value | | 24,610,713,439 | | | 8,013,769,407 | | | Investments, at contract value | | | | | | Synthetic GICs | | 1,881,240,870 | | | 579,395,192 | | | Non-interest bearing accounts | | 1,154,463 | | | 505,683 | | | Net pending trades payables and interest receivable | | (2,793,266) | | | (940,982) | | | Net assets of Master Trust | | $ | 26,490,315,506 | | | $ | 8,592,729,300 | |
The following table presents the net assets of the Master Trust and the Plan's interest in the Master Trust as of December 31, 2024: | | | | | | | | | | | | | | | | | Master Trust Balances | | Plan's Interest in Master Trust Balances | | Investments, at fair value | | | | | | Participant-directed brokerage accounts | | $ | 1,184,207,393 | | | $ | 394,553,469 | | | General Dynamics Corporation common stock | | 3,946,210,540 | | | 1,211,184,648 | | | Investments in other equity securities | | 2,147,981,194 | | | 593,388,554 | | | Registered investment companies | | 217,045,032 | | | 82,475,440 | | | Interest bearing cash | | 54,350,752 | | | 15,588,274 | | | Overnight deposit accounts | | 26,917,938 | | | 7,520,337 | | | Collective trusts | | 13,497,262,839 | | | 4,697,827,838 | | | Fixed-income securities: | | | | | | US government | | 116,145,461 | | | 40,644,011 | | | Mortgage and asset-backed | | 62,918,508 | | | 22,017,740 | | | Foreign government | | 6,170,183 | | | 2,159,197 | | | Corporate debt | | 86,561,840 | | | 30,291,501 | | | Total investments, at fair value | | 21,345,771,680 | | | 7,097,651,009 | | | Investments, at contract value | | | | | | Synthetic GICs | | 2,067,192,778 | | | 632,944,704 | | | Non-interest bearing accounts | | 1,297,855 | | | 520,696 | | | Net pending trades payables and interest receivable | | (10,794,865) | | | (3,705,857) | | | Net assets of Master Trust | | $ | 23,403,467,448 | | | $ | 7,727,410,552 | |
The following table presents the changes in net assets of the Master Trust for the year ended December 31, 2025: | | | | | | | | | | | | | | | | Investment income: | | | | | | Net appreciation in fair value of investments | | | | $ | 3,866,836,582 | | | Interest and dividends | | | | 209,217,420 | | | Total investment income | | | | 4,076,054,002 | | | | | | | | Net transfers | | | | (989,205,944) | | | | | | | | Net increase | | | | 3,086,848,058 | | | | | | | Net assets: | | | | | | Beginning of year | | | | 23,403,467,448 | | | End of year | | | | $ | 26,490,315,506 | |
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| Schedule of Fair Value Hierarchy |
The following tables set forth by level, within the fair value hierarchy, the Master Trust’s assets at fair value as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value | | Quoted price in active markets for identical assets (Level 1) | | Significant other
observable inputs (Level 2) | | Significant
unobservable
inputs (Level 3) | | December 31, 2025: | | | | | | | | | | Participant-directed brokerage accounts | | $ | 1,434,789,053 | | | $ | 1,389,462,938 | | | $ | 45,326,115 | | | $ | — | | | General Dynamics Corporation common stock | | 4,620,991,283 | | | 4,620,991,283 | | | — | | | — | | | Investments in other equity securities | | 1,949,909,396 | | | 1,949,909,396 | | | — | | | — | | | Registered investment companies | | 159,953,112 | | | 114,989,654 | | | 44,963,458 | | | — | | | Interest bearing cash | | 59,218,212 | | | 59,218,212 | | | — | | | — | | | Overnight deposit accounts | | 19,860,221 | | | 19,860,221 | | | — | | | — | | | Collective trusts | | 16,240,201,229 | | | — | | | 16,240,201,229 | | | — | | | Fixed-income securities: | | | | | | | | | | US government | | 57,127,990 | | | — | | | 57,127,990 | | | — | | | Mortgage and asset-backed | | 29,403,943 | | | — | | | 29,403,943 | | | — | | | Foreign government | | 5,131,051 | | | — | | | 5,131,051 | | | — | | | Corporate debt | | 34,127,949 | | | — | | | 34,127,949 | | | | | Total investments, at fair value | | $ | 24,610,713,439 | | | $ | 8,154,431,704 | | | $ | 16,456,281,735 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value | | Quoted price in active markets for identical assets (Level 1) | | Significant other
observable inputs (Level 2) | | Significant
unobservable
inputs (Level 3) | | December 31, 2024: | | | | | | | | | | Participant-directed brokerage accounts | | $ | 1,184,207,393 | | | $ | 1,145,578,367 | | | $ | 38,629,026 | | | $ | — | | | General Dynamics Corporation common stock | | 3,946,210,540 | | | 3,946,210,540 | | | — | | | — | | | Investments in other equity securities | | 2,147,981,194 | | | 2,147,981,194 | | | — | | | — | | | Registered investment companies | | 217,045,032 | | | 116,926,263 | | | 100,118,769 | | | — | | | Interest bearing cash | | 54,350,752 | | | 54,350,752 | | | — | | | — | | | Overnight deposit accounts | | 26,917,938 | | | 26,917,938 | | | — | | | — | | | Collective trusts | | 13,497,262,839 | | | — | | | 13,497,262,839 | | | — | | | Fixed-income securities: | | | | | | | | | | US government | | 116,145,461 | | | — | | | 116,145,461 | | | — | | | Mortgage and asset-backed | | 62,918,508 | | | — | | | 62,918,508 | | | — | | | Foreign government | | 6,170,183 | | | — | | | 6,170,183 | | | — | | | Corporate debt | | 86,561,840 | | | | | 86,561,840 | | | | | Total investments, at fair value | | $ | 21,345,771,680 | | | $ | 7,437,965,054 | | | $ | 13,907,806,626 | | | $ | — | |
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